证券代码：603639 证券简称：海利尔 公告编号：2025-041 二、董事会会议审议情况 1. 审议通过《关于公司 2025 年半年度报告及其摘要的议案》 相关内容详见同日在上海证券交易所网站上披露的《海利尔药业集团股份有 限公司 2025 年半年度报告》与《海利尔药业集团股份有限公司 2025 年半年度报 告摘要》。 表决结果： 8 票同意，0 票反对，0 票弃权。 本议案经公司董事会审计委员会审议通过后提交董事会审议。 2. 审议通过《关于公司 2025 年半年度主要经营数据的议案》 相关内容详见同日在上海证券交易所网站上披露的《海利尔药业集团股份有 限公司关于公司 2025 年半年度主要经营数据的公告》（公告编号 2025-043）。 海利尔药业集团股份有限公司 关于公司第五届董事会第九次会议决议的公告 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。 一、董事会会议召开情况 海利尔药业集团股份有限公司(以下简称"公司")第五届董事会第九次会议 于 2025 年 8 月 28 日在公司五楼会议室以现场和通讯相结合的方式 ...

[Definitions](index=4&type=section&id=第一节%20释义) [Definitions of Common Terms](index=4&type=section&id=常用词语释义) This chapter defines core terms used in the report, covering company entities, reporting periods, ultimate controllers, and various chemical names and mechanisms related to pesticide and fertilizer main businesses, providing a foundation for understanding the report content - The Company refers to Hailir Pesticides and Chemicals Group Co., Ltd., and the reporting period is from January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Detailed definitions are provided for various pesticide types (insecticides, fungicides, herbicides) and their main active ingredients, such as Imidacloprid, Acetamiprid, Thiamethoxam, Clothianidin, Dinotefuran, Emamectin Benzoate, Pyraclostrobin, Prothioconazole, Buprofezin, Chlorfenapyr, Difenoconazole, Propiconazole, and Cyclaniliprole[10](index=10&type=chunk)[11](index=11&type=chunk) - Key concepts such as pesticide technical, pesticide formulation, pesticide intermediate, and fertilizer are explained[10](index=10&type=chunk)[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) [Company Information](index=6&type=section&id=一、公司信息) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative Ge Jiacheng - The company's Chinese name is Hailir Pesticides and Chemicals Group Co., Ltd., abbreviated as Hailir[13](index=13&type=chunk) - The company's legal representative is Ge Jiacheng[13](index=13&type=chunk) [Contact Person and Information](index=6&type=section&id=二、联系人和联系方式) This section lists the company's Board Secretary Chi Mingming and their contact information, including address, phone, fax, and email, to facilitate communication with investors and relevant parties - The Board Secretary is Chi Mingming, with the contact address at No. 216 Guocheng Road, Chengyang District, Qingdao[14](index=14&type=chunk) - The contact phone and fax are both 0532-58659169, and the email address is hailir@hailir.cn[14](index=14&type=chunk) [Brief Introduction to Changes in Basic Information](index=6&type=section&id=三、基本情况变更简介) This section describes the company's basic information, such as registered address, office address, postal code, website, and email, noting no changes during the reporting period - The company's registered and office addresses are both located in Chengyang District, Qingdao, with no changes during the reporting period[15](index=15&type=chunk) - The company's website is http://www.hailir.cn, and the email address is hailir@hailir.cn[15](index=15&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=四、信息披露及备置地点变更情况简介) This section discloses the company's designated newspapers and website for information disclosure, as well as the custody location for the semi-annual report, confirming no changes during the reporting period - The company's selected newspapers for information disclosure are "China Securities Journal" and "Securities Daily", and the website for publishing the semi-annual report is http://www.sse.com.cn[16](index=16&type=chunk) - The custody location for the company's semi-annual report is the company's Board of Directors Office, with no changes during the reporting period[16](index=16&type=chunk) [Brief Introduction to Company Stock](index=6&type=section&id=五、公司股票简况) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation "Hailir" and stock code "603639"[17](index=17&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=七、公司主要会计数据和财务指标) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing year-on-year growth in both operating revenue and net profit, along with improved earnings per share and return on net assets Key Accounting Data (Consolidated Statements) | Item | Current Period (Jan-Jun) | Prior Year Same Period | Current Period vs. Prior Year Same Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 2,608,855,595.59 | 2,406,213,273.01 | 8.42 | | Total Profit (CNY) | 239,268,309.37 | 190,679,436.07 | 25.48 | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 201,470,234.71 | 162,122,402.05 | 24.27 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses (CNY) | 191,027,728.28 | 163,134,629.81 | 17.10 | | Net Cash Flow from Operating Activities (CNY) | -114,516,355.20 | -93,880,596.76 | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (End of Reporting Period) (CNY) | 3,623,244,784.76 | 3,423,813,794.36 | 5.82 | | Total Assets (End of Reporting Period) (CNY) | 7,201,744,063.26 | 6,864,016,889.81 | 4.92 | Key Financial Indicators | Item | Current Period (Jan-Jun) | Prior Year Same Period | Current Period vs. Prior Year Same Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.59 | 0.48 | 22.92 | | Diluted Earnings Per Share (CNY/share) | 0.59 | 0.48 | 22.92 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (CNY/share) | 0.56 | 0.48 | 16.67 | | Weighted Average Return on Net Assets (%) | 5.72 | 4.67 | 1.05 | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 5.42 | 4.70 | 0.72 | [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=九、非经常性损益项目和金额) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling CNY 10,442,506.43, primarily including fair value changes in financial assets and liabilities, and government subsidies Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -486,705.71 | | Government subsidies recognized in current profit or loss | 3,162,201.20 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, except for effective hedging activities related to the company's normal business operations | 11,723,613.36 | | Reversal of impairment provisions for receivables subject to separate impairment testing | -443,960.00 | | Other non-operating income and expenses apart from the above | -2,228,755.13 | | Less: Income tax impact | 1,283,887.29 | | **Total** | **10,442,506.43** | [Net Profit After Deducting Impact of Share-based Payments](index=8&type=section&id=十、存在股权激励、员工持股计划的公司可选择披露扣除股份支付影响后的净利润) This section discloses the company's net profit after deducting the impact of share-based payments, showing a year-on-year increase of 22.70% for this indicator during the reporting period Net Profit After Deducting Impact of Share-based Payments | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Same Period | Current Period vs. Prior Year Same Period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-based Payments (CNY) | 201,353,714.79 | 164,105,844.78 | 22.70 | [Management Discussion and Analysis](index=8&type=section&id=第三节%20管理层讨论与分析) [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=一、报告期内公司所属行业及主营业务情况说明) This section details the overall development trend of the pesticide industry, the company's main business composition, operating model, and market conditions for key active ingredients in the first half of 2025, emphasizing the inelastic demand for pesticides, China's status as the largest global active ingredient production base, and the company's efforts in product diversification and market expansion [Industry Development Status](index=8&type=section&id=1、行业发展情况) The pesticide industry faces relatively inelastic demand, but domestic "zero growth" policies have reduced application and active ingredient production; global food security drives the expansion of the pesticide formulation market, while rising R&D costs may slow intermediate product launches; China, as the world's largest active ingredient production base, saw a 9.7% year-on-year increase in chemical pesticide active ingredient output in H1 2025 - Pesticides are indispensable production materials for agriculture, with relatively inelastic demand, but the industry is seasonal[28](index=28&type=chunk) - China's "zero growth" action for pesticides and fertilizers has reduced pesticide application and active ingredient production, but global food security demands continue to expand the pesticide formulation market[28](index=28&type=chunk) - China has become the world's largest active ingredient production base, with national chemical pesticide active ingredient output reaching **2.085 million tons** in January-June 2025, a year-on-year increase of **9.7%**[29](index=29&type=chunk) [Main Business](index=9&type=section&id=2、主要业务) The company's main business has not significantly changed, primarily focusing on the R&D, production, and sales of pesticide formulations, intermediates, active ingredients, and water-soluble fertilizers, with products covering various series such as insecticides, fungicides, and herbicides - The company is primarily engaged in the R&D, production, and sales of pesticide formulations, pesticide intermediates, pesticide active ingredients, and water-soluble fertilizers[31](index=31&type=chunk) - Pesticide formulations cover series such as insecticides, fungicides, and herbicides, while pesticide active ingredients include various products like Imidacloprid, Acetamiprid, and Pyraclostrobin[31](index=31&type=chunk) - Pesticide intermediates mainly include Dichloro, 2-Chloropropionitrile, and p-Chlorophenylglycine, while water-soluble fertilizers cover various types containing amino acids and macronutrients[31](index=31&type=chunk) [Operating Model](index=9&type=section&id=3、经营模式) The company's operating model remains unchanged, featuring centralized procurement of bulk active ingredients, production of pesticide formulations and fertilizers based on sales with "winter storage," and market-driven production of active ingredients and intermediates; sales channels primarily rely on distributors, with active expansion into government procurement; the future strategy involves a "dual-wheel drive" of active ingredient and formulation integration, alongside simultaneous domestic and international market expansion - The company implements a centralized procurement model for bulk active ingredients and other materials, mitigating risks through advance payments based on market price fluctuations[32](index=32&type=chunk) - Pesticide formulations and fertilizers are produced based on sales, with "winter storage" production plans for high-volume products; pesticide active ingredients and intermediates are produced according to market and sales conditions[32](index=32&type=chunk) - Sales channels primarily utilize county-level distributors, expanding into government procurement and farmer cooperatives; pesticide active ingredients and intermediates, besides self-use, are mainly sold to domestic pesticide manufacturers, trading companies, and foreign enterprises[32](index=32&type=chunk)[33](index=33&type=chunk) - The company will focus on implementing a "dual-wheel drive" strategy of "integrated development of active ingredients and formulations, with simultaneous domestic and international market expansion"[33](index=33&type=chunk) [Market Conditions of the Company's Main Active Ingredient Products in H1 2025](index=10&type=section&id=4、2025%20年上半年公司主要原药产品行情) The company continuously enriches and differentiates its pesticide varieties, with multiple insecticide and fungicide active ingredient projects successively put into production, hedging against market changes through multi-variety and multi-market strategies to open new performance growth points; this section details the market conditions and characteristics of key active ingredients such as neonicotinoid insecticides, Emamectin Benzoate, Pyraclostrobin, Prothioconazole, Buprofezin, Chlorfenapyr, Difenoconazole, Cyclaniliprole, Dinotefuran, and Propiconazole - The company continuously enriches its pesticide varieties, with multiple insecticide and fungicide active ingredient projects (such as Cyclaniliprole and Dinotefuran) successively entering trial production to hedge against market changes and bring new performance growth points[34](index=34&type=chunk) - Neonicotinoid insecticides **Imidacloprid** and **Acetamiprid** have large market scales; **Thiamethoxam** and **Clothianidin** are highly efficient, low-toxicity second-generation products, broad-spectrum and effective against piercing-sucking pests[35](index=35&type=chunk)[37](index=37&type=chunk) - **Emamectin Benzoate** is a highly efficient, broad-spectrum, pollution-free biological insecticide with broad market prospects; **Pyraclostrobin** is one of the top five globally sold broad-spectrum fungicides, with domestic market usage gradually increasing[40](index=40&type=chunk)[41](index=41&type=chunk)[43](index=43&type=chunk) - Fungicide and insecticide active ingredients such as **Prothioconazole**, **Buprofezin**, **Chlorfenapyr**, **Difenoconazole**, **Cyclaniliprole**, **Dinotefuran**, and **Propiconazole** all feature high efficiency, broad spectrum, low toxicity, and long-lasting effects, with good market prospects; some products hold the sole registration certificate in China[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk)[56](index=56&type=chunk) [Discussion and Analysis of Operating Conditions](index=14&type=section&id=二、经营情况的讨论与分析) In the first half of 2025, the company achieved significant growth in both revenue and net profit attributable to the parent, primarily due to increased production and sales, improved capacity utilization of the Hengning project, reduced costs, and rising prices for some products; during this period, the company completed equity incentive realization, strengthened safety management, deepened its active ingredient development strategy, accelerated breakthroughs in third-party testing, and advanced information platform construction Operating Performance in H1 2025 | Indicator | Amount (CNY billion) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Sales Revenue | 2.609 | 8.42 | | Net Profit Attributable to Parent Company | 0.201 | 24.27 | - Performance growth is primarily attributed to continuous increases in production and sales volume, gradual improvement in capacity utilization of the Hengning project, cost reductions, and price increases for some products[58](index=58&type=chunk) - The company completed the third phase of the 2021 equity incentive plan's reserved grant, unlocking **228,840 shares**, effectively incentivizing the management team[59](index=59&type=chunk) - Continuous increase in safety investment, significantly enhancing safety management through specialized examination assessments, deepening "standard establishment and institutionalization," and innovating emergency drill models[60](index=60&type=chunk) - Deepening the active ingredient development strategy, with multiple new active ingredient projects (such as Cyclaniliprole and Dinotefuran) entering trial production, continuously expanding the active ingredient business scale and perfecting the industrial layout[61](index=61&type=chunk) - Wholly-owned subsidiary Qingdao Tengrunxiang Testing and Evaluation Co., Ltd. accelerated breakthroughs in third-party testing, obtaining **OECD GLP certification** and building an international pharmaceutical safety evaluation platform[62](index=62&type=chunk) - Advancing information platform construction, completing the establishment of nine major platforms including marketing, supply chain, business-finance, and human resources, optimizing business processes, and improving management efficiency[63](index=63&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=15&type=section&id=三、报告期内核心竞争力分析) The company's core competitiveness lies in its integrated advantage of formulations, active ingredients, and intermediates, strong R&D capabilities and comprehensive product structure, as well as its pesticide formulation marketing and brand advantages; these strengths collectively consolidate the company's market position and risk resistance capabilities [Integrated Advantage of Formulations, Active Ingredients, and Intermediates](index=15&type=section&id=1、制剂、原药和中间体一体化优势) By continuously advancing new product layouts and capacity building, the company deepens its integrated strategy of formulations, active ingredients, and intermediates, achieving business complementarity, effectively mitigating the cyclical fluctuation risks of active ingredients, and enhancing overall risk resistance and profitability - The company deepens its integrated strategy of formulations, active ingredients, and intermediates, achieving mutual complementarity and promotion of businesses through new product layouts and capacity building[64](index=64&type=chunk) - The integrated advantage effectively mitigates the cyclical fluctuation risks of active ingredients, fully exploits profit opportunities at each stage of the industrial chain, and enhances the company's overall risk resistance capabilities[64](index=64&type=chunk) [Strong R&D Capabilities and Comprehensive Product Structure](index=15&type=section&id=2、研发实力强和产品结构完善) The company is a national high-tech enterprise with a national enterprise technology center, a Ministry of Agriculture key pesticide R&D laboratory, and a postdoctoral research workstation; it boasts a robust R&D team, diverse product portfolio, and numerous pesticide and fertilizer registration certificates; wholly-owned subsidiary Qingdao Tengrunxiang provides full-chain pesticide registration services and chemical compliance testing, obtaining OECD GLP certification to accelerate the construction of an international pharmaceutical safety evaluation platform - The company is a "National Torch Program Key High-tech Enterprise" and an "Innovative Pilot Enterprise," possessing a "National Enterprise Technology Center" and a "Ministry of Agriculture Key Pesticide R&D Laboratory"[66](index=66&type=chunk) - The company's R&D team has comprehensive departments, covering all aspects of pesticide R&D, making it one of the most complete pesticide R&D centers in China[66](index=66&type=chunk) - The company and its subsidiaries hold **254 pesticide registration certificates** and multiple fertilizer registration/filing certificates, boasting a rich and comprehensive product portfolio[67](index=67&type=chunk) - Wholly-owned subsidiary Qingdao Tengrunxiang Testing and Evaluation Co., Ltd. possesses qualifications as a pesticide registration testing unit from the Ministry of Agriculture and Rural Affairs, CNAS testing accreditation, and has obtained **OECD GLP certification**, accelerating the construction of an international pharmaceutical safety evaluation platform[67](index=67&type=chunk) [Pesticide Formulation Marketing and Brand Advantages](index=16&type=section&id=3、农药制剂营销与品牌优势) Adhering to the "Quality Builds Brand" philosophy, the company has established a strong reputation among growers, retailers, and distributors through a rigorous quality tracking system and comprehensive technical marketing services, fostering leading brands like "Hailir" and "Audis"; actively expanding into overseas markets, the company has obtained over 2,100 product registration certificates in dozens of countries and established multiple overseas branches, committed to a dual-wheel drive strategy to enhance comprehensive competitiveness - Adhering to the "Quality Builds Brand" philosophy, the company has established a strong reputation among growers, retailers, and distributors through rigorous quality tracking and technical marketing services, fostering leading brands in the pesticide industry such as "Hailir" and "Audis"[68](index=68&type=chunk) - The company has obtained over **2,100 product registration certificates** in dozens of countries including Paraguay, Egypt, Kenya, Thailand, and Pakistan, and supports registration in over **90 countries**[68](index=68&type=chunk) - The company has completed the establishment of overseas branches such as Hailir Brazil, Hailir Argentina, and Hailir Philippines, actively expanding into overseas markets[68](index=68&type=chunk) [Main Operating Conditions During the Reporting Period](index=16&type=section&id=四、报告期内主要经营情况) This section analyzes the company's main operating conditions during the reporting period, including reasons for changes in financial statement items and asset-liability status, indicating increased revenue and costs with sales growth, decreased administrative expenses, financial expenses influenced by exchange gains/losses, and adjustments in the asset-liability structure [(I) Analysis of Main Business](index=16&type=section&id=(一)%20主营业务分析) This subsection details the changes and reasons for operating revenue, operating costs, selling expenses, administrative expenses, financial expenses, R&D expenses, and net cash flows from operating, investing, and financing activities, using a financial statement item change analysis table Analysis Table of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Year Same Period Amount (CNY) | Change Ratio (%) | Explanation for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,608,855,595.59 | 2,406,213,273.01 | 8.42 | Product sales volume growth | | Operating Cost | 1,986,475,457.15 | 1,808,113,374.24 | 9.86 | Product sales volume growth | | Selling Expenses | 115,954,248.69 | 103,201,016.64 | 12.36 | Increase in sales personnel leading to higher compensation and travel expenses, increased promotion expenses | | Administrative Expenses | 90,858,734.41 | 121,891,008.06 | -25.46 | Decrease in maintenance expenses in H1, reduction in compensation and share-based payments | | Financial Expenses | 6,737,280.47 | -12,407,964.66 | 154.30 | Impact of exchange gains and losses | | R&D Expenses | 113,711,934.09 | 96,742,037.41 | 17.54 | Increase in R&D investment | | Net Cash Flow from Operating Activities | -114,516,355.20 | -93,880,596.76 | Not Applicable | Intense market competition, appropriate extension of payment terms; Q2 sales peak, shipments not yet due | | Net Cash Flow from Investing Activities | -282,203,143.55 | -154,825,971.32 | Not Applicable | Redemption of wealth management products for daily production and operations | | Net Cash Flow from Financing Activities | 485,970,766.85 | 283,499,536.09 | 71.42 | New financing to supplement working capital due to business needs | [(III) Analysis of Assets and Liabilities](index=17&type=section&id=(三)%20资产、负债情况分析) This subsection analyzes the changes in the company's assets and liabilities at period-end, including increases and decreases and their reasons for key items such as monetary funds, financial assets held for trading, accounts receivable, contract liabilities, and provisions, also disclosing the scale of overseas assets Changes in Assets and Liabilities | Item Name | Current Period End Amount (CNY) | Change Ratio from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 936,901,724.85 | -30.47 | Decrease in time deposits | | Financial Assets Held for Trading | 486,511,055.19 | 93.21 | Increase in short-term wealth management products | | Accounts Receivable | 1,347,500,954.93 | 54.31 | Q2 sales peak, shipments not yet due | | Other Receivables | 15,751,440.62 | -61.53 | Decrease in export tax rebates receivable | | Right-of-Use Assets | 13,271,795.58 | 39.37 | Land lease | | Financial Liabilities Held for Trading | - | -100.00 | Unmatured forward foreign exchange contracts | | Contract Liabilities | 97,292,244.09 | -76.19 | Sales peak, decrease in prepayments | | Taxes Payable | 60,036,435.50 | 159.69 | Increase in accrued corporate income tax | | Provisions | 244,783,716.88 | 379.66 | Accrued sales returns and sales discounts by agricultural materials company | | Less: Treasury Stock | 419,687.50 | -85.65 | Unlocking of restricted shares | | Other Comprehensive Income | 44,084.77 | -111.97 | Foreign currency financial statement translation differences | - Overseas assets amounted to **CNY 13,271,100.66**, accounting for **0.18%** of total assets[73](index=73&type=chunk) [Other Disclosure Matters](index=20&type=section&id=五、其他披露事项) This section details seven major categories of risks the company may face in its production and operations, including safety production, environmental protection, product price fluctuations, raw material supply, market competition, capacity expansion, changes in laws and regulations, and exchange rate fluctuations, along with corresponding countermeasures to ensure the company's sustained and stable development [(I) Potential Risks](index=20&type=section&id=(一)%20可能面对的风险) The company faces multiple risks including production safety and environmental protection, price fluctuations and production instability of pesticide active ingredients, upstream raw material supply and price fluctuations, market competition, future capacity expansion, changes in industry laws and regulations and regulatory policies, and exchange rate fluctuations; the company has formulated corresponding countermeasures to mitigate potential adverse effects - The company's pesticide production involves flammable, explosive, corrosive, or toxic substances, posing safety accident and environmental risks, which the company addresses by improving systems, strengthening management, and conducting emergency drills[77](index=77&type=chunk)[78](index=78&type=chunk) - Pesticide active ingredient product prices are highly volatile due to market demand, upstream petrochemical prices, environmental pressure, and industry competition, which the company addresses through technological upgrades, cost control, and market expansion[79](index=79&type=chunk) - The upstream raw material market environment is unstable with significant price fluctuations, which the company addresses through centralized procurement, price comparison, quality monitoring, and supply chain optimization[80](index=80&type=chunk)[81](index=81&type=chunk) - The pesticide industry faces intense market competition and severe product homogenization, which the company addresses through R&D of efficient and low-toxicity pesticides, brand promotion, channel development, and technological transformation[82](index=82&type=chunk) - Future capacity expansion may be affected by macroeconomic conditions, environmental policies, competition, prices, market capacity, and marketing channels, which the company addresses by staying informed on policies, market trends, and process improvements[83](index=83&type=chunk)[84](index=84&type=chunk) - Changes in laws, regulations, and regulatory policies in the pesticide industry may directly impact production and operations, which the company addresses by closely monitoring policies and actively communicating and coordinating[85](index=85&type=chunk) - With increasing export business, exchange rate fluctuations and trade protectionism may affect the company's operations and product competitiveness, which the company addresses through foreign exchange hedging, reasonable trade terms, and exploring emerging markets[86](index=86&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=第四节%20公司治理、环境和社会) [Changes in Company Directors and Senior Management](index=23&type=section&id=一、公司董事、高级管理人员变动情况) During the reporting period, there were changes in the company's Board of Directors and Supervisory Board members; Director Mao Zhijian resigned due to personal reasons, and Chen Ping was elected as an employee director; the company abolished the Supervisory Board, with its functions assumed by the Board's Audit Committee, leading to the resignation of former supervisors Liu Jinling, Liu Guijuan, and Chen Ping from their supervisory positions - Director Mao Zhijian resigned from his position as a director of the company's Fifth Board of Directors on August 13, 2025[88](index=88&type=chunk) - Mr. Chen Ping was elected as an employee representative director of the company's Fifth Board of Directors on August 13, 2025[88](index=88&type=chunk) - The company abolished the Supervisory Board, with its functions assumed by the Board's Audit Committee, leading to the resignation of Liu Jinling, Liu Guijuan, and Chen Ping from their supervisory positions[88](index=88&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=23&type=section&id=二、利润分配或资本公积金转增预案) During the reporting period, the company's Board of Directors resolved that there was "no" profit distribution plan or capital reserve conversion to share capital plan, meaning no profit distribution or capital reserve conversion to share capital would occur - The company has no profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period[89](index=89&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的情况及其影响) In March 2025, the company completed the third phase unlocking of the reserved grant portion of the 2021 Restricted Stock Incentive Plan, involving 228,840 shares; concurrently, in April 2025, it approved the repurchase and cancellation of 20,000 restricted shares granted but not yet unlocked to six departed incentive recipients, with the cancellation completed on August 1, 2025 - In March 2025, the company completed the third phase unlocking of the reserved grant portion of the 2021 Restricted Stock Incentive Plan, with **228,840 shares** unlocked, representing **40%** of the granted shares[90](index=90&type=chunk) - In April 2025, the company approved the repurchase and cancellation of **20,000 restricted shares** granted but not yet unlocked to six departed incentive recipients, with the cancellation completed on August 1, 2025[90](index=90&type=chunk)[115](index=115&type=chunk) [Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=24&type=section&id=四、纳入环境信息依法披露企业名单的上市公司及其主要子公司的环境信息情况) The company and its five main subsidiaries (Qingdao Hengning Biotechnology Co., Ltd., Qingdao Kaiyuanxiang Chemical Co., Ltd., Qingdao Audis Biotechnology Co., Ltd., Shandong Hailir Chemical Co., Ltd.) are all included in the list of enterprises required to disclose environmental information by law, with corresponding inquiry indexes for their environmental information disclosure reports provided - The company and its **5** main subsidiaries (Qingdao Hengning, Qingdao Kaiyuanxiang, Qingdao Audis, Shandong Hailir) are all included in the list of enterprises required to disclose environmental information by law[91](index=91&type=chunk) - Each enterprise has provided an inquiry index for its environmental information disclosure report[91](index=91&type=chunk) [Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=24&type=section&id=五、巩固拓展脱贫攻坚成果、乡村振兴等工作具体情况) With the mission of "Focusing on Crop Science to Serve World Agriculture," the company actively contributes to rural revitalization and the consolidation of poverty alleviation achievements through various means, including providing crop science services, promoting agricultural alliances and livelihood projects, and offering talent employment and charitable poverty relief - The company, with a technical service team of over **900 people**, conducts tens of thousands of technical promotion services annually, serving over **one million farming households** and promoting agricultural development[92](index=92&type=chunk) - The company establishes Hailir cooperatives to integrate resources, drive rural economy, improve ecological civilization, and promote rural development[92](index=92&type=chunk) - The company adheres to a "talent-strengthening enterprise" strategy, creating local employment opportunities and helping farmers prosper through direct donations, material aid, and educational support[93](index=93&type=chunk)[94](index=94&type=chunk) [Significant Matters](index=26&type=section&id=第五节%20重要事项) [Fulfillment of Commitments](index=26&type=section&id=一、承诺事项履行情况) The company, ultimate controller, controlling shareholder, directors, supervisors, senior management, and securities service institutions all committed that the prospectus contains no false records, misleading statements, or major omissions, and pledged to repurchase shares or compensate investors under specific circumstances; controlling shareholders and shareholders holding 5% or more of shares committed to comply with relevant regulations regarding share reductions; all commitments were strictly fulfilled - The company, ultimate controller, and controlling shareholder committed that the prospectus contains no false records, misleading statements, or major omissions, and pledged to repurchase shares or compensate investors under specific circumstances[96](index=96&type=chunk) - The company's directors, supervisors, and senior management committed that the prospectus contains no false records, misleading statements, or major omissions, and pledged to compensate investors under specific circumstances[97](index=97&type=chunk) - Securities service institutions (GF Securities, Zhongxinghua Certified Public Accountants, King & Wood Mallesons) committed to legally compensate investors for losses caused by false records, misleading statements, or major omissions in documents they issued[97](index=97&type=chunk)[98](index=98&type=chunk) - Controlling shareholders and shareholders holding **5%** or more of shares committed that any share reductions would comply with relevant regulations such as the "Several Provisions on Share Reductions by Major Shareholders, Directors, Supervisors, and Senior Management of Listed Companies"[98](index=98&type=chunk)[99](index=99&type=chunk) - All commitments were strictly fulfilled during the reporting period[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=29&type=section&id=二、报告期内控股股东及其他关联方非经营性占用资金情况) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties[100](index=100&type=chunk) [Illegal Guarantees](index=29&type=section&id=三、违规担保情况) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[100](index=100&type=chunk) [Significant Litigation and Arbitration Matters](index=30&type=section&id=七、重大诉讼、仲裁事项) During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during this reporting period[30](index=30&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=十、重大关联交易) This section discloses the company's ordinary course related party transactions during the reporting period, including raw material purchases from Shaanxi Jinxinyi Chemical Technology Co., Ltd., asset leases from Qingdao Anxing Real Estate Co., Ltd., and house leases between subsidiaries and Anxing Real Estate, detailing the approval status and transaction amounts - The company's raw material purchase transaction with Shaanxi Jinxinyi Chemical Technology Co., Ltd. amounted to **CNY 30 million**, approved by the Board of Directors on April 28, 2025[101](index=101&type=chunk) - The company's asset lease transaction with Qingdao Anxing Real Estate Co., Ltd. amounted to **CNY 305,800**, approved by the Board of Directors on April 28, 2025[101](index=101&type=chunk) - Hailir Plant Protection and Kaiyuanxiang Chemical signed house lease contracts with Anxing Real Estate, with annual rental amounts of **CNY 120,285** and **CNY 185,496.3**, respectively[102](index=102&type=chunk) - During the reporting period, the product transaction amount between the company and its subsidiaries and related party Shaanxi Jinxinyi Chemical Technology Co., Ltd. was **CNY 11.0093 million**[102](index=102&type=chunk) [Significant Contracts and Their Fulfillment](index=31&type=section&id=十一、重大合同及其履行情况) This section discloses the company's significant lease matters and external guarantees during the reporting period; the company, as lessee, leased multiple land parcels and properties, and provided substantial guarantees for subsidiaries, with the total guarantee amount accounting for 22.63% of the company's net assets, and expects to continue providing comprehensive credit guarantees of up to CNY 4 billion in 2025 [(I) Custody, Contracting, and Leasing Matters](index=31&type=section&id=(一)%20托管、承包、租赁事项) As a lessee, the company leased multiple land use rights and buildings with long lease terms and stable lease income; these lease matters are all non-related party transactions Leasing Information | Leased Asset Name | Lessor Name | Leased Asset Description | Lease Start Date | Lease End Date | Lease Income Amount (CNY) | Is it a Related Party Transaction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Land in Zhongzhuangfu Village, Laixi City, Shuiji Street, etc. | Qingdao Hailir Agricultural Technology Professional Cooperative | 387.9 mu cultivated land, 580 mu Xiaokuang Village cultivated land | 2016/3/11 | 2029/3/10 | 803,040.00 | No | | A parcel of land northwest of Moshui River, Chengyang District, Qingdao City | A parcel of land northwest of Moshui River, Chengyang District, Qingdao City | 5.661 mu land under high-voltage lines, 8.844 mu land outside high-voltage lines | 2016/7/19 | 2066/7/18 | 721,620.00 | No | | No. 108 Qiuyang Road, Chengyang District, Qingdao City | Qingdao Pingan Fire Equipment Co., Ltd. | House lease | 2024/10/17 | 2027/10/16 | 3,450,000.00 | No | | Guojin Binjiang, No. 388 Fusheng Road, Xihu District, Nanchang City, Jiangxi | Qingdao Audis Biotechnology Co., Ltd. | House lease | 2023/7/1 | 2026/6/30 | 189,585.00 | No | | Room 12604, Building 46, Fengcheng 9th Road, Economic and Technological Development Zone, Xi'an City | Shaanxi Hengzhi Gas Engineering Co., Ltd. | House lease | 2024/2/29 | 2029/2/27 | 660,000.00 | No | [(II) Significant Guarantees Performed and Not Yet Performed During the Reporting Period](index=34&type=section&id=(二)%20报告期内履行的及尚未履行完毕的重大担保情况) During the reporting period, the company primarily provided guarantees for subsidiaries, with the total guarantee balance for subsidiaries amounting to CNY 819.8244 million at the end of the period, accounting for 22.63% of the company's net assets; the company expects to apply for a comprehensive credit line of up to CNY 4 billion from financial institutions in 2025 and provide corresponding guarantees for its subsidiaries Company's Guarantees for Subsidiaries | Guaranteed Party | Guarantee Amount (CNY ten thousand) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Qingdao Audis Biotechnology Co., Ltd. | 10,000.00 | 2022/4/1 | 2027/4/30 | No | | Qingdao Kaiyuanxiang Chemical Co., Ltd. | 12,000.00 | 2022/4/1 | 2027/5/20 | No | | Shandong Hailir Chemical Co., Ltd. | 27,000.00 | 2022/12/9 | 2025/12/8 | No | | Qingdao Audis Biotechnology Co., Ltd. | 15,000.00 | 2024/6/21 | 2025/6/20 | Yes | | Shandong Hailir Chemical Co., Ltd., Qingdao Kaiyuanxiang Chemical Co., Ltd., Qingdao Audis Biotechnology Co., Ltd., Qingdao Hengning Biotechnology Co., Ltd., Qingdao Hailir Agricultural Services Co., Ltd. | 120,000.00 | 2024/11/21 | 2026/5/15 | No | - During the reporting period, the total amount of guarantees provided to subsidiaries was **CNY 433 million**, and the total outstanding guarantee balance for subsidiaries at the end of the reporting period was **CNY 819.8244 million**[109](index=109&type=chunk) - The company's total guarantee amount (including guarantees for subsidiaries) was **CNY 819.8244 million**, accounting for **22.63%** of the company's net assets[109](index=109&type=chunk) - The company and its subsidiaries expect to apply for a comprehensive credit line exposure of up to **CNY 4 billion** from financial institutions in 2025, and intend to provide guarantees for subsidiaries, with subsidiaries providing guarantees for the company, totaling no more than **CNY 4 billion**[109](index=109&type=chunk)[110](index=110&type=chunk) [Share Changes and Shareholder Information](index=36&type=section&id=第六节%20股份变动及股东情况) [Share Capital Changes](index=36&type=section&id=一、股本变动情况) During the reporting period, the company's restricted shares decreased by 228,840 shares due to equity incentive unlocking, with a corresponding increase in unrestricted tradable shares, but the total number of shares remained unchanged; concurrently, the company repurchased and cancelled restricted shares of some departed incentive recipients Table of Share Capital Changes | Share Type | Number Before This Change | Percentage Before This Change (%) | Increase/Decrease in This Change (+, -) | Number After This Change | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 248,840 | 0.07 | -228,840 | 20,000 | 0.01 | | II. Unrestricted Tradable Shares | 339,649,496 | 99.93 | 228,840 | 339,878,336 | 99.99 | | III. Total Shares | 339,898,336 | 100.00 | 0 | 339,898,336 | 100.00 | - On February 24, 2025, the third phase of the reserved grant portion of the 2021 Restricted Stock Incentive Plan unlocked **228,840 shares**[115](index=115&type=chunk) - On April 28, 2025, the company approved the repurchase and cancellation of **20,000 restricted shares** granted but not yet unlocked to six departed incentive recipients, with the cancellation completed on August 1, 2025[115](index=115&type=chunk) [(II) Changes in Restricted Shares](index=37&type=section&id=(二)%20限售股份变动情况) During the reporting period, incentive recipients of the reserved grant portion of the 2021 Restricted Stock Incentive Plan unlocked 248,840 restricted shares, with 20,000 restricted shares remaining at period-end Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Unlocked During Reporting Period | Restricted Shares Increased During Reporting Period | Restricted Shares at End of Reporting Period | Reason for Restriction | Unlocking Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 Restricted Stock Incentive Plan Reserved Grant Incentive Recipients | 248,840 | 248,840 | 0 | 20,000 | Equity incentive unlocking | 2025/3/20 | | Total | 248,840 | 248,840 | 0 | 20,000 | / | / | [Shareholder Information](index=37&type=section&id=二、股东情况) As of the end of the reporting period, the company had 15,191 common shareholders; among the top ten shareholders, Zhang Aiying, Ge Yaolun, Qingdao Heyi Investment Center, and Ge Jiacheng collectively held a high proportion of shares, with Zhang Aiying, Ge Yaolun, and Ge Jiacheng acting in concert - As of the end of the reporting period, the company had a total of **15,191 common shareholders**[118](index=118&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period End | Percentage (%) | Share Status | Pledged, Marked, or Frozen Quantity | | :--- | :--- | :--- | :--- | :--- | | Zhang Aiying | 127,253,000 | 37.44 | Pledged | 1,460,000 | | Ge Yaolun | 62,010,588 | 18.24 | Unrestricted | 0 | | Qingdao Heyi Investment Center (Limited Partnership) | 17,652,151 | 5.19 | Unrestricted | 0 | | Ge Jiacheng | 12,725,300 | 3.74 | Unrestricted | 0 | | Hong Kong Securities Clearing Company Limited | 4,080,853 | 1.20 | Unrestricted | 0 | | Qingdao Liangxin Investment Center (Limited Partnership) | 3,901,002 | 1.15 | Unrestricted | 0 | | Qingdao Haorun Commercial Operation Management Co., Ltd. | 3,300,098 | 0.97 | Unrestricted | 0 | | Liu Xiufen | 2,048,326 | 0.60 | Unrestricted | 0 | | Xu Limin | 1,399,501 | 0.41 | Unrestricted | 0 | | Hong Boyi | 1,324,400 | 0.39 | Unrestricted | 0 | - Zhang Aiying, Ge Yaolun, and Ge Jiacheng are persons acting in concert; Ge Yaolun has an associated relationship with Qingdao Heyi Investment Center (Limited Partnership); Qingdao Heyi Investment Center (Limited Partnership) and Qingdao Liangxin Investment Center (Limited Partnership) are shareholding platforms for the company's senior management and core personnel[122](index=122&type=chunk) [Bond-Related Information](index=40&type=section&id=第七节%20债券相关情况) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=40&type=section&id=一、公司债券（含企业债券）和非金融企业债务融资工具) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during this reporting period[125](index=125&type=chunk) [Convertible Corporate Bonds](index=40&type=section&id=二、可转换公司债券情况) During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds during this reporting period[125](index=125&type=chunk) [Financial Report](index=41&type=section&id=第八节%20财务报告) [Audit Report](index=41&type=section&id=一、审计报告) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [Financial Statements](index=41&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation - Consolidated and parent company balance sheets are provided, reflecting the company's assets, liabilities, and owners' equity at period-end[127](index=127&type=chunk)[131](index=131&type=chunk) - Consolidated and parent company income statements are provided, showcasing the company's operating results such as operating revenue, total profit, and net profit for the current and prior year periods[135](index=135&type=chunk)[139](index=139&type=chunk) - Consolidated and parent company cash flow statements are provided, listing the net cash flows from the company's operating, investing, and financing activities[142](index=142&type=chunk)[145](index=145&type=chunk) - Consolidated and parent company statements of changes in owners' equity are provided, reflecting the changes in each item of the company's owners' equity[148](index=148&type=chunk)[160](index=160&type=chunk) [Company Basic Information](index=66&type=section&id=三、公司基本情况) This section introduces the company's registered address, organizational form, headquarters address, business nature, and main operating activities; the company was established in July 2011, listed on the Shanghai Stock Exchange on January 12, 2017, primarily engaged in the chemical raw materials and chemical products manufacturing industry, with main products including pesticide insecticides, fungicides, and fertilizers - The company was established in July 2011 and listed on the Shanghai Stock Exchange on January 12, 2017, with stock code **603639**[164](index=164&type=chunk) - As of June 30, 2025, the company's total accumulated issued share capital was **339,898,336.00 shares**[164](index=164&type=chunk) - The company belongs to the chemical raw materials and chemical products manufacturing industry, with main products including pesticide insecticides, fungicides, and fertilizers[164](index=164&type=chunk) - The company's business scope includes the production and sales of water-soluble fertilizers and pesticides, chemical raw material production, import and export of goods and technology, and technical consulting services for agricultural and forestry pest control[165](index=165&type=chunk) [Basis of Financial Statement Preparation](index=66&type=section&id=四、财务报表的编制基础) This section explains that the company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, using the accrual basis and historical cost measurement, and confirming the company's ability to continue as a going concern for at least 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis, adhering to the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities Publicly No. 15 – General Provisions on Financial Reports" issued by the China Securities Regulatory Commission[166](index=166&type=chunk) - Accounting is based on the accrual basis, and except for certain financial instruments, all are measured at historical cost[166](index=166&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[167](index=167&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=66&type=section&id=五、重要会计政策及会计估计) This section elaborates on the company's specific accounting policies and estimates for business combinations, consolidated financial statement preparation, financial instruments, inventories, fixed assets, intangible assets, revenue recognition, and government grants, providing essential background information for understanding the financial statements - The company adheres to enterprise accounting standards to truthfully and completely reflect its financial position, operating results, and cash flows[168](index=168&type=chunk) - Detailed explanations are provided for the accounting treatment of business combinations under common control and not under common control, as well as the preparation methods for consolidated financial statements and criteria for determining control[172](index=172&type=chunk)[173](index=173&type=chunk)[176](index=176&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss, with detailed explanations of their recognition, measurement, and impairment methods[188](index=188&type=chunk)[189](index=189&type=chunk)[195](index=195&type=chunk) - Revenue recognition follows the principle of recognition when the customer obtains control of the related goods, with specific explanations of recognition timing and methods based on business types (domestic and foreign trade sales of pesticide active ingredients and intermediates, domestic and foreign trade sales of pesticide formulations)[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk) - Government grants are classified as asset-related or income-related, recognized as deferred income or directly in current profit or loss, respectively[253](index=253&type=chunk) [Taxation](index=88&type=section&id=六、税项) This section discloses the company's and its subsidiaries' main tax categories and applicable tax rates, including VAT, urban maintenance and construction tax, education surcharge, and corporate income tax; it also details the 15% preferential corporate income tax rate enjoyed by the company and some subsidiaries as high-tech enterprises, and the VAT exemption policy for pesticide product sales Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Paid based on the difference between output tax and input tax | 6%, 9%, 10%, 12%, 16%, 18%, 21% | | Urban Maintenance and Construction Tax | Based on the amount of Value-Added Tax paid | 7% | | Education Surcharge | Based on the amount of Value-Added Tax paid | 3% | | Corporate Income Tax | Based on the annual profit amount | 15%, 16.5%, 25%, 30%, 35% | - Hailir Pesticides and Chemicals Group Co., Ltd., Qingdao Audis Biotechnology Co., Ltd., Shandong Hailir Chemical Co., Ltd., Qingdao Kaiyuanxiang Chemical Co., Ltd., Qingdao Hengning Biotechnology Co., Ltd., and others are recognized as high-tech enterprises, enjoying a **15%** preferential corporate income tax rate[266](index=266&type=chunk)[267](index=267&type=chunk) - Subsidiaries such as Qingdao Hailir Agricultural Materials Co., Ltd. are exempt from Value-Added Tax on the sale of pesticide products[264](index=264&type=chunk) [Notes to Consolidated Financial Statement Items](index=90&type=section&id=七、合并财务报表项目注释) This section provides detailed notes and explanations for each asset, liability, owners' equity, and profit/loss item in the consolidated financial statements, including their period-end balances, beginning balances, changes, and reasons, offering specific composition and accounting treatment details for each financial statement account - Monetary funds at period-end amounted to **CNY 936,901,724.85**, of which **CNY 668,266,477.85** were restricted funds, primarily pledged time deposits, forward foreign exchange settlement and sale margins, and litigation frozen margins[270](index=270&type=chunk) - Financial assets held for trading at period-end amounted to **CNY 486,511,055.19**, an increase of **93.21%** from the beginning of the period, mainly due to an increase in short-term wealth management products[72](index=72&type=chunk)[271](index=271&type=chunk) - Accounts receivable at period-end amounted to **CNY 1,347,500,954.93**, an increase of **54.31%** from the beginning of the period, mainly due to shipments during the Q2 sales peak not yet reaching their payment due dates[72](index=72&type=chunk)[279](index=279&type=chunk) - Inventory book value at period-end was **CNY 975,015,693.00**, an increase of **4.46%** from the beginning of the period, with inventory impairment provisions of **CNY 26,141,406.84** recognized in the current period[302](index=302&type=chunk)[304](index=304&type=chunk) - Fixed assets book value at period-end was **CNY 2,084,810,462.12**, with an increase of **CNY 121,113,312.42** in the current period, mainly due to transfers from construction in progress[318](index=318&type=chunk) - Construction in progress book value at period-end was **CNY 365,682,207.32**, primarily including Hengning Phase I and Phase II projects and the green and efficient insecticide active ingredient and intermediate project[326](index=326&type=chunk) - Short-term borrowings at period-end amounted to **CNY 1,198,350,337.06**, mainly consisting of bill discount borrowings and letter of credit discount borrowings[362](index=362&type=chunk) - Contract liabilities at period-end amounted to **CNY 97,292,244.09**, a decrease of **76.19%** from the beginning of the period, mainly due to reduced prepayments during the sales peak season[72](index=72&type=chunk)[370](index=370&type=chunk) - Provisions at period-end amounted to **CNY 244,783,716.88**, an increase of **379.66%** from the beginning of the period, mainly due to sales returns and sales discounts accrued by the agricultural materials company[72](index=72&type=chunk)[385](index=385&type=chunk) - Operating revenue for the current period was **CNY 2,608,855,595.59**, and operating cost was **CNY 1,986,475,457.15**, both showing an increase from the prior period[403](index=403&type=chunk) - Financial expenses for the current period amounted to **CNY 6,737,280.47**, turning from negative to positive compared to the prior period, primarily influenced by exchange gains and losses[71](index=71&type=chunk)[411](index=411&type=chunk) - Credit impairment losses for the current period amounted to **CNY -32,809,321.37**, and asset impairment losses for the current period amounted to **CNY -26,141,406.84**[415](index=415&type=chunk)[416](index=416&type=chunk) [R&D Expenses](index=142&type=section&id=八、研发支出) This section discloses the company's R&D expenses for the first half of 2025, totaling CNY 113,711,934.09, all of which were expensed R&D expenditures, representing a 17.54% increase from the prior year; major investments were in materials and fuel power, salaries and wages, and other expenses R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Materials and Fuel Power | 68,025,230.44 | 64,085,507.50 | | Salaries and Wages | 27,073,500.67 | 26,175,532.95 | | Other Expenses | 18,613,202.98 | 6,480,996.96 | | **Total** | **113,711,934.09** | **96,742,037.41** | | Of which: Expensed R&D Expenditures | 113,711,934.09 | 96,742,037.41 | | Capitalized R&D Expenditures | 0 | 0 | - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[442](index=442&type=chunk) - R&D expenses for the current period increased by **17.54%** compared to the prior period, primarily invested in materials and fuel power, salaries and wages, and other expenses[71](index=71&type=chunk)[442](index=442&type=chunk) [Changes in Consolidation Scope](index=143&type=section&id=九、合并范围的变更) During the reporting period, the company's consolidation scope did not significantly change due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries; however, the company newly established a wholly-owned subsidiary, Weifang Hailir Agricultural Services Co., Ltd., leading to a change in the consolidation scope - There were no changes in the consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries during this reporting period[143](index=143&type=chunk)[144](index=144&type=chunk) - The establishment of the wholly-owned subsidiary Weifang Hailir Agricultural Services Co., Ltd. in the current period led to a change in the consolidation scope[147](index=147&type=chunk) [Interests in Other Entities](index=144&type=section&id=十、在其他主体中的权益) This section details the company's interests in 28 subsidiaries, including each subsidiary's registered capital, registered address, principal place of business, business nature, and the company's direct or indirect shareholding percentage, showcasing the company's extensive business network and equity structure - The company owns **28 subsidiaries**, with businesses covering the production and sales of pesticide formulations and active ingredients, wholesale and retail of agricultural materials, and testing services[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) - Most subsidiaries are wholly-owned, with some controlled through indirect shareholding, such as Qingdao Audis Agricultural Materials Co., Ltd. and Qingdao Hailir Plant Protection Technology Co., Ltd[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) - Subsidiaries are widely distributed geographically, including Qingdao, Weifang, Shanghai, Jiangxi, Myanmar, Philippines, Cambodia, Brazil, Argentina, and Mexico, reflecting the company's domestic and international market layout[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) [Government Grants](index=149&type=section&id=十一、政府补助) This section discloses the company's government grant-related liability items at period-end and government grants recognized in current profit or loss; the total government grants in deferred income at period-end amounted to CNY 43,308,433.61, with CNY 9,000,000.00 added in the current period and CNY 1,292,552.26 transferred to other income; total government grants recognized in current profit or loss amounted to CNY 3,162,201.20 Liability Items Involving Government Grants | Item | Balance at Beginning of Period (CNY) | New Grant Amount in Current Period (CNY) | Transferred to Other Income in Current Period (CNY) | Balance at End of Period (CNY) | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | :--- | | 1. Ecological Agricultural Science and Technology Demonstration Park Leisure Agriculture Project | 300,000.00 | 0 | 50,000.00 | 250,000.00 | Asset-related | | 2. Hengning Biotechnology Special Support Funds | 23,031,609.17 | 0 | 253,559.00 | 22,778,050.17 | Asset-related | | 3. National Service Industry Development Support Funds | 7,043,158.33 | 0 | 591,558.34 | 6,451,599.99 | Asset-related | | 6. Industrial Foundation Rebuilding and High-Quality Manufacturing Development Special Rewards and Subsidies | 2,972,444.72 | 4,500,000.00 | 55,110.56 | 7,417,334.16 | Asset-related | | 7. Provincial New and Old Kinetic Energy Conversion Rewards and Subsidies | 0 | 4,500,000.00 | 185,709.94 | 4,314,290.06 | Asset-related | | **Total** | **35,600,985.87** | **9,000,000.00** | **1,292,552.26** | **43,308,433.61** | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-related | 1,292,552.26 | 1,022,239.59 | | Income-related | 1,869,648.94 | 3,848,401.24 | | **Total** | **3,162,201.20** | **4,870,640.83** | [Risks Related to Financial Instruments](index=150&type=section&id=十二、与金融工具相关的风险) The company's main financial instruments include monetary funds, accounts receivable, and accounts payable, facing credit risk, market risk (foreign exchange risk, interest rate risk, other price risks), and liquidity risk; the company's management effectively manages and controls these risks through measures such as assessing customer credit, managing foreign exchange exposure, optimizing financing structure, and monitoring cash flow - The company's main financial instruments include monetary funds, accounts receivable, notes receivable, other receivables, other current assets, accounts payable, notes payable, employee benefits payable, other payables, and short-term borrowings[452](index=452&type=chunk) - The company faces credit risk (primarily from credit sales), market risk (foreign exchange rate fluctuations, market interest rate changes, securities market changes), and liquidity risk

Group 1 - The establishment of Hailier (Sichuan) Technology Development Co., Ltd. has been registered with a capital of 10 million RMB [1] - The company is wholly owned by Qingdao Xinhui Industrial Co., Ltd. [1] - The legal representative of the company is Pu Zhidong [1] Group 2 - The business scope includes venture capital, asset management services, corporate headquarters management, and various consulting services [1] - The company is classified under the financial industry, specifically in capital market services [1] - The registered address is located in Luzhou City, Sichuan Province [1]

证券日报网讯 8月19日晚间，海利尔发布公告称，截至本公告日，公司及子公司对外担保金额为328， 100万元，占2024年12月31日公司经审计归属于上市公司股东的净资产的95.83%，全部为公司对子公司 提供的担保，无逾期担保。 （文章来源：证券日报） ...

证券代码：603639 证券简称：海利尔 公告编号：2025-040 海利尔药业集团股份有限公司 关于为全资子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | | | 被担保人名称 | 山东海利尔化工有限公司（以下简 称"山东海利尔"） | | | | --- | --- | --- | --- | --- | --- | | | | | 万元 | | | | 担 保 | 对 | 本次担保金额 | 15,000.00 | | | | 象一 | | 实际为其提供的担保余额 | 25,597.03 万元 | | | | | | 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：_________ | | | | 被担保人名称 | 下简称"奥迪斯"） | | 青岛奥迪斯生物科技有限公司（以 | | 担 保 | 对 | 本次担保金额 | 10,000.00 | | 万元 | | 象二 | | 实际 ...

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

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。 2025年8月14日 第五届董事会职工代表董事简历 陈萍先生：1979年3月生，学历大专，无境外永久居留权。历任山东省莱西市东方农业生产资料有限公 司财务人员，青岛海利尔药业有限公司出纳、货运部部长、行政部部长，海利尔药业集团股份有限公司 监事会主席。兼任城阳区第七届人大代表，现任海利尔药业集团股份有限公司总裁助理、青岛大护农业 科技有限公司总经理。 为保障公司董事会正常运作，根据《公司法》 《上海证券交易所股票上市规则》《上海证券交易所上 市公司自律监管指引第1号一一规范运作》等法律法规、规范性文件以及《公司章程》等相关规定，公 司于2025年8月13日召开2025年第一次职工代表大会，选举陈萍先生为公司第五届董事会职工代表董事 （简历详见附件），任期自本次职工代表大会审议通过之日起至公司第五届董事会届满之日止。 陈萍先生当选公司职工代表董事后，公司第五届董事会中兼任公司高级管理人员以及由职工代表担任的 董事人数总计未超过公司董事总数的二分之一，符合相关法律法规的要求。 特此公 ...

陈萍先生当选公司职工代表董事后，公司第五届董事会中兼任公司高级管理人 员以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关 法律法规的要求。 证券代码：603639 证券简称：海利尔 公告编号：2025-039 海利尔药业集团股份有限公司 关于公司董事辞任暨选举职工代表董事的公告 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。 海利尔药业集团股份有限公司（以下简称"公司"）董事会于近日收到公司董 事毛志建先生递交的书面辞职报告。因公司内部工作调整，毛志建先生申请辞去公 司第五届董事会董事职务。辞去上述职务后，毛志建先生将继续在公司担任其他职 务。毛志建先生的辞职不会导致公司董事成员低于法定最低人数。 截至本公告披露日，毛志建先生未直接或间接持有公司股份，其已按照公司相 关制度完成工作交接。 毛志建先生在担任公司董事期间勤勉尽责、恪尽职守，为公司规范治理和高质 量发展发挥了重要作用，公司及董事会对毛志建先生在任职期间为公司发展所做的 贡献表示衷心感谢！ 为保障公司董事会正常运作，根据《公司法》《上海证券交易所 ...

证券日报网讯 8月13日晚间，海利尔发布公告称，公司董事会于近日收到公司董事毛志建先生递交的书 面辞职报告。因公司内部工作调整，毛志建先生申请辞去公司第五届董事会董事职务。辞去上述职务 后，毛志建先生将继续在公司担任其他职务。公司于2025年8月13日召开2025年第一次职工代表大会， 选举陈萍先生为公司第五届董事会职工代表董事，任期自本次职工代表大会审议通过之日起至公司第五 届董事会届满之日止。 （文章来源：证券日报） ...

证券代码：603639 证券简称：海利尔 公告编号：2025-039 海利尔药业集团股份有限公司 为保障公司董事会正常运作，根据《公司法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律法规、规范 性文件以及《公司章程》等相关规定，公司于 2025 年 8 月 13 日召开 2025 年第一次 职工代表大会，选举陈萍先生为公司第五届董事会职工代表董事（简历详见附件）， 任期自本次职工代表大会审议通过之日起至公司第五届董事会届满之日止。 陈萍先生当选公司职工代表董事后，公司第五届董事会中兼任公司高级管理人 员以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关 法律法规的要求。 特此公告。 海利尔药业集团股份有限公司董事会 2025 年 8 月 14 日 附件： 关于公司董事辞任暨选举职工代表董事的公告 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。 海利尔药业集团股份有限公司（以下简称"公司"）董事会于近日收到公司董 事毛志建先生递交的书面辞职报告。因公司内部 ...