青岛日辰食品股份有限公司 年报信息披露重大差错责任追究制度 （2025 年 8 月） 第一章 总则 第一条 为规范青岛日辰食品股份有限公司（以下简称"公司"）年报信息 披露行为，提高公司年报信息披露的质量和透明度，增强年报信息披露的真实性、 准确性、完整性和及时性，保护投资者的合法权益，根据《中华人民共和国公司 法》（以下简称《公司法》）《中华人民共和国证券法》（以下简称《证券法》） 《中华人民共和国会计法》（以下简称《会计法》）《企业会计准则》《上海证 券交易所股票上市规则》 《公开发行证券的公司信息披露内容与格式准则第 2 号 ——年度报告的内容与格式》等法律法规、规范性文件及《青岛日辰食品股份有 限公司章程》（以下简称《公司章程》）的相关规定，结合本公司的实际情况， 制定本制度。 第二条 本制度所称重大差错责任追究是指年报信息披露工作中有关人员 不履行或者不正确履行职责、义务或其他个人原因，导致年报信息存在虚假记载 和重大差错，对公司造成重大经济损失或造成不良影响的追究与处理制度。 第三条 本制度适用于公司董事、高级管理人员、公司各部门以及各分（子） 公司负责人，以及其他负有信息披露职责的部门和人员。 ...

青岛日辰食品股份有限公司 投资者关系管理制度 （2025 年 8 月） 第一章 总则 第一条 为规范公司投资者关系管理工作，加强青岛日辰食品股份有限公司 （以下简称"公司"）与投资者之间的有效沟通，完善公司治理结构，切实保护 投资者特别是中小投资者的合法权益，根据《中华人民共和国公司法》《中华人 民共和国证券法》（以下简称《证券法》）《上市公司投资者关系管理工作指引》 （以下简称《工作指引》）《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、规范性文件及《青岛日辰食品股份有限公司章程》（以 下简称《公司章程》）等的相关规定，结合本公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对 公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回 报投资者、保护投资者目的的相关活动。 第三条 投资者关系管理的目的是： （一）促进公司与投资者之间的良性关系，增进投资者对公司的进一步了解 和熟悉； （二）建立稳定和优质的投资者基础，获得长期的市场支持； （三）形成服务投资者、 ...

青岛日辰食品股份有限公司 重大信息内部报告制度 （2025 年 8 月） 第一章 总则 第一条 为规范青岛日辰食品股份有限公司（以下简称 "公司"）的重大信 息内部报告工作，保证公司内部重大信息的快速传递、归集和有效管理，确保公 司真实、准确、完整、及时、公平地披露所有对公司证券及其衍生品种交易价格 可能产生较大影响的信息，维护投资者的合法权益，为公司决策提供科学依据， 根据《中华人民共和国公司法》 《中华人民共和国证券法》 《上市公司信息披露管 理办法》（以下简称《信息披露管理办法》）《上海证券交易所股票上市规则》等 法律法规、 规范性文件及《青岛日辰食品股份有限公司章程》 （以下简称《公司 章程》）的相关规定，结合公司实际情况，制定本制度。 第二条 公司重大信息内部报告制度是指当出现、发生或即将发生可能对公 司证券及其衍生品种交易价格产生较大影响的情形或事件时，按照本制度规定负 有信息报告义务的单位、部门和人员（以下简称"信息报告义务人"），应当在第 一时间将有关重大信息向董事会秘书、董事长和董事会报告的信息传递制度。 第三条 本制度适用于公司、全资子公司、控股子公司及参股公司。本制度 所称"重大信息报告 ...

Core Points - The document outlines the information disclosure management system for Qingdao Richen Food Co., Ltd, aiming to standardize disclosure practices and protect investor rights [1][2] - It emphasizes the importance of timely, accurate, and complete information disclosure to ensure all investors have equal access to information [2][3] - The document specifies the responsibilities of various stakeholders, including the board of directors, management, and shareholders, in adhering to disclosure obligations [2][3][4] Group 1: Information Disclosure Principles - Information must be disclosed truthfully, accurately, and completely, avoiding misleading statements or omissions [2][3] - All investors should receive the same information simultaneously, ensuring fairness in disclosure [2][3] - The company and its related parties can voluntarily disclose information but must ensure it does not conflict with legally required disclosures [4][5] Group 2: Disclosure Obligations - The company must disclose periodic reports, including annual, semi-annual, and quarterly reports, containing significant information affecting investor decisions [12][15] - Financial reports must be audited by qualified accounting firms, with specific conditions under which audits are required [6][9] - The company must disclose any major events that could significantly impact its securities trading prices immediately [12][13] Group 3: Management of Disclosure - The board of directors is responsible for overseeing the information disclosure process, with the chairman as the primary responsible person [32][33] - The board secretary coordinates the disclosure activities and ensures compliance with relevant regulations [32][33] - All disclosure documents must be archived and managed by the securities affairs department for a minimum of ten years [48][50] Group 4: Confidentiality and Accountability - Individuals with access to undisclosed information must maintain confidentiality and are prohibited from insider trading [52][54] - The company holds its directors and senior management accountable for the accuracy and completeness of disclosed information [54][56] - Any violations leading to significant impacts on the company or investors may result in disciplinary actions against responsible individuals [58][60]

Core Points - The document outlines the governance structure and responsibilities of the Board Secretary of Qingdao Richen Food Co., Ltd, emphasizing the importance of compliance with relevant laws and regulations [1][8] - The Board Secretary is a senior management position responsible for communication with regulatory bodies and ensuring proper information disclosure [1][4] Section Summaries General Provisions - The purpose of the system is to enhance governance and clarify the responsibilities of the Board Secretary [1] - The Board Secretary must act faithfully and diligently in their duties [1] Qualifications of the Board Secretary - The Board Secretary must possess good professional ethics, relevant knowledge in finance, law, and management, and pass the qualification exam organized by the Shanghai Stock Exchange [5] - Certain individuals are prohibited from serving as Board Secretary, including those under market entry bans or recent administrative penalties [5][6] Appointment and Dismissal of the Board Secretary - The Board Secretary is nominated by the Chairman and appointed by the Board [2] - A new Board Secretary must be appointed within three months of the previous Secretary's departure [2][3] Responsibilities of the Board Secretary - The Board Secretary is responsible for managing information disclosure, investor relations, and ensuring compliance with legal and regulatory requirements [4][5] - The Secretary must maintain confidentiality and report any significant changes in their declaration to the Shanghai Stock Exchange [3][4] Additional Provisions - The company must provide necessary support for the Board Secretary to fulfill their duties [5][6] - The Board may appoint a Securities Affairs Representative to assist the Board Secretary [6]

青岛日辰食品股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司计划实施2025年半年度利润分配方案，以权益分派实施公告确定的股权登记日的总股本 扣除公司回购专用账户中的股份后剩余总股本97,193,681股为基数，向全体股东每股派发现金红利 人民币0.20元（含税）,合计派发现金红利人民币19,438,736.20元，该议案已经公司第四届董事会 第五次会议审议通过，尚需提交公司股东会进行审议。 青岛日辰食品股份有限公司2025 年半年度报告摘要 公司代码：603755 公司简称：日辰股份 青岛日辰食品股份有限公司 的说明 青岛日辰食品股份有限公司2025 年半年度报告摘要 □适用 √不适用 □适用 √不适用 □适用 √不适用 第三节 重要事项 第二节 公司基本情况 | 公司股票简况 | | | | | | --- | --- | --- | --- | --- | | 股票种类 股票上市交易所 | | 股票简称 | 股票代码 | 变更前股票 | | 简称 ...

证券代码：603755 证券简称：日辰股份 公告编号：2025-035 ● 本次利润分配方案已经公司第四届董事会第五次会议审议通过，尚需提交 公司 2025 年第三次临时股东会审议。 青岛日辰食品股份有限公司 关于 2025 年半年度利润分配方案的公告 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： ● 每股分配比例：每股派发现金红利 0.20 元（含税）。 ● 本次利润分配以实施权益分派股权登记日登记的总股本扣除回购专用账户 中的股份为基数，具体日期将在权益分派实施公告中明确。 一、2025 年半年度利润分配方案内容 ● 如在实施权益分派的股权登记日前公司总股本发生变动，拟维持每股分配 比例不变，相应调整分配总额，并将另行公告具体调整情况。 公司于 2025 年 8 月 22 日召开第四届董事会第五次会议，审议通过了《关于 公司 2025 年半年度利润分配的议案》，并同意将本议案提交公司 2025 年第三次 临时股东会审议。本方案符合公司章程规定的利润分配政策和公司已披露的股东 回报规划。 三、本次利润分配的 ...

证券代码：603755 证券简称：日辰股份 公告编号：2025-033 青岛日辰食品股份有限公司 第四届董事会第五次会议决议公告 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 青岛日辰食品股份有限公司（以下简称"公司"）第四届董事会第五次会议 于 2025 年 8 月 22 日上午 11：00 在公司二楼会议室以现场和通讯相结合方式召 开。本次会议通知和会议材料已于 2025 年 8 月 12 日通过电子邮件发送至全体董 事。本次会议由公司董事长张华君先生召集并主持，应出席董事 8 名，实际出席 董事 8 名（其中委托出席董事 0 人，以通讯表决方式出席董事 3 人）；公司高级 管理人员列席了本次会议。本次会议的召集、召开程序符合《中华人民共和国公 司法》（以下简称《公司法》）及《青岛日辰食品股份有限公司章程》（以下简 称《公司章程》）的有关规定。 二、董事会会议审议情况 与会董事审议并形成如下决议： （一）审议并通过了《关于公司 2025 年半年度报告全文及摘要的议案》 根据相关规定，公司编制了 2 ...

证券时报·数据宝统计显示，公司今日公布了半年报，共实现营业收入2.04亿元，同比增长8.63%，实现 净利润3523.48万元，同比增长22.64%，基本每股收益为0.3625元。 资金面上看，该股今日主力资金净流出401.98万元，近5日主力资金净流出846.61万元。 按申万行业统计，日辰股份所属的食品饮料行业共有6家公司公布了2025半年度分配方案，派现金额最 多的是双汇发展，派现金额为22.52亿元，其次是东鹏饮料、养元饮品，派现金额分别为13.00亿元、 6.30亿元。（数据宝） 2025半年度食品饮料行业分红排名 8月22日日辰股份发布2025半年度分配预案，拟10派2元（含税），预计派现金额合计为1943.87万元。 派现额占净利润比例为55.17%，这是公司上市以来，累计第7次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派2元（含税） | 0.19 | 0.76 | | 2024.09.30 | 10派2.5元（含税） | 0.24 | 1.1 ...

[Important Notice](index=2&type=section&id=Important%20Notice) [Report Overview](index=2&type=section&id=Report%20Overview) The company's board and senior management guarantee the truthfulness, accuracy, and completeness of the unaudited semi-annual report, and plan a 2025 interim cash dividend of RMB 0.20 per share (including tax) - The company's board and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which remains unaudited[5](index=5&type=chunk) - The company plans to implement a 2025 interim profit distribution plan, distributing a cash dividend of **RMB 0.20 per share** (including tax) to all shareholders, based on 97,193,681 shares, totaling **RMB 19,438,736.20**[6](index=6&type=chunk) - During the reporting period, there were no particularly significant risks that had a material impact on the company's production and operations[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, including company name, related parties, regulatory bodies, currency units, reporting period, and key product categories such as compound seasonings, sauces, powder seasonings, baked goods, frozen dough, and food additives - The reporting period refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - Compound seasonings are defined as seasonings prepared from two or more seasonings through special processing[13](index=13&type=chunk) - The company's new business, frozen dough, is defined as semi-finished dough made primarily from grain flour, fats, and water, processed through mixing, shaping, fermentation, or baking, and then frozen[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=5&type=section&id=Company%20Basic%20Information) This section outlines the company's basic registration details, contact information, registered address, information disclosure channels, and stock overview, with no significant changes - The company's Chinese name is Qingdao Richen Food Co., Ltd., with stock ticker Richen Shares and stock code **603755**, listed on the Shanghai Stock Exchange[15](index=15&type=chunk)[19](index=19&type=chunk) - The company's registered and office address is Qingdao Environmental Protection Industrial Park, Jimo District, Qingdao (No. 20 Jifa Longshan Road), with no historical changes during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 8.63%, net profit attributable to shareholders by 22.64%, and net profit after deducting non-recurring gains and losses by 27.73%, indicating strong profitability growth, with total assets and net assets also showing steady increases Major Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Major Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 203,637,046.56 | 187,450,901.31 | 8.63 | | Total Profit | 40,808,427.64 | 32,794,399.85 | 24.44 | | Net Profit Attributable to Listed Company Shareholders | 35,234,834.81 | 28,730,950.24 | 22.64 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 35,033,261.77 | 27,426,681.45 | 27.73 | | Net Cash Flow from Operating Activities | 31,066,668.44 | 26,966,670.12 | 15.20 | | **Period-end vs. Prior Year-end** | **Current Period-end (RMB)** | **Prior Year-end (RMB)** | **Change from Prior Year-end (%)** | | Net Assets Attributable to Listed Company Shareholders | 738,835,694.14 | 727,899,279.57 | 1.50 | | Total Assets | 1,046,444,629.07 | 1,002,928,924.49 | 4.34 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.3625 | 0.2928 | 23.80 | | Diluted Earnings Per Share (RMB/share) | 0.3625 | 0.2928 | 23.80 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (RMB/share) | 0.3604 | 0.2795 | 28.94 | | Weighted Average Return on Net Assets (%) | 4.83 | 4.06 | Increase of 0.77 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 4.80 | 3.88 | Increase of 0.92 percentage points | Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in profit or loss for the current period | 164,500.38 | | Fair value changes in financial assets and financial liabilities, and gains/losses from disposal of financial assets and financial liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | 362,627.23 | | Other non-operating income and expenses apart from the above items | -275,885.80 | | Less: Income tax impact | 49,668.77 | | Total | 201,573.04 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of compound seasonings for chain restaurants, food processing, and brand retail, and has expanded into baked frozen dough. Industry growth is driven by restaurant chain development and demand for healthy, convenient foods, with market concentration expected to rise [Main Business](index=8&type=section&id=Main%20Business) The company's core business involves R&D, production, and sales of compound seasonings (sauces, powders, food additives), primarily for B2B clients. During the reporting period, the acquisition of Jiaxing Aibeibang expanded operations into baked frozen dough - The company focuses on the research, development, production, and sales of compound seasonings, primarily serving chain restaurants, food processing, and brand retail enterprises by providing customized solutions[26](index=26&type=chunk) - Main products include three major categories: sauce-based seasonings, powder-based seasonings, and a small amount of food additives, totaling over a thousand varieties[26](index=26&type=chunk) - During the reporting period, the company completed the acquisition of Jiaxing Aibeibang Food Co., Ltd., expanding its business scope to include baked frozen dough[26](index=26&type=chunk) [Business Model](index=8&type=section&id=Business%20Model) The company employs a "production-based-on-sales, procurement-based-on-production" model and a flexible "production-based-on-sales" approach, with sales primarily direct (B2B, ODM/OEM customization) and supplemented by distribution (supermarkets, general trade, small restaurants) - The procurement model is "production-based-on-sales, procurement-based-on-production," with the SAP cloud ERP system automatically generating requisitions based on sales orders and inventory levels[27](index=27&type=chunk) - The production model is primarily "production-based-on-sales," establishing a flexible production management system to provide customized solutions[28](index=28&type=chunk) - The sales model is predominantly direct, serving chain restaurants and food processing enterprises with integrated solutions; the distribution model targets supermarkets, general trade, and small restaurants[29](index=29&type=chunk)[30](index=30&type=chunk) [Main Products](index=9&type=section&id=Main%20Products) The company's main products include sauce-based seasonings (customized and standardized), powder-based seasonings (customized and standardized), baked goods (frozen dough), and food additives, offering a rich product line to meet diverse B2B and B2C needs - Sauce-based seasonings include customized products for food processing/catering enterprises (e.g., marinades, hot pot bases) and standardized products for home cooking (e.g., hot pot seasonings, Chinese stir-fry sauces)[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - Powder-based seasonings also offer customized products (e.g., breading, compound soup powders) and standardized series products (e.g., BBQ series, fried series, concentrated soup series)[36](index=36&type=chunk)[38](index=38&type=chunk) - Newly acquired Aibeibang primarily provides frozen dough products, transported via cold chain, for customers to process into pizzas, breads, and other baked goods[40](index=40&type=chunk) [Industry Overview](index=11&type=section&id=Industry%20Overview) The company operates in the food manufacturing sector, with the compound seasoning industry in a rapid growth phase, characterized by low but rapidly increasing market penetration and significant future potential. The baked goods market is expanding, and frozen dough, as a sub-segment, shows significant growth, driven by restaurant chain development and standardization demands - The company operates in the seasoning and fermented products manufacturing sector within food manufacturing, with its newly added baked goods business belonging to the convenient food manufacturing industry[41](index=41&type=chunk) - The compound seasoning industry is still in an early rapid growth stage, with market penetration increasing quickly but remaining low compared to developed countries, indicating broad future market space[41](index=41&type=chunk) - The baked goods market continues to expand, exceeding **RMB 550 billion** in 2023 domestically, projected to surpass **RMB 850 billion** by 2029, with frozen baked goods as a fast-growing sub-segment and the frozen dough business showing significant growth[47](index=47&type=chunk) [Company's Industry Position](index=13&type=section&id=Company's%20Industry%20Position) The company is one of the earliest professional compound seasoning producers in China, possessing a first-mover advantage and core competencies in customized R&D, flexible manufacturing, quality management, and rapid response, serving numerous high-quality chain restaurants and food processing enterprises, and developing its own brand "Taste of Story" - The company is one of the earliest professional compound seasoning enterprises in China, possessing a first-mover advantage, and initially served Japanese export-oriented chicken processing enterprises[53](index=53&type=chunk) - Currently, the company primarily serves large and medium-sized clients such as chain restaurants, food processing, and brand retail enterprises, providing customized compound seasoning solutions[53](index=53&type=chunk) - The company owns the "Taste of Story" brand, expanding into retail markets via supermarkets and e-commerce to offer consumers dietary choices[53](index=53&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved double-digit growth in revenue and net profit by deeply serving existing clients, expanding new products and customers, despite intense competition and slowing consumer demand in the catering market. The acquisition of Aibeibang diversified into baked goods, and progress was made in R&D, channel expansion, digitalization, talent development, and investor returns - In H1 2025, social catering revenue grew by **4.3%**, lower than the overall **5.0%** growth in total retail sales of consumer goods, indicating more rational and cautious consumer spending on dining[54](index=54&type=chunk) Key Financial Performance H1 2025 | Indicator | Amount (RMB 10,000) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 20,363.70 | 8.63 | | Net Profit Attributable to Listed Company Shareholders | 3,523.48 | 22.64 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 3,503.33 | 27.73 | - The acquisition of Jiaxing Aibeibang Food Co., Ltd. completed in March 2025 contributed to revenue from its frozen dough business, but its relatively lower gross margin impacted the company's overall gross margin[55](index=55&type=chunk) - During the reporting period, the company's overall gross margin increased by **0.11 percentage points** year-on-year; excluding the frozen dough business, the original compound seasoning business gross margin was **39.82%**, an increase of **1.66 percentage points** year-on-year[56](index=56&type=chunk) - The company continuously strengthens product R&D, with the new "Yuanzhiwei Yellow Tomato Sea Buckthorn Hot Pot Base" winning the iSEE Global Food Innovation Award, and "Yuanzhiwei Sea Buckthorn Popping Boba Cold Brew Juice" winning the FBIF Annual Innovative Seasoning Award[56](index=56&type=chunk) - The company was awarded "China Catering Industry Red Bull Award - Annual Catering Industry Influential Enterprise" for the fifth consecutive year, and won the First Prize in the Qingdao Food Industry Science and Technology Innovation Award[57](index=57&type=chunk) - The company deepens cooperation with strategic clients and renowned domestic and international chain restaurants, developing nearly **400 customized new products** for existing clients in 2025[58](index=58&type=chunk) - The company accelerates digital transformation, optimizing systems like Fanwei collaborative management, MES, SAP cloud ERP, and data analytics, strengthening lean supply chain management[59](index=59&type=chunk) - The company launched a new phase of equity incentive plan, granting **2.28 million stock options** to 26 directors, senior management, and core personnel[60](index=60&type=chunk)[61](index=61&type=chunk) - The company completed its share repurchase plan in May 2024, repurchasing a total of **1.42 million shares** worth over **RMB 30 million**. The interim profit distribution plan for H1 2025 proposes a cash dividend of **RMB 0.20 per share** (including tax)[62](index=62&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=16&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include advantages in food processing channels, leading product R&D capabilities, stringent safety and quality control, an experienced management team, and data-driven supply chain management, all supporting its market position and sustainable development - The company has significant advantages in food processing channels, with a stable core customer base covering major Japanese export-oriented poultry processing enterprises and deep engagement in customized services for domestic chain restaurants[64](index=64&type=chunk) - The company is a national high-tech enterprise with an experienced and innovative R&D team, capable of rapidly responding to market and customer demands, providing customized product solutions[65](index=65&type=chunk)[66](index=66&type=chunk) - The company established a comprehensive quality control system covering the entire process, certified by ISO22000, ISO9001, CNAS, BRC, ensuring product quality and food safety[67](index=67&type=chunk) - The core management team possesses over **10 years** of experience in the seasoning industry, strengthening team building through long-term incentive and restraint mechanisms and management elite training[68](index=68&type=chunk) - The company is committed to digital leadership, enhancing supply chain management capabilities in procurement, production, quality control, and digital marketing through upgrades to digital workshops and SAP cloud ERP systems[69](index=69&type=chunk) [Major Operating Conditions During the Reporting Period](index=17&type=section&id=Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This period saw increases in the company's operating revenue and costs, decreases in selling and financial expenses, and an increase in R&D expenses. The acquisition of Jiaxing Aibeibang significantly changed business types, adding frozen dough. The asset-liability structure also changed considerably due to the acquisition, with goodwill, right-of-use assets, and lease liabilities increasing significantly [Main Business Analysis](index=17&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's operating revenue and cost of sales both increased, while selling and financial expenses decreased year-on-year, and R&D expenses increased. The company's business scope expanded with the addition of frozen dough business due to the acquisition of Jiaxing Aibeibang Financial Statement Items Fluctuation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 203,637,046.56 | 187,450,901.31 | 8.63 | | Operating Costs | 125,701,400.50 | 115,914,733.26 | 8.44 | | Selling Expenses | 10,175,534.15 | 14,097,970.11 | -27.82 | | Administrative Expenses | 16,856,613.22 | 16,604,702.69 | 1.52 | | Financial Expenses | 1,143,383.85 | 1,420,057.61 | -19.48 | | R&D Expenses | 7,513,879.01 | 6,580,018.81 | 14.19 | | Net Cash Flow from Operating Activities | 31,066,668.44 | 26,966,670.12 | 15.20 | | Net Cash Flow from Investing Activities | -71,554,052.92 | 129,176,180.56 | -155.39 | | Net Cash Flow from Financing Activities | 361,692.96 | -15,049,297.21 | Not applicable | - Net cash flow from investing activities decreased primarily due to the recovery of large wealth management funds in the prior year and increased investment in fundraising projects this period[71](index=71&type=chunk) - Net cash flow from financing activities increased primarily due to share repurchase payments in the prior year[72](index=72&type=chunk) - During the reporting period, the company acquired Jiaxing Aibeibang Food Co., Ltd., adding frozen dough business, which belongs to baked goods[73](index=73&type=chunk) [Analysis of Assets and Liabilities](index=18&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) The company's asset-liability structure changed significantly due to the acquisition of Aibeibang, with right-of-use assets, long-term deferred expenses, deferred income tax assets/liabilities, lease liabilities, and goodwill all increasing substantially. Short-term borrowings grew, while accounts payable decreased Asset and Liability Status Changes (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (RMB) | % of Total Assets at Current Period-end | Prior Year-end Amount (RMB) | % of Total Assets at Prior Year-end | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Right-of-use Assets | 12,748,146.65 | 1.22 | 2,328,005.25 | 0.23 | 447.60 | | Long-term Deferred Expenses | 7,378,430.70 | 0.71 | 1,048,511.66 | 0.10 | 603.71 | | Deferred Income Tax Assets | 3,783,114.26 | 0.36 | 1,228,625.90 | 0.12 | 207.91 | | Lease Liabilities | 13,854,954.47 | 1.32 | 1,990,073.25 | 0.20 | 596.20 | | Deferred Income Tax Liabilities | 3,825,227.55 | 0.37 | 1,092,963.96 | 0.11 | 249.99 | | Goodwill | 16,391,709.85 | 1.57 | - | - | Not applicable | | Short-term Borrowings | 116,658,793.91 | 11.15 | 80,997,350.48 | 8.08 | 44.03 | | Accounts Payable | 57,553,761.13 | 5.50 | 84,719,365.91 | 8.45 | -32.07 | - Significant changes in right-of-use assets, lease liabilities, long-term deferred expenses, and deferred income tax assets/liabilities are mainly due to the acquisition of Aibeibang and the consolidation of its related assets and liabilities this period[74](index=74&type=chunk) - Goodwill increased by **RMB 16,391,709.85**, primarily because the merger cost of acquiring Aibeibang exceeded the fair value of its identifiable net assets[75](index=75&type=chunk) - Short-term borrowings increased by **44.03%**, mainly due to increased bank loans this period; accounts payable decreased by **32.07%**, primarily due to reduced payables for materials and engineering projects[75](index=75&type=chunk) Major Restricted Assets (Period-end) | Item | Period-end Carrying Amount (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 22,306,413.60 | Time deposits and guarantees | | Fixed Assets | 101,992,261.14 | Bank loan collateral | | Intangible Assets | 35,289,163.40 | Bank loan collateral | | Construction in Progress | 297,200,823.38 | Bank loan collateral | | Total | 456,788,661.52 | / | [Analysis of Investment Status](index=19&type=section&id=Analysis%20of%20Investment%20Status) The company had no significant equity investments this period, but significant non-equity investments primarily involved projects funded by initial public offering proceeds. Among financial assets measured at fair value, wealth management products had both purchases and sales of RMB 135 million this period, and accounts receivable financing had a period-end balance of RMB 5.387 million - The company's significant non-equity investments during the reporting period were primarily projects funded by initial public offering proceeds[78](index=78&type=chunk) Financial Assets Measured at Fair Value (Period-end) | Asset Category | Beginning Balance (RMB) | Amount Purchased This Period (RMB) | Amount Sold/Redeemed This Period (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Wealth Management Products | - | 135,000,000.00 | 135,000,000.00 | - | | Accounts Receivable Financing | 6,555,641.16 | - | - | 5,386,979.40 | | Other Non-current Financial Assets | 20,000,000.00 | - | - | 20,000,000.00 | | Total | 26,555,641.16 | 135,000,000.00 | 135,000,000.00 | 25,386,979.40 | - The investment amount for acquiring Aibeibang was **RMB 23.50 million**, with a **100%** stake, completed, impacting profit/loss by **RMB 0.2985 million** this period[81](index=81&type=chunk) [Analysis of Major Holding and Participating Companies](index=21&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main holding subsidiary, Richen Jiaxing, had total assets of RMB 507 million and net assets of RMB 343 million, with negative operating and net profits this period. The participating company, Richen Tianjin, had total assets of RMB 211 million and net assets of RMB 199 million, also with negative operating and net profits this period. The acquisition of Jiaxing Aibeibang Food Co., Ltd. through a non-same-control business combination during the reporting period had no significant impact on overall operations and performance Financial Data of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (RMB 100 million) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Richen Jiaxing | Subsidiary | Food manufacturing | 3 | 507,106,612.82 | 342,634,425.37 | - | -2,352.64 | -2,566.07 | | Richen Tianjin | Participating company | Food manufacturing | 2 | 211,066,565.04 | 199,905,486.27 | - | -218,964.98 | -218,964.98 | - The acquisition of Jiaxing Aibeibang Food Co., Ltd. through a non-same-control business combination during the reporting period had no significant impact on overall operations and performance[83](index=83&type=chunk) [Other Disclosures](index=23&type=section&id=Other%20Disclosures) The company faces risks from raw material price fluctuations, food quality and safety, market competition, formula improvement and new product development, and relatively insufficient marketing development in supermarket and e-commerce channels. The company has established sound procurement management systems, food safety teams, and R&D teams to address these risks - The company faces risks from raw material price fluctuations, especially for bulk commodities like starch, edible oil, and white sugar, which experience frequent price changes[84](index=84&type=chunk) - Food quality and safety risks span the entire operation process; the company must promptly respond to changes in food safety standards, or it will adversely affect production and operations[85](index=85&type=chunk) - The compound seasoning industry is highly competitive and fragmented; the company needs to intensify efforts in marketing, new product R&D, and cost control to address market competition risks[86](index=86&type=chunk) - The company faces challenges in market acceptance and marketing promotion for formula improvements and new product development[87](index=87&type=chunk)[88](index=88&type=chunk) - Marketing development in supermarket and e-commerce channels is relatively insufficient, potentially impacting the company's brand influence in the end consumer market[89](index=89&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=25&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Company Directors and Senior Management](index=25&type=section&id=Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, the company completed the re-election of the fourth board of directors, supervisory board, and senior management, abolished the supervisory board with its functions transferred to the board's audit committee, and appointed an employee director - On January 10, 2025, the company elected members of the fourth board of directors, non-employee supervisors of the fourth supervisory board, and appointed the company's fourth senior management team[92](index=92&type=chunk) - On May 19, 2025, the company approved the "Proposal on Amending the Articles of Association," abolishing the supervisory board, transferring its functions to the board's audit committee, and adding an employee director[93](index=93&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=25&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution plan is a cash dividend of RMB 2.00 per 10 shares (including tax), with no bonus shares or capital reserve conversions Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Whether to distribute or convert | Yes | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend Per 10 Shares (RMB) (incl. tax) | 2.00 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) On June 20, 2025, the company approved the 2025 stock option incentive plan, and on July 7, granted 2.28 million stock options to 26 incentive recipients at an exercise price of RMB 26.63 per share, with registration completed - On June 20, 2025, the company approved the "2025 Stock Option Incentive Plan (Draft)" and its summary[96](index=96&type=chunk) - On July 7, 2025, the company granted **2.28 million stock options** to 26 eligible incentive recipients at an exercise price of **RMB 26.63 per share**[96](index=96&type=chunk) - On July 11, 2025, the company completed the registration of the 2025 stock option incentive plan[96](index=96&type=chunk) [Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=27&type=section&id=Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company actively fulfills its social responsibilities, having organized a public tree-planting event in the Jimo Eastern Mountainous Area during the reporting period, donated RMB 300,000 to the Qingdao Jimo District Education Promotion Association to support education, and continuously organized the "Love Transmission, Books Fragrance" charity sale for three years - During the reporting period, the company organized a public tree-planting event in the Jimo Eastern Mountainous Area, contributing to green ecological construction through practical actions[98](index=98&type=chunk) - The company donated **RMB 300,000** to the Qingdao Jimo District Education Promotion Association, specifically for supporting education development across the district[98](index=98&type=chunk) - The company has continuously organized the "Love Transmission, Books Fragrance" charity sale for three years, with proceeds donated to the Qingdao Red Cross Society for children in impoverished areas[98](index=98&type=chunk) [Section V Significant Matters](index=28&type=section&id=Section%20V%20Significant%20Matters) [Fulfillment of Commitments](index=28&type=section&id=Fulfillment%20of%20Commitments) The company's controlling shareholder, actual controller, and directors, supervisors, and senior management strictly fulfilled their commitments regarding share reductions, prospectus truthfulness, return enhancement measures, and standardized related-party transactions during the reporting period - Controlling shareholder Qingdao Boya Investment Holding Co., Ltd. committed that during Zhang Huajun's tenure as director/senior executive and within 6 months after his term ends, the annual share reduction amount will not exceed **25%** of its total shares held at the end of the previous year, and the reduction price will not be lower than the IPO price, which has been strictly fulfilled[100](index=100&type=chunk) - Actual controller Zhang Huajun committed to indirectly transferring company shares through Qingdao Boya and Chenxing Zhiyuan not exceeding **25%** of his directly or indirectly held shares, and the reduction price will not be lower than the IPO price, which has been strictly fulfilled[100](index=100&type=chunk) - The company's directors, supervisors, and senior management committed that during their tenure and within 6 months after their term ends, the annual indirect transfer of company shares through Chenxing Zhiyuan will not exceed **25%** of their total shares held, which has been strictly fulfilled[101](index=101&type=chunk) [Significant Contracts and Their Fulfillment](index=33&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the total amount of guarantees provided by the company to its subsidiaries was RMB 13.2448 million, with a period-end guarantee balance of RMB 97.7370 million, accounting for 13.23% of the company's net assets Company's Total Guarantee Situation | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 1,324.48 | | Total guarantee balance for subsidiaries at period-end (B) | 9,773.70 | | Total guarantees (A+B) | 9,773.70 | | Percentage of total guarantees to company's net assets (%) | 13.23 | [Explanation of Progress in Use of Raised Funds](index=34&type=section&id=Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's initial public offering raised a total of RMB 387.1620 million, with a net amount of RMB 342.6606 million. As of the end of the reporting period, a cumulative total of RMB 319.3617 million has been invested, representing an investment progress of 93.20%. The amount invested this year was RMB 34.3457 million Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Investment Pledged in Prospectus (RMB 10,000) | Cumulative Raised Funds Invested as of Period-end (RMB 10,000) | Cumulative Investment Progress as of Period-end (%) | Amount Invested This Year (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 38,716.20 | 34,266.06 | 34,266.06 | 31,936.17 | 93.20 | 3,434.57 | Detailed Use of Raised Fund Investment Projects | Project Name | Total Investment Pledged in Prospectus (RMB 10,000) | Amount Invested This Year (RMB 10,000) | Cumulative Raised Funds Invested as of Period-end (RMB 10,000) | Cumulative Investment Progress as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | | Annual Production of 15,000 Tons of Compound Seasoning Production Base Construction Project | 16,697.85 | 2,130.68 | 16,713.08 | 100.09 | | Annual Production of 5,000 Tons of Soup Extract Production Line Construction Project | 10,948.00 | 1,303.89 | 10,125.32 | 92.49 | | Marketing Network Construction Project | 3,748.71 | - | 2,992.74 | 79.83 | | Technology Center Upgrade Construction Project | 2,871.50 | - | 2,105.03 | 73.31 | [Section VI Share Changes and Shareholder Information](index=37&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=37&type=section&id=Share%20Capital%20Changes) 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[116](index=116&type=chunk) [Shareholder Information](index=37&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 6,357 common shareholders. Among the top ten shareholders, Qingdao Boya Investment Holding Co., Ltd. held 49.50% as the controlling shareholder, with some of its shares pledged. The company's special repurchase securities account held 1.44% of shares - As of the end of the reporting period, total common shareholders were **6,357**[117](index=117&type=chunk) Top Ten Shareholders' Shareholding (Period-end) | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | | Qingdao Boya Investment Holding Co., Ltd. | 48,810,000 | 49.50 | 24,040,000 | | Zhang Huajun | 8,980,000 | 9.11 | 0 | | Zhejiang Junhong Asset Management Co., Ltd. - Junhong Qianjiang Twenty-Seventh Private Securities Investment Fund | 4,946,157 | 5.02 | 0 | | MAPLE MARBLE CORP. | 3,623,730 | 3.67 | 0 | | Beijing Huano Investment Management Co., Ltd. - Huano Investment Taiding No. 1 Private Securities Investment Fund | 1,838,500 | 1.86 | 0 | | Yuan Jian | 1,150,000 | 1.17 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - CITIC-Prudential Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) | 950,600 | 0.96 | 0 | | Deng Xiaowan | 803,900 | 0.82 | 0 | | Jia Jianwei | 757,200 | 0.77 | 0 | | China Galaxy Securities Co., Ltd. | 482,400 | 0.49 | 0 | - As of June 30, 2025, the company's special repurchase securities account held a total of **1,420,000 shares**, accounting for **1.44%** of the company's total share capital[120](index=120&type=chunk) - Zhang Huajun is the actual controller of the company and also holds **95%** of Qingdao Boya Investment Holding Co., Ltd., indicating a concerted action relationship between the two[120](index=120&type=chunk) [Directors and Senior Management Information](index=39&type=section&id=Directors%20and%20Senior%20Management%20Information) During the reporting period, the company's directors and senior management were granted stock options, with Cui Baojun, Chen Ying, Zhang Wei, Sui Xidang, Huang Guiqin, Cui Zhengbo, and Feng Xiaohong collectively granted 880,000 stock options Stock Options Granted to Directors and Senior Management | Name | Position | Number of Stock Options Granted (shares) | | :--- | :--- | :--- | | Cui Baojun | Director, Senior Management | 200,000 | | Chen Ying | Director, Senior Management | 120,000 | | Zhang Wei | Director, Senior Management | 120,000 | | Sui Xidang | Director | 80,000 | | Huang Guiqin | Senior Management | 120,000 | | Cui Zhengbo | Senior Management | 120,000 | | Feng Xiaohong | Senior Management | 120,000 | | Total | / | 880,000 | [Section VII Bond-Related Information](index=40&type=section&id=Section%20VII%20Bond-Related%20Information) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=40&type=section&id=Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [Convertible Corporate Bonds](index=40&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds [Section VIII Financial Report](index=41&type=section&id=Section%20VIII%20Financial%20Report) [Audit Report](index=41&type=section&id=Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [Financial Statements](index=41&type=section&id=Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flows for the first half of 2025 [Company Basic Information](index=58&type=section&id=Company%20Basic%20Information) Qingdao Richen Food Co., Ltd. was restructured in May 2016, listed on the Shanghai Stock Exchange in August 2019 (stock code 603755). The company operates in food manufacturing, primarily producing sauce-based, powder-based seasonings, and food additives. These financial statements were approved for issuance by the Board of Directors on August 22, 2025 - The company was restructured from Qingdao Richen Food Co., Ltd. in May 2016, listed on August 15, 2019, with stock code **603755**[155](index=155&type=chunk) - The company belongs to food manufacturing, with main products being sauce-based seasonings, powder-based seasonings, and food additives[155](index=155&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 22, 2025[156](index=156&type=chunk) [Basis of Financial Statement Preparation](index=58&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and relevant regulations of the China Securities Regulatory Commission, using the accrual basis of accounting, and measured at historical cost except for financial instruments - The company's financial statements are prepared on a going concern basis, according to the Enterprise Accounting Standards issued by the Ministry of Finance and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)"[157](index=157&type=chunk) - The company's accounting is based on the accrual method, and except for certain financial instruments, these financial statements are measured at historical cost[157](index=157&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[158](index=158&type=chunk) [Significant Accounting Policies and Estimates](index=58&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates in food manufacturing operations, covering Enterprise Accounting Standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, accounts receivable financing, other receivables, inventories, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company uses a **12-month** operating cycle as the basis for classifying assets and liabilities as current or non-current[163](index=163&type=chunk) - Assets and liabilities acquired in a business combination are measured at their carrying amounts in the ultimate controlling party's consolidated financial statements at the date of combination[167](index=167&type=chunk) - For non-same-control business combinations, the excess of the merger cost over the fair value of the identifiable net assets acquired at the acquisition date is recognized as goodwill[168](index=168&type=chunk) - The company classifies financial assets into three categories based on the business model for managing financial assets and their contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[181](index=181&type=chunk) - The company recognizes impairment provisions and credit impairment losses for notes receivable, accounts receivable, contract assets, other receivables, etc., based on expected credit losses[189](index=189&type=chunk) - Inventories primarily include raw materials, low-value consumables and packaging materials, semi-finished goods, finished goods, and goods in transit, valued using the weighted average method upon issuance[195](index=195&type=chunk) - Fixed assets are depreciated using the straight-line method; buildings and structures over **20-45 years**, production equipment over **10-15 years**, transportation equipment over **4-10 years**, and electronic and other equipment over **3-5 years**[213](index=213&type=chunk) - The company recognizes revenue when the customer obtains control of the related goods, and revenue is recognized based on the progress of performance or the point in time when control is transferred[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk) [Taxation](index=87&type=section&id=Taxation) The company's main taxes include VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax. Richen Food enjoys a 15% corporate income tax preferential rate as a high-tech enterprise, while its subsidiary Jiaxing Aibeibang Food Co., Ltd. qualifies as a small and micro enterprise, paying corporate income tax at a 20% rate Major Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13% | | Urban Maintenance and Construction Tax | 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 20%, 25% | - Qingdao Richen Food Co., Ltd. enjoys a **15%** corporate income tax preferential rate as a high-tech enterprise[261](index=261&type=chunk) - Subsidiary Jiaxing Aibeibang Food Co., Ltd. qualifies for small and micro enterprise tax declaration conditions, paying corporate income tax at a **20%** rate[261](index=261&type=chunk) [Notes to Consolidated Financial Statement Items](index=88&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end balances, beginning balances, and current period changes for each item in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, construction in progress, goodwill, short-term borrowings, long-term borrowings, operating revenue and costs, selling expenses, administrative expenses, R&D expenses, financial expenses, investment income, credit impairment losses, income tax expenses, and cash flows Composition of Monetary Funds (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Cash on hand | 65,628.96 | | Bank deposits | 97,009,850.55 | | Other monetary funds | 22,402,336.87 | | Total | 119,477,816.38 | - Period-end restricted monetary funds amounted to **RMB 22,306,413.60**, primarily for e-commerce platform deposits, temporary land use deposits, and time deposits[265](index=265&type=chunk)[337](index=337&type=chunk) - Accounts receivable period-end carrying amount was **RMB 68,806,421.21**, with an impairment provision rate of **5.47%**[270](index=270&type=chunk) - Inventories period-end carrying amount was **RMB 29,007,485.25**, mainly comprising raw materials, finished goods, and low-value consumables and packaging materials[297](index=297&type=chunk) - Fixed assets period-end carrying amount was **RMB 190,186,333.10**, with an increase of **RMB 30,619,922.99** this period due to business combination[311](index=311&type=chunk) - Construction in progress period-end balance was **RMB 381,743,655.86**, primarily for the compound seasoning production base and soup extraction production line projects[314](index=314&type=chunk) - Goodwill period-end balance was **RMB 16,391,709.85**, formed this period from the acquisition of Aibeibang[323](index=323&type=chunk) - Short-term borrowings period-end balance was **RMB 116,658,793.91**, a **44.03%** increase from the beginning of the period[339](index=339&type=chunk) Operating Revenue and Operating Costs (Current Period) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 203,203,217.74 | 125,230,774.75 | | Other Business | 433,828.82 | 470,625.75 | | Total | 203,637,046.56 | 125,701,400.50 | Operating Revenue Breakdown by Product Type and Sales Channel (Current Period) | Category | Operating Revenue (RMB) | | :--- | :--- | | **Product Type** | | | Sauce-based Seasonings | 146,042,766.14 | | Powder-based Seasonings | 45,386,613.69 | | Baked Goods | 10,489,582.77 | | Food Additives | 1,284,255.14 | | **Sales Channel** | | | Catering | 96,357,507.59 | | Food Processing | 68,751,993.60 | | Brand Customization | 31,270,714.98 | | Direct Supermarket Sales | 4,291,977.98 | | Direct E-commerce Sales | 884,904.62 | | Distributors (Retail) | 1,646,118.97 | - Selling expenses incurred this period amounted to **RMB 10,175,534.15**, a **27.82%** decrease from the prior period[394](index=394&type=chunk) - R&D expenses incurred this period amounted to **RMB 7,513,879.01**, a **14.19%** increase from the prior period[395](index=395&type=chunk) - Investment income this period amounted to **RMB 253,144.74**, primarily from short-term wealth management income and equity method accounting for joint ventures[397](index=397&type=chunk) - Net cash flow from operating activities was **RMB 31,066,668.44**, from investing activities was **-RMB 71,554,052.92**, and from financing activities was **RMB 361,692.96**[421](index=421&type=chunk) [R&D Expenses](index=134&type=section&id=R%26D%20Expenses) The company's total R&D expenses for this period were RMB 7,513,879.01, all expensed, primarily consisting of employee compensation and R&D materials, showing an increase from the prior period R&D Expenses by Nature of Expense (Current Period) | Item | Amount Incurred This Period (RMB) | | :--- | :--- | | R&D Materials | 1,295,204.45 | | Employee Compensation | 4,896,346.49 | | Other Expenses | 1,322,328.07 | | Total | 7,513,879.01 | | Of which: Expensed R&D expenses | 7,513,879.01 | - All R&D expenses this period were expensed, with no capitalized R&D expenses[435](index=435&type=chunk) [Changes in Consolidation Scope](index=134&type=section&id=Changes%20in%20Consolidation%20Scope) On March 31, 2025, the company acquired 100% equity of Jiaxing Aibeibang Food Co., Ltd. for RMB 23.5 million in cash through a non-same-control business combination, consolidating it into its scope and recognizing goodwill of RMB 16,391,709.85 - On March 31, 2025, the company acquired **100%** equity of Jiaxing Aibeibang Food Co., Ltd. for **RMB 23,500,000.00** in cash, consolidating it into its scope[437](index=437&type=chunk)[440](index=440&type=chunk) - After acquiring Aibeibang, the excess of the merger cost over the fair value of identifiable net assets acquired, amounting to **RMB 16,391,709.85**, was recognized as goodwill[440](index=440&type=chunk) - Aibeibang's revenue from the acquisition date to period-end was **RMB 10,489,582.77**, and net profit was **RMB 298,482.00**[437](index=437&type=chunk) [Interests in Other Entities](index=137&type=section&id=Interests%20in%20Other%20Entities) The company owns Richen Shanghai, Richen Jiaxing, and Aibeibang as wholly-owned subsidiaries, and holds a 50% equity stake in the joint venture Richen Food (Tianjin) Co., Ltd. Richen Tianjin had total assets of RMB 211 million and net assets of RMB 199 million at period-end, with a net loss of RMB 0.219 million this period Subsidiary Information | Subsidiary Name | Business Nature | Shareholding Percentage (%) | | :--- | :--- | :--- | | Richen Food Sales (Shanghai) Co., Ltd. | Sales | 100% | | Richen Food (Jiaxing) Co., Ltd. | Production, Sales | 100% | | Jiaxing Aibeibang Food Co., Ltd. | Production, Sales | 100% | - The company holds a **50%** equity stake in the joint venture Richen Food (Tianjin) Co., Ltd., accounted for using the equity method[449](index=449&type=chunk) Key Financial Information of Significant Joint Venture Richen Tianjin (Period-end/Current Period) | Item | Richen Tianjin Company (RMB) | | :--- | :--- | | Total Assets | 211,066,565.04 | | Total Liabilities | 11,161,078.77 | | Equity Attributable to Parent Company Shareholders | 199,905,486.27 | | Net Assets Share Calculated by Shareholding Percentage | 99,952,743.14 | | Net Profit | -218,964.98 | | Total Comprehensive Income | -218,964.98 | [Government Grants](index=140&type=section&id=Government%20Grants) Total government grants recognized in profit or loss this period amounted to RMB 164,500.38, comprising RMB 162,921.06 related to assets and RMB 1,579.32 related to income Government Grants Recognized in Profit or Loss (Current Period) | Type | Amount Incurred This Period (RMB) | | :--- | :--- | | Asset-related | 162,921.06 | | Income-related | 1,579.32 | | Total | 164,500.38 | [Risks Related to Financial Instruments](index=140&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company primarily faces credit risk, market risk (foreign exchange risk and interest rate risk), and liquidity risk. The company manages these risks by assessing customer credit, monitoring foreign currency financial assets/liabilities, and cash balances - The company primarily faces credit risk, market risk (foreign exchange risk and interest rate risk), and liquidity risk[454](index=454&type=chunk) - Credit risk mainly arises from credit sales, managed by assessing new customer credit risk[455](index=455&type=chunk) - Foreign exchange risk is primarily related to export sales in USD; interest rate risk stems from interest-bearing financial instruments[455](index=455&type=chunk) - Liquidity risk is centrally controlled by the finance department to ensure sufficient cash to repay maturing debts[455](index=455&type=chunk) [Disclosure of Fair Value](index=142&type=section&id=Disclosure%20of%20Fair%20Value) At period-end, financial assets measured at fair value include accounts receivable financing and other non-current financial assets. Accounts receivable financing is measured using Level 2 fair value, while other non-current financial assets are measured using Level 3 fair value Fair Value of Assets Measured at Fair Value (Period-end) | Item | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 5,386,979.40 | - | 5,386,979.40 | | Other Non-current Financial Assets | - | 20,000,000.00 | 20,000,000.00 | | Total | 5,386,979.40 | 20,000,000.00 | 25,386,979.40 | - Accounts receivable financing (bank acceptance bills) fair value is determined by its face amount due to short remaining maturity[459](index=459&type=chunk) - Other non-current financial assets (investments in equity investment funds) fair value is determined by investment cost[460](index=460&type=chunk) [Related Parties and Related Party Transactions](index=143&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The company's ultimate controlling party is Zhang Huajun, who directly and indirectly controls 58.61% of the company's shares. During the reporting period, key management personnel compensation amounted to RMB 2.6645 million - The company's ultimate controlling party is Zhang Huajun, who directly holds **9.11%** of shares and indirectly controls **49.50%** through Qingdao Boya Investment Holding Co., Ltd., totaling **58.61%** control[463](index=463&type=chunk) Key Management Personnel Compensation | Item | Amount Incurred This Period (RMB 10,000) | Amount Incurred Prior Period (RMB 10,000) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 266.45 | 278.69 | [Share-based Payment](index=146&type=section&id=Share-based%20Payment) During the reporting period, the company had no equity-settled or cash-settled share-based payment arrangements, nor did it incur any share-based payment expenses [Commitments and Contingencies](index=147&type=section&id=Commitments%20and%20Contingencies) As of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure [Events After the Balance Sheet Date](index=147&type=section&id=Events%20After%20the%20Balance%20Sheet%20Date) The company plans to distribute profits or dividends of RMB 0.20, with the approved and declared amount of profits or dividends being RMB 19,438,736.20 Profit Distribution | Item | Amount (RMB) | | :--- | :--- | | Proposed profit or dividend distribution | 0.20 | | Approved and declared profit or dividend distribution | 19,438,736.20 | [Section XIX Notes to Major Items in Parent Company Financial Statements](index=149&type=section&id=Section%20XIX%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) [Accounts Receivable](index=149&type=section&id=Accounts%20Receivable) The parent company's accounts receivable carrying amount at period-end was RMB 67,147,228.65, with full impairment provision for accounts receivable from subsidiary Richen Food Sales (Shanghai) Co., Ltd. Accounts receivable for which impairment provisions were made based on aging group had a period-end balance of RMB 70,744,236.71 - The parent company's accounts receivable period-end book balance was **RMB 88,225,343.25**, impairment provision was **RMB 21,078,114.60**, and carrying amount was **RMB 67,147,228.65**[476](index=476&type=chunk) - A full impairment provision of **RMB 17,481,106.54** was made for accounts receivable from subsidiary Richen Food Sales (Shanghai) Co., Ltd., due to the subsidiary's negative net assets[478](index=478&type=chunk) Parent Company's Accounts Receivable with Impairment Provision by Aging Group (Period-end) | Aging | Book Balance (RMB) | Impairment Provision (RMB) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Within 1 year | 70,563,498.23 | 3,528,175.08 | 5.00 | | 1 to 2 years | 78,231.03 | 7,823.10 | 10.00 | | 2 to 3 years | 59,282.24 | 17,784.67 | 30.00 | | Over 3 years | 43,225.21 | 43,225.21 | 100.00 | | Total | 70,744,236.71 | 3,597,008.06 | / | [Other Receivables](index=151&type=section&id=Other%20Receivables) The parent company's other receivables carrying amount at period-end was RMB 89,713,587.84, primarily comprising intercompany balances and deposits/guarantees. The period-end impairment provision was RMB 17,621,645.93 - The parent company's other receivables period-end book balance was **RMB 107,335,233.77**, impairment provision was **RMB 17,621,645.93**, and carrying amount was **RMB 89,713,587.84**[485](index=485&type=chunk)[491](index=491&type=chunk)[494](index=494&type=chunk) - Other receivables primarily consist of intercompany balances (**RMB 106,260,374.21**) and deposits/guarantees (**RMB 1,074,859.56**)[490](index=490&type=chunk) Parent Company's Top Five Other Receivables by Debtor (Period-end) | Debtor Name | Period-end Balance (RMB) | % of Total Other Receivables at Period-end | Nature of Payment | | :--- | :--- | :--- | :--- | | Unit A | 59,893,397.89 | 55.80 | Intercompany balance | | Unit B | 25,000,000.00 | 23.29 | Intercompany balance | | Unit C | 21,302,300.00 | 19.85 | Intercompany balance | | Unit D | 692,000.00 | 0.64 | Guarantee deposit | | Unit E | 152,189.70 | 0.14 | Deposit | [Long-term Equity Investments](index=156&type=section&id=Long-term%20Equity%20Investments) The parent company's long-term equity investments carrying amount at period-end was RMB 459,733,860.22, including investments in subsidiaries of RMB 359,781,117.09 (with a new investment of RMB 23.5 million in Jiaxing Aibeibang this period) and an investment in the joint venture Richen Food (Tianjin) Co., Ltd. of RMB 99,952,743.13 - The parent company's long-term equity investments period-end carrying amount was **RMB 459,733,860.22**[498](index=498&type=chunk) Parent Company's Investments in Subsidiaries (Period-end) | Investee | Period-end Balance (Carrying Amount) (RMB) | Period-end Impairment Provision (RMB) | | :--- | :--- | :--- | | Richen Food Sales (Shanghai) Co., Ltd. | - | 1,959,548.51 | | Richen Food (Jiaxing) Co., Ltd. | 336,281,117.09 | - | | Jiaxing Aibeibang Food Co., Ltd. | 23,500,000.00 | - | | Total | 359,781,117.09 | 1,959,548.51 | - The parent company's investment in joint venture Richen Food (Tianjin) Co., Ltd. had a period-end carrying amount of **RMB 99,952,743.13**, with investment loss recognized under the equity method of **-RMB 109,482.49** this period[499](index=499&type=chunk) [Operating Revenue and Operating Costs](index=158&type=section&id=Operating%20Revenue%20and%20Operating%20Costs) The parent company's operating revenue this period was RMB 197,953,936.77, and operating cost was RMB 121,692,119.95, with both main business revenue and cost showing growth Parent Company's Operating Revenue and Operating Costs (Current Period) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 197,520,107.95 | 121,221,494.20 | | Other Business | 433,828.82 | 470,625.75 | | Total | 197,953,936.77 | 121,692,119.95 | [Investment Income](index=158&type=section&id=Investment%20Income) The parent company's investment income this period was -RMB 109,482.49, primarily from equity method accounting for joint ventures Parent Company's Investment Income (Current Period) | Item (Losses indicated by "-") | Amount Incurred This Period (RMB) | | :--- | :--- | | Short-term wealth management income | 113,370.40 | | Equity method accounting for joint ventures | -109,482.49 | | Total | -109,482.49 | [Section XX Supplementary Information](index=158&type=section&id=Section%20XX%20Supplementary%20Information) [Schedule of Non-recurring Gains and Losses for the Current Period](index=158&type=section&id=Schedule%20of%20Non-recurring%20Gains%20and%20Losses%20for%20the%20Current%20Period) Total non-recurring gains and losses for this period amounted to RMB 201,573.04, mainly including government grants, fair value changes in financial assets, and other non-operating income and expenses Details of Non-recurring Gains and Losses for the Current Period | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in profit or loss for the current period | 164,500.38 | | Fair value changes in financial assets and financial liabilities, and gains/losses from disposal of financial assets and financial liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | 362,627.23 | | Other non-operating income and expenses apart from the above items | -275,885.80 | | Less: Income tax impact | 49,668.77 | | Total | 201,573.04 | [Return on Net Assets and Earnings Per Share](index=160&type=section&id=Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) The weighted average return on net assets attributable to common shareholders for this period was 4.83%, with basic and diluted earnings per share both at RMB 0.3625 Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 4.83 | 0.3625 | 0.3625 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 4.80 | 0.3604 | 0.3604 |