证券代码：603928 证券简称：兴业股份 公告编号：2025-038 苏州兴业材料科技股份有限公司 关于 2025 年半年度计提资产减值准备的公告 公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 苏州兴业材料科技股份有限公司（以下简称"公司"）根据《企业会计准则》 《上海证券交易所股票上市规则》及公司会计政策等相关规定，为真实、公允地 反映公司 2025 年半年度的财务状况和经营成果，本着谨慎性原则，对截至 2025 年 6 月 30 日合并报表范围内各项资产进行了减值测试，对存在减值迹象的资产计 提相应减值准备。现将具体内容公告如下： 公司对截至 2025 年 6 月 30 日合并报表范围内可能发生减值迹象的资产进行 了减值测试后，2025 年半年度计提各项资产减值准备合计 4,812,556.04 元，具 体情况如下： | 项目名称 | 2025 年半年度计提减值准备的金额（元） | | --- | --- | | 信用减值损失（损失以"-"号填列） | -2,885,319.34 | | 资产减值损失（损失以"-" ...

证券代码：603928 证券简称：兴业股份 公告编号：2025-036 苏州兴业材料科技股份有限公司 2025 年半年度主要经营数据公告 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个别及连带责任。 苏州兴业材料科技股份有限公司（以下简称"公司"）根据上海证券交易所 《上海证券交易所上市公司自律监管指引第3号——行业信息披露》第十三号— —化工的要求，现将2025年半年度主要经营数据披露如下（均不含税）： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2025 | 年 1-6 | 月产量 | 2025 | 年 | 1-6 月销量 | | 2025 | 年 1-6 | 月营业收入 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （吨） | | | （吨） | | | | （万元） | | | 合成树脂 | | | 60,855.72 | | | | 61,225.24 | | | 52,197.87 | | 涂料 | | | ...

会议召开方式：上证路演中心网络互动 证券代码：603928 证券简称：兴业股份 公告编号：2025-037 苏州兴业材料科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 投资者可于 2025 年 09 月 15 日 （星期一） 至 09 月 19 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@chinaxingye.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 苏州兴业材料科技股份有限公司（以下简称"公司"）已于 2025 年 08 月 29 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 22 日 （星期一） 15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会 ...

证券代码：603928 证券简称：兴业股份 公告编号：2025-035 苏州兴业材料科技股份有限公司 2025 年度"提质增效重回报"行动方案的公告 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个别及连带责任。 为落实国务院《关于进一步提高上市公司质量的意见》要求，积极响应上海 证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，践行 "以投资者为本"理念，推动公司高质量发展，提升投资价值，维护投资者尤其 是中小投资者的合法权益。苏州兴业材料科技股份有限公司（以下简称"公司"） 制定了 2025 年度"提质增效重回报"行动方案，并于 2025 年 8 月 28 日召开第 五届董事会第十次会议审议通过了该方案。方案具体如下： 一、聚焦主责主业，提升经营质量 2025 年，公司将夯实内部管理基础，继续梳理优化业务流程，进一步降本 增效，向管理要效益，以内部改革的确定性应对外部环境的不确定性；加大新产 品新技术的研发力度，加快公司产品向高端化应用场景的渗透进度，集中资源攻 克重点战略产品；持续优化产品结构，提高毛利率，推动盈利能力 ...

证券代码：603928 证券简称：兴业股份 公告编号：2025-033 苏州兴业材料科技股份有限公司 第五届董事会第十次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 苏州兴业材料科技股份有限公司（以下简称"公司"）第五届董事会第十次 会议于 2025 年 8 月 18 日以书面方式发出会议通知及材料，并于 2025 年 8 月 28 日在公司五楼会议室以现场结合通讯方式召开。本次会议应出席会议董事 8 名，实际出席会议董事 8 名。本次会议由公司董事长王进兴先生主持，公司高级 管理人员列席会议。本次会议的召开符合《中华人民共和国公司法》、《上海证 券交易所股票上市规则》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。会议决议合法有效。 二、董事会会议审议情况 1、审议通过《公司 2025 年半年度报告及摘要》； 表决结果：赞成 8 票；反对 0 票；弃权 0 票。 公司于同日召开的第五届董事会审计委员会第八次会议已对本议案进行审议， 针对本议案中的财务报告进行了重点 ...

证券代码：603928 证券简称：兴业股份 公告编号：2025-034 苏州兴业材料科技股份有限公司 2025 年半年度利润分配方案的公告 ● 在实施权益分派的股权登记日前公司总股本发生变动的，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。 一、2025年半年度利润分配预案内容 2025 年半年度公司实现归属于上市公司股东的净利润 45,149,593.60 元（ 未经审计），期末母公司累计未分配利润为 685,330,331.54 元。经公司第五届 董事会第十次会议审议通过，公司 2025 年半年度拟以实施权益分派股权登记日 登记的总股本为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每股派发现金红利 0.08 元（含税）。截至 2025 年 6 月 30 日，公司总股本 262,080,000 股，以此计算合计拟派发现金红利 20,966,400 元 （含税）。本半年度公司现金分红比例为 46.44%。 本次利润分配不送红股，不进行资本公积转增股本。如在本公告披露之日起 至实施权益分派股权登记日期间，因可转债转股、回购股份、股权激励授予股份 回购注销、重大资产重组股份回购注 ...

Core Viewpoint - The company reported significant growth in its semi-annual performance, with a notable increase in both revenue and net profit, driven by effective marketing strategies and operational efficiency improvements [1] Financial Performance - The company achieved an operating revenue of 766 million yuan, representing a year-on-year increase of 6.15% [1] - The net profit attributable to the parent company reached 45.15 million yuan, marking a year-on-year growth of 60.62% [1] Business Strategy - The growth in performance is attributed to the company's stable and positive main business operations, which were enhanced by continuous optimization of marketing strategies and strengthened channel development [1] - The company has implemented management reforms and cost-reduction measures, leading to improved operational efficiency and a decrease in unit costs that outpaced price adjustments [1] Profitability - The company's gross margin has been continuously improving, further enhancing overall profitability [1] - The company plans to distribute a cash dividend of 0.08 yuan per share to all shareholders [1]

[Important Notice](index=2&type=section&id=Important%20Notice) The company's 2025 semi-annual profit distribution plan proposes a cash dividend of 0.08 yuan per share (tax inclusive), totaling 20.9664 million yuan (tax inclusive), representing a cash dividend ratio of 46.44% - The company's 2025 semi-annual profit distribution plan proposes a cash dividend of **0.08 yuan per share** (tax inclusive), totaling **20,966,400 yuan** (tax inclusive), with a cash dividend ratio of **46.44%**[6](index=6&type=chunk) - Forward-looking statements regarding future plans and strategies in this semi-annual report are subject to uncertainties and do not constitute a substantive commitment to investors[7](index=7&type=chunk) - During the reporting period, there was no non-operating appropriation of funds by controlling shareholders or other related parties, nor any provision of external guarantees in violation of decision-making procedures[8](index=8&type=chunk) - The company has elaborated on various potential risks and corresponding countermeasures in its production and operation processes in "Section III Management Discussion and Analysis" under "Potential Risks" of this report[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for common terms used in the report, including company names, industry-specific terminology, and the reporting period - This section provides definitions for common terms used in the report, including company names (e.g., Suzhou Xingye Materials Technology Co., Ltd., Xingye Shares, Xingye Chemical), industry terms (e.g., casting, castings, furan resin, phenolic resin), and the definition of the reporting period (January 1, 2025 - June 30, 2025)[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) This section presents the company's basic information, key accounting data, and financial indicators, highlighting significant performance changes and non-recurring items [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the company's basic registration details, contact information, and stock overview for quick investor access - The company's Chinese name is Suzhou Xingye Materials Technology Co., Ltd., abbreviated as Xingye Shares, with Wang Jinxing as the legal representative[15](index=15&type=chunk) - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock ticker Xingye Shares and stock code 603928[19](index=19&type=chunk) - The company's designated information disclosure newspaper is "Shanghai Securities News," and the website for semi-annual reports is www.sse.com.cn[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved significant performance growth in the first half of 2025, with revenue up 6.15% and net profit attributable to shareholders up 60.62%, driven by increased sales and optimized cost control, despite a 43.67% decrease in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 765,848,388.26 yuan | 721,496,896.42 yuan | 6.15 | | Total Profit | 50,892,416.61 yuan | 31,741,673.48 yuan | 60.33 | | Net Profit Attributable to Shareholders of Listed Company | 45,149,593.60 yuan | 28,109,508.10 yuan | 60.62 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 42,008,828.14 yuan | 26,984,102.53 yuan | 55.68 | | Net Cash Flow from Operating Activities | 35,115,233.95 yuan | 62,333,713.83 yuan | -43.67 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,541,059,178.83 yuan | 1,514,784,076.55 yuan | 1.73 | | Total Assets (Period-end) | 1,818,146,296.09 yuan | 1,730,838,384.74 yuan | 5.04 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.17 | 0.11 | 54.55 | | Diluted Earnings Per Share (yuan/share) | 0.17 | 0.11 | 54.55 | | Basic Earnings Per Share Excluding Non-Recurring Gains/Losses (yuan/share) | 0.16 | 0.10 | 60.00 | | Weighted Average Return on Net Assets (%) | 2.94 | 1.84 | Increased by 1.10 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains/Losses (%) | 2.74 | 1.77 | Increased by 0.97 percentage points | - Total profit, net profit attributable to shareholders of the listed company, and net profit excluding non-recurring gains and losses increased year-on-year, primarily due to higher product sales volume and a greater decrease in unit costs than selling price adjustments during the period[23](index=23&type=chunk) - Net cash flow from operating activities decreased by **43.67%** year-on-year, mainly due to a reduction in cash received from sales of goods during the period[21](index=21&type=chunk)[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses for the first half of 2025, totaling 3,140,765.46 yuan, with government grants and fair value changes in financial assets being the main contributors 2025 Semi-Annual Non-Recurring Gains and Losses Items | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -34,312.82 | | Government grants recognized in current profit or loss | 1,795,559.03 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 1,491,900.74 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 319,161.19 | | Gains or losses from debt restructuring | -39,963.35 | | Other non-operating income and expenses apart from the above | -24,802.45 | | Less: Income tax impact | 366,776.88 | | Total | 3,140,765.46 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business, operational performance, core competencies, and potential risks during the reporting period [I. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company specializes in organic synthetic resin functional new materials, including casting materials and special phenolic resins; despite a downturn in the casting industry in 2024, the company's casting resin output increased by 8.84% year-on-year in the first half of 2025, and phenolic resin applications achieved new breakthroughs [(I) Industry Overview](index=7&type=section&id=(I)%20Industry%20Overview) The company operates in the chemical raw materials and chemical products manufacturing industry, primarily in casting materials and phenolic resins, with the casting materials sector showing resilience despite a 2024 downturn, and the phenolic resin market dominated by the Asia-Pacific region - The company has been deeply involved in the casting materials sector for **30 years**, building an integrated "R&D-production-technical service" platform, with products featuring energy-saving, high-efficiency, and emission-reduction characteristics, holding a leading market share[29](index=29&type=chunk) - In 2024, China's total casting output reached **50.75 million tons**, a year-on-year decrease of **2.2%**; however, the company's casting resin product output increased by **0.99%** year-on-year, and by **8.84%** in the first half of 2025[30](index=30&type=chunk) - In 2024, downstream applications for Chinese castings saw the automotive industry account for **29.7%**, with demand from engineering machinery, machine tools, rail transit, power generation equipment, and shipbuilding industries all achieving varying degrees of growth[32](index=32&type=chunk) - Phenolic resin, one of the world's earliest industrialized synthetic resins, is widely used in electronic materials, refractory materials, friction materials, and other fields, and is supported by national policies such as "Made in China 2025"[33](index=33&type=chunk) - The global phenolic resin market is dominated by the Asia-Pacific region, with China as the main production and consumption market, Japan and South Korea leading in high-end applications, and Europe and America competitive in technology R&D and advanced manufacturing[34](index=34&type=chunk) [(II) Main Business](index=9&type=section&id=(II)%20Main%20Business) The company's main business involves the R&D, production, and sales of functional new materials, primarily organic synthetic resins, categorized into casting materials, special phenolic resins, and other chemical materials, widely applied in high-end component manufacturing for equipment and other industries - The company's main business is the R&D, production, sales, and related technical services of functional new materials, primarily organic synthetic resins[35](index=35&type=chunk) - Main products are categorized into three types: casting materials (casting resins, coatings, risers, etc.), special phenolic resins (electronic grade, modified, etc.), and other chemical materials (acrylic acid, impregnating resins)[35](index=35&type=chunk) - Products are widely used in the production of high-end castings, friction parts, insulation parts, high-temperature resistant and corrosion-resistant parts in equipment manufacturing, construction, aerospace, and other industries[35](index=35&type=chunk)[36](index=36&type=chunk) - There were no significant changes in the company's main business during the reporting period[36](index=36&type=chunk) [(III) Business Model](index=10&type=section&id=(III)%20Business%20Model) The company focuses on R&D, production, sales, and technical services of functional new materials, featuring an environmentally friendly, energy-saving, emission-reducing, and efficient R&D and production system, primarily using direct sales to meet "one-stop procurement" and customized needs, characterized by "centralized procurement, centralized production, and batch delivery" - The company specializes in the R&D, production, sales, and technical services of organic synthetic resin functional new materials, providing personalized and professional technical solutions[37](index=37&type=chunk) - The company offers a comprehensive range of products, primarily supplied directly to customers through direct sales, meeting their "one-stop procurement" needs[37](index=37&type=chunk) - The business model is characterized by "centralized procurement, centralized production, and batch delivery," with no significant changes during the reporting period[37](index=37&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) The company achieved significant performance growth in the first half of 2025, with operating revenue up 6.15% and net profit attributable to the parent company up 60.62%, driven by optimized marketing strategies, increased sales, and cost reduction efforts; the company plans to continue strengthening R&D, market expansion, and refined management 2025 Semi-Annual Operating Performance | Indicator | Amount (100 million yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 7.66 | 6.15 | | Net Profit Attributable to Parent Company Owners | 0.4515 | 60.62 | - Performance growth is primarily attributed to the steady increase in sales volume of main businesses and continuous improvement in gross profit margin driven by refined management and cost reduction initiatives[38](index=38&type=chunk) - During the reporting period, the company increased R&D efforts, achieving new breakthroughs in phenolic resin applications, enhancing the environmental and performance aspects of furan resins, and conducting application trials in non-casting fields[38](index=38&type=chunk) - Key work arrangements for the second half of the year include strengthening targeted R&D, intensifying market expansion and channel development (e.g., "Xingye Service Miles" campaign), and continuing to improve internal refined management and cost reduction efforts[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from its technological and R&D advantages, product quality, comprehensive technical services, and effective risk management through diversification - The company is a high-tech enterprise, possessing a postdoctoral research workstation, Jiangsu Provincial Engineering Technology Research Center for Casting Functional New Materials, and a provincial enterprise technology center, holding **43 invention patents** and **15 utility model patents** as of the end of the reporting period[42](index=42&type=chunk) - The company's products offer energy-saving, environmentally friendly, and high-efficiency technical advantages, certified by ISO9001, ISO14001, ISO45001 quality management systems and AS9100D aerospace quality management system, and is a qualified supplier of impregnating resin for C919 large aircraft brake pads[43](index=43&type=chunk)[44](index=44&type=chunk) - The company provides comprehensive technical solutions such as "one-on-one on-site guidance" and "Suzhou Xingye Service Miles" campaign, establishing strong business relationships with renowned equipment manufacturers including FAW Foundry, Weichai Power, and BYD[45](index=45&type=chunk)[46](index=46&type=chunk) - The company builds a unique risk management model through product diversification, application field diversification, and sales region diversification, effectively mitigating operational risks arising from changes in a single product or market[47](index=47&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=12&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section details the company's financial statement item changes, asset-liability status, and investment activities during the reporting period, noting a significant decrease in financial expenses but also a reduction in net cash flow from operating activities, alongside ongoing investment in the Taixing new project [(I) Main Business Analysis](index=12&type=section&id=(I)%20Main%20Business%20Analysis) The company's main business analysis shows growth in both operating revenue and cost, a significant **88.66%** decrease in financial expenses due to reduced exchange losses and interest expenses, but a **43.67%** decrease in net cash flow from operating activities primarily due to lower cash received from sales Financial Statement Related Item Changes Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 765,848,388.26 | 721,496,896.42 | 6.15 | | Operating Cost | 657,339,612.37 | 630,125,483.46 | 4.32 | | Selling Expenses | 9,802,853.38 | 8,762,457.70 | 11.87 | | Administrative Expenses | 26,432,004.80 | 30,277,729.33 | -12.70 | | Financial Expenses | 131,507.39 | 1,160,173.10 | -88.66 | | R&D Expenses | 21,631,735.83 | 22,974,140.73 | -5.84 | | Net Cash Flow from Operating Activities | 35,115,233.95 | 62,333,713.83 | -43.67 | | Net Cash Flow from Investing Activities | -537,505.44 | -14,772,322.65 | Not applicable | | Net Cash Flow from Financing Activities | -18,763,120.14 | -124,268,398.96 | Not applicable | - Financial expenses decreased by **88.66%** compared to the prior period, primarily due to reduced exchange losses and interest expenses[49](index=49&type=chunk) - Net cash flow from operating activities decreased by **43.67%** compared to the prior period, mainly due to a reduction in cash received from sales of goods during the period[49](index=49&type=chunk) - Net cash flow from investing activities decreased by **96.36%** compared to the prior period, primarily due to a smaller change in investment amounts compared to the same period last year[49](index=49&type=chunk) - Net cash flow from financing activities decreased by **84.90%** compared to the prior period, mainly because no bank loan repayments occurred during the period[49](index=49&type=chunk) [(III) Analysis of Assets and Liabilities](index=13&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's period-end asset and liability structure saw multiple changes, with significant increases in monetary funds, notes receivable financing, prepayments, other receivables, other debt investments, other non-current assets, short-term borrowings, and notes payable, while contract liabilities and other current liabilities decreased Major Changes in Assets and Liabilities | Item Name | Period-end Amount (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 51,035,413.13 | 68.90 | Redemption of bank wealth management products exceeded purchases | | Notes Receivable Financing | 119,875,560.27 | 65.35 | Increase in bank acceptance bills received | | Prepayments | 16,144,457.17 | 31.70 | Increase in prepaid material costs | | Other Receivables | 1,515,721.63 | 136.42 | Increase in deposits paid | | Other Current Assets | 616,075.80 | -52.14 | Reclassification of VAT debit balance and decrease in prepaid corporate income tax | | Other Debt Investments | 10,062,944.44 | 100.00 | Purchase of transferable large-denomination bank certificates of deposit | | Other Non-Current Assets | 7,479,945.00 | 118.71 | Increase in prepaid engineering and equipment costs | | Short-term Borrowings | 2,244,546.39 | 100.00 | Increase in accounts receivable factoring financing | | Notes Payable | 100,580,000.00 | 151.45 | Increase in bank acceptance bills issued | | Contract Liabilities | 1,383,735.09 | -54.62 | Decrease in advance receipts for goods | | Taxes Payable | 8,854,955.59 | 71.45 | Increase in VAT payable | | Other Current Liabilities | 179,885.55 | -49.23 | Decrease in deferred output VAT | - As of the end of the reporting period, **5,000,706.97 yuan** of the company's monetary funds were frozen as bill deposits, constituting restricted assets[53](index=53&type=chunk) [(IV) Analysis of Investment Status](index=14&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company is investing in a new project in Taixing Economic Development Zone, Jiangsu Province, with a planned total investment of 3 billion yuan, currently undergoing pre-approval procedures; information on financial assets measured at fair value is detailed in the financial report notes - The company plans to invest in a new project in Taixing Economic Development Zone, Jiangsu Province, with a total planned investment of **3 billion yuan**, funded by the company's own or self-raised capital[54](index=54&type=chunk) - Currently, Xingye Taizhou is undergoing pre-approval procedures for safety assessment and general layout plans[54](index=54&type=chunk) - As of the end of the reporting period, information on the company's financial assets measured at fair value is detailed in "Section X Financial Report" under "XIII. Disclosure of Fair Value"[55](index=55&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=15&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the financial information of the company's major holding subsidiaries, including Xingye Chemical, Xingye Nantong, Shengdingfeng, and Xingye Taizhou, with Xingye Taizhou currently in the investment and construction phase without operating revenue Financial Information of Major Holding and Participating Companies | Company Name | Company Type | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xingye Chemical | Subsidiary | 2,600.00 | 18,526.93 | 12,973.26 | 24,340.03 | 786.08 | 601.10 | | Xingye Nantong | Subsidiary | 5,000.00 | 20,387.03 | -4,283.13 | 15,440.45 | 256.12 | 255.00 | | Shengdingfeng | Subsidiary | 520.00 | 5,112.93 | -40.49 | 3,895.59 | 7.37 | 7.05 | | Xingye Taizhou | Subsidiary | 50,000.00 | 16,894.75 | 16,671.04 | 0.00 | -265.55 | -265.55 | [V. Other Disclosures](index=16&type=section&id=V.%20Other%20Disclosures) The company faces multiple risks, including stringent environmental and safety regulations, raw material price volatility, investment risks for the Taixing new project, national industrial policy adjustments, accounts receivable bad debt risks, systemic risks from the revised "Securities Law," and international political and economic uncertainties [(I) Potential Risks](index=16&type=section&id=(I)%20Potential%20Risks) The company may face significant risks in environmental protection and safety production, raw material price fluctuations, external investments, national industrial policy adjustments, accounts receivable bad debts, the revised "Securities Law," and international political and economic situations during its production and operation - The company, operating in the chemical raw materials and chemical products manufacturing industry, faces strict environmental protection and safety production regulations, posing risks of production halts, reductions, and liability for economic compensation or administrative penalties[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - Price fluctuations of major raw materials (furfuryl alcohol, phenol, MDI, formaldehyde, and urea, etc.) significantly impact the company's production costs and operating results[59](index=59&type=chunk) - The Taixing new project involves a substantial investment, presenting investment risks[60](index=60&type=chunk) - Adjustments in national industrial policies, particularly the slowdown in downstream equipment manufacturing (e.g., the impact of electric vehicles on fuel vehicles), may adversely affect the company's business scale and operating performance[60](index=60&type=chunk) - The net balance of accounts receivable at period-end is substantial, accounting for a high proportion of current assets, posing a risk of bad debts[61](index=61&type=chunk) - The revised "Securities Law" strengthens information disclosure requirements, significantly increases penalties for violations, and improves investor protection mechanisms, which may have a profound impact on listed companies[61](index=61&type=chunk) - Volatile international political and economic situations may lead to fluctuations in trade and prices of bulk commodities such as petrochemicals and their derivatives, weakening industry operating efficiency[62](index=62&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=18&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors and senior management, profit distribution plans, and environmental information disclosure, highlighting governance adjustments and environmental compliance [I. Changes in Directors and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%20and%20Senior%20Management) During the reporting period, the company's board of directors and supervisory board underwent changes, with the resignation of independent director Ms. He Qian, the election of Ms. Xu Ying as a new independent director, and the approval to abolish the supervisory board, whose functions will be assumed by the board's audit committee - Ms. He Qian resigned from her positions as independent director and chairperson of the audit committee of the Fifth Board of Directors due to personal career development reasons[64](index=64&type=chunk) - Ms. Xu Ying was elected as the company's independent director and chairperson of the Board's Audit Committee[64](index=64&type=chunk) - The company approved the "Proposal on Amending the Articles of Association and Abolishing the Supervisory Board," with the supervisory board's functions to be undertaken by the Board's Audit Committee[65](index=65&type=chunk) - Cao Qiuying (Chairperson of the Supervisory Board), Ma Xiaofeng (Supervisor), and Lu Wenying (Supervisor) resigned from their positions[64](index=64&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.8 yuan (tax inclusive) per 10 shares to all shareholders, which aligns with the company's articles of association and shareholder return plan 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Number of bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (yuan) (tax inclusive) | 0.8 | | Number of shares converted from capital reserves per 10 shares (shares) | 0 | - This profit distribution plan was reviewed and approved by the Tenth Meeting of the Fifth Board of Directors on August 28, 2025, and complies with the profit distribution policy stipulated in the company's articles of association and the disclosed shareholder return plan[66](index=66&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=19&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) The company and its major subsidiaries, Xingye Chemical and Xingye Nantong, are included in the list of enterprises required to disclose environmental information; during the reporting period, the company prioritized environmental protection, strictly adhered to relevant laws and regulations, and incurred no significant environmental violations or penalties - The company and its wholly-owned subsidiaries, Xingye Chemical and Xingye Nantong, are designated as key pollutant-discharging units by environmental protection authorities and are required to disclose environmental information in accordance with the law[69](index=69&type=chunk) - During the reporting period, the company, Xingye Chemical, and Xingye Nantong had no significant environmental violations and received no major environmental penalties[69](index=69&type=chunk) - The company places high importance on environmental protection, strictly implementing and complying with relevant laws and regulations such as the "Environmental Protection Law of the People's Republic of China"[68](index=68&type=chunk) [Section V Significant Matters](index=21&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments by the company and its controlling shareholders, the integrity status of key parties, and the absence of significant related party transactions during the reporting period [I. Fulfillment of Commitments](index=21&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its controlling shareholders, and actual controllers have strictly fulfilled all commitments related to the initial public offering, including those concerning information disclosure accuracy, investor compensation, avoidance of related party transactions, and non-competition, with all commitments being strictly adhered to during the reporting period - The company commits that if the prospectus contains false records, misleading statements, or major omissions, it will promptly initiate stock repurchase procedures and compensate investors for losses in accordance with the law[72](index=72&type=chunk) - The controlling shareholders and actual controllers commit that if the prospectus contains false records, misleading statements, or major omissions, they will promptly initiate share repurchase procedures and compensate investors for losses in accordance with the law[72](index=72&type=chunk)[73](index=73&type=chunk) - The actual controllers commit not to use their controlling position to seek rights superior to independent third parties, to prevent illegal occupation of company funds and assets, to minimize unnecessary related party transactions, and to ensure that related party transactions adhere to principles of equality, mutual benefit, good faith, fair value, and reasonableness[73](index=73&type=chunk) - The actual controllers commit to avoid horizontal competition; if a business opportunity obtained from a third party competes with the company's business, it will be offered to the company, and they will ensure that other controlled enterprises do not engage in new businesses that compete with the company[74](index=74&type=chunk) - All commitments have specified fulfillment periods and have been strictly fulfilled, with no unfulfilled commitments during the reporting period[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=24&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no instances of unfulfilled court judgments or overdue large debts - During the reporting period, the company, its controlling shareholders, and actual controllers Wang Jinxing, Cao Lianying, Wang Quanxing, and Shen Genzhen had no instances of unfulfilled court judgments or overdue large debts[75](index=75&type=chunk) [X. Significant Related Party Transactions](index=24&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company did not engage in any significant related party transactions requiring disclosure, including those related to daily operations, asset acquisitions or disposals, joint external investments, or related party creditor-debtor relationships - During the reporting period, there were no daily operating related party transactions that had been disclosed in temporary announcements and had no subsequent progress or changes[76](index=76&type=chunk) - During the reporting period, there were no related party transactions involving asset or equity acquisitions or disposals that had been disclosed in temporary announcements but had subsequent progress or changes[77](index=77&type=chunk) - During the reporting period, there were no significant related party transactions involving joint external investments that had been disclosed in temporary announcements and had no subsequent progress or changes[77](index=77&type=chunk) - During the reporting period, there were no related party creditor-debtor relationships that had been disclosed in temporary announcements and had no subsequent progress or changes[77](index=77&type=chunk) [Section VI Share Changes and Shareholder Information](index=26&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section outlines the company's share capital changes and shareholder structure, including the total number of shareholders and the holdings of the top ten shareholders [I. Changes in Share Capital](index=26&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[79](index=79&type=chunk) [II. Shareholder Information](index=27&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 41,587 common shareholders; among the top ten shareholders, Wang Jinxing and Wang Quanxing are the company's co-actual controllers, holding 28.17% and 25.96% respectively Total Number of Common Shareholders as of the End of the Reporting Period | Indicator | Number (households) | | :--- | :--- | | Total number of common shareholders | 41,587 | Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Wang Jinxing | 73,817,770 | 28.17 | Domestic Natural Person | | Wang Quanxing | 68,034,980 | 25.96 | Domestic Natural Person | | Wang Wenhao | 7,710,690 | 2.94 | Domestic Natural Person | | Wang Jincheng | 7,193,940 | 2.74 | Domestic Natural Person | | Shen Genzhen | 7,018,070 | 2.68 | Domestic Natural Person | | Cao Lianying | 6,568,770 | 2.51 | Domestic Natural Person | | Suzhou Baowo Venture Capital Co., Ltd. | 4,675,190 | 1.78 | Domestic Non-State-Owned Legal Person | | Wang Wenjuan | 1,927,510 | 0.74 | Domestic Natural Person | | BARCLAYS BANK PLC | 1,272,324 | 0.49 | Overseas Legal Person | | Wang Yongxing | 1,179,360 | 0.45 | Domestic Natural Person | - Wang Jinxing and Cao Lianying, along with Wang Quanxing and Shen Genzhen, are the company's co-actual controllers and controlling shareholders[84](index=84&type=chunk) [Section VII Bond-Related Information](index=29&type=section&id=Section%20VII%20Bond-Related%20Information) During the reporting period, the company had no outstanding corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[87](index=87&type=chunk) - During the reporting period, the company had no convertible corporate bonds[87](index=87&type=chunk) [Section VIII Financial Report](index=29&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and financial instrument risks [I. Audit Report](index=29&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk)[88](index=88&type=chunk) [II. Financial Statements](index=29&type=section&id=II.%20Financial%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 for the first half of 2025, providing a comprehensive overview of its financial position, operating results, and cash flows Consolidated Balance Sheet Summary | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,133,616,335.08 | 1,041,433,712.57 | | Total Non-Current Assets | 684,529,961.01 | 689,404,672.17 | | Total Assets | 1,818,146,296.09 | 1,730,838,384.74 | | Total Current Liabilities | 265,691,446.89 | 204,457,040.38 | | Total Non-Current Liabilities | 11,395,670.37 | 11,597,267.81 | | Total Liabilities | 277,087,117.26 | 216,054,308.19 | | Total Owners' Equity Attributable to Parent Company | 1,541,059,178.83 | 1,514,784,076.55 | | Total Liabilities and Owners' Equity | 1,818,146,296.09 | 1,730,838,384.74 | Consolidated Income Statement Summary | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 765,848,388.26 | 721,496,896.42 | | Total Operating Costs | 720,511,193.84 | 697,516,361.60 | | Operating Profit | 50,956,962.64 | 31,807,573.11 | | Total Profit | 50,892,416.61 | 31,741,673.48 | | Net Profit | 45,149,593.60 | 28,109,508.10 | | Net Profit Attributable to Parent Company Owners | 45,149,593.60 | 28,109,508.10 | | Total Comprehensive Income | 45,149,593.60 | -2,297,964.26 | | Basic Earnings Per Share (yuan/share) | 0.17 | 0.11 | Consolidated Cash Flow Statement Summary | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 35,115,233.95 | 62,333,713.83 | | Net Cash Flow from Investing Activities | -537,505.44 | -14,772,322.65 | | Net Cash Flow from Financing Activities | -18,763,120.14 | -124,268,398.96 | | Net Increase in Cash and Cash Equivalents | 15,818,965.26 | -76,667,423.29 | | Cash and Cash Equivalents at Period-end | 46,034,706.16 | 23,211,224.55 | [III. Company Profile](index=50&type=section&id=III.%20Company%20Profile) The company, established through the overall conversion of Suzhou Xingye Casting Materials Co., Ltd., increased its registered capital to 262.08 million yuan after its initial public offering and capital reserve conversion, focusing on R&D, production, sales, and technical services of organic synthetic resin functional new materials - The company was established through the overall conversion of Suzhou Xingye Casting Materials Co., Ltd., and completed its initial public offering of **50.4 million** RMB ordinary shares in November 2016[120](index=120&type=chunk) - According to the shareholder meeting resolution on May 20, 2024, the company's registered capital increased to **262.08 million yuan** based on **201.6 million shares**, with a capital reserve conversion of **3 shares for every 10 shares**[120](index=120&type=chunk) - The company's main business activities involve the R&D, production, sales, and related technical services of functional new materials, primarily organic synthetic resins[121](index=121&type=chunk) [IV. Basis of Financial Statement Preparation](index=50&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and their application guidelines and interpretations, and comply with the requirements of the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 – General Provisions for Financial Reports (Revised 2023)" - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with Enterprise Accounting Standards and their application guidelines and interpretations[122](index=122&type=chunk) - The company also discloses relevant financial information in accordance with the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 – General Provisions for Financial Reports (Revised 2023)"[122](index=122&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability[123](index=123&type=chunk) [V. Significant Accounting Policies and Estimates](index=50&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for financial instruments, revenue recognition, inventories, fixed assets, intangible assets, employee compensation, government grants, and specifically outlines the accounting treatment for safety production expenses and debt restructuring - The company adheres to Enterprise Accounting Standards, with the accounting year running from January 1 to December 31 of the Gregorian calendar, and the functional currency being RMB[125](index=125&type=chunk)[126](index=126&type=chunk)[128](index=128&type=chunk) - Financial assets are initially classified based on the business model for managing them and their contractual cash flow characteristics as measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income[149](index=149&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, with transaction prices excluding amounts collected on behalf of third parties and considering variable consideration and significant financing components[215](index=215&type=chunk)[216](index=216&type=chunk) - Inventories are valued using the weighted average method when issued and measured at the lower of cost and net realizable value at the balance sheet date, with provisions for inventory impairment made accordingly[175](index=175&type=chunk)[176](index=176&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings and structures depreciated over **20 years**, machinery and equipment over **10 years**, and transportation equipment, office, and other equipment over **5 years**[189](index=189&type=chunk) - R&D expenditures are expensed in the current period during the research phase and recognized as intangible assets during the development phase if specific conditions are met simultaneously[196](index=196&type=chunk) - Safety production expenses are accrued monthly based on the previous year's actual operating revenue using a progressive declining rate, recognized as cost and expense, and recorded in the "Special Reserve" account[235](index=235&type=chunk) [VI. Taxation](index=89&type=section&id=VI.%20Taxation) The company and its subsidiaries benefit from various tax incentives, including a 15% corporate income tax rate for high-tech enterprises, corporate income tax incentives for encouraged industries in the Western Development region, immediate VAT refunds, additional deductions for disabled employee wages, and exemption from consumption tax for certain products Major Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable sales revenue | 13% | | Consumption Tax | Taxable product sales revenue | 4% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7%, 5% | | Education Surcharge | Payable turnover tax | 3%, 2% | | Corporate Income Tax | Taxable income | 15%, 25% | - The company and Ningxia Shengdingfeng apply a **15%** corporate income tax rate, while Xingye Chemical, Xingye Nantong, and Xingye Taizhou apply a **25%** rate[242](index=242&type=chunk) - The company is recognized as a high-tech enterprise, eligible for a reduced corporate income tax rate of **15%** for the years 2023-2025[244](index=244&type=chunk) - Ningxia Shengdingfeng, as an encouraged industry enterprise in the western region, enjoys a "three-year exemption, three-year half reduction" corporate income tax incentive on the local share, in addition to the **15%** rate[245](index=245&type=chunk) - The company's coatings and acrylic resins are exempt from consumption tax due to volatile organic compound (VOC) content below **420 grams/liter**[246](index=246&type=chunk) - Subsidiaries Nantong Xingyifeng and Xingye Xing qualify for preferential tax policies for small and micro enterprises[248](index=248&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=91&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures of the consolidated financial statement items' period-end balances, beginning balances, and changes, along with explanations for major fluctuations; significant increases were observed in monetary funds, notes receivable financing, prepayments, other receivables, and notes payable - Monetary funds at period-end totaled **51,035,413.13 yuan**, a **68.90%** increase from the beginning of the period, primarily due to redemptions of bank wealth management products exceeding purchases during the period[250](index=250&type=chunk) - Notes receivable financing at period-end totaled **119,875,560.27 yuan**, a **65.35%** increase from the beginning of the period, mainly due to an increase in bank acceptance bills received during the period[272](index=272&type=chunk)[278](index=278&type=chunk) - Other receivables at period-end totaled **1,515,721.63 yuan**, a significant **136.42%** increase from the beginning of the period, primarily due to an increase in deposits paid during the period[284](index=284&type=chunk)[293](index=293&type=chunk) - Other debt investments at period-end totaled **10,062,944.44 yuan**, primarily due to the purchase of transferable large-denomination bank certificates of deposit during the period[303](index=303&type=chunk) - Notes payable at period-end totaled **100,580,000.00 yuan**, a significant **151.45%** increase from the beginning of the period, mainly due to an increase in bank acceptance bills issued during the period[336](index=336&type=chunk) - Financial expenses for the current period amounted to **131,507.39 yuan**, a **88.66%** decrease from the prior period, primarily due to reduced exchange losses and interest expenses[377](index=377&type=chunk) - Credit impairment losses for the current period amounted to **-2,885,319.34 yuan**, a significant increase from the prior period, mainly due to an increase in bad debt provisions for accounts receivable during the period[384](index=384&type=chunk) [VIII. Research and Development Expenses](index=141&type=section&id=VIII.%20Research%20and%20Development%20Expenses) The company's total R&D expenditure for the first half of 2025 was 21,631,735.83 yuan, primarily comprising material costs, employee compensation, depreciation, and fuel and power expenses, with all R&D expenditures treated as expenses R&D Expenditure Details | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Material Costs | 10,034,047.20 | 11,494,482.26 | | Employee Compensation | 8,141,625.99 | 8,098,878.16 | | Depreciation | 1,036,907.42 | 1,054,300.54 | | Fuel and Power Costs | 755,571.08 | 835,183.60 | | Other | 1,663,584.14 | 1,491,296.17 | | Total | 21,631,735.83 | 22,974,140.73 | | Of which: Expensed R&D Expenditures | 21,631,735.83 | 22,974,140.73 | | Capitalized R&D Expenditures | — | — | [IX. Changes in Consolidation Scope](index=142&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the company's consolidation scope, with no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries - During the reporting period, the company had no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries leading to changes in the consolidation scope[415](index=415&type=chunk) [X. Interests in Other Entities](index=143&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the composition of the company's enterprise group, including the names, operating locations, registered capital, business nature, and direct or indirect shareholding percentages of its major subsidiaries Subsidiary Composition | Subsidiary Name | Main Operating Location | Registered Capital (10,000 yuan) | Business Nature | Shareholding Percentage (%) (Direct) | | :--- | :--- | :--- | :--- | :--- | | Suzhou Xingye Chemical Co., Ltd. | Suzhou | 2,600 | Chemical Industry | 100.00 | | Suzhou Xingye Materials Technology Nantong Co., Ltd. | Rudong | 5,000 | Chemical Industry | 99.00 | | Ningxia Shengdingfeng New Materials Co., Ltd. | Shizuishan | 520 | Non-ferrous metal smelting and rolling industry | 100.00 | | Nantong Xingyifeng Chemical Trade Co., Ltd. | Rudong | 100 | Chemical raw materials, product sales | 100.00 | | Suzhou Xingye Materials Technology Taizhou Co., Ltd. | Taixing | 50,000 | Casting modified materials manufacturing industry | 99.00 | | Suzhou Xingye Xing Sales Co., Ltd. | Suzhou | 100 | Chemical product sales | 99.00 | [XI. Government Grants](index=144&type=section&id=XI.%20Government%20Grants) During the reporting period, the company received new government grants totaling 600,000.00 yuan, with 801,597.44 yuan transferred to other income, primarily related to assets and income Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (yuan) | New Grants This Period (yuan) | Transferred to Other Income This Period (yuan) | Ending Balance (yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 9,943,542.94 | 600,000.00 | 801,597.44 | 9,741,945.50 | Asset-related | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 801,597.44 | 730,727.88 | | Income-related | 5,522,459.03 | 2,360,088.90 | | Income-related (Non-operating income) | — | 4,486.74 | | Total | 6,324,056.47 | 3,095,303.52 | [XII. Risks Related to Financial Instruments](index=145&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit risk, liquidity risk, and market risk associated with financial instruments by assessing customer credit, monitoring liquidity needs, and managing foreign currency exposure; as of the end of the reporting period, the company had no interest-bearing debt, resulting in low interest rate risk - The company faces credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk)[420](index=420&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, etc., and is controlled by assessing customer creditworthiness and regularly monitoring credit records[420](index=420&type=chunk)[423](index=423&type=chunk) - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs to ensure sufficient cash reserves and readily marketable securities[426](index=426&type=chunk) Maturity Analysis of Financial Liabilities | Item Name | Within 1 Year (yuan) | 1-2 Years (yuan) | 2-3 Years (yuan) | Over 3 Years (yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 2,244,546.39 | — | — | — | | Notes Payable | 100,580,000.00 | — | — | — | | Accounts Payable | 130,644,548.75 | — | — | — | | Other Payables | 396,582.79 | — | — | — | | Total | 233,865,677.93 | — | — | — | - Foreign exchange risk primarily stems from monetary funds and accounts receivable denominated in USD; a **1%** appreciation of the RMB would lead to a reduction in total profit of approximately **23,311.11 yuan**[427](index=427&type=chunk)[430](index=430&type=chunk) - As of June 30, 2025, the company had no interest-bearing debt such as bank borrowings, resulting in low interest rate risk[431](index=431&type=chunk) [XIII. Disclosure of Fair Value](index=149&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) The company discloses the period-end fair values of assets and liabilities measured at fair value, categorized into three levels based on the observability of inputs; financial assets held for trading, notes receivable financing, other debt investments, and some other equity instrument investments are all measured at fair value Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial assets held for trading | — | 148,309,401.42 | — | 148,309,401.42 | | Notes receivable financing | — | 119,875,560.27 | — | 119,875,560.27 | | Other debt investments | — | 10,062,944.44 | — | 10,062,944.44 | | Other equity instrument investments | — | 65,569,000.00 | 2,005,832.46 | 67,574,832.46 | | Total assets continuously measured at fair value | — | 343,816,906.13 | 2,005,832.46 | 345,822,738.59 | - For financial instruments traded in active markets, the company uses quoted prices from active markets to determine their fair value; for financial instruments not traded in active markets, valuation techniques are used to determine their fair value[434](index=434&type=chunk) - The fair value of wealth management products, notes receivable financing, and other debt investments is determined using valuation techniques such as forecasting future cash flows, face value, or cost plus agreed interest rate (Level 2)[435](index=435&type=chunk) - Equity instrument investments in Jiangsu Ronghui General Lithium Industry Co., Ltd. are valued based on the price-to-earnings ratio of comparable listed companies (Level 2)[435](index=435&type=chunk) - Equity instrument investments in Zhongzhu Future Education Technology (Beijing) Co., Ltd. are valued by multiplying the book net assets by the company's shareholding percentage (Level 3)[436](index=436&type=chunk) [XIV. Related Parties and Related Party Transactions](index=150&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's main related parties, including actual controllers and their family members, directors, senior management, and supervisors, as well as entities controlled or significantly influenced by them; during the reporting period, total key management personnel compensation was 1.2168 million yuan, with no other significant related party transactions requiring disclosure - Related parties include the company's actual controllers Wang Jinxing, Cao Lianying, Wang Quanxing, and Shen Genzhen, their children, siblings, as well as the company's directors, senior management, and supervisors[439](index=439&type=chunk) - Related enterprises include Suzhou Baowo Venture Capital Co., Ltd. (Wang Wenhao and Cao Lianying each hold **50%** of shares) and Suzhou Yongdesheng Mold Technology Co., Ltd. (Wang Yongxing and Lu Fuzhen each hold **50%** of shares)[439](index=439&type=chunk) Key Management Personnel Compensation | Item | Current Period Amount (10,000 yuan) | Prior Period Amount (10,000 yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 121.68 | 137.58 | - During the reporting period, there were no significant related party transactions involving purchases and sales of goods, provision and acceptance of labor services, related party entrusted management/contracting and entrusted management/subcontracting, related party leases, related party guarantees, related party fund transfers, related party asset transfers, or debt restructuring[440](index=440&type=chunk)[441](index=441&type=chunk) [XVI. Commitments and Contingencies](index=154&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had no significant commitments or material contingencies requiring disclosure - As of June 30, 2025, the company had no significant contingencies requiring disclosure[445](index=445&type=chunk) - There were no material commitments during the reporting period[444](index=444&type=chunk) [XVII. Events After the Balance Sheet Date](index=155&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) After the balance sheet date, the company's board of directors approved a profit distribution plan, proposing a cash dividend of 20.9664 million yuan to all shareholders, which aligns with the shareholder return plan Profit Distribution Status | Item | Amount (yuan) | | :--- | :--- | | Proposed profit or dividend distribution | 20,966,400 | | Profit or dividend approved and declared for distribution | 20,966,400 | - This profit distribution plan was reviewed and approved by the Tenth Meeting of the Fifth Board of Directors and complies with the requirements for interim profit distribution approved by the company's 2024 Annual General Meeting of Shareholders[447](index=447&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=156&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on the parent company's key financial statement items, including accounts receivable, other receivables, and long-term equity investments, reflecting its role as a group management and investment entity with significant balances in these areas - The parent company's accounts receivable at period-end totaled **557,169,176.12 yuan**, an increase from the beginning of the period, with **13,391,878.78 yuan** provided for bad debts individually and **31,667,711.20 yuan** provided for bad debts by portfolio[454](index=454&type=chunk) - The parent company's other receivables at period-end totaled **260,898,187.66 yuan**, primarily consisting of intercompany balances and deposits[462](index=462&type=chunk)[468](index=468&type=chunk) - The parent company's long-term equity investments at period-end totaled **277,772,617.99 yuan**, mainly comprising investments in subsidiaries such as Suzhou Xingye Chemical Co., Ltd., Suzhou Xingye Materials Technology Nantong Co., Ltd., Ningxia Shengdingfeng New Materials Co., Ltd., and Suzhou Xingye Materials Technology Taizhou Co., Ltd[476](index=476&type=chunk)[477](index=477&type=chunk) - The parent company's operating revenue for the current period was **706,805,967.97 yuan**, and operating cost was **618,902,538.13 yuan**[480](index=480&type=chunk) [XX. Supplementary Information](index=166&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, and key financial indicators such as return on net assets and earnings per share, further elaborating on the company's profitability and shareholder returns Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -34,312.82 | | Government grants recognized in current profit or loss | 1,795,559.03 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 1,491,900.74 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 319,161.19 | | Gains or losses from debt restructuring | -39,963.35 | | Other non-operating income and expenses apart from the above | -24,802.45 | | Less: Income tax impact | 366,776.88 | | Total | 3,140,765.46 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 2.94 | 0.17 | 0.17 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 2.74 | 0.16 | 0.16 |

兴业股份公告，2025年上半年营业收入7.66亿元，同比增长6.15%。净利润4514.96万元，同比增长 60.62%。拟向全体股东每股派发现金红利0.08元（含税），合计拟派发现金红利2096.64万元（含 税），占2025年上半年归属于上市公司股东净利润的46.44%。 ...

Group 1 - The stock price of Xingye Co., Ltd. closed at 17.90 yuan on August 25, 2025, down 1.54% from the previous trading day [1] - On the same day, the stock exhibited volatility, with a rapid rebound occurring at 9:39 AM, where it increased over 2% within five minutes, reaching a high of 18.20 yuan, and the total trading volume was 3.80 billion yuan [1] - The main business of Xingye Co., Ltd. involves the research, production, and sales of modified plastics, primarily used in the automotive, home appliance, and electronic sectors [1] Group 2 - On August 25, the net outflow of main funds was 18.89 million yuan, accounting for 0.4% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 8.65 million yuan, representing 0.18% of the circulating market value [1]