Group 1 - The industrial metal sector increased by 0.43% on September 26, with Jingyi Co., Ltd. leading the gains at 10% [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - Key stocks in the industrial metal sector showed significant price movements, with Jingyi Co., Ltd. closing at 14.85 and a trading volume of 285,000 shares, resulting in a transaction value of 409 million yuan [1] Group 2 - The industrial metal sector experienced a net outflow of 293 million yuan from institutional investors, while retail investors saw a net outflow of 60.1 million yuan [2] - The sector attracted a net inflow of 354 million yuan from speculative funds [2] - Specific stocks like Luoyang Aluminum and Baiyin Nonferrous Metals had notable net inflows from institutional investors, while others like Lida New Materials faced significant outflows from retail investors [3]

| 603937 | 丽岛新材 | 13.34 | 5.13 | 569.49 | 7596.95 | 有色金属 | | --- | --- | --- | --- | --- | --- | --- | | 000826 | 启迪环境 | 2.51 | 11.10 | 2968.13 | 7450.00 | 环保 | | 603163 | 圣晖集成 | 47.91 | 15.52 | 130.78 | 6265.43 | 建筑装饰 | | 001226 | 拓山重工 | 42.37 | 17.54 | 144.53 | 6123.59 | 机械设备 | | 002190 | 成飞集成 | 42.88 | 13.34 | 142.81 | 6123.56 | 汽车 | | 601615 | 明阳智能 | 15.53 | 4.58 | 366.76 | 5695.76 | 电力设备 | | 600748 | 上实发展 | 4.95 | 3.09 | 1085.41 | 5372.78 | 房地产 | | 002725 | 跃岭股份 | 15.79 | 14.71 | 330.47 | 5218.12 | 汽车 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600961 | 株治集团 | 14.95 | -2.73% | 44.33万 | 6.65 Z | | 600595 | 一体体出 | 5.09 | -2.68% | 64.67万 | 3.33亿 | | 000426 | 兴/银锡 | 27.14 | -2.37% | 42.26万 | 11.51亿 | | 600490 | 鹏欣资源 | 6.18 | -2.22% | 73.13万 | 4.59亿 | | 000603 | 盛达资源 | 22.49 | -1.88% | 24.25万 | 5.43 Z | | 601020 | 华钰矿业 | 25.98 | -1.70% | 51.77万 | 13.51亿 | | 603132 | 金徽股份 | 13.71 | -1.58% | 4.29万 | 5939.05万 | | 603115 | 海星股份 | 18.18 | -1.57% | 3.48万 | 6382.97万 | | 002540 | ...

丽岛新材（603937）9月23日披露，截至9月20日公司股东户数为14810户，较上期（9月10日）减少829 户，环比降幅为5.30%。 证券时报 数据宝统计，截至发稿，丽岛新材收盘价为11.44元，下跌3.05%，本期筹码集中以来股价累 计下跌3.87%。具体到各交易日，4次上涨，4次下跌。 公司发布的半年报数据显示，上半年公司共实现营业收入8.72亿元，同比增长24.66%，实现净利 润-2379.44万元，同比下降339.40%，基本每股收益为-0.1100元。 ...

Market Overview - On September 4, the industrial metals sector fell by 4.23%, with Huayu Mining leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Notable gainers included: - Yian Technology (300328) with a closing price of 18.60, up 3.91% [1] - Asia Pacific Technology (002540) at 6.58, up 3.46% [1] - Significant decliners included: - Huayu Mining (601020) at 24.65, down 10.00% [2] - Baiyin Nonferrous (601212) at 3.82, down 9.69% [2] - Luoyang Jiyie (603993) at 12.44, down 8.86% [2] Trading Volume and Capital Flow - The industrial metals sector experienced a net outflow of 3.687 billion yuan from main funds, while retail investors saw a net inflow of 2.769 billion yuan [2][3] - The trading volume for individual stocks varied, with notable figures such as: - Huayu Mining with a trading volume of 796,900 shares [2] - Baiyin Nonferrous with 4,925,700 shares [2] Capital Inflow Analysis - Key stocks with significant main fund inflows included: - Nanshan Aluminum (600219) with a net inflow of 71.11 million yuan [3] - Tianshan Aluminum (002532) with a net inflow of 34.90 million yuan [3] - Conversely, stocks like Tianshan Aluminum saw a retail net outflow of 56.38 million yuan [3]

Core Viewpoint - Lida New Materials (603937) reported an increase in revenue but a significant decline in profit for the first half of 2025, indicating potential operational challenges ahead [1][2]. Financial Performance - The total operating revenue reached 872 million yuan, a year-on-year increase of 24.66% [1]. - The net profit attributable to shareholders was -23.79 million yuan, a year-on-year decrease of 339.4% [1]. - In Q2, the operating revenue was 461 million yuan, up 18.01% year-on-year, while the net profit was -11.54 million yuan, down 231.4% year-on-year [1]. Profitability Metrics - Gross margin stood at 4.2%, a decrease of 40.34% year-on-year [1]. - Net margin was -2.73%, down 292.05% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 27.22 million yuan, accounting for 3.12% of revenue, a decrease of 2.6% year-on-year [1]. Cash Flow and Financial Health - Earnings per share were -0.11 yuan, a decrease of 320.0% year-on-year [1]. - Operating cash flow per share was 0.02 yuan, an increase of 103.35% year-on-year [1]. - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 30.97% and a negative average operating cash flow over the past three years [2]. Historical Performance - The company's historical return on invested capital (ROIC) median since listing is 8.18%, with the worst year being 2024 at -1.49% [2]. - The company has reported a net loss in one of the seven annual reports since its listing, indicating potential underlying issues [2].

Core Viewpoint - Lida New Materials (603937.SH) reported its 2025 semi-annual results, highlighting an increase in institutional investor holdings and foreign investment interest [1] Institutional Holdings - As of August 27, 2025, four institutional investors disclosed holdings in Lida New Materials A-shares, totaling 2.6914 million shares, which represents 1.29% of the total share capital [1] - The institutional investors include China Construction Bank - Nuode Multi-Strategy Equity Fund, UBS AG, Goldman Sachs, and Barclays Bank PLC, with a total institutional holding ratio increasing by 1.29 percentage points compared to the previous quarter [1] Public Fund and Foreign Investment - One new public fund was disclosed in this period, namely Nuode Multi-Strategy Mixed A, compared to the previous quarter [1] - Three new foreign institutions disclosed their holdings, including UBS AG, Goldman Sachs, and Barclays Bank PLC, indicating a growing interest from foreign investors [1]

Group 1 - The stock price of Lida New Materials closed at 10.73 yuan on August 27, 2025, down 0.44 yuan, representing a decline of 3.94% from the previous trading day [1] - The trading volume on that day was 71 million yuan, with a turnover rate of 3.08% [1] - Lida New Materials specializes in aluminum processing and sales, with products covering construction decoration and industrial aluminum materials [1] Group 2 - The company reported a net loss attributable to shareholders of 23.79 million yuan in the first half of the year, compared to a profit of 9.94 million yuan in the same period last year [1] - On August 27, the net outflow of main funds was 4.48 million yuan, with a cumulative net outflow of 23.75 million yuan over the past five days [1]

Group 1 - The board of directors of Jiangsu Lidao New Materials Co., Ltd. held its 18th meeting of the 5th session on August 27, 2025, with all 9 directors present [1] - The meeting was conducted in accordance with the Company Law and the company's articles of association, ensuring the legality and validity of the resolutions [1] - The board approved the company's 2025 semi-annual report and its summary, with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [2] Group 2 - The meeting was attended by senior management and was chaired by the company's chairman, Mr. Cai Zhengguo [1] - The notice for the meeting was delivered to all directors on August 16, 2025, through personal delivery and email [1] - The approval of the semi-annual report followed a review by the independent directors and the audit committee of the board [2]

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key terms, company entities, and core products and processes for accurate report interpretation - "The Company" and "Lidao New Material" refer to Jiangsu Lidao New Material Co., Ltd., including subsidiaries Zhaoqing Lidao and Anhui Lidao[12](index=12&type=chunk) - Core products and processes, such as roll coating, color-coated aluminum, battery current collector materials, and functional aluminum materials, are precisely explained[12](index=12&type=chunk) - "Reporting Period" specifically denotes January-June 2025, and "End of Reporting Period" is June 30, 2025[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines Jiangsu Lidao New Material Co., Ltd.'s fundamental details, including its legal representative and investor contact information, ensuring transparency - The company's full name is Jiangsu Lidao New Material Co., Ltd., abbreviated as Lidao New Material, with Cai Zheng-guo as the legal representative[14](index=14&type=chunk) - Contact details for Board Secretary Chen Bo and Securities Affairs Representative Xing Xiao-qin, including address, phone, fax, and email, are provided[15](index=15&type=chunk) - Company information is disclosed in "China Securities Journal," "Securities Times," and on www.sse.com.cn[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue increased by **24.66%**, but net profit and total profit incurred losses due to subsidiary performance and reduced processing fees, while operating cash flow turned positive 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 871,993,275.87 yuan | 699,513,241.02 yuan | 24.66 | | Total Profit | -20,143,147.85 yuan | 8,603,352.60 yuan | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -23,794,363.75 yuan | 9,938,986.24 yuan | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -28,070,977.48 yuan | 7,767,244.95 yuan | Not Applicable | | Net Cash Flow from Operating Activities | 3,480,927.69 yuan | -103,822,113.58 yuan | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 1,563,756,533.43 yuan | 1,587,549,070.53 yuan | -1.50 | | Total Assets (Period-End) | 2,606,472,890.12 yuan | 2,526,921,472.83 yuan | 3.15 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.11 | 0.05 | Not Applicable | | Diluted Earnings Per Share (yuan/share) | -0.08 | 0.07 | Not Applicable | | Basic Earnings Per Share (Excluding Non-Recurring Items) (yuan/share) | -0.13 | 0.04 | Not Applicable | | Weighted Average Return on Net Assets (%) | -1.51 | 0.61 | Not Applicable | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -1.78 | 0.47 | Not Applicable | - Net profit loss is primarily due to subsidiary Anhui Lidao's continued losses despite business expansion, and reduced processing fees for existing businesses affected by industry demand fluctuations[20](index=20&type=chunk) - Net cash flow from operating activities turned positive from negative in the prior year, mainly due to increased use of bank acceptance bills for aluminum ingot purchases, reducing cash payments[21](index=21&type=chunk) 2025 Semi-Annual Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1,170.62 | | Government Grants Recognized in Current Profit or Loss | 4,645,824.20 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 268,917.98 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 105,828.21 | | Other Non-Operating Income and Expenses | 25,582.43 | | Less: Income Tax Impact | 768,368.47 | | **Total** | **4,276,613.73** | Section III Management Discussion and Analysis [Industry and Main Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company specializes in aluminum processing, facing industry competition but benefiting from policy support and growing demand in new energy and traditional sectors, operating with market-driven strategies - The company operates in the aluminum processing sub-industry, focusing on functional aluminum materials, while subsidiary Anhui Lidao specializes in aluminum plate, strip, and foil materials[25](index=25&type=chunk) - The industry faces challenges from product homogenization and intensified competition, but policies like the "High-Quality Development Implementation Plan for the Aluminum Industry (2025-2027)" support high-end and green development[25](index=25&type=chunk)[26](index=26&type=chunk) - Demand for aluminum materials continues to grow in new energy vehicles, energy storage batteries (especially sodium-ion batteries), and traditional sectors like food packaging, construction, and transportation[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The company's main business involves R&D, production, and sales of aluminum products, widely used in construction, food packaging, transportation, electronics, and new energy[37](index=37&type=chunk) - The company adopts market-driven R&D, customized procurement, build-to-order production, direct sales, and an "aluminum ingot price + processing fee" pricing strategy[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [Analysis of Operating Performance](index=12&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Operating revenue increased by **24.66%**, but net profit incurred a loss due to subsidiary performance and reduced processing fees, while the company actively expanded markets and optimized product structure 2025 Semi-Annual Operating Performance | Indicator | Amount (million yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 871.99 | Increased by 24.66% | | Net Profit | -23.79 | Turned from profit to loss | | Prior Year Period Net Profit | 9.94 | - | - Net profit loss is primarily due to subsidiary Anhui Lidao's continued losses despite business expansion, and reduced processing fees for existing color-coated aluminum business[42](index=42&type=chunk) - The company actively responded to "new infrastructure" and "green circular economy" policies, adjusting product structure, expanding into anodized aluminum and full-liquid floating roof markets, and accelerating high-end application expansion[42](index=42&type=chunk)[43](index=43&type=chunk) - The company invested in a "New Energy Battery Current Collector Material Project," obtaining multiple invention patents and IATF16949 certification, aiming to diversify products and create new profit growth points[44](index=44&type=chunk) - The company enhanced operational efficiency and market competitiveness by implementing information management systems to optimize internal processes and strengthen risk management[45](index=45&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies encompass scale, customer resources, technology, quality, management, diverse production, new profit area expansion, and continuous management improvement - The company possesses scale advantages typical of capital-intensive industries, meeting customer needs with standing inventory and flexible payment terms to build stable partnerships[46](index=46&type=chunk)[47](index=47&type=chunk) - It boasts high-quality customer resources, including renowned companies like Hoco Building and Hunter Douglas Architecture, with products adopted by famous food packaging and industrial enterprises[47](index=47&type=chunk) - Technological advantages include production line adaptability modifications, enhanced automated color-coated aluminum production processes, food packaging color-coated aluminum production lines, and coating performance improvement technologies[47](index=47&type=chunk)[48](index=48&type=chunk) - Achieved ISO 9001:2015 quality management system certification and collaborates with leading aluminum producers, ensuring product quality and brand strength[48](index=48&type=chunk) - The management team and core personnel possess extensive industry experience and technical expertise, enabling keen insight into technological directions and scaled production of new products[49](index=49&type=chunk)[50](index=50&type=chunk) - Offers a comprehensive range of substrate varieties, maintaining strong relationships with upstream aluminum plate and strip enterprises to meet customized and diversified customer demands[50](index=50&type=chunk) - Diversified and scaled production advantages allow meeting customized, multi-batch, small-volume, and varied color-coated aluminum product demands while effectively reducing costs[50](index=50&type=chunk)[51](index=51&type=chunk) - Actively expanding into new energy battery current collector material projects, adding battery foil production lines, extending the industrial chain upstream, and creating new profit growth points[51](index=51&type=chunk)[52](index=52&type=chunk) - Continuously improving management for efficiency and cost reduction through diversified procurement channels, strengthened inventory management, R&D innovation, process improvements, and informatization/digitalization[53](index=53&type=chunk) [Key Operating Performance](index=16&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) Operating revenue increased by **24.66%** due to subsidiary sales, while financial expenses surged by **447.35%** and R&D expenses grew by **77.82%**, with operating cash flow turning positive Analysis of Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 871,993,275.87 | 699,513,241.02 | 24.66 | Increased sales volume from subsidiaries | | Operating Cost | 835,346,403.60 | 650,236,858.95 | 28.47 | Increased sales volume from subsidiaries | | Financial Expenses | 5,529,276.54 | 1,010,189.56 | 447.35 | Reduced deposit interest income and exchange gains | | R&D Expenses | 27,512,217.51 | 15,471,669.71 | 77.82 | Increased R&D investment by subsidiaries | | Net Cash Flow from Operating Activities | 3,480,927.69 | -103,822,113.58 | Not Applicable | Change in payment methods for aluminum ingot purchases | | Net Cash Flow from Investing Activities | -7,982,784.11 | 114,672,713.91 | Not Applicable | Reduced redemption amount of wealth management products | | Net Cash Flow from Financing Activities | -20,761,367.44 | Not Applicable | Not Applicable | Prior period paid dividends, no dividends this period | Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Current Period-End % of Total Assets | Prior Year-End Amount (yuan) | Prior Year-End % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 270,809,435.73 | 10.39 | 206,995,599.16 | 8.19 | 30.83 | Increased sales of goods | | Construction in Progress | 7,510,980.51 | 0.29 | 16,910,690.31 | 0.67 | -55.58 | Due to partial construction in progress transferred to fixed assets | | Other Non-Current Assets | 9,981,286.73 | 0.38 | 4,228,685.14 | 0.17 | 136.04 | Increased prepayments for long-term asset purchases | | Notes Payable | 386,216,410.15 | 14.82 | 229,706,726.68 | 9.09 | 68.13 | Increased issuance of bank acceptance bills | | Taxes Payable | 3,476,616.63 | 0.13 | 7,628,575.78 | 0.30 | -54.43 | Decreased corporate income tax payable | [Overall Analysis of External Equity Investments](index=18&type=section&id=%E5%AF%B9%E5%A4%96%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%80%BB%E4%BD%93%E5%88%86%E6%9E%90) The company maintains a stable equity investment structure, holding two wholly-owned subsidiaries and two associate companies as of the reporting period end - The company owns Zhaoqing Lidao New Material Technology Co., Ltd. and Lidao New Energy (Anhui) Co., Ltd. as wholly-owned subsidiaries[60](index=60&type=chunk) - The company also holds equity in Harbin Dongqing Special Material Co., Ltd. and Beijing Green Building Excellent Material Technology Service Co., Ltd.[60](index=60&type=chunk) [Analysis of Major Holding and Associate Companies](index=19&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Wholly-owned subsidiary Zhaoqing Lidao achieved **244.88 million yuan** in revenue and **16.27 million yuan** in net profit, while Anhui Lidao's **42.01 million yuan** net loss was the primary cause of the company's overall loss Financial Performance of Major Subsidiaries (2025 Semi-Annual) | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhaoqing Lidao | Subsidiary | Color-coated aluminum | 25.00 | 318.78 | 256.87 | 244.88 | 19.45 | 16.27 | | Anhui Lidao | Subsidiary | Aluminum plate, strip, foil | 180.00 | 1,214.75 | 71.39 | 343.32 | -40.72 | -42.01 | - Anhui Lidao's loss was the main factor contributing to the company's negative net profit during the reporting period[61](index=61&type=chunk) [Other Disclosures](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces various risks but actively implements "quality improvement, efficiency enhancement, and return focus" initiatives, emphasizing core competencies, investor returns, and standardized operations - The company faces risks from macroeconomic fluctuations, slower-than-expected new product (battery foil, aluminum strip) expansion, raw material (aluminum) price volatility, intensified industry competition, international trade frictions, and changes in export tax rebate policies[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - The company actively responds to the "Quality Improvement, Efficiency Enhancement, and Return Focus" initiative by deepening main business development, launching new products, prioritizing investor returns (annual cash dividends since listing, suspended this period due to loss, committed to resuming upon performance recovery), strengthening investor communication, and maintaining standardized operations to enhance company value[65](index=65&type=chunk)[66](index=66&type=chunk) - The company strengthens "key minority" responsibilities, with directors and senior management actively participating in training to improve performance and compliance awareness[67](index=67&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors and Senior Management](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, independent director Wei Jia-mei resigned and Huang Yang was elected, while financial controller Jin Na-yan resigned and Ruan Zheng-li was appointed Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Wei Jia-mei | Independent Director (Departed) | Departure | | Huang Yang | Independent Director | Election | | Jin Na-yan | Financial Controller (Departed) | Departure | | Ruan Zheng-li | Financial Controller | Appointment | - Independent director Wei Jia-mei resigned due to personal reasons, succeeded by Huang Yang elected by shareholders[69](index=69&type=chunk) - Financial controller Jin Na-yan resigned due to personal reasons, succeeded by Ruan Zheng-li appointed by the board[69](index=69&type=chunk) [Profit Distribution Plan](index=23&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's profit distribution or capital reserve capitalization plan is not applicable for this semi-annual period, with no cash dividends, bonus shares, or capital reserve capitalization - The company's profit distribution or capital reserve capitalization plan is not applicable for this semi-annual period[70](index=70&type=chunk) - No bonus shares, cash dividends, or capital reserve capitalization per 10 shares were conducted[70](index=70&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company is included in the list of enterprises required to disclose environmental information by law and has published its environmental information on the Jiangsu Provincial Department of Ecology and Environment's public platform - Jiangsu Lidao New Material Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[72](index=72&type=chunk) - Environmental information disclosure reports are available on the Jiangsu Provincial Department of Ecology and Environment's "Environmental Face" public information platform[72](index=72&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=25&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company and its key personnel have strictly fulfilled all IPO and refinancing commitments, including share lock-up, information disclosure, and avoiding horizontal competition, with no unfulfilled instances during the reporting period - All directors, supervisors, and senior management strictly adhered to share lock-up commitments during their tenure, transferring no more than **25%** of their total holdings annually[74](index=74&type=chunk) - The company, controlling shareholders, actual controllers, and directors, supervisors, and senior management all committed that information disclosure contains no false records, misleading statements, or major omissions, and pledged to compensate investors for losses in accordance with the law[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - Controlling shareholders and actual controllers issued commitments to avoid horizontal competition and pledged to effectively fulfill them during the period of their associated relationship[85](index=85&type=chunk)[86](index=86&type=chunk) - The company's directors, senior management, controlling shareholders, and actual controllers all committed to the effective implementation of measures to mitigate dilution of immediate returns[81](index=81&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - All commitments were strictly and timely fulfilled during the reporting period, with no specific reasons for unfulfilled commitments[74](index=74&type=chunk) [Statement on Integrity Status](index=32&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%88%B6%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers maintained a good integrity status, with no unfulfilled court judgments or overdue large debts - During the reporting period, the company, its controlling shareholders, and actual controllers had no unfulfilled court judgments[91](index=91&type=chunk) - The company, its controlling shareholders, and actual controllers had no large overdue debts[91](index=91&type=chunk) [Significant Guarantees](index=33&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided **248 million yuan** in guarantees to subsidiaries, representing **15.86%** of net assets, including **200 million yuan** for high asset-liability ratio subsidiaries, all within approved limits and with low risk of joint liability Company Guarantee Summary | Indicator | Amount (million yuan) | | :--- | :--- | | Total Guarantees to Subsidiaries During Reporting Period | 248.00 | | Total Outstanding Guarantees to Subsidiaries at Period-End (B) | 248.00 | | Total Guarantees (A+B) | 248.00 | | Total Guarantees as % of Company Net Assets | 15.86 | | Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 200.00 | - All outstanding guarantees are for wholly-owned subsidiaries Zhaoqing Lidao and Anhui Lidao, which are operating normally, making the company's likelihood of bearing joint and several liability small[95](index=95&type=chunk) - The company's 2025 annual plan allows for a total guarantee limit of no more than **1 billion yuan** for wholly-owned subsidiaries within the consolidated scope, and the guarantee amount during the reporting period did not exceed this approved limit[95](index=95&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Changes](index=35&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital slightly increased due to the conversion of **2,000 yuan** of "Lidao Convertible Bonds" into **154 A-shares**, changing the total from **208,880,771** to **208,880,925** shares Share Capital Change Table | Category | Quantity Before Change (shares) | Change (+, -) (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | Unlimited Saleable Shares | 208,880,771 | +154 | 208,880,925 | | Total Shares | 208,880,771 | +154 | 208,880,925 | - The conversion period for the company's publicly issued "Lidao Convertible Bonds" is from May 21, 2024, to November 14, 2029[99](index=99&type=chunk) - During the reporting period, a total of **2,000 yuan** of "Lidao Convertible Bonds" were converted into **154 A-shares** of the company[99](index=99&type=chunk) [Shareholder Information](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **14,819** common shareholders, with controlling shareholders Cai Zheng-guo and Cai Hong holding over **63%** of shares, indicating high equity concentration - As of the end of the reporting period, the total number of common shareholders was **14,819**[100](index=100&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Period-End Holdings (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Cai Zheng-guo | 118,732,618 | 56.84 | Domestic Natural Person | | Cai Hong | 13,002,780 | 6.22 | Domestic Natural Person | | Feng Jin-xian | 2,601,700 | 1.25 | Domestic Natural Person | | Shen Pei-xing | 1,254,400 | 0.60 | Domestic Natural Person | | China Construction Bank Corporation - Noah Multi-Strategy Stock Fund | 1,058,100 | 0.51 | Other | | Hu Yan-jie | 620,000 | 0.30 | Domestic Natural Person | | UBS AG | 604,562 | 0.29 | Foreign Legal Person | | Yuan Xi-bao | 560,000 | 0.27 | Domestic Natural Person | | Goldman Sachs Co., Ltd. | 529,961 | 0.25 | Foreign Legal Person | | BARCLAYS BANK PLC | 498,734 | 0.24 | Foreign Legal Person | - Cai Zheng-guo and Cai Hong are a married couple, serving as the company's controlling shareholders and actual controllers[103](index=103&type=chunk) Section VII Bond-Related Information [Convertible Corporate Bonds](index=39&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company issued **300 million yuan** of "Lidao Convertible Bonds" with **6,071** holders, a conversion price of **12.91 yuan/share**, and **2,000 yuan** converted to **154 A-shares**; debt is controllable with an A+ rating - The company publicly issued **3 million** "Lidao Convertible Bonds" with a total value of **300 million yuan** and a 6-year term on November 15, 2023[106](index=106&type=chunk) - "Lidao Convertible Bonds" became convertible from May 21, 2024, with an initial conversion price of **13.01 yuan/share**, later adjusted to **12.91 yuan/share** due to equity distribution[106](index=106&type=chunk)[112](index=112&type=chunk) Convertible Bond Holders and Conversion Status During the Reporting Period | Indicator | Value | | :--- | :--- | | Period-End Convertible Bond Holders | 6,071 | | Conversion Amount During Reporting Period (yuan) | 2,000 | | Conversion Shares During Reporting Period (shares) | 154 | | Cumulative Conversion Shares (shares) | 925 | | Unconverted Amount (yuan) | 299,988,000 | | Percentage of Unconverted Bonds to Total Issued Bonds (%) | 99.996 | - As of June 30, 2025, the company's total liabilities were **1.043 billion yuan**, with an asset-liability ratio of **40%**, indicating controllable risk[113](index=113&type=chunk) - The company's long-term credit rating and "Lidao Convertible Bonds" credit rating are both "A+", with a "stable" outlook, and funds for repaying convertible bond principal and interest primarily come from net cash flow generated by operating activities[113](index=113&type=chunk) Section VIII Financial Report [Financial Statements](index=41&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for H1 2025, reflecting a **2.606 billion yuan** total asset base, a **23.7944 million yuan** net loss, and positive operating cash flow Key Consolidated Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,356,832,081.88 | 1,241,082,789.99 | | Total Non-Current Assets | 1,249,640,808.24 | 1,285,838,682.84 | | Total Assets | 2,606,472,890.12 | 2,526,921,472.83 | | Total Current Liabilities | 658,727,324.82 | 554,789,844.37 | | Total Non-Current Liabilities | 383,989,031.87 | 384,582,557.93 | | Total Liabilities | 1,042,716,356.69 | 939,372,402.30 | | Total Equity Attributable to Parent Company Owners | 1,563,756,533.43 | 1,587,549,070.53 | Key Consolidated Income Statement Data (January-June 2025) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 871,993,275.87 | 699,513,241.02 | | Total Operating Cost | 895,520,396.44 | 692,711,032.38 | | Total Profit | -20,143,147.85 | 8,603,352.60 | | Net Profit | -23,794,363.75 | 9,938,986.24 | | Net Profit Attributable to Parent Company Shareholders | -23,794,363.75 | 9,938,986.24 | | Basic Earnings Per Share (yuan/share) | -0.11 | 0.05 | | Diluted Earnings Per Share (yuan/share) | -0.08 | 0.07 | Key Consolidated Cash Flow Statement Data (January-June 2025) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 553,731,924.91 | 591,113,920.88 | | Subtotal of Cash Outflows from Operating Activities | 550,250,997.22 | 694,936,034.46 | | Net Cash Flow from Operating Activities | 3,480,927.69 | -103,822,113.58 | | Net Cash Flow from Investing Activities | -7,982,784.11 | 114,672,713.91 | | Net Cash Flow from Financing Activities | -20,761,367.44 | Not Applicable | | Net Increase in Cash and Cash Equivalents | -4,604,748.27 | -8,372,561.58 | [Company Overview](index=66&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Jiangsu Lidao New Material Co., Ltd., established in 2012 and listed in 2017, specializes in processing new building decoration and metal materials, with a registered capital of **208,880,925 yuan** - The company was established on February 1, 2012, and listed on the Shanghai Stock Exchange on November 2, 2017[154](index=154&type=chunk) - The company's registered capital is **208,880,925 yuan**, with a total of **208,880,925 shares**[154](index=154&type=chunk) - Main business involves processing and manufacturing new building decoration materials and metal materials, including industrial color-coated aluminum, food packaging color-coated aluminum, and precision-cut aluminum[154](index=154&type=chunk) [Significant Accounting Policies and Estimates](index=66&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company's financial statements adhere to enterprise accounting standards on a going concern basis, with specific policies for financial instruments, inventories, fixed assets, revenue recognition, and other key accounting treatments - The company's financial statements are prepared on a going concern basis, complying with enterprise accounting standards, with specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, intangible asset amortization, and revenue recognition[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) - Financial assets are classified into three categories (amortized cost, fair value through OCI, fair value through P&L), with detailed explanations of their recognition, measurement, and impairment methods[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk) - Revenue recognition principles are based on identifying distinct performance obligations, determining fulfillment over time or at a point in time, and measuring revenue according to the transaction price allocated to each performance obligation[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk) - Government grants are classified as asset-related or income-related based on their purpose, and different accounting treatments are applied accordingly[224](index=224&type=chunk)[225](index=225&type=chunk) - Deferred income tax assets and liabilities are recognized based on differences between the carrying amounts and tax bases of assets and liabilities, limited to the extent that taxable income is probable[226](index=226&type=chunk)[227](index=227&type=chunk) - As a lessee, the company applies simplified treatment for short-term leases and leases of low-value assets, while other leases recognize right-of-use assets and lease liabilities[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk) [Taxation](index=87&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (**13%**), Urban Maintenance and Construction Tax (**7%, 5%**), Enterprise Income Tax (**25%, 15%**), and Property Tax (**1.2%**), with subsidiaries enjoying high-tech enterprise and advanced manufacturing VAT incentives Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13% | | Urban Maintenance and Construction Tax | 7%, 5% | | Enterprise Income Tax | 25%, 15% | | Property Tax | 1.2% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - Subsidiary Zhaoqing Lidao New Material Technology Co., Ltd. provisionally pays enterprise income tax at a **15%** rate, as its high-tech enterprise application is under review[234](index=234&type=chunk) - Subsidiary Lidao New Energy (Anhui) Co., Ltd. was recognized as a high-tech enterprise in 2024, and its enterprise income tax for January-June 2025 is calculated at a reduced rate of **15%**[234](index=234&type=chunk) - Both subsidiaries enjoy the advanced manufacturing enterprise VAT additional deduction policy, allowing an additional **5%** deduction of current deductible input VAT from payable VAT[234](index=234&type=chunk) [Notes to Consolidated Financial Statement Items](index=88&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details significant changes in consolidated financial statement items, including increases in accounts receivable and notes payable due to sales and procurement, and the classification of assets held for sale due to expropriation Key Asset and Liability Items at Period-End | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 127,245,825.10 | 136,912,819.13 | | Financial Assets Held for Trading | 38,096,730.05 | 36,160,357.91 | | Notes Receivable | 22,397,279.01 | 26,612,691.04 | | Accounts Receivable | 270,809,435.73 | 206,995,599.16 | | Inventories | 576,725,792.60 | 478,174,323.64 | | Assets Held for Sale | 55,812,936.83 | 55,812,936.83 | | Notes Payable | 386,216,410.15 | 229,706,726.68 | | Bonds Payable | 269,191,940.77 | 263,228,979.95 | - Accounts receivable at period-end increased by **30.83%** compared to the beginning of the period, mainly due to increased sales[57](index=57&type=chunk) - Notes payable at period-end increased by **68.13%** compared to the beginning of the period, mainly due to increased issuance of bank acceptance bills[57](index=57&type=chunk) - Assets held for sale represent the company's buildings and ground attachments at 1959 Longcheng Avenue, frozen due to demolition and expropriation, with a fair value of **396,661,515.00 yuan**[289](index=289&type=chunk)[110](index=110&type=chunk) - During the reporting period, operating revenue increased by **24.66%** year-on-year, and operating costs increased by **28.47%** year-on-year, primarily due to increased sales volume from subsidiaries[55](index=55&type=chunk) - Financial expenses significantly increased by **447.35%** year-on-year, mainly due to reduced deposit interest income and exchange gains[55](index=55&type=chunk) - R&D expenses increased by **77.82%** year-on-year, mainly due to increased R&D investment by subsidiaries[55](index=55&type=chunk) - Net cash flow from operating activities turned positive from negative in the prior year, mainly due to increased use of bank acceptance bills for aluminum ingot purchases, reducing cash payments[21](index=21&type=chunk) [R&D Expenses](index=148&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, total R&D expenses amounted to **27,512,217.51 yuan**, a **77.82%** year-on-year increase, entirely expensed and primarily allocated to direct input, personnel, and depreciation costs R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Direct Input Costs | 17,405,490.88 | 8,742,666.88 | | Personnel Costs | 6,469,067.78 | 5,738,573.52 | | Depreciation and Long-Term Deferred Expenses | 3,544,421.02 | 895,481.98 | | Other Expenses | 93,237.83 | 94,947.33 | | **Total** | **27,512,217.51** | **15,471,669.71** | | Of which: Expensed R&D Expenditure | 27,512,217.51 | 15,471,669.71 | - All R&D expenses for the current period were expensed, with no capitalization[416](index=416&type=chunk) [Interests in Other Entities](index=150&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds **100%** equity in two wholly-owned subsidiaries, Zhaoqing Lidao New Material Technology Co., Ltd. and Lidao New Energy (Anhui) Co., Ltd., both established through direct setup Composition of Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (million yuan) | Registered Location | Business Nature | Shareholding Ratio (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhaoqing Lidao | Zhaoqing City, Guangdong Province | 25.00 | Zhaoqing City, Guangdong Province | Manufacturing | 100.00 | Establishment | | Anhui Lidao | Bengbu City, Anhui Province | 180.00 | Bengbu City, Anhui Province | Manufacturing | 100.00 | Establishment | [Government Grants](index=151&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Deferred income from asset-related government grants totaled **107,098,076.29 yuan** at period-end, with **5,096,374.20 yuan** recognized in other income during the current period Liability Items Involving Government Grants | Financial Statement Item | Period-Beginning Balance (yuan) | New Grants During Period (yuan) | Amount Recognized in Non-Operating Income During Period (yuan) | Amount Transferred to Other Income During Period (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 112,163,322.97 | - | - | 5,065,246.68 | 107,098,076.29 | Asset-Related | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-Related | 5,096,374.20 | 397,447.47 | | **Total** | **5,096,374.20** | **397,447.47** | [Risks Related to Financial Instruments](index=152&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through credit assessment, diversified financing, and foreign currency monitoring, though credit risk concentration remains high with **34.39%** of receivables from top five customers - The company's risk management objective is to balance risk and return, minimizing negative impacts on operating performance, primarily facing credit risk, liquidity risk, and market risk[422](index=422&type=chunk) - Credit risk mainly arises from cash and bank balances and receivables; the company controls risk through credit assessment and transacting with creditworthy customers, with **34.39%** of accounts receivable and contract assets from the top five customers as of June 30, 2025, indicating some credit concentration risk[424](index=424&type=chunk)[425](index=425&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank loans, and maintaining an appropriate mix of long-term and short-term financing[425](index=425&type=chunk) - Market risk primarily includes interest rate risk and foreign exchange risk, managed by determining the proportion of fixed and floating rate financial instruments and buying/selling foreign currencies when necessary[426](index=426&type=chunk)[427](index=427&type=chunk) Financial Liabilities Classified by Remaining Maturity (Period-End) | Item | Carrying Amount (yuan) | Undiscounted Contract Amount (yuan) | Within 1 Year (yuan) | 1-3 Years (yuan) | Over 3 Years (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Payable | 386,216,410.15 | 386,216,410.15 | 386,216,410.15 | - | - | | Accounts Payable | 124,914,836.24 | 124,914,836.24 | 124,914,836.24 | - | - | | Other Payables | 119,873,181.96 | 119,873,181.96 | 119,873,181.96 | - | - | | Other Current Liabilities (Supply Chain Finance) | 2,316,530.40 | 2,316,530.40 | 2,316,530.40 | - | - | | Bonds Payable | 269,191,940.77 | 326,086,956.00 | 1,199,952.00 | 8,399,664.00 | 316,487,340.00 | | **Subtotal** | **902,512,899.52** | **959,407,914.75** | **634,520,910.75** | **8,399,664.00** | **316,487,340.00** | [Disclosure of Fair Value](index=156&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value, including bank wealth management products, notes receivable financing, and other equity investments, are primarily valued using Level 3 techniques based on net asset value, face value, or market/discounted cash flow methods Fair Value of Assets Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Financial Assets Held for Trading (Wealth Management Products) | 38,096,730.05 | 38,096,730.05 | | Notes Receivable Financing | 126,756,986.26 | 126,756,986.26 | | Other Equity Instrument Investments | 2,700,000.00 | 2,700,000.00 | | **Total Assets Continuously Measured at Fair Value** | **167,553,716.31** | **167,553,716.31** | - Fair value of financial assets held for trading (bank wealth management products) is determined by the product's latest net asset value[436](index=436&type=chunk) - Fair value of notes receivable financing (bank acceptance bills) is determined by their face value[436](index=436&type=chunk) - Fair value of other equity instrument investments (non-listed company equity) is determined by comprehensively considering market approach and discounted future cash flows, or by using investment cost as a reasonable estimate[436](index=436&type=chunk) - The difference between the carrying amount and fair value of financial assets and liabilities not measured at fair value (e.g., cash and bank balances, notes receivable, accounts receivable, notes payable, accounts payable, bonds payable) is small[438](index=438&type=chunk) [Related Parties and Related Party Transactions](index=158&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's related party transactions, including **1.137 million yuan** in key management personnel compensation during the reporting period, with subsidiary information provided in Note X - Details of the company's subsidiaries are provided in Note X to these financial statements[439](index=439&type=chunk) Key Management Personnel Compensation | Item | Current Period Amount (million yuan) | Prior Period Amount (million yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1.137 | 1.151 | [Other Significant Matters](index=161&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company's main business is managed as a whole, thus segment information is not required; additionally, buildings at 1959 Longcheng Avenue are classified as assets held for sale due to expropriation, with partial compensation received and relocation ongoing - The company's main business (production and sales of industrial color-coated aluminum, precision-cut aluminum, food packaging aluminum, toll processing, etc.) is managed as a whole, thus segment information disclosure is not required[446](index=446&type=chunk) - The company's buildings and ground attachments at 1959 Longcheng Avenue, Changzhou City, have been included in the expropriation scope and a compensation agreement signed, for which the company will receive **396,661,515.00 yuan** in compensation[447](index=447&type=chunk) - The company has received **119,000,000.00 yuan** in demolition funds, but as of June 30, 2025, relocation work has not been completed due to the compensation funds not being fully in place[447](index=447&type=chunk) [Notes to Parent Company Financial Statement Items](index=162&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details parent company financial statement items, showing stable accounts receivable and operating revenue, with other receivables primarily comprising intercompany balances with subsidiaries, indicating financial support Parent Company Accounts Receivable by Age (Period-End) | Age | Period-End Carrying Amount (yuan) | | :--- | :--- | | Within 1 Year (including 1 year) | 151,365,947.63 | | 1 to 2 Years | 5,080,397.05 | | 2 to 3 Years | 865,992.48 | | Over 3 Years | 39,588,944.59 | | **Total** | **196,901,281.75** | Parent Company Operating Revenue and Cost (January-June 2025) | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | | :--- | :--- | :--- | | Main Business | 398,290,257.71 | 371,938,994.43 | | Other Business | 11,082,149.53 | 11,482,612.69 | | **Total** | **409,372,407.24** | **383,421,607.12** | - Parent company's other receivables at period-end amounted to **880,492,508.45 yuan**, of which intercompany balances with subsidiaries accounted for **878,780,427.48 yuan**, representing **98.26%** of the total other receivables[458](index=458&type=chunk)[463](index=463&type=chunk)[470](index=470&type=chunk) - Parent company's long-term equity investments at period-end amounted to **232,230,000.00 yuan**, all of which are investments in subsidiaries[473](index=473&type=chunk)[475](index=475&type=chunk) [Supplementary Information](index=175&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring gains and losses, totaling **4,276,613.73 yuan** and positively impacting net profit, alongside net asset return and earnings per share data Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1,170.62 | | Government Grants Recognized in Current Profit or Loss | 4,645,824.20 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 268,917.98 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 105,828.21 | | Other Non-Operating Income and Expenses | 25,582.43 | | Less: Income Tax Impact | 768,368.47 | | **Total** | **4,276,613.73** | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | -1.51 | -0.11 | -0.08 | | Net Profit Attributable to Common Shareholders of the Company (Excluding Non-Recurring Items) | -1.78 | -0.13 | -0.10 |