证券代码：605318 证券简称：法狮龙 公告编号：2025-025 法狮龙家居建材股份有限公司 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/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 16 日 （星期二） 至 09 月 22 日 （星 期一）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 investors@fsilon.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。 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长兼总经理：沈正华先生 法狮龙家居建材股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 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 23 ...

证券代码：605318 证券简称：法狮龙 公告编号：2025-027 法狮龙家居建材股份有限公司 关于公司副总经理离任的公告 特此公告。 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： 法狮龙家居建材股份有限公司（以下简称"公司 "）董事会于 2025 年 8 月 25 日收到副总经理范哲昀先生提交的书面辞职报告，范哲昀先生因个人原因， 提请辞去公司副总经理职务。辞任后，范哲昀先生将不担任公司及子公司任何职 务。 一、董事/高级管理人员离任情况 | | | | 姓名 | 离任职务 | | | 原定任期到 | | 是否继续在上 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 离任时间 | | 期日 | 离任原因 | 市公司及其控 股子公司任职 | 履行完毕的 公开承诺 | | 范哲昀 | 副总经理 | 2025年 | 8月 | 2027 年 7 月 | 个人原因 | 否 | 否 | | | | 25 日 | | 17 日 | | ...

证券代码：605318 证券简称：法狮龙 公告编号：2025-024 法狮龙家居建材股份有限公司 2、公司 2025 年半年度报告的内容和格式符合中国证监会和上海证券交易所 的各项规定，所包含的信息真实客观反映了公司上半年度的财务状况和经营成 果； 第三届监事会第五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 法狮龙家居建材股份有限公司（以下简称"公司"）第三届监事会第五次会 议于 2025 年 8 月 22 日（星期五）在浙江省嘉兴市海盐县武原街道武原大道 5888 号以现场的方式召开。会议通知已于 2025 年 8 月 12 日通过邮件的方式送达各位 监事。本次会议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席潘晓翔主持，公司董事、高级管理人员列席会议。会议 召开符合有关法律、法规、规章和《公司章程》的规定。出席会议的监事对各项 议案进行了认真审议并做出了如下决议： 二、监事会会议审议情况 （一）审议通过《关于<2025 年半年度报告>及摘要的议案》 监事会认为： 1 ...

法狮龙家居建材股份有限公司 第三届董事会第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 法狮龙家居建材股份有限公司（以下简称"公司"）第三届董事会第六次会 议于 2025 年 8 月 22 日（星期五）在浙江省嘉兴市海盐县武原街道武原大道 5888 号以现场结合通讯的方式召开。会议通知已于 2025 年 8 月 12 日通过邮件的方式 送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人。 证券代码：605318 证券简称：法狮龙 公告编号：2025-028 会议由董事长沈正华主持，监事、高管列席。会议召开符合有关法律、法 规、规章和《公司章程》的规定。经各位董事认真审议，会议形成了如下决议： 二、董事会会议审议情况 本议案已经公司董事会审计委员会审议通过。 表决结果：7 票同意，0 票反对，0 票弃权。 三、备查文件 1、 第三届董事会第六次会议决议； 2、 第三届董事会审计委员会第五次会议决议； 特此公告。 法狮龙家居建材股份有限公司董事会 2025 年 8 月 26 ...

[Section 1 Definitions](index=4&type=section&id=Section%201%20Definitions) This section provides definitions for key terms used throughout the report, ensuring clarity and consistent understanding of the content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key terms used in the report, including company name, controlling shareholder, subsidiaries, reporting period end date, and main products, ensuring clear understanding of the report content Definitions of Common Terms | Common Term | Meaning | | :--- | :--- | | Fsilon, Company, The Company, Fsilon Stock | Fsilon Furnishing And Construction Materials Corporation | | Fsilon Holdings | Fsilon Investment Holdings Co., Ltd., the controlling shareholder of Fsilon Stock | | Lishang Building Materials | Zhejiang Lishang Building Materials Technology Co., Ltd., a wholly-owned subsidiary of Fsilon Stock | | End of Reporting Period | June 30, 2025 | | Reporting Period, This Reporting Period | January 1, 2025 - June 30, 2025 | | Functional Module | Integrated ceiling modules with heating, ventilation, or lighting functions, modularized according to basic module specifications | | Integrated Wall Panel | Wall material integrating decoration and function, pre-manufactured in factories and assembled on-site, composed of decorative surface, base material, functional materials, and accessories | [Section 2 Company Profile and Key Financial Indicators](index=4&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance and position for the reporting period [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the company's basic identification information, including Chinese name, abbreviation, English name, abbreviation, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Company's Chinese Name | Fsilon Furnishing And Construction Materials Corporation | | Company's Chinese Abbreviation | Fsilon | | Company's English Name | Fsilon Furnishing And Construction Materials Corporation | | Company's English Name Abbreviation | Fsilon | | Company's Legal Representative | Shen Zhenghua | [II. Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, facilitating investor communication Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Cai Lingyun | Sun Wei | | Contact Address | No. 5888 Wuyuan Avenue, Wuyuan Street, Haiyan County, Zhejiang Province | No. 5888 Wuyuan Avenue, Wuyuan Street, Haiyan County, Zhejiang Province | | Phone | 0573-89051928 | 0573-89051928 | | Fax | 0573-86151038 | 0573-86151038 | | Email | investors@fsilon.com | investors@fsilon.com | [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the company's registered address, office address, postal code, and website, stating no historical changes occurred during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Company Registered Address | No. 5888 Wuyuan Avenue, Wuyuan Street, Haiyan County, Jiaxing City, Zhejiang Province | | Company Office Address | No. 5888 Wuyuan Avenue, Wuyuan Street, Haiyan County, Jiaxing City, Zhejiang Province | | Company Office Address Postal Code | 314300 | | Company Website | www.fsilon.com | | Email | investors@fsilon.com | | Historical Changes to Company Registered Address | None | | Index for Changes During Reporting Period | None | [IV. Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section specifies the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the report placement location, noting no changes during the reporting period Information Disclosure Channels | Indicator | Content | | :--- | :--- | | Designated Newspapers for Information Disclosure | China Securities Journal, Shanghai Securities News, Securities Daily, Securities Times | | Website Address for Semi-Annual Reports | Shanghai Stock Exchange Website (www.sse.com.cn) | | Company Semi-Annual Report Placement Location | Company Securities Affairs Department | | Index for Changes During Reporting Period | None | [V. Brief Introduction to Company Stock](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Stock) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Fsilon | 605318 | N/A | [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing a year-on-year decrease in operating revenue and net profit, but a significant improvement in net cash flow from operating activities, primarily due to intensified collection of accounts receivable Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Year Same Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 231,026,036.50 | 244,090,504.82 | -5.35 | | Total Profit | -9,791,344.08 | -8,131,083.83 | N/A | | Net Profit Attributable to Shareholders of Listed Company | -7,612,092.04 | -6,027,160.52 | N/A | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -9,762,293.14 | -12,326,429.65 | N/A | | Net Cash Flow from Operating Activities | -14,071,069.89 | -45,183,380.23 | N/A | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 640,219,081.26 | 686,000,066.81 | -6.67 | | Total Assets (End of Period) | 903,689,656.50 | 1,010,539,873.59 | -10.57 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Same Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.06 | -0.05 | N/A | | Diluted Earnings Per Share (RMB/share) | -0.06 | -0.05 | N/A | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | -0.08 | -0.10 | N/A | | Weighted Average Return on Net Assets (%) | -1.15 | -0.77 | N/A | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -1.47 | -1.58 | N/A | - The change in net cash flow from operating activities was due to intensified collection of accounts receivable[20](index=20&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 details the non-recurring gains and losses items and their amounts during the reporting period, including disposal gains/losses on non-current assets, government grants, fair value changes of financial assets, and other non-operating income/expenses, which significantly impacted net profit 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -153,188.11 | | Government Grants Included in Current Profit and Loss | 1,978,200.00 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains/Losses from Disposal of Financial Assets and Liabilities | 2,683,039.45 | | Other Non-Operating Income and Expenses Apart from the Above | -1,951,842.36 | | Less: Income Tax Impact | 406,007.88 | | **Total** | **2,150,201.10** | [Section 3 Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operational performance, industry conditions, core competencies, and future outlook [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company primarily engages in the R&D, production, and sales of integrated ceilings and wall panels, with no significant changes in its main business. The operating model is mainly centralized procurement, dealer sales, and independent production, supplemented by outsourced production - The company's main business is the R&D, production, and sales of integrated ceilings, integrated wall panels, and other products, primarily used in architectural interior decoration, with no significant changes in business operations[24](index=24&type=chunk) - Procurement Model: Centralized and unified procurement through a centralized procurement center, with reserve quotas set based on usage and market fluctuations or procurement according to production needs[30](index=30&type=chunk) - Sales Model: Primarily a dealer model, where dealers establish their own exclusive stores to face consumers, purchase goods from the company on a buy-out basis, and are responsible for installation services, with the company providing guidance and training[30](index=30&type=chunk) - Production and Delivery: Adopts a model primarily based on independent production, supplemented by outsourced production, which includes OEM production and subcontracting non-critical processes, with strict management of suppliers[31](index=31&type=chunk)[32](index=32&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company adopted a 'stabilize first, then innovate' strategy, actively responding to changes in the real estate market. In retail, it launched high-end electrical products and promoted green, eco-friendly quick-install integrated wall panels, achieving high growth in integrated wall panel products. In the B-end market, it continued to strengthen its prefabricated interior decoration overall solution, researched new materials, and received positive market feedback in commercial, overseas, and public building renovation sectors - The company's overall operational strategy is "stability and innovation," responding to changes in the real estate market's product structure and focusing on high-end improvements and the second-hand housing market[32](index=32&type=chunk) - Retail Business: Launched integrated ceiling high-end electrical products (e.g., Huanyu bathroom heaters, hot and cold air conditioners) and promoted green, eco-friendly quick-install integrated wall panels in the old house renovation sector through training and Douyin local life, achieving high growth in integrated wall panel products[32](index=32&type=chunk) - TOB Business: Continuously strengthened the product system for prefabricated interior decoration overall solutions, researched green, eco-friendly, low-carbon new materials, and established indoor high sound insulation partition wall systems and outdoor integrated housing systems as important R&D projects, empowering commercial, overseas, and public building renovation businesses[33](index=33&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in its brand advantage, marketing network advantage, design and R&D advantage, and proactive layout in the existing market. The brand is transforming from traditional building materials to a prefabricated innovation enterprise, the marketing network is expanding in depth and breadth, R&D continues to receive investment and high-tech enterprise certification, and a forward-looking layout of prefabricated space products is in place to respond to market changes - Brand Advantage: Brand influence has shifted from traditional building materials enterprises to prefabricated innovation enterprises, with positioning evolving from product-oriented to space-scenario-oriented, meeting the demand for one-stop solutions[34](index=34&type=chunk) - Marketing Network Advantage: Deepened coverage and upgrade of dealer exclusive stores, horizontally expanded engineering commercial and decoration enterprise channels, achieved breakthroughs in the overseas dealer system, forming a "one strong, two wings, one new" pattern[35](index=35&type=chunk) - Design and R&D Advantage: Continuously passed high-tech enterprise re-evaluation, formed multiple core technologies in integrated ceilings, integrated ceiling and wall systems, and prefabricated system R&D, and established a professional team to provide overall solution design[36](index=36&type=chunk) - Proactive Layout from Incremental to Existing Market: Based on the R&D of prefabricated space products, actively laid out the existing market, breaking the cyclical impact of the traditional real estate industry with prefabricated technical solutions to find growth breakthroughs[37](index=37&type=chunk) [IV. Key Operating Conditions During the Reporting Period](index=10&type=section&id=IV.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's key operating conditions during the reporting period, including changes in financial accounts of the main business, asset and liability status, investment activities, and the operations of major controlled and associate companies, revealing trends of improved cash flow and asset structure adjustment amidst declining revenue [(I) Analysis of Main Business](index=10&type=section&id=(I)%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue and operating costs decreased year-on-year, and sales and R&D expenses also decreased, while administrative expenses increased. Financial expenses changed due to a reduction in large-denomination deposit interest, and net cash flow from operating activities significantly improved due to increased sales collections Analysis of Changes in Key Financial Statement Items | Item | Current Period Amount (RMB) | Prior Year Same Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 231,026,036.50 | 244,090,504.82 | -5.35 | | Operating Cost | 181,732,436.93 | 191,390,398.20 | -5.05 | | Selling Expenses | 26,794,634.29 | 29,447,103.42 | -9.01 | | Administrative Expenses | 20,953,869.84 | 20,063,001.01 | 4.44 | | Financial Expenses | -1,710,867.95 | -4,324,105.98 | N/A | | R&D Expenses | 10,198,454.52 | 12,461,025.83 | -18.16 | | Net Cash Flow from Operating Activities | -14,071,069.89 | -45,183,380.23 | N/A | | Net Cash Flow from Investing Activities | 74,877,306.29 | 12,561,778.93 | 496.07 | | Net Cash Flow from Financing Activities | -83,465,148.43 | -58,586,897.73 | N/A | - Reason for change in financial expenses: primarily due to a decrease in large-denomination deposit interest[40](index=40&type=chunk) - Reason for change in net cash flow from operating activities: due to increased sales collections[40](index=40&type=chunk) - Reason for change in net cash flow from investing activities: due to a decrease in cash paid for investments[40](index=40&type=chunk) - Reason for change in net cash flow from financing activities: due to a decrease in borrowings[40](index=40&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds and financial assets held for trading decreased due to a decline in time deposits and redemption of wealth management products, and accounts receivable financing also significantly decreased. Concurrently, prepayments, other receivables, and construction in progress significantly increased due to higher procurement payments, increased deposits, and increased project investments. Short-term borrowings and notes payable decreased, and undistributed profits declined due to dividends and losses Changes in Assets and Liabilities | Item Name | Current Period End Amount (RMB) | Proportion of Total Assets at Period End (%) | Prior Year End Amount (RMB) | Proportion of Total Assets at Prior Year End (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 212,893,573.97 | 23.56 | 269,125,972.93 | 26.63 | -20.89 | Due to decrease in time deposits | | Inventories | 82,584,022.37 | 9.14 | 73,061,925.47 | 7.23 | 13.03 | | | Financial Assets Held for Trading | 149,892,996.00 | 16.59 | 215,529,726.09 | 21.33 | -30.45 | Due to company's purchase of wealth management products being less than historical redemptions | | Accounts Receivable Financing | 1,208,941.76 | 0.13 | 3,009,081.92 | 0.30 | -59.82 | End-of-period acceptance bills are reported as accounts receivable financing based on the intention to hold at the end of this period | | Prepayments | 11,923,083.53 | 1.32 | 3,730,161.45 | 0.37 | 219.64 | Due to increased prepayments to suppliers for purchases | | Other Receivables | 1,775,375.04 | 0.20 | 1,184,151.17 | 0.12 | 49.93 | Due to increased deposits | | Other Current Assets | 710,796.05 | 0.08 | 326,897.43 | 0.03 | 117.44 | Due to increased prepaid corporate income tax | | Construction in Progress | 23,989,276.08 | 2.65 | 15,335,806.82 | 1.52 | 56.43 | Due to increased investment in construction in progress | | Long-Term Prepaid Expenses | 1,860,094.18 | 0.21 | 237,873.76 | 0.02 | 681.97 | Due to increased costs for purchasing saplings | | Deferred Income Tax Assets | 21,483,310.80 | 2.38 | 19,294,521.28 | 1.91 | 11.34 | Due to increased uncompensated losses and asset impairment provisions, leading to a corresponding increase in recognized deferred income tax assets | | Other Non-Current Assets | 40,000.00 | 0.00 | 1,119,646.05 | 0.11 | -96.43 | Due to the company's MES software being transferred to intangible assets | | Short-Term Borrowings | 100,478,256.31 | 11.12 | 124,077,993.42 | 12.28 | -19.02 | Due to the company reducing bank borrowings | | Notes Payable | 4,258,394.99 | 0.47 | 10,000,000.00 | 0.99 | -57.42 | Due to the company reducing the use of bills to pay for goods | | Treasury Stock | 0 | 0 | 2,628,572.57 | 0.26 | -100.00 | Due to the cancellation of treasury stock | | Undistributed Profits | 46,491,308.47 | 5.14 | 91,822,108.91 | 9.09 | -49.37 | Due to company dividends and losses | [(IV) Analysis of Investment Status](index=12&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company's investment activities during the reporting period primarily involved financial assets measured at fair value, especially bank wealth management products. The balance of bank wealth management products at period-end was **RMB 149,892,996.00**, a decrease from the beginning of the period, reflecting that the company's purchases of wealth management products were less than redemptions Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 215,529,726.09 | 374,603.74 | 53,988,666.17 | 120,000,000.00 | 149,892,996.00 | | Total | 215,529,726.09 | 374,603.74 | 53,988,666.17 | 120,000,000.00 | 149,892,996.00 | [(VI) Analysis of Major Controlled and Associate Companies](index=13&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Associate%20Companies) The company's major controlled and associate companies include Zhejiang Lishang Building Materials Technology Co., Ltd., Fsilon Construction Engineering (Shanghai) Co., Ltd., etc., with Zhejiang Lishang Building Materials Technology Co., Ltd. and Jiaxing Liyang Building Materials Technology Co., Ltd. achieving profitability during the reporting period. Jiaxing Liyang Building Materials Technology Co., Ltd. was acquired through a spin-off during the reporting period Financial Data of Major Controlled and Associate Companies | No. | Company Name | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Zhejiang Lishang Building Materials Technology Co., Ltd. | 2330.00 | 6841.04 | 3586.70 | 29.56 | | 2 | Fsilon Construction Engineering (Shanghai) Co., Ltd. | 1000.00 | 44.61 | 44.43 | -24.42 | | 3 | Hainan Shiliong Huiying Trading Co., Ltd. | 500.00 | 0.00 | 0.00 | 0.00 | | 4 | Zhejiang Ruishiliong Supply Chain Management Co., Ltd. | 1000.00 | 155.00 | 155.00 | 0.01 | | 5 | Jiaxing Liyang Building Materials Technology Co., Ltd. | 670.00 | 693.09 | 688.11 | 18.11 | | 6 | Shiliong Huihe (Jiaxing) Enterprise Management Consulting Co., Ltd. | 300.00 | 0 | 0 | 0 | | 7 | Shanghai Shiliong Huihe Trade Development Co., Ltd. | 1000.00 | 0 | 0 | 0 | - Acquisition of subsidiaries during the reporting period: Jiaxing Liyang Building Materials Technology Co., Ltd. was acquired through a spin-off, with no significant impact on overall production, operations, and performance[49](index=49&type=chunk) [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses significant risks the company may face, including intensified industry competition, raw material price fluctuations, and risks associated with the dealer business model, and outlines the company's strategies to address these risks [(I) Potential Risks](index=14&type=section&id=(I)%20Potential%20Risks) The company faces intensified competition in the integrated ceiling industry, price fluctuations of major raw materials like aluminum and plastics, and risks of management and brand image damage arising from the dealer business model - Risk of Intensified Industry Competition: Increased product category expansion and penetration in the integrated ceiling industry lead to intensified market competition, which may result in a decline in average industry profit margins[49](index=49&type=chunk)[50](index=50&type=chunk) - Risk of Raw Material Price Fluctuations: Prices of major raw materials (aluminum, plastics) fluctuate significantly; if product prices cannot be adjusted in time or cost increases cannot be absorbed, operating performance may be affected[50](index=50&type=chunk) - Risk of Dealer Business Model: The company cannot directly control the actual operations of dealers; if dealer conduct does not comply with regulations, it may damage the company's brand image[51](index=51&type=chunk) [Section 4 Corporate Governance, Environment and Society](index=16&type=section&id=Section%204%20Corporate%20Governance%20Environment%20and%20Society) This section covers the company's governance practices, including profit distribution plans and its contributions to social responsibility initiatives [II. Profit Distribution or Capital Reserve Conversion Plan](index=16&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that no profit distribution or capital reserve conversion to share capital will be carried out in the current reporting period - No profit distribution or capital reserve conversion to share capital plan for the current reporting period[54](index=54&type=chunk) [V. Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=16&type=section&id=V.%20Specifics%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%20Rural%20Revitalization%20and%20Other%20Work) The company actively participated in poverty alleviation and rural revitalization efforts, with a total investment of **RMB 9,200** during the reporting period, primarily for assisting impoverished university students and providing comfort payments to company families in need, benefiting **4** individuals through consumption-based assistance Investment in Poverty Alleviation and Rural Revitalization Projects | Item | Quantity/Content | Explanation | | :--- | :--- | :--- | | Total Investment in Poverty Alleviation and Rural Revitalization Projects (RMB 10,000) | 0.92 | Assisting impoverished university students, providing comfort payments to company families in need | | Of which: Funds (RMB 10,000) | 0.92 | Assisting impoverished university students, providing comfort payments to company families in need | | Number of Beneficiaries (persons) | 4 | Assisting impoverished university students, providing comfort payments to company families in need | | Form of Assistance | Consumption-based assistance | Comfort payments | [Section 5 Significant Matters](index=18&type=section&id=Section%205%20Significant%20Matters) This section details important events and commitments that impact the company's operations and financial standing [I. Fulfillment of Commitments](index=18&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, actual controllers, natural person shareholders holding 5% or more of shares, and directors, supervisors, and senior management all strictly fulfilled their commitments related to the initial public offering during the reporting period, including share lock-up, reduction price not lower than the issue price, non-interference in company operations, non-infringement of company interests, and truthfulness of information disclosure Fulfillment of Commitments | Commitment Background | Commitment Type | Promising Party | Commitment Date | Has Fulfillment Period | Commitment Period | Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments Related to Initial Public Offering | Share Lock-up | Controlling Shareholder Fsilon Holdings | August 3, 2020 | Yes | Thirty-six months from the listing date | Yes | | Commitments Related to Initial Public Offering | Share Lock-up | Actual Controllers Shen Zhenghua, Wang Xuejuan | August 3, 2020 | Yes | Thirty-six months from the listing date | Yes | | Commitments Related to Initial Public Offering | Share Lock-up | Shareholders Shen Zhengming, Wang Xuehua | August 3, 2020 | Yes | Thirty-six months from the listing date | Yes | | Commitments Related to Initial Public Offering | Other | Controlling Shareholder, Natural Person Shareholders Holding 5% or More | August 3, 2020 | No | Long-term | Yes | | Commitments Related to Initial Public Offering | Other | Natural Person Shareholders Serving as Company Directors or Senior Management | August 3, 2020 | No | Long-term | Yes | | Commitments Related to Initial Public Offering | Other | Fsilon Stock | August 3, 2020 | No | Long-term | Yes | | Commitments Related to Initial Public Offering | Other | Directors, Supervisors, Senior Management | August 3, 2020 | No | Long-term | Yes | | Commitments Related to Initial Public Offering | Other | Controlling Shareholder, Actual Controllers | August 3, 2020 | No | Long-term | Yes | | Commitments Related to Initial Public Offering | Other | Controlling Shareholder, Actual Controllers, and Directors, Supervisors, Senior Management | August 3, 2020 | No | Long-term | Yes | | Commitments Related to Initial Public Offering | Other | Fsilon Stock | August 3, 2020 | No | Long-term | Yes | | Commitments Related to Initial Public Offering | Other | Actual Controllers and Directors, Supervisors, Senior Management | August 3, 2020 | No | Long-term | Yes | [Section 6 Share Changes and Shareholder Information](index=26&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [I. Changes in Share Capital](index=26&type=section&id=I.%20Changes%20in%20Share%20Capital) The company completed the cancellation of **186,000** repurchased shares on January 7, 2025, resulting in a corresponding decrease in the company's total share capital and registered capital, from **125,915,028** shares to **125,729,028** shares Table of Share Changes | | Quantity Before Change (shares) | Proportion Before Change (%) | Change (+, -) Other (shares) | Change (+, -) Subtotal (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Shares | 125,915,028 | 100 | -186,000 | -186,000 | 125,729,028 | 100 | | 1. RMB Ordinary Shares | 125,915,028 | 100 | -186,000 | -186,000 | 125,729,028 | 100 | | III. Total Shares | 125,915,028 | 100 | -186,000 | -186,000 | 125,729,028 | 100 | - The company completed the cancellation of **186,000** repurchased shares on January 7, 2025, resulting in a change in total shares from **125,915,028** shares to **125,729,028** shares, with a corresponding reduction in registered capital[74](index=74&type=chunk)[75](index=75&type=chunk) [II. Shareholder Information](index=27&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had a total of **3,408** ordinary shareholders. Among the top ten shareholders, Fsilon Investment Holdings Co., Ltd. is the controlling shareholder, and Shen Zhenghua and Wang Xuejuan are the actual controllers, with a concerted action relationship with Wang Xuehua and Shen Zhengming - Total number of ordinary shareholders at the end of the reporting period: **3,408** households[76](index=76&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Fsilon Investment Holdings Co., Ltd. | 72,000,000 | 57.27 | Domestic Non-State-Owned Legal Person | | Shen Zhenghua | 11,520,000 | 9.16 | Domestic Natural Person | | Wang Xuejuan | 4,500,000 | 3.58 | Domestic Natural Person | | Wang Xuehua | 990,000 | 0.79 | Domestic Natural Person | | Shen Zhengming | 990,000 | 0.79 | Domestic Natural Person | | Zhang Long | 947,100 | 0.75 | Domestic Natural Person | | CMB International Securities Limited - Client Funds | 883,800 | 0.70 | Other | | Tang Chunyan | 850,300 | 0.68 | Domestic Natural Person | | Zheng Han | 755,000 | 0.60 | Domestic Natural Person | | Xu Yanyan | 670,700 | 0.53 | Domestic Natural Person | - Fsilon Investment Holdings Co., Ltd., Shen Zhenghua, Wang Xuejuan, Wang Xuehua, and Shen Zhengming are in a concerted action relationship[79](index=79&type=chunk) [Section 7 Bond-Related Information](index=30&type=section&id=Section%207%20Bond-Related%20Information) This section confirms the absence of corporate bonds or convertible bonds issued by the company during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=30&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds or non-financial enterprise debt financing instruments[83](index=83&type=chunk) [II. Convertible Corporate Bonds](index=30&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[83](index=83&type=chunk) [Section 8 Financial Report](index=31&type=section&id=Section%208%20Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and specific financial items [II. Financial Statements](index=31&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=31&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets amounted to **RMB 903,689,656.50**, total liabilities to **RMB 263,470,575.24**, and total owners' equity to **RMB 640,219,081.26** Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Monetary Funds | 212,893,573.97 | 269,125,972.93 | | Financial Assets Held for Trading | 149,892,996.00 | 215,529,726.09 | | Accounts Receivable | 43,335,126.22 | 57,482,068.67 | | Inventories | 82,584,022.37 | 73,061,925.47 | | Total Current Assets | 505,259,631.02 | 624,385,701.21 | | Fixed Assets | 288,330,158.06 | 294,043,244.78 | | Construction in Progress | 23,989,276.08 | 15,335,806.82 | | Total Assets | 903,689,656.50 | 1,010,539,873.59 | | Short-Term Borrowings | 100,478,256.31 | 124,077,993.42 | | Accounts Payable | 80,439,248.09 | 113,538,943.54 | | Total Liabilities | 263,470,575.24 | 324,539,806.78 | | Total Owners' Equity Attributable to Parent Company | 640,219,081.26 | 686,000,066.81 | | Total Liabilities and Owners' Equity | 903,689,656.50 | 1,010,539,873.59 | [Parent Company Balance Sheet](index=33&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets amounted to **RMB 886,125,285.32**, total liabilities to **RMB 255,057,298.69**, and total owners' equity to **RMB 631,067,986.63** Key Data from Parent Company Balance Sheet | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Monetary Funds | 194,422,304.92 | 252,254,294.12 | | Financial Assets Held for Trading | 129,648,996.00 | 194,831,726.09 | | Accounts Receivable | 43,047,821.15 | 57,230,594.73 | | Inventories | 82,584,022.37 | 73,061,925.47 | | Total Current Assets | 461,053,365.19 | 586,765,270.51 | | Long-Term Equity Investments | 35,707,537.73 | 33,257,537.73 | | Fixed Assets | 288,299,769.07 | 293,958,698.51 | | Total Assets | 886,125,285.32 | 998,574,055.99 | | Short-Term Borrowings | 20,497,249.47 | 20,501,649.48 | | Notes Payable | 72,473,587.95 | 103,900,901.40 | | Accounts Payable | 87,565,798.18 | 123,891,833.74 | | Total Liabilities | 255,057,298.69 | 321,942,630.73 | | Total Owners' Equity | 631,067,986.63 | 676,631,425.26 | | Total Liabilities and Owners' Equity | 886,125,285.32 | 998,574,055.99 | [Consolidated Income Statement](index=35&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company achieved operating revenue of **RMB 231,026,036.50**, with a net profit of **RMB -7,612,092.04**, indicating an expanded loss year-on-year. Basic earnings per share were **RMB -0.06/share** Key Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 231,026,036.50 | 244,090,504.82 | | Total Operating Costs | 240,471,983.60 | 253,114,113.51 | | Operating Profit | -7,839,501.72 | -7,422,343.35 | | Total Profit | -9,791,344.08 | -8,131,083.83 | | Net Profit | -7,612,092.04 | -6,027,160.52 | | Net Profit Attributable to Parent Company Shareholders | -7,612,092.04 | -6,027,160.52 | | Basic Earnings Per Share (RMB/share) | -0.06 | -0.05 | | Diluted Earnings Per Share (RMB/share) | -0.06 | -0.05 | [Parent Company Income Statement](index=37&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company achieved operating revenue of **RMB 221,409,008.52**, with a net profit of **RMB -7,844,730.23**, indicating an expanded loss year-on-year Key Data from Parent Company Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 221,409,008.52 | 242,697,646.87 | | Operating Cost | 172,879,278.91 | 191,117,045.37 | | Operating Profit | -8,051,324.72 | -7,742,252.14 | | Total Profit | -9,894,152.13 | -8,435,873.36 | | Net Profit | -7,844,730.23 | -6,140,136.11 | [Consolidated Cash Flow Statement](index=39&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **RMB -14,071,069.89**, a significant improvement from the prior year; net cash flow from investing activities was **RMB 74,877,306.29**, a notable year-on-year increase; and net cash flow from financing activities was **RMB -83,465,148.43** Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -14,071,069.89 | -45,183,380.23 | | Net Cash Flow from Investing Activities | 74,877,306.29 | 12,561,778.93 | | Net Cash Flow from Financing Activities | -83,465,148.43 | -58,586,897.73 | | Net Increase in Cash and Cash Equivalents | -22,660,876.46 | -91,207,708.91 | | Cash and Cash Equivalents at Period End | 60,378,350.21 | 86,247,612.56 | [Parent Company Cash Flow Statement](index=41&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was **RMB -59,542,568.80**, net cash flow from investing activities was **RMB 73,638,528.21**, and net cash flow from financing activities was **RMB -38,354,461.68** Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -59,542,568.80 | -104,023,305.43 | | Net Cash Flow from Investing Activities | 73,638,528.21 | 32,491,778.93 | | Net Cash Flow from Financing Activities | -38,354,461.68 | -17,889,562.16 | | Net Increase in Cash and Cash Equivalents | -24,260,466.70 | -89,420,298.54 | | Cash and Cash Equivalents at Period End | 41,907,081.16 | 67,370,857.39 | [Consolidated Statement of Changes in Owners' Equity](index=43&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the company's consolidated total owners' equity decreased by **RMB 45,780,985.55**, primarily due to net profit losses, cancellation of treasury stock, and profit distribution Key Data from Consolidated Statement of Changes in Owners' Equity | Item | Beginning Balance 2025 (RMB) | Change in Current Period (RMB) | Ending Balance 2025 (RMB) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 125,915,028.00 | -186,000.00 | 125,729,028.00 | | Capital Reserve | 441,234,203.93 | -2,442,572.57 | 438,791,631.36 | | Less: Treasury Stock | 2,628,572.57 | -2,628,572.57 | 0 | | Other Comprehensive Income | 0 | -450,185.11 | -450,185.11 | | Surplus Reserve | 29,657,298.54 | 0 | 29,657,298.54 | | Undistributed Profits | 91,822,108.91 | -45,330,800.44 | 46,491,308.47 | | Total Owners' Equity Attributable to Parent Company | 686,000,066.81 | -45,780,985.55 | 640,219,081.26 | | Total Owners' Equity | 686,000,066.81 | -45,780,985.55 | 640,219,081.26 | [Parent Company Statement of Changes in Owners' Equity](index=47&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the parent company's total owners' equity decreased by **RMB 45,563,438.63**, primarily due to net profit losses, cancellation of treasury stock, and profit distribution Key Data from Parent Company Statement of Changes in Owners' Equity | Item | Beginning Balance 2025 (RMB) | Change in Current Period (RMB) | Ending Balance 2025 (RMB) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 125,915,028.00 | -186,000.00 | 125,729,028.00 | | Capital Reserve | 440,320,234.11 | -2,442,572.57 | 437,877,661.54 | | Less: Treasury Stock | 2,628,572.57 | -2,628,572.57 | 0 | | Surplus Reserve | 29,657,298.54 | 0 | 29,657,298.54 | | Undistributed Profits | 83,367,437.18 | -45,563,438.63 | 37,803,998.55 | | Total Owners' Equity | 676,631,425.26 | -45,563,438.63 | 631,067,986.63 | [III. Company Basic Information](index=51&type=section&id=III.%20Company%20Basic%20Information) The company was registered with the Jiaxing Market Supervision Administration on June 25, 2018, headquartered in Haiyan County, Zhejiang Province, and listed on the Shanghai Stock Exchange on August 3, 2020. Its main business involves the R&D, production, and sales of integrated ceiling and integrated wall panel products, belonging to the building decoration and other construction industries - The company was registered on June 25, 2018, and listed on the Shanghai Stock Exchange on August 3, 2020[116](index=116&type=chunk) - The company's registered capital is **RMB 125,729,028.00**, with a total of **125,729,028** shares[116](index=116&type=chunk) - Its main business is the R&D, production, and sales of integrated ceiling and integrated wall panel products, belonging to the building decoration and other construction industries[116](index=116&type=chunk) [IV. Basis of Financial Statement Preparation](index=51&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and management has assessed that there are no events or conditions that would cast significant doubt on the going concern assumption within 12 months from the end of the reporting period - Financial statements are prepared on a going concern basis[117](index=117&type=chunk) - There are no events or conditions that would cast significant doubt on the going concern assumption within 12 months from the end of the reporting period[118](index=118&type=chunk) [V. Significant Accounting Policies and Estimates](index=51&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, financial instruments, expected credit losses for accounts receivable and contract assets, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term prepaid expenses, contract liabilities, employee compensation, share-based payments, revenue recognition, contract costs, government grants, deferred income tax assets/liabilities, and leases, among other significant accounting policies and estimates - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting financial position, operating results, and other information[119](index=119&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss; financial liabilities are classified into four categories, with detailed provisions for recognition, measurement, and derecognition conditions[130](index=130&type=chunk) - Revenue Recognition Principle: Assess individual performance obligations at contract inception, recognize revenue based on whether the performance obligation is satisfied over time or at a point in time, and consider indicators of customer obtaining control of the goods[183](index=183&type=chunk) - Government Grant Recognition: Recognized when both the conditions attached can be met and the grant can be received, classified into asset-related and income-related for accounting treatment[188](index=188&type=chunk) - Deferred Income Tax Assets/Liabilities Recognition: Recognized based on differences between the carrying amounts of assets and liabilities and their tax bases, calculated using the applicable tax rate for the expected period of recovery or settlement[190](index=190&type=chunk) [VI. Taxation](index=72&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, including VAT, corporate income tax, urban maintenance and construction tax, education surcharge, property tax, land use tax, and stamp duty. As a high-tech enterprise, the company enjoys a preferential corporate income tax rate of **15%**, and benefits from VAT immediate refund for software products and VAT additional deduction for advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated as output tax on sales of goods and taxable services, less input tax allowed for deduction in the current period | 9%, 13% | | Corporate Income Tax | Taxable Income | 15%, 20%, 25% | | Property Tax | Levied at 1.2% of the remaining value after a one-time deduction of 30% from the original value of the property; levied at 12% of rental income for rental properties | 1.2%, 12% | | Education Surcharge | Actual Turnover Tax Paid | 3% | | Local Education Surcharge | Actual Turnover Tax Paid | 2% | | Land Use Tax | Land Area | 6 RMB/sqm | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Fsilon Furnishing And Construction Materials Corporation | 15 | | Zhejiang Lishang Building Materials Technology Co., Ltd. | 25 | | Fsilon Construction Engineering (Shanghai) Co., Ltd. | 25 | | Jiaxing Liyang Building Materials Technology Co., Ltd. | 20 | | Zhejiang Ruishiliong Supply Chain Management Co., Ltd. | 20 | - The company is recognized as a high-tech enterprise and pays corporate income tax at a **15%** rate for the current period[199](index=199&type=chunk) - The company's registered software systems enjoy a VAT immediate refund policy for the portion exceeding a **3%** actual tax burden[199](index=199&type=chunk) - The company enjoys the VAT additional deduction policy for advanced manufacturing enterprises, deducting **5%** of the current period's deductible input VAT from the payable VAT amount[199](index=199&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=73&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, financial assets held for trading, accounts receivable, contract assets, accounts receivable financing, prepayments, other receivables, inventories, other current assets, other equity instruments investments, investment properties, fixed assets, construction in progress, intangible assets, long-term prepaid expenses, deferred income tax assets/liabilities, other non-current assets, assets restricted by ownership or use rights, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, other current liabilities, deferred income, share capital, capital reserve, treasury stock, other comprehensive income, surplus reserve, undistributed profits, operating revenue and operating costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, other comprehensive income, cash flow statement items, notes to owners' equity change statement items, and foreign currency monetary items and leases [VIII. R&D Expenses](index=121&type=section&id=VIII.%20R%26D%20Expenses) This section presents the company's R&D expenses by nature of expense, with a total R&D expense of **RMB 10,198,454.52** in the first half of 2025, a decrease from the prior year, and all R&D expenditures are expensed R&D Expenses by Nature of Expense | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 4,363,022.75 | 6,154,862.93 | | Material Consumption | 5,608,114.65 | 5,993,613.91 | | Depreciation and Amortization | 213,873.72 | 196,263.88 | | Other | 13,443.40 | 116,285.11 | | **Total** | **10,198,454.52** | **12,461,025.83** | | Of which: Expensed R&D Expenditures | 10,198,454.52 | 12,461,025.83 | | Capitalized R&D Expenditures | 0 | 0 | [IX. Changes in Consolidation Scope](index=122&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The change in the company's consolidation scope was primarily due to the spin-off of Lishang Building Materials Co. in April 2025, forming two subsidiaries: Lishang Building Materials Co. and Liyang Building Materials Co. - The company spun off Lishang Building Materials Co. in April 2025, forming Lishang Building Materials Co. and Liyang Building Materials Co., with registered capitals of **RMB 23.3 million** and **RMB 6.7 million** respectively[345](index=345&type=chunk) [X. Interests in Other Entities](index=123&type=section&id=X.%20Interests%20in%20Other%20Entities) This section lists the composition of the company's enterprise group, including seven subsidiaries such as Lishang Building Materials Co., Liyang Building Materials Co., and Fsilon Engineering Co., detailing their registered locations, business nature, registered capital, the company's shareholding percentage, and acquisition methods Composition of Enterprise Group | Company Name | Registered Location | Registered Capital (RMB) | Business Nature | Direct Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Lishang Building Materials Co. | Haiyan County | 23,300,000.00 | Manufacturing | 100.00 | Business Combination Under Common Control | | Liyang Building Materials Co. | Haiyan County | 67,000,000.00 | Scientific Research and Technical Services | 100.0 | Spin-off from Lishang Building Materials Co. | | Fsilon Engineering Co. | Shanghai City | 10,000,000.00 | Building Construction | 100.00 | Established by Investment | | Hainan Shiliong Co. | Haikou City | 5,000,000.00 | Business Services | 100.00 | Established by Investment | | Zhejiang Ruishiliong Co. | Haiyan County | 10,000,000.00 | Wholesale Trade | 100.00 | Established by Investment | | Shiliong Huihe (Jiaxing) Co. | Haiyan County | 3,000,000.00 | Business Services | 100.00 | Established by Investment | | Shanghai Shiliong Co. | Shanghai City | 10,000,000.00 | Wholesale Trade | 51.00 | Established by Investment | [XI. Government Grants](index=126&type=section&id=XI.%20Government%20Grants) This section discloses the government grants received by the company during the reporting period. The ending balance of asset-related government grants in deferred income was **RMB 420,094.97**. The total government grants recognized in current profit or loss for the period amounted to **RMB 1,978,200.00**, primarily income-related grants Government Grant Liability Items | Financial Statement Item | Beginning Balance (RMB) | New Grants Added in Current Period (RMB) | Amount Recognized in Non-Operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 492,968.03 | 0 | 0 | 72,873.06 | 420,094.97 | Asset-related | | Total | 492,968.03 | 0 | 0 | 72,873.06 | 420,094.97 | / | Government Grants Recognized in Current Profit or Loss | Type | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Income-related | 1,978,200.00 | 1,505,646.65 | | Total | 1,978,200.00 | 1,505,646.65 | [XII. Risks Related to Financial Instruments](index=127&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company's risk management objective is to balance risk and return, minimizing negative impacts. It primarily faces credit risk, liquidity risk, and market risk. Credit risk is managed by assessing counterparty credit and monitoring accounts receivable, with low credit risk for monetary funds. Liquidity risk is controlled through diversified financing methods and optimized financing structures. Market risk mainly involves interest rate risk, while foreign exchange risk is not significant - Risk Management Objective: To achieve a balance between risk and return, minimize the negative impact of risks on operating performance, and maximize shareholder interests[354](index=354&type=chunk) - Credit Risk: Managed by assessing significant increases in financial instrument credit risk and measuring expected credit losses. Monetary funds are deposited in financial institutions with higher credit ratings, resulting in lower credit risk. Accounts receivable and contract assets are continuously credit-assessed and monitored, with no significant concentration of credit risk[354](index=354&type=chunk)[355](index=355&type=chunk)[356](index=356&type=chunk)[357](index=357&type=chunk) - Liquidity Risk: Utilizes a combination of financing methods such as bill settlement and bank borrowings, and adopts an appropriate mix of long-term and short-term financing to maintain a balance between financing sustainability and flexibility[357](index=357&type=chunk) - Market Risk: Primarily includes interest rate risk (related to floating interest rate bank borrowings) and foreign exchange risk (not significant, as major activities are denominated in RMB)[357](index=357&type=chunk)[358](index=358&type=chunk) [XIII. Disclosure of Fair Value](index=130&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the period, and classified by fair value measurement hierarchy. Financial assets held for trading (primarily bank wealth management products) and accounts receivable financing (digital debt instruments) are the main items, with wealth management products valued using market quotes or market-related information, and accounts receivable financing fair value determined by its face amount Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | 146,892,996.00 | 10,758,756.65 | 157,651,752.65 | | (I) Financial Assets Held for Trading | | 146,892,996.00 | 3,000,000.00 | 149,892,996.00 | | 1. Financial Assets Measured at Fair Value Through Profit or Loss | | 146,892,996.00 | 3,000,000.00 | 149,892,996.00 | | (III) Other Equity Instrument Investments | | | 6,549,814.89 | 6,549,814.89 | | (II) Accounts Receivable Financing | | | 1,208,941.76 | 1,208,941.76 | | Total Assets Measured at Fair Value on a Recurring Basis | | 146,892,996.00 | 10,758,756.65 | 157,651,752.65 | - The Level 2 fair value of wealth management products within financial assets held for trading is the market quote for such products[363](index=363&type=chunk) - Financial assets held for trading measured at Level 3 fair value are wealth management products, valued based on market-related information. Accounts receivable financing consists of digital debt instruments, with fair value determined by their face amount[364](index=364&type=chunk) - The carrying amounts of financial assets and liabilities not measured at fair value (e.g., monetary funds, notes receivable, accounts payable) do not differ significantly from their fair values[365](index=365&type=chunk) [XIV. Related Parties and Related Party Transactions](index=131&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses information on the company's parent company and ultimate controlling parties, and lists key management personnel compensation. The company's parent company is Fsilon Investment Holdings Co., Ltd., and the ultimate controlling parties are Shen Zhenghua and Wang Xuejuan. During the reporting period, key management personnel compensation amounted to **RMB 1.8641 million** Information on the Company's Parent Company | Parent Company Name | Registered Location | Business Nature | Registered Capital (RMB 10,000) | Parent Company's Shareholding in the Company (%) | Parent Company's Voting Rights in the Company (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fsilon Investment Holdings Co., Ltd. | Haiyan County, Zhejiang Province | Industrial Investment | 5,000.00 | 57.18 | 57.18 | - The ultimate controlling parties of the company are Shen Zhenghua and Wang Xuejuan, who collectively hold **69.90%** of the company's equity[367](index=367&type=chunk) Key Management Personnel Compensation | Item | Amount Incurred in Current Period (RMB 10,000) | Amount Incurred in Prior Period (RMB 10,000) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 186.41 | 229.41 | [XVI. Commitments and Contingencies](index=136&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section discloses significant commitments existing at the balance sheet date, primarily performance guarantees signed for the proper execution of engineering projects, amounting to **RMB 3,240,644.61**, with maturity dates ranging from July 2025 to September 2027. There were no other significant contingencies requiring disclosure during the reporting period - The company has significant external commitments: signed performance guarantee agreements with Agricultural Bank of China Co., Ltd. Haiyan County Branch to ensure the proper execution of engineering projects[374](index=374&type=chunk) - As of June 30, 2025, the amount of outstanding performance guarantees was **RMB 3,240,644.61**, with maturity dates ranging

证券之星消息，8月22日装修建材板块较上一交易日上涨0.84%，法狮龙领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。装修建材板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605318 | 法师龙 | 33.49 | 6.35% | 5.40万 | | 1.81亿 | | 603038 | 华立股份 | 17.36 | 4.33% | 40.33万 | | 6.85亿 | | 603737 | 三棵树 | 47.78 | 3.20% | 4.82万 | | 2.25亿 | | 001212 | 中旗新材 | 55.90 | 3.12% | 16.71万 | | 9.31亿 | | 002718 | 友邦吊顶 | 19.66 | 3.04% | 4.67万 | | 9106.96万 | | 002785 | 万里石 | 30.33 | 2.19% | 6.91万 | | 2.10亿 | | 30071 ...

证券之星消息，8月21日装修建材板块较上一交易日上涨0.39%，法狮龙领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。装修建材板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605318 | 法师龙 | 31.49 | 5.32% | 4.80万 | 1.49亿 | | 001212 | 中旗新材 | 54.21 | 4.19% | 17.61万 | 9.52亿 | | 002247 | 聚力文化 | 2.91 | 2.46% | 36.46万 | 1.06亿 | | 002457 | 青龙管业 | 12.27 | 2.34% | - 31.51万 | 3.85亿 | | 002718 | 友邦需顶 | 19.08 | 2.20% | 2.74万 | 5235.05万 | | 300715 | 凯伦股份 | 11.28 | 1.62% | 6.44万 | 7328.60万 | | 300737 | 科顺股份 | 5.4 ...

8月14日，法狮龙大宗交易成交17.7万股，成交额471.53万元，占当日总成交额的9.18%，成交价26.64元，较市场收盘价29.4元折价9.39%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-08-14 | 法狮龙 | 605318 26.64 | 471.53 17.7 | 信达证券股份有限 | 东北证券股份有限 | | | | | | | 公司北京牡丹园证 | 公司太原桃园北路 | | | | | | | bld shoke 11 . Box | Associated collection of the career of the con- | | ...

金融界消息 截至2025年8月13日收盘，法狮龙（605318）报收于29.6元，上涨0.54%，换手率1.92%，成 交量2.41万手，成交金额7177.04万元。 资金流向方面，今日主力资金净流出1103.06万元，占比成交额15.37%。其中，超大单净流出623.82万 元、占成交额8.69%，大单净流出479.25万元、占成交额6.68%，中单净流出流入571.52万元、占成交额 7.96%，小单净流入531.54万元、占成交额7.41%。 通过天眼查大数据分析，法狮龙家居建材股份有限公司共对外投资了7家企业，参与招投标项目48次， 知识产权方面有商标信息389条，专利信息806条，此外企业还拥有行政许可19个。 来源：金融界 法狮龙最新一期业绩显示，截至2025一季报，公司营业总收入8777.36万元、同比减少1.38%，归属净利 润796.11万元，同比减少559.56%，扣非净利润893.39万元，同比减少823.35%，流动比率2.128、速动比 率1.791、资产负债率27.16%。 天眼查商业履历信息显示，法狮龙家居建材股份有限公司，成立于2007年，位于嘉兴市，是一家以从事 家具制造业为 ...

Core Viewpoint - The company, Fashilong Home Building Materials Co., Ltd., is struggling to turn around its performance after over a year of transitioning to prefabricated interior decoration, leading to a strategic share transfer to introduce new investors [1][3]. Group 1: Share Transfer and Financial Performance - Fashilong's controlling shareholder plans to transfer 25.29% of its shares for a total of 846 million yuan, with the share price set at 26.62 yuan per share [2][3]. - Following the share transfer, the controlling shareholder's stake will decrease from 57.27% to 31.98%, while the new investors will collectively hold 25.29% of the shares [2][3]. - The company reported a significant decline in net profit from 64.19 million yuan in 2020 to a loss of 28.99 million yuan in 2024, marking a 325.69% decrease [3][4]. Group 2: Business Transition and Market Strategy - Fashilong is accelerating its transition to a prefabricated interior decoration enterprise, aiming to leverage its traditional strengths in ceiling and wall systems [1][5]. - The company is focusing on research and development in prefabricated space products to address market demands in the current economic climate [5][6]. - Local government policies in Jiaxing are supporting the growth of the smart decoration industry, with a target of achieving an industry output value of 40 billion yuan by 2025 [5][6]. Group 3: Competitive Landscape and Challenges - The integrated ceiling business has seen a revenue decline of over 19%, with gross margins dropping from 25.40% in 2023 to 14.45% in 2024 [3][4]. - The market for integrated ceilings is becoming increasingly competitive, with companies expanding their product lines to meet consumer demands for personalization and style [4][5]. - The transition to prefabricated interior decoration requires significant investment in production line upgrades and talent acquisition, as traditional construction methods differ from the needs of prefabricated solutions [7].