Core Insights - In the first half of 2025, the company reported a revenue of 766 million yuan, representing a year-on-year increase of 1.38% [1] - The net profit attributable to the company was 7.47 million yuan, showing a significant decline of 78.52% compared to the previous year [1] - The decline in profit is attributed to reduced revenue from the traditional ambient yogurt business, a decrease in market share in the dairy beverage sector, and weak downstream customer demand [1] Revenue and Profit Analysis - The company's revenue for the first half of 2025 was 7.66 billion yuan, which is a slight increase from the previous year [1] - The net profit of 746.61 million yuan indicates a substantial drop, primarily due to increased sales and marketing expenses, which have risen significantly compared to the previous year [1] Business Development and Strategy - The company is optimizing its revenue structure, with new product lines experiencing rapid growth [1] - There has been a notable increase in research and development expenses, with the functional strain resource library expanding from over 6,000 strains at the end of last year to over 50,000 strains [1] - The successful development of low-temperature probiotic beverages marks a significant business breakthrough, and the company plans to continue investing in R&D to enhance its probiotic product matrix [1]

人民财讯8月25日电，均瑶健康（605388）8月25日晚间披露2025年半年报，上半年实现营业收入7.66亿 元，同比增长1.38%；归母净利润746.61万元，同比下降78.52%；基本每股收益0.0124元。归属于上市 公司股东的净利润同比下降，主要系报告期内：1.公司传统常温乳酸菌业务收入水平较去年同期减少。 2.公司销售费用及市场费用较去年同期有较大幅度增长。3.公司加大研发费用的投入。 ...

证券代码：605388 证券简称：均瑶健康 公告编号：2025-049 湖北均瑶大健康饮品股份有限公司 2025 年半年度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十二 号——酒制造》的相关规定，现将湖北均瑶大健康饮品股份有限公司（以下简称 "公司"）2025 年半年度主要经营数据（未经审计）公告如下： 单位：元 | 产品类别 | 2025 年 1-6 业务收入 | 月主营 | 2024 年 1-6 月主营 业务收入 | 变动比例 | | --- | --- | --- | --- | --- | | 益生菌饮品 | 261,380,163.49 | | 337,017,330.69 | -22.44% | | 益生菌食品 | 168,435,252.25 | | 86,233,572.60 | 95.32% | | 其他饮品和食品 | 73,182,954.32 | | 24,741,518.08 | 195.79% | | 商品供应链 ...

第四届监事会第十二次会议决议公告 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 湖北均瑶大健康饮品股份有限公司（以下简称"公司"）第四届监事会第 十二次会议于 2025 年 8 月 22 日下午在公司会议室以现场会议方式召开，本次会 议通知于 2025 年 8 月 12 日以电子邮件形式送达公司全体监事。本次会议由监事 会主席林乃机先生主持。会议应出席监事 3 人，实际出席监事 3 人。本次会议的 召开符合《公司法》和《公司章程》等有关规定。 证券代码：605388 证券简称：均瑶健康 公告编号：2025-048 湖北均瑶大健康饮品股份有限公司 1 表决结果：同意：3 票，反对：0 票，弃权：0 票。 （二）审议通过《关于 2025 年半年度募集资金存放与实际使用情况的专项 报告的议案》 监事会认为：公司 2025 年半年度募集资金存放与使用情况符合《上市公司 募集资金监管规则》和《上海证券交易所上市公司公告格式：第十三号 上市公 司募集资金相关公告》等法律、法规的相关规定，募集资金的管理与使用不存在 ...

湖北均瑶大健康饮品股份有限公司 第五届董事会第十六次会议决议公告 证券代码：605388 证券简称：均瑶健康 公告编号：2025-047 表决结果：同意：9 票，反对：0 票，弃权：0 票。 此议案经第三届审计委员会第十一次会议审议通过。 1 （二）审议通过《关于 2025 年半年度募集资金存放与实际使用情况的专项 报告的议案》 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的《湖北 均瑶大健康饮品股份有限公司关于 2025 年半年度募集资金存放与实际使用情况 的专项报告》（公告编号：2025-050）。 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 湖北均瑶大健康饮品股份有限公司（以下简称"公司"）第五届董事会第 十六次会议于 2025 年 8 月 22 日下午在公司会议室以现场结合通讯会议方式召 开，本次会议通知于 2025 年 8 月 12 日以电子邮件形式送达公司全体董事。本次 会议由公司董事长王均豪先生主持。会议应出席董事 9 人，实际出席董事 9 人， 公司监事和 ...

Core Viewpoint - Junyao Health (605388.SH) reported a revenue of 766 million yuan for the first half of 2025, reflecting a year-on-year growth of 1.38%, but the net profit attributable to shareholders decreased by 78.52% to 7.47 million yuan, indicating significant challenges in the current market environment [1] Financial Performance - The company's revenue for the reporting period was 766 million yuan, which is a 1.38% increase compared to the previous year [1] - The net profit attributable to shareholders was 7.47 million yuan, showing a substantial decline of 78.52% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.66 million yuan, down 94.44% year-on-year [1] - Basic earnings per share were reported at 0.0124 yuan [1] Business Challenges - The decline in net profit is primarily attributed to a decrease in revenue from the traditional ambient yogurt business, which faced pressure from the consumer environment and a reduction in market share for dairy beverages [1] - Increased sales and marketing expenses compared to the previous year have further compressed profit margins, despite the rapid development of new product lines [1] - The company has significantly increased its investment in research and development, expanding its functional strain resource bank from over 6,000 strains to 50,000 strains [1] Future Outlook - The company successfully developed a low-temperature probiotic beverage, marking a breakthrough in its business [1] - Continued investment in research and development is planned to support the creation of new probiotic product lines [1]

湖北均瑶大健康饮品股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况的 专项报告 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。 根据《上海证券交易所股票上市规则》、《上市公司募集资金监管规则》和 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，湖 北均瑶大健康饮品股份有限公司（以下简称"公司"或"均瑶健康"）董事会对 2025 年半年度募集资金存放与使用情况专项报告说明如下： 证券代码：605388 证券简称：均瑶健康 公告编号：2025-050 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于核准湖北均瑶大健康饮品股份有限公司首 次公开发行股票的批复》（证监许可[2020]1568 号）核准，公司向社会公众投 资者发行人民币普通股（A 股）70,000,000.00 股，发行价格为每股 13.43 元， 募集资金总额 940,100,000.00 元，扣除各项发行费用后，募集资金净额为人民 币 883,560,100.00 元。截至 2020 ...

[Definitions](index=4&type=section&id=Definitions) This section defines key terms used in the report, including company names, related parties, product categories, industry-specific terms, and clarifies the reporting period - "Juneyao Dairy", "Juneyao Health Drinks", and "Company" all refer to Hubei Juneyao Health Drinks Co., Ltd[12](index=12&type=chunk) - The report details product classifications such as "protein drinks", "milk-containing drinks", "plant protein drinks", and "lactic acid bacteria drinks"[12](index=12&type=chunk) - Professional terms like "probiotics", "strains", "bacterial species", and "postbiotics" are clearly defined[12](index=12&type=chunk) - This reporting period refers to **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, registered address changes, stock overview, and key financial indicators for H1 2025, noting a significant net profit decline [Company Information](index=5&type=section&id=Company%20Information) This section introduces the company's full Chinese name, abbreviation, foreign name, and legal representative, clarifying its basic identity - The company's Chinese name is Hubei Juneyao Health Drinks Co., Ltd., abbreviated as Juneyao Health[15](index=15&type=chunk) - The company's legal representative is Wang Junhao[15](index=15&type=chunk) [Contact Person and Information](index=5&type=section&id=Contact%20Person%20and%20Information) This section provides the names and contact details of the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Guo Qin, and the Securities Affairs Representative is Yu Yi, both with contact number **021-51155807**[16](index=16&type=chunk) - The company's contact address is Building 1, No. 2, Kangqiao East Road, Pudong New Area, Shanghai[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered address changed in 2024, while the office address remained unchanged - The company's registered address changed in 2024 from "No. 257 Yixing Avenue, Yiling District, Yichang City" to "No. 22 Dongcheng Road, Dongcheng Urban-Rural Integrated Development Experimental Zone, Yiling District, Yichang City"[17](index=17&type=chunk) - The company's office address is Building 1, No. 2, Kangqiao East Road, Pudong New Area, Shanghai[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's selected newspapers for information disclosure, the website address for semi-annual reports, and the location for document custody, with no changes during the reporting period - The company's selected newspapers for information disclosure include "China Securities Journal", "Securities Times", "Shanghai Securities News", and "Securities Daily"[18](index=18&type=chunk) - The semi-annual report is published on **www.sse.com.cn** and **https://juneyaodairy.com**[18](index=18&type=chunk) [Company Stock Overview](index=5&type=section&id=Company%20Stock%20Overview) This section provides the company's stock type, listing exchange, stock abbreviation, and stock code, clarifying its basic information in the capital market - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) - The stock abbreviation is Juneyao Health, and the stock code is **605388**[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's H1 2025 operating revenue slightly increased, but total profit and net profit significantly declined due to reduced traditional business, increased sales expenses, and higher R&D investment [Key Accounting Data](index=6&type=section&id=Key%20Accounting%20Data) In H1 2025, operating revenue grew 1.38% year-on-year, but total profit and net profit attributable to shareholders decreased by 94.60% and 78.52% respectively, with negative net cash flow from operating activities 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 766,343,268.48 | 755,877,077.04 | 1.38 | | Total Profit | 2,521,131.26 | 46,701,018.65 | -94.60 | | Net Profit Attributable to Shareholders of Listed Company | 7,466,072.75 | 34,762,738.32 | -78.52 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 1,661,215.13 | 29,884,975.33 | -94.44 | | Net Cash Flow from Operating Activities | -123,103,499.36 | -100,270,624.02 | N/A | | **Current Period End** | **Prior Year End** | **Change (%)** | | | Net Assets Attributable to Shareholders of Listed Company | 1,725,484,298.69 | 1,772,911,604.62 | -2.68 | | Total Assets | 2,050,332,780.88 | 2,313,498,343.10 | -11.38 | [Key Financial Indicators](index=6&type=section&id=Key%20Financial%20Indicators) In H1 2025, basic and diluted EPS decreased by 78.58% year-on-year, and weighted average ROE decreased by 1.3759 percentage points, driven by traditional business pressure, increased sales expenses, and higher R&D investment 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | Current Period (Jan－Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan／share) | 0.0124 | 0.0579 | -78.5838 | | Diluted Earnings Per Share (yuan／share) | 0.0124 | 0.0579 | -78.5838 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan／share) | 0.0028 | 0.0498 | -94.3775 | | Weighted Average Return on Net Assets (%) | 0.4237 | 1.7996 | Decreased by 1.3759 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 0.0943 | 1.5471 | Decreased by 1.4528 percentage points | - Net profit attributable to shareholders of the listed company decreased by **78.52%** compared to H1 2024, primarily due to reduced revenue from traditional room-temperature lactic acid bacteria business, substantial increases in sales and marketing expenses, and increased R&D investment[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for H1 2025 amounted to 5.80 million yuan, mainly from government grants, fair value changes in financial assets, and disposal gains/losses of non-current assets 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 104,914.97 | | Government grants recognized in current profit/loss | 5,180,632.20 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains/losses of financial assets and liabilities | 1,965,245.42 | | Gains/losses from entrusted investment or asset management | 65,172.53 | | Other non-operating income and expenses apart from the above | -578,162.78 | | Other gains/losses items meeting the definition of non-recurring gains and losses | 815,367.02 | | Less: Income tax impact | 1,808,694.65 | | Minority interest impact (after tax) | -60,382.91 | | **Total** | **5,804,857.62** | [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) In H1 2025, Juneyao Health deepened its "technology-industry-ecology" development, achieving revenue growth through probiotic innovation and channel reform despite traditional business pressure, but expanding expenses led to profit pressure [Explanation of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) In H1 2025, Juneyao Health continued to cultivate the milk-containing and plant protein beverage manufacturing industry, focusing on room-temperature lactic acid bacteria and probiotics, aiming to be a "Global Probiotic Leader" through innovation and integration [Company's Industry](index=8&type=section&id=Company's%20Industry) Juneyao Health operates in "Milk-containing and Plant Protein Beverage Manufacturing", holding a leading position in the room-temperature lactic acid bacteria market, and is committed to becoming a leader in the probiotic sector through R&D and integration - The company's industry is "Milk-containing and Plant Protein Beverage Manufacturing (C1524)" under the broader category of "Alcohol, Beverages and Refined Tea Manufacturing (C15)"[29](index=29&type=chunk) - The company has strong market competitiveness in the room-temperature lactic acid bacteria industry, with a leading market share[29](index=29&type=chunk) - The global probiotic industry output value is expected to exceed **$77 billion** by 2025, with China's market share exceeding **25%**[30](index=30&type=chunk) - Juneyao Health achieves integrated layout of probiotic R&D, production, and sales through internal and external collaborative R&D and integration of Juneyao Runying[30](index=30&type=chunk) [Main Business, Products or Services](index=8&type=section&id=Main%20Business,%20Products%20or%20Services) The company's main business is the R&D, production, and sales of probiotic health foods and room-temperature lactic acid bacteria series beverages, maintaining a leading position while actively promoting integrated probiotic industrial chain development and launching new functional products - The company's main business is the R&D, production, and sales of probiotic health foods and room-temperature lactic acid bacteria series beverages, aiming to become a "Global Probiotic Leader"[30](index=30&type=chunk) - The company maintains a leading position in the room-temperature lactic acid bacteria industry, enhancing product competitiveness by adding exclusive core functional strains and deeply cultivating existing channels[31](index=31&type=chunk) - The company has reserved dozens of unique functional strains and integrated Juneyao Runying, building an integrated "R&D-production-sales" closed-loop industrial chain system[31](index=31&type=chunk) - The company's main products include Weidongli Classic Lactic Acid Bacteria, Active Probiotic Drinks, Daily Meiyan/Meimeng/Jingcai/Nutrition/Hongyan functional probiotic drinks, probiotic fruit juice drinks, probiotic sodas, Juneyao Xianmei Healthy Flash-dissolving Probiotics, Yangdao Meiyitian Probiotics, Probiotic Micro-effervescent Tablets, Daily Doctor series (Fiber, Multivitamin, Xiao Xie Ti Qing), and 500 billion Probiotics[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) [Company's Business Model](index=13&type=section&id=Company's%20Business%20Model) Juneyao Health employs a "production based on sales" procurement model, a hybrid production model with self-owned and contract factories, and a diversified sales model primarily through distribution, enhanced by digital tools for supply chain optimization - The company's procurement model is based on sales, production based on procurement, while considering inventory, with raw materials centrally procured by the company[37](index=37&type=chunk) - The production model combines self-owned factories (Hubei Yichang, Zhejiang Quzhou) with contract manufacturers, with plans to gradually reduce the proportion of contract manufacturing output[37](index=37&type=chunk)[38](index=38&type=chunk) - Lactic acid bacteria beverages are mainly sold through a distribution model, with the market concentrated in sinking county markets of second and third-tier cities[38](index=38&type=chunk)[39](index=39&type=chunk) - Juneyao Runying's sales model is direct sales, providing probiotic raw powder products and terminal products, including standard and customized service products[39](index=39&type=chunk)[40](index=40&type=chunk) - The supply chain sales model integrates direct sales, online sales, platform sales, and wholesale market radiation, utilizing big data and artificial intelligence for market forecasting and strategy formulation[40](index=40&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, Juneyao Health achieved resilient revenue growth through probiotic new product cultivation and channel innovation amidst a complex economic environment, but expanding expenses led to profit pressure, while making significant progress in R&D, product innovation, channel expansion, and brand marketing [Building a Strong Probiotic Strain Strength Barrier, Activating Probiotic+ Product Innovation Potential](index=14&type=section&id=Building%20a%20Strong%20Probiotic%20Strain%20Strength%20Barrier,%20Activating%20Probiotic%2B%20Product%20Innovation%20Potential) In H1, Juneyao Health's R&D investment increased by 26.18%, collaborating with universities on functional strains and successfully applying them, building a "Probiotic+" multi-brand ecosystem, and achieving breakthroughs in low-temperature live bacteria beverages - R&D investment in the first half was **19.8193 million yuan**, a year-on-year increase of **26.18%**, focusing on breakthroughs in functional strain development and industrial application[42](index=42&type=chunk) - The company co-established joint laboratories with Jiangnan University and Northeast Agricultural University, with Lactobacillus plantarum Lp-G18 winning four international honors, and Bifidobacterium bifidum CCFM1166 obtaining national invention patent certification[42](index=42&type=chunk) - Juneyao Runying Research Institute has independently developed a germplasm resource library of over **50,000 strains** and successfully exported to over **80 countries**[42](index=42&type=chunk) - The company proposed "Six Diamond Standards for Scientific Strain Selection" and "COMMON CORE+X" formula, winning the iSEE Global Food Innovation Award for Annual Innovation Technology[43](index=43&type=chunk) - Juneyao Health comprehensively expanded into segmented probiotic product tracks, launching the Slimming Check-in Diary gift box and the fourth-generation probiotic micro-effervescent tablets, with overseas revenue increasing by **101.28%** year-on-year[43](index=43&type=chunk)[44](index=44&type=chunk) - Juneyao Weidongli completed the layout of **5 beverage product lines**, achieving breakthroughs in low-temperature live bacteria beverages, launching the "Live Bacteria Bottle" series, and winning multiple industry awards[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) [Channel + Brand Marketing Two-Wing Synergy, Driving Dual Growth in Health Beverages and Probiotic Business](index=15&type=section&id=Channel%20%2B%20Brand%20Marketing%20Two-Wing%20Synergy,%20Driving%20Dual%20Growth%20in%20Health%20Beverages%20and%20Probiotic%20Business) Despite a sluggish consumer market and declining traditional lactic acid bacteria beverage revenue, Juneyao Health achieved steady progress through instant retail and convenience store expansion, and a 686.42% increase in e-commerce sales, while intensifying brand promotion and professional image building - In the first half, the consumer market remained sluggish, with the market share of milk-containing beverages decreasing by nearly **13%** year-on-year, and traditional lactic acid bacteria beverage revenue declining[48](index=48&type=chunk) - Juneyao Health's e-commerce channel sales increased by **686.42%** year-on-year[48](index=48&type=chunk) - The company focused on promoting distribution in national TOP100 convenience stores and well-known chain systems, collaborating with brands like Lawson, 7-11, and Xinjia Yi, achieving rapid new product penetration[49](index=49&type=chunk) - Probiotic beverage and probiotic food revenue reached **430 million yuan**, building a second growth curve[50](index=50&type=chunk) - Announced Zhao Youting as the brand ambassador for Juneyao Weidongli, utilizing AIGC technology and digital human technology to enhance brand communication effectiveness, with exposure exceeding **76.845 million** times[50](index=50&type=chunk)[51](index=51&type=chunk) - Collaborated with nutritionists and experts to jointly launch health initiatives and released the "Health Red Book", promoting the concept of scientific strain selection and precise probiotic supplementation[51](index=51&type=chunk) [Activating Three Core Driving Forces, Building a New Ecosystem of Industry-Academia-Research-Application Collaboration](index=16&type=section&id=Activating%20Three%20Core%20Driving%20Forces,%20Building%20a%20New%20Ecosystem%20of%20Industry-Academia-Research-Application%20Collaboration) Juneyao Health built a new ecosystem of industry-academia-research-application collaboration by deepening university-enterprise collaboration, technological breakthroughs, and capacity expansion, optimizing supply chain management through digital tools and practicing green production - The company deepened cooperation with universities such as Jiangnan University and Northeast Agricultural University to advance clinical validation and industrialization of anti-Helicobacter pylori strains and sleep-regulating strains[52](index=52&type=chunk) - Established a beverage R&D center, built a probiotic × fermentation technology × low-temperature cold chain management system, achieving UHT instantaneous sterilization and aseptic cold filling technology[53](index=53&type=chunk) - Juneyao Runying possesses a germplasm resource library of over **50,000 independently intellectual property probiotic strains**, holding over **70 national invention patents**, with more than **35 commercially available strains**[60](index=60&type=chunk) - Juneyao Runying achieved breakthroughs in strain R&D in metabolic health, sports nutrition, and oral health, and applied them to various functional foods[54](index=54&type=chunk) - The two self-owned factories in Yichang and Quzhou obtained multiple beverage production licenses, and Juneyao Runying's Shanghai bacterial powder factory completed automated fermentation system upgrades, becoming one of Asia's largest single-unit probiotic raw material suppliers[55](index=55&type=chunk) - Built an integrated "raw material-product-channel" model through Fanyuan Supply Chain, introducing digital tools to optimize order processing, inventory management, and logistics distribution[55](index=55&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=18&type=section&id=Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Juneyao Health's core competitiveness stems from its first-mover advantage in room-temperature lactic acid bacteria, integrated probiotic industrial chain, leading technology, quality raw materials, mature management, dual sales system, flexible production capacity, and robust quality control and innovation - The company is one of the earliest brand enterprises in China to produce and sell room-temperature lactic acid bacteria beverages, possessing a first-mover advantage and unique production processes[59](index=59&type=chunk) - Through the integration of Juneyao Runying and Fanyuan Supply Chain, it has initially established an integrated "raw material-product-channel" ecosystem model, becoming one of the few enterprises in China covering the entire probiotic industrial chain[60](index=60&type=chunk) - The company collaborates with world-class universities, reserving over a dozen functional probiotic strains with unique properties, possessing significant technological barrier advantages in postbiotic beverages and live bacteria product matrix[61](index=61&type=chunk) - The company adopts a procurement model for raw materials based on sales, production based on procurement, while considering inventory and procurement cycles, and strictly controls raw material quality[62](index=62&type=chunk) - The company possesses mature management experience and strong brand promotion capabilities, enhancing brand visibility through a "regional and city (cluster) manager management system" and multi-format advertising[62](index=62&type=chunk) - The company has established a dual sales system covering sinking county markets in second and third-tier cities in China and over **80 countries and regions** overseas[63](index=63&type=chunk)[64](index=64&type=chunk) - The company adopts a capacity model combining self-owned factory production and contract manufacturing, effectively supplementing capacity and optimizing market layout[65](index=65&type=chunk) - The company has a sound internal quality control system, covering all links including procurement, production, warehousing, distribution, and sales[65](index=65&type=chunk) - The company focuses on self-developed Chinese strains, with "Probiotic+X" as the product innovation direction, targeting specific audiences, and expanding consumption scenarios and segmented products[65](index=65&type=chunk) [Main Operating Conditions During the Reporting Period](index=20&type=section&id=Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section details the company's main business, assets and liabilities, and investment status, noting slight revenue growth but profit pressure from increased sales and R&D expenses, alongside shifts in asset-liability structure and investment activities [Main Business Analysis](index=20&type=section&id=Main%20Business%20Analysis) The company's main business revenue slightly increased, but significant increases in sales and R&D expenses led to a substantial decline in total profit and net profit, primarily due to upfront costs from e-commerce and new retail channel expansion Financial Statement Related Items Fluctuation Analysis Table (Unit: yuan) | Item | Current Period Amount | Prior Year Period Amount | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 766,343,268.48 | 755,877,077.04 | 1.38 | | Operating Cost | 516,907,131.48 | 529,970,670.44 | -2.46 | | Sales Expenses | 161,485,037.34 | 94,631,761.43 | 70.65 | | Administrative Expenses | 68,534,117.01 | 66,945,954.95 | 2.37 | | Financial Expenses | 443,330.85 | -1,587,615.82 | N/A | | R&D Expenses | 19,819,312.92 | 15,707,308.16 | 26.18 | | Net Cash Flow from Operating Activities | -123,103,499.36 | -100,270,624.02 | N/A | | Net Cash Flow from Investing Activities | 84,002,261.87 | -167,010,818.33 | N/A | | Net Cash Flow from Financing Activities | -49,579,106.29 | -76,225,273.67 | N/A | - Sales expenses increased significantly by **70.65%**, mainly due to the company optimizing its revenue structure, achieving rapid development in new product business, but with a simultaneous substantial increase in upfront sales and marketing expenses from the expansion of e-commerce and new retail channels[67](index=67&type=chunk) - Net cash flow from investing activities turned positive, mainly due to increased cash received from investment recovery and disposal of long-term assets, and decreased cash paid for the construction of long-term assets in the current period[68](index=68&type=chunk) [Analysis of Assets and Liabilities](index=20&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets decreased by 11.38% and net assets attributable to shareholders by 2.68%, with significant reductions in monetary funds and transactional financial assets, an increase in other non-current assets, and a 42.23% decrease in total current liabilities Asset and Liability Status Changes (Unit: yuan) | Item Name | Current Period End Amount | Current Period End % of Total Assets | Prior Year End Amount | Prior Year End % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 146,559,138.08 | 7.15 | 244,841,096.47 | 10.58 | -40.14 | | Transactional Financial Assets | 61,940,666.67 | 3.02 | 154,845,833.35 | 6.69 | -60.00 | | Notes Receivable | 17,000,000.00 | 0.83 | - | - | N/A | | Receivables Financing | 11,650,000.00 | 0.57 | - | - | N/A | | Other Receivables | 67,611,294.05 | 3.30 | 123,815,964.68 | 5.35 | -45.39 | | Construction in Progress | 25,436,645.05 | 1.24 | 48,749,064.41 | 2.11 | -47.82 | | Other Non-current Assets | 23,355,880.12 | 1.14 | 5,431,088.60 | 0.23 | 330.04 | | Short-term Borrowings | 10,000,666.67 | 0.49 | - | - | N/A | | Notes Payable | 15,918,015.43 | 0.78 | 25,898,521.99 | 1.12 | -38.54 | | Accounts Payable | 135,488,675.86 | 6.61 | 199,124,433.81 | 8.61 | -31.96 | | Contract Liabilities | 44,123,984.89 | 2.15 | 160,445,928.55 | 6.94 | -72.50 | | Other Current Liabilities | 5,506,134.80 | 0.27 | 20,593,708.23 | 0.89 | -73.26 | | Lease Liabilities | 4,608,003.48 | 0.22 | 7,695,529.16 | 0.33 | -40.12 | - The decrease in monetary funds was mainly due to increased cash outflows for dividend payments, market, and R&D investments in the current period[71](index=71&type=chunk) - The decrease in contract liabilities was mainly due to prepaid dealer payments meeting revenue recognition conditions and being recognized as sales revenue during the reporting period[71](index=71&type=chunk) [Analysis of Investment Status](index=22&type=section&id=Analysis%20of%20Investment%20Status) At the end of the reporting period, total investment remained at 271.1188 million yuan, with continued investment in fundraising projects and redemption of some financial assets, while some projects were adjusted or extended due to market changes Overall Analysis of External Equity Investments (Unit: 10,000 yuan) | Indicator | Amount | | :--- | :--- | | Investment Amount at End of Reporting Period | 27,111.88 | | Change in Investment Amount | 0.00 | | Investment Amount at End of Prior Year | 27,111.88 | | Percentage Change in Investment Amount from Prior Year (%) | 0.00 | - Hubei Juneyao Health Drinks Yichang Industrial Base New Construction Project for 100,000 tons/year Room-Temperature Fermented Milk Beverages and Sci-Tech Innovation Center received **4.9579 million yuan** in raised funds this year[75](index=75&type=chunk) - Hubei Juneyao Health Drinks Zhejiang Quzhou Industrial Base Expansion Project for 100,000 tons/year Room-Temperature Fermented Milk Beverages received **2.5454 million yuan** in self-owned funds this year, and the company decided not to invest further in the construction of a 29,000 tons/year aseptic cold-filling plastic cup product production line[75](index=75&type=chunk) - Transactional financial assets – trust wealth management products were sold/redeemed for **70,000,000.00 yuan** in the current period[77](index=77&type=chunk) - Transactional financial assets – other equity instrument investments were sold/redeemed for **21,000,000.00 yuan** in the current period[77](index=77&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section discloses subsidiaries significantly impacting net profit, with Juneyao Group Shanghai Food and Juneyao Runying Biotechnology being profitable, while others like Juneyao Food (Quzhou) and Fanyuan (Shanghai) Supply Chain incurred losses Major Holding and Participating Companies (Unit: 10,000 yuan) | Company Name | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Juneyao Group Shanghai Food Co., Ltd. | Food Distribution | 1,000.00 | 92,888.03 | 7,494.45 | 32,286.59 | 538.14 | | Juneyao Food (Quzhou) Co., Ltd. | Beverage Production and Sales | 3,000.00 | 17,905.37 | 5,025.56 | 6,120.33 | -318.27 | | Fanyuan (Shanghai) Supply Chain Co., Ltd. | Supply Chain | 10,000.00 | 25,125.17 | 499.44 | 30,584.17 | -496.03 | | Juneyao Runying Biotechnology (Shanghai) Co., Ltd. | Food Production and Sales | 29,506.28 | 24,172.29 | -16,454.26 | 10,364.57 | 391.35 | | Shanghai Weishengtai Technology Co., Ltd. | Food Distribution | 715.00 | 1,939.00 | -814.42 | 1,640.98 | -488.45 | | Daily Doctor (Shanghai) Trading Co., Ltd. | Food Distribution | 200.00 | 6,665.61 | -860.36 | 7,140.52 | -488.56 | | Shanghai Jingrui Enterprise Management Co., Ltd. | Business Services | 100.00 | 23,100.52 | -1,183.99 | 557.99 | -153.96 | | Juneyao Food (Huaibei) Co., Ltd. | Food Distribution | 3,000.00 | 9,852.19 | 5,155.73 | 4,884.26 | 189.73 | [Corporate Governance, Environment and Society](index=28&type=section&id=Corporate%20Governance,%20Environment%20and%20Society) This section discloses changes in directors, supervisors, and senior management, the absence of a profit distribution plan, and the progress of the equity incentive plan, alongside the company's active social responsibility in rural revitalization through poverty alleviation [Changes in Company Directors, Supervisors, and Senior Management](index=28&type=section&id=Changes%20in%20Company%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, independent director Mr. Shi Zhanzhong resigned due to term expiration, and Mr. Su Shiyan was approved as a new independent director - Independent director Mr. Shi Zhanzhong resigned due to completing six consecutive years as an independent director of the company[89](index=89&type=chunk) - The company's general meeting of shareholders approved the election of Mr. Su Shiyan as a candidate for independent director of the fifth board of directors[89](index=89&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=28&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none", indicating no distribution or conversion will be carried out - The profit distribution plan or capital reserve conversion plan approved by the board of directors for this reporting period is "none"[6](index=6&type=chunk)[90](index=90&type=chunk) - The number of bonus shares, dividends per 10 shares, and conversion shares per 10 shares are all **0**[90](index=90&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) On April 29, 2025, the company's board of directors and supervisory board approved the "Proposal on Cancelling Part of the Stock Options under the 2022 Stock Option Incentive Plan", indicating an adjustment to the equity incentive plan - On April 29, 2025, the company convened the twelfth meeting of the fifth board of directors and the tenth meeting of the fourth supervisory board, which approved the "Proposal on Cancelling Part of the Stock Options under the 2022 Stock Option Incentive Plan"[91](index=91&type=chunk) [Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=29&type=section&id=Specific%20Situation%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements,%20Rural%20Revitalization,%20etc.) Hubei Juneyao Enci Natural Mineral Water Co., Ltd., as a pilot unit for national mineral resource development asset income poverty alleviation reform, actively fulfills its social responsibilities by assisting rural revitalization through industrial and employment poverty alleviation - Hubei Juneyao Enci Natural Mineral Water Co., Ltd. is a pilot unit for national mineral resource development asset income poverty alleviation reform[93](index=93&type=chunk) - The company contributes to industrial poverty alleviation, with Sanmenhe Village holding a **10%** land share and participating in long-term profit sharing[93](index=93&type=chunk) - The company contributes to employment poverty alleviation, hiring local residents from Sanmenhe Village and surrounding areas as full-time employees, and providing employment for over **10 temporary and casual workers**[93](index=93&type=chunk) [Significant Matters](index=30&type=section&id=Significant%20Matters) This section details the company's significant matters during the reporting period, including commitment fulfillment, disciplinary actions, major related party transactions, raised funds usage, and pending litigation or contingent matters [Fulfillment of Commitments](index=30&type=section&id=Fulfillment%20of%20Commitments) The company's actual controller, shareholders, related parties, and the company itself strictly fulfilled all commitment matters during the reporting period, including share lock-up, prospectus truthfulness, measures to mitigate diluted immediate returns, and incentive plan related commitments - The company's controlling shareholder, Juneyao Group, committed to comply with share reduction ratios and price limits within two years after the lock-up period expires, and to file the reduction plan in advance[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - The company's actual controller, Mr. Wang Jinjin, and shareholders holding **5%** or more, Mr. Wang Junhao, committed to comply with share reduction ratios and price limits within two years after the lock-up period expires, and to file the reduction plan in advance[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - The company committed to initiate a new share repurchase program and compensate investors for losses in accordance with the law if the prospectus contains false records, misleading statements, or major omissions[106](index=106&type=chunk) - The company committed to accelerate main business development, improve operational efficiency, strengthen supervision of raised funds, and improve profit distribution policies to mitigate diluted immediate returns[109](index=109&type=chunk)[110](index=110&type=chunk) - All incentive recipients committed to return all benefits obtained if information disclosure documents contain false records, etc[119](index=119&type=chunk) [Listed Company and its Directors, Supervisors, Senior Management, Controlling Shareholders, Actual Controllers Suspected of Violations, Penalties, and Rectification Status](index=37&type=section&id=Listed%20Company%20and%20its%20Directors,%20Supervisors,%20Senior%20Management,%20Controlling%20Shareholders,%20Actual%20Controllers%20Suspected%20of%20Violations,%20Penalties,%20and%20Rectification%20Status) In June 2025, the company and relevant senior management received public criticism and a warning letter from regulatory bodies for failing to disclose a pre-loss announcement, and the company has actively implemented rectification - In June 2025, the company received the "Shanghai Stock Exchange Disciplinary Action Decision", and due to failure to disclose a pre-loss announcement within the prescribed period, the company and then-Chairman Wang Junhao, then-General Manager Yu Wei, then-CFO Cui Peng, and then-Board Secretary Guo Qin were publicly criticized[121](index=121&type=chunk) - In June 2025, the company received a warning letter from the Hubei Securities Regulatory Bureau of the China Securities Regulatory Commission[122](index=122&type=chunk) - The company has actively implemented rectification and submitted a rectification report, stamped by the company and signed by all directors, supervisors, and senior management, in July 2025[121](index=121&type=chunk) [Major Related Party Transactions](index=37&type=section&id=Major%20Related%20Party%20Transactions) The company's estimated total daily related party transactions for H1 2025 amounted to 10.1983 million yuan, primarily involving procurement, sales, and leasing with related parties, without exceeding the estimated limit 2025 Semi-Annual Daily Related Party Transactions Estimated vs. Actual Execution (Unit: 10,000 yuan) | Related Party Transaction Category | 2025 Annual Estimated Amount | Jan-Jun 2025 Actual Amount | | :--- | :--- | :--- | | Procurement of goods, acceptance of services from related parties | Not exceeding 1,100 | 141.01 | | Sales of goods to related parties | Not exceeding 9,300 | 779.93 | | Leasing property from related parties | Not exceeding 150 | 11.08 | | Leasing property to related parties | Not exceeding 400 | 103.29 | | **Total** | **/** | **1,019.83** | - The company's actual daily related party transactions in the current period did not exceed the estimated amount[124](index=124&type=chunk) [Major Contracts and Their Fulfillment](index=39&type=section&id=Major%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company had no entrustment, contracting, or leasing matters, nor any significant guarantees - During the reporting period, the company had no entrustment, contracting, or leasing matters[131](index=131&type=chunk) - During the reporting period, the company had no significant guarantees[132](index=132&type=chunk) [Explanation of Progress in Use of Raised Funds](index=41&type=section&id=Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) As of the reporting period end, cumulative raised funds investment totaled 832.4042 million yuan, with 4.9579 million yuan invested this year; some projects were changed or extended due to market shifts and strategic adjustments [Overall Use of Raised Funds](index=41&type=section&id=Overall%20Use%20of%20Raised%20Funds) As of the reporting period end, cumulative raised funds investment totaled 832.4042 million yuan, with 4.9579 million yuan invested this year; some projects were changed or terminated, such as the Quzhou factory's aseptic cold-filling production line and reallocation of brand upgrade funds Overall Use of Raised Funds (Unit: 10,000 yuan) | Source of Funds | Total Raised Funds | Adjusted Committed Investment Amount of Raised Funds | Cumulative Investment Amount of Raised Funds at End of Reporting Period | Amount Invested This Year | Total Raised Funds with Changed Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 94,010.00 | 88,356.01 | 83,240.42 | 495.79 | 35,745.40 | - Details of changes in fundraising projects can be found in the "Announcement on Changes in Part of Raised Fund Investment Projects of Hubei Juneyao Health Drinks Co., Ltd." disclosed on November 1, 2022[134](index=134&type=chunk) [Details of Fundraising Projects](index=41&type=section&id=Details%20of%20Fundraising%20Projects) This section details the investment status of each fundraising project, with "Brand Upgrade" and "Runying Bioengineering" 100% complete, while Yichang and Quzhou industrial bases are ongoing, and some projects' feasibility has significantly changed Details of Fundraising Project Use (Unit: 10,000 yuan) | Project Name | Planned Investment Amount of Raised Funds | Cumulative Investment Amount of Raised Funds at End of Reporting Period | Investment Progress (%) | Has Project Feasibility Changed Significantly | | :--- | :--- | :--- | :--- | :--- | | Juneyao Health Drinks Brand Upgrade Construction Project | 12,843.41 | 12,843.41 | 100.00 | Yes (Adjusted total investment of raised funds) | | Runying Bioengineering (Shanghai) Co., Ltd. Bankruptcy Reorganization Project | 26,923.71 | 26,923.71 | 100.00 | No | | Hubei Juneyao Health Drinks Yichang Industrial Base New Construction Project for 100,000 tons/year Room-Temperature Fermented Milk Beverages and Sci-Tech Innovation Center | 41,391.20 | 33,899.81 | 81.90 | No (Extended completion deadline) | | Hubei Juneyao Health Drinks Zhejiang Quzhou Industrial Base Expansion Project for 100,000 tons/year Room-Temperature Fermented Milk Beverages | 9,573.49 | 9,573.49 | 100.00 | Yes (Aseptic cold-filling production line no longer invested) | - The Hubei Yichang Industrial Base project was affected by the general environment, with personnel mobility and material/equipment transportation experiencing some impact, leading to a slowdown in project construction progress and an extension of the completion deadline[138](index=138&type=chunk) - The Zhejiang Quzhou Industrial Base project's original plan for a 29,000 tons/year aseptic cold-filling plastic cup product production line is not expected to generate target economic benefits, and the company decided not to invest further in its construction[138](index=138&type=chunk) - Unused raised funds and special account interest from the "Juneyao Health Drinks Brand Upgrade Construction Project" were reallocated to the "Runying Bioengineering (Shanghai) Co., Ltd. Bankruptcy Reorganization Project" to shift the focus from brand marketing to product R&D[139](index=139&type=chunk) [Share Changes and Shareholder Information](index=46&type=section&id=Share%20Changes%20and%20Shareholder%20Information) During the reporting period, the company's total share capital and structure remained unchanged, with 42,665 common shareholders; the top three shareholders were Shanghai Juneyao (Group), Wang Jinjin, and Wang Junhao, while some directors' and senior management's holdings changed due to share reduction plans [Changes in Share Capital](index=46&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital and share structure remained unchanged - During the reporting period, the company's total share capital and share structure remained unchanged[146](index=146&type=chunk) [Shareholder Information](index=46&type=section&id=Shareholder%20Information) As of the reporting period end, the company had 42,665 common shareholders, with Shanghai Juneyao (Group), Wang Jinjin, and Wang Junhao as the top three, collectively holding over 67% of shares, and the company's repurchase account holding 2.44% - As of the end of the reporting period, the total number of common shareholders was **42,665**[147](index=147&type=chunk) Top Ten Shareholders' Holdings (Unit: shares) | Shareholder Name | Shares Held at Period End | Proportion (%) | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | | Shanghai Juneyao (Group) Co., Ltd. | 196,632,002 | 32.75 | Pledged | 150,800,000 | | Wang Jinjin | 145,593,000 | 24.25 | Pledged | 69,816,272 | | Wang Junhao | 61,628,402 | 10.26 | Pledged | 61,628,401 | | Ningbo Qiyuan Equity Investment Partnership (Limited Partnership) | 4,509,279 | 0.75 | Unrestricted | 0 | | Xin Zenggui | 1,100,000 | 0.18 | Unrestricted | 0 | | Ningbo Rongyin Equity Investment Partnership (Limited Partnership) | 1,020,000 | 0.17 | Unrestricted | 0 | | Hubei Juneyao Health Drinks Co., Ltd. Securities Special Account for Unidentified Holders | 945,000 | 0.16 | Unrestricted | 0 | | Wang Haibin | 942,860 | 0.16 | Unrestricted | 0 | | CITIC Securities Co., Ltd. - Tianhong CSI Food and Beverage ETF | 831,788 | 0.14 | Unrestricted | 0 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 718,641 | 0.12 | Unrestricted | 0 | - The company's special securities account for repurchases held a total of **14,660,000 shares**, accounting for **2.44%** of the company's total share capital[150](index=150&type=chunk) - Mr. Wang Jinjin is the actual controller of Shanghai Juneyao (Group) Co., Ltd., and Mr. Wang Junhao is Mr. Wang Jinjin's younger brother[150](index=150&type=chunk) [Directors, Supervisors, and Senior Management Information](index=48&type=section&id=Directors,%20Supervisors,%20and%20Senior%20Management%20Information) During the reporting period, the shareholdings of some of the company's directors, supervisors, and senior management changed due to the implementation of share reduction plans Changes in Shareholdings of Directors, Supervisors, and Senior Management (Unit: shares) | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Hailong | Director | 732,201 | 552,201 | -180,000 | Implemented share reduction plan | | Zhu Xiaoming | Director | 763,218 | 613,218 | -150,000 | Implemented share reduction plan | | Luo Xiyue | Director and Deputy General Manager | 732,269 | 549,269 | -183,000 | Implemented share reduction plan | | Chen Yanqiu | Supervisor | 183,051 | 137,351 | -45,700 | Implemented share reduction plan | | Zhu Pengfei | Supervisor | 183,067 | 137,367 | -45,700 | Implemented share reduction plan | | Xiang Weibing | Deputy General Manager | 368,134 | 276,134 | -92,000 | Implemented share reduction plan | | Cui Peng | Financial Controller | 173,051 | 129,851 | -43,200 | Implemented share reduction plan | | Guo Qin | Board Secretary | 441,679 | 331,679 | -110,000 | Implemented share reduction plan | [Bond-Related Information](index=49&type=section&id=Bond-Related%20Information) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[155](index=155&type=chunk) - The company has no convertible corporate bonds[155](index=155&type=chunk) [Financial Report](index=50&type=section&id=Financial%20Report) This section includes the company's H1 2025 consolidated and parent company financial statements, with detailed disclosures on basic information, preparation basis, accounting policies, taxation, financial statement items, R&D, consolidation scope, equity in other entities, government grants, financial instrument risks, fair value, related parties, share-based payments, commitments, post-balance sheet events, other matters, parent company financial statement items, and supplementary information [Audit Report](index=50&type=section&id=Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [Financial Statements](index=50&type=section&id=Financial%20Statements) This section includes the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=50&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 2.050 billion yuan, a 11.38% decrease from the previous year-end, with total liabilities at 338 million yuan Key Data from Consolidated Balance Sheet (Unit: yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 2,050,332,780.88 | 2,313,498,343.10 | | Total Current Assets | 832,718,708.88 | 1,080,864,363.47 | | Total Non-current Assets | 1,217,614,072.00 | 1,232,633,979.63 | | Total Liabilities | 337,569,174.76 | 548,716,746.59 | | Total Current Liabilities | 284,317,592.88 | 492,089,332.21 | | Total Non-current Liabilities | 53,251,581.88 | 56,627,414.38 | | Total Equity Attributable to Parent Company Owners | 1,725,484,298.69 | 1,772,911,604.62 | [Parent Company Balance Sheet](index=52&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 1.808 billion yuan, a 4.84% decrease from the previous year-end, with total liabilities at 103 million yuan Key Data from Parent Company Balance Sheet (Unit: yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 1,807,754,604.68 | 1,899,643,929.27 | | Total Current Assets | 1,256,827,788.27 | 1,334,999,606.51 | | Total Non-current Assets | 550,926,816.41 | 564,644,322.76 | | Total Liabilities | 102,870,923.03 | 153,006,585.62 | | Total Current Liabilities | 79,536,499.28 | 129,736,767.22 | | Total Non-current Liabilities | 23,334,423.75 | 23,269,818.40 | | Total Owners' Equity | 1,70

Group 1 - The beverage and dairy sector increased by 1.12% on August 20, with Yiming Food leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] - Yiming Food's stock price rose by 9.99% to 22.91, with a trading volume of 263,700 shares and a transaction value of 578 million yuan [1] Group 2 - The beverage and dairy sector saw a net inflow of 476 million yuan from main funds, while retail funds experienced a net outflow of 212 million yuan [2] - Major stocks in the sector included Yiming Food, which had a net inflow of 105 million yuan from main funds, and Yili Co., which had a net inflow of 283 million yuan [3] - The overall trading activity showed that retail investors were net sellers in several key stocks, including Yiming Food and Junyao Health [3]

Group 1 - The core viewpoint of the report is the projected growth in China's beverage production, with a forecasted output of 18.43 million tons by June 2025, representing a year-on-year increase of 3.2% [1] - In the first half of 2025, China's cumulative beverage production is expected to reach 93.09 million tons, showing a cumulative growth of 2.9% [1] - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports and tailored consulting services [2] Group 2 - The data for the report is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting [3]