Group 1 - The company announced that its 10th sixth board meeting will be held on August 18, 2025 [2] - The meeting will review the proposal regarding the company's 2025 semi-annual report and its summary [2]

[Important Notice](index=2&type=section&id=Important%20Notice) This section emphasizes the board of directors, supervisory board, and senior management's assurance of the semi-annual report's truthfulness, accuracy, and completeness, assuming legal responsibility, with the report being unaudited but key personnel declaring its accuracy. - The board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, with all directors attending the meeting[6](index=6&type=chunk)[7](index=7&type=chunk) - This semi-annual report is unaudited; the company's responsible person, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[8](index=8&type=chunk) - No profit distribution plan is applicable; forward-looking statements do not constitute substantive commitments, and investment risks are highlighted[9](index=9&type=chunk) - There is no non-operating occupation of funds by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures[10](index=10&type=chunk) - During the reporting period, there were no particularly significant risks that had a substantial impact on the company's production and operations[10](index=10&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for common terms used in the report, including company names, major subsidiaries, relevant laws and regulations, and the reporting period, ensuring clear understanding and consistency. - "Company," "the Company," "Shenquan Group," and "Shenquan" all refer to Jinan Shenquan Group Co., Ltd[19](index=19&type=chunk) - Major subsidiary names are listed, such as Shenquan New Material, Shenquan Foundry, Shangbo Pharmaceutical, etc[19](index=19&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[19](index=19&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's basic information, contact details, information disclosure channels, and stock overview, detailing key accounting data and financial indicators for the first half of 2025, showing significant growth in revenue and net profit, increased total assets, but a slight decrease in net assets attributable to the parent company, along with non-recurring gains and losses and net profit after deducting share-based payment impact. - The full name of the company is Jinan Shenquan Group Co., Ltd., abbreviated as Shenquan Group, with Tang Yilin as the legal representative[16](index=16&type=chunk) - The company's shares are listed on the Shanghai Stock Exchange, with stock code 605589[22](index=22&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This subsection presents the company's key accounting data and financial indicators for the first half of 2025, with operating revenue increasing by 15.67% year-on-year, net profit attributable to shareholders of the listed company increasing by 51.19%, and basic earnings per share growing by 46.34%, while total assets increased by 10.50% and net assets attributable to shareholders of the listed company slightly decreased by 1.24%. 2025 First Half Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,350,722,861.01 | 4,625,811,646.28 | 15.67 | | Total Profit | 595,653,685.35 | 403,446,806.33 | 47.64 | | Net Profit Attributable to Shareholders of Listed Company | 500,938,476.44 | 331,323,025.19 | 51.19 | | Net Cash Flow from Operating Activities | -283,010,891.87 | -504,799,240.09 | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (period-end) | 9,952,101,292.43 | 10,077,284,400.74 | -1.24 | | Total Assets (period-end) | 16,280,409,145.70 | 14,733,431,949.34 | 10.50 | 2025 First Half Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.60 | 0.41 | 46.34 | | Diluted Earnings Per Share (yuan/share) | 0.60 | 0.41 | 46.34 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.57 | 0.39 | 46.15 | | Weighted Average Return on Net Assets (%) | 5.01 | 3.40 | Increased by 1.61 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.81 | 3.27 | Increased by 1.54 percentage points | [IX. Non-Recurring Gains and Losses and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This subsection details the non-recurring gains and losses and their amounts for the first half of 2025, totaling **20.05 million yuan**, with government grants and gains from subsidiary investment costs being less than the fair value of identifiable net assets as main positive impacts, and disposal losses of non-current assets and debt restructuring losses as main negative impacts. 2025 First Half Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets, including the write-back of asset impairment provisions | -11,368,482.75 | | Government grants recognized in current profit or loss | 22,360,691.53 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 516,040.00 | | Gains and losses from entrusted investment or asset management | 257,561.11 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 576,184.72 | | Gains from the investment cost of acquiring subsidiaries, joint ventures, and associates being less than the fair value of identifiable net assets at acquisition | 8,478,821.73 | | Debt restructuring gains and losses | -5,023,475.64 | | Other non-operating income and expenses apart from the above | 5,335,518.37 | | Other gains and losses that meet the definition of non-recurring gains and losses | 504,364.63 | | Less: Income tax impact | 3,359,298.76 | | Minority interest impact (after tax) | -1,770,027.82 | | **Total** | **20,047,952.76** | [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=X.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This subsection discloses the company's net profit after deducting the impact of share-based payments for the first half of 2025 was **527.99 million yuan**, a year-on-year increase of **50.30%**, indicating strong profit growth even after excluding equity incentive expenses. Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 527,985,474.92 | 351,293,853.89 | 50.30 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section elaborates on the company's operating performance in the first half of 2025, including its main business, operating model, industry analysis, core competitiveness, and financial performance, highlighting significant progress in chemical new materials, battery energy, and bio-manufacturing, with substantial growth in both revenue and net profit, driven by a "dual-main business driven + full industrial chain synergy" strategy. - The company adheres to a "dual-main business driven + full industrial chain synergy" development direction, focusing on three core areas: chemical new materials, battery energy, and bio-manufacturing[51](index=51&type=chunk) - In the first half of 2025, the company's operating revenue was **5.35 billion yuan**, a year-on-year increase of **15.67%**; net profit attributable to shareholders of the listed company was **501 million yuan**, a year-on-year increase of **51.19%**[52](index=52&type=chunk) - The advanced electronic materials and battery materials business achieved operating revenue of **846 million yuan**, a year-on-year increase of **32.43%**; sales volume was **40,100 tons**, a year-on-year increase of **14.90%**[52](index=52&type=chunk) - Demand for PPO resin surged with the increase in AI server shipments, and the company now possesses comprehensive solution capabilities for the full range of M4 to M9 products[53](index=53&type=chunk) - Porous carbon materials successfully entered the supply chain of mainstream battery manufacturers, developing dual technical routes for phenol-formaldehyde resin-based and reconstituted resin-based silicon-carbon porous carbon materials[54](index=54&type=chunk) - Synthetic resin products achieved operating revenue of **2.81 billion yuan**, a year-on-year increase of **10.35%**; sales volume was **391,800 tons**, a year-on-year increase of **15.48%**[54](index=54&type=chunk) - The biomass industry achieved operating revenue of **516 million yuan**, a year-on-year increase of **26.47%**, with the Daqing production base's "1 million tons/year biomass refining integration (Phase I) project" operating continuously and stably[58](index=58&type=chunk) [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This subsection details the company's main business in R&D, production, and sales of chemical new materials, biomass new materials, and new energy-related products, with phenol-formaldehyde resin and furan resin production and sales ranking first domestically and among the world's top, while also introducing the company's operating models and analyzing its industry situation and technological advantages. [(I) Company's Main Business During the Reporting Period](index=7&type=section&id=(I)%20Company%27s%20Main%20Business%20During%20the%20Reporting%20Period) The company's main business involves the R&D, production, and sales of chemical new materials, biomass new materials, and new energy-related products, with phenol-formaldehyde resin and furan resin production and sales ranking first domestically and among the world's top, serving a wide range of applications, and remaining unchanged during the reporting period. - The company's main business is the R&D, production, and sales of chemical new materials, biomass new materials, and new energy-related products[31](index=31&type=chunk) - Phenol-formaldehyde resin and furan resin production and sales volume rank first domestically and among the world's top[31](index=31&type=chunk) - Products are widely used in various fields, including automotive, wind power, integrated circuits, rail transit, aerospace, and building energy efficiency[31](index=31&type=chunk) - During the reporting period, the company's main business remained unchanged[31](index=31&type=chunk) [(II) Company's Main Operating Model](index=7&type=section&id=(II)%20Company%27s%20Main%20Operating%20Model) The company primarily generates revenue through R&D, production, and sales of chemical new materials, biomass new materials, and new energy-related products, employing centralized procurement for bulk materials, order-driven production managed by an SAP ERP system, and a sales model predominantly based on direct sales, with distribution for international markets. - The profitability model primarily generates revenue through the R&D of technologies, processes, and products, as well as the production and sales of chemical new materials, biomass new materials, and new energy-related products[32](index=32&type=chunk) - The procurement model involves centralized purchasing of bulk materials through public, invited, and negotiated tenders, and an independently developed electronic procurement platform to enhance efficiency and reduce costs[34](index=34&type=chunk) - The production model determines production plans based on customer orders, future market trends, and inventory levels, utilizing an informatized and refined SAP ERP system to manage production processes[35](index=35&type=chunk) - The sales model primarily adopts direct sales, with a buy-out distribution model used for international sales to expand sales channels[36](index=36&type=chunk) [(III) Industry Situation of the Company During the Reporting Period](index=8&type=section&id=(III)%20Industry%20Situation%20of%20the%20Company%20During%20the%20Reporting%20Period) This subsection analyzes the development of the chemical raw materials and chemical products manufacturing industry (advanced electronic materials and battery materials, synthetic resins) and the bio-manufacturing industry, highlighting AI-driven demand for high-frequency and high-speed resins, the growth of battery materials due to new energy vehicles and energy storage, the steady development of synthetic resins, and the high-value utilization of straw through the company's "Shenquan Method" integrated biomass refining technology. - In the first half of 2025, AI technology innovation led the development of the high-frequency and high-speed resin industry, with increasing dielectric performance requirements for high-computing power server PCBs on copper clad laminates[38](index=38&type=chunk) - The company achieved domestic substitution in electronic-grade phenol-formaldehyde resins, special epoxy resins, and other upstream raw materials for CCL/PCB and electronic packaging, and is progressively advancing the development of M8, M9, and other ultra-low loss materials[39](index=39&type=chunk) - In the first half of 2025, the battery materials industry maintained growth driven by new energy vehicle and energy storage demand, with China's total output of power and other batteries increasing by **60.4%** year-on-year[40](index=40&type=chunk) - Silicon-based anode is considered the next-generation ideal anode material, and the company, leveraging its phenol-formaldehyde resin-based porous carbon material, optimizes silane deposition uniformity, significantly enhancing the energy density of silicon-carbon anode batteries[40](index=40&type=chunk)[41](index=41&type=chunk) - In the first half of 2025, China's phenol-formaldehyde resin industry developed steadily, with emerging demands such as insulation materials for new energy vehicles becoming the core driver of industry growth[42](index=42&type=chunk) - The company's phenol-formaldehyde resin production capacity reached **648,600 tons/year**, offering over 800 varieties across 10 major series, and was recognized as a National Manufacturing Single Champion Demonstration Enterprise[43](index=43&type=chunk) - The foundry industry continued stable growth, with lightweight, high-strength castings driven by new energy vehicle lightweighting demand, and precision casting developing towards standardization and intelligence[45](index=45&type=chunk) - Shenquan Group is a National Manufacturing Single Champion Demonstration Enterprise (foundry auxiliary materials), with its production and sales volume of furan resin for foundry ranking first globally[46](index=46&type=chunk) - In the first half of 2025, China's biomass industry maintained steady development under the "dual carbon" strategy, expanding from single energy production to diversified applications such as materials, fuels, and fertilizers[47](index=47&type=chunk) - The company's "Shenquan Method" integrated biomass refining technology was included in the National Development and Reform Commission's "Green Technology Promotion Catalog," achieving efficient separation and high-value utilization of cellulose, hemicellulose, and lignin from straw[49](index=49&type=chunk) - The world's first million-ton-level "Shenquan Method" integrated plant straw refining project (Phase I) was fully commissioned in Daqing City, Heilongjiang Province[50](index=50&type=chunk) [II. Discussion and Analysis of Operating Performance](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) This subsection discusses the company's overall operating performance in the first half of 2025, emphasizing the success of its "dual-main business driven + full industrial chain synergy" strategy, particularly the rapid growth of PPO resin and porous carbon material businesses amidst AI and new energy trends, with all key segments achieving revenue growth through technological innovation and market expansion. - The company adheres to a "dual-main business driven + full industrial chain synergy" development direction, focusing on three core areas: chemical new materials, battery energy, and bio-manufacturing[51](index=51&type=chunk) - Amidst an overall oversupply in the industry, the company achieved counter-cyclical growth through technological innovation and market expansion, successfully entering high-growth sectors with PPO and other low-dielectric resins and porous carbon materials[51](index=51&type=chunk) 2025 First Half Key Operating Data | Indicator | Amount (100 million yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 53.51 | 15.67 | | Net Profit Attributable to Shareholders of Listed Company | 5.01 | 51.19 | | Total Assets (period-end) | 162.80 | 10.50 (period-end vs. prior year-end) | | Total Liabilities (period-end) | 58.05 | - | | Asset-Liability Ratio (period-end) | 35.65% | - | | Total Equity Attributable to Parent Company Shareholders (period-end) | 99.52 | -1.24 (period-end vs. prior year-end) | - Advanced electronic materials and battery materials achieved operating revenue of **846 million yuan**, a year-on-year increase of **32.43%**; sales volume was **40,100 tons**, a year-on-year increase of **14.90%**[52](index=52&type=chunk) - Demand for PPO resin surged with the increase in AI server shipments, and the company now possesses comprehensive solution capabilities for the full range of M4 to M9 products[53](index=53&type=chunk) - In semiconductor packaging materials, the company successfully achieved large-scale production of high-purity liquid epoxy and special epoxy resins for chip packaging, meeting the requirements of advanced packaging processes such as FC-BGA and CoWoS[53](index=53&type=chunk) - Porous carbon materials, critical for enhancing battery performance, successfully entered the supply chain of mainstream battery manufacturers, developing dual technical routes for phenol-formaldehyde resin-based and reconstituted resin-based silicon-carbon porous carbon materials[54](index=54&type=chunk) - Synthetic resin products achieved operating revenue of **2.81 billion yuan**, a year-on-year increase of **10.35%**; sales volume was **391,800 tons**, a year-on-year increase of **15.48%**[54](index=54&type=chunk) - In the foundry materials sector, the company launched new products such as inorganic warm core box binders, annular filters, and 3D printed filters, strengthening its technological barriers and brand influence in niche markets[57](index=57&type=chunk) - The biomass industry achieved operating revenue of **516 million yuan**, a year-on-year increase of **26.47%**; the Daqing production base's "1 million tons/year biomass refining integration (Phase I) project" operated continuously and stably[58](index=58&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) This subsection analyzes the company's six core competencies: a complete industrial chain, strong technological R&D capabilities, excellent product quality, leading environmental advantages, renowned brand influence, and broad market advantages, which collectively underpin its continuous development and market leadership in chemical new materials, biomass new materials, and new energy sectors. - The company possesses a **complete industrial chain**, covering biomass chemical raw materials, synthetic resins, composite materials, advanced electronic materials, and battery materials, with phenol-formaldehyde resin and furan resin production and sales ranking first domestically and among the world's top[60](index=60&type=chunk) - **Technological R&D** is forward-looking, actively participating in customer production process optimization and new product development, with **792 effective patents** accumulated by the end of the reporting period, including **546 authorized invention patents**[61](index=61&type=chunk) - Product performance is stable and **quality is excellent**, fully meeting customer requirements, making the company a qualified material supplier for well-known domestic and international enterprises, and establishing a comprehensive quality, energy, and safety management system[62](index=62&type=chunk) - The company places high importance on **green production**, achieving cost reduction, efficiency improvement, energy saving, and environmental protection through COBT wastewater treatment technology and using lignin to replace furfural alcohol in modified furan resin production, earning recognition as one of the first national "Green Factories"[63](index=63&type=chunk) - The company has received honors such as "National Manufacturing Single Champion Demonstration Enterprise" and "Top Ten Chinese Electronic Chemical Material Enterprises," significantly enhancing the Shenquan brand's recognition and industry influence[65](index=65&type=chunk) - Based on its brand, production scale, and rich product lines, the company maintains long-term cooperative relationships with renowned domestic and international customers through "one-stop procurement and comprehensive services," serving over fifty countries and regions[66](index=66&type=chunk) [IV. Main Operating Performance During the Reporting Period](index=16&type=section&id=IV.%20Main%20Operating%20Performance%20During%20the%20Reporting%20Period) This subsection analyzes the company's main operating performance during the reporting period from three aspects: changes in financial statement items, asset and liability situation, and overseas assets, showing significant growth in operating revenue, total profit, R&D expenses, and net cash flow from financing activities, while administrative expenses and net cash flow from operating activities improved, and total assets increased by 10.50% with substantial increases in short-term and long-term borrowings. [(I) Analysis of Main Business](index=16&type=section&id=(I)%20Analysis%20of%20Main%20Business) This subsection analyzes the changes in the company's main financial statement items, where operating revenue, operating costs, and selling expenses increased due to higher product sales, administrative expenses decreased due to reduced share-based payment expenses and daily operating costs, financial expenses significantly increased due to interest payments on borrowings, R&D expenses grew due to increased investment in new projects and product development, net cash flow from operating activities improved due to increased sales and collections, net cash flow from investing activities saw increased outflow due to higher investment expenditures, and net cash flow from financing activities increased due to borrowings, dividends, and targeted share issuance. Financial Statement Related Item Fluctuation Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,350,722,861.01 | 4,625,811,646.28 | 15.67 | Due to increased product sales | | Operating Costs | 4,022,658,994.94 | 3,554,506,736.40 | 13.17 | Due to increased product sales | | Selling Expenses | 182,471,081.36 | 162,848,906.59 | 12.05 | Due to increased product sales | | Administrative Expenses | 187,698,637.05 | 225,253,220.42 | -16.75 | Primarily due to reduced share-based payment expenses and daily operating costs | | Financial Expenses | 6,539,108.11 | 1,795,500.05 | 264.19 | Primarily due to interest payments on borrowings | | R&D Expenses | 284,982,361.57 | 227,230,184.92 | 25.42 | Primarily due to increased investment in new projects and product R&D | | Net Cash Flow from Operating Activities | -283,010,891.87 | -504,799,240.09 | Not Applicable | Primarily due to increased sales and collections | | Net Cash Flow from Investing Activities | -450,917,230.52 | -227,093,260.19 | Not Applicable | Primarily due to increased investment expenditures | | Net Cash Flow from Financing Activities | 974,358,286.50 | 796,508,410.87 | 22.33 | Primarily due to borrowings, dividends, and targeted share issuance | [(III) Analysis of Assets and Liabilities](index=17&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This subsection analyzes the changes in the company's assets and liabilities at period-end, where monetary funds, receivables, prepayments, inventories, and construction in progress all significantly increased due to operating activities and increased investments, long-term equity investments increased due to external investments, and short-term and long-term borrowings significantly rose due to increased funding needs, with overseas assets accounting for 1.89% of total assets. Asset and Liability Status Changes | Item Name | Current Period-End Amount (yuan) | Prior Year-End Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,391,394,318.75 | 1,218,342,947.63 | 14.20 | Due to increased sales and collections | | Receivables | 2,698,834,475.85 | 2,041,622,838.65 | 32.19 | Due to increased sales | | Prepayments | 583,953,964.67 | 418,440,769.64 | 39.55 | Due to increased prepayments for materials | | Inventories | 2,134,193,327.26 | 1,826,213,740.70 | 16.86 | Due to increased sales and inventory | | Long-Term Equity Investments | 76,856,904.61 | 46,282,981.71 | 66.06 | Due to external investments | | Construction in Progress | 1,796,792,572.62 | 1,351,420,193.58 | 32.96 | Due to increased project investments | | Short-Term Borrowings | 2,321,800,323.68 | 1,544,587,555.41 | 50.32 | Due to increased funding needs | | Long-Term Borrowings | 983,625,468.65 | 279,336,631.16 | 252.13 | Due to increased funding needs | - Overseas assets amounted to **308.29 million yuan**, accounting for **1.89%** of total assets[71](index=71&type=chunk) [(IV) Analysis of Investment Status](index=19&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) This subsection analyzes the company's investment status, including external equity investments and significant non-equity investments, noting the acquisition of **67%** equity in Dingbian Jingqian Quartz Sand Co., Ltd. for **16.31 million yuan**, the establishment of two third-tier subsidiaries, and a planned **1.78 billion yuan** investment by Daqing Shenquan Green Wind Power Co., Ltd. in a 300MW wind power project to promote enterprise transformation and enhance market competitiveness. - The company acquired **67%** equity in Dingbian Jingqian Quartz Sand Co., Ltd. for **16.31 million yuan** in the current period[74](index=74&type=chunk) - The company invested in establishing two third-tier subsidiaries, Rizhao Shenquan Green Biotechnology Co., Ltd. and Shenquan New Material Technology (Zhangjiagang) Co., Ltd., in the current period[74](index=74&type=chunk) - Subsidiary Daqing Shenquan Green Wind Power Co., Ltd. plans to invest **1.78 billion yuan** in the Dulbert Nanyang 300MW wind power project, aiming to promote enterprise transformation and enhance market competitiveness[75](index=75&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=21&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This subsection discloses the company's acquisition and disposal of subsidiaries during the reporting period, including the equity acquisition of Dingbian Jingqian Quartz Sand Co., Ltd. and the direct establishment of Rizhao Shenquan Green Biotechnology Co., Ltd. and Shenquan New Material Technology (Zhangjiagang) Co., Ltd., with these changes having no significant impact on overall production, operations, or performance, and also presents financial information for the major subsidiary, Shandong Shenquan New Material Co., Ltd. - During the reporting period, the company acquired Dingbian Jingqian Quartz Sand Co., Ltd. through equity acquisition and established Rizhao Shenquan Green Biotechnology Co., Ltd. and Shenquan New Material Technology (Zhangjiagang) Co., Ltd. through direct investment, none of which had a significant impact[76](index=76&type=chunk) Major Subsidiary Financial Information (Shandong Shenquan New Material Co., Ltd.) | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Registered Capital | 28,535.44 | | Total Assets | 759,666.53 | | Net Assets | 526,719.57 | | Operating Revenue | 324,481.23 | | Operating Profit | 36,878.21 | | Net Profit | 32,793.38 | [V. Other Disclosures](index=22&type=section&id=V.%20Other%20Disclosures) This subsection discloses significant risks the company may face, including macroeconomic and downstream industry demand fluctuations, raw material price volatility, environmental protection, production safety, industrialization of new technologies and products, and exchange rate risks, while also detailing the company's response to the "Quality Improvement, Efficiency Enhancement, and Return Focus" special action, focusing on its main business, practicing green development, emphasizing shareholder returns, strengthening investor communication, and improving corporate governance through employee stock ownership plans. [(I) Potential Risks](index=22&type=section&id=(I)%20Potential%20Risks) The company faces risks from macroeconomic and downstream industry demand fluctuations, raw material price volatility, environmental protection, production safety, industrialization of new technologies and products, and exchange rate fluctuations, which could adversely affect its operating conditions and profitability. - The company's main business is highly correlated with macroeconomic conditions and downstream terminal equipment manufacturing, facing risks from macroeconomic and downstream industry demand fluctuations[77](index=77&type=chunk) - The main raw materials for phenol-formaldehyde resin and furan resin are bulk commodities, and price fluctuations may lead to increased production costs and decreased gross profit margins[78](index=78&type=chunk) - The company faces environmental protection risks, with increasingly stringent national environmental standards potentially leading to higher environmental governance costs or penalties, production restrictions, or shutdowns due to pollution incidents[79](index=79&type=chunk) - The production process involves hazardous chemicals, posing potential risks of fire, explosion, and other safety accidents, which could result in property damage, casualties, or production shutdowns[81](index=81&type=chunk) - The R&D and industrialization of new technologies and products involve uncertainties, potentially facing risks of insufficient or failed industrialization conversion[82](index=82&type=chunk) - Overseas sales operations are primarily settled in USD and EUR, exposing the company to risks arising from exchange rate fluctuations[83](index=83&type=chunk) [(II) Other Disclosures](index=23&type=section&id=(II)%20Other%20Disclosures) The company actively responded to the "Quality Improvement, Efficiency Enhancement, and Return Focus" special action, focusing on its main business, achieving significant revenue and net profit growth in the first half of 2025, practicing green development, disclosing its 2024 ESG report, receiving a Wind ESG AA rating, investing in wind power projects, prioritizing shareholder returns with a 2024 cash dividend of **447 million yuan** and completed share repurchases, strengthening investor communication, enhancing information disclosure transparency, adhering to standardized operations, improving corporate governance, and reinforcing key personnel responsibility through the 2025 employee stock ownership plan. - The company responded to the "Quality Improvement, Efficiency Enhancement, and Return Focus" special action, focusing on its main business, achieving operating revenue of **5.351 billion yuan** in the first half of 2025, a year-on-year increase of **15.67%**; net profit attributable to shareholders of the listed company was **501 million yuan**, a year-on-year increase of **51.19%**[84](index=84&type=chunk)[85](index=85&type=chunk) - The company practices green development, disclosed its 2024 Environmental, Social, and Governance (ESG) report, and received a Wind ESG AA rating[86](index=86&type=chunk) - Subsidiary Daqing Shenquan Green Wind Power Co., Ltd. plans to invest **1.78 billion yuan** in the Dulbert Nanyang 300MW wind power project, aligning with national industrial structure adjustment and development direction[86](index=86&type=chunk) - The company prioritizes shareholder returns, distributing a cash dividend of **5.50 yuan** (tax inclusive) per 10 shares to all shareholders for 2024, totaling **447 million yuan**, accounting for **51.54%** of the net profit attributable to shareholders of the listed company in 2024[87](index=87&type=chunk) - The company completed the share repurchase initiated in December 2024, repurchasing **20,347,989 shares** with a total expenditure of **499 million yuan**[87](index=87&type=chunk) - The company strengthens investor communication, actively fulfills information disclosure obligations, enhances the readability and effectiveness of information disclosure, and establishes diversified communication platforms[88](index=88&type=chunk)[89](index=89&type=chunk) - The company adheres to standardized operations, continuously improves its corporate governance mechanism and compliance management system, optimizes management processes, and enhances scientific decision-making capabilities and risk prevention and control abilities[90](index=90&type=chunk) - Key personnel responsibility is strengthened through the 2025 employee stock ownership plan (with a total fund not exceeding **431 million yuan** and no more than 4,000 participants), aiming to achieve a doubling of company profits and employee income[91](index=91&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=26&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses changes in the company's directors, supervisors, and senior management, including the departure and appointment of independent directors and the board secretary, as well as the composition of the new board and supervisory board, while also stating no semi-annual profit distribution or capital reserve capitalization plan, and detailing the company's active fulfillment of social responsibilities through biomass refining technology for rural revitalization and poverty alleviation, equipment donations to fire rescue brigades, and support for local education. [I. Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This subsection discloses changes in the company's directors, supervisors, and senior management, including the departure and appointment of several independent directors and the board secretary, with the company holding a shareholders' meeting on March 13, 2025, to elect the tenth board of directors and supervisory board and appoint new senior management. Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Huang Jun | Independent Director | Resigned | | Li Jun | Independent Director | Resigned | | Meng Junli | Independent Director | Resigned | | Zhou Yong | Independent Director | Appointed | | Ge Rui | Independent Director | Appointed | | Liu Qi | Independent Director | Appointed | | Meng Qingwen | Director, Board Secretary | Resigned | | Gong Tongsheng | Board Secretary | Appointed | | Wang Wubao | Director | Appointed | - The company held a shareholders' meeting on March 13, 2025, to elect the tenth board of directors and supervisory board, and appointed Tang Diyuan as President, Gong Tongsheng as Board Secretary, and other senior management personnel[94](index=94&type=chunk) [II. Profit Distribution or Capital Reserve Capitalization Plan](index=27&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) This subsection states that the company's proposed semi-annual profit distribution plan is no distribution or capitalization, with zero bonus shares, cash dividends, or capitalization shares per 10 shares. - The proposed semi-annual profit distribution plan is no distribution or capitalization[95](index=95&type=chunk) - The number of bonus shares, cash dividends, and capitalization shares per 10 shares are all 0[95](index=95&type=chunk) [III. Status and Impact of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=27&type=section&id=III.%20Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) This subsection discloses the progress of the company's 2022 Restricted Stock Incentive Plan, including the achievement of conditions for the second tranche of lifting sales restrictions and the repurchase and cancellation of some restricted shares, and the approval of the 2025 Employee Stock Ownership Plan (Draft) on May 5, 2025, aiming to double company profits and employee income. - On March 31, 2025, the company's board of directors approved the processing of the second tranche of lifting sales restrictions for 600 incentive recipients under the 2022 Restricted Stock Incentive Plan's initial grant[96](index=96&type=chunk) - Due to the departure of 6 original incentive recipients, the company plans to repurchase and cancel **54,000 restricted shares** held by them[96](index=96&type=chunk) - On April 15, 2025, **2,332,500 restricted shares** became tradable; on June 9, 2025, **54,000 restricted shares** were repurchased and canceled[96](index=96&type=chunk) - On May 5, 2025, the company approved the "Jinan Shenquan Group Co., Ltd. 2025 Employee Stock Ownership Plan (Draft)," aiming to achieve the development goals of doubling company profits and employee income[96](index=96&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=28&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) This subsection lists the company and 10 major subsidiaries included in the list of enterprises required to disclose environmental information and provides inquiry indexes for their respective environmental information disclosure reports, reflecting the company's efforts in environmental information transparency. - The company and 10 major subsidiaries (e.g., Jinan Shenquan Group Co., Ltd., Shandong Shenquan New Material Co., Ltd.) are included in the list of enterprises required to disclose environmental information[97](index=97&type=chunk) - Inquiry indexes for the environmental information disclosure reports of each enterprise are provided[97](index=97&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Initiatives](index=28&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Initiatives) This subsection explains that the company leverages biomass refining technology to transform agricultural waste like straw into high-value products, creating an "enterprise + base + farmers" industrial poverty alleviation chain that provides income and employment opportunities for impoverished farmers, contributing to poverty alleviation and rural revitalization, while also actively fulfilling its social responsibilities by donating fire-fighting equipment to the Zhangqiu District Fire Rescue Brigade and supporting local education development. - The company leverages biomass refining technology to transform agricultural waste like straw into valuable resources, building an "enterprise + base + farmers" industrial poverty alleviation chain[98](index=98&type=chunk) - This model creates a significant cash income source and numerous employment opportunities for impoverished farmers, prioritizing local impoverished laborers, thereby contributing to poverty alleviation and rural revitalization[98](index=98&type=chunk) - During the reporting period, the company donated fire-fighting robots, equipment transport vehicles, and professional fire-fighting equipment to the Zhangqiu District Fire Rescue Brigade[99](index=99&type=chunk) - The company made donations to the Diaozhen Confucian Business Education Fund through the Zhangqiu Charity Federation, precisely supporting local education development[99](index=99&type=chunk) [Section V Significant Matters](index=30&type=section&id=Section%20V%20Significant%20Matters) This section details the company's fulfillment of commitments during or continuing into the reporting period, including those from controlling shareholders, shareholders, the company, and directors, supervisors, and senior management regarding share lock-ups, avoiding horizontal competition, standardizing related-party transactions, and filling diluted immediate returns, confirming timely and strict adherence, while also stating no non-operating fund occupation by controlling shareholders or related parties, no illegal guarantees, no significant lawsuits or arbitrations, and disclosing the overall use of raised funds, details of investment projects, changes, and the return of temporarily idle raised funds used to supplement working capital. - The company's actual controllers, shareholders, related parties, the company, and its directors, supervisors, and senior management have all timely and strictly fulfilled their commitments regarding share lock-ups, avoiding horizontal competition, standardizing related-party transactions, and filling diluted immediate returns[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - During the reporting period, the company, its controlling shareholder, and actual controllers Mr. Tang Yilin and Mr. Tang Diyuan, maintained a good integrity status, with no unfulfilled effective court judgments or large overdue debts[133](index=133&type=chunk) Company Guarantee Total Amount | Indicator | Amount (yuan) | Percentage of Company Net Assets (%) | | :--- | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 16,008,818.00 | - | | Total Outstanding Guarantees to Subsidiaries at Period-End (B) | 43,197,416.00 | - | | Total Guarantees (A+B) | 43,197,416.00 | 0.41 | - On February 24, 2025, the company resolved to change the use of funds for some raised investment projects, reallocating the remaining raised funds and interest income from the Shenquan Group Headquarters Sci-Tech Innovation Center project, the annual output of 1,000 tons of functionalized polyphenylene ether project, and the annual output of 3,000 tons of functional sugar project to the advanced materials innovation base project[140](index=140&type=chunk)[145](index=145&type=chunk) - On April 2, 2025, the company fully returned the **180 million yuan** of idle raised funds temporarily used to supplement working capital to the special account for raised funds[147](index=147&type=chunk) [I. Fulfillment of Commitments](index=30&type=section&id=I.%20Fulfillment%20of%20Commitments) This subsection details the various commitments made by the company's actual controllers, shareholders, related parties, the company, and its directors, supervisors, and senior management in the context of initial public offerings, refinancing, and equity incentives, including share lock-ups, avoiding horizontal competition, standardizing related-party transactions, and filling diluted immediate returns, with all commitments reported as timely and strictly fulfilled, and no unfulfilled commitments or specific reasons for non-fulfillment. - The company's actual controllers, Tang Yilin and Tang Diyuan, committed not to transfer shares issued before the initial public offering within 36 months from the listing date, and after the lock-up period, the annual transfer amount will not exceed **25%** of their total holdings[104](index=104&type=chunk) - The actual controllers committed that the reduction price of their company shares will not be lower than the offering price within 2 years after the lock-up period expires, and if the closing price falls below the offering price within 6 months after listing, the lock-up period will automatically extend by 6 months[105](index=105&type=chunk) - The company's actual controllers, directors, and senior management committed not to overstep their authority in interfering with the company's operations, not to infringe upon company interests, and to take measures to fill diluted immediate returns[110](index=110&type=chunk)[111](index=111&type=chunk) - The company, actual controllers, and directors, supervisors, and senior management committed to the truthfulness, accuracy, and completeness of documents related to the initial public offering, and will compensate investors for losses in case of false statements[117](index=117&type=chunk)[118](index=118&type=chunk)[120](index=120&type=chunk) - The controlling shareholder and actual controllers committed to avoid new horizontal competition and not to directly or indirectly engage in activities that constitute horizontal competition with the company's main business[122](index=122&type=chunk) - The controlling shareholder and actual controllers committed to standardize and reduce related-party transactions, ensuring they comply with principles of openness, fairness, and impartiality, and are conducted at fair value[125](index=125&type=chunk) - The company committed not to make new capital investments in quasi-financial businesses before the raised funds are fully utilized or within 36 months of the funds being in place[127](index=127&type=chunk) - All commitments were timely and strictly fulfilled during the reporting period[101](index=101&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controllers During the Reporting Period](index=39&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholder%2C%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) This subsection states that during the reporting period, the company, its controlling shareholder, and actual controllers Mr. Tang Yilin and Mr. Tang Diyuan, maintained a good integrity status, with no unfulfilled effective court judgments or large overdue debts. - During the reporting period, the company, its controlling shareholder, and actual controllers Mr. Tang Yilin and Mr. Tang Diyuan, had no unfulfilled effective court judgments or large overdue debts, indicating a good integrity status[133](index=133&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=40&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This subsection discloses the company's significant guarantees executed and outstanding during the reporting period, with total guarantees provided to subsidiaries amounting to **16.01 million yuan** and an outstanding balance of **43.20 million yuan** at period-end, representing **0.41%** of the company's net assets, and no external guarantees. Company Guarantee Total Amount | Indicator | Amount (yuan) | Percentage of Company Net Assets (%) | | :--- | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 16,008,818.00 | - | | Total Outstanding Guarantees to Subsidiaries at Period-End (B) | 43,197,416.00 | - | | Total Guarantees (A+B) | 43,197,416.00 | 0.41 | - The company's external guarantees (excluding guarantees to subsidiaries) had a total amount of **0** for both the current reporting period and the period-end balance[138](index=138&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=42&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This subsection details the overall use of the company's raised funds, specifics of investment projects, changes, and the return of temporarily idle raised funds used to supplement working capital, with cumulative investment progress for funds raised from the initial public offering at **91.14%**, and funds raised from targeted share issuance fully invested, while some project fund uses were changed and all idle funds temporarily used for working capital have been returned. [(I) Overall Use of Raised Funds](index=42&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) The company's net proceeds from the initial public offering were **1.84 billion yuan**, with cumulative investment of **1.68 billion yuan** by the end of the reporting period, representing **91.14%** of the total, while net proceeds from targeted share issuance were **870 million yuan**, fully invested at **100%** progress, and some project fund uses were changed during the reporting period. Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (10,000 yuan) | Total Committed Investment in Prospectus or Offering Document (10,000 yuan) | Cumulative Raised Funds Invested at Period-End (10,000 yuan) | Cumulative Investment Progress at Period-End (%) | Amount Invested This Year (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 183,983.31 | 183,983.31 | 167,676.46 | 91.14 | 2,618.96 | | Targeted Share Issuance | 86,978.99 | 86,978.99 | 86,978.99 | 100.00 | 0 | | **Total** | **270,962.30** | **270,962.30** | **254,655.45** | **/** | **2,618.96** | - On February 24, 2025, the company resolved to change the use of funds for some raised investment projects, reallocating the remaining raised funds and interest income from the Shenquan Group Headquarters Sci-Tech Innovation Center project, the annual output of 1,000 tons of functionalized polyphenylene ether project, and the annual output of 3,000 tons of functional sugar project to the advanced materials innovation base project[140](index=140&type=chunk) [(II) Details of Raised Fund Investment Projects](index=43&type=section&id=(II)%20Details%20of%20Raised%20Fund%20Investment%20Projects) This subsection details the use of funds raised from the company's initial public offering for specific investment projects, noting that the high-end phenolic composite materials and resin supporting expansion project has reached its intended usable state with **100.25%** cumulative investment progress, while the foundry ceramic filter and riser production line automation upgrade and expansion project and the Shenquan Group Headquarters Sci-Tech Innovation Center project have been canceled, and the annual output of 1,000 tons of functionalized polyphenylene ether project and the annual output of 3,000 tons of functional sugar project have reached their intended usable state with reduced investment amounts, and remaining funds allocated to the advanced materials innovation base project. - The high-end phenolic composite materials and resin supporting expansion project has a cumulative investment of **920.77 million yuan**, with an investment progress of **100.25%**, and has reached its intended usable state[141](index=141&type=chunk) - The foundry ceramic filter and riser production line automation upgrade and expansion project has been changed and canceled, with the total raised fund investment adjusted[141](index=141&type=chunk)[142](index=142&type=chunk) - The Shenquan Group Headquarters Sci-Tech Innovation Center project has been canceled[142](index=142&type=chunk) - The annual output of 1,000 tons of functionalized polyphenylene ether project has a cumulative investment of **127.69 million yuan**, with an investment progress of **84.58%**, and has reached its intended usable state[142](index=142&type=chunk) - The annual output of 3,000 tons of functional sugar project has a cumulative investment of **28.90 million yuan**, with an investment progress of **97.04%**, and has reached its intended usable state[143](index=143&type=chunk) - The advanced materials innovation base project increased investment by **21.96 million yuan** in the current period, with an investment progress of **12.96%**, and is expected to reach its intended usable state by March 2026[143](index=143&type=chunk) - Projects for supplementing working capital and repaying bank loans have been fully invested, with an investment progress of **100%**[143](index=143&type=chunk) [(III) Changes or Termination of Raised Fund Investment Projects During the Reporting Period](index=46&type=section&id=(III)%20Changes%20or%20Termination%20of%20Raised%20Fund%20Investment%20Projects%20During%20the%20Reporting%20Period) This subsection discloses the changes or termination of raised fund investment projects during the reporting period, where the Shenquan Group Headquarters Sci-Tech Innovation Center project was canceled, and the annual output of 1,000 tons of functionalized polyphenylene ether project and the annual output of 3,000 tons of functional sugar project had their investment amounts reduced, with the remaining funds reallocated to the advanced materials innovation base project, aiming to optimize financial conditions, build a modern industrial system, and leverage existing engineering advantages. Changes or Termination of Raised Fund Investment Projects | Project Name Before Change | Change Date | Change Type | Total Committed Investment Before Change (10,000 yuan) | Cumulative Invested Raised Funds Before Change (10,000 yuan) | Project Name After Change | Reason for Change/Termination | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenquan Group Headquarters Sci-Tech Innovation Center Project | Feb 26, 2025 | Project Cancellation | 14,551.14 | 0 | Advanced Materials Innovation Base Project | To reduce investment expenditures to maintain good financial health and stable profitability; the new project leverages existing public utility facilities, offering superior engineering conditions; to build a more advantageous modern industrial system centered on advanced manufacturing. | | Annual Output of 1,000 Tons of Functionalized Polyphenylene Ether Project | Feb 26, 2025 | Reduction in Committed Investment Amount | 16,053 | 15,047.22 | Advanced Materials Innovation Base Project | Project has reached its intended usable state, remaining raised funds used for new project | | Annual Output of 3,000 Tons of Functional Sugar Project | Feb 26, 2025 | Reduction in Committed Investment Amount | 4,060 | 2,931.46 | Advanced Materials Innovation Base Project | Project has reached its intended usable state, remaining raised funds used for new project | - The company convened its board of directors and supervisory board on February 24, 2025, and approved the "Proposal on Changing the Use of Funds for Certain Raised Investment Projects"[145](index=145&type=chunk) [(IV) Other Circumstances Regarding the Use of Raised Funds During the Reporting Period](index=47&type=section&id=(IV)%20Other%20Circumstances%20Regarding%20the%20Use%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) This subsection discloses the return of temporarily idle raised funds used to supplement working capital, stating that on April 11, 2024, the company decided to use **180 million yuan** of idle raised funds for temporary working capital supplementation, and on April 2, 2025, the remaining **155 million yuan** was fully returned to the special account for raised funds, completing the full return. - On April 11, 2024, the company planned to use **180 million yuan** of temporarily idle raised funds to supplement working capital, with a usage period not exceeding 12 months[146](index=146&type=chunk) - On April 2, 2025, the company fully returned the remaining **155 million yuan** of idle raised funds used for temporary working capital supplementation to the special account for raised funds, completing the full return of the **180 million yuan** idle raised funds[147](index=147&type=chunk) [Section VI Share Changes and Shareholder Information](index=48&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes during the reporting period, primarily involving the lifting of sales restrictions and repurchase and cancellation of restricted shares, leading to a decrease in restricted shares and an increase in unrestricted tradable shares, with a slight reduction in total shares, and also lists the total number of shareholders, the top ten shareholders, and the top ten unrestricted shareholders at the end of the reporting period, along with explanations of major shareholders' pledge status and related-party relationships. [I. Changes in Share Capital](index=48&type=section&id=I.%20Changes%20in%20Share%20Capital) This subsection discloses the company's share capital changes during the reporting period, primarily due to the lifting of sales restrictions and repurchase and cancellation of restricted shares, resulting in a decrease of **2.39 million restricted shares**, an increase of **2.33 million unrestricted tradable shares**, and a net decrease of **54,000 shares** in total share capital. Changes in Share Capital | Share Type | Number Before This Change (shares) | Increase/Decrease in This Change (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 67,895,198 | -2,386,500 | 65,508,698 | | Of which: Shares held by domestic natural persons | 67,895,198 | -2,386,500 | 65,508,698 | | II. Unrestricted Tradable Shares | 778,560,800 | 2,332,500 | 780,893,300 | | Of which: RMB Ordinary Shares | 778,560,800 | 2,332,500 | 780,893,300 | | **III. Total Shares** | **846,455,998** | **-54,000** | **846,401,998** | - On April 15, 2025, **2,332,500 shares** from the second tranche of the initial grant under the company's 2022 Restricted Stock Incentive Plan became tradable after the lifting of sales restrictions[154](index=154&type=chunk) - On June 9, 2025, the company completed the repurchase and cancellation of **54,000 restricted shares** due to the departure of 6 original incentive recipients[154](index=154&type=chunk) [II. Shareholder Information](index=51&type=section&id=II.%20Shareholder%20Information) This subsection discloses the total number of shareholders, the top ten shareholders, and the top ten unrestricted shareholders at the end of the reporting period, noting that as of the end of the reporting period, there were **26,881** common shareholders, with Tang Yilin and Tang Diyuan as the top two shareholders, both with pledged shares, and the company's special securities account for repurchases holding **3.92%** of the shares. - As of the end of the reporting period, the total number of common shareholders was **26,881**[157](index=157&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | | Tang Yilin | 140,482,995 | 16.60 | 0 | 40,210,000 | | Tang Diyuan | 74,180,000 | 8.76 | 62,252,198 | 33,340,000 | | Wang Fuyin | 14,583,294 | 1.72 | 0 | 0 | | Jiang ChengZhen | 11,381,922 | 1.34 | 15,000 | 0 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 10,056,852 | 1.19 | 0 | 0 | | National Social Security Fund Council Portfolio 111 | 9,415,964 | 1.11 | 0 | 0 | | Meng Qingwen | 7,316,440 | 0.86 | 0 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - GF Stable Return Mixed Securities Investment Fund | 7,243,192 | 0.86 | 0 | 0 | | Hong Kong Securities Clearing Company Limited | 6,973,553 | 0.82 | 0 | 0 | | Bank of China Co., Ltd. - SDIC UBS New Energy Mixed Securities Investment Fund | 6,354,538 | 0.75 | 0 | 0 | - Among the company's top ten shareholders, Jinan Shenquan Group Co., Ltd.'s special securities account for repurchases held **33,186,489 shares**, with a shareholding ratio of **3.92%**[160](index=160&type=chunk) - Tang Yilin and Tang Diyuan are father and son; the company is unaware of any other related-party relationships or concerted actions among other shareholders[160](index=160&type=chunk) [Section VII Bond-Related Information](index=56&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor convertible corporate bonds, during the reporting period. - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[166](index=166&type=chunk) - The company had no convertible corporate bonds during the reporting period[166](index=166&type=chunk) [Section VIII Financial Report](index=57&type=section&id=Section%20VIII%20Financial%20Report) This section contains the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with detailed notes to the financial statements, reflecting the company's financial position and operating results for the first half of 2025, and providing important accounting policies, accounting estimates, taxes, changes in consolidation scope, related-party transactions, share-based payments, commitments and contingencies, subsequent events, and supplementary information. [I. Audit Report](index=57&type=section&id=I.%20Audit%20Report) This subsection states that this semi-annual report is unaudited. - This semi-annual report is unaudited[8](index=8&type=chunk) [II. Financial Statements](index=57&type=section&id=II.%20Financial%20Statements) This subsection provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first half of 2025, as well as consolidated and parent company statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flows. - Consolidated balance sheet, consolidated income statement, and consolidated cash flow statement are provided[168](index=168&type=chunk)[175](index=175&type=chunk)[182](index=182&type=chunk) - Parent company balance sheet, parent company income statement, and parent company cash flow statement are provided[171](index=171&type=chunk)[179](index=179&type=chunk)[185](index=185&type=chunk) - Consolidated statement of changes in owners' equity and parent company statement of changes in owners' equity are provided[188](index=188&type=chunk)[198](index=198&type=chunk) [III. Company Basic Information](index=81&type=section&id=III.%20Company%20Basic%20Information) This subsection briefly introduces Jinan Shenquan Group Co., Ltd.'s establi

济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券方案的论证分析报告 第一节 本次发行证券及其品种选择的必要性 济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券方案的论证分析报告 证券代码：605589 上市地：上海证券交易所 证券简称：圣泉集团 济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券 方案的论证分析报告 二零二五年八月 本次可转债的具体发行方式由股东大会授权董事会（或由董事会授权的人士） 与保荐机构（主承销商）根据法律、法规的相关规定确定。本次可转债的发行对 象为持有中国证券登记结算有限责任公司上海分公司证券账户的自然人、法人、 证券投资基金、符合法律规定的其他投资者等（国家法律、法规禁止者除外）。 本次发行的可转债向公司原股东实行优先配售，原股东有权放弃配售权。向 原股东优先配售的具体比例由公司股东大会授权董事会（或由董事会授权的人士） 在本次发行前根据市场情况与保荐机构（主承销商）协商确定，并在本次可转债 的发行公告中予以披露。原股东优先配售之外的余额和原股东放弃优先配售后的 部分采用网下对机构投资者发售和/或通过上海证券交易所交易系统网上定价发 行相结合的方式进行，余额 ...

济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券 募集资金使用可行性分析报告 二零二五年八月 济南圣泉集团股份有限公司 募集资金使用可行性分析报告 济南圣泉集团股份有限公司 募集资金使用可行性分析报告 证券代码：605589 上市地：上海证券交易所 证券简称：圣泉集团 一、本次募集资金使用计划 公司本次向不特定对象发行可转换公司债券拟募集资金总额不超过人民币 250,000.00 万元（含 250,000.00 万元），扣除发行费用后，将投资于绿色新能源 电池材料产业化项目和补充流动资金，具体如下： | 序 号 | 项目名称 | 项目总投资（万元） | 募集资金使用金额（万元） | | --- | --- | --- | --- | | 1 | 绿色新能源电池材料产业化项目 | 250,051.78 | 200,000.00 | | 2 | 补充流动资金 | 50,000.00 | 50,000.00 | | | 合计 | 300,051.78 | 250,000.00 | 如本次发行实际募集资金（扣除发行费用后）少于拟投入募集资金总额，公 司董事会将根据募集资金用途的重要性和紧迫性安排募集资金的具体 ...

证券代码：605589 证券简称：圣泉集团 公告编号：2025-066 特此公告。 济南圣泉集团股份有限公司 董事会 2025 年 8 月 19 日 济南圣泉集团股份有限公司 关于向不特定对象发行可转换公司债券预案披露的 提示性公告 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。 济南圣泉集团股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日召开公司第十届董事会第六次会议、第十届监事会第五次会 议，审议通过了公司向不特定对象发行可转换公司债券的相关议案。 具体内容详见公司于 2025 年 8 月 19 日在上海证券交易所网站 （www.sse.com.cn）披露的《圣泉集团向不特定对象发行可转换公司 债券预案》等文件。 本次预案的披露并不代表审批机关对于公司本次向不特定对象 发行可转换公司债券相关事项的实质性判断、确认、批准或注册，预 案所述本次向不特定对象发行可转换公司债券相关事项的生效和完 成尚需公司股东大会审议通过、上海证券交易所审核通过并取得中国 证监会同意注册的批复，敬请广大投资者注意投资风险。 ...

济南圣泉集团股份有限公司 关于向不特定对象发行可转换公司债券摊薄即期回报 及填补措施和相关主体承诺的公告 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。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益 保护工作的意见》（国办发[2013]110 号）、《国务院关于进一步促进 资本市场健康发展的若干意见》（国发[2014]17 号）和中国证券监督管 理委员会（以下简称"中国证监会"）《关于首发及再融资、重大资产 重组摊薄即期回报有关事项的指导意见》（证监会公告[2015]31 号）等 相关法律、法规及规范性文件的要求，为保障中小投资者利益，公司就 本次向不特定对象发行可转换公司债券（以下简称"可转债"）对即期 回报摊薄的影响进行了分析并提出了具体的填补回报措施，相关主体对 公司填补回报拟采取的措施能够得到切实履行作出了承诺，具体如下： 一、本次向不特定对象发行可转债对公司主要财务指标影响的测算 （一）主要假设和前提条件 公司基于以下假设条件就本次发行摊薄即期回报对公司主要财务指 标的影响进行分析，提请投资者特别关注， ...

济南圣泉集团股份有限公司 前次募集资金使用情况 鉴证报告 | 索引 | 页码 | | --- | --- | | 鉴证报告 | 1-2 | | 前次募集资金使用情况报告 | 1-12 | 联系电话: +86 (010) 6554 2288 信永中和会计师事务所 | 北京市东城区朝阳门北大街 telephone: +86 (010) 6554 2288 8 号富华大厦 A 座 9 层 9/F. Block A. Fu Hua Mans No.8. Chaovangmen ShineWing Donachena District. Beijir 前次募集资金使用情况鉴证报告 XYZH/2025QDAA3B0243 济南圣泉集团股份有限公司 济南圣泉集团股份有限公司全体股东: 我们对后附的济南圣泉集团股份有限公司(以下简称"圣泉集团") 截至 2025年 6 月 30 日止的前次募集资金使用情况报告执行了鉴证工作。 圣泉集团管理层的责任是按照中国证券监督管理委员会颁布的《监管规则适用指引 -- 发行类第7号》编制前次募集资金使用情况报告。这种责任包括设计、实施和维护 与前次募集资金使用情况报告编制相关的内部控制,保 ...

一、复牌 1、中国船舶：已刊登异议股东收购请求权申报结果，股票复牌。 二、并购、定增 1、爱柯迪：拟发行股份及支付现金购买卓尔博71%股权。 2、引力传媒：拟定增募资不超过4.7亿元，用于全球社交营销云项目、内容创意云项目、补充流动资 金。 三、回购 1、山东玻纤：将股份回购价格上限由5.41元/股调整为10.22元/股。 2、二连板新天药业：正在筹划对参股公司汇伦医药追加股权投资。 3、特变电工：拟发行可转债募资不超过80亿元，用于准东20亿Nm3/年煤制天然气项目。 4、久吾高科：拟发行可转债募资不超过5.04亿元，用于班戈错盐湖年产2000吨氯化锂中试生产线BOT 项目、特种无机膜组件及装置生产线项目、补充流动资金。 5、蔚蓝锂芯：控股子公司淮安光电在马来西亚进行LED项目建设投资，项目总投资8388万美元，新建 LED CSP项目；项目全部建成达产后，预计将形成700KK芯片点测分选及CSP芯片封装月产能。 2、海正生材：拟将回购股份价格上限由12元/股（含）调整为17元/股（含），并同时对回购实施期限 延长6个月，延长至2026年2月27日止。 四、对外投资 1、景嘉微：拟2.2亿元增资诚恒微成为其 ...

Core Viewpoint - Shengquan Group (605589) reported significant growth in its 2025 semi-annual results, driven by the surge in demand for AI servers and advancements in the electric vehicle sector [1] Financial Performance - The company achieved operating revenue of 5.351 billion yuan, representing a year-on-year increase of 15.67% [1] - The net profit attributable to shareholders reached 501 million yuan, marking a year-on-year growth of 51.19% [1] - Basic earnings per share were reported at 0.6 yuan [1] Industry Trends - The rapid growth in demand for AI servers has led to a significant increase in the demand for PPO resin, a key material for chip packaging and server PCBs [1] - The penetration rate of global electric vehicles has surpassed a critical point, resulting in geometric growth in the demand for battery materials [1] - The company's porous carbon materials have successfully entered the supply chains of mainstream battery manufacturers, enhancing battery performance [1]

Group 1 - The company plans to issue convertible bonds totaling no more than 2.5 billion yuan [1] - The proceeds from the bond issuance will be allocated to a green new energy battery materials industrialization project and to supplement working capital [1] - The green new energy battery materials project is expected to utilize 2 billion yuan of the raised funds, while 500 million yuan will be used for working capital [1]