南财智讯8月27日电，中研股份发布2025年半年度报告，报告期实现营业收入1.31亿元，同比下降 2.10%；归属上市公司股东的净利润702.69万元，同比下降59.89%；扣除非经常性损益后的归属于上市 公司股东的净利润320.31万元，同比下降80.55%；基本每股收益0.06元。 ...

Meeting Overview - The fourth meeting of the board of directors of Jilin Zhongyan High Polymer Materials Co., Ltd. was held on August 27, 2025, with all 9 directors present [1] - The meeting complied with relevant laws and regulations, including the Company Law and Securities Law [1] Financial Report Approval - The board approved the 2025 semi-annual report, confirming it accurately reflects the company's financial status and operations [2] - The voting results were unanimous, with 9 votes in favor and no opposition or abstentions [2] Fund Management Report - The board approved the special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with regulations [2] - The report indicated no misuse of funds or changes in their intended purpose [2] Quality Improvement Action Plan - The board approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Recovery Action Plan" for 2025, aimed at enhancing core competitiveness [3] - The plan is designed to promote high-quality development and fulfill the responsibilities of a listed company [3] Governance Changes - The board proposed to abolish the supervisory board and amend the company’s articles of association, pending shareholder approval [4] - The decision aligns with legal requirements and the company's actual situation [4] Governance System Revisions - The board approved revisions to several governance systems to enhance compliance and operational efficiency [4][6] - The revisions include updates to the management of shareholder meetings, board meetings, and various operational protocols [6] Fund Investment Project Adjustments - The board approved the postponement of certain fundraising investment projects and changes in implementation methods, aimed at improving project quality [7] - The adjustments were made based on practical project conditions and followed necessary review procedures [7] Capital Increase for Subsidiaries - The board approved capital increases for several wholly-owned subsidiaries, including an increase of 45 million yuan for Jilin Dingyan Chemical Co., Ltd. and 70 million yuan for Zhongyan Composite (Shanghai) Technology Development Co., Ltd. [8] - The decision reflects the business development needs of the subsidiaries [8] Upcoming Shareholder Meeting - The board decided to hold the first temporary shareholder meeting of 2025 on September 12, 2025, to discuss pending matters [9] - The meeting will address various proposals requiring shareholder approval [9]

吉林省中研高分子材料股份有限公司 关于取消监事会、修订《公司章程》暨办理工商变 更登记的公告 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、准确性和完整性依法承担法律责任。 证券代码：688716 证券简称：中研股份 公告编号：2025-026 吉林省中研高分子材料股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第四届董事会第五次会议及第四届监事会第五次会议，分别审议通过 了《关于取消监事会、修订<公司章程>暨办理工商变更登记的议案》，本议案 尚需以特别决议提请公司股东大会审议通过。具体如下： 一、取消监事会并修订《公司章程》及相关制度的原因及依据 根据 2024 年 7 月 1 日起实施的《公司法》及中国证监会发布的《关于新< 公司法>配套制度规则实施相关过渡期安排》，在 2026 年 1 月 1 日之前，推动 公司取消监事会。公司结合当前业务的实际情况和监管要求，对公司治理结构 进行优化，拟取消公司监事会、废止《公司监事会议事规则》，并根据现行最 新法律法规对《公司章程》加以修订。 序号 修订前 修订后 说明 1 第一条为维护吉 ...

吉林省中研高分子材料股份有限公司 关于 2025 年度"提质增效重回报"行动方案的 半年度评估报告 吉林省中研高分子材料股份有限公司（以下简称"公司"）为贯彻落实"以 投资者为本"的上市公司发展理念，维护公司全体投资者利益，深入落实国务院 《关于进一步提高上市公司质量的意见》要求，积极响应上海证券交易所《关于 开展沪市公司"提质增效重回报"专项行动的倡议》，2025 年上半年，公司着力 推动"提质增效重回报"，通过公司高质量发展和投资价值提升，增强投资者获 得感。围绕公司发展战略，紧密结合"新质生产力"，并以"提质增效、创新突 破"为主线，采取有力有效措施，持续提升公司核心竞争力，推动公司高质量发 展，切实履行上市公司责任。 本行动方案半年度评估报告经公司第四届董事会第五次会议审议通过，具体 内容如下： 一、推进 PEEK 主业发展，提升经营质量 （一）纵深发展 PEEK 业务，积极布局拓展应用领域 公司所属行业领域符合《上海证券交易所科创板企业发行上市申报及推荐暂 行规定》中的"新材料"领域。 （一）强化研发资源投入 研发创新是公司生存发展的核心支撑，是应对 PEEK 行业应用领域变革、实 公司深耕 PEE ...

证券代码：688716 证券简称：中研股份 公告编号：2025-023 吉林省中研高分子材料股份有限公司 第四届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 吉林省中研高分子材料股份有限公司（以下简称"公司"）第四届董事会 第五次会议的通知于 2025 年 8 月 15 日以专人送达等方式送达全体董事，会议 于 2025 年 8 月 27 日以现场结合通讯的方式召开。本次会议由董事长谢怀杰先 生主持，会议应出席董事 9 人，实际出席董事 9 人，公司监事列席了本次会议。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》（以下简称 "《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"） 《上海证券交易所科创板股票上市规则》等相关法律、行政法规、规范性文件 及《吉林省中研高分子材料股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 二、董事会会议审议情况 本次会议经全体董事表决，形成决议如下： （一）审议通过《关于公司<2025 年半年度报告> ...

国泰海通证券股份有限公司 关于吉林省中研高分子材料股份有限公司 部分募集资金投资项目延期及 部分募集资金投资项目变更实施方式的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为吉 林省中研高分子材料股份有限公司（以下简称"中研股份"、"公司"）首次公 开发行股票并在科创板上市的保荐人，根据《上海证券交易所科创板股票上市规 则》《上海证券交易所科创板上市公司自律监管指引第 1 号—规范运作》《上市 公司募集资金监管规则》等有关法律法规和规范性文件的要求，公司对部分募集 资金投资项目延期及部分募集资金投资项目变更实施方式的事项进行了核查，核 查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意吉林省中研高分子材料股份有限公司 首次公开发行股票注册的批复》（证监许可﹝2023﹞1531 号）（注册生效日为 2023 年 7 月 12 日），吉林省中研高分子材料股份有限公司获准首次公开发行人 民币普通股（A 股）股票发行 30,420,000 股，发行价格为 29.66 元/股，募集资金 总额为人民币 902,257,200.00 元，扣除 102,543,821.47 元（ ...

[Section I Definitions](index=5&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used throughout the report to ensure reader clarity [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines frequently used terms, including company name, regulatory bodies, stock types, currency units, and the reporting period, for clear understanding - Company short name is **"Zhongyan Shares"**, stock code **688716**, listed on the Shanghai Stock Exchange STAR Market[12](index=12&type=chunk) - The reporting period is from **January 1, 2025, to June 30, 2025**[12](index=12&type=chunk) - The company's main product is Polyetheretherketone (**PEEK**), a special engineering plastic[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance during the reporting period [I. Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section introduces Jilin Zhongyan High-Performance Polymer Materials Co., Ltd.'s basic details, including its name, legal representative, and addresses - Full company name is Jilin Zhongyan High-Performance Polymer Materials Co., Ltd., abbreviated as **Zhongyan Shares**, with **Xie Huaijie** as legal representative[14](index=14&type=chunk) - Both registered and office addresses are located at Zhongyan Road 1177, Advanced Manufacturing Park, Luyuan Economic Development Zone, Changchun City, Luyuan District[14](index=14&type=chunk) [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact details for Gao Fang, the company's Board Secretary and domestic representative for information disclosure - Board Secretary (domestic representative for information disclosure) is **Gao Fang**, contact number **0431-89625599**, email **jlzypeek@126.com**[15](index=15&type=chunk) [III. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's designated information disclosure channels and report custody location, confirming no changes during the reporting period - Company's information disclosure newspapers include Shanghai Securities News, China Securities Journal, Securities Daily, Securities Times, with reports published on the **official website of Shanghai Stock Exchange**[16](index=16&type=chunk) - The company's semi-annual report is available at the **company's Board Secretary Office**, with no changes during the reporting period[16](index=16&type=chunk) [IV. Brief Introduction to Company Shares/Depositary Receipts](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Company%20Shares%2FDepositary%20Receipts) This section provides a brief overview of the company's shares, including stock type, listing exchange, board, abbreviation, and code - Company's stock type is **RMB ordinary shares (A-shares)**, listed on the **STAR Market of Shanghai Stock Exchange**, with stock abbreviation **"Zhongyan Shares"** and stock code **688716**[17](index=17&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators, showing a slight revenue decrease but significant profit decline due to increased R&D and expenses Key Accounting Data (Jan-Jun 2025 vs Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 131,282,422.94 | 134,099,232.36 | -2.10 | | Total Profit | 8,102,852.44 | 18,988,848.98 | -57.33 | | Net Profit Attributable to Shareholders of Listed Company | 7,026,933.48 | 17,518,770.28 | -59.89 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 3,203,125.20 | 16,465,726.08 | -80.55 | | Net Cash Flow from Operating Activities | -16,487,617.28 | 4,030,174.59 | -509.10 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,179,180,910.34 | 1,172,153,976.86 | 0.60 | | Total Assets (Period-end) | 1,335,881,411.80 | 1,354,484,847.76 | -1.37 | Key Financial Indicators (Jan-Jun 2025 vs Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.06 | 0.14 | -57.14 | | Diluted Earnings Per Share (RMB/share) | 0.06 | 0.14 | -57.14 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (RMB/share) | 0.03 | 0.14 | -78.57 | | Weighted Average Return on Net Assets (%) | 0.60 | 1.50 | Decrease of 0.90 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 0.27 | 1.41 | Decrease of 1.14 percentage points | | R&D Investment as % of Operating Revenue (%) | 14.38 | 10.19 | Increase of 4.19 percentage points | - Net profit declined primarily due to increased **R&D investment**, active promotion of fundraising projects, and regional industrial layout, leading to higher period expenses[20](index=20&type=chunk) - Company's operating revenue decreased by **2.10%** year-on-year, mainly due to slight changes in product category structure and sales volume[19](index=19&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **3.82 million yuan** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -17,911.41 | | Government grants recognized in current profit or loss | 469,354.83 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 4,246,773.54 | | Other non-operating income and expenses | -199,618.98 | | Less: Income tax impact | 674,789.70 | | Total | 3,823,808.28 | [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the company's operations, financial condition, and future outlook [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section elaborates on the company's PEEK special engineering plastics industry, including its strategic importance, product characteristics, business model, and future trends [(I) Company's Industry](index=9&type=section&id=(I)%20Company%27s%20Industry) The company operates in the chemical raw materials and chemical products manufacturing industry, with PEEK products holding significant strategic importance as a high-end new material - Company's product Polyetheretherketone (**PEEK**) belongs to special engineering plastics, classified under chemical raw materials and chemical products manufacturing (C26), specifically primary plastics and synthetic resin manufacturing (C2651)[26](index=26&type=chunk) - PEEK is one of the strategic emerging industries vigorously developed by the state, holding significant strategic importance for promoting technological innovation, supporting industrial upgrading, and building a manufacturing powerhouse[28](index=28&type=chunk) - PEEK possesses excellent properties such as good mechanical characteristics, high heat resistance, corrosion resistance, flame retardancy, wear resistance, hydrolysis resistance, peel resistance, and biocompatibility, widely used in transportation, aerospace, electronic information, energy and industry, and medical health fields[30](index=30&type=chunk) [(II) Main Business, Products, or Services](index=10&type=section&id=(II)%20Main%20Business%2C%20Products%2C%20or%20Services) The company's main business involves R&D, production, and sales of PEEK resin products, offering a diverse system of 89 specifications across two categories and seven series - Company's main products are PEEK in resin form, divided into two categories: pure resin and composite reinforced resin, and three grades based on melt flowability: **770, 550, 330**[31](index=31&type=chunk) - The product system includes pure resin coarse powder (P series), pure resin fine powder (PF series), pure resin pellets (G series), glass fiber reinforced pellets (GL series), carbon fiber reinforced pellets (CA series), wear-resistant reinforced pellets (FC series), and application-specific customization, totaling **seven series**[31](index=31&type=chunk) - Application-specific customized products include ceramic modified, consumer electronics specific, wafer carrier specific, antistatic profile specific, colored PEEK, and medical implant grade PEEK[33](index=33&type=chunk) [(III) Main Business Model](index=12&type=section&id=(III)%20Main%20Business%20Model) The company generates revenue and profit by providing customers with various series and grades of PEEK pure resin and composite reinforced resin products - The company generates revenue and profit by providing PEEK pure resin (coarse powder, fine powder, pellets) and composite reinforced resins (carbon fiber series, glass fiber series, etc.)[34](index=34&type=chunk) [(IV) Industry Overview](index=12&type=section&id=(IV)%20Industry%20Overview) This section analyzes the PEEK industry's development, technical barriers, and the company's leading position, forecasting broad application prospects and trends in high-end sectors - PEEK, developed by ICI in 1978, was once a strategic material subject to embargo, with China achieving independent R&D through national key scientific and technological projects and the "863" program[39](index=39&type=chunk) - PEEK resin synthesis has high technical barriers, requiring long-term and substantial capital investment, involving full-process capabilities such as synthesis and purification theory, preparation technology, production processes, and equipment design[43](index=43&type=chunk) - The company is the **4th globally and 1st in China** to achieve a PEEK annual production capacity of thousands of tons, and the **2nd globally** to use 5000L reactors for PEEK polymerization[44](index=44&type=chunk) - Company products have wide applications and domestic substitution potential in high-end fields such as new energy vehicles, semiconductors (CMP retaining rings, mobile phone diaphragms), wind power, photovoltaics, nuclear energy, medical implants (craniofacial repair systems, cranial bone plates), and aerospace (CF/PEEK)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [II. Discussion and Analysis of Operations](index=18&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) This section reviews the company's operational performance, highlighting its continuous deep cultivation in the PEEK industry, market consolidation through innovation, and active response to challenges despite declining revenue and profit - The company is a national high-tech enterprise and a national "little giant" enterprise specializing in niche sectors, possessing a Jilin Provincial Engineering Research Center, with PEEK industrial production technology at a **leading domestic level**[58](index=58&type=chunk) Key Operating Data for H1 2025 | Indicator | Amount (RMB in thousands) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 13,128.24 | Decrease of 2.10% | | Net Profit Attributable to Shareholders of Listed Company | 702.69 | Decrease of 59.89% | - Company's key initiatives include deepening PEEK business development and actively expanding into application areas such as antistatic PEEK, high-temperature insulating PEEK, and medical-grade PEEK[61](index=61&type=chunk) - The company is deepening its domestic and international market presence, actively participating in exhibitions, utilizing overseas self-media platforms, and establishing a warehousing center in Europe for localized inventory management and rapid delivery[61](index=61&type=chunk) - The company is advancing workshop upgrades and renovations, deepening refined specialized management, optimizing SOPs, and implementing minor improvements and digital management upgrades to enhance product quality[62](index=62&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=20&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) This section details the company's core competencies, including its long-term R&D, leading production technology, diverse product system, quality, professional R&D team, and strong brand reputation [(I) Analysis of Core Competencies](index=20&type=section&id=(I)%20Analysis%20of%20Core%20Competencies) The company's core competitiveness stems from over a decade of independent R&D in PEEK, mastering kiloton-scale industrial production, achieving internationally advanced product performance, and leading the Chinese market - The company has mastered PEEK resin kiloton-scale industrial production key technologies, with all core technologies derived from independent R&D, and main product performance indicators reaching **internationally advanced levels**, filling domestic gaps[64](index=64&type=chunk)[65](index=65&type=chunk) - The company is the **4th globally and 1st in China** to achieve a PEEK annual production capacity of thousands of tons, and has surpassed Victrex (UK) to become the **largest seller in the Chinese market**[65](index=65&type=chunk) - The company possesses a "two categories, three grades, seven series" product system with **89 specifications**, meeting diverse downstream application needs, with multiple products breaking foreign monopolies[68](index=68&type=chunk) - Company products exhibit quality advantages such as excellent melt stability, balanced melt flow index and viscosity, high batch-to-batch stability, rapid crystallization rate, and high crystallinity[69](index=69&type=chunk) - The company has **106 R&D personnel**, including **10 PhDs and 16 Masters**, covering all aspects of PEEK production, forming a professional technical team[72](index=72&type=chunk) - The company is a national high-tech enterprise and a specialized "little giant" enterprise, participated in drafting the **first national standard for PEEK**, and obtained multiple international quality management system certifications[66](index=66&type=chunk)[74](index=74&type=chunk) [(III) Core Technologies and R&D Progress](index=23&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) This section details the company's core technological innovations in PEEK preparation, purification, modification, and ultra-fine powder production, highlighting achievements in domestic production and continuous R&D investment - Company's core technologies revolve around the entire PEEK preparation process, including innovative polymerization reactions (using sodium salt alone, two-step synthesis), large reactor synthesis technology, end-capping technology, innovative detection and evaluation systems, and raw material control technology[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Purification technology innovations include low-temperature vacuum flash distillation and strong acid slow-release technology, effectively reducing costs, minimizing pollution, and improving product purity[78](index=78&type=chunk)[79](index=79&type=chunk) - High-purity PEEK production technology innovations include pure resin gel filtration technology, effectively removing gel substances to provide high-purity PEEK pellets for high-end applications[78](index=78&type=chunk) - Composite modification technology innovations include antistatic PEEK modification technology and high-specific torque extrusion granulation technology, solving challenges of uneven dispersion of nano-materials and blending high-viscosity systems[79](index=79&type=chunk)[80](index=80&type=chunk) - Ultra-fine powder production technology innovations include low-temperature grinding ultra-fine powder technology and ultra-fine powder microstructure grinding technology, capable of grinding powders finer than **1000 mesh**, expanding applications such as 3D printing[80](index=80&type=chunk) - During the reporting period, the company added **1 new patent** (1 invention patent), accumulating a total of **35 patents** (26 invention patents)[82](index=82&type=chunk) R&D Investment (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Employee Compensation | 10,146,923.36 | 5,530,589.97 | 83.47 | | Materials | 4,563,275.84 | 3,641,494.19 | 25.31 | | Depreciation and Amortization | 3,079,413.04 | 2,399,844.03 | 28.32 | | Technical Service Fees | 201,732.82 | 1,457,640.40 | -86.17 | | Other | 885,041.40 | 640,287.25 | 38.23 | | Total | 18,876,386.46 | 13,669,855.84 | 38.09 | | Of which: Expensed R&D Investment | 16,796,915.20 | 13,669,855.84 | 22.88 | | Capitalized R&D Investment | 2,079,471.26 | - | 100.00 | - Total R&D investment increased by **38.09%**, mainly due to increased R&D material consumption, and an increase in R&D personnel and their compensation[87](index=87&type=chunk) - The medical-grade PEEK product project has transitioned from research to development phase, with **2.0795 million yuan** in capitalized R&D investment this period[88](index=88&type=chunk) R&D Project Status (Partial) | No. | Project Name | Estimated Total Investment (RMB in thousands) | Current Period Investment (RMB in thousands) | Cumulative Investment (RMB in thousands) | Progress or Stage Results | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Medical-grade PEEK Product | 4,000.00 | 207.95 | 1,380.16 | Development Stage | | 3 | Preparation of Fully Domestic Carbon Fiber Reinforced PEEK Composite Materials | 1,500.00 | 251.68 | 767.57 | Development Stage | | 5 | PEEK Modified Materials in Automotive and Semiconductor Fields Key Technology Development Project | 1,989.40 | 242.40 | 296.02 | Development Stage | | 7 | Pilot Project for Domestic and Autonomous Production of Polyaryletherketone Raw Materials | 3,000.00 | 544.27 | 685.03 | Development Stage | R&D Personnel (H1 2025) | Indicator | Current Period Number | Prior Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 106 | 58 | | R&D Personnel as % of Total Company Personnel (%) | 22.84 | 17 | | Total R&D Personnel Compensation (RMB) | 11,091,270.56 | 5,530,589.97 | | Average R&D Personnel Compensation (RMB) | 104,634.63 | 95,355.00 | | PhD Candidates (persons) | 10 | - | | Master's Candidates (persons) | 16 | - | | Bachelor's Degree (persons) | 59 | - | | Associate Degree and Below (persons) | 21 | - | [IV. Risk Factors](index=31&type=section&id=IV.%20Risk%20Factors) This section details various operational risks, including talent loss, technology leakage, gross margin fluctuations, inventory, receivables, project implementation, policy changes, raw material supply, and macroeconomic factors - The company faces the risk of **technical talent loss**, as the stability of core technical personnel is crucial for the company[94](index=94&type=chunk) - High risk of **core technology leakage**, as large-scale industrial production of PEEK relies on extensive accumulation of process parameters, and technology loss could weaken the company's competitiveness[95](index=95&type=chunk) - The company's gross margin remained high during the reporting period (**44.42%**), but there is a risk of gross margin fluctuations due to intensified market competition, declining product prices, or rising raw material prices[97](index=97&type=chunk) - Ending inventory book value is **157.6038 million yuan**, accounting for **17.54%** of current assets, posing risks of large inventory amounts and impairment[99](index=99&type=chunk) - Implementation of fundraising projects may face adverse changes in industry policies, market environment, technological innovation, customer demand, and the risk that new costs and expenses cannot be absorbed, leading to a decline in profitability[101](index=101&type=chunk)[102](index=102&type=chunk) - The company's core raw material fluoroketone has relatively few suppliers, leading to concentrated procurement and **raw material supply risks**[104](index=104&type=chunk) - Changes in the international political and economic environment and escalating trade frictions may hinder the company's overseas sales, adversely affecting operating revenue growth[105](index=105&type=chunk) [V. Key Operating Performance During the Reporting Period](index=35&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes changes in major financial statement items, asset-liability structure, investment activities, and subsidiary operations, reflecting the company's efforts amidst declining revenue and profit [(I) Main Business Analysis](index=35&type=section&id=(I)%20Main%20Business%20Analysis) This section analyzes changes in main business financial items, showing declines in revenue and cost but significant increases in selling, administrative, and R&D expenses, leading to a substantial profit drop Financial Statement Item Change Analysis (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 131,282,422.94 | 134,099,232.36 | -2.10 | | Operating Cost | 72,968,623.44 | 80,239,344.92 | -9.06 | | Taxes and Surcharges | 1,065,137.10 | 747,399.98 | 42.51 | | Selling Expenses | 7,975,163.52 | 5,368,996.85 | 48.54 | | Administrative Expenses | 29,095,893.14 | 23,608,895.82 | 23.24 | | Financial Expenses | -146,637.55 | -4,997,415.23 | 97.07 | | R&D Expenses | 16,796,915.20 | 13,669,855.84 | 22.88 | | Other Income | 787,196.11 | 2,658,706.38 | -70.39 | | Investment Income | 3,990,526.96 | 1,297,820.55 | 207.48 | | Net Cash Flow from Operating Activities | -16,487,617.28 | 4,030,174.59 | -509.10 | | Net Cash Flow from Investing Activities | -85,475,969.03 | -17,646,946.49 | -384.37 | | Net Cash Flow from Financing Activities | -12,550,138.35 | 26,560,376.98 | -147.25 | - Operating revenue decreased by **2.10%**, mainly due to slight changes in product category structure and sales volume[108](index=108&type=chunk) - Operating cost decreased by **9.06%**, mainly due to the company's deepened PEEK main business development, driving cost reduction, efficiency improvement, and lower raw material prices[108](index=108&type=chunk) - Selling expenses, administrative expenses, and R&D expenses increased by **48.54%**, **23.24%**, and **22.88%** respectively, primarily due to increased personnel compensation, office expenses, and R&D investment[108](index=108&type=chunk) - Net cash flow from operating activities decreased by **509.10%** year-on-year, mainly due to increased purchases of goods and payments to employees[108](index=108&type=chunk) [(III) Analysis of Assets and Liabilities](index=36&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes changes in the company's assets and liabilities, showing decreases in some items and significant increases in others, reflecting R&D and construction investments Asset and Liability Status Changes (Period-end vs Prior Year-end) | Item Name | Current Period-end Amount (RMB) | Current Period-end as % of Total Assets | Prior Year-end Amount (RMB) | Prior Year-end as % of Total Assets | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 437,581,754.08 | 32.76 | 552,095,478.74 | 40.76 | -20.74 | | Prepayments | 13,012,700.48 | 0.97 | 8,503,103.20 | 0.63 | 53.03 | | Fixed Assets | 217,495,857.24 | 16.28 | 121,980,201.89 | 9.01 | 78.30 | | Construction in Progress | 99,661,012.86 | 7.46 | 138,735,044.76 | 10.24 | -28.16 | | Development Expenditures | 4,594,530.65 | 0.34 | 2,515,059.39 | 0.19 | 82.68 | | Other Non-Current Assets | 34,666,503.16 | 2.60 | 18,325,948.68 | 1.35 | 49.77 | | Short-Term Borrowings | 5,890,956.14 | 0.44 | 15,970,508.99 | 1.18 | -63.11 | | Other Payables | 3,318,947.98 | 0.25 | 25,520,139.43 | 1.88 | -86.99 | - Prepayments increased by **53.03%** year-on-year, mainly due to increased prepaid electricity and material costs[110](index=110&type=chunk) - Fixed assets increased by **78.30%** year-on-year, mainly due to the completion and transfer of the Shanghai R&D Center office building from construction in progress[110](index=110&type=chunk) - Development expenditures increased by **82.68%** year-on-year, mainly due to increased R&D investment in medical-grade PEEK products[110](index=110&type=chunk) - Short-term borrowings decreased by **63.11%** year-on-year, mainly due to a reduction in discounted but unexpired non-6+9 acceptance bills[110](index=110&type=chunk) - Other payables decreased by **86.99%** year-on-year, mainly due to the completion of dividend payments[110](index=110&type=chunk) [(IV) Analysis of Investment Status](index=38&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) This section discloses the company's financial assets measured at fair value, with trading financial assets increasing to **160.26 million yuan** at period-end Financial Assets Measured at Fair Value (Period-end vs Period-beginning) | Asset Category | Period-beginning Amount (RMB) | Current Period Purchases (RMB) | Current Period Sales/Redemptions (RMB) | Period-end Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | | Other (Trading Financial Assets) | 138,249,282.20 | 2,331,009,849.31 | 2,309,002,884.93 | 160,256,246.58 | [(VI) Analysis of Major Holding and Participating Companies](index=39&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists financial information for major subsidiaries, detailing their establishment, personnel changes, and planned capital increases Financial Information of Major Subsidiaries (H1 2025) | Company Name | Company Type | Registered Capital (RMB in thousands) | Total Assets (RMB in thousands) | Net Assets (RMB in thousands) | Operating Revenue (RMB in thousands) | Operating Profit (RMB in thousands) | Net Profit (RMB in thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Shangkun | Subsidiary | 100.00 | 1,155.34 | 510.62 | 1,262.09 | 276.07 | 273.61 | | Dingyan Chemical | Subsidiary | 500.00 | 5,615.52 | 61.19 | 0 | -243.18 | -243.18 | | Houhe Medical | Subsidiary | 500.00 | 107.21 | 107.21 | 0 | -7.70 | -7.70 | | Zhongyan Shanghai | Subsidiary | 3,000.00 | 11,363.36 | 1,940.26 | 2.50 | -827.76 | -827.76 | | Zhongyan Shenzhen | Subsidiary | 1,000.00 | 2,753.55 | 491.27 | 2.46 | -366.44 | -366.44 | | Zhongyan New Materials | Subsidiary | 3,000.00 | 0 | 0 | 0 | 0 | 0 | - The company's wholly-owned subsidiary, Zhongyan Composite Materials (Shanghai) Technology Development Co., Ltd., established a second-tier subsidiary, Zhongyan Composite Materials (Shanghai) Aerospace Technology Development Co., Ltd., on January 16, 2025, with a registered capital of **10 million yuan**[116](index=116&type=chunk) - The company plans to increase capital by **45 million yuan** for Dingyan Chemical, **70 million yuan** for Zhongyan Shanghai (including **43.204 million yuan** from raised funds), and **20 million yuan** for Zhongyan Shenzhen[117](index=117&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=42&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's governance structure, environmental responsibilities, and social contributions [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=42&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) There were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period [II. Profit Distribution or Capital Reserve Conversion Plan](index=42&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that no profit distribution or capital reserve conversion will occur for this reporting period - No profit distribution or capital reserve conversion will be carried out for this reporting period[120](index=120&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=42&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=42&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company is included in the list of enterprises required to disclose environmental information by law and provides an index for querying its report - Jilin Zhongyan High-Performance Polymer Materials Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[121](index=121&type=chunk) - The environmental information disclosure report can be queried through the **Enterprise Environmental Information Disclosure System**[122](index=122&type=chunk) [Section V Significant Matters](index=44&type=section&id=Section%20V%20Significant%20Matters) This section details significant events and commitments affecting the company during the reporting period [I. Fulfillment of Commitments](index=44&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments by the company's actual controllers, shareholders, and related parties, all strictly adhered to on schedule - The company's controlling shareholder and actual controller Xie Huaijie, co-actual controller Xie Yuning, and Bi Xin committed not to transfer or entrust others to manage company shares held before this issuance for **42 months** from the listing date[124](index=124&type=chunk) - Actual controllers and their concerted parties, shareholders holding **5% or more** of shares, and directors, supervisors, and senior management committed that the reduction price would not be lower than the issue price or the audited net asset value per share at the end of the previous fiscal year for **two years** after the lock-up period expires[128](index=128&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk)[144](index=144&type=chunk) - The company and its directors, supervisors, and senior management committed that the prospectus and other information disclosure materials contain no false records, misleading statements, or major omissions, and will bear legal responsibility[149](index=149&type=chunk)[150](index=150&type=chunk)[152](index=152&type=chunk) - The actual controller committed to avoid horizontal competition and not engage in businesses or activities identical, similar, or close to those of the company or its subsidiaries[164](index=164&type=chunk) - Related parties committed to minimize and reduce related party transactions with the company and its subsidiaries, and strictly adhere to related party transaction management systems[165](index=165&type=chunk) - All commitments were strictly fulfilled during the reporting period, with no instances of failure to perform on time[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) [III. Irregular Guarantees](index=64&type=section&id=III.%20Irregular%20Guarantees) There were no irregular guarantees by the company during the reporting period [X. Significant Related Party Transactions](index=65&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions concerning daily operations, asset/equity changes, joint investments, or financial dealings [XI. Significant Contracts and Their Fulfillment](index=66&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses significant guarantees, primarily involving the company and its subsidiaries for subsidiaries, and joint liability guarantees provided by the actual controller couple Guarantees by the Company and its Subsidiaries for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (RMB in thousands) | Guarantee Start Date | Guarantee End Date | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Company Headquarters | Zhongyan Composite Materials (Shanghai) Technology Development Co., Ltd. | 3,700.00 | 2024-11-18 | 2029-11-18 | No | - At the end of the reporting period, the company's total guarantee amount was **37 million yuan**, accounting for **3.14%** of its net assets[173](index=173&type=chunk) - The company's actual controllers, Xie Huaijie and Zhang Yunping, provided joint liability guarantees for the company's loans from Industrial Bank, with one **70 million yuan** guarantee valid until July 5, 2026, and another **120 million yuan** guarantee fulfilled on May 19, 2025[176](index=176&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=69&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section details the overall use of raised funds, specifics of fundraising projects, cash management of idle funds, and proposals for adjusting investment structures and using self-owned funds for R&D Overall Use of Raised Funds (As of Report End) | Source of Raised Funds | Net Raised Funds (RMB in thousands) | Total Investment Pledged in Prospectus (RMB in thousands) | Total Over-Raised Funds (RMB in thousands) | Cumulative Raised Funds Invested as of Report End (RMB in thousands) | Cumulative Raised Funds Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 79,971.34 | 45,510.26 | 34,461.08 | 42,857.89 | 53.59 | Detailed Use of Fundraising Projects (As of Report End) | Project Name | Planned Total Investment in Prospectus (RMB in thousands) | Cumulative Investment as of Report End (RMB in thousands) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | Annual Production of 5,000 Tons of PEEK Deep Processing Series Products Comprehensive Plant (Phase II) Project | 22,364.57 | 10,453.16 | 46.74 | | Innovation and Technology R&D Center Project | 5,825.29 | 423.20 | 7.26 | | Shanghai Carbon Fiber PEEK Composite Material R&D Center Project | 7,320.40 | 5,246.54 | 71.67 | | Supplementary Working Capital Project | 10,000.00 | 10,301.90 | 103.02 | | Over-Raised Funds Project (Supplementary Working Capital) | 34,461.08 | 16,433.09 | 47.69 | - The company and its subsidiaries used idle raised funds not exceeding **550 million yuan** for cash management, with a balance of **334.97 million yuan** at the end of the reporting period[180](index=180&type=chunk)[182](index=182&type=chunk) - The company agreed to adjust the internal investment structure of the "Shanghai Carbon Fiber PEEK Composite Material R&D Center Project" and use its own funds to pay R&D personnel expenses for this project, with subsequent equivalent replacement from raised funds[181](index=181&type=chunk) [Section VI Share Changes and Shareholder Information](index=74&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides details on changes in the company's share capital and shareholder structure [I. Share Capital Changes](index=74&type=section&id=I.%20Share%20Capital%20Changes) This section discloses the company's share capital changes, primarily due to the listing and circulation of some restricted IPO shares on March 20, 2025 Share Change Status (As of Report End) | Category | Number Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 54,079,233 | 44.44 | -977,786 | 53,101,447 | 43.64 | | Of which: Domestic Natural Persons | 49,531,316 | 40.71 | -977,786 | 48,553,530 | 39.90 | | II. Unrestricted Tradable Shares | 67,600,767 | 55.56 | 977,786 | 68,578,553 | 56.36 | | III. Total Shares | 121,680,000 | 100 | 0 | 121,680,000 | 100 | - During the reporting period, **977,786 restricted shares** from the company's initial public offering became tradable on **March 20, 2025**[187](index=187&type=chunk) Restricted Share Change Status (H1 2025) | Shareholder Name | Restricted Shares at Period-beginning (shares) | Restricted Shares Released This Period (shares) | Restricted Shares at Period-end (shares) | Reason for Restriction | Date of Release | | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Liping | 760,700 | 760,700 | 0 | Pre-IPO Shares | 2025-3-20 | | Gao Fang | 184,736 | 184,736 | 0 | Pre-IPO Shares | 2025-3-20 | | Li Zhenfang | 32,350 | 32,350 | 0 | Pre-IPO Shares | 2025-3-20 | | Total | 977,786 | 977,786 | 0 | / | / | [II. Shareholder Information](index=75&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of shareholders, top ten shareholders' holdings, and restricted share details, including their relationships, as of the reporting period end - As of the end of the reporting period, the total number of ordinary shareholders was **13,005**[190](index=190&type=chunk) Top Ten Shareholders' Shareholding (As of Report End) | Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Xie Huaijie | 36,928,382 | 30.35 | 36,928,382 | Domestic Natural Person | | Pang Jinxiang | 9,965,019 | 8.19 | 9,965,019 | Domestic Natural Person | | Wang Xiuyun | 3,824,100 | 3.14 | 0 | Domestic Natural Person | | Jilin Jinzheng New Energy Technology Co., Ltd. | 3,199,300 | 2.63 | 3,199,300 | Domestic Non-State-Owned Legal Person | | Liu Guoliang | 2,805,050 | 2.31 | 0 | Domestic Natural Person | | Xie Yuning | 1,649,579 | 1.36 | 1,629,579 | Domestic Natural Person | | Wang Yanlong | 1,463,542 | 1.20 | 0 | Domestic Natural Person | | Haitong Innovation Securities Investment Co., Ltd. | 1,348,617 | 1.11 | 1,348,617 | State-Owned Legal Person | | Lv Zhenyue | 1,215,000 | 1.00 | 0 | Domestic Natural Person | | Changchun Science and Technology Big Market Venture Capital Co., Ltd. | 1,113,821 | 0.92 | 0 | Domestic Non-State-Owned Legal Person | - Xie Huaijie, Pang Jinxiang, and Jinzheng New Energy are concerted parties; Xie Huaijie and Xie Yuning are father and daughter; Wang Xiuyun and Liu Guoliang are husband and wife[195](index=195&type=chunk) Top Ten Restricted Shareholders' Shareholding and Restricted Conditions (As of Report End) | No. | Restricted Shareholder Name | Restricted Shares Held (shares) | Tradable Date | Restriction Condition | | :--- | :--- | :--- | :--- | :--- | | 1 | Xie Huaijie | 36,928,382 | 2027-3-20 | Initial Public Offering Restriction | | 2 | Pang Jinxiang | 9,965,019 | 2027-3-20 | Initial Public Offering Restriction | | 3 | Jilin Jinzheng New Energy Technology Co., Ltd. | 3,199,300 | 2027-3-20 | Initial Public Offering Restriction | | 4 | Xie Yuning | 1,629,579 | 2027-3-20 | Initial Public Offering Restriction | | 5 | Haitong Innovation Securities Investment Co., Ltd. | 1,348,617 | 2025-9-20 | Initial Public Offering Restriction | | 6 | Bi Xin | 30,550 | 2027-3-20 | Initial Public Offering Restriction | [III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=78&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section discloses shareholding changes for current and former directors, supervisors, senior management, and core technical personnel, noting a decrease for Director and CFO Yang Liping due to market transactions Shareholding Changes of Director and CFO Yang Liping | Name | Position | Shares Held at Period-beginning (shares) | Shares Held at Period-end (shares) | Change in Shares During Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Liping | Director, CFO | 760,700 | 735,700 | -25,000 | Secondary Market Transactions | [Section VII Bond-Related Information](index=80&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides information regarding the company's bonds and debt financing instruments [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=80&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=80&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds [Section VIII Financial Report](index=81&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's financial statements and related notes for the reporting period [I. Audit Report](index=81&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [II. Financial Statements](index=81&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements, reflecting its financial position, operating results, and cash flows - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **1.336 billion yuan**, total liabilities were **156.70 million yuan**, and total owners' equity was **1.179 billion yuan**[206](index=206&type=chunk)[208](index=208&type=chunk) - The consolidated income statement shows that for the first half of 2025, operating revenue was **131.28 million yuan**, and net profit attributable to shareholders of the listed company was **7.03 million yuan**[214](index=214&type=chunk)[215](index=215&type=chunk) - The consolidated cash flow statement shows that for the first half of 2025, net cash flow from operating activities was **-16.49 million yuan**, net cash flow from investing activities was **-85.48 million yuan**, and net cash flow from financing activities was **-12.55 million yuan**[221](index=221&type=chunk) [III. Company Basic Information](index=99&type=section&id=III.%20Company%20Basic%20Information) This section outlines the company's registration, business nature, main activities, and the scope of its consolidated financial statements - The company was initiated and established on **January 31, 2015**, and listed on the Shanghai Stock Exchange on **September 20, 2023**[234](index=234&type=chunk) - The company's registered capital is **121.68 million RMB**, with **Xie Huaijie** as the legal representative[234](index=234&type=chunk) - The company belongs to the chemical raw materials and chemical products manufacturing industry, primarily engaged in the R&D, production, and sales of special engineering plastic Polyetheretherketone (**PEEK**) series products[234](index=234&type=chunk) - A total of **6 subsidiaries** were included in the scope of consolidation for this period[234](index=234&type=chunk) [IV. Basis of Financial Statement Preparation](index=99&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared in accordance with enterprise accounting standards and CSRC regulations, based on the going concern assumption - Financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)" by the China Securities Regulatory Commission[235](index=235&type=chunk) - The company evaluated its ability to continue as a going concern for **12 months** from the end of the reporting period and found no significant doubts about its going concern ability, thus the financial statements are prepared on a going concern basis[237](index=237&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=100&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the significant accounting policies and estimates adopted by the company in preparing its financial statements, covering various financial and operational aspects - The company formulated specific accounting policies and estimates based on its actual production and operation characteristics, primarily reflected in the provision for bad debts of receivables, inventory valuation methods, revenue recognition and measurement, depreciation of fixed assets, and amortization of intangible assets[238](index=238&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[266](index=266&type=chunk) - The company measures loss provisions for all contract assets, notes receivable, and accounts receivable arising from transactions regulated by revenue standards at an amount equal to the expected credit losses over the entire lifetime[280](index=280&type=chunk) - The company's PEEK product sales business is a performance obligation satisfied at a point in time; domestic sales revenue is recognized upon product delivery and receipt of customer acknowledgment, while export sales revenue is recognized upon completion of customs declaration, shipment, and receipt of the bill of lading[346](index=346&type=chunk)[348](index=348&type=chunk) - The company applies simplified treatment for short-term leases and leases of low-value assets, not recognizing right-of-use assets and lease liabilities[356](index=356&type=chunk) [VI. Taxation](index=144&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, along with tax preferential policies enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales revenue of goods, service revenue | 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax actually paid | 5% | | Education Surcharge | Amount of turnover tax actually paid | 3% | | Local Education Surcharge | Amount of turnover tax actually paid | 2% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | - The company obtained its high-tech enterprise certificate on November 29, 2022, and is subject to a corporate income tax rate of **15%** during the reporting period[363](index=363&type=chunk) - Shanghai Shangkun New Material Technology Co., Ltd., Jilin Houhe Medical Technology Co., Ltd., and Zhongyan Composite Materials (Shenzhen) Technology Co., Ltd. meet the conditions for small and micro-enterprises and are subject to a corporate income tax rate of **20%**[363](index=363&type=chunk) - The company's exported PEEK and other products are eligible for a **13%** export tax rebate rate[363](index=363&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=145&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, covering assets, liabilities, equity, income, expenses, and cash flows - As of June 30, 2025, the monetary funds balance was **437.58 million yuan**, a **20.74%** decrease from the beginning of the period, with no pledged, frozen, or potentially unrecoverable funds[366](index=366&type=chunk) - The ending balance of trading financial assets was **160.26 million yuan**, an increase of **15.92%** from the beginning of the period[110](index=110&type=chunk)[368](index=368&type=chunk) - The ending balance of notes receivable was **71.07 million yuan**, a **20.30%** decrease from the beginning of the period, with bank acceptance bills accounting for **96.31%**[110](index=110&type=chunk)[369](index=369&type=chunk)[374](index=374&type=chunk) - The ending balance of accounts receivable was **43.88 million yuan**, with a bad debt provision of **3.06 million yuan**, and accounts aged within **1 year** accounting for the highest proportion[110](index=110&type=chunk)[382](index=382&type=chunk)[385](index=385&type=chunk) - The ending balance of inventory was **157.60 million yuan**, mainly composed of raw materials, work-in-progress, and finished goods[110](index=110&type=chunk)[416](index=416&type=chunk) - The ending book value of fixed assets was **217.50 million yuan**, a **78.30%** year-on-year increase, mainly due to the completion and transfer of the Shanghai R&D Center office building[110](index=110&type=chunk)[431](index=431&type=chunk) - The ending balance of construction in progress was **99.66 million yuan**, a **28.16%** year-on-year decrease, with major projects including the 5000-ton PEEK (Phase II) project and the Shanghai Carbon Fiber PEEK Composite Material project[110](index=110&type=chunk)[435](index=435&type=chunk) - The ending balance of short-term borrowings was **5.89 million yuan**, a **63.11%** year-on-year decrease, mainly due to a reduction in discounted but unexpired non-6+9 acceptance bills[110](index=110&type=chunk)[462](index=462&type=chunk) - The ending balance of employee compensation payable was **7.97 million yuan**, with an increase of **43.99 million yuan** this period, primarily for salaries, bonuses, allowances, and subsidies[473](index=473&type=chunk) - The ending balance of retained earnings was **143.45 million yuan**, with net profit attributable to parent company owners for this period being **7.03 million yuan**[496](index=496&type=chunk) - Investment income for this period was **3.99 million yuan**, mainly from matured structured deposit wealth management products[512](index=512&type=chunk) - Net cash flow from operating activities was **-16.49 million yuan**, primarily affected by increased purchases of goods and payments to employees[108](index=108&type=chunk)[539](index=539&type=chunk) [VIII. R&D Expenditures](index=191&type=section&id=VIII.%20R%26D%20Expenditures) This section discloses the company's R&D expenditures, including expensed and capitalized investments, and lists ongoing projects eligible for capitalization R&D Expenditures (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 10,146,923.36 | 5,530,589.97 | | Materials | 4,563,275.84 | 3,641,494.19 | | Depreciation and Amortization | 3,079,413.04 | 2,399,844.03 | | Technical Service Fees | 201,732.82 | 1,457,640.40 | | Other | 885,041.40 | 640,287.25 | | Total | 18,876,386.46 | 13,669,855.84 | | Of which: Expensed R&D Expenditures | 16,796,915.20 | 13,669,855.84 | | Capitalized R&D Expenditures | 2,079,471.26 | - | - The medical-grade PEEK product project increased capitalized R&D investment by **2.079 million yuan** this period, with an ending balance of **4.595 million yuan**[553](index=553&type=chunk) [IX. Changes in Consolidation Scope](index=192&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section explains changes in the company's consolidation scope, primarily due to the establishment of a new wholly-owned grandchild company - A new wholly-owned grandchild company, Zhongyan Composite Materials (Shanghai) Aerospace Technology Development Co., Ltd., was established this period and included in the consolidated financial statements[553](index=553&type=chunk) [X. Interests in Other Entities](index=193&type=section&id=X.%20Interests%20in%20Other%20Entities) This section lists the composition of the company's enterprise group, including the main operating locations, registered capital, business nature, and shareholding percentages of each subsidiary Subsidiary Composition (Partial) | Subsidiary Name | Main Operating Location | Registered Capital (RMB) | Business Nature | Shareholding Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Shangkun New Material Technology Co., Ltd. | Shanghai | 100.00 | Sales of PEEK products | 100.00 | | Jilin Houhe Medical Technology Co., Ltd. | Changchun, Jilin | 500.00 | Medical research and experimental development; new material technology R&D | 100.00 | | Jilin Dingyan Chemical Co., Ltd. | Siping, Jilin | 500.00 | Chemical product production and sales | 100.00 | | Zhongyan Composite Materials (Shanghai) Technology Development Co., Ltd. | Shanghai | 3,000.00 | New material technology R&D; sales of engineering plastics and synthetic resins | 100.00 | | Zhongyan Composite Materials (Shenzhen) Technology Co., Ltd. | Shenzhen, Guangdong | 1,000.00 | Manufacturing of engineering plastics and synthetic resins; sales of engineering plastics and synthetic resins | 100.00 | | Zhongyan (Changchun) New Material Technology Co., Ltd. | Changchun, Jilin | 3,000.00 | New material R&D, production, and sales | 100.00 | [XI. Government Grants](index=194&type=section&id=XI.%20Government%20Grants) This section discloses the company's liability items related to government grants, primarily deferred income related to assets, with an ending balance of **3.81 million yuan** Liability Items Related to Government Grants (Period-end) | Financial Statement Item | Period-beginning Balance (RMB) | Current Period Decrease (RMB) | Period-end Balance (RMB) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 4,034,371.66 | 229,080.68 | 3,805,290.98 | Asset-related | [XII. Risks Related to Financial Instruments](index=195&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section details the company's financial instrument risks, including credit, liquidity, and market risks, and outlines the management policies and measures adopted - The company faces **credit risk, liquidity risk, and market risk** (exchange rate risk, interest rate risk, price risk)[561](index=561&type=chunk) - The company manages credit risk by formulating credit policies, continuously monitoring accounts receivable collection, and evaluating customer creditworthiness[562](index=562&type=chunk) - The company manages liquidity risk through cash flow forecasting, monitoring funding needs, obtaining standby funding commitments, and entering into credit line agreements with banks[564](index=564&type=chunk) - The company's main business is settled in RMB, but foreign currency assets and future foreign currency transactions (primarily USD) pose **exchange rate risk**[566](index=566&type=chunk) - The company's interest rate risk primarily arises from bank borrowings, managed by monitoring interest rate levels and adjusting borrowing scales[566](index=566&type=chunk) - The company sells PEEK and other chemical products, facing **price risk** from commodity price fluctuations[566](index=566&type=chunk) [XIII. Disclosure of Fair Value](index=198&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the reporting period, primarily trading financial assets Fair Value of Assets and Liabilities Measured at Fair Value (Period-end) | Item | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | 160,256,246.58 | 3,289,047.03 | 163,545,293.61 | | (I) Trading Financial Assets | - | - | - | | 1. Financial assets measured at fair value through profit or loss | 160,256,246.58 | 3,289,047.03 | 163,545,293.61 | | (1) Debt instrument investments | 160,256,246.58 | 3,289,047.03 | 163,545,293.61 | | Total assets measured at recurring fair value | 160,256,246.58 | 3,289,047.03 | 163,545,293.61 | [XIV. Related Parties and Related Party Transactions](index=199&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's related parties, including the actual controller and spouse, and details related party guarantees accepted by the company - The company's actual controller **Xie Huaijie** directly holds **30.35%** of the company's shares, and indirectly holds **2.60%** through Jilin Jinzheng New Energy Technology Co., Ltd., controlling a total of **32.95%** of voting shares[572](index=572&type=chunk) - Xie Huaijie's spouse, **Zhang Yunping**, is another related party of the company[572](index=572&type=chunk) Related Party Guarantees (Company as Guaranteed Party) | Guarantor | Guarantee Amount (RMB) | Guarantee Start Date | Guarantee End Date | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Xie Huaijie, Zhang Yunping | 70,000,000.00 | 2021-07-06 | 2026-07-05 | No | | Xie Huaijie, Zhang Yunping | 120,000,000.00 | 2022-05-20 | 2025-05-19 | Yes | - Key management personnel compensation amounted to **2.6068 million yuan** this period[579](index=579&type=chunk) [XVI. Commitments and Contingencies](index=203&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section states that the company had no significant commitments or contingencies requiring disclosure at the end of the reporting period [XVII. Events After the Balance Sheet Date](index=203&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) This section discloses the board's approval of proposals to extend and change the implementation methods of fundraising projects after the balance sheet date, pending shareholder approval - The company's board of directors approved proposals to extend the "Annual Production of 5,000 Tons of PEEK Deep Processing Series Products Comprehensive Plant (Phase II) Project" and the "Innovation and Technology R&D Center Project"[582](index=582&type=chunk) - The company agreed to change the implementation method of the "Shanghai Carbon Fiber PEEK Composite Material R&D Center Project" from providing loans to increasing capital in Zhongyan Shanghai[582](index=582&type=chunk) - The aforementioned matters still require approval by the company's general meeting of shareholders[582](index=582&type=chunk) [XVIII. Other Significant Matters](index=204&type=section&id=XVIII.%20Other%20Significant%20Matters) This section explains that due to its singular business, the company manages PEEK product R&D, production, and sales as a whole, thus no segment information is presented - The company's business is singular, primarily R&D, production, and sales of PEEK products, which management treats as a whole, therefore no segment information is presented[584](index=584&type=chunk) [XIX. Notes to Parent Company Financial Statement Major Items](index=205&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section provides detailed notes for major items in the parent company's financial statements, reflecting its financial position and operating results - Parent company's accounts receivable balance at period-end was **45.79 million yuan**, with a bad debt provision of **3.05 million yuan**[588](index=588&type=chunk) - Parent company's other receivables balance at period-end was **115.35 million yuan**, mainly temporary borrowings to subsidiaries[596](index=596&type=chunk)[601](index=601&type=chunk) - Parent company's long-term equity investment in subsidiaries at period-end was **45.86 million yuan**, an increase of **4 million yuan** this period, primarily for additional investment in Zhongyan Composite Materials (Shenzhen) Technology Co., Ltd[606](index=606&type=chunk) - Parent company's operating revenue for the first half of 2025 was **128.61 million yuan**, and operating cost was **72.94 million yuan**[611](index=611&type=chunk) - Parent company's investment income for the first half of 2025 was **3.89 million yuan**, mainly from matured structured deposit wealth management products[612](index=612&type=chunk) [XX. Supplementary Information](index=214&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses and key financial indicators Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -17,911.41 | | Government grants recognized in current profit or loss | 469,354.83 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 4,246,773.54 | | Other non-operating income and expenses | -199,618.98 | | Less: Income tax impact | 674,789.70 | | Total | 3,823,808.28 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB/share) | | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 0.60 | 0.06 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 0.27 | 0.03 |

吉林省中研高分子材料股份有限公司董事、高级管理人员离职管理制度 吉林省中研高分子材料股份有限公司 董事、高级管理人员离职管理制度 二〇二五年八月 吉林省中研高分子材料股份有限公司董事、高级管理人员离职管理制度 吉林省中研高分子材料股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范吉林省中研高分子材料股份有限公司（以下简称"公司"） 董事、高级管理人员离职相关事宜，确保公司治理结构的稳定性和连续性，维护 公司及股东的合法权益，根据《中华人民共和国公司法》《上海证券交易所科创 板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》等法律、法规、规范性文件及《吉林省中研高分子材料股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，结合公司实际情况，制定本制 度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员因任期 届满、辞职、被解除职务或其他原因离职的情形。 第三条 公司董事、高级管理人员离职管理应遵循以下原则： （一）合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》的 要求； （二）公开透明原则：及时、准确、完整地披露董事、高 ...

吉林省中研高分子材料股份有限公司投资者关系工作管理制度 吉林省中研高分子材料股份有限公司 投资者关系工作管理制度 二〇二五年八月 吉林省中研高分子材料股份有限公司投资者关系工作管理制度 吉林省中研高分子材料股份有限公司 投资者关系工作管理制度 第一章 总则 第一条 为进一步完善吉林省中研高分子材料股份有限公司（以下简称 "公司"）治理结构，规范公司投资者关系工作，加强公司与投资者和潜在投资 者（以下统称"投资者"）之间的沟通，加深投资者对公司的了解和认同，促进 公司和投资者之间长期、稳定的良好关系，提升公司的诚信度、核心竞争能力和 持续发展能力，实现公司价值最大化和股东利益最大化，根据《中华人民共和国 公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）、《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等法律、法规、规章、规范性文件及《吉林省中研高分子材料股份有限公司章程》 （以下简称"公司章程"）的规定，结合公司实际情况，特制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互 动交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通 ...

吉林省中研高分子材料股份有限公司董事会战略委员会实施细则 吉林省中研高分子材料股份有限公司 董事会战略委员会实施细则 二〇二五年八月 吉林省中研高分子材料股份有限公司董事会战略委员会实施细则 吉林省中研高分子材料股份有限公司 董事会战略委员会实施细则 第一章 总则 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展规 划，健全投资决策程序，加强决策科学性，提高重大投资与资本运作决策效率和 决策质量，完善公司治理结构，根据《中华人民共和国公司法》等法律、法规、 规范性文件和《吉林省中研高分子材料股份有限公司章程》（以下简称"《公司章 程》"），公司特设立董事会战略委员会，并制定本实施细则。 第二条 董事会战略委员会是董事会按照股东会决议设立的专门工作机构， 主要负责对公司长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会由三名董事组成，其中至少包括一名独立董事。 第四条 战略委员会成员由董事长、二分之一以上独立董事、全体董事的三 分之一以上提名，并由董事会以全体董事过半数选举产生。 第五条 战略委员会设召集人一名，由董事会在成员内任命。 第六条 战略委员会任期与董 ...