New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - Zitian Tui (300280) is in the delisting adjustment period with only 2 trading days remaining until the last trading day[1] Market Alerts - Kesi Technology (688788) and Pinming Technology (688109) have recent announcements but no specific details provided[1] - Magu Technology (688448) is experiencing severe abnormal fluctuations[1] Trading Updates - Multiple companies including Dongjing (002199) and Guosheng Jinkong (002670) have announcements dated October 9, 2025, indicating ongoing trading activities[1] - Companies like Hunan Yuneng (301358) and Wanrun New Energy (688275) have announcements from October 1, 2025, indicating recent trading updates[1] Financial Disclosures - Several companies have disclosed their financial information, with specific announcements linked to their respective stock codes[1] - The report includes links to detailed announcements for various companies, providing transparency in their financial activities[1]

New Stock Issuance - New stock issuance for Daoshengtianhe (Code: 780026) priced at 5.98 RMB on September 29, 2025[1] - Offer period for the acquisition of Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] Delisting and Trading Alerts - Zitian Tui (Code: 300280) is in the delisting preparation period with 4 trading days remaining until the last trading day[1] - Significant abnormal fluctuations reported for Kaipu Cloud (Code: 688228) on September 25, 2025[1] Recent Announcements - Multiple companies including Zhonghuan Hailu (Code: 301040) and Shenhuafa A (Code: 000020) have recent announcements regarding their stock activities[1] - A total of 30 companies have made announcements regarding stock fluctuations and trading activities in the past week[1]

具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买一、买四，合计买入金额2556.78万 元，卖出金额1184.48万元，合计净买入1372.30万元。 深华发A今日下跌8.58%，全天换手率17.71%，成交额5.04亿元，振幅10.45%。龙虎榜数据显示，机构 净买入1372.30万元，营业部席位合计净卖出7520.66万元。 深交所公开信息显示，当日该股因日跌幅偏离值达-10.10%上榜，机构专用席位净买入1372.30万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.55亿元，其中，买入成交额为4696.00 万元，卖出成交额为1.08亿元，合计净卖出6148.36万元。 资金流向方面，今日该股主力资金净流出4809.73万元，其中，特大单净流出2933.07万元，大单资金净 流出1876.66万元。近5日主力资金净流出283.74万元。（数据宝） 深华发A9月29日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 机构专用 | 1864. ...

股票代码：000020 200020 股票名称：深华发A 深华发B 编号：2025-15 深圳中恒华发股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 本公司股票（股票简称：深华发 A；证券代码：000020）已连续 2 个交易日 （2025 年 9 月 25 日、9 月 26 日）收盘价格涨幅偏离值累计超过 20％，根据《深 圳证券交易所交易规则》规定，属于股票交易的异常波动情形。 二、说明关注、核实情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并电话询问了公 司控股股东及实际控制人，有关情况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处。 5.经核查，股票异常波动期间控股股东、实际控制人未发生买卖公司股票的 行为。 6.公司不存在违反公平信息披露规定的情形。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据《深圳证券交易所股票上市规 则》有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、 协议等；董事会也未获悉本公司有根据 ...

Core Insights - The company reported a total revenue of 456 million yuan for the first half of 2025, representing an increase of 11.76% year-on-year [1] - The net profit attributable to shareholders reached 14.34 million yuan, up 42.62% compared to the previous year [1] - The second quarter alone saw a revenue of 244 million yuan, a significant increase of 29.15% year-on-year, with net profit rising by 80.25% to 8.42 million yuan [1] Financial Performance - Revenue and Profit: - Total revenue for 2024 was 408 million yuan, while it increased to 456 million yuan in 2025 [1] - Net profit for 2024 was 10.05 million yuan, increasing to 14.34 million yuan in 2025 [1] - Non-recurring net profit rose from 9.54 million yuan in 2024 to 10.86 million yuan in 2025, a growth of 13.75% [1] - Margins: - Gross margin decreased to 11.96% from 13.21%, a decline of 9.46% [1] - Net margin improved to 3.14%, up 27.61% from 2.46% [1] - Expenses: - Total selling, administrative, and financial expenses amounted to 32.04 million yuan, accounting for 7.02% of revenue, down 15.44% year-on-year [1] Cash Flow and Assets - Cash Flow: - Operating cash flow per share was -0.21 yuan, a drastic decrease of 9742.33% year-on-year [1] - Assets: - Cash and cash equivalents increased from 126 million yuan to 133 million yuan, a rise of 5.42% [1] - Accounts receivable surged by 55.83%, from 147 million yuan to 228 million yuan [1] Financial Ratios - Return on Invested Capital (ROIC) was reported at 9.28%, indicating average capital returns [3] - The company's net profit margin was 4.5%, suggesting low added value in products or services [3] - Historical data shows a median ROIC of 3.33% over the past decade, with a notably low ROIC of 1.78% in 2016 [3] Debt and Liquidity - The company maintains a healthy cash position, with cash assets covering 82.32% of current liabilities [3] - The accounts receivable to profit ratio reached 621.58%, indicating potential concerns regarding receivables management [3]

Group 1 - The company reported a revenue of 456,179,344.73 yuan for the first half of 2025, representing a year-on-year growth of 11.76% [2] - The net profit attributable to shareholders of the listed company was 14,339,974.11 yuan, showing a year-on-year increase of 42.62% [2]

Group 1 - The company reported a revenue of approximately 456 million yuan for the first half of 2025, representing a year-on-year increase of 11.76% [2] - The net profit attributable to shareholders of the listed company was approximately 14.34 million yuan, showing a year-on-year increase of 42.62% [2] - The basic earnings per share were 0.0506 yuan, which is a year-on-year increase of 42.54% [2]

深圳中恒华发股份有限公司 2025 年半年度财务报告全文 深圳中恒华发股份有限公司 2025 年半年度财务报告 1 深圳中恒华发股份有限公司 2025 年半年度财务报告全文 一、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：深圳中恒华发股份有限公司 项目 期末余额 期初余额 流动资产： 货币资金 133,267,563.92 203,169,481.08 结算备付金 拆出资金 交易性金融资产 衍生金融资产 应收票据 14,429,054.28 7,492,500.00 应收账款 228,358,953.52 137,308,706.33 应收款项融资 预付款项 38,843,636.74 12,914,673.96 应收保费 应收分保账款 应收分保合同准备金 其他应收款 2,176,398.64 2,828,023.20 其中：应收利息 应收股利 买入返售金融资产 存货 76,111,905.30 58,664,510.58 其中：数据资源 合同资产 持有待售资产 一年内到期的非流动资产 其他流动资产 6,047,275.70 7,317,692.75 流动资产合计 499,234,78 ...

上市公司 2025 年上半年度非经营性资金占用及其他关联资金往来情况汇总表 - 3 - | 其它关联资金往来 | 资金往来方名称 | 往来方与上市公 司的关联关系 | 上市公司 核算的会计科 | 2025 年期 初往来资 | 2025 年度往 来累计发生金 | 2025 年度 往来资金 | 2025 年度 偿还累计 | 2025 年 6 月 30 日期 | 往来形成 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 目 | 金余额 | 额 （不含利息） | 的利息 （如有） | 发生金额 | 末往来资 金余额 | 原因 | | | 控股股东、实际控 | 香港誉天国际投资 有限公司 有限公司 香港誉天国际投资 | 同一控股股东 | 应收账款 | 2,776.94 | 5,214.09 | | 4,453.77 | 3,537.26 | 销售商品 采购原材 | 经营性占用 | | | 武汉恒生光电产业 | 同一控股股东 | 应收账款 | | 255.83 | | 255.83 | | 销售商品 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) The company's board guarantees the report's accuracy, and the half-year profit distribution plan proposes no cash dividends or share transfers - The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company's 2025 semi-annual profit distribution plan proposes no cash dividends, no bonus shares, and no capitalization of reserves[5](index=5&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's identity and its key financial performance and position for the reporting period [Company Profile](index=6&type=section&id=一、公司简介) Shenzhen Zhongheng Huafa Co., Ltd. (Shenhuafa) is a company listed on the Shenzhen Stock Exchange with A-share code 000020 and B-share code 200020 Company Basic Information | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Shenhuafa A, Shenhuafa B | | **Stock Code** | 000020, 200020 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Name** | Shenzhen Zhongheng Huafa Co., Ltd. | | **Legal Representative** | Li Zhongqiu | [Key Accounting Data and Financial Indicators](index=6&type=section&id=四、主要会计数据和财务指标) In the first half of 2025, the company achieved operating revenue of **456 million yuan**, a **11.76% increase**, and net profit attributable to shareholders of **14.34 million yuan**, up **42.62%**. Total assets grew to **746 million yuan**, a **9.64% increase** from year-end, while net cash flow from operating activities significantly decreased by **9,742.33%** to **-60.42 million yuan** 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (yuan)** | 456,179,344.73 | 408,182,515.91 | 11.76% | | **Net Profit Attributable to Listed Company Shareholders (yuan)** | 14,339,974.11 | 10,054,579.80 | 42.62% | | **Net Cash Flow from Operating Activities (yuan)** | -60,418,371.46 | -613,862.75 | -9,742.33% | | **Basic Earnings Per Share (yuan/share)** | 0.0506 | 0.0355 | 42.54% | | **Weighted Average Return on Net Assets** | 3.49% | 2.70% | 0.79% | | **Total Assets (yuan)** | 745,729,920.18 | 680,192,681.50 (Prior Year-End) | 9.64% | | **Net Assets Attributable to Listed Company Shareholders (yuan)** | 417,998,982.04 | 403,659,007.93 (Prior Year-End) | 3.55% | [Non-recurring Gains and Losses](index=7&type=section&id=六、非经常性损益项目及金额) During the reporting period, the company's total non-recurring gains and losses amounted to **3.48 million yuan**, primarily from government subsidies and investment income Details of Non-recurring Gains and Losses | Item | Amount (yuan) | | :--- | :--- | | Government Subsidies | 3,582,261.12 | | Other Non-operating Income and Expenses | 122,391.64 | | Investment Income from Wealth Management, etc. | 403,645.27 | | Less: Income Tax Impact | 623,935.21 | | **Total** | **3,484,362.82** | [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section details the company's operational performance, core strengths, financial status, and future strategies during the reporting period [Overview of Main Business](index=9&type=section&id=一、报告期内公司从事的主要业务) In the first half of 2025, the company's main businesses were industrial manufacturing (injection molding parts, LCDs) and property leasing, achieving **456 million yuan** in revenue (up **11.76%**) and **14.34 million yuan** in net profit (up **42.62%**) Operating Performance by Business Segment | Business Segment | Operating Revenue (million yuan) | Year-on-Year Change | Key Dynamics | | :--- | :--- | :--- | :--- | | **Video Display Business** | 384.72 | +12.86% | Adjusted product structure, developed mid-to-high-end products, optimized costs | | **Injection Molding Business** | 46.60 | +11.74% | Streamlined management, implemented lean production, increased automation investment | | **Property Leasing** | 24.86 | -2.93% | Revenue and profit declined due to impact of the real economy | [Core Competitiveness](index=9&type=section&id=二、核心竞争力分析) The company's core competitiveness lies in its industrial land in Shenzhen being included in urban renewal plans, providing long-term stable income and new profit growth potential - The company's industrial land in Shenzhen has been included in the 2010 Shenzhen Urban Renewal Unit Planning and Development Plan, with future development and operation of self-owned land resources becoming a long-term stable income source and new profit growth point for the company[26](index=26&type=chunk) [Analysis of Main Business](index=9&type=section&id=三、主营业务分析) Main business revenue increased by **11.76%**, driven by electronics manufacturing and plastics, though gross margins slightly declined, and operating cash flow significantly decreased due to increased payments for goods Year-on-Year Changes in Key Financial Data | Item | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 456,179,344.73 | 408,182,515.91 | 11.76% | - | | **Operating Cost** | 401,599,325.00 | 354,242,202.59 | 13.37% | - | | **Financial Expenses** | -1,023,153.16 | -1,352,202.89 | 24.33% | Exchange rate fluctuations | | **Net Cash Flow from Operating Activities** | -60,418,371.46 | -613,862.75 | -9,742.33% | Increase in payments for goods | Operating Revenue Composition (by Industry) | Industry | Current Period Revenue (yuan) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Computer, Communication, and Other Electronic Equipment Manufacturing** | 384,724,630.03 | 84.34% | 12.86% | | **Rubber and Plastic Products Manufacturing** | 46,595,208.01 | 10.21% | 11.74% | | **Leasing and Other** | 24,859,506.69 | 5.45% | -2.93% | [Analysis of Assets and Liabilities](index=11&type=section&id=五、资产及负债状况分析) Total assets reached **746 million yuan**, with accounts receivable increasing to **30.62%** of total assets and cash decreasing to **17.87%**, while **173.66 million yuan** in assets are restricted - At the end of the reporting period, accounts receivable as a percentage of total assets increased by **10.43 percentage points**, while monetary funds as a percentage decreased by **12.00 percentage points**[34](index=34&type=chunk) Restricted Assets at Period-End | Item | Book Value (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | **Monetary Funds** | 80,572,111.65 | Deposit | Notes payable deposit | | **Monetary Funds** | 235,000.00 | Frozen | Judicial freeze | | **Disposal of Fixed Assets** | 92,857,471.69 | Seized | Court seizure | | **Total** | **173,664,783.53** | - | - | [Analysis of Major Holding and Participating Companies](index=12&type=section&id=八、主要控股参股公司分析) The company's primary profit source is its wholly-owned subsidiary, Hengfa Technology, which generated **7.99 million yuan** in net profit, while Huafa Property Company recorded a loss Operating Performance of Major Subsidiaries | Company Name | Main Business | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | **Hengfa Technology** | Production and Sales | 437,477,960.81 | 7,993,893.95 | | **Huafa Property Company** | Property Management | 2,321,061.61 | -319,929.97 | [Risks and Countermeasures](index=13&type=section&id=十、公司面临的风险和应对措施) The company addresses industrial business upgrade needs and urban renewal project advancement through technology optimization, accelerated project procedures, and strengthened internal controls - The company will actively seek high-quality technology projects in consumer electronics to achieve industrial upgrading[43](index=43&type=chunk) - The company will accelerate the progress and procedures for the two urban renewal projects in Shenzhen Guangming New Area and Futian District[43](index=43&type=chunk) - The company will further optimize its governance structure and improve and strictly implement internal control systems[43](index=43&type=chunk) [Corporate Governance, Environment, and Society](index=13&type=section&id=第四节%20公司治理、环境和社会) This section outlines the company's governance practices and its profit distribution policy for the reporting period [Profit Distribution Plan](index=13&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no cash dividends, bonus shares, or capitalization of reserves for the 2025 semi-annual period - The company plans no cash dividends, no bonus shares, and no capitalization of reserves for the semi-annual period[46](index=46&type=chunk) [Significant Matters](index=15&type=section&id=第五节%20重要事项) This section details significant events including ongoing litigations, related party transactions, and other material disclosures impacting the company [Litigation Matters](index=15&type=section&id=八、诉讼事项) The company is involved in a major arbitration case with Shenzhen Vanke regarding an urban renewal project cooperation agreement, with **464.6 million yuan** at stake, where enforcement was terminated due to third-party objections - The company and Wuhan Zhongheng Group were subject to arbitration by Shenzhen Vanke due to a dispute over the "Guangming New Area Gongming Street Huafa Industrial Zone Old Renovation Project Cooperation and Operation Contract," involving **464.6 million yuan**[56](index=56&type=chunk) - Shenzhen Vanke applied for compulsory enforcement in 2018, but the enforcement procedure was terminated in October 2019 due to objections from a third party; if the objections are rejected, Shenzhen Vanke may continue to apply for resumption of enforcement[56](index=56&type=chunk) [Significant Related Party Transactions](index=16&type=section&id=十一、重大关联交易) The company engaged in routine related party transactions for procurement and sales with Hong Kong Yutian and Hengsheng Optoelectronics, primarily involving LCDs and materials, all at market prices Major Daily Related Party Transactions | Related Party | Transaction Type | Transaction Content | Amount Incurred This Period (million yuan) | | :--- | :--- | :--- | :--- | | **Hong Kong Yutian** | Procurement of Materials | Display screens and glass | 27.33 | | **Hengsheng Optoelectronics** | Procurement of Materials | Display screens | 79.90 | | **Hengsheng Optoelectronics** | Procurement of Materials | Displays | 1.40 | | **Hong Kong Yutian** | Sales of Products | Displays and materials | 50.97 | | **Hengsheng Optoelectronics** | Sales of Products | Displays | 2.61 | [Other Significant Matters](index=20&type=section&id=十三、其他重大事项的说明) Other significant matters include the urban renewal project's litigation with Shenzhen Vanke, the controlling shareholder's extended share pledge and related lawsuit, and the judicial freezing of the controlling shareholder's shares - The company's Guangming New Area urban renewal project involves an asset swap with Wuhan Zhongheng Group and a cooperation development dispute with Shenzhen Vanke, with related litigation ongoing[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - The controlling shareholder Wuhan Zhongheng Group's shares pledged to China Merchants Securities Asset Management have not yet been released, and a re-trial of the "Pledged Securities Repurchase Dispute" case resulted in the first-instance court dismissing China Merchants Securities' claims[78](index=78&type=chunk)[79](index=79&type=chunk) - Nearly all of controlling shareholder Wuhan Zhongheng Group's **42.13%** stake (119,289,894 shares) in the company is judicially frozen or rotationally frozen[80](index=80&type=chunk) [Share Changes and Shareholder Information](index=22&type=section&id=第六节%20股份变动及股东情况) This section details the company's share capital stability and the structure of its major shareholders, including the frozen status of the controlling shareholder's shares [Share Changes](index=22&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital remained unchanged at 283,161,227 shares, all of which are unrestricted - During the reporting period, the company's total shares, restricted shares, and unrestricted shares remained unchanged[83](index=83&type=chunk) [Shareholder Numbers and Shareholding](index=23&type=section&id=三、公司股东数量及持股情况) As of the end of the reporting period, the company had 28,422 common shareholders, with controlling shareholder Wuhan Zhongheng Group holding **42.13%** of shares, all frozen, and the top ten shareholders' structure remaining stable Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | | **Wuhan Zhongheng Group** | 42.13% | 119,289,894 | Frozen | | **SEG (Hong Kong) Co., Ltd.** | 5.85% | 16,569,560 | Not Applicable | | **Yao Ming** | 2.78% | 7,858,196 | Not Applicable | | **GOOD HOPE CORNER INVESTMEN LTD.** | 2.50% | 7,072,000 | Not Applicable | | **Changjiang Securities Brokerage (Hong Kong) Co., Ltd.** | 1.89% | 5,355,249 | Not Applicable | - Among the top ten shareholders, Li Zhongqiu is the actual controller of Wuhan Zhongheng Group; Sheng Yin Investment Co., Ltd. is a wholly-owned overseas subsidiary of Wuhan Zhongheng Group[86](index=86&type=chunk) [Bond-Related Information](index=27&type=section&id=第七节%20债券相关情况) The company had no bond-related activities or outstanding bonds during the reporting period - The company had no bond-related information during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk) [Financial Report](index=28&type=section&id=第八节%20财务报告) This section presents the company's unaudited financial statements, including the balance sheet, income statement, and cash flow statement [Audit Report](index=28&type=section&id=一、审计报告) The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[94](index=94&type=chunk) [Financial Statements](index=28&type=section&id=二、财务报表) [Consolidated Balance Sheet](index=28&type=section&id=1、合并资产负债表) As of the end of the reporting period, total assets were **746 million yuan**, up **9.64%**, with accounts receivable increasing from **137 million yuan** to **228 million yuan**, and cash decreasing from **203 million yuan** to **133 million yuan**. Total liabilities were **328 million yuan**, up **18.51%**, mainly from notes and accounts payable Major Items of Consolidated Balance Sheet | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | Change | | :--- | :--- | :--- | :--- | | **Monetary Funds** | 133,267,563.92 | 203,169,481.08 | -34.41% | | **Accounts Receivable** | 228,358,953.52 | 137,308,706.33 | +66.31% | | **Inventories** | 76,111,905.30 | 58,664,510.58 | +29.74% | | **Total Assets** | 745,729,920.18 | 680,192,681.50 | +9.64% | | **Notes Payable** | 80,572,111.65 | 89,759,131.93 | -10.23% | | **Accounts Payable** | 160,276,743.18 | 113,419,533.44 | +41.31% | | **Total Liabilities** | 327,730,938.14 | 276,533,673.57 | +18.51% | | **Equity Attributable to Parent Company Owners** | 417,998,982.04 | 403,659,007.93 | +3.55% | [Consolidated Income Statement](index=32&type=section&id=3、合并利润表) During the reporting period, total operating revenue was **456 million yuan**, up **11.76%**, and total operating costs were **443 million yuan**, up **11.66%**, resulting in a net profit attributable to parent company shareholders of **14.34 million yuan**, up **42.62%**, with basic EPS of **0.0506 yuan** Core Data of Consolidated Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 456,179,344.73 | 408,182,515.91 | 11.76% | | **Total Operating Cost** | 442,897,822.23 | 396,635,894.90 | 11.66% | | **Operating Profit** | 17,267,319.46 | 12,174,162.43 | 41.84% | | **Total Profit** | 17,279,820.53 | 12,409,909.73 | 39.24% | | **Net Profit Attributable to Parent Company Shareholders** | 14,339,974.11 | 10,054,579.80 | 42.62% | | **Basic Earnings Per Share** | 0.0506 | 0.0355 | 42.54% | [Consolidated Cash Flow Statement](index=36&type=section&id=5、合并现金流量表) Net cash flow from operating activities was **-60.42 million yuan**, a significant deterioration due to higher payments for goods and services (**392 million yuan**) than receipts from sales (**379 million yuan**). Net cash flow from investing activities was **-0.91 million yuan**. Cash and cash equivalents at period-end were **52.44 million yuan**, a decrease of **60.71 million yuan** from the beginning of the period Major Data of Consolidated Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -60,418,371.46 | -613,862.75 | | **Net Cash Flow from Investing Activities** | -912,525.51 | -1,397,339.70 | | **Net Cash Flow from Financing Activities** | 0.00 | 0.00 | | **Net Increase in Cash and Cash Equivalents** | -60,714,896.88 | -1,681,459.73 | | **Cash and Cash Equivalents at Period-End** | 52,436,632.05 | 71,333,279.90 | [Other Submitted Data](index=134&type=section&id=第九节%20其他报送数据) The company reported no other significant social safety issues, administrative penalties, or investor relations activities during the period - The company had no other significant social safety issues, administrative penalties, or investor relations activities during the reporting period[572](index=572&type=chunk)