Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management guarantee the report's accuracy, while forward-looking statements are not substantive commitments - The board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Forward-looking statements in this report, such as future plans, do not constitute a substantive commitment to investors, who should be aware of investment risks[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's structure, including company profile, management discussion, corporate governance, and financial statements - The report includes sections on company profile and key financial indicators, management discussion and analysis, corporate governance, environment and society, significant matters, share changes and shareholder information, bond-related matters, financial reports, and other submitted data[7](index=7&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include signed accounting statements and original announcements published during the reporting period - Reference documents include accounting statements bearing the personal signatures and seals of the legal representative, the head of accounting, and the head of the accounting department[9](index=9&type=chunk) - Original copies of all documents and announcements published by the company in China Securities Journal, Shanghai Securities News, Securities Times, and on Juchao Information Network during the reporting period[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms and company names used in the report to ensure clear understanding - This section defines key terms such as China Securities Regulatory Commission, stock exchange, company, leading technology, and Jinhong Holdings[11](index=11&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company, listed on the Shenzhen Stock Exchange as “ST Jinhong” (stock code 000669), is officially named Jinhong Holdings Group Co., Ltd - The company's stock abbreviation is “ST Jinhong”, stock code 000669, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's Chinese name is Jinhong Holdings Group Co., Ltd., and its legal representative is Guo Tao[13](index=13&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's board secretary is Zhao Rui and securities affairs representative is Xu Yuying, with contact details provided for their office in Hengyang - The Board Secretary is Zhao Rui, and the Securities Affairs Representative is Xu Yuying[14](index=14&type=chunk) - The contact address is 16th Floor, Jinhong Holdings, 218 Cai Lun Avenue, Shigu District, Hengyang City, Hunan Province, with telephone number 0734-8800669[14](index=14&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, and email remained unchanged during the reporting period, as did information disclosure locations - The company's registered address, office address, website, and email contact information remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This period saw a **6.99%** revenue decrease, a **67.36%** reduction in net loss, but a significant **71.73%** drop in operating cash flow and an **88.24%** decrease in net assets Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | Change from Prior Year | | :--- | :--- | :--- | :--- | | Operating Revenue | 640,924,757.04 | 689,073,899.25 | -6.99% | | Net Profit Attributable to Shareholders of Listed Company | -30,232,393.96 | -92,622,841.61 | 67.36% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -22,249,387.89 | -93,287,616.55 | 76.15% | | Net Cash Flow from Operating Activities | 26,835,836.37 | 94,920,288.10 | -71.73% | | Basic Earnings Per Share (RMB/share) | -0.0444 | -0.1361 | 67.38% | | Diluted Earnings Per Share (RMB/share) | -0.0444 | -0.1361 | 67.38% | | Weighted Average Return on Net Assets | -146.02% | -43.39% | -102.63% | | **Current Period End vs. Prior Year End:** | | | | | Total Assets | 2,415,362,470.65 | 2,450,149,856.43 | -1.42% | | Net Assets Attributable to Shareholders of Listed Company | 4,358,159.86 | 37,051,630.32 | -88.24% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reports no differences in net profit or net assets between international/overseas accounting standards and Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets disclosed under International Accounting Standards compared to Chinese Accounting Standards[18](index=18&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets disclosed under overseas accounting standards compared to Chinese Accounting Standards[19](index=19&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring losses totaled **-7,983,006.07 RMB**, primarily due to non-current asset disposal losses, government grants, and significant non-operating expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off portion of asset impairment provisions) | -126,824.37 | | Government grants recognized in current profit and loss (excluding government grants closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 360,103.15 | | Other non-operating income and expenses apart from the above items | -11,090,693.45 | | Less: Income tax impact | -2,714,353.67 | | Impact on minority interests (after tax) | -160,054.93 | | **Total** | **-7,983,006.07** | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[22](index=22&type=chunk) Management Discussion and Analysis [Principal Businesses During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20During%20the%20Reporting%20Period) The company primarily engages in integrated natural gas utilization, from source development to urban gas supply, and plans to expand into clean and renewable energy, supported by national policies - The company's main business is integrated natural gas utilization, including gas source development and transmission, long-distance pipeline construction and management, urban gas operation and sales, vehicle gas filling station investment and operation, LNG spot supply, and distributed energy project development and construction, forming an integrated upstream, midstream, and downstream business structure[24](index=24&type=chunk) - The company will continue to focus on clean energy and renewable energy development and utilization business segments in the future[24](index=24&type=chunk) - National policies support the development of natural gas as a high-quality, efficient, clean, and low-carbon energy source to achieve carbon peaking and carbon neutrality goals[26](index=26&type=chunk) - Natural gas consumption increased by **7.3%** in 2024, with clean energy consumption accounting for **28.6%** of total energy consumption, creating favorable development space for the company's market expansion and revenue growth[28](index=28&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core strengths include a comprehensive pipeline network, stable gas sources, experienced technical and management talent, strong government relations, and a complete natural gas industry chain - The company possesses its own long-distance pipelines and extensive urban pipeline networks, maintaining good cooperative relationships with upstream gas suppliers, forming a relatively complete industrial supply chain[29](index=29&type=chunk) - Through mergers and acquisitions, the company has accumulated a large number of experienced gas technical and management service personnel, and has increased investment in pipeline monitoring platforms, safety inspections, and service channels, maintaining a record of "zero casualties" in safety production throughout the reporting period[30](index=30&type=chunk) - The company has obtained exclusive operating rights for pipeline gas businesses in multiple cities and has established good cooperative relationships and social credibility with local governments[31](index=31&type=chunk) - The company has formed a complete upstream, midstream, and downstream natural gas industry chain, which helps effectively meet different types of energy demands[31](index=31&type=chunk) [Analysis of Principal Business](index=10&type=section&id=III.%20Analysis%20of%20Principal%20Business) Operating revenue decreased by **6.99%**, while operating costs increased by **1.78%**; sales and R&D expenses significantly declined, and net cash flow from operations dropped by **71.73%** Major Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 640,924,757.04 | 689,073,899.25 | -6.99% | | | Operating Cost | 594,965,446.32 | 584,534,905.16 | 1.78% | | | Selling Expenses | 6,196,321.97 | 9,647,313.05 | -35.77% | Primarily due to personnel changes | | R&D Investment | 1,624,776.06 | 4,325,591.53 | -62.44% | Primarily due to compression of R&D expenditures in this period | | Net Cash Flow from Operating Activities | 26,835,836.37 | 94,920,288.10 | -71.73% | Primarily due to a decrease in revenue compared to the prior year | | Credit Impairment Losses | -1,274,668.38 | -136,135,767.61 | -99.06% | Primarily due to significant bad debt provisions made in the prior year | Operating Revenue Composition (By Industry, Product, Region) | Category | Item | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Gas Services | 625,609,685.71 | 97.61% | 670,778,399.62 | 97.34% | -6.73% | | | Mining Services | 15,315,071.33 | 2.39% | 18,295,499.63 | 2.66% | -16.29% | | **By Product** | Natural Gas | 588,752,237.77 | 91.86% | 605,914,328.58 | 87.93% | -2.83% | | | Engineering Installation | 19,493,561.58 | 3.04% | 36,570,637.86 | 5.31% | -46.70% | | **By Region** | Hunan Region | 604,575,692.30 | 94.33% | 641,959,115.17 | 93.16% | -5.82% | | | Shandong Region | 36,349,064.74 | 5.67% | 47,114,784.08 | 6.84% | -22.85% | Gross Profit Margin Year-on-Year Changes | Category | Item | Gross Profit Margin (Current Period) | Gross Profit Margin (Prior Year) | Change from Prior Year | | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Gas Business | 6.75% | 14.73% | -7.98% | | | Mining Business | 24.53% | 31.67% | -7.14% | | **By Product** | Natural Gas | 4.31% | 10.58% | -6.27% | | | Engineering Installation | 56.70% | 54.43% | 2.27% | [Analysis of Non-Principal Business](index=12&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal business impacts on total profit primarily stemmed from investment income and non-operating expenses, particularly provisions for bond default penalties, none of which are sustainable Impact of Non-Principal Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,835,220.43 | -13.84% | Primarily investment income from long-term equity investments accounted for using the equity method | No | | Non-Operating Income | 107,685.89 | -0.31% | Primarily insurance claims received as per relevant agreements and payables not required to be paid due to creditor reasons | No | | Non-Operating Expenses | 12,153,349.78 | -34.78% | Primarily due to provisions for two bond default penalties in this period | No | [Analysis of Assets and Liabilities](index=12&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly decreased by **1.42%**, while net assets attributable to shareholders significantly dropped by **88.24%**, with substantial assets and equity restricted by litigation, pledges, or freezes Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Proportion of Total Assets (End of Current Period) | Amount at End of Prior Year (RMB) | Proportion of Total Assets (End of Prior Year) | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 2,415,362,470.65 | 100% | 2,450,149,856.43 | 100% | -1.42% | | | Net Assets Attributable to Shareholders of Listed Company | 4,358,159.86 | 0.18% | 37,051,630.32 | 1.51% | -88.24% | | | Short-Term Borrowings | 581,000,000.00 | 24.05% | 556,755,887.64 | 22.72% | 1.33% | | | Contract Liabilities | 95,304,056.24 | 3.95% | 127,624,079.14 | 5.21% | -1.26% | Primarily due to a decrease in advance receipts | | Long-Term Borrowings | 280,768,282.00 | 11.62% | 261,118,282.00 | 10.66% | 0.96% | | | Prepayments | 16,256,609.83 | 0.67% | 13,113,454.49 | 0.54% | 0.13% | Primarily due to an increase in prepayments for gas purchases | | Notes Payable | 21,011,893.32 | 0.87% | 11,591,666.37 | 0.47% | 0.40% | Primarily due to an increase in payments to suppliers via notes | | Specific Reserves | 1,835,596.17 | 0.08% | 6,296,672.67 | 0.26% | -0.18% | Primarily due to increased use of specific reserves | Restricted Assets | Item | Book Value at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 19,470,916.38 | Frozen funds and deposits | | Fixed Assets | 80,528,884.66 | Mortgage | | Intangible Assets | 14,003,684.61 | Mortgage | Equity Freeze Information | Name of Company with Frozen Equity | Frozen Equity | Frozen Amount or Equity Value (RMB 10,000) | Reason for Restriction | | :--- | :--- | :--- | :--- | | China Oil Jinhong Natural Gas Transportation Co., Ltd. | 100% equity held by Jinhong Holdings Group Co., Ltd. | 54,939.67 | Litigation | | Hunan Shenzhou Jiepai Porcelain Co., Ltd. | 100% equity held by Jinhong Holdings Group Co., Ltd. | 10,000.00 | Litigation | | China Oil Jinhong Huadong Investment Management Co., Ltd. | 100% equity held by China Oil Jinhong Natural Gas Transportation Co., Ltd. | 13,500.00 | Litigation | | Hengyang City Natural Gas Co., Ltd. | China Oil Jinhong Huanan Investment Management Co., Ltd. | 100.00 | Litigation | - The operating fee rights of Hengyang City Natural Gas Co., Ltd. are pledged for bank loans[46](index=46&type=chunk) [Analysis of Investment Status](index=14&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investment for the reporting period was **23,125,267.59 RMB**, a decrease of **11.73%** year-on-year, with no significant equity, non-equity, securities, or derivative investments Investment Amount for the Reporting Period | Indicator | Investment Amount for Reporting Period (RMB) | Investment Amount for Prior Year (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount for Reporting Period | 23,125,267.59 | 28,940,460.53 | -11.73% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) [Major Asset and Equity Sales](index=14&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) The planned sale of the Tai'an Chuanggu office building project was terminated in July 2025 due to litigation and unmet property registration conditions, with no major equity sales during the period - The company's original plan to sell the Tai'an Chuanggu integrated office building project assets was terminated in July 2025 due to litigation and unfulfilled conditions for property registration certificates[52](index=52&type=chunk)[53](index=53&type=chunk) - The company had no major equity sales during the reporting period[54](index=54&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Hengyang City Natural Gas Co., Ltd. is a key subsidiary with a net profit of **33,488,750.18 RMB**, while newly established Shanghai Nukeli Energy Co., Ltd. has not yet commenced operations Information on Major Subsidiary Hengyang City Natural Gas Co., Ltd. | Company Name | Company Type | Principal Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hengyang City Natural Gas Co., Ltd. | Subsidiary | Urban pipeline network construction and gas supply | 100,000,000.00 | 1,414,162,945.47 | 284,282,767.28 | 544,374,587.06 | 33,434,061.32 | 33,488,750.18 | - During the reporting period, the company registered and established Shanghai Nukeli Energy Co., Ltd., which has not yet commenced business operations in this period[55](index=55&type=chunk) [Information on Structured Entities Controlled by the Company](index=16&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[56](index=56&type=chunk) [Risks Faced by the Company and Countermeasures](index=16&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces economic, policy, market, pricing, upstream dependency, debt, and stock warning risks, addressed by securing gas sources, expanding business, managing debt, and improving efficiency - The company faces risks including economic cycle impacts, policy changes, market demand fluctuations, government pricing, high dependence on upstream companies, debt and financing difficulties, and the possibility of continued other risk warnings for its stock[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - Countermeasures include accelerating upstream layout to secure gas sources, promoting midstream and downstream business development in line with national industrial policies, establishing a “comprehensive energy service” industrial concept to improve the industrial structure, diligently addressing debt issues, and seeking external support and internal cost reduction and efficiency improvement through various means[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[66](index=66&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[66](index=66&type=chunk) [“Dual Improvement in Quality and Returns” Action Plan Implementation](index=18&type=section&id=XII.%20Dual%20Improvement%20in%20Quality%20and%20Returns%20Action%20Plan%20Implementation) The company did not disclose an announcement regarding the “Dual Improvement in Quality and Returns” action plan during the reporting period - The company did not disclose an announcement regarding the “Dual Improvement in Quality and Returns” action plan during the reporting period[66](index=66&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company experienced multiple changes in its board, supervisory board, and senior management due to elections and appointments, including new chairman, vice chairman, and CFO - Guo Tao was elected as director and chairman, Ye Tong was elected as director and vice chairman and appointed as general manager, and Niu Wei was elected as director and appointed as chief financial officer[67](index=67&type=chunk) - Several former directors (such as Yuan Zhibiao, Jiao Yuwen, Xu Hongliang, Zhang Zhongwei, Yang Jie, Xiao Xiaolan) and senior executives (such as Yuan Zhibiao, Jiao Yuwen, Xu Hongliang) left due to the expiration of their terms or re-election[68](index=68&type=chunk) - Deng Jie resigned as deputy general manager on April 30, 2025, due to personal reasons[68](index=68&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=19&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[69](index=69&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=III.%20Implementation%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 in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[70](index=70&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[71](index=71&type=chunk) [Social Responsibility](index=19&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting stakeholder rights, ensuring employee welfare, promoting environmental sustainability, and engaging in public welfare activities - The company consistently considers and heeds the demands and wishes of shareholders, especially small and medium-sized shareholders, prioritizing cash dividends to ensure their rights to returns, information, and major decision-making[71](index=71&type=chunk) - The company actively maintains contact with creditors and entrusted management agencies, formulates repayment plans, and strengthens fundraising efforts, having reached settlement agreements with most corporate bondholders to maintain capital market credibility[72](index=72&type=chunk) - The company emphasizes the formulation and implementation of human resource systems, conducts training, strengthens team building, focuses on employee care and personal development, and safeguards employees' legitimate rights and interests[73](index=73&type=chunk) - In environmental protection and sustainable development, the company aligns with local development needs, promotes local green economic development and livelihood construction, and contributes to energy conservation, emission reduction, and air pollution prevention through environmental projects[74](index=74&type=chunk) - The company actively participates in social welfare activities, organizing employees to visit welfare homes and nursing homes, and engaging in donations, blood drives, and targeted poverty alleviation activities[75](index=75&type=chunk) Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=21&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company reports no fulfilled or overdue unfulfilled commitments from its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period - The company reports no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[77](index=77&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=21&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reports no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company reports no non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period[78](index=78&type=chunk) [Irregular External Guarantees](index=21&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[79](index=79&type=chunk) [Appointment and Dismissal of Accounting Firms](index=21&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[80](index=80&type=chunk) [Board of Directors' and Supervisory Board's Explanation of the Accounting Firm's “Non-Standard Audit Report” for This Reporting Period](index=21&type=section&id=V.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanation%20of%20the%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Reporting%20Period) This explanation is not applicable as the company's semi-annual report was not audited, thus no non-standard audit report exists - This explanation is not applicable[81](index=81&type=chunk) [Board of Directors' Explanation of the “Non-Standard Audit Report” for the Prior Year](index=21&type=section&id=VI.%20Board%20of%20Directors'%20Explanation%20of%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The company's 2024 financial statements received a “qualified opinion with emphasis of matter and material uncertainty regarding going concern” audit report, prompting active measures to resolve the issues - The company's 2024 annual financial statements received a “qualified opinion with emphasis of matter and material uncertainty regarding going concern” audit report[81](index=81&type=chunk) - Company management will actively address labor arbitrations involving former employees and promote the resolution of historical litigation and arbitration cases[83](index=83&type=chunk) - The company is actively addressing the loss of control over its subsidiary Shahe Jintong, including signing an equity transfer agreement (**51%** equity transferred for **2 million RMB**) and initiating a shareholder right to know lawsuit (first instance won, second instance pending)[84](index=84&type=chunk) - Company management has held multiple discussions with Huabei Company and Sinopec Xinxing regarding the repayment of accounts receivable, and has fully provided for bad debts based on prudence[85](index=85&type=chunk) - The company will continue to strengthen communication and coordination with counterparties, gradually implement various guarantee replacement and disposal tasks, and compress major project investment expenditures, stopping or reducing non-essential investments[86](index=86&type=chunk) [Bankruptcy Reorganization Matters](index=22&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[87](index=87&type=chunk) [Litigation Matters](index=23&type=section&id=VIII.%20Litigation%20Matters) The company is involved in numerous significant lawsuits and arbitrations, including equity transfer disputes exceeding **250 million RMB**, financial loan contract disputes over **300 million RMB**, and construction contract disputes, leading to asset freezes and default penalties Overview of Major Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Estimated Liabilities | Litigation (Arbitration) Progress | Outcome and Impact of Trial | Enforcement Status of Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | China Oil Jinhong Natural Gas Transportation Co., Ltd. vs. Tianjin Xin'ao Gas Development Co., Ltd. equity transfer dispute (Suihua Company intercompany funds) | 16,356.52 | No | Second instance pending judgment | Not yet judged | Not yet enforced | | China Oil Jinhong Natural Gas Transportation Co., Ltd. vs. Tianjin Xin'ao Gas Development Co., Ltd. equity transfer dispute (Laiwu Company intercompany funds) | 6,025.95 | No | Second instance pending judgment | Not yet judged | Not yet enforced | | China Oil Jinhong Natural Gas Transportation Co., Ltd. vs. Tianjin Xin'ao Gas Development Co., Ltd. equity transfer dispute (Ningyang Company intercompany funds) | 4,955.22 | No | Second instance pending judgment | Not yet judged | Not yet enforced | | China Construction Bank Corporation Shahe Branch vs. Shahe Sinopec Jintong Natural Gas Co., Ltd., China Oil Jinhong Natural Gas Transportation Co., Ltd. financial loan contract dispute | 13,603.51 | No | In enforcement | Judgment rendered | In enforcement | | Pacific Securities Co., Ltd. vs. Jinhong Holdings Group Co., Ltd. corporate bond repurchase contract dispute (16 MTN) | 10,395.19 | No | In progress (61.5% of principal repaid, extended again in September 2023, defaulted again in November) | Mediated | In progress | | Pacific Securities Co., Ltd. vs. Jinhong Holdings Group Co., Ltd. corporate bond repurchase contract dispute (15 Jinhong Bond) | 9,531.35 | No | In progress (61.5% of principal repaid, extended again in September 2023, defaulted again in November) | Mediated | In progress | | Everbright Bank Co., Ltd. Beijing Branch vs. China Oil Jinhong Huabei Investment Management Co., Ltd., Jinhong Holdings Group Co., Ltd. financial loan contract dispute | 21,279.21 | No | In enforcement (involving judicial auction of equity, failed three times, plaintiff's application to add Transportation Company as defendant rejected) | Judgment rendered | In enforcement | | Minsheng Financial Leasing Co., Ltd. vs. Zhangjiakou Yingzhang Natural Gas Co., Ltd., China Oil Jinhong Huabei Investment Management Co., Ltd., Jinhong Holdings Group Co., Ltd. finance lease contract dispute | 69,740.58 | No | In progress (enforcement settlement agreement signed, involving freeze of Jinhong Holdings' equity in China Oil Jinhong Natural Gas Transportation Co., Ltd.) | Settled by mediation | In enforcement | | China Development Fund Co., Ltd. vs. China Oil Jinhong Huabei Investment Management Co., Ltd., Jinhong Holdings Group Co., Ltd. financial loan contract dispute | 7,858.87 | No | In enforcement (judgment rendered, Jinhong Holdings bears joint liability) | Judgment rendered | In enforcement | | Pacific Securities Co., Ltd. vs. Jinhong Holdings Group Co., Ltd., Hunan Shenzhou Jiepai Porcelain Co., Ltd. etc. corporate bond trading dispute (15 Jinhong Bond) | 15,789.1 | No | Application for retrial pending review | Judgment rendered | Completed | | Pacific Securities Co., Ltd. vs. Jinhong Holdings Group Co., Ltd., Hunan Shenzhou Jiepai Porcelain Co., Ltd. etc. corporate bond trading dispute (16 MTN) | 11,966.14 | No | Application for retrial pending review | Judgment rendered | Completed | | China Oil Jinhong Huadong Investment Management Co., Ltd. vs. Shahe Sinopec Jintong Natural Gas Co., Ltd., Shahe City Construction Investment Co., Ltd. shareholder right to know dispute | 0 | No | Second instance pending judgment (first instance judgment supported the company's main claims) | Not yet judged | Not yet enforced | | Jinhong Holdings Group Co., Ltd. vs. Tianjin Leading Holdings Group Co., Ltd. contract dispute | 4,058.32 | No | In enforcement (first instance judgment ordered defendant to pay funds and assist in land use right transfer, compulsory enforcement applied) | Judgment rendered | Not yet enforced | | Pacific Securities Co., Ltd. vs. Jinhong Holdings Group Co., Ltd., Hunan Shenzhou Jiepai Porcelain Co., Ltd. etc. bond trading contract dispute | 16,488.98 | No | First instance pending judgment (property preservation notice received) | Not yet judged | Not yet enforced | | China Great Wall Asset Management Co., Ltd. Hebei Branch vs. China Oil Jinhong Huabei Investment Management Co., Ltd., China Oil Jinhong Natural Gas Transportation Co., Ltd., Zhangjiakou Yingzhang Natural Gas Co., Ltd. bond contract dispute | 56,047.81 | No | Second instance pending judgment (involving jurisdiction objection) | Not yet judged | Not yet enforced | - The company is also involved in multiple other litigation matters, including labor arbitrations, company registration disputes, and unjust enrichment disputes, some of which have been resolved, while others are still under trial or enforcement[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) [Penalties and Rectification](index=56&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[123](index=123&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=57&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reports no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company reports no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[124](index=124&type=chunk) [Major Related Party Transactions](index=57&type=section&id=XI.%20Major%20Related%20Party%20Transactions) The company had no major related party transactions during the reporting period, including those related to daily operations, asset/equity acquisitions/disposals, joint investments, or financial company dealings - The company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships during the reporting period[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with financial companies that have related party relationships[128](index=128&type=chunk)[129](index=129&type=chunk) - The company had no other major related party transactions during the reporting period[130](index=130&type=chunk) [Major Contracts and Their Performance](index=58&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has no entrustment, contracting, or leasing matters, but faces extremely high financial risk with total outstanding guarantees of **2,785.07 million RMB**, representing **63,904.72%** of its net assets - The company had no entrustment, contracting, or leasing situations during the reporting period[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) Company Guarantee Overview | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total approved guarantee amount during the reporting period | 456,267 | | Total actual guarantee amount incurred during the reporting period | 417,212 | | Total approved guarantee amount at the end of the reporting period | 417,212 | | **Total actual guarantee balance at the end of the reporting period** | **278,507** | | **Ratio of total actual guarantees to the company's net assets** | **63,904.72%** | | Of which: Debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratios exceeding 70% | 93,496 | | Amount of total guarantees exceeding 50% of net assets | 278,289 | | Total of the above three guarantee amounts | 371,785 | - The company had no entrusted wealth management or other major contracts during the reporting period[141](index=141&type=chunk)[142](index=142&type=chunk) [Explanation of Other Significant Matters](index=63&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company faces significant uncertainty regarding the repayment of “15 Jinhong Bond” and “16 Sinopec Jinhong MTN001” due to funding shortfalls, and has lost control of subsidiary Shahe Jintong - The company still has some historical “bond-to-equity” bonds that have not been registered, with **6,938,891.69 RMB** remaining unpaid as of June 30, 2025[143](index=143&type=chunk) - The company's issued “15 Jinhong Bond” and “16 Sinopec Jinhong MTN001” remain in substantial default due to cash flow difficulties and failure to repay principal and interest as scheduled[144](index=144&type=chunk) - According to the latest debt repayment plan, the company was supposed to repay part of the principal and interest by November 30, 2023, but failed to do so due to lower-than-expected fundraising, and is actively communicating with creditors regarding subsequent repayment matters[147](index=147&type=chunk) - The company lost control of its subsidiary Shahe Jintong on December 23, 2021, and is resolving related matters through equity transfer (**51%** equity transferred for **2 million RMB**) and litigation[149](index=149&type=chunk)[150](index=150&type=chunk) - The company's board of directors and supervisory board completed early re-election in January 2025, with new members elected for both boards[151](index=151&type=chunk) [Significant Matters of Company Subsidiaries](index=65&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[152](index=152&type=chunk) Share Changes and Shareholder Information [Share Change Information](index=66&type=section&id=I.%20Share%20Change%20Information) The company's total shares and unrestricted shares remained unchanged at **680,408,797 shares**, all of which are unrestricted, with no share repurchases or concentrated selling Share Change Information | | Number Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Shares | 680,408,797 | 100.00% | 0 | 680,408,797 | 100.00% | | III. Total Shares | 680,408,797 | 100.00% | 0 | 680,408,797 | 100.00% | - The reasons for share changes, approval status, transfer status, and progress of share repurchases are not applicable for the company during the reporting period[156](index=156&type=chunk) [Securities Issuance and Listing](index=67&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[157](index=157&type=chunk) [Number of Shareholders and Shareholding Information](index=67&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, the company had **16,537** common shareholders, with Shanxi Kunjie Energy Technology Partnership (Limited Partnership) as the largest shareholder holding **20.71%** - The total number of common shareholders at the end of the reporting period was **16,537**[157](index=157&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Shanxi Kunjie Energy Technology Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 20.71% | 140,899,144 | 140,899,144 | | Qingdao Jiushi Investment Management Co., Ltd. - Jiushi Industry Phase 2 Private Securities Investment Fund | Other | 3.31% | 22,513,263 | 22,513,263 | | Xu Xilong | Domestic Natural Person | 2.98% | 20,254,920 | 20,254,920 | | Lianzhong Industrial Co., Ltd. | Overseas Legal Person | 1.89% | 12,883,714 | 12,883,714 | | Wu Libi | Domestic Natural Person | 1.48% | 10,077,777 | 10,077,777 | | Yihao Enterprise Co., Ltd. | Overseas Legal Person | 1.09% | 7,408,460 | 7,408,460 | | Deng Zhangli | Domestic Natural Person | 0.97% | 6,616,779 | 6,616,779 | | Yang Ying | Domestic Natural Person | 0.88% | 5,988,800 | 5,988,800 | | Shenwan Hongyuan Singapore Private Limited - Lanting No. 3 - RMB | Overseas Legal Person | 0.75% | 5,132,600 | 5,132,600 | | Zou Kuifang | Domestic Natural Person | 0.71% | 4,815,332 | 4,815,332 | - The company is unaware of any related party relationships or concerted actions among the top ten shareholders as defined by the “Administrative Measures for Information Disclosure on Shareholding Changes of Listed Companies”[158](index=158&type=chunk)[159](index=159&type=chunk) - The top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[159](index=159&type=chunk) [Shareholding Changes of Directors, Supervisors, and Senior Management](index=69&type=section&id=IV.%20Shareholding%20Changes%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[160](index=160&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=69&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[161](index=161&type=chunk) - The company's actual controller remained unchanged during the reporting period[161](index=161&type=chunk) Bond-Related Matters [Corporate Bonds](index=71&type=section&id=I.%20Corporate%20Bonds) The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[164](index=164&type=chunk) [Company Bonds](index=71&type=section&id=II.%20Company%20Bonds) The “15 Jinhong Bond” is in substantial default with a balance of **167.8282 million RMB**, delisted, and faces significant uncertainty in repayment despite multiple revised plans Basic Information on Company Bonds | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance (RMB 10,000) | Interest Rate | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Oil Jinhong Energy Investment Co., Ltd. 2015 Corporate Bond | 15 Jinhong Bond | 112276.SZ | August 27, 2015 | August 27, 2015 | August 27, 2020 | 16,782.82 | 4.75% | Shenzhen Stock Exchange | - The “15 Jinhong Bond” has defaulted and is currently being repaid gradually according to the latest debt repayment plan; this bond has been delisted[166](index=166&type=chunk) - The “15 Jinhong Bond” included an issuer's option to adjust the coupon rate and an investor's put option; in 2018, investors exercised the put option for **394,374,600.00 RMB** principal, which the company failed to pay, and the un-put portion accelerated to maturity on September 27, 2018[168](index=168&type=chunk) - The company is repaying according to the second repayment plan formulated in August 2020 and the revised repayment plan in September 2023, but due to lower-than-expected fundraising, it failed to repay on schedule, and subsequent debt repayment faces significant uncertainty[169](index=169&type=chunk)[170](index=170&type=chunk) - In December 2023, the bondholder meeting approved the immediate payment of remaining principal, interest, and default penalties, and elected bondholder representatives to initiate litigation for rights protection[171](index=171&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=73&type=section&id=III.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The “16 Sinopec Jinhong MTN001” is in substantial default with a balance of **111.921 million RMB**, facing significant repayment uncertainty due to funding shortfalls despite revised plans Basic Information on Non-Financial Enterprise Debt Financing Instruments | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance (RMB 10,000) | Interest Rate | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Oil Jinhong Energy Investment Co., Ltd. 2016 First Tranche Medium-Term Note | 16 Sinopec Jinhong MTN001 | 101662006 | January 15, 2016 | January 15, 2016 | January 15, 2019 | 11,192.1 | 4.75% | National Association of Financial Market Institutional Investors | - The “16 Sinopec Jinhong MTN001” has defaulted, and the company is unable to repay the principal and interest due as per the original prospectus commitments due to financial difficulties[174](index=174&type=chunk) - The company is repaying according to the second repayment plan formulated in August 2020 and the revised repayment plan in September 2023, but due to lower-than-expected fundraising, it failed to repay on schedule, and subsequent debt repayment faces significant uncertainty[175](index=175&type=chunk)[176](index=176&type=chunk) - In December 2023, the bondholder meeting approved the immediate payment of remaining principal, interest, and default penalties, and elected bondholder representatives to initiate litigation for rights protection[177](index=177&type=chunk) [Convertible Corporate Bonds](index=75&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[178](index=178&type=chunk) [Consolidated Statement Loss Exceeding 10% of Net Assets at Prior Year-End](index=75&type=section&id=V.%20Consolidated%20Statement%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20Prior%20Year-End) The consolidated loss for the reporting period exceeded **10%** of prior year-end net assets, primarily due to interest expenses and bond default penalties, weakening short-term solvency Loss Situation and Reasons | Item Name | Loss Situation (RMB) | Reason for Loss | Impact on Company's Production, Operations, and Solvency | | :--- | :--- | :--- | :--- | | Interest Expense | -23,006,785.55 | Accrual of loan interest | Weakened solvency in the short term | | Non-Operating Expenses | -12,153,349.78 | Accrual of two bond default penalties | Weakened solvency in the short term | [Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=75&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Liquidity ratios remained stable, asset-liability ratio slightly increased, net loss narrowed, but EBITDA to total debt and interest coverage ratios significantly worsened Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Period | End of Prior Year | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 0.13 | 0.13 | 0.00% | | Asset-Liability Ratio | 95.85% | 94.06% | 1.79% | | Quick Ratio | 0.11 | 0.11 | 0.00% | | **Current Period vs. Prior Year:** | | | | | Net Profit Excluding Non-Recurring Gains/Losses (RMB 10,000) | -3,473.16 | -9,328.76 | 66.77% | | EBITDA to Total Debt Ratio | -0.75% | -0.29% | -158.74% | | Interest Coverage Ratio | -1.93 | -0.19 | -914.34% | | Cash Interest Coverage Ratio | 3.12 | 2.72 | 14.71% | | EBITDA Interest Coverage Ratio | -0.67 | -0.19 | -253.21% | | Loan Repayment Rate | 59.42% | 59.72% | -0.30% | | Interest Payment Rate | 21.69% | 65.70% | -44.01% | Financial Report [Audit Report](index=76&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[183](index=183&type=chunk) [Financial Statements](index=76&type=section&id=II.%20Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[184](index=184&type=chunk)[188](index=188&type=chunk)[192](index=192&type=chunk)[195](index=195&type=chunk)[198](index=198&type=chunk)[200](index=200&type=chunk)[202](index=202&type=chunk)[209](index=209&type=chunk) [Consolidated Balance Sheet](index=76&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **2,415,362,470.65 RMB**, total liabilities **2,315,006,252.39 RMB**, and total owners' equity **100,356,218.26 RMB** - At period-end, consolidated total assets were **2,415,362,470.65 RMB**, total liabilities **2,315,006,252.39 RMB**, and total owners' equity **100,356,218.26 RMB**[187](index=187&type=chunk) - Total current liabilities were **1,549,402,234.36 RMB**, and total non-current liabilities were **765,604,018.03 RMB**[187](index=187&type=chunk) [Parent Company Balance Sheet](index=78&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **4,938,865,220.07 RMB**, total liabilities **2,153,530,474.20 RMB**, and total owners' equity **2,785,334,745.87 RMB** - At period-end, parent company total assets were **4,938,865,220.07 RMB**, total liabilities **2,153,530,474.20 RMB**, and total owners' equity **2,785,334,745.87 RMB**[191](index=191&type=chunk) - Total current liabilities were **2,143,751,933.45 RMB**, and total non-current liabilities were **9,778,540.75 RMB**[191](index=191&type=chunk) [Consolidated Income Statement](index=80&type=section&id=3.%20Consolidated%20Income%20Statement) Consolidated total operating revenue was **640,924,757.04 RMB**, operating profit **-22,898,712.47 RMB**, and net profit **-42,714,570.06 RMB**, with net loss attributable to parent company shareholders significantly narrowed - Consolidated total operating revenue for this reporting period was **640,924,757.04 RMB**, and operating profit was **-22,898,712.47 RMB**[193](index=193&type=chunk) - Consolidated net profit was **-42,714,570.06 RMB**, and net profit attributable to parent company shareholders was **-30,232,393.96 RMB**[194](index=194&type=chunk) - Basic and diluted earnings per share were both **-0.0444 RMB/share**, a narrower loss compared to **-0.1361 RMB/share** in the prior year[194](index=194&type=chunk) [Parent Company Income Statement](index=82&type=section&id=4.%20Parent%20Company%20Income%20Statement) Parent company operating revenue was **5,660,377.36 RMB**, operating profit **-12,403,571.67 RMB**, and net profit **-23,313,968.41 RMB**, representing a narrowed loss from the prior year - Parent company operating revenue for this reporting period was **5,660,377.36 RMB**, and operating profit was **-12,403,571.67 RMB**[196](index=196&type=chunk) - Parent company net profit was **-23,313,968.41 RMB**, a narrower loss compared to **-41,567,658.04 RMB** in the prior year[197](index=197&type=chunk) [Consolidated Cash Flow Statement](index=84&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) Consolidated net cash flow from operating activities was **26,835,836.37 RMB**, from investing activities **-22,929,164.48 RMB**, and from financing activities **-11,175,994.27 RMB**, resulting in a net decrease in cash and cash equivalents of **-7,269,322.38 RMB** - Consolidated net cash flow from operating activities for this reporting period was **26,835,836.37 RMB**[198](index=198&type=chunk) - Net cash flow from investing activities was **-22,929,164.48 RMB**[199](index=199&type=chunk) - Net cash flow from financing activities was **-11,175,994.27 RMB**[199](index=199&type=chunk) - Net increase in cash and cash equivalents was **-7,269,322.38 RMB**[199](index=199&type=chunk) [Parent Company Cash Flow Statement](index=85&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) Parent company net cash flow from operating activities was **304,839.60 RMB**, from investing activities **-456,367.00 RMB**, and from financing activities **0 RMB**, leading to a net decrease in cash and cash equivalents of **-151,527.40 RMB** - Parent company net cash flow from operating activities for this reporting period was **304,839.60 RMB**[200](index=200&type=chunk) - Net cash flow from investing activities was **-456,367.00 RMB**[201](index=201&type=chunk) - Net cash flow from financing activities was **0 RMB**[201](index=201&type=chunk) - Net increase in cash and cash equivalents was **-151,527.40 RMB**[201](index=201&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=86&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) Consolidated owners' equity totaled **100,356,218.26 RMB** at period-end, a **45,175,646.56 RMB** decrease from the beginning of the period, mainly due to net loss attributable to parent company owners and reduced specific reserves - At the end of this reporting period, consolidated owners' equity totaled **100,356,218.26 RMB**, a decrease from **145,531,864.82 RMB** at the beginning of the period[205](index=205&type=chunk) - Owners' equity attributable to the parent company decreased from **37,051,630.32 RMB** at the beginning of the period to **4,358,159.86 RMB** at the end of the period[187](index=187&type=chunk) - Specific reserves decreased by **4,461,076.50 RMB** in this period[205](index=205&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=90&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) Parent company owners' equity totaled **2,785,334,745.87 RMB** at period-end, a **23,313,968.40 RMB** decrease from the beginning of the period, primarily due to the net loss - At the end of this reporting period, parent company owners' equity totaled **2,785,334,745.87 RMB**, a decrease from **2,808,648,714.27 RMB** at the beginning of the period[212](index=212&type=chunk) - The net loss of **23,313,968.41 RMB** in this period led to a decrease in owners' equity[211](index=211&type=chunk) [Company Basic Information](index=94&type=section&id=III.%20Company%20Basic%20Information) Jinhong Holdings Group Co., Ltd., established in 1992, has undergone several capital and name changes, now primarily operating in natural gas production and supply from its Hengyang base - Jinhong Holdings Group Co., Ltd. was established on December 25, 1992, formerly known as “Jilin Jinuoer Co., Ltd.”[216](index=216&type=chunk) - The company's share capital has undergone multiple changes, including the conversion of internal employee shares into corporate bonds, public issuance of A-shares, conversion of capital reserves into share capital, and share issuance for major asset swaps[217](index=217&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk) - The company's name changed to “China Oil Jinhong Energy Investment Co., Ltd.” in 2013 and to “Jinhong Holdings Group Co., Ltd.” in 2017[220](index=220&type=chunk)[222](index=222&type=chunk) - The company and its subsidiaries are primarily engaged in the gas production and supply industry, with product categories mainly including pipeline (liquefied) natural gas, liquefied petroleum gas, pipeline natural gas transmission services, household pipeline engineering installation, construction, and equipment sales[222](index=222&type=chunk) [Basis of Financial Statement Preparation](index=95&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and information disclosure regulations, using accrual accounting and historical cost, with provisions for impairment - The company's financial statements are prepared on a going concern basis, in accordance with actual transactions and events, and in compliance with enterprise accounting standards issued by the Ministry of Finance and information disclosure regulations of the China Securities Regulatory Commission[223](index=223&type=chunk) - The company's accounting is based on the accrual method, and except for some financial instruments, all are measured at historical cost, with corresponding impairment provisions made[223](index=223&type=chunk) - The company possesses the ability to continue as a going concern for at least 12 months from the end of this reporting period, with no significant matters affecting its going concern ability[224](index=224&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=96&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's adherence to enterprise accounting standards and specific policies for business combinations, financial instruments, receivables, fixed assets, revenue recognition, and government grants, with no changes in policies or estimates this period - These financial statements comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's consolidated and company financial position as of June 30, 2025, and its consolidated and company operating results and cash flows for the semi-annual period of 2025[225](index=225&type=chunk) - The company has disclosed in detail various significant accounting policies and estimates, including those for business combinations, preparation of consolidated financial statements, financial instruments, accounts receivable, inventories, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases[231](index=231&type=chunk)[240](index=240&type=chunk)[254](index=254&type=chunk)[265](index=265&type=chunk)[267](index=267&type=chunk)[290](index=290&type=chunk)[296](index=296&type=chunk)[313](index=313&type=chunk)[318](index=318&type=chunk)[323](index=323&type=chunk)[326](index=326&type=chunk] - There were no significant changes in accounting policies or significant changes in accounting estimates during the reporting period[338](index=338&type=chunk)[339](index=339&type=chunk) [Taxation](index=117&type=section&id=VI.%20Taxation) This section lists the company's main tax types and rates, including VAT (**1% to 13%**), urban maintenance and construction tax (**5% to 7%**), corporate income tax (**15% to 25%**), education surcharge, and local education surcharge Major Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on sales of goods and taxable services as stipulated by tax law, after deducting input VAT allowed for the current period, the difference is VAT payable | 1%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 5%, 7% | | Corporate Income Tax | Calculated based on taxable income | 15%, 20%, 25% | | Education Surcharge | Calculated based on actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Calculated based on actual VAT and consumption tax paid | 2% | - The company has tax entities with different corporate income tax rates[342](index=342&type=chunk) [Notes to Consolidated Financial Statement Items](index=118&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, highlighting restricted assets (cash, fixed assets, intangible assets, equity), significant bad debt provisions for receivables, and large short-term and long-term borrowings - Of the cash and bank balances at period-end, **19,470,916.38 RMB** are frozen funds and deposits, with restricted use[344](index=344&type=chunk) - Accounts receivable at period-end had a book balance of **32,269,228.81 RMB**, with bad debt provisions of **6,857,241.87 RMB**[349](index=349&type=chunk) - Other receivables at period-end had a book balance of **987,948,992.24 RMB**, with bad debt provisions of **929,162,668.44 RMB**, of which **473,950,713.94 RMB** owed by China Oil Jinhong Huabei Investment Management Co., Ltd. was fully provided for[368](index=368&type=chunk)[370](index=370&type=chunk) - Fixed assets at period-end had a book value of **1,569,802,301.37 RMB**, of which **77,102,654.96 RMB** in buildings and structures lacked property title certificates[393](index=393&type=chunk)[395](index=395&type=chunk) - Goodwill at period-end had a book value of **28,689,498.23 RMB**, primarily related to the Weihai Gas asset group[410](index=410&type=chunk)[414](index=414&type=chunk) - Short-term borrowings totaled **581,000,000.00 RMB** and long-term borrowings totaled **280,768,282.00 RMB** at period-end[424](index=424&type=chunk)[451](index=451&type=chunk) - Accrued interest at period-end totaled **106,076,509.28 RMB**, primarily for overdue unpaid interest on “15 Jinhong Bond” and “16 Sinopec Jinhong MTN001”[434](index=434&type=chunk)[435](index=435&type=chunk) - Estimated liabilities at period-end totaled **420,671,300.75 RMB

New Stock Offerings - Shenke Co., Ltd. (002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - Changcheng Military Industry (601606) announced a significant event on August 14, 2025[1] Market Alerts - Dongxin Co., Ltd. (688110) reported severe abnormal fluctuations on August 16, 2025[1] - ST Suwu (600200) has an announcement dated August 21, 2025, regarding market conditions[1] - Yunnan Zhiye (002428) and other companies have recent announcements on August 21, 2025, indicating market activity[1] Financial Performance - ST Jiangsu (600021) reported significant fluctuations on August 20, 2025, with a notable announcement[1] - ST Huanrong (600421) has an announcement dated August 20, 2025, reflecting market conditions[1] - ST Jinhong (000669) reported on August 20, 2025, indicating financial performance concerns[1]

Group 1 - The company's stock experienced an abnormal trading fluctuation, with a cumulative closing price deviation of -12.25% over three consecutive trading days on August 15, 18, and 19, 2025 [2] - The board of directors confirmed that there were no significant changes in the company's operational situation or external environment recently [3] - The company and its major shareholders did not engage in any stock trading activities during the period of abnormal fluctuations [3][4] Group 2 - The board confirmed that there are no undisclosed significant matters that should have been disclosed according to the Shenzhen Stock Exchange's regulations [5] - The company reiterated that it has not violated any fair information disclosure regulations [6] - The company is scheduled to disclose its 2025 semi-annual report on August 29, 2025, and no undisclosed financial data has been provided to third parties [7]

金鸿控股集团股份有限公司（以下简称"公司"、"本公司"）股票于 2025 年 8 月 15 日、18 日、19 日连续 3 个交易日收盘价涨幅偏离值累计达到-12.25%， 根据深圳证券交易所的有关规定，属于股票交易异常波动情况。 二、公司关注、核实的相关情况 对于公司股票交易发生异常波动问题，公司董事会对公司控股股东及管理层 就相关事项进行了核实，现将有关情况说明如下： 1、本公司前期披露的信息不存在需要更正、补充之处。 证券代码：000669 证券简称：ST 金鸿 公告编号：2025-069 金鸿控股集团股份有限公司 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、股票交易异常波动情况 2、未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生较大 影响的未公开重大信息。 3、近期本公司经营情况及内外部经营环境未发生重大变化。 四、上市公司认为必要的风险提示 1、本公司目前没有任何根据深圳证券交易所《股票上市规则》等有关规定 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。 2、本公司不存在违反信息公平披露的情形 ...

Market Performance - The gas sector increased by 1.92% on August 18, with Shengda Forestry leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Gainers in Gas Sector - Shengda Forestry (002259) closed at 5.10, up 7.59% with a trading volume of 925,300 shares and a turnover of 475 million yuan [1] - Shaanxi Natural Gas (002267) closed at 8.71, up 7.53% with a trading volume of 584,500 shares and a turnover of 506 million yuan [1] - Other notable gainers include Teris (834014) at 14.01 (+2.86%), Kaitan Gas (831010) at 13.73 (+2.39%), and Guizhou Gas (600903) at 7.11 (+0.85%) [1] Top Losers in Gas Sector - ST Jinjii (000669) closed at 3.35, down 2.90% with a trading volume of 180,600 shares and a turnover of 60.48 million yuan [2] - Shenzhen Gas (601139) closed at 6.96, down 2.79% with a trading volume of 963,800 shares and a turnover of 683 million yuan [2] - Other notable losers include Hongtong Gas (605169) at 19.15 (-2.15%) and Xinjiang Torch (603080) at 21.87 (-1.71%) [2] Capital Flow in Gas Sector - The gas sector experienced a net outflow of 180 million yuan from main funds, while retail investors saw a net inflow of 142 million yuan [2] - Speculative funds had a net inflow of 37.76 million yuan [2]

Group 1 - ST Jinhong (000669.SZ) has announced the relocation of its registered address from Jilin City, Jilin Province to 88 Hejiang Avenue, Shigu District, Hengyang City, marking the addition of a new A-share listed company in Hunan, bringing the total number of Xiang stocks to 147 [1][12] - ST Jinhong has undergone significant changes over its 29 years of listing, including 4 restructurings and 10 name changes, with its main revenue source since 2012 being the Hengyang Natural Gas Company [5][7] - The company's revenue from the Hunan region has shown a significant increase, with 2024 revenue reaching 1.214 billion yuan, accounting for 92.91% of total revenue, up from 57.90% in 2012 [7] Group 2 - Hengyang Natural Gas Company, established in 2002, has become the primary gas operation enterprise in Hengyang City, providing a comprehensive service network across multiple districts [9] - The acquisition of Hengyang Natural Gas Company by ST Jinhong was facilitated through a series of ownership changes, ultimately leading to its injection into the listed company [9][10] - ST Jinhong's strategic role in constructing the "Xiangheng Line" gas pipeline has been crucial in ensuring stable supply for Hengyang Natural Gas Company, contributing to its status as a profitable asset [10]

从资金流向上来看，当日燃气板块主力资金净流入800.36万元，游资资金净流出3.84万元，散户资金净流 出796.52万元。燃气板块个股资金流向见下表： 证券之星消息，8月12日燃气板块较上一交易日上涨1.66%，东方环宇领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。燃气板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603706 | 东方环宇 | 24.52 | 10.00% | 15.68万 | | 3.77亿 | | 603080 | 新疆火炬 | 26.74 | 10.00% | 15.89万 | | 4.09亿 | | 605169 | 洪通燃气 | 17.97 | 9.98% | 36.62万 | | 6.23亿 | | 000669 | ST金湾 | 3.59 | 3.76% | 21.61万 | | 7734.49万 | | 002700 | 万博能源 | 7.94 | 3.25% | ...

Group 1 - The core viewpoint of the report indicates that China's gas production is projected to decline slightly in June 2025, with a year-on-year decrease of 0.2% to 143.3 billion cubic meters [1] - In the first half of 2025, China's cumulative gas production reached 850.81 billion cubic meters, reflecting a cumulative growth of 1.9% [1] Group 2 - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which has been deeply engaged in industry research for over a decade [2] - Zhiyan Consulting provides comprehensive industry research reports, business plans, feasibility studies, and customized services, focusing on delivering complete industry solutions to empower investment decisions [2]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，公用事业行业上市公司董秘2024年薪酬平均数约为75.84万元，其中2024年薪酬最高为大 众公用董秘赵飞，高达200万元，薪酬最低为大连热电（维权）董秘郭晶，仅16.3万元（最低薪酬统计 剔除了未完整就职2024全年的董秘）。从整体薪酬分布来看，薪酬在50-100万元人数最多，共计74人， 占比55%。 公用事业行业董秘的年龄平均数约为47.77岁，其中50-59岁最多，人数共57人，占比约42%。其中恒盛 能源余国旭为年龄最大，67岁，学历为高中，2024年薪酬为84.95万元；甘肃能源戴博文为年龄最小33 岁，2024年薪酬为29.33万元。 从董秘学历分布来看，硕士、本科、大专及以下分别为70人、57人、5人，整体硕士学历在董秘群体中 占比最大，约为53%，其次为本科，占比约43%，体现出行业对综合素养的较高要 ...

Core Viewpoint - The announcement reveals that Jinhong Holdings Group Co., Ltd. has defaulted on its medium-term notes, specifically the "16 Zhongyou Jinhong MTN001," which was issued in 2016 and was due for repayment in January 2019 [1] Group 1 - The total issuance amount of the "16 Zhongyou Jinhong MTN001" was 800 million yuan, and as of the announcement date, the remaining principal to be repaid is 111,925,000 yuan [1] - Thirteen holders of the "16 Zhongyou Jinhong MTN001" have signed debt repayment or settlement agreements with the issuer, representing 100% of the total bond principal [1] - Following the default, the issuer is actively seeking debt repayment solutions and has made partial payments [1] Group 2 - The lead underwriter will closely monitor and supervise the issuer to ensure timely disclosure of subsequent developments, aiming to protect the rights of the bondholders [1]