陕西金叶科教集团股份有限公司 2025 年半年度财务报告 陕西金叶科教集团股份有限公司 2025 年半年度财务报告 【2025 年 8 月 13 日】 1 陕西金叶科教集团股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、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：陕西金叶科教集团股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 271,984,021.73 | 215,191,169.95 | | 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 | | | | 应收账款 | 212,943,540.79 | 212,083,811.72 | | 应收款项融资 | 4,319,122.92 | | | 预付款项 | 17,705,130.59 | 12,149,574.66 | | 应收保费 ...

证券代码:000812 证券简称:陕西金叶 公告编号:2025-43号 1.回购股份方案的基本情况 （1）回购股份的种类：公司发行的人民币普通股（A 股）。 （2）回购股份的用途：25%用于股权激励，75%予以注销 并相应减少注册资本。 （3）回购股份的方式：通过深圳证券交易所股票交易系 统以集中竞价交易方式进行股份回购。 陕西金叶科教集团股份有限公司 关于回购公司股份方案暨取得金融机构 （4）回购股份的价格：不超过人民币 7.15 元/股（含）。 回购股份价格上限不高于董事局会议审议通过回购方案决 议前 30 个交易日股票交易均价的 150%。 股票回购专项贷款承诺函的公告 本公司及董事局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。 （5）回购股份的资金总额：不低于人民币 4,000 万元 （含）且不超过人民币 7,000 万元（含）。具体回购资金总 额以回购期限届满或回购实施完成时实际回购使用的资金 总额为准。 重要内容提示： （8）回购股份的实施期间：自公司股东大会审议通过回 购股份方案之日起 12 个月内。 2.相关股东是否存在减持计划 截至本公告披露日，公司董事 ...

陕西金叶科教集团股份有限公司监事会 关于公司 2025 年半年度报告及其摘要的审核意见 根据《证券法》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》等相关法律法规和监管规则的要求，公司监事会 全体监事对《公司 2025 年半年度报告及其摘要》进行了认 真审核，现发表审核意见如下： 经审核，监事会认为董事局编制和审议公司 2025 年半 年度报告及其摘要的程序符合法律法规及监管规则有关规 定，报告内容真实、准确、完整地反映了上市公司的实际情 况，未发现存在任何虚假记载、误导性陈述或者重大遗漏。 陕西金叶科教集团股份有限公司 监 事 会 二〇二五年八月十三日 ...

证券代码:000812 证券简称:陕西金叶 公告编号:2025-41 号 陕西金叶科教集团股份有限公司（以下简称"公司"或 "本公司"）八届董事局第十次会议于 2025 年 7 月 30 日以 书面送达、电子邮件等方式发出会议通知，于 2025 年 8 月 11 日在公司第三会议室召开。会议应参加董事 9 人，实际参 加董事 9 人。会议由公司董事局主席、总裁袁汉源先生主持。 公司监事和高级管理人员列席了会议。会议的召集召开符合 《公司法》和《公司章程》的有关规定。 八届董事局第十次会议决议公告 本公司及董事局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。 陕西金叶科教集团股份有限公司 详见本公司同日在巨潮资讯网发布的《2025 年半年度报 告》及《中国证券报》《证券时报》《证券日报》、巨潮资讯 网发布的《2025 年半年度报告摘要》。 二、《关于回购公司股份方案的议案》 （一）回购股份的目的 会议审议并通过了全部议案，表决情况如下： 一、《公司 2025 年半年度报告及其摘要》 本议案在提交本次会议审议前已经公司八届董事局审 计委员会 2025 年度第三次会议审议通过。 ...

【陕西金叶：拟4000万元-7000万元回购公司股份 贷款不超过6300万元】智通财经8月12日电，陕西金 叶(000812.SZ)公告称，公司计划回购股份，资金总额不低于4000万元且不超过7000万元，回购价格不 超过7.15元/股。回购股份的25%将用于股权激励，75%将予以注销并减少注册资本。回购期限为自股东 大会审议通过之日起12个月内。公司已取得中国工商银行西安分行的贷款承诺函，承诺提供不超过6300 万元的股票回购贷款。 转自：智通财经 ...

Core Insights - Shaanxi Jinye (000812.SZ) reported a revenue of 676 million yuan for the first half of 2025, representing a year-on-year decline of 2.81% [1] - The net profit attributable to shareholders was 24.92 million yuan, down 60.55% year-on-year [1] - The net profit attributable to shareholders after excluding non-recurring gains and losses was 24.38 million yuan, a decrease of 58.02% year-on-year [1] - Basic earnings per share were 0.0324 yuan [1]

陕西金叶公告，2025年上半年营业收入6.76亿元，同比下降2.81%。净利润2491.69万元，同比下降 60.55%。 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides an important notice, the report's table of contents, and definitions of key terms used throughout the document [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the report's authenticity, accuracy, and completeness, assuming legal responsibility, while the company's head, chief accountant, and accounting department head affirm the financial report's truthfulness, accuracy, and completeness - The company's board of directors, supervisory board, and senior management guarantee the report's authenticity, accuracy, and completeness, and assume legal responsibility[4](index=4&type=chunk) - The company's head, chief accountant, and head of the accounting department declare that the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly lists nine main chapters and their starting page numbers, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report comprises nine main chapters, covering company operations, financials, governance, and significant matters[9](index=9&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include financial statements signed and sealed by the company's head, chief accountant, and head of the accounting department, as well as original copies of all company documents and announcements publicly disclosed on designated websites during the reporting period - Reference documents include signed and sealed financial statements and original copies of publicly disclosed company documents[11](index=11&type=chunk)[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, including the full and abbreviated names of the China Securities Regulatory Commission, Shenzhen Stock Exchange, the company, its main subsidiaries, and affiliated companies, as well as the specific time frame of the reporting period - The report defines abbreviations for the China Securities Regulatory Commission, Shenzhen Stock Exchange, the company, and its main subsidiaries and affiliated companies[13](index=13&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) Shaanxi Jinye Science & Education Group Co., Ltd. is listed on the Shenzhen Stock Exchange with stock code 000812, and its legal representative is Yuan Hanyuan Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Shaanxi Jinye | | Stock Code | 000812 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Yuan Hanyuan | [Contact Information](index=6&type=section&id=Contact%20Information) Contact information for the company's Board Secretary Yan Kai and Securities Affairs Representative Liu Shaoyuan is disclosed, including address, phone, fax, and email Company Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Yan Kai | 029-81778556 | yankai812@sina.com | | Securities Affairs Representative | Liu Shaoyuan | 029-81778561 | lsy_security@163.com | [Other Information](index=6&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or document storage locations, with specific details available in the 2024 annual report - The company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 2.81% year-on-year, net profit attributable to shareholders of the listed company significantly dropped by 60.55% year-on-year, and net cash flow from operating activities was negative, decreasing by 55.51% year-on-year, while total assets and net assets attributable to shareholders of the listed company both increased 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 676,262,062.29 | 695,847,169.31 | -2.81% | | Net Profit Attributable to Shareholders of Listed Company | 24,916,926.28 | 63,163,091.71 | -60.55% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 24,378,865.70 | 58,069,264.44 | -58.02% | | Net Cash Flow from Operating Activities | -114,241,443.57 | -73,461,294.29 | -55.51% | | Basic Earnings Per Share (CNY/share) | 0.0324 | 0.0822 | -60.58% | | Diluted Earnings Per Share (CNY/share) | 0.0324 | 0.0822 | -60.58% | | Weighted Average Return on Net Assets | 1.37% | 3.47% | -2.10% | | **Period-End Indicators** | **Current Period-End (CNY)** | **Prior Year-End (CNY)** | **Period-End vs. Prior Year-End Change** | | Total Assets | 5,263,904,850.17 | 5,142,644,863.27 | 2.36% | | Net Assets Attributable to Shareholders of Listed Company | 1,832,456,180.98 | 1,807,539,254.70 | 1.38% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those prepared under Chinese accounting standards - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 538,060.58**, primarily comprising government grants, gains/losses from disposal of non-current assets, and other non-operating income and expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -253,187.36 | | Government Grants Included in Current Period Profit/Loss | 4,061,128.87 | | Other Non-Operating Income and Expenses Apart from the Above | -2,767,285.05 | | Less: Income Tax Impact | 394,456.62 | | Impact on Minority Interests (After Tax) | 108,139.26 | | **Total** | **538,060.58** | [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's main businesses, core competencies, financial performance, investment activities, and risk factors during the reporting period [Company's Main Businesses During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company's main businesses encompass three categories: education, tobacco ancillary products, and medical and elder care, with higher education as the primary focus for education, and tobacco ancillary products mainly involving the production and sale of cigarette labels, tow, and filter rods, while the medical and elder care industry is still in its incubation phase - The company's businesses are categorized into three main areas: education, tobacco ancillary products, and medical and elder care industries[27](index=27&type=chunk) - The education business primarily focuses on higher education, while the tobacco ancillary products business mainly produces and sells cigarette labels, tow, and filter rods[27](index=27&type=chunk) - The medical and elder care industry is still in its incubation phase and generated no actual revenue during the reporting period[27](index=27&type=chunk)[31](index=31&type=chunk) - The two main businesses, education and tobacco ancillary products, experienced no significant changes during the reporting period[28](index=28&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=Analysis%20of%20Core%20Competencies) The company has accumulated market resources, core teams, and patented technologies in its two main business areas: education and tobacco ancillary products, with significant achievements in both sectors - The company has accumulated market resources, core teams, and patented technologies in the education and tobacco ancillary product industries[32](index=32&type=chunk) - The education business added **2 new utility model patents**, **2 design patents**, and **7 computer software copyrights**[33](index=33&type=chunk) - Mingde College has **5 undergraduate majors** selected for the National First-Class Undergraduate Construction "Double Ten Thousand Plan," with its Broadcasting and Hosting Art major ranking **2nd among private colleges nationwide**[33](index=33&type=chunk) - Multiple subsidiaries in the tobacco ancillary products industry possess provincial/municipal enterprise technology centers and CNAS accredited laboratories, demonstrating leading technical capabilities, and added **1 new invention patent**[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) [Analysis of Main Business Operations](index=10&type=section&id=Analysis%20of%20Main%20Business%20Operations) During the reporting period, the company's operating revenue decreased by 2.81% year-on-year, with declines in both the tobacco ancillary and education sectors, and a significant reduction in trading revenue, while operating costs slightly increased and financial expenses grew by 17.39% Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 676,262,062.29 | 695,847,169.31 | -2.81% | | | Operating Cost | 494,587,423.95 | 490,694,133.60 | 0.79% | | | Selling Expenses | 13,971,759.78 | 15,047,653.04 | -7.15% | | | Administrative Expenses | 58,722,268.56 | 56,527,163.21 | 3.88% | | | Financial Expenses | 48,789,832.69 | 41,562,044.97 | 17.39% | | | Income Tax Expense | 5,306,402.44 | 7,185,487.59 | -26.15% | | | R&D Investment | 20,873,256.15 | 20,140,319.75 | 3.64% | | | Net Cash Flow from Operating Activities | -114,241,443.57 | -73,461,294.29 | -55.51% | Primarily due to decreased cash received from sales of goods and services and recovery of project deposits in the prior year period | | Net Cash Flow from Investing Activities | -90,327,093.53 | -240,833,246.58 | 62.49% | Primarily due to reduced payments for construction projects during the reporting period | | Net Cash Flow from Financing Activities | 218,149,191.39 | 287,125,024.68 | -24.02% | | | Net Increase in Cash and Cash Equivalents | 13,580,654.29 | -27,169,516.19 | 149.98% | Primarily due to reduced cash payments for the acquisition of fixed assets during the reporting period | Operating Revenue Composition (By Industry, Product, Region) | Category | Item | Current Reporting Period Amount (CNY) | Proportion of Operating Revenue | Prior Year Period Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Tobacco Ancillary Industry | 400,763,180.54 | 59.26% | 425,766,728.87 | 61.18% | -5.87% | | | Other Printing Industry | 17,020,963.73 | 2.52% | 9,523,348.22 | 1.37% | 78.73% | | | Education Industry | 239,791,394.21 | 35.46% | 246,186,096.09 | 35.38% | -2.60% | | | Trading | 85,047.23 | 0.01% | 2,683,929.28 | 0.39% | -96.83% | | **By Product** | Cigarette Labels | 361,735,208.73 | 53.49% | 377,027,263.09 | 54.18% | -4.06% | | | Cigarette Tow, Filter Rods | 39,027,971.81 | 5.77% | 48,739,465.78 | 7.00% | -19.93% | | | Teaching | 239,791,394.21 | 35.46% | 246,186,096.09 | 35.38% | -2.60% | | **By Region** | Shaanxi Province | 308,083,690.05 | 45.56% | 332,202,076.19 | 47.74% | -7.26% | | | Yunnan Province | 110,216,000.04 | 16.29% | 95,943,955.49 | 13.79% | 14.88% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Category | Item | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Tobacco Ancillary Industry | 400,763,180.54 | 305,341,537.44 | 23.81% | -5.87% | -5.00% | -0.70% | | | Education Industry | 239,791,394.21 | 170,767,182.28 | 28.79% | -2.60% | 11.42% | -8.96% | | **By Product** | Cigarette Labels | 361,735,208.73 | 283,349,458.59 | 21.67% | -4.06% | -5.10% | 0.86% | | | Teaching | 239,791,394.21 | 170,767,182.28 | 28.79% | -2.60% | 11.42% | -8.96% | | **By Region** | Shaanxi Province | 308,083,690.05 | 200,837,792.24 | 34.81% | -7.26% | 0.61% | -5.10% | | | Yunnan Province | 110,216,000.04 | 87,240,073.76 | 20.85% | 14.88% | 10.66% | 3.02% | [Analysis of Non-Core Business Operations](index=11&type=section&id=Analysis%20of%20Non-Core%20Business%20Operations) During the reporting period, the company's non-core businesses impacted total profit, with non-operating expenses (litigation compensation and fines) accounting for the highest proportion at **13.03%**, while government grant income accounted for **11.66%**, and investment income was negative Impact of Non-Core Business on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -164,640.64 | -0.47% | Dividend income from other equity instrument investments and bill discounting | Yes | | Asset Impairment | 142,498.30 | 0.41% | Reversal of inventory depreciation provision | No | | Non-Operating Income | 1,710,128.99 | 4.91% | Donated equipment received | No | | Non-Operating Expenses | 4,535,848.73 | 13.03% | Litigation compensation and fines | No | | Other Income | 4,061,128.87 | 11.66% | Government grant income | No | | Credit Impairment Loss | -89,198.84 | -0.26% | Provision for bad debts based on aging portfolio | Yes | [Analysis of Assets and Liabilities](index=12&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of the listed company both increased, with increases in monetary funds, inventories, construction in progress, prepayments, and other current assets, while short-term borrowings significantly increased by **3.46%**, contract liabilities substantially decreased by **4.51%**, and notes payable decreased Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | Proportion of Total Assets | Prior Year-End Amount (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 271,984,021.73 | 5.17% | 215,191,169.95 | 4.18% | 0.99% | | | Inventories | 297,733,955.07 | 5.66% | 273,222,934.48 | 5.31% | 0.35% | | | Fixed Assets | 2,240,825,240.93 | 42.57% | 2,271,824,963.35 | 44.18% | -1.61% | | | Construction in Progress | 537,114,140.89 | 10.20% | 476,486,236.79 | 9.27% | 0.93% | | | Short-Term Borrowings | 821,282,204.90 | 15.60% | 624,150,584.84 | 12.14% | 3.46% | Primarily due to increased guarantee borrowings and discounted bills not yet due during the reporting period | | Contract Liabilities | 87,824,665.95 | 1.67% | 317,948,914.23 | 6.18% | -4.51% | Primarily due to Mingde College's revenue recognition on an accrual basis during the reporting period | | Prepayments | 17,705,130.59 | 0.34% | 12,149,574.66 | 0.24% | 0.10% | Primarily due to advance payments for dormitory renovation services at Mingde College during the reporting period | Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (CNY) | | :--- | :--- | | Other Equity Instrument Investments | 189,249,127.04 | | Investment Properties | 176,737,046.20 | | **Total Above** | **365,986,173.24** | - At the end of the reporting period, the total amount of assets whose ownership or use rights were restricted was **CNY 696,266,565.29**[49](index=49&type=chunk)[433](index=433&type=chunk) [Analysis of Investment Status](index=14&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to **CNY 69,758,667.65**, a significant year-on-year decrease of **81.59%**, with major non-equity investment projects including Mingde College's new functional area Phase II and renovation, Jinye Liyuan's investment in the Huyi District Jinye Industrial Park Phase II, Handu Hospital project initiation, and Mingde College's Science and Technology Museum project Investment Amount During the Reporting Period | Indicator | Investment Amount (CNY) | Prior Year Period Investment Amount (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 69,758,667.65 | 378,845,836.38 | -81.59% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Industry | Amount Invested in Current Period (CNY) | Cumulative Actual Investment at Period-End (CNY) | Source of Funds | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mingde College Investment in New Functional Area Phase II and Renovation | Self-built | Education Industry | 68,238,121.97 | 617,098,097.72 | Own or self-raised funds | 94.93% | | Jinye Liyuan Investment in Huyi District Jinye Industrial Park Phase II Project | Self-built | Tobacco Ancillary Industry | 63,231.97 | 106,494,986.64 | Own or self-raised funds | 26.62% | | Handu Hospital Project Initiation Investment | Self-built | Medical and Health Industry | - | 7,500.00 | Own or self-raised funds | Project Initiation | | Mingde College Investment in Science and Technology Museum Project | Self-built | Education Industry | 1,457,313.71 | 1,457,313.71 | Own or self-raised funds | 71% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) [Significant Asset and Equity Disposals](index=16&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not engage in any significant asset or equity disposals - The company did not dispose of significant assets or equity during the reporting period[57](index=57&type=chunk)[58](index=58&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company's major holding subsidiaries included Shaanxi Jinye Printing Co., Ltd., Shaanxi Yan Yin Packaging Technology Co., Ltd., Xinjiang Jinye Technology Co., Ltd., Hubei Jinye Yuyang Chemical Fiber Co., Ltd., Yunnan Jinmingyuan Printing Co., Ltd., and Xi'an Mingde Institute of Technology, with Xi'an Mingde Institute of Technology reporting the highest net profit of **CNY 32,362,865.49** Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi Jinye Printing Co., Ltd. | Subsidiary | Printing | 169,000,000.00 | 661,760,005.07 | 196,406,156.80 | 198,745,368.63 | 7,703,791.50 | 6,506,759.76 | | Shaanxi Yan Yin Packaging Technology Co., Ltd. | Subsidiary | Printing | 20,000,000.00 | 119,191,090.60 | 69,455,334.74 | 93,928,086.48 | 10,225,216.83 | 8,571,604.91 | | Xinjiang Jinye Technology Co., Ltd. | Subsidiary | Printing | 32,600,000.00 | 63,057,964.57 | 54,003,396.13 | 23,007,362.15 | 2,066,304.09 | 1,762,310.34 | | Hubei Jinye Yuyang Chemical Fiber Co., Ltd. | Subsidiary | Cigarette Material Production and Sales | 105,070,000.00 | 249,888,863.89 | 143,889,738.83 | 41,337,114.09 | 8,630,332.65 | 8,636,282.49 | | Yunnan Jinmingyuan Printing Co., Ltd. | Subsidiary | Printing | 114,500,000.00 | 757,069,093.40 | 496,974,754.57 | 143,432,461.34 | 15,330,176.63 | 12,989,805.41 | | Xi'an Mingde Institute of Technology | Subsidiary | Education | 311,929,800.00 | 2,680,551,673.94 | 622,284,477.14 | 236,041,374.14 | 32,570,013.66 | 32,362,865.49 | [Structured Entities Controlled by the Company](index=17&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[61](index=61&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces pressures from stricter environmental policies and slowing industry growth in the tobacco ancillary products sector, as well as challenges in its education business regarding the choice between for-profit or non-profit registration due to national policies, for which the company has formulated corresponding countermeasures - The tobacco ancillary products industry faces risks from stricter environmental policies and slowing industry growth[60](index=60&type=chunk) - The education business faces issues regarding the choice between for-profit or non-profit registration due to national policies, which may impact performance[61](index=61&type=chunk) - Company countermeasures include optimizing production processes, strengthening R&D, cost-saving measures, enhancing industry integration, closely monitoring policy changes, and making prudent decisions[60](index=60&type=chunk)[61](index=61&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not established a market value management system nor disclosed a valuation enhancement plan - The company has not established a market value management system nor disclosed a valuation enhancement plan[62](index=62&type=chunk) [Implementation of the 'Dual Improvement in Quality and Returns' Action Plan](index=17&type=section&id=Implementation%20of%20the%20%27Dual%20Improvement%20in%20Quality%20and%20Returns%27%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[62](index=62&type=chunk) [Corporate Governance, Environment, and Social Responsibility](index=18&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Social%20Responsibility) This section details changes in the company's governance structure, profit distribution plans, employee incentive measures, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, or senior management during the reporting period[64](index=64&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=18&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[65](index=65&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or under implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[66](index=66&type=chunk) [Environmental Information Disclosure](index=18&type=section&id=Environmental%20Information%20Disclosure) The company's major subsidiary, Yunnan Jinmingyuan Printing Co., Ltd., has been included in the list of enterprises required to disclose environmental information by law Enterprises Included in the List of Environmental Information Disclosure by Law | No. | Enterprise Name | | :--- | :--- | | 1 | Yunnan Jinmingyuan Printing Co., Ltd. | [Social Responsibility](index=18&type=section&id=Social%20Responsibility) While pursuing economic benefits, the company actively fulfills its social responsibilities, safeguarding the rights and interests of stakeholders, and prioritizing employee relations and labor safety protection, with its wholly-owned subsidiary Mingde College actively responding to the rural revitalization strategy through agricultural product procurement, rural surveys, and industry-education-research integration, while also supporting disadvantaged students through various financial aid policies - The company emphasizes safeguarding the legitimate rights and interests of stakeholders, including customers, suppliers, and employees, and strengthens employee labor safety protection and vocational skill enhancement[68](index=68&type=chunk) - Mingde College actively participates in rural revitalization, signing procurement agreements with Heyang County, conducting rural survey activities, and planning to co-establish a "Chang'an District Rural Revitalization Think Tank"[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - Mingde College has provided financial aid to **4,665 disadvantaged students** through national grants, work-study programs, and job-seeking and entrepreneurship subsidies, totaling **CNY 8.3025 million** in assistance[70](index=70&type=chunk) [Significant Matters](index=20&type=section&id=Significant%20Matters) This section covers the fulfillment of commitments, related party transactions, significant contracts, and other important events during the reporting period [Fulfillment of Commitments](index=20&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, there were no commitments that had been fulfilled or were overdue and unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself - There were no commitments that had been fulfilled or were overdue and unfulfilled during the reporting period[72](index=72&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=20&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties of the listed company - There were no instances of non-operating funds being occupied by the controlling shareholder or other related parties of the listed company during the reporting period[73](index=73&type=chunk) [Irregular External Guarantees](index=20&type=section&id=Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[74](index=74&type=chunk) [Appointment and Dismissal of Accounting Firms](index=20&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[75](index=75&type=chunk) [Board of Directors' and Supervisory Board's Explanations on 'Non-Standard Audit Report'](index=20&type=section&id=Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanations%20on%20%27Non-Standard%20Audit%20Report%27) During the reporting period, the company did not have a non-standard audit report - The company did not have a non-standard audit report during the reporting period[76](index=76&type=chunk) [Board of Directors' Explanations on 'Non-Standard Audit Report' for the Previous Year](index=20&type=section&id=Board%20of%20Directors%27%20Explanations%20on%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Previous%20Year) During the reporting period, the company did not have a non-standard audit report - The company did not have a non-standard audit report during the reporting period[76](index=76&type=chunk) [Bankruptcy and Reorganization Matters](index=20&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[77](index=77&type=chunk) [Litigation Matters](index=20&type=section&id=Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters, but was involved in **27 other litigation cases** with a total amount of **CNY 19.0906 million**, some of which are under trial, some have been judged or settled, none of which are expected to form a provision for liabilities - During the reporting period, the company had no significant litigation or arbitration matters[77](index=77&type=chunk) Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether a Provision for Liabilities is Formed | Progress of Litigation (Arbitration) | Status of Litigation (Arbitration) Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | | Involving 27 litigation (arbitration) matters, of which the company and its subsidiaries are the main plaintiffs in 9 cases and defendants in 18 cases | 1,909.06 | No | Some are under trial, some are awaiting hearing, some have been judged, some are awaiting enforcement, some have been withdrawn, and some have been settled | Some are under negotiation, some are not enforceable | [Penalties and Rectification](index=21&type=section&id=Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification matters - The company had no penalties or rectification matters during the reporting period[79](index=79&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=21&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status - The company, its controlling shareholder, and actual controller maintained a good integrity status[80](index=80&type=chunk) [Significant Related Party Transactions](index=21&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily operational related party transactions, primarily selling cigarette labels and filter rods to Shaanxi China Tobacco Industry Co., Ltd. and Yunnan China Tobacco Materials (Group) Co., Ltd., with a total transaction amount of **CNY 124.5331 million**, and no related party transactions involving asset or equity acquisition/disposal, joint external investments, or related party creditor-debtor relationships occurred Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Type | Related Transaction Content | Related Transaction Amount (CNY 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi China Tobacco Industry Co., Ltd. | Operating | Cigarette Labels | 5,435.22 | 15.03% | 12,000 | | Yunnan China Tobacco Materials (Group) Co., Ltd. | Operating | Cigarette Labels | 7,018.09 | 19.40% | 25,000 | | Shaanxi China Tobacco Investment Management Co., Ltd. | Operating | Cigarette Filter Rods | 0 | 0 | 1,000 | | **Total** | | | **12,453.31** | | **38,000** | - During the reporting period, the company did not engage in related party transactions involving asset or equity acquisition/disposal[82](index=82&type=chunk) - During the reporting period, the company did not engage in related party transactions involving joint external investments[83](index=83&type=chunk) - During the reporting period, the company had no related party creditor-debtor relationships[84](index=84&type=chunk) [Significant Contracts and Their Performance](index=23&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company has entrustment and leasing arrangements, including entrusting Xi'an Urban Construction Vocational College and fulfilling the agreement, and leasing properties from controlling shareholder's related party Wanyu Industrial for Mingde College's North Campus, with the lease contract being performed normally; the company's total external guarantees amount to **CNY 1,448.0381 million**, representing **79.02%** of its net assets, primarily for subsidiaries, and no entrusted wealth management or other significant contracts occurred during the reporting period - The company's wholly-owned second-tier subsidiary, Shaanxi Mingde Urban Construction Education Technology Co., Ltd., entrusts Xi'an Urban Construction Vocational College and fulfills the entrusted management agreement as stipulated[88](index=88&type=chunk) - The company's wholly-owned first-tier subsidiary, Mingde College, leases properties from Wanyu Industrial, a related party of the controlling shareholder, for its North Campus, and the lease is being performed normally[91](index=91&type=chunk) Company and its Subsidiaries' External Guarantees (Excluding Guarantees to Subsidiaries) | Guarantor Name | Guarantee Limit (CNY 10,000) | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Xi'an Investment and Financing Guarantee Co., Ltd. | 2,000 | 2,000 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Small and Micro Enterprise Financing Guarantee Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee, Pledge | 3 Years | No | | Chongqing Three Gorges Financing Guarantee Group Co., Ltd. | 1,000 | 900 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Small and Micro Enterprise Financing Guarantee Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee, Pledge | 3 Years | No | | Xi'an Yanliang Financing Guarantee Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Yanliang Financing Guarantee Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Yanliang Financing Guarantee Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee | 3 Years | No | | **Total Actual External Guarantee Balance at Period-End (A4)** | **8,000** | **7,900** | | | | Company's Guarantees to Subsidiaries (Partial) | Guarantor Name | Guarantee Limit (CNY 10,000) | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi Jinye Printing Co., Ltd. | 3,000 | 2,000 | Joint and Several Liability Guarantee | 3 Years | No | | Shaanxi Jinye Printing Co., Ltd. | 3,000 | 3,000 | Joint and Several Liability Guarantee | 3 Years | No | | Shaanxi Jinye Printing Co., Ltd. | 2,000 | 2,000 | Joint and Several Liability Guarantee | 4 Years | No | | Shaanxi Jinye Printing Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee | 3 Years | No | | Shaanxi Jinye Printing Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee | 3 Years | No | | Shaanxi Jinye Printing Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee | 3 Years | No | | Shaanxi Jinye Printing Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee | 3 Years | No | | Shaanxi Jinye Printing Co., Ltd. | 10,000 | 5,670.02 | Joint and Several Liability Guarantee | 3 Years | No | | Hubei Jinye Yuyang Chemical Fiber Co., Ltd. | 4,500 | 3,000 | Joint and Several Liability Guarantee, Fixed Asset Mortgage | 3 Years | No | | Hubei Jinye Yuyang Chemical Fiber Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee | 3 Years | No | | Hubei Jinye Yuyang Chemical Fiber Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee, Patent Pledge | 3 Years | No | | Yunnan Jinmingyuan Printing Co., Ltd. | 6,000 | 4,300 | Joint and Several Liability Guarantee | 3 Years | No | | Yunnan Jinmingyuan Printing Co., Ltd. | 12,000 | 10,102.01 | Joint and Several Liability Guarantee | 6 Years | No | | Yunnan Jinmingyuan Printing Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Mingde Institute of Technology | 25,600 | 16,685.27 | Joint and Several Liability Guarantee, Tuition Fee Pledge | 3 Years | No | | Xi'an Mingde Institute of Technology | 24,400 | 6,989.81 | Joint and Several Liability Guarantee, Tuition Fee Pledge | 3 Years | No | | Xi'an Mingde Institute of Technology | 5,000 | 4,792.46 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Mingde Institute of Technology | 5,000 | 4,543.87 | Joint and Several Liability Guarantee | 6 Years | No | | Xi'an Mingde Institute of Technology | 3,150 | 3,150 | Joint and Several Liability Guarantee | 6 Years | No | | Xi'an Mingde Institute of Technology | 6,000 | 3,641.18 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Mingde Institute of Technology | 5,050 | 2,212.22 | Joint and Several Liability Guarantee | 5 Years | No | | Xi'an Mingde Institute of Technology | 9,600 | 9,535.06 | Joint and Several Liability Guarantee | 6 Years | No | | Xi'an Mingde Institute of Technology | 5,250 | 729.88 | Joint and Several Liability Guarantee | 6 Years | No | | Xi'an Mingde Institute of Technology | 9,900 | 9,900 | Joint and Several Liability Guarantee | 6 Years | No | | Xi'an Mingde Institute of Technology | 5,000 | 1,700 | Joint and Several Liability Guarantee | 7 Years | No | | Xi'an Mingde Institute of Technology | 6,000 | 3,100 | Joint and Several Liability Guarantee | 7 Years | No | | Xi'an Mingde Institute of Technology | 3,000 | 2,102.05 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Mingde Institute of Technology | 4,000 | 4,000 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Mingde Institute of Technology | 9,800 | 2,524 | Joint and Several Liability Guarantee | 5 Years | No | | Xi'an Mingde Institute of Technology | 5,000 | 3,078.13 | Joint and Several Liability Guarantee | 6 Years | No | | Xi'an Mingde Institute of Technology | 15,000 | 11,513.46 | Joint and Several Liability Guarantee | 6 Years | No | | Xi'an Mingde Institute of Technology | 3,000 | 2,400 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Mingde Institute of Technology | 3,000 | 2,923.88 | Joint and Several Liability Guarantee | 3 Years | No | | Xi'an Mingde Institute of Technology | 7,000 | 3,830.51 | Joint and Several Liability Guarantee, Land Use Right Mortgage | 3 Years | No | | Shaanxi Mingdeyuan Property Management Service Co., Ltd. | 500 | 480 | Joint and Several Liability Guarantee | 3 Years | No | | **Total Guarantee Balance to Subsidiaries at Period-End (B4)** | **207,750** | **136,903.81** | | | | - The company's total guarantee amount is **CNY 1,448.0381 million**, accounting for **79.02%** of its net assets[97](index=97&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[98](index=98&type=chunk)[99](index=99&type=chunk) [Explanation of Other Significant Matters](index=28&type=section&id=Explanation%20of%20Other%20Significant%20Matters) Mingde College plans to invest **CNY 143.2416 million** in the construction of a science and technology museum to accelerate the integration of industry, academia, and research in new engineering disciplines, a plan approved by the board of directors - Mingde College plans to invest **CNY 143.2416 million** in the construction of a science and technology museum to accelerate the integration of industry, academia, and research in new engineering disciplines[100](index=100&type=chunk) [Significant Matters of Company Subsidiaries](index=28&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The 100% equity transfer of Shaanxi Jinye Printing Co., Ltd. has been completed, changing its status from a wholly-owned first-tier subsidiary to a wholly-owned third-tier subsidiary of the company, and Jinye Printing has also completed the industrial and commercial registration changes for its legal representative and registered address - The 100% equity of Shaanxi Jinye Printing Co., Ltd. has been transferred, changing its status from a wholly-owned first-tier subsidiary to a wholly-owned third-tier subsidiary of the company[101](index=101&type=chunk) - Jinye Printing has completed the industrial and commercial registration changes for its legal representative and registered address[101](index=101&type=chunk) [Share Changes and Shareholder Information](index=29&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, securities issuance, shareholder structure, and changes in shareholdings of directors, supervisors, and senior management [Share Changes](index=29&type=section&id=Share%20Changes) During the reporting period, the company's total share capital remained unchanged at **768,692,614 shares**, with the number and proportion of restricted and unrestricted shares also remaining constant Share Changes | Share Class | Number Before Change (Shares) | Proportion Before Change | Increase/Decrease in Current Change (Shares) | Number After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 531,644 | 0.07% | 0 | 531,644 | 0.07% | | II. Unrestricted Shares | 768,160,970 | 99.93% | 0 | 768,160,970 | 99.93% | | III. Total Shares | 768,692,614 | 100.00% | 0 | 768,692,614 | 100.00% | - During the reporting period, the company's total share capital, restricted shares, and unrestricted shares all remained unchanged[106](index=106&type=chunk) [Securities Issuance and Listing](index=30&type=section&id=Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[106](index=106&type=chunk) [Number of Shareholders and Shareholding Information](index=30&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Information) At the end of the reporting period, the total number of common shareholders was **72,382**. Among the top ten shareholders, Wanyu Culture Industry Co., Ltd. held **13.91%** of the shares, making it the largest shareholder, with its shares pledged, and Chongqing Jinjiaxing Industrial Co., Ltd. is an acting-in-concert party with Wanyu Culture Industry Co., Ltd. and the actual controller Yuan Hanyuan Total Number of Common Shareholders at Period-End | Indicator | Quantity | | :--- | :--- | | Total Number of Common Shareholders | 72,382 | Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (Shares) | Change in Shares During Reporting Period (Shares) | Number of Unrestricted Shares Held (Shares) | Share Status | Number Pledged, Marked, or Frozen (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wanyu Culture Industry Co., Ltd. | Domestic Non-State-Owned Legal Person | 13.91% | 106,910,140 | 0 | 106,910,140 | Pledged | 70,000,000 | | Shaanxi Tobacco Investment Management Co., Ltd. | State-Owned Legal Person | 4.71% | 36,179,415 | 0 | 36,179,415 | Not Applicable | 0 | | Chongqing Jinjiaxing Industrial Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.55% | 27,315,600 | 0 | 27,315,600 | Pledged | 15,000,000 | | Shaanxi China Tobacco Investment Management Co., Ltd. | State-Owned Legal Person | 2.07% | 15,908,800 | 0 | 15,908,800 | Not Applicable | 0 | - Chongqing Jinjiaxing Industrial Co., Ltd. is an acting-in-concert party with the company's controlling shareholder Wanyu Culture Industry Co., Ltd. and actual controller Yuan Hanyuan[108](index=108&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=32&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[110](index=110&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder and actual controller remained unchanged during the reporting period[111](index=111&type=chunk) [Preferred Share Information](index=33&type=section&id=Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[112](index=112&type=chunk) [Bond-Related Information](index=34&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[114](index=114&type=chunk) [Financial Report](index=35&type=section&id=Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and financial statement items [Audit Report](index=35&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[75](index=75&type=chunk) [Financial Statements](index=35&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the 2025 semi-annual period, illustrating the financial position and operating results at the end of the reporting period - Consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the 2025 semi-annual period are provided[117](index=117&type=chunk)[121](index=121&type=chunk)[125](index=125&type=chunk)[128](index=128&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk)[144](index=144&type=chunk)[147](index=147&type=chunk) [Company Basic Information](index=52&type=section&id=Company%20Basic%20Information) Shaanxi Jinye Science & Education Group Co., Ltd. was established in 1992 and listed on the Shenzhen Stock Exchange in 1998 with stock code 000812; its share capital has undergone multiple changes, ultimately becoming **768,692,614 shares**, with its registered and headquarters address in Xi'an, Shaanxi Province, and its main business scope covering education, tobacco ancillary products, and medical and elder care industries, with **38 subsidiaries** included in the consolidation scope for the current period - The company was established in 1992 and listed on the Shenzhen Stock Exchange in 1998 with stock code 000812[151](index=151&type=chunk) - The company's share capital has undergone multiple changes, ultimately becoming **768,692,614 shares**[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - The company's registered and headquarters address is at 19th Floor, Block B, Metropolis Building, No. 1 Jinye Road, Xi'an, Shaanxi Province[157](index=157&type=chunk)[158](index=158&type=chunk) - The company's business scope includes packaging and decoration printing, high-tech digital printing technology, high-tech industries, education, cultural industries, infrastructure, real estate investment and development, import and export business, chemical fiber textiles, and production and sales of cigarette filter materials[159](index=159&type=chunk) - A total of **38 subsidiaries** were included in the consolidation scope for the current period[160](index=160&type=chunk) [Basis of Financial Statement Preparation](index=54&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, using the accrual basis and historical cost as measurement bases, and the company possesses the ability to continue as a going concern - Financial statements are prepared in accordance with Accounting Standards for Business Enterprises and China Securities Regulatory Commission regulations, using the accrual basis and historical cost as measurement bases[162](index=162&type=chunk) - The company possesses the ability to continue as a going concern for at least 12 months from the end of the reporting period[163](index=163&type=chunk) [Significant Accounting Policies and Estimates](index=54&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the company's declaration of compliance with Accounting Standards for Business Enterprises, accounting period, operating cycle, functional currency, materiality criteria, accounting treatment for business combinations, preparation of consolidated financial statements, financial instruments, inventories, fixed assets, intangible assets, revenue recognition, and other significant accounting policies and estimates, highlighting the use of management judgment and estimates in areas such as accounts receivable impairment, inventory write-downs, long-term asset impairment, depreciation and amortization, development expenditures, and deferred income tax assets - The company complies with Accounting Standards for Business Enterprises, with the accounting year being the calendar year, the operating cycle being **12 months**, and the functional currency being RMB[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk) - Detailed explanations are provided for the accounting treatment methods for business combinations under common control and non-common control[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) - Financial asset classification, recognition, and measurement are explained, including financial assets measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss[187](index=187&type=chunk)[188](index=188&type=chunk) - Inventory categories include raw materials, work-in-progress, finished goods, low-value consumables, and packaging materials, valued at weighted average cost upon issuance, and measured at the lower of cost and net realizable value at period-end[201](index=201&type=chunk) Fixed Asset Depreciation Period and Annual Depreciation Rate | Category | Depreciation Period | Salvage Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | | Buildings and Structures | 10-40 Years | 5% | 9.50-2.38% | | Machinery and Equipment | 5-15 Years | 3-5% | 19.4-6.33% | | Electronic Equipment | 4-10 Years | 3-5% | 24.25-9.50% | | Transportation Vehicles | 3-10 Years | 3-5% | 32.33-9.50% | | Other Equipment | 3-20 Years | 3-5% | 32.33-4.75% | - Revenue recognition principles involve recognizing revenue when the customer obtains control of the related goods or services, distinguishing between revenue recognized over a period of time or at a point in time based on the type of performance obligation[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk) - The company applies management judgment and estimates in areas such as bad debt provisions, inventory write-downs, long-term asset impairment provisions, depreciation and amortization, development expenditures, deferred income tax assets, and income tax[258](index=258&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk) [Taxation](index=77&type=section&id=Taxation) This section discloses the company's main tax categories and rates, including Value-Added Tax, Urban Maintenance and Construction Tax, Enterprise Income Tax, and Education Surcharge, noting that the company and several subsidiaries enjoy preferential Enterprise Income Tax rates as high-tech enterprises, Mingde College is exempt from Enterprise Income Tax and certain VAT, some subsidiaries' catering income is VAT-exempt, and small and micro enterprises benefit from preferential income tax policies Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of Goods and Taxable Services Income | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Actual VAT Paid | 5%, 7% | | Enterprise Income Tax | Taxable Income | 15%, 20%, 25% | | Education Surcharge | Actual VAT Paid | 3%, 2% | - The company and several subsidiaries (Jinye Printing, Yan Yin Technology, Xinjiang Jinye, Yuyang Chemical Fiber, Jinmingyuan Printing) enjoy a preferential Enterprise Income Tax rate of **15%** as high-tech enterprises[266](index=266&type=chunk)[267](index=267&type=chunk) - Mingde College, as a general higher education institution at the undergraduate level, is exempt from Enterprise Income Tax and VAT on tuition and accommodation fees[267](index=267&type=chunk)[268](index=268&type=chunk) - Catering income from university canteens of Mingdeyuan Education Company and Mingde Logistics Group is exempt from VAT[268](index=268&type=chunk) - Small and micro enterprises with annual taxable income not exceeding **CNY 1 million** are subject to Enterprise Income Tax at **20%** on **25%** of their taxable income[268](index=268&type=chunk) [Notes to Consolidated Financial Statement Items](index=79&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various asset, liability, owners' equity, income, and expense items in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, construction in progress, short-term borrowings, accounts payable, operating revenue, and costs, presenting period-end balances, beginning-of-period balances, and changes Monetary Funds | Item | Period-End Balance (CNY) | Beginning-of-Period Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 21,017.15 | 23,011.35 | | Bank Deposits | 159,643,793.23 | 146,113,052.11 | | Other Monetary Funds | 112,319,211.35 | 69,055,106.49 | | **Total** | **271,984,021.73** | **215,191,169.95** | Accounts Receivable by Aging | Aging | Period-End Book Balance (CNY) | Beginning-of-Period Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 Year (Including 1 Year) | 194,447,404.78 | 187,193,557.74 | | 1 to 2 Years | 20,150,718.97 | 28,181,200.81 | | 2 to 3 Years | 3,155,101.78 | 1,906,849.47 | | Over 3 Years | 12,070,188.71 | 11,917,398.10 | | **Total** | **229,823,414.24** | **229,199,006.12** | Inventory Classification | Item | Period-End Book Value (CNY) | Beginning-of-Period Book Value (CNY) | | :--- | :--- | :--- | | Raw Materials | 93,304,907.77 | 79,845,271.23 | | Work-in-Progress | 20,476,938.03 | 38,536,014.36 | | Finished Goods | 97,256,851.82 | 61,965,402.86 | | Revolving Materials | 1,558,208.86 | 1,848,415.14 | | Goods in Transit | 21,004,132.20 | 26,867,714.50 | | Development Products | 63,739,316.39 | 63,739,316.39 | | Low-Value Consumables | 393,600.00 | 420,800.00 | | **Total** | **297,733,955.07** | **273,222,934.48** | Short-Term Borrowing Classification | Item | Period-End Balance (CNY) | Beginning-of-Period Balance (CNY) | | :--- | :--- | :--- | | Pledged Loans | 93,100,632.87 | 28,000,000.00 | | Mortgaged Loans | 114,305,069.73 | 165,000,000.00 | | Guaranteed Loans | 423,738,787.88 | 329,400,000.00 | | Credit Loans | 15,000,000.00 | 10,000,000.00 | | Discounted Bills Not Yet Due | 174,214,285.70 | 90,000,000.00 | | Accrued Interest on Short-Term Borrowings | 923,428.72 | 1,750,584.84 | | **Total** | **821,282,204.90** | **624,150,584.84** | Operating Revenue and Operating Cost | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 662,703,443.20 | 491,210,771.22 | 679,376,952.69 | 487,416,941.15 | | Other Businesses | 13,558,619.09 | 3,376,652.73 | 16,470,216.62 | 3,277,192.45 | | **Total** | **676,262,062.29** | **494,587,423.95** | **695,847,169.31** | **490,694,133.60** | [Research and Development Expenses](index=137&type=section&id=Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D investment amounted to **CNY 20,873,256.15**, all of which was expensed, primarily comprising personnel costs, material costs, and depreciation expenses Research and Development Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Personnel Expenses | 11,601,471.54 | 12,458,374.97 | | Material Costs | 6,117,053.88 | 2,526,594.68 | | Depreciation Expenses | 1,803,271.96 | 1,722,043.22 | | Amortization Expenses | 127,137.15 | 14,291.75 | | Design Fees | 615,722.35 | 636,409.94 | | Other | 608,599.27 | 2,782,605.19 | | **Total** | **20,873,256.15** | **20,140,319.75** | | Of which: Expensed R&D Expenditures | 20,873,256.15 | 20,140,319.75 | [Changes in Consolidation Scope](index=137&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company did not experience business combinations under non-common control, business combinations under common control, or reverse acquisitions, with changes in the scope of consolidated financial statements detailed in Note IX, Changes in Consolidation Scope - During the reporting period, the company did not experience business combinations under non-common control, business combinations under common control, or reverse acquisitions[545](index=545&type=chunk)[550](index=550&type=chunk)[554](index=554&type=chunk) [Interests in Other Entities](index=141&type=section&id=Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including subsidiary names, registered capital, shareholding percentages, business nature, and acquisition methods, and discloses key financial information for significant non-wholly-owned subsidiaries and associates - Detailed information is provided on the company's interests in **38 subsidiaries**, including registered capital, shareholding percentages, and business nature[160](index=160&type=chunk)[556](index=556&type=chunk)[557](index=557&type=chunk)[558](index=558&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiaries (Current Period) | Subsidiary Name | Operating Revenue (CNY) | Net Profit (CNY) | Total Comprehensive Income (CNY) | Cash Flow from Operating Activities (CNY) | | :--- | :--- | :--- | :--- | :--- | | Shaanxi Yan Yin Packaging Technology Co., Ltd. | 93,928,086.48 | 8,571,604.91 | 8,571,604.91 | 12,106,254.81 | | Xinjiang Jinye Technology Co., Ltd. | 23,007,362.15 | 1,762,310.34 | 1,762,310.34 | -1,944,793.28 | | Hubei Jinye Yuyang Chemical Fiber Co., Ltd. | 41,337,114.09 | 8,636,282.49 | 8,636,282.49 | 8,568,174.82 | Key Financial Information of Significant Associates (Current Period) | Item | Ningbo Meishan Bonded Port Area Zhongke Huican Venture Capital Management Center (Limited Partnership) | Shanghai Rongyuan Education Technology Partnership (Limited Partnership) | | :--- | :--- | :--- | | Total Assets (CNY) | 77,714,987.29 | 58,090,150.38 | | Total Liabilities (CNY) | 96,475.10 | 28,670.00 | | Equity Attributable to Parent Company Shareholders (CNY) | 77,618,512.19 | 58,061,480.38 | | Net Profit (CNY) | -3,658.40 | 5.96 | | Total Comprehensive Income (CNY) | -3,658.40 | 5.96 | [Government Grants](index=149&type=section&id=Government%20Grants) During the reporting period, the company's government grants primarily consisted of deferred income related to assets, with a period-end balance of **CNY 33,830,022.24**, and **CNY 4,061,128.87** recognized as other income in the current period Liability Items Involving Government Grants | Accounting Account | Beginning-of-Period Balance (CNY) | New Grants in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Period-End Balance (CNY) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 35,579,537.79 | | 1,749,515.55 | 33,830,022.24 | Related to Assets | Government Grants Included in Current Period Profit/Loss | Accounting Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income | 4,061,128.87 | 5,900,472.67 | [Risks Related to Financial Instruments](index=150&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (foreign exchange risk, interest rate risk), credit risk, and liquidity risk; its main business is denominated in RMB, resulting in a small foreign exchange exposure, while interest rate risk is primarily associated with floating-rate bank borrowings, and the company mitigates credit risk through credit limit management and bad debt provisions, and manages liquidity risk by maintaining sufficient cash and bank borrowing facilities - The company faces market risks (foreign exchange risk, interest rate risk), credit risk, and liquidity risk[578](index=578&type=chunk) - Foreign exchange risk is mainly related to the US dollar, but the company's main business is denominated and settled in RMB, and no measures have been taken to hedge against it currently[579](index=579&type=chunk) - Interest rate risk is primarily associated with floating-rate bank borrowings[580](index=580&type=chunk) - T

陕西金叶最新股价报4.80元，较前一交易日上涨0.03元。当日成交量为201535手，成交金额达0.96亿 元，换手率为2.62%。 从资金流向来看，8月6日主力资金净流出142.27万元，近五个交易日累计净流出3054.77万元。当前公司 总市值36.90亿元，市盈率为57.37倍。 风险提示：股市有风险，投资需谨慎。 该公司主营业务涵盖包装材料和职业教育两大领域。作为陕西省属企业，其业务布局包括烟草配套材料 生产、印刷包装以及教育产业投资运营等方向。 ...

Core Viewpoint - The announcement details the establishment of a wholly-owned subsidiary, Kunming Hengda Packaging Technology Co., Ltd., by the company's wholly-owned secondary subsidiary, Kunming Huaguan New Materials Co., Ltd. [1] Company Information - The newly established subsidiary, Kunming Hengda, is registered with a capital of 30 million RMB [1] - The company was officially established on July 31, 2025 [1] - The legal representative of Kunming Hengda is Zhang Songquan [1] Business Scope - The business scope includes printing of packaging and decoration printing products, production of food additives, and road cargo transportation (excluding hazardous goods) [1] - Additional general projects include sales of specialized equipment for pulping and papermaking, office equipment, office supplies, ink (excluding hazardous chemicals), manufacturing and sales of paper products, and import-export activities [1]