大亚圣象家居股份有限公司 董事和高级管理人员所持公司股份及其变动管理制度 （2025年8月修订） 第一章 总则 第一条 为加强大亚圣象家居股份有限公司（以下简称"公司"或"本公 司"）董事和高级管理人员所持本公司股份及其变动的管理，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股东减持股份管理暂行办法》（以下简称"《减 持办法》"）、《上市公司董事和高级管理人员所持本公司股份及其变动管理规 则》、《深圳证券交易所上市公司自律监管指引第10号—股份变动管理》等有关 规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司董事和高级管理人员。 第三条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人账户持有的所有本公司股份；拥有多个证券账户的，对各证券账户的持股 数应当合并计算；开立信用证券账户的，对信用证券账户与普通证券账户的持股 合并计算。 第四条 公司董事和高级管理人员在买卖公司股票及其衍生品种前，应知悉 《公司法》、《证券法》等法律法规、规范性文件关于内幕交易、操纵市场等禁 止行为的规定，不得进行违法违规 ...

大亚圣象家居股份有限公司分红管理制度 （2025年8月修订） 第一章 总则 第一条 大亚圣象家居股份有限公司（以下简称"公司"）为进一步规范公 司现金分红，增强现金分红透明度，维护投资者合法权益，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司信息披露管理办法》、《上市公司证券发行管 理办法》、《上市公司监管指引第3号——上市公司现金分红》以及《公司章程》 的有关规定，结合公司实际情况，制定本制度。 第二条 公司应当牢固树立回报股东的意识，严格依照《公司法》、《证券 法》和《公司章程》的规定，健全现金分红制度，保持现金分红政策的一致性、 合理性和稳定性，保证现金分红信息披露的真实性。 第二章 分红政策 第三条 公司重视对投资者特别是中小投资者的合理投资回报，制定持续、 稳定的分红政策。 第四条 公司分红方式以现金股利为主，股票股利为辅。根据公司长远和可 持续发展的实际情况，当公司具备股本扩张能力或遇有新的投资项目，为满足长 期发展的要求，增强后续发展和盈利能力，在项目投资资金需求较大时可采用股 票股利。 第五条 公司分配当年税后利润时， ...

大亚圣象家居股份有限公司内幕信息知情人登记制度 （2025 年 8 月修订） 第一章 总则 第一条 为规范大亚圣象家居股份有限公司（以下简称"公司"）的内幕信 息管理，加强内幕信息保密工作，以维护信息披露的公平原则，根据《中华人民 共和国公司法》、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司信息披露管理办法》、《上市公司监管指引第5号——上市公司内幕信息 知情人登记管理制度》等有关法律、法规和《公司章程》的有关规定，结合公司 实际，制定本制度。 第二条 公司董事会应当按照法律法规以及深圳证券交易所（以下简称"证 券交易所"）相关规则要求及时登记和报送内幕信息知情人档案，并保证内幕信 息知情人档案真实、准确和完整。 第三条 公司董事长为主要责任人，董事会秘书负责组织实施、办理公司内 幕信息知情人登记入档和报送事宜。公司各部门、分公司和子公司的负责人为其 管理范围内的保密工作负责人，并负责其涉及内幕信息的报告、传递等工作；公 司董事会办公室为公司具体落实内幕信息及其知情人管理的相关工作。董事长与 董事会秘书应当对内幕信息知情人档案的真实、准确和完整签署书面确认意见。 第四条 公司董事、高级管理 ...

大亚圣象家居股份有限公司累积投票制实施细则 （2025年8月修订） 第一章 总则 第一条 为完善大亚圣象家居股份有限公司（以下简称"公司"）法人治理结 构，规范公司选举董事的行为，维护公司中小股东的利益，切实保障社会公众股 东选择董事的权利，根据中国证监会《上市公司治理准则》及《公司章程》等的 有关规定，特制定本实施细则。 第二条 本实施细则所称累积投票制是指股东会选举两名以上董事时，股东所 持每一股份拥有与应选出董事人数相等的投票权，股东拥有的投票表决权总数等 于其所持有的股份与应选董事人数的乘积。股东可以按其意愿将其拥有的全部投 票表决权集中投向某一位或几位董事候选人，也可以将其拥有的全部投票表决权 进行分配，分别投向各位董事候选人的一种投票制度。 第三条 本实施细则适用于选举或变更两名或两名以上董事的议案。 第四条 在股东会上拟选举两名或两名以上的董事时，董事会应在召开股东会 通知中，表明该次董事的选举采用累积投票制。 第五条 通过累积投票制选举董事时，董事的候选人数应当等于或多于拟选出 的董事人数。 第六条 本实施细则所称董事包括独立董事和非独立董事，但不包括由职工代 表担任的董事。职工代表董事由公司 ...

第一章 总则 大亚圣象家居股份有限公司内部审计制度 （2025年8月修订） 第一条 为规范大亚圣象家居股份有限公司（以下简称"公司"）内部审计 工作，根据《中华人民共和国审计法》、《审计署关于内部审计工作的规定》、《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》等法律、法规以及《公司章程》的相关规定，结合公 司实际，制定本制度。 第二条 本制度所称内部审计，是指公司内部审计部门或内部审计人员对公 司内部控制和风险管理的有效性、财务信息的真实性和完整性以及经营活动的效 率和效果等实施独立、客观的监督、评价和建议，以促进公司完善治理、实现经 营目标的活动。 第三条 本制度适用于公司各内部机构或职能部门、控股子公司、对公司具 有重大影响的参股公司以及通过其他方式获得实际控制权的企业或部门。 第二章 内部审计机构和人员 第四条 公司设审计部作为公司内部审计机构，负责公司内部审计工作的开 展与实施。公司审计部对董事会负责，向董事会审计委员会报告工作。审计部在 对公司业务活动、风险管理、内部控制、财务信息等情况进行检查监督过程中， 应当接受审计委员会的监督指导。审计 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the report's authenticity and plans no semi-annual dividend distribution - The company's Board of Directors, Board of Supervisors, and its directors, supervisors, and senior management guarantee that the content of this semi-annual report is **true, accurate, and complete**, and free from any false records, misleading statements, or material omissions, and they assume individual and joint legal liability[4](index=4&type=chunk) - The company's legal representative Chen Jianjun, the person in charge of accounting Chen Gang, and the head of the accounting department (accounting supervisor) Chen Gang declare that they **guarantee the truthfulness, accuracy, and completeness** of the financial report in this semi-annual report[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=%E7%9B%AE%E5%BD%95) This section provides an overview of the report's structure by listing its nine main chapters [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used throughout the report to ensure clear understanding - The Company, This Company, or Dare Power Dekor refers to Dare Power Dekor Home Co, Ltd[12](index=12&type=chunk) - The Reporting Period or This Reporting Period refers to January 1, 2025 -- June 30, 2025[12](index=12&type=chunk) - The Same Period Last Year refers to January 1, 2024 -- June 30, 2024[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company's basic information, including stock details and contact information, remains unchanged - Stock Abbreviation: Dare Power Dekor, Stock Code: 000910, Stock Exchange: Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's legal representative is Chen Jianjun[14](index=14&type=chunk) - The company's registered address, office address and its postal code, company website, and email address **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=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company experienced significant year-on-year declines in revenue, net profit, and operating cash flow Key Accounting Data and Financial Indicators for the First Half of 2025 | Indicator | Current Reporting Period (Yuan) | Same Period Last Year (Yuan) | Change from Same Period Last Year | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,095,505,878.29 | 2,377,014,110.18 | -11.84% | | Net Profit Attributable to Shareholders | 35,657,615.76 | 63,545,488.64 | -43.89% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 29,345,754.71 | 55,218,103.45 | -46.85% | | Net Cash Flow from Operating Activities | -31,168,649.98 | 210,401,226.50 | -114.81% | | Basic Earnings Per Share (Yuan/Share) | 0.07 | 0.12 | -41.67% | | Diluted Earnings Per Share (Yuan/Share) | 0.07 | 0.12 | -41.67% | | Weighted Average Return on Equity | 0.53% | 0.95% | -0.42% | | **Period-End Indicator** | **End of Current Reporting Period (Yuan)** | **End of Last Year (Yuan)** | **Change from End of Last Year** | | Total Assets | 9,523,073,417.13 | 9,394,656,832.92 | 1.37% | | Net Assets Attributable to Shareholders | 6,679,645,936.09 | 6,752,922,605.50 | -1.09% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No discrepancies exist between financial data prepared under Chinese and international accounting standards - The company has **no differences** in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards for the reporting period[20](index=20&type=chunk) - The company has **no differences** in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards for the reporting period[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled 6.31 million yuan, primarily from government grants and asset disposals Non-recurring Gains and Losses Items and Amounts for the First Half of 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets (including write-offs of asset impairment provisions) | -6,576,579.23 | | Government grants included in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, and enjoyed based on established standards with a continuous impact on profit or loss) | 15,449,325.69 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and investment income from the disposal of such assets and liabilities, excluding effective hedging activities related to normal business operations | 2,576,134.37 | | Other non-operating income and expenses not listed above | -1,380,044.17 | | Less: Income tax effect | 2,899,160.03 | | Minority interest effect (after tax) | 857,815.58 | | **Total** | **6,311,861.05** | Management Discussion and Analysis [Principal Business Activities during the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business in flooring and wood-based panels saw revenue and profit decline due to market conditions - The company is primarily engaged in the production and sales of flooring ("Power Dekor" brand) and wood-based panels ("Dare" brand)[26](index=26&type=chunk) - In the first half of 2025, the company achieved **operating revenue of 2.096 billion yuan**, a year-on-year decrease of 11.84%, and **net profit attributable to the parent company of 35.66 million yuan**, a year-on-year decrease of 43.89%[27](index=27&type=chunk) - The wood flooring industry has seen a market contraction due to declining real estate development investment and sales, while the wood-based panel industry is also under short-term pressure from domestic economic and real estate market challenges, leading to intense competition[28](index=28&type=chunk)[31](index=31&type=chunk) - The company continues to build its "Dare" and "Power Dekor" brands, establishing a solid market position through product quality, scale advantages, and brand influence[34](index=34&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness remains stable, centered on brand value, green supply chain, and production scale - The company is a **national key forestry leading enterprise** and a high-tech enterprise, holding a leading position in the flooring and wood-based panel industries[35](index=35&type=chunk) - The "Power Dekor" brand is valued at **114.385 billion yuan**, ranking first in China's home furnishing industry for many years; the "Dare" wood-based panel brand is valued at **36.397 billion yuan**, topping the list in China's wood-based panel industry[35](index=35&type=chunk) - The company has an annual production capacity of **80 million square meters of flooring** and **1.35 million cubic meters of medium-high density fiberboard and particleboard**, providing a significant scale advantage[36](index=36&type=chunk) - The company possesses a global marketing network, including nearly **3,000 flooring specialty stores**, online e-commerce platforms, and multiple regional marketing centers[36](index=36&type=chunk) - The company emphasizes new product R&D, technological innovation, and research investment, with a postdoctoral research station, provincial technology centers, and a nationally certified flooring laboratory, maintaining a leading technological position in China[36](index=36&type=chunk) - During the reporting period, the company's **core competitiveness remained unchanged**[37](index=37&type=chunk) [Analysis of Main Business Operations](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue and costs declined, while financial expenses decreased significantly due to higher interest income Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Same Period Last Year (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,095,505,878.29 | 2,377,014,110.18 | -11.84% | | | Operating Cost | 1,532,587,569.98 | 1,761,553,956.40 | -13.00% | | | Financial Expenses | -23,457,864.23 | -8,916,851.41 | -163.07% | Due to increased interest income and decreased interest expense during the reporting period | | Net Cash Flow from Operating Activities | -31,168,649.98 | 210,401,226.50 | -114.81% | The decrease in net cash inflow from operating activities was greater than the decrease in net cash outflow from operating activities | | Net Cash Flow from Investing Activities | 191,789,264.31 | -175,639,752.64 | 209.19% | Due to the maturity of wealth management products, cash inflow from investing activities increased | Operating Revenue Composition (by Product) | Product | Current Period Amount (Yuan) | % of Operating Revenue | Prior Period Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Medium-High Density Fiberboard | 471,346,243.55 | 22.49% | 583,213,838.78 | 24.54% | -19.18% | | Wood Flooring | 1,354,973,088.32 | 64.66% | 1,405,471,201.58 | 59.13% | -3.59% | | Bamboo, Stone Plastic Flooring | 220,355,985.64 | 10.52% | 348,647,355.76 | 14.67% | -36.80% | Operating Revenue Composition (by Region) | Region | Current Period Amount (Yuan) | % of Operating Revenue | Prior Period Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | East China | 801,316,045.78 | 38.24% | 866,350,757.25 | 36.45% | -7.51% | | International | 262,093,588.62 | 12.51% | 387,581,532.46 | 16.31% | -32.38% | [Analysis of Non-core Business](index=13&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business significantly impacted profits, primarily through non-sustainable government grants and other income Impact of Non-core Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,576,082.66 | 7.03% | Investment income from wealth management products | No | | Credit Impairment Loss | 11,106,773.38 | 30.32% | Provision for bad debts on accounts receivable and other receivables | No | | Other Income | 50,155,289.91 | 136.93% | VAT refund of 32.38 million yuan, other government grants of 15.45 million yuan, and VAT input tax credit of 2.33 million yuan | Other government grants are not sustainable | | Asset Disposal Gain | -6,576,579.23 | -17.95% | Disposal loss of 6.78 million yuan on fixed assets due to lease expiration at Huizhou Shengyi Wood Industry | No | [Analysis of Assets and Liabilities](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets grew slightly while net assets decreased, with notable changes in cash, inventories, and financial assets Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,607,225,049.20 | 27.38% | 2,334,443,807.56 | 24.85% | 2.53% | | Trading Financial Assets | 729,406,260.27 | 7.66% | 1,030,038,150.68 | 10.96% | -3.30% | | Inventories | 1,938,392,971.85 | 20.35% | 1,757,848,141.22 | 18.71% | 1.64% | | Construction in Progress | 41,158,081.33 | 0.43% | 4,578,954.64 | 0.05% | 0.38% | | Short-term Borrowings | 50,850,381.70 | 0.53% | 36,850,184.67 | 0.39% | 0.14% | | Contract Liabilities | 501,954,055.22 | 5.27% | 430,991,732.76 | 4.59% | 0.68% | - The company has **no major assets** that are seized, detained, frozen, mortgaged, pledged, or have restricted realizability, are non-realizable, or cannot be used to settle debts[48](index=48&type=chunk) [Investment Analysis](index=14&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment activities slightly increased year-on-year, with no significant equity or securities investments Investment Amount during the Reporting Period | Investment Amount in Reporting Period (Yuan) | Investment Amount in Same Period Last Year (Yuan) | Change | | :--- | :--- | :--- | | 411,815,662.73 | 408,156,152.00 | 0.90% | - The company had **no securities investments, derivatives investments, or use of raised funds** during the reporting period[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) [Major Asset and Equity Sales](index=15&type=section&id=%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any major sales of assets or equity during the reporting period - The company **did not sell any major assets** during the reporting period[54](index=54&type=chunk) - The company **did not sell any major equity** during the reporting period[55](index=55&type=chunk) [Analysis of Major Holding and Associated Companies](index=15&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The financial performance of major subsidiaries varied, with some showing increased losses while others improved profitability Net Profit of Major Holding and Associated Companies | Company Name | Net Profit (Yuan) | YoY Change (Yuan) | Reason for Change | | :--- | :--- | :--- | :--- | | Power Dekor Group Co, Ltd | -16,237,247.35 | Loss increased by 14,301,747.35 | Decrease in flooring sales revenue | | Dare (Jiangsu) Flooring Co, Ltd | 13,478,613.90 | Increased by 7,014,613.90 | Change in flooring product mix, lower production costs, and higher gross margin | | Dare Wood Based Panel Group Co, Ltd | 25,874,876.72 | Decreased by 28,909,123.28 | Decrease in sales revenue and gross margin | | Dare Wood Industry (Jiangxi) Co, Ltd | -4,917,363.74 | Loss reduced by 7,647,936.26 | Production ceased in 2024, leading to reduced expenses | | Dare Wood Industry (Maoming) Co, Ltd | 3,316,098.98 | Decreased by 5,059,401.02 | Decrease in wood-based panel sales revenue and gross margin | | Dare Wood Industry (Zhaoqing) Co, Ltd | 15,054,637.68 | Increased by 2,444,137.68 | Lower production costs and higher gross margin | | Dare Wood Industry (Heilongjiang) Co, Ltd | -2,657,527.71 | Loss reduced by 1,350,372.29 | Production ceased for years, reducing depreciation, amortization, and expenses | | Power Dekor (Shanghai) New Material Technology Co, Ltd | -2,603,327.02 | Loss reduced by 5,201,472.98 | Higher sales gross margin and reduced expenses | | Dare Wood Industry (Jiangsu) Co, Ltd | 2,188,962.05 | Increased by 2,697,500.00 | Lower production costs and higher gross margin | | Dare New Energy Material Technology (Guangxi) Co, Ltd | -7,532,435.19 | Loss increased by 7,073,035.19 | Currently in a large-scale construction phase, leading to increased period expenses | [Risks and Countermeasures](index=17&type=section&id=%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from raw material prices, market volatility, and competition, addressed through strategic adjustments - The company faces risks of **raw material shortages and price fluctuations**, as timber harvesting is limited by forestry policies, natural disasters, and climate, creating supply-demand tension and potentially impacting profitability[61](index=61&type=chunk) - The market demand for the company's products is highly correlated with the **real estate market**, and a continued downturn in this sector will adversely affect the company's operating performance[61](index=61&type=chunk) - The decorative materials industry suffers from **overall overcapacity and intensified competition**, which may affect the industry's average profit level and compress the company's product profit margins[61](index=61&type=chunk) - The company will closely monitor the macroeconomic environment and industry dynamics, adjust its procurement strategies, and mitigate raw material risks through resource structure adjustments, product differentiation, strategic stockpiling, and centralized purchasing[63](index=63&type=chunk) - The company will continue to improve its risk control system, refine accounts receivable management, promote brand building, and strengthen product development, design, and innovation to enhance brand loyalty, awareness, and reputation[63](index=63&type=chunk) - The company will enhance internal management, increase revenue and reduce expenditure, strengthen standardized and lean management, optimize operational processes, and establish a sound talent reserve system to attract and cultivate high-quality personnel[63](index=63&type=chunk) [Development and Implementation of Market Value Management and Valuation Enhancement Plan](index=18&type=section&id=%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%28%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has formulated a valuation enhancement plan to improve investment value and shareholder returns - On March 26, 2025, the company held the sixth meeting of its ninth Board of Directors and approved the "Proposal on Formulating the <Company Valuation Enhancement Plan>"[64](index=64&type=chunk) - The company plans to enhance its investment value by **improving operational efficiency, actively seeking M&A opportunities, implementing cash dividends, strengthening investor relations and information disclosure, and encouraging major shareholders to increase their holdings**[64](index=64&type=chunk) [Implementation of the 'Dual Improvement in Quality and Returns' Action Plan](index=18&type=section&id=%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed a "Dual Improvement in Quality and Returns" action plan during the reporting period - The company has **not disclosed** an announcement regarding the "Dual Improvement in Quality and Returns" action plan[65](index=65&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were **no changes** in the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[67](index=67&type=chunk) [Profit Distribution and Capitalization of Capital Reserves for the Reporting Period](index=19&type=section&id=%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no semi-annual profit distribution or capitalization of capital reserves - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the semi-annual period[68](index=68&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans or other employee incentive measures 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[69](index=69&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and four of its main subsidiaries are listed for mandatory environmental information disclosure - The listed company and its main subsidiaries are included in the list of enterprises required to disclose environmental information by law: Yes[70](index=70&type=chunk) Enterprises Included in the List for Mandatory Environmental Information Disclosure | No | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Dare Wood Based Panel Group Co, Ltd | Jiangsu Provincial Department of Ecology and Environment --- Enterprise Environmental Information Disclosure System | | 2 | Dare Wood Industry (Zhaoqing) Co, Ltd | Guangdong Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System | | 3 | Dare Wood Industry (Maoming) Co, Ltd | Guangdong Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System | | 4 | Dare Wood Industry (Jiangsu) Co, Ltd | Jiangsu Provincial Department of Ecology and Environment --- Enterprise Environmental Information Disclosure System | [Social Responsibility](index=19&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company is committed to fulfilling its social responsibilities across various stakeholder and environmental aspects - The company has established a relatively complete corporate governance structure and internal control system to **protect the legitimate rights and interests of all shareholders** and actively implements a cash dividend policy[71](index=71&type=chunk) - The company strictly abides by the "Labor Law," focuses on talent cultivation, continuously improves the working environment for employees, and values employee training, well-being, and work-life balance[72](index=72&type=chunk) - The company adheres to a business philosophy of mutual benefit with suppliers and customers, values supplier management, establishes long-term strategic partnerships with customers, and provides high-quality products and services based on consumer needs[72](index=72&type=chunk) - The company consistently integrates the construction of a resource-saving and environmentally friendly enterprise into its green development strategy, continuously increasing environmental protection investment and reducing environmental impact through technological upgrades and energy conservation[72](index=72&type=chunk) - While achieving steady development and economic benefits, the company actively participates in social welfare, donating to education and poverty alleviation to give back to society[73](index=73&type=chunk) Significant Matters [Commitments](index=21&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) No commitments were fulfilled or overdue by the company or its related parties during the reporting period - During the reporting period, there were **no commitments** fulfilled or overdue by the company's actual controller, shareholders, related parties, acquirers, or the company itself[75](index=75&type=chunk) [Fund Occupation and Irregular Guarantees](index=21&type=section&id=%E8%B5%84%E9%87%91%E5%8D%A0%E7%94%A8%E4%B8%8E%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D) The company reports no non-operating fund occupation by controlling shareholders or irregular external guarantees - During the reporting period, there was **no non-operating occupation of funds** of the listed company by the controlling shareholder or other related parties[76](index=76&type=chunk) - The company had **no irregular external guarantees** during the reporting period[77](index=77&type=chunk) [Auditor Information](index=21&type=section&id=%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual report has **not been audited**[78](index=78&type=chunk) - The Board of Directors and the Board of Supervisors have **no comments** on any "non-standard audit report" for the current reporting period[79](index=79&type=chunk) - The Board of Directors has **no comments** on any "non-standard audit report" from the previous year[79](index=79&type=chunk) [Bankruptcy Reorganization and Litigation Matters](index=21&type=section&id=%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E4%B8%8E%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no bankruptcy reorganizations or major litigation during the reporting period - The company had **no bankruptcy reorganization matters** during the reporting period[79](index=79&type=chunk) - The company had **no major litigation or arbitration matters** during the reporting period[80](index=80&type=chunk) [Penalties and Rectifications](index=22&type=section&id=%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company reports no penalties or rectifications during the period - The company had **no penalties or rectifications** during the reporting period[81](index=81&type=chunk) [Integrity Status](index=22&type=section&id=%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company and its controlling shareholders maintained a good integrity status during the reporting period - During the reporting period, the integrity status of the company, its controlling shareholder, and its actual controller was **good**, with no unfulfilled court judgments or large overdue debts[82](index=82&type=chunk) [Major Related-Party Transactions](index=22&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in several routine related-party transactions for procurement and sales, all within approved limits Related-Party Transactions for Purchase and Sale of Goods, Provision and Receipt of Services (Purchases) | Related Party | Transaction Content | Current Period Amount (Ten Thousand Yuan) | Approved Transaction Limit (Ten Thousand Yuan) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Meishi Integrated Home Co, Ltd | Purchase of walk-in closets | 1,311.70 | 5,000 | No | | Jiangsu Heya Wooden Door Co, Ltd | Purchase of wooden doors | 1,160.65 | 5,000 | No | | Fujian Kunpeng Supply Chain Management Co, Ltd | Transportation services | 932.90 | 3,000 | No | | Dare Integrated Smart Home (Fujian) Co, Ltd | Purchase of wooden doors, wardrobes, cabinets | 1.33 | 130 | No | Related-Party Transactions for Purchase and Sale of Goods, Provision and Receipt of Services (Sales) | Related Party | Transaction Content | Current Period Amount (Ten Thousand Yuan) | | :--- | :--- | :--- | | Dare Smart Home (Fujian) Co, Ltd | Sales of flooring and accessories | 2,191.44 | | Jiangsu Dare New Packaging Materials Co, Ltd | Sales of steam | 143.37 | | Dare Wheel Manufacturing Co, Ltd | Sales of steam | 32.00 | | Jiangsu Dare Filter Material Co, Ltd | Sales of steam | 13.03 | | Dare Smart Home (Fujian) Co, Ltd | Trademark usage fee | 8.31 | - The company's wholly-owned subsidiary, Power Dekor Group Co, Ltd, signed a "Trademark Licensing Agreement" with Dare Smart Home (Fujian) Co, Ltd, allowing Dare Smart Home to use the "Power Dekor" trademark in its business activities for a fee of **0.1% of the annual sales revenue** of products using the licensed trademark[93](index=93&type=chunk) [Major Contracts and Their Performance](index=28&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) A major lease agreement expired and was not renewed, while the company provided a guarantee for a subsidiary and engaged in wealth management - During the reporting period, the "Enterprise Lease and Operation Agreement" between the wholly-owned subsidiary Dare Wood Based Panel Group Co, Ltd and Huizhou Shengyi Wood Industry Co, Ltd **expired and was not renewed** by mutual agreement[96](index=96&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party | Guarantee Limit (Ten Thousand Yuan) | Actual Guarantee Amount (Ten Thousand Yuan) | Guarantee Type | Guarantee Period | Completed | | :--- | :--- | :--- | :--- | :--- | :--- | | Power Dekor Group Co, Ltd | 15,000 | 15,000 | Joint and several liability | 5 years | No | Entrusted Wealth Management | Type | Source of Funds | Amount (Ten Thousand Yuan) | Outstanding Balance (Ten Thousand Yuan) | Overdue Unrecovered Amount (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 20,000 | 20,000 | 0 | | Brokerage Wealth Management Products | Own funds | 42,000 | 42,000 | 0 | | **Total** | | **62,000** | **62,000** | **0** | [Explanation of Other Significant Matters](index=30&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company disclosed several significant matters, including shareholding changes, financial reports, and investment activities - The share reduction plan of the company's directors and senior management has been **completed**[102](index=102&type=chunk) - The company disclosed its **2024 annual performance forecast, annual report, and profit distribution plan**[102](index=102&type=chunk) - The company released the "Dare Power Dekor Home Co, Ltd Valuation Enhancement Plan"[102](index=102&type=chunk) - The company **participated in subscribing to investment fund shares**[103](index=103&type=chunk) [Significant Matters of Company Subsidiaries](index=31&type=section&id=%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Subsidiaries of Power Dekor Group established new entities to expand business in new materials, home goods, and flooring - A subsidiary of Power Dekor Group, Fujian Huayu Group Co, Ltd, established a new subsidiary, Fujian Jinou Bamboo Material Innovation Center Co, Ltd, with a registered capital of 10 million RMB and a 51% stake, focusing on new material R&D and bamboo product manufacturing and sales[104](index=104&type=chunk) - A subsidiary of Power Dekor Group, Power Dekor Industrial (Jiangsu) Co, Ltd, established two new wholly-owned subsidiaries, Xiangwangjia Home (Changzhou) Co, Ltd and Xuzhou Xiangwangjia Home Co, Ltd, each with a registered capital of 2 million RMB, to engage in home goods and wood product sales[104](index=104&type=chunk) - A subsidiary of Power Dekor Group, Fujian Power Dekor Wood Industry Co, Ltd, established a new wholly-owned subsidiary, Power Dekor Shengjia Home (Fujian) Co, Ltd, with a registered capital of 30 million RMB, to manufacture and sell home goods, wood, and bamboo products[105](index=105&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=32&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged, with a shift from restricted to unrestricted shares due to a senior manager's share reduction Share Capital Changes | Share Type | Before Change (Shares) | Before Change (%) | Change (+, -) (Shares) | After Change (Shares) | After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 280,500 | 0.05% | -67,500 | 213,000 | 0.04% | | II. Unrestricted Shares | 547,117,000 | 99.95% | 67,500 | 547,184,500.00 | 99.96% | | III. Total Shares | 547,397,500 | 100.00% | 0 | 547,397,500 | 100.00% | - The share change was caused by the reduction of 90,000 shares by director and senior manager Mr Chen Gang through centralized bidding, resulting in a decrease of 67,500 restricted management shares and an increase of 67,500 unrestricted shares, with **no change in the total share capital**[109](index=109&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Start of Period (Shares) | Restricted Shares Released This Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Chen Gang | 270,000 | 67,500 | 202,500 | Management Lock-up | | Zhu Zhigang | 10,500 | 0 | 10,500 | Management Lock-up | | **Total** | **280,500** | **67,500** | **213,000** | | [Securities Issuance and Listing](index=33&type=section&id=%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company did not issue or list any securities during the reporting period - The company had **no securities issuance or listing** during the reporting period[112](index=112&type=chunk) [Number of Shareholders and Shareholding Status](index=33&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 17,568 common shareholders at the period end, with the controlling shareholder's stake being pledged - At the end of the reporting period, the total number of common shareholders was **17,568**[113](index=113&type=chunk) Shareholding of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End (Shares) | Unrestricted Shares Held (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dare Technology Group Co, Ltd | Domestic Non-State-Owned Legal Entity | 46.44% | 254,200,800 | 254,200,800 | Pledged | 189,000,000 | | Gao Sheng'er | Domestic Natural Person | 4.79% | 26,200,000 | 26,200,000 | N/A | 0 | | Xin Hong | Domestic Natural Person | 3.38% | 18,525,600 | 18,525,600 | N/A | 0 | | Zhu Huixin | Domestic Natural Person | 2.25% | 12,343,200 | 12,343,200 | N/A | 0 | | Beijing Taidesheng Private Equity Fund Management Co, Ltd - Taidesheng Investment Delai No 3 Private Securities Investment Fund | Other | 2.19% | 12,000,020 | 12,000,020 | N/A | 0 | - Among the shareholders listed above, the largest shareholder, Dare Technology Group Co, Ltd, has **no relationship** with the other shareholders and is not considered a party acting in concert under the "Measures for the Administration of the Takeover of Listed Companies"[114](index=114&type=chunk) - Natural person shareholders Gao Sheng'er, Xin Hong, Ding Jun, Wu Qinbo, Xie Lin, and Li Jian hold some of their shares through investor credit securities accounts[115](index=115&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of directors, supervisors, and senior management during the period - The shareholdings of the company's directors, supervisors, and senior management **did not change** during the reporting period; for details, please refer to the 2024 annual report[116](index=116&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's **controlling shareholder did not change** during the reporting period[117](index=117&type=chunk) - The company's **actual controller did not change** during the reporting period[117](index=117&type=chunk) [Preferred Stock Information](index=35&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred stock during the reporting period - The company had **no preferred stock** during the reporting period[118](index=118&type=chunk) Bond-related Matters [Bond-related Matters](index=36&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had **no bond-related matters** during the reporting period[120](index=120&type=chunk) Financial Report [Audit Report](index=37&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report is **unaudited**[122](index=122&type=chunk) [Financial Statements](index=37&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company financial statements for the first half of 2025 [Company Basic Information](index=57&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Dare Power Dekor Home Co, Ltd was listed on the Shenzhen Stock Exchange in 1999 and operates in the decorative materials industry - Dare Power Dekor Home Co, Ltd publicly issued shares on March 23, 1999, and was listed on the Shenzhen Stock Exchange on June 30, 1999, with the stock code "000910"[149](index=149&type=chunk) - As of June 30, 2025, the company's share capital was **547.40 million yuan**[150](index=150&type=chunk) - The company's business scope includes R&D of new decorative materials, manufacturing and sales of various types of flooring, fiberboard, and particleboard, and import/export of various goods and technologies[150](index=150&type=chunk) [Basis of Preparation of Financial Statements](index=57&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with Chinese Accounting Standards on a going concern basis - These financial statements are prepared in accordance with the "Enterprise Accounting Standards - Basic Standard" and other specific accounting standards issued by the Ministry of Finance, as well as relevant regulations from the China Securities Regulatory Commission[151](index=151&type=chunk) - These financial statements are prepared on a **going concern basis**[152](index=152&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies for key areas such as revenue recognition, financial instruments, and fixed assets - The company's operating cycle is **12 months**, and it uses the **Renminbi (RMB)** as its functional currency[156](index=156&type=chunk)[157](index=157&type=chunk) - Financial assets are classified at initial recognition as: financial assets at amortized cost, financial assets at fair value through other comprehensive income, and financial assets at fair value through profit or loss[172](index=172&type=chunk) - Inventories are valued using the **weighted average method** upon dispatch and are accounted for under a perpetual inventory system[189](index=189&type=chunk)[190](index=190&type=chunk) - Long-term equity investments in subsidiaries are accounted for using the **cost method**, while investments in associates and joint ventures are accounted for using the **equity method**[200](index=200&type=chunk) - Fixed assets are depreciated using the **straight-line method** over their estimated useful lives, with depreciation rates determined based on asset category, useful life, and estimated residual value[206](index=206&type=chunk) - The company recognizes revenue when it has fulfilled its performance obligations in a contract, i.e, when the customer obtains control of the relevant goods or services[235](index=235&type=chunk) - Government grants are recognized when the company can meet the conditions attached to them and is able to receive them[243](index=243&type=chunk) - At the commencement date of a lease, the company recognizes a right-of-use asset and a lease liability for all leases except for short-term leases and leases of low-value assets[249](index=249&type=chunk) [Taxes](index=77&type=section&id=%E7%A8%8E%E9%A1%B9) The company is subject to various taxes, with several subsidiaries benefiting from preferential tax rates for high-tech enterprises and resource utilization Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | The output tax is calculated based on the sales revenue of goods and taxable services as stipulated by tax law, and after deducting the allowable input tax for the current period, the difference is the VAT payable | 13%, 9%, 6%, 5%, 3%, 1% | | Consumption Tax | Levied on taxable sales revenue | 5% | | Urban Maintenance and Construction Tax | Levied on the actual amount of VAT and consumption tax paid | 7%, 5% | | Corporate Income Tax | Levied on taxable income | 15%, 25% | - Several subsidiaries, including Dare Wood Based Panel Group Co, Ltd and Dare (Jiangsu) Flooring Co, Ltd, have passed the high-tech enterprise review and are subject to a **preferential corporate income tax rate of 15%**[262](index=262&type=chunk)[263](index=263&type=chunk) - According to relevant regulations, subsidiaries like Dare Wood Based Panel Group Co, Ltd, which use resources specified in the "Catalogue of Corporate Income Tax Incentives for Comprehensive Resource Utilization" as primary raw materials, can calculate their taxable income by **reducing their revenue by 10%**[263](index=263&type=chunk) - The company benefits from a **VAT refund policy of 90%** for the production of fiberboard and particleboard using agricultural and forestry residues as raw materials[264](index=264&type=chunk) [Notes to Consolidated Financial Statement Items](index=78&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details key items in the consolidated financial statements, including assets, liabilities, revenues, and expenses - The closing balance of cash and cash equivalents was **2.61 billion yuan**, of which 204.39 million yuan was restricted due to pledges, collateral, or freezes[266](index=266&type=chunk) - The closing balance of trading financial assets was **729.41 million yuan**, a decrease of approximately 300 million yuan from the beginning of the period[269](index=269&type=chunk) - The carrying amount of accounts receivable at the end of the period was **1.53 billion yuan**, with a total bad debt provision of 264.91 million yuan[272](index=272&type=chunk) - The carrying amount of inventories at the end of the period was **1.94 billion yuan**, with a total provision for inventory write-down and contract fulfillment cost impairment of 30.98 million yuan[305](index=305&type=chunk) - The closing balance of construction in progress was **41.16 million yuan**, primarily for the Guangxi aluminum plate and strip project (39.93 million yuan)[322](index=322&type=chunk) - The original carrying amount of goodwill at the end of the period was **206.86 million yuan**, with an accumulated impairment provision of 18.38 million yuan[331](index=331&type=chunk)[333](index=333&type=chunk) - The closing balance of short-term borrowings was **50.85 million yuan**, an increase from 36.85 million yuan at the beginning of the period[348](index=348&type=chunk) - The closing balance of contract liabilities was **501.95 million yuan**, an increase of approximately 70 million yuan from 430.99 million yuan at the beginning of the period[359](index=359&type=chunk) - Operating revenue for the period was **2.10 billion yuan**, and operating cost was **1.53 billion yuan**[381](index=381&type=chunk) - R&D expenses incurred during the period amounted to **42.68 million yuan**, all of which was expensed[424](index=424&type=chunk) - Net cash flow from operating activities was **-31.17 million yuan**, while net cash flow from investing activities was **191.79 million yuan**[415](index=415&type=chunk) [R&D Expenditures](index=110&type=section&id=%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was 42.68 million yuan, fully expensed, reflecting continued investment in innovation R&D Expenditure Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 15,182,581.24 | 22,520,853.84 | | Experimental Materials | 20,161,152.93 | 24,597,495.46 | | Energy Costs | 2,384,929.35 | 2,863,933.68 | | Depreciation and Amortization | 2,949,387.15 | 3,622,201.16 | | Other Expenses | 1,999,160.11 | 1,484,437.85 | | **Total** | **42,677,210.78** | **55,088,921.99** | | Of which: Expensed R&D | 42,677,210.78 | 55,088,921.99 | | Capitalized R&D | 0.00 | 0.00 | - Total R&D expenditure for the current period was **42,677,210.78 yuan**, all of which was expensed and not capitalized[424](index=424&type=chunk) [Changes in the Scope of Consolidation](index=110&type=section&id=%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The scope of consolidation expanded with the establishment of four new subsidiaries by a parent subsidiary - There were **no transactions or events** that resulted in the loss of control over subsidiaries during this period[425](index=425&type=chunk) - A subsidiary of Power Dekor Group, Fujian Huayu Group Co, Ltd, established a new subsidiary, Fujian Jinou Bamboo Material Innovation Center Co, Ltd, with a registered capital of 10 million RMB and a 51% stake[425](index=425&type=chunk) - A subsidiary of Power Dekor Group, Power Dekor Industrial (Jiangsu) Co, Ltd, established two new wholly-owned subsidiaries, Xiangwangjia Home (Changzhou) Co, Ltd and Xuzhou Xiangwangjia Home Co, Ltd, each with a registered capital of 2 million RMB[425](index=425&type=chunk) - A subsidiary of Power Dekor Group, Fujian Power Dekor Wood Industry Co, Ltd, established a new wholly-owned subsidiary, Power Dekor Shengjia Home (Fujian) Co, Ltd, with a registered capital of 30 million RMB[425](index=425&type=chunk) [Interests in Other Entities](index=111&type=section&id=%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company's interests include numerous subsidiaries, with details provided for significant non-wholly-owned entities - The company has numerous wholly-owned and controlled subsidiaries, with business activities covering the manufacturing of high-end composite engineered flooring, R&D and production of medium/high-density fiberboard, wood processing, and sales of wood-based panels and flooring[427](index=427&type=chunk)[428](index=428&type=chunk)[429](index=429&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Shareholders (Yuan) | Dividends Declared to Minority Shareholders (Yuan) | Minority Interest Balance at Period End (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Fujian Huayu Group Co, Ltd | 10.00% | 9,057,268.09 | 0.00 | 124,774,713.77 | Summarized Financial Information of Insignificant Joint Ventures and Associates | Item | Period-End Balance / Current Period Amount (Yuan) | | :--- | :--- | | Associates: Total carrying amount of investments | 2,968,473.68 | | --Net profit | -51.71 | | --Total comprehensive income | -51.71 | [Government Grants](index=115&type=section&id=%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company received various government grants, primarily related to VAT refunds and enterprise support funds Liability Items Involving Government Grants | Account | Opening Balance (Yuan) | New Grants (Yuan) | Included in Non-operating Income (Yuan) | Transferred to Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 71,050,740.16 | 0 | 0 | 2,188,230.00 | 68,862,510.16 | Asset-related | Asset-Related Government Grants Included in Current Profit or Loss | Balance Sheet Item | Grant Amount (Yuan) | Amount Included in Current Profit/Loss or Offset Against Costs (Yuan) | | :--- | :--- | :--- | | Special funds for exhaust gas treatment, pollution control, and energy conservation | 520,000.00 | 25,999.98 | | 2017 industrial development and laser industry development funds | 7,260,000.00 | 363,000.00 | | Construction support funds | 71,969,200.00 | 1,799,230.02 | | **Total** | **80,309,200.00** | **2,188,230.00** | Income-Related Government Grants Included in Current Profit or Loss | Profit/Loss Item | Grant Amount (Yuan) | Current Period Amount (Yuan) | | :--- | :--- | :--- | | VAT refund | 32,377,244.64 | 32,377,244.64 | | Enterprise support funds | 15,449,325.69 | 15,449,325.69 | | VAT additional deduction | 2,328,719.58 | 2,328,719.58 | | **Total** | **50,155,289.91** | **50,155,289.91** | [Risks Related to Financial Instruments](index=116&type=section&id=%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through diversified investments and monitoring financial exposures - In its operations, the company faces various financial risks: **credit risk, liquidity risk, and market risk** (including foreign exchange risk, interest rate risk, and other price risks)[441](index=441&type=chunk) - The company assesses customer creditworthiness and sets credit terms by evaluating their financial status and credit history, and regularly monitors customer credit records to control credit risk exposure[442](index=442&type=chunk) - The company's finance department manages liquidity risk by monitoring cash balances, readily marketable securities, and rolling 12-month cash flow forecasts to ensure sufficient funds to meet debt obligations[443](index=443&type=chunk) - The company determines the proportion of fixed-rate and floating-rate instruments based on market conditions and manages interest rate risk through regular reviews and monitoring of an appropriate portfolio mix[445](index=445&type=chunk) - The company continuously monitors the scale of foreign currency transactions, assets, and liabilities to minimize foreign exchange risk, and may enter into forward foreign exchange contracts or currency swap contracts[446](index=446&type=chunk) - The company's foreign exchange risk primarily arises from financial assets and liabilities denominated in **US dollars**[447](index=447&type=chunk) [Related Parties and Related-Party Transactions](index=117&type=section&id=%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in various related-party transactions for sales, purchases, and services, all within approved limits - The company's parent is Dare Technology Group Co, Ltd, with a **46.44% shareholding**, and the ultimate controlling parties are Chen Jianjun, Chen Qiaoling, Zhang Jingjing, and Dai Pin'ai[450](index=450&type=chunk) - The company has numerous other related parties, primarily subsidiaries of Dare Technology Group Co, Ltd[452](index=452&type=chunk)[453](index=453&type=chunk) Related-Party Transactions for Purchase and Sale of Goods, Provision and Receipt of Services (Purchases) | Related Party | Transaction Content | Current Period Amount (Yuan) | Approved Transaction Limit (Yuan) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Meishi Integrated Home Co, Ltd | Purchase of walk-in closets | 13,117,010.09 | 50,000,000.00 | No | | Jiangsu Heya Wooden Door Co, Ltd | Purchase of wooden doors | 11,606,514.56 | 50,000,000.00 | No | | Fujian Kunpeng Supply Chain Management Co, Ltd | Transportation services | 9,329,044.75 | 30,000,000.00 | No | Related-Party Transactions for Purchase and Sale of Goods, Provision and Receipt of Services (Sales) | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Dare Smart Home (Fujian) Co, Ltd | Sales of flooring and accessories | 21,914,398.89 | | Jiangsu Dare New Packaging Materials Co, Ltd | Sales of steam | 1,433,677.06 | | Dare Wheel Manufacturing Co, Ltd | Sales of steam | 320,028.45 | - Key management personnel compensation for the current period was **1,409,169.36 yuan**[461](index=461&type=chunk) - At the end of the period, there were multiple outstanding balances with related parties, including accounts receivable, prepayments, other receivables, accounts payable, contract liabilities, and other current liabilities[462](index=462&type=chunk)[463](index=463&type=chunk) [Commitments and Contingencies](index=122&type=section&id=%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company reports no significant commitments or contingencies at the end of the period - The company's commitments have **not changed**; for details, please refer to the 2024 annual report[464](index=464&type=chunk) - The company had **no significant contingencies** existing at the balance sheet date[465](index=465&type=chunk) - The company has **no significant contingencies** that require disclosure[466](index=466&type=chunk) [Post-Balance Sheet Events](index=123&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) No significant events occurred after the balance sheet date that require disclosure - There are **no other post-balance sheet events** to report[468](index=468&type=chunk) [Other Significant Matters](index=123&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) No other significant matters were reported during the period - There are **no other significant matters** in this reporting period[468](index=468&type=chunk) [Notes to Key Items in the Parent Company's Financial Statements](index=123&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) The parent company's financial notes detail receivables, long-term equity investments, and investment income - The parent company's accounts receivable had a closing balance of **0 yuan**, compared to 3,002,682.01 yuan at the beginning of the period[470](index=470&type=chunk) - The parent company's other receivables had a closing balance of **1.04 billion yuan**, primarily consisting of fund transfers to subsidiaries[476](index=476&type=chunk)[489](index=489&type=chunk) - The parent company's long-term equity investments had a closing carrying value of **3.08 billion yuan**, mainly representing investments in subsidiaries[491](index=491&type=chunk) - The parent company's investment income for the period was **2.58 million yuan**, primarily from the disposal of trading financial assets[495](index=495&type=chunk) [Supplementary Information](index=129&type=section&id=%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary data, including details on non-recurring items and key financial ratios Detailed Schedule of Non-recurring Gains and Losses for the First Half of 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets | -6,576,579.23 | | Government grants included in current profit or loss | 15,449,325.69 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and investment income from the disposal of such assets and liabilities, excluding effective hedging activities related to normal business operations | 2,576,134.37 | | Other non-operating income and expenses not listed above | -1,380,044.17 | | Less: Income tax effect | 2,899,160.03 | | Minority interest effect (after tax) | 857,815.58 | | **Total** | **6,311,861.05** | Return on Equity and Earnings Per Share | Reporting Period Profit | Weighted Average Return on Equity | Basic Earnings Per Share (Yuan/Share) | Diluted Earnings Per Share (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders | 0.53% | 0.07 | 0.07 | | Net profit attributable to common shareholders after deducting non-recurring gains and losses | 0.43% | 0.05 | 0.05 | - The company has **no differences** in net profit and net assets between financial reports disclosed simultaneously under international accounting standards and Chinese accounting standards[500](index=500&type=chunk) Other Submitted Data [Other Major Social Safety Issues](index=131&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E7%A4%BE%E4%BC%9A%E5%AE%89%E5%85%A8%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company and its subsidiaries had no major social safety issues or administrative penalties during the period - The listed company and its subsidiaries have **no other major social safety issues**[503](index=503&type=chunk) - **No administrative penalties** were received during the reporting period[503](index=503&type=chunk) [Record of Investor Relations Activities](index=131&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company held an online performance briefing to communicate with investors during the reporting period - On April 14, 2025, the company held its **2024 annual online performance briefing** via the "Investor Relations Interactive Platform" on p5w.net to communicate with investors[503](index=503&type=chunk)

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 1 单位：万元 非经营性 资金占用 资金占用方名称 占用方与上 市公司的关 联关系 上市公司 核算的会 计科目 2025 年期 初占用资金 余额 2025 年半 年度占用累 计发生金额 （不含利 息） 2025 年半 年度占用资 金的利息 （如有） 2025 年半 年度偿还累 计发生金额 2025 年 6 月末占用 资金余额 占用形成 原因 占用性质 控股股东、 实际控制 人及其附 属企业 无 非经营性占 用 小计 - - - - 前控股股 东、实际控 制人及其 附属企业 无 非经营性占 用 小计 - - - - 其他关联 方及其附 属企业 无 非经营性占 用 小计 - - - - 总计 - - - - | 其他关联 | | 往来方与上 | 上市公司 | 2025 年期 | 2025 年半 年度往来累 | 2025 年半年 度往来资金 | 2025 年半 | 2025 | 年 6 往来形成 | 往来性质 （经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

证券代码：000910 证券简称：大亚圣象 公告编号：2025—029 大亚圣象家居股份有限公司 关于为圣象集团有限公司提供担保的公告 一、担保情况概述 大亚圣象家居股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开 第九届董事会第八次会议，审议通过了《关于公司为圣象集团有限公司提供担保 的议案》，同意公司为全资子公司圣象集团有限公司在招商银行股份有限公司镇 江分行的 10,000 万元人民币融资事项提供连带责任担保。 本次担保事项已经公司第九届董事会第八次会议审议通过，获 6 票同意、0 票反对、0 票弃权。根据《深圳证券交易所股票上市规则》、《公司章程》的有 关规定，上述担保事项尚需提交公司股东大会审议。 二、被担保人的基本情况 1、基本情况 公司名称：圣象集团有限公司 成立日期：2002年9月19日 注册地点：江苏丹阳开发区大亚木业工业园区 法定代表人：陈建军 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示：本次被担保对象圣象集团有限公司为公司全资子公司，其最近一 年资产负债率超过70%，敬请投资者充分关注担保风险。 | 项 ...

大亚圣象公告，2025年上半年营业收入20.96亿元，同比下降11.84%。净利润3565.76万元，同比下降 43.89%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Group 1 - The home goods sector increased by 0.58% on August 19, with Diou Home leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] - Diou Home's stock price rose by 8.19% to 7.00, with a trading volume of 333,000 shares and a transaction value of 227 million [1] Group 2 - The home goods sector experienced a net outflow of 208 million from institutional funds, while retail investors saw a net inflow of 272 million [2] - The top losers in the home goods sector included Aigang Home, which fell by 9.97% to 15.17, with a trading volume of 424,100 shares and a transaction value of 673 million [2] - The trading data indicates that retail investors were more active, as they contributed to the net inflow despite the overall sector's decline [2][3] Group 3 - Major stocks like Xidamen and Songgu Technology saw significant gains, with Xidamen increasing by 7.68% to 14.59 and Songgu Technology rising by 6.92% to 29.06 [1] - The data shows a mixed performance among home goods stocks, with some experiencing substantial gains while others faced declines [2][3] - The overall market sentiment appears cautious, reflected in the net outflows from institutional and speculative funds [2][3]