Core Viewpoint - Lichen Industrial (001218) reported a strong performance in its 2025 mid-year report, with significant increases in revenue and net profit, although some profitability metrics showed declines [1]. Financial Performance - Total revenue reached 2.21 billion yuan, a year-on-year increase of 31.43% [1] - Net profit attributable to shareholders was 55.07 million yuan, up 5.7% year-on-year [1] - In Q2 alone, total revenue was 1.155 billion yuan, reflecting a 36.99% increase year-on-year, while net profit for the quarter was 27.41 million yuan, up 39.86% [1] - The gross profit margin was 9.4%, down 20.27% year-on-year, and the net profit margin was 2.49%, down 19.57% [1] - Total operating expenses (selling, administrative, and financial) amounted to 71.01 million yuan, accounting for 3.21% of revenue, a decrease of 30.83% year-on-year [1] Balance Sheet Metrics - Accounts receivable increased to 422 million yuan, a 27.69% rise year-on-year, with accounts receivable to net profit ratio at 386.83% [1][3] - Cash and cash equivalents decreased to 564 million yuan, down 15.12% year-on-year [1] - Total interest-bearing debt rose to 762,600 yuan, an increase of 26.13% [1] - Book value per share was 16.96 yuan, up 4.7% year-on-year, while earnings per share were 0.42 yuan, an increase of 11.32% [1] Business Model - The company's performance is primarily driven by research and development in the fine chemical sector, focusing on the production and sales of surfactants and cleaning products [2][3] - Lichen Industrial operates three major production bases located in Changsha, Shanghai, and Dongguan, with an annual production capacity of over 600,000 tons for surfactants and approximately 250,000 tons for cleaning products [3] Historical Performance - The company's return on invested capital (ROIC) was 3.98% last year, indicating a relatively weak capital return [1] - Historical data shows a median ROIC of 11.52% since the company went public, suggesting that investment returns have been generally acceptable, although the most recent year was below average [1]

Core Viewpoint - The company, Hunan Lichen Industrial Co., Ltd., has released its 2025 semi-annual report, confirming that it will not distribute cash dividends or issue bonus shares, and has provided details on its fundraising and usage of funds [3][12][34]. Group 1: Company Overview - Hunan Lichen Industrial Co., Ltd. held its sixth board meeting on August 28, 2025, with all directors present [2][8]. - The company confirmed that there were no changes in its controlling shareholder or actual controller during the reporting period [5][6]. Group 2: Financial Data and Fundraising - The company raised a total of RMB 1,023.975 million through its initial public offering, with a net amount of RMB 936.6999 million after deducting underwriting fees [20]. - As of June 30, 2025, the company had a remaining balance of RMB 55.0875 million in its fundraising account [21]. Group 3: Fund Management and Usage - The company has established a fundraising management system in compliance with relevant regulations, ensuring that the funds are stored and used appropriately [21][34]. - The company reported that it has not used idle fundraising for cash management during the reporting period, and there are no instances of using idle funds to temporarily supplement working capital [27][29]. Group 4: Project Updates - The company has completed several fundraising projects, including the "15,000 tons green surfactant project" and the "8,000 tons new green surfactant materials project," which have reached operational status [29]. - The company has terminated certain fundraising projects to improve fund utilization efficiency, reallocating the remaining funds to support daily operations and business development [29][30].

Group 1 - The core point of the article is that Lichen Industrial (SZ 001218) held its third meeting of the sixth board of directors on August 28, 2025, to review the special report on the use of raised funds for the first half of 2025 [1] - For the first half of 2025, Lichen Industrial's revenue composition was 98.89% from the fine chemical industry and 1.11% from other businesses [1]

证券代码：001218 证券简称：丽臣实业 公告编号：2025-030 湖南丽臣实业股份有限公司 第六届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 湖南丽臣实业股份有限公司（以下简称"公司"）第六届董事会第三次会议 于 2025 年 8 月 28 日在公司办公大楼五楼中心会议室以现场结合通讯方式召开， 董事袁志武先生以通讯表决的方式出席会议。会议通知已于 2025 年 8 月 18 日上 午以电子邮件的方式送达各位董事。 会议由公司董事长刘茂林先生主持，本次董事会应出席会议的董事 9 人，实 际出席董事 9 人（其中：以通讯表决方式出席会议的董事 1 人），董事会秘书、 部分高级管理人员列席了本次董事会会议。会议召开的程序符合《中华人民共和 国公司法》和《湖南丽臣实业股份有限公司章程》的有关规定。 具体内容详见公司于 2025 年 8 月 29 日在巨潮资讯网（www.cninfo.com.cn） 披露的《公司 2025 年半年度报告》（公告编号：2025-031），于同日在巨潮资 1 讯网（www.cni ...

Group 1 - The company achieved operating revenue of 2.21 billion yuan in the first half of 2025, representing a year-on-year growth of 31.43% [1] - The net profit attributable to shareholders of the listed company was 55.07 million yuan, an increase of 5.70% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 50.87 million yuan, reflecting a year-on-year growth of 4.88% [1] - The basic earnings per share were 0.4230 yuan [1]

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The board and senior management guarantee the semi-annual report's accuracy and completeness, with no plans for cash dividends or bonus share distributions - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility[3](index=3&type=chunk) - Company head Liu Maolin, chief accountant Zheng Gang, and head of accounting department Zhou Zhuang declare the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report is structured into nine main chapters, providing a comprehensive overview of the company's operations and financial status - The report has a clear structure with nine main chapters, facilitating a comprehensive understanding of the company's operations for investors[5](index=5&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, including company entities, industry organizations, legal frameworks, and financial units, for accurate report interpretation - Defines the company, subsidiaries (e.g., Lichen Aowei, Liao Technology, Daily Chemical Research Institute), and industry organizations (e.g., China Detergent Association, PCSD)[8](index=8&type=chunk) - Explains laws and regulations such as the Company Law, Securities Law, and Articles of Association, along with industry standards and certifications like EU REACH, HALAL, RSPO, EFfCI GMP, and COSMOS[8](index=8&type=chunk) - Clarifies financial measurement units (yuan, ten thousand yuan, and hundred million yuan, all in RMB) and the reporting period (January 1, 2025, to June 30, 2025)[8](index=8&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) Hunan Lichen Industrial Co., Ltd., stock code 001218, is listed on the Shenzhen Stock Exchange, with its legal representative as Liu Maolin and no changes in contact information during the reporting period - Company stock abbreviation: Lichen Industrial, stock code: **001218**, listed on: Shenzhen Stock Exchange[11](index=11&type=chunk) - The company's legal representative is Liu Maolin, board secretary is Zhong Cheng, and securities affairs representative is Liu Zenghui[11](index=11&type=chunk)[12](index=12&type=chunk) - During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure location[13](index=13&type=chunk)[14](index=14&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's 2025 semi-annual operating revenue increased by **31.43%** to **2.21 billion yuan**, with net profit attributable to shareholders growing by **5.70%** to **55.07 million yuan** 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,210,279,834.78 | 1,681,754,419.20 | 31.43% | | Net Profit Attributable to Shareholders of the Listed Company | 55,069,773.95 | 52,099,272.40 | 5.70% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | 50,865,130.20 | 48,497,383.30 | 4.88% | | Net Cash Flow from Operating Activities | 111,343,972.01 | 188,498,064.84 | -40.93% | | Basic Earnings Per Share (yuan/share) | 0.4230 | 0.3800 | 11.32% | | Diluted Earnings Per Share (yuan/share) | 0.4202 | 0.3800 | 10.58% | | Weighted Average Return on Net Assets | 2.55% | 2.42% | 0.13% | | **Period-end Indicators** | **Current Reporting Period-end (yuan)** | **Prior Year-end (yuan)** | **Period-end vs. Prior Year-end Change** | | Total Assets | 2,947,641,596.84 | 2,863,914,472.60 | 2.92% | | Net Assets Attributable to Shareholders of the Listed Company | 2,207,424,147.18 | 2,205,487,215.87 | 0.09% | - Net profit after deducting the impact of share-based payments was **62.36 million yuan**[17](index=17&type=chunk) [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 Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under international accounting standards and Chinese accounting standards during the reporting period[18](index=18&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[19](index=19&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=Non-recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **4.20 million yuan**, primarily from disposal of non-current assets, government grants, fair value changes of financial assets and liabilities, and entrusted investment income 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 52,089.19 | | Government grants recognized in current profit or loss | 2,916,117.33 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | 924,008.04 | | Gains and losses from entrusted investment or asset management | 1,187,982.25 | | Other non-operating income and expenses apart from the above | 267,010.88 | | Less: Income tax impact | 1,142,563.94 | | Total | 4,204,643.75 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring profit or loss items[23](index=23&type=chunk)[24](index=24&type=chunk) Part III Management Discussion and Analysis [Main Business Activities During the Reporting Period](index=9&type=section&id=Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of surfactants and detergents, operating in the fine chemical industry with three production bases and achieving growth in revenue and net profit [Industry Development](index=9&type=section&id=Industry%20Development) The fine chemical industry, particularly surfactants and detergents, is driven by policy support for green development, with steady market demand and growth in production and sales - The company's main business involves the R&D, production, and sales of surfactants and detergents, belonging to the chemical raw materials and chemical products manufacturing industry (code C26)[26](index=26&type=chunk) - The surfactant industry is supported by policies promoting green and sustainable development, with continuous market demand growth; in 2024, China's total surfactant production reached approximately **4.75 million tons**, an increase of about **22.27%** from 2021, and sales totaled approximately **4.70 million tons**, up about **24.17%** from 2021[27](index=27&type=chunk)[30](index=30&type=chunk) - The detergent market continues to grow steadily, with domestic synthetic detergent production reaching **11.50 million tons** in 2024, a year-on-year increase of approximately **3.98%**, and expanding into high-value-added industrial cleaning agents[31](index=31&type=chunk)[32](index=32&type=chunk) [Main Business Activities During the Reporting Period](index=10&type=section&id=Main%20Business%20Activities%20During%20the%20Reporting%20Period_33) The company specializes in R&D, production, and sales of surfactants and detergents, operating three production bases with annual capacities exceeding **600,000 tons** for surfactants and **250,000 tons** for detergents, utilizing a sales-driven production model - The company operates three production bases in Changsha, Shanghai, and Dongguan, with an annual surfactant production capacity exceeding **600,000 tons** and detergent production capacity of approximately **250,000 tons**[33](index=33&type=chunk) - Surfactant products, including AES, LAS, and K12 series, are the company's primary source of revenue and profit, ranking among the top two in national production and sales in 2024, used in daily detergents, cosmetics, and other fields[34](index=34&type=chunk) - Detergent products include proprietary brands (e.g., "Matou," "Guanghui") and OEM services for companies like P&G and Hutchison Whitecat, with expansion into industrial cleaning agents[35](index=35&type=chunk) - The company adopts a make-to-order production model, primarily sourcing raw materials like natural oils and petrochemical products, and employs a direct sales model for surfactants (over **90%**), while detergents use a mix of distribution, direct sales, and OEM[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Market Position](index=11&type=section&id=Market%20Position) The company holds a leading position in the anionic surfactant market, ranking among the top two nationally in production and sales for key products in 2024, and maintains brand influence in regional detergent markets - The company primarily competes in the anionic surfactant market, ranking among the top two nationally in production and sales for key surfactant products in 2024[39](index=39&type=chunk) - The detergent industry is highly competitive, but the company's proprietary brands like "Matou" and "Guanghui" have established a certain brand influence in Hunan, Hubei, and surrounding regions[39](index=39&type=chunk) [Major Industry Policies and Impacts During the Reporting Period](index=11&type=section&id=Major%20Industry%20Policies%20and%20Impacts%20During%20the%20Reporting%20Period) The surfactant industry benefits from national policy support for green development, with recent standard revisions aimed at enhancing product safety, environmental protection, and promoting low-carbon practices - The "14th Five-Year Plan Guidance for High-Quality Development of the Surfactant Industry" emphasizes the vigorous development of natural oil-derived surfactants to promote green and sustainable industry growth[40](index=40&type=chunk) - In July 2025, the National Standardization Administration approved 12 recommended national standard revision plans for surfactants and detergents, aiming to optimize technical indicators and strengthen safety and environmental attributes[40](index=40&type=chunk) - Policy and standard revisions collectively drive the surfactant industry towards resource circularity, precise testing, and standardized labeling, injecting new momentum into low-carbon development[40](index=40&type=chunk) [Overview of Main Operations](index=11&type=section&id=Overview%20of%20Main%20Operations) Despite raw material price volatility and increased market competition, the company achieved revenue growth of **31.43%** to **2.21 billion yuan** and net profit growth of **5.70%** to **55.07 million yuan** in the first half of 2025 through strategic procurement and market expansion - The company achieved operating performance growth in the first half of 2025 by strengthening raw material procurement and inventory management, expanding domestic and international markets, and promoting "lean management"[41](index=41&type=chunk) 2025 Semi-Annual Key Operating Performance | Indicator | Amount (billion yuan) | Year-on-year Change | | :--- | :--- | :--- | | Operating Revenue | 2.21 | 31.43% | | Net Profit Attributable to Shareholders of the Listed Company | 0.05507 | 5.70% | | Total Assets | 2.95 | 2.92% | | Total Liabilities | 0.74 | 12.42% | | Owners' Equity Attributable to Shareholders of the Listed Company | 2.21 | 0.09% | | Asset-Liability Ratio | 25.11% | Increased by 2.12 percentage points | 2025 Semi-Annual Business Segment Performance | Business Segment | Operating Revenue (billion yuan) | Year-on-year Change | Sales Gross Margin | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | | Surfactants | 2.08 | 34.62% | 8.64% | Decreased by 2.41 percentage points | | Detergents | 0.11 | 2.03% | 23.96% | Increased by 0.77 percentage points | [Core Competitiveness Analysis](index=12&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its technological leadership, strategic location, strong customer base, economies of scale, established brand, and integrated industrial chain advantages [Technological and Product Quality Advantages](index=12&type=section&id=Technological%20and%20Product%20Quality%20Advantages) The company maintains a strong focus on R&D and innovation, holding numerous patents and international certifications, with subsidiaries recognized as "National Specialized, Refined, and New Little Giant Enterprises" or "National Green Factories" - The company holds **39 invention patents** and **117 utility model patents**, with key products certified by EFfCI GMP, HALAL, RSPO, and COSMOS international standards[44](index=44&type=chunk) - Subsidiaries Lichen Aowei, Shanghai Aowei, and Guangdong Aowei have been recognized as "National Specialized, Refined, and New Little Giant Enterprises" or "National Green Factories"[44](index=44&type=chunk) - The company's dioxane control and color control technologies are domestically leading, with an internal dioxane content standard of no more than **30ppm**, significantly lower than the national standard of **100ppm**[45](index=45&type=chunk) [Geographical and Customer Resource Advantages](index=12&type=section&id=Geographical%20and%20Customer%20Resource%20Advantages) With three strategically located production bases, the company effectively serves major domestic markets and facilitates international trade, fostering long-term partnerships with leading daily chemical enterprises - The company's three production bases (Changsha, Shanghai, Dongguan) are strategically located in Central China, the Pearl River Delta, and the Yangtze River Delta, serving the major domestic demand markets in Central, East, and South China, while gradually increasing market share in Southwest and North China[46](index=46&type=chunk) - Subsidiaries Shanghai Aowei and Guangdong Aowei are located near ports, effectively improving efficiency in foreign trade transactions[46](index=46&type=chunk) - The company has become a key surfactant supplier to renowned daily chemical enterprises such as P&G, Blue Moon, Nice, Yihai Kerry, Colgate, Hutchison Whitecat, and Amway[47](index=47&type=chunk) [Economies of Scale and Cost Advantages](index=12&type=section&id=Economies%20of%20Scale%20and%20Cost%20Advantages) With an annual surfactant production capacity exceeding **600,000 tons** and a top-two national ranking in production and sales, the company leverages significant economies of scale, centralized procurement, and enhanced production efficiency to achieve cost advantages - The company's annual surfactant production capacity exceeds **600,000 tons**, ranking among the top two nationally in production and sales for key surfactant products in 2024, demonstrating significant economies of scale[48](index=48&type=chunk) - The company employs a centralized procurement model, giving it bargaining power with suppliers of fatty alcohols and other raw materials, and adjusts procurement strategies based on market conditions to reduce costs[48](index=48&type=chunk) - Through capital raised, the company has added multiple large-scale production facilities, enhancing capacity and production efficiency, thereby reducing unit production costs[48](index=48&type=chunk)[49](index=49&type=chunk) [Brand and Industry Position Advantages](index=13&type=section&id=Brand%20and%20Industry%20Position%20Advantages) The company has established a strong brand presence in mid-to-high-end surfactants, with "AW" recognized as a China Well-known Trademark, and holds a prominent industry position through participation in national standard drafting - The company has built the "AW" brand for its surfactant products, establishing a leading position in the mid-to-high-end product segment[50](index=50&type=chunk) - The "AW" trademark has been recognized as a China Well-known Trademark by the State Administration for Industry and Commerce, and the "Matou" brand has been designated a "Changsha Time-honored Brand"[50](index=50&type=chunk) - The company serves as a Vice Chairman Unit of the China Detergent and Cleaning Products Industry Association and has participated in drafting multiple national and industry standards, enjoying high brand recognition and industry status[50](index=50&type=chunk) [Industrial Chain Advantages](index=13&type=section&id=Industrial%20Chain%20Advantages) Leveraging decades of experience in both surfactant and detergent businesses, the company integrates its upstream and downstream operations to ensure product quality, enhance customer loyalty, and strengthen overall market competitiveness and risk resilience - The company's detergent business has decades of development experience, with a current annual production capacity of approximately **250,000 tons**[51](index=51&type=chunk) - Through upstream and downstream business integration, the company utilizes its self-produced high-quality surfactant raw materials to ensure the stability and cost-effectiveness of detergent products, enhancing customer loyalty[51](index=51&type=chunk) - The industrial chain advantage helps the company achieve stronger product market competitiveness and overall risk resilience[51](index=51&type=chunk) [Main Business Analysis](index=13&type=section&id=Main%20Business%20Analysis) In the first half of 2025, the company's operating revenue increased by **31.43%** to **2.21 billion yuan** due to sales growth and rising raw material prices, while operating costs rose by **34.99%**, and cash flow from operating activities decreased by **40.93%** Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,210,279,834.78 | 1,681,754,419.20 | 31.43% | Growth in production and sales scale, and rising raw material prices driving product price increases | | Operating Cost | 2,002,476,656.98 | 1,483,438,151.45 | 34.99% | Growth in production and sales scale, and rising raw material prices | | Selling Expenses | 29,519,373.89 | 32,297,432.98 | -8.60% | Decrease in share-based payment expenses | | Administrative Expenses | 48,112,942.52 | 57,903,512.47 | -16.91% | Decrease in share-based payment expenses | | Financial Expenses | -6,624,556.74 | -12,088,521.52 | 45.20% | Decrease in interest income and foreign exchange gains | | Income Tax Expense | -3,378,773.40 | 3,443,896.70 | -198.11% | Recognition of deferred income tax assets | | R&D Expenses | 82,574,016.34 | 65,032,336.29 | 26.97% | Increase in R&D investment | | Net Cash Flow from Operating Activities | 111,343,972.01 | 188,498,064.84 | -40.93% | Increase in cash paid for goods purchased | | Net Cash Flow from Investing Activities | -159,853,835.23 | -139,847,721.86 | -14.31% | Increase in cash paid for investments | | Net Cash Flow from Financing Activities | -788,621.77 | -82,683,480.00 | 99.05% | No cash dividends paid | | Net Increase in Cash and Cash Equivalents | -49,947,559.82 | -32,532,706.87 | -53.53% | Decrease in net cash flow from operating activities and no cash dividends paid for 2024 | Operating Revenue Composition | Category | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total** | **2,210,279,834.78** | **100%** | **1,681,754,419.20** | **100%** | **31.43%** | | **By Industry** | | | | | | | Fine Chemical Industry | 2,185,846,668.17 | 98.89% | 1,649,115,033.69 | 98.06% | 32.55% | | Other Businesses | 24,433,166.61 | 1.11% | 32,639,385.51 | 1.94% | -25.14% | | **By Product** | | | | | | | Surfactants | 2,078,842,441.35 | 94.05% | 1,544,237,893.65 | 91.82% | 34.62% | | Detergents | 107,004,226.82 | 4.84% | 104,877,140.04 | 6.24% | 2.03% | | Other Businesses | 24,433,166.61 | 1.11% | 32,639,385.51 | 1.94% | -25.14% | | **By Region** | | | | | | | Domestic Sales | 1,791,915,221.22 | 81.07% | 1,408,441,412.46 | 83.75% | 27.23% | | Export Sales | 418,364,613.56 | 18.93% | 273,313,006.74 | 16.25% | 53.07% | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[55](index=55&type=chunk) [Non-Main Business Analysis](index=14&type=section&id=Non-Main%20Business%20Analysis) Non-main business activities, including positive contributions from investment income and fair value changes, and negative impacts from asset impairment, influenced the company's total profit during the reporting period, but these are not sustainable Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,187,982.25 | 2.30% | Income generated from purchasing wealth management products with idle funds | No | | Fair Value Change Gains and Losses | 924,008.04 | 1.79% | Accrual of interest on structured deposits | No | | Asset Impairment | -4,666,539.26 | -9.03% | Provision for inventory impairment | No | | Non-operating Income | 323,527.57 | 0.63% | Receipt of performance compensation and customer sponsorship fees | No | | Non-operating Expenses | 45,135.46 | 0.09% | Donation expenses | No | [Analysis of Assets and Liabilities](index=15&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets reached **2.95 billion yuan**, a **2.92%** increase from the previous year-end, with notable changes in cash, fixed assets, and other non-current assets, and an asset-liability ratio of **25.11%** Significant Changes in Asset Composition | Item | Period-end Amount (yuan) | Proportion of Total Assets | Prior Year-end Amount (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 563,700,406.98 | 19.12% | 662,540,491.85 | 23.13% | -4.01% | Purchase of wealth management products and large-denomination certificates of deposit | | Accounts Receivable | 422,096,454.11 | 14.32% | 397,495,697.66 | 13.88% | 0.44% | Increase in operating revenue | | Inventories | 387,527,059.04 | 13.15% | 446,966,139.05 | 15.61% | -2.46% | Decrease in raw material and finished goods inventory | | Fixed Assets | 817,137,804.68 | 27.72% | 734,015,916.43 | 25.63% | 2.09% | Phase II of the 250,000-ton project transferred to fixed assets | | Construction in Progress | 35,374,336.53 | 1.20% | 91,409,408.97 | 3.19% | -1.99% | Phase II of the 250,000-ton project transferred to fixed assets | | Trading Financial Assets | 115,995,410.78 | 3.94% | 80,251,402.74 | 2.80% | 1.14% | Purchase of wealth management products | | Other Non-current Assets | 227,372,828.48 | 7.71% | 96,764,853.06 | 3.38% | 4.33% | Purchase of large-denomination certificates of deposit maturing in over one year | | Notes Payable | 141,879,041.40 | 4.81% | 88,789,619.59 | 3.10% | 1.71% | Increase in settlement of goods with bank acceptance bills | | Other Payables | 103,119,840.67 | 3.50% | 43,499,803.72 | 1.52% | 1.98% | Accrual of 2024 cash dividends | - At the end of the reporting period, the company's restricted cash and bank balances amounted to **4.71 million yuan**, primarily for unexpired interest and deposits[65](index=65&type=chunk) - The company's main asset measurement attributes did not undergo significant changes during the reporting period[65](index=65&type=chunk) [Investment Analysis](index=16&type=section&id=Investment%20Analysis) The company's total investment increased by **82.41%** year-on-year, with ongoing non-equity projects facing challenges in meeting expected returns due to market competition and raw material price fluctuations, while derivative investments for hedging proved effective [Overall Situation](index=16&type=section&id=Overall%20Situation) During the reporting period, the company's total investment amounted to **584.02 million yuan**, representing an **82.41%** increase compared to the same period last year Reporting Period Investment Amount | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount for the Reporting Period | 584,022,398.86 | | Investment Amount for the Prior Year Period | 320,165,305.93 | | Change Percentage | 82.41% | [Significant Non-Equity Investments in Progress During the Reporting Period](index=17&type=section&id=Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The company's major non-equity investment projects, including green surfactant production bases in Guangdong and Shanghai, are progressing, but some have not met expected profit targets due to intensified market competition and raw material price volatility Progress and Earnings of Major Non-Equity Investment Projects | Project Name | Investment Method | Investment Progress | Expected Earnings (yuan) | Cumulative Earnings as of Reporting Period-end (yuan) | Reasons for Not Meeting Planned Progress and Expected Earnings | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Lichen Aowei Industrial Co., Ltd. 150,000-ton Green Surfactant Project | Self-built | 78.58% | 26,629,350.00 | 90,386,536.28 | Due to intensified market competition and raw material price fluctuations, the project achieved a net profit of **11.97 million yuan**, reaching **44.95%** of expected earnings | | Shanghai Aowei Daily Chemical Co., Ltd. 80,000-ton New Green Surfactant Material Construction Project | Self-built | 91.45% | 11,042,600.00 | 69,422,026.04 | Due to intensified market competition and raw material price fluctuations, the project achieved a net profit of **2.56 million yuan**, reaching **23.18%** of expected earnings | | Annual 250,000-ton New Green Surfactant Production Base and Headquarters Construction Project (Phase I) | Self-built | 95.92% | 25,051,500.00 | 3,213,771.99 | Still requires time to reach full production; in the first half of 2025, it achieved a net profit of **3.74 million yuan**, reaching **14.92%** of expected earnings | | Annual 250,000-ton New Green Surfactant Production Base and Headquarters Construction Project (Phase II) | Self-built | 92.09% | 3,416,550.00 | 2,924,659.10 | Still requires time to reach full production; in the first half of 2025, the project achieved a net profit of **2.92 million yuan**, reaching **85.60%** of expected earnings | [Financial Asset Investments](index=19&type=section&id=Financial%20Asset%20Investments) The company did not engage in securities investments but utilized foreign exchange options for hedging purposes, effectively mitigating foreign exchange market risks and improving capital efficiency, while adhering to a robust risk management framework - The company had no securities investments during the reporting period[71](index=71&type=chunk) Derivative Investments for Hedging Purposes | Derivative Investment Type | Initial Investment Amount (million yuan) | Fair Value Change Gains and Losses for the Period (million yuan) | Amount Purchased During the Reporting Period (million yuan) | Amount Sold During the Reporting Period (million yuan) | Period-end Amount (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Foreign Exchange Options | 7.19 | 0.03 | 7.19 | 7.19 | 0.00 | - During the reporting period, the actual gain from foreign exchange options was **30,770.23 yuan**, effectively hedging foreign exchange market risks and improving foreign exchange capital utilization efficiency[73](index=73&type=chunk)[74](index=74&type=chunk) - The company has established a "Futures and Derivatives Trading Management System" and implemented various risk control measures, including market research, risk exposure assessment, hierarchical management, personnel training, and audit supervision[74](index=74&type=chunk) - The company had no derivative investments for speculative purposes during the reporting period[75](index=75&type=chunk)[76](index=76&type=chunk) [Use of Raised Funds](index=21&type=section&id=Use%20of%20Raised%20Funds) As of June 30, 2025, the company has utilized **802.56 million yuan** of raised funds, with several projects completed or terminated, and remaining funds allocated to permanent working capital Overall Use of Raised Funds | Indicator | Amount (million yuan) | | :--- | :--- | | Net Raised Funds | 936.70 | | Total Raised Funds Cumulatively Used | 802.56 | | Total Unused Raised Funds | 55.09 | | Total Raised Funds with Changed Use Cumulatively | 383.72 | | Proportion of Raised Funds with Changed Use | 40.97% | - As of June 30, 2025, the company had cumulatively used **802.56 million yuan** of raised funds, with **55.09 million yuan** of unused funds held in a special regulatory account for raised funds[78](index=78&type=chunk) - The Guangdong Lichen Aowei 150,000-ton Green Surfactant Project, Shanghai Aowei Daily Chemical 80,000-ton New Green Surfactant Material Construction Project, and the Annual 250,000-ton New Green Surfactant Production Base and Headquarters Construction Project (Phase I) have all been successfully completed and closed[84](index=84&type=chunk) - The company terminated certain production lines of the Annual 250,000-ton New Green Surfactant Production Base and Headquarters Construction Project (Phase II) and the Hunan Lichen Industrial Co., Ltd. Information System Construction Project, permanently allocating **114.82 million yuan** of remaining raised funds to working capital[84](index=84&type=chunk) - The implementation locations and methods of raised fund investment projects have been changed to optimize capacity layout and improve capital utilization efficiency[83](index=83&type=chunk) [Disposal of Major Assets and Equity](index=27&type=section&id=Disposal%20of%20Major%20Assets%20and%20Equity) The company did not engage in any disposal of major assets or equity during the reporting period - The company did not dispose of major assets during the reporting period[89](index=89&type=chunk) - The company did not dispose of major equity during the reporting period[90](index=90&type=chunk) [Analysis of Major Holding and Invested Companies](index=27&type=section&id=Analysis%20of%20Major%20Holding%20and%20Invested%20Companies) The company's main subsidiaries, including Hunan Lichen Aowei, Shanghai Aowei Daily Chemical, and Guangdong Lichen Aowei, primarily produce and sell surfactants, significantly contributing to the company's net profit, with no acquisitions or disposals of subsidiaries during the period Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Lichen Aowei Industrial Co., Ltd. | Subsidiary | Production and sales of surfactants | 10.00 | 332,751,494.19 | 228,199,166.74 | 448,302,637.08 | 19,799,372.42 | 18,180,541.70 | | Shanghai Aowei Daily Chemical Co., Ltd. | Subsidiary | Production and sales of surfactants | 100.00 | 961,226,814.69 | 304,112,493.86 | 968,375,919.14 | 9,241,651.39 | 12,849,943.52 | | Guangdong Lichen Aowei Industrial Co., Ltd. | Subsidiary | Production and sales of surfactants | 100.00 | 637,280,941.35 | 339,172,215.58 | 1,086,060,077.31 | 16,914,086.12 | 19,306,810.92 | - During the reporting period, the company had no important holding or invested company information to disclose, nor did it acquire or dispose of any subsidiaries[92](index=92&type=chunk) [Information on Structured Entities Controlled by the Company](index=28&type=section&id=Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[93](index=93&type=chunk) [Risks Faced by the Company and Countermeasures](index=28&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses risks such as raw material price fluctuations, market competition, safety, environmental protection, and exchange rates through strategic partnerships, market expansion, lean management, strict compliance, and hedging activities - Raw material price fluctuation risk: The company mitigates this by strengthening strategic cooperation with suppliers, linking product sales prices to raw material procurement prices, and reasonably adjusting raw material inventory[93](index=93&type=chunk) - Market competition environment change risk: The company addresses this by increasing supply to existing customers, developing new customers, expanding international markets, and penetrating other downstream application areas[94](index=94&type=chunk) - Production safety risk: The company adheres to a "safe production, green operation" policy, strictly complies with regulations, establishes a comprehensive safety production management system, develops emergency plans, conducts regular drills, and increases safety investments[95](index=95&type=chunk) - Environmental protection risk: The company strictly follows national and local safety and environmental protection policies, implements risk assessment and prevention measures, builds environmental protection facilities, improves monitoring systems, and effectively treats pollutants[96](index=96&type=chunk)[97](index=97&type=chunk) - Exchange rate risk: The company strengthens research and analysis of exchange rate trends, reasonably conducts foreign exchange hedging, and engages in futures and derivative transactions based on actual business needs and exchange rate fluctuations[98](index=98&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=29&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[99](index=99&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[99](index=99&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=29&type=section&id=Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Enhancement%E2%80%9D%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[99](index=99&type=chunk) Part IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management of the Company](index=29&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management%20of%20the%20Company) During the reporting period, the company experienced several changes in its board of directors, supervisors, and senior management due to re-election and term expirations - Xu Jiangde was elected as a director, and Liu Aiju was elected as an employee representative director[100](index=100&type=chunk) - Liu Xialing and Zhou Zhuang resigned as directors due to term expiration; Liu Guobiao, Ou Shengqiang, and Zhang Lixiang resigned as supervisors due to term expiration[100](index=100&type=chunk) - Zheng Gang resigned as board secretary due to term expiration, and Zhong Cheng was appointed as board secretary[100](index=100&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=29&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the 2025 semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[102](index=102&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=30&type=section&id=Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan,%20Employee%20Stock%20Ownership%20Plan,%20or%20Other%20Employee%20Incentive%20Measures) The company's 2023 restricted stock incentive plan continues to be implemented, with the second vesting period conditions met, allowing **1.70 million shares** to be unlocked for **74 grantees** and listed for trading on July 28, 2025 - The conditions for the second vesting period of the 2023 restricted stock incentive plan have been met[106](index=106&type=chunk) - **74 eligible grantees** can unlock **1,699,890 shares**, representing **1.3058%** of the company's total share capital[106](index=106&type=chunk) - These restricted shares were listed for trading on July 28, 2025[106](index=106&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[107](index=107&type=chunk) [Environmental Information Disclosure](index=31&type=section&id=Environmental%20Information%20Disclosure) The company and its three major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with their respective reports available through local environmental information disclosure systems - The company and its **3 major subsidiaries** are included in the list of enterprises required to disclose environmental information by law[107](index=107&type=chunk) - Changsha Economic and Technological Development Zone Liao Technology Co., Ltd., Shanghai Aowei Daily Chemical Co., Ltd., and Guangdong Lichen Aowei Industrial Co., Ltd. have all disclosed environmental information in accordance with the law[107](index=107&type=chunk) [Social Responsibility](index=31&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities by promoting green and low-carbon development, ensuring production safety, safeguarding employee rights, and engaging in various public welfare and charitable activities - The company actively responds to the "carbon peak and carbon neutrality" strategy, with Lichen Aowei, Shanghai Aowei, and Guangdong Aowei recognized as "National Green Factories"[108](index=108&type=chunk) - The company organizes various safety training and emergency drills to enhance employee safety awareness and skills[108](index=108&type=chunk) - The company safeguards employees' legitimate rights and interests, provides a safe and comfortable working environment, and organizes activities such as office software and AI application training, and online book clubs[108](index=108&type=chunk) - The company actively participates in social welfare and charitable causes, donating **30,000 yuan** to a charity foundation and engaging in consumer assistance, voluntary blood donation, and community volunteer services[109](index=109&type=chunk) Part V Significant Matters [Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=32&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controllers,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company%20During%20the%20Reporting%20Period) All commitments made by the company's actual controllers, directors, supervisors, senior management, and the company during its initial public offering or refinancing, including share lock-up, prospectus accuracy, anti-dilution measures, non-competition, related party transaction regulation, and dividend policies, are being fulfilled on time, with no overdue unfulfilled commitments - The company's joint actual controllers (Jia Qizheng, Sun Jianxiong, Hou Bingyang, Liu Guobiao, Ye Jiyong, Zheng Gang) committed to voluntary share lock-up and to transferring no more than **25%** of their total shares annually during their tenure[111](index=111&type=chunk) - The company, its joint actual controllers, and its directors, supervisors, and senior management committed that the prospectus contains no false statements, misleading representations, or material omissions[111](index=111&type=chunk) - All directors, supervisors, and senior management committed to measures to compensate for diluted immediate returns, ensuring no harm to the company's interests[111](index=111&type=chunk) - The joint actual controllers committed to eliminating or avoiding horizontal competition, refraining from engaging in activities that compete with the company's main business[111](index=111&type=chunk)[112](index=112&type=chunk) - The company and all directors, supervisors, and senior management committed to regulating and reducing related party transactions, ensuring fairness and impartiality[112](index=112&type=chunk)[113](index=113&type=chunk) - The company committed to implementing a continuous and stable profit distribution policy for the next three years (2024-2026), prioritizing cash dividends, with annual cash dividends not less than **20%** of the distributable profit for the year[113](index=113&type=chunk) - All commitments are being fulfilled on time, with no overdue unfulfilled situations; some locked shares of senior management cannot be actually traded because the company's stock price is below the ex-dividend and ex-right issue price[111](index=111&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company](index=35&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company[115](index=115&type=chunk) [Irregular External Guarantees](index=35&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[116](index=116&type=chunk) [Appointment and Dismissal of Accounting Firms](index=35&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's 2025 semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[117](index=117&type=chunk) [Explanation by the Board of Directors and Supervisory Board on "Non-Standard Audit Report" for This Reporting Period](index=35&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20This%20Reporting%20Period) As there was no non-standard audit report during the reporting period, the board of directors and supervisory board do not need to provide an explanation - The company had no non-standard audit report during the reporting period[118](index=118&type=chunk) [Explanation by the Board of Directors on "Non-Standard Audit Report" for the Previous Year](index=35&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Previous%20Year) As there was no non-standard audit report during the reporting period, the board of directors does not need to provide an explanation for the previous year - The company had no non-standard audit report during the reporting period[118](index=118&type=chunk) [Bankruptcy and Reorganization Matters](index=35&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization-related matters during the reporting period - The company had no bankruptcy or reorganization-related matters during the reporting period[118](index=118&type=chunk) [Litigation Matters](index=35&type=section&id=Litigation%20Matters) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during this reporting period[119](index=119&type=chunk) - The company had no other litigation matters during the reporting period[120](index=120&type=chunk) [Penalties and Rectification](index=36&type=section&id=Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[121](index=121&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=36&type=section&id=Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[122](index=122&type=chunk) [Significant Related Party Transactions](index=36&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions, including those related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor/debtor relationships, or financial company dealings - The company had no related party transactions related to daily operations during the reporting period[123](index=123&type=chunk) - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[124](index=124&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[125](index=125&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[126](index=126&type=chunk) - The company and its related financial companies had no deposits, loans, credit lines, or other financial business dealings with related parties[127](index=127&type=chunk) - The company had no other significant related party transactions during the reporting period[129](index=129&type=chunk) [Significant Contracts and Their Performance](index=37&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company engaged in asset leasing and provided guarantees for subsidiaries, with total guarantees representing **6.42%** of net assets, and utilized idle funds for bank wealth management products, with no other significant contracts during the reporting period - The company had no trusteeship or contracting situations during the reporting period[130](index=130&type=chunk)[131](index=131&type=chunk) - During the reporting period, the company leased properties and other assets for daily production and operations, and leased out standard factory buildings and other assets to generate income[132](index=132&type=chunk) - During the reporting period, the company had no leasing projects where the profit or loss generated for the company exceeded **10%** of its total profit for the reporting period[133](index=133&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Lichen Aowei Industrial Co., Ltd. | 130.00 | 2.27 | Joint and Several Liability Guarantee | February 27, 2019, to December 31, 2027 | No | | Guangdong Lichen Aowei Industrial Co., Ltd. | 100.00 | 27.46 | Joint and Several Liability Guarantee | For a series of contracts, agreements, and other legal documents and their amendments or supplements signed between March 27, 2023, and March 26, 2027 | No | | Hunan Lichen Aowei Industrial Co., Ltd. | 90.00 | 36.63 | Joint and Several Liability Guarantee | From October 9, 2024, to October 8, 2025 | No | | Guangdong Lichen Aowei Industrial Co., Ltd. | 80.00 | 64.00 | Joint and Several Liability Guarantee | From December 6, 2023, to December 6, 2025 | No | | Shanghai Aowei Daily Chemical Co., Ltd. | 50.00 | 0.00 | Joint and Several Liability Guarantee | From the date of signing the master contract for a single credit business until three years after the maturity date of the debt under that master contract | No | | Shanghai Aowei Daily Chemical Co., Ltd. | 100.00 | 11.28 | Joint and Several Liability Guarantee | Providing maximum guarantee for all master contracts signed between October 22, 2024, and October 22, 2027 | No | | **Total Actual Guarantee Balance for Subsidiaries at Period-end** | **550.00** | **141.63** | | | | - The total actual guarantee amount represents **6.42%** of the company's net assets[137](index=137&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (million yuan) | Unexpired Balance (million yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 204.82 | 114.82 | 0 | - The company had no other significant contracts during the reporting period[140](index=140&type=chunk) [Explanation of Other Significant Matters](index=39&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[141](index=141&type=chunk) [Significant Matters of Company Subsidiaries](index=39&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[142](index=142&type=chunk) Part VI Share Changes and Shareholder Information [Share Changes](index=40&type=section&id=Share%20Changes) During the reporting period, the company's restricted shares decreased by **17.40 million shares**, while unrestricted shares increased by the same amount, primarily due to the lifting of restrictions on pre-IPO shares held by six shareholders Share Changes | Share Type | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 55,714,230 | 42.80% | -17,395,750 | 38,318,480 | 29.44% | | 3. Other Domestic Shares | 55,714,230 | 42.80% | -17,395,750 | 38,318,480 | 29.44% | | II. Unrestricted Shares | 74,464,030 | 57.20% | 17,395,750 | 91,859,780 | 97.39% | | 1. RMB Ordinary Shares | 74,464,030 | 57.20% | 17,395,750 | 91,859,780 | 97.39% | | III. Total Shares | 130,178,260.00 | 100.00% | 0 | 130,178,260 | 100.00% | - This share change primarily resulted from the lifting of restrictions on pre-IPO shares held by **6 shareholders**, totaling **43.01 million shares** released from restriction, of which **17.40 million shares** became unrestricted[146](index=146&type=chunk)[147](index=147&type=chunk) - Some unrestricted shares cannot be actually traded because the company's stock price is below the ex-dividend and ex-right issue price[150](index=150&type=chunk) - The lifting of restrictions on pre-IPO shares held by **6 joint actual controller shareholders** was completed during the reporting period[148](index=148&type=chunk) [Securities Issuance and Listing](index=43&type=section&id=Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[153](index=153&type=chunk) [Shareholder Numbers and Shareholding Structure](index=43&type=section&id=Shareholder%20Numbers%20and%20Shareholding%20Structure) At the end of the reporting period, the company had **14,412** ordinary shareholders, with Jia Qizheng holding the largest stake at **16.78%**, and several key shareholders acting in concert - At the end of the reporting period, the total number of ordinary shareholders was **14,412**[153](index=153&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jia Qizheng | Domestic Natural Person | 16.78% | 21,840,000 | 16,380,000 | 5,460,000 | Not Applicable | 0 | | Hou Bingyang | Domestic Natural Person | 4.52% | 5,880,000 | 0 | 5,880,000 | Not Applicable | 0 | | Sun Jianxiong | Domestic Natural Person | 4.52% | 5,880,000 | 0 | 5,880,000 | Not Applicable | 0 | | Liu Maolin | Domestic Natural Person | 2.77% | 3,600,000 | 2,700,000 | 900,000 | Pledged | 700,000 | | Liu Guobiao | Domestic Natural Person | 2.65% | 3,444,000 | 3,444,000 | 0 | Not Applicable | 0 | | Ye Jiyong | Domestic Natural Person | 2.65% | 3,444,000 | 2,583,000 | 861,000 | Not Applicable | 0 | | Zheng Gang | Domestic Natural Person | 1.94% | 2,520,000 | 1,890,000 | 630,000 | Not Applicable | 0 | | Gong Xiaozhong | Domestic Natural Person | 1.93% | 2,512,000 | 0 | 2,512,000 | Not Applicable | 0 | | Ou Sha | Domestic Natural Person | 1.56% | 2,030,000 | 0 | 2,030,000 | Not Applicable | 0 | | Liu Xialing | Domestic Natural Person | 1.53% | 1,988,000 | 1,988,000 | 0 | Not Applicable | 0 | - Jia Qizheng, Sun Jianxiong, Hou Bingyang, Liu Guobiao, Ye Jiyong, and Zheng Gang are parties acting in concert; Zeng Xuedong and Gao Yan are a married couple[154](index=154&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[156](index=156&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[157](index=157&type=chunk) - The company's actual controller remained unchanged during the reporting period[160](index=160&type=chunk) [Preferred Share Information](index=46&type=section&id=Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[161](index=161&type=chunk) Part VII Bond-Related Information [Bond-Related Information](index=47&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bonds during the reporting period[163](index=163&type=chunk) Part VIII Financial Report [Audit Report](index=48&type=section&id=Audit%20Report) The company's 2025 semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[165](index=165&type=chunk) [Financial Statements](index=48&type=section&id=Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, providing a comprehensive view of its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=48&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **2.95 billion yuan**, total liabilities **740.22 million yuan**, and total owners' equity **2.21 billion yuan**, with significant components including cash, trading financial assets, accounts receivable, and fixed assets Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | **Total Assets** | **2,947,641,596.84** | **2,863,914,472.60** | | Cash and Bank Balances | 563,700,406.98 | 662,540,491.85 | | Trading Financial Assets | 115,995,410.78 | 80,251,402.74 | | Accounts Receivable | 422,096,454.11 | 397,495,697.66 | | Inventories | 387,527,059.04 | 446,966,139.05 | | Fixed Assets | 817,137,804.68 | 734,015,916.43 | | Construction in Progress | 35,374,336.53 | 91,409,408.97 | | Other Non-current Assets | 227,372,828.48 | 96,764,853.06 | | **Total Liabilities** | **740,217,449.66** | **658,427,256.73** | | Notes Payable | 141,879,041.40 | 88,789,619.59 | | Accounts Payable | 330,253,437.82 | 356,401,939.01 | | Other Payables | 103,119,840.67 | 43,499,803.72 | | **Total Owners' Equity** | **2,207,424,147.18** | **2,205,487,215.87** | [Parent Company Balance Sheet](index=50&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **1.72 billion yuan**, total liabilities **130 million yuan**, and total owners' equity **1.59 billion yuan**, with significant components including cash, trading financial assets, and other receivables Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | **Total Assets** | **1,718,680,643.34** | **1,701,698,991.01** | | Cash and Bank Balances | 377,566,123.21 | 406,579,388.17 | | Trading Financial Assets | 115,995,410.78 | 80,251,402.74 | | Other Receivables | 777,973,254.45 | 835,172,316.11 | | Long-term Equity Investments | 296,085,808.85 | 290,478,583.67 | | Other Non-current Assets | 121,631,809.55 | 70,431,438.34 | | **Total Liabilities** | **129,658,752.42** | **133,226,608.53** | | Accounts Payable | 22,592,317.18 | 83,085,909.05 | | Other Payables | 99,961,535.01 | 35,177,394.56 | | **Total Owners' Equity** | **1,589,021,890.92** | **1,568,472,382.48** | [Consolidated Income Statement](index=52&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was **2.21 billion yuan**, a **31.43%** increase, with net profit of **55.07 million yuan**, up **5.70%**, and basic earnings per share of **0.4230 yuan** Consolidated Income Statement Key Data (2025 Semi-Annual) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,210,279,834.78 | 1,681,754,419.20 | | Total Operating Costs | 2,164,348,088.86 | 1,635,119,702.63 | | Operating Profit | 51,412,608.44 | 55,943,397.10 | | Total Profit | 51,691,000.55 | 55,543,169.10 | | Income Tax Expense | -3,378,773.40 | 3,443,896.70 | | Net Profit | 55,069,773.95 | 52,099,272.40 | | Net Profit Attributable to Parent Company Shareholders | 55,069,773.95 | 52,099,272.40 | | Basic Earnings Per Share | 0.4230 | 0.3800 | | Diluted Earnings Per Share | 0.4202 | 0.3800 | [Parent Company Income Statement](index=55&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **312.02 million yuan**, a **20.19%** increase, with net profit of **76.63 million yuan**, up **16.74%**, driven by investment income and fair value changes Parent Company Income Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 312,019,392.38 | 259,609,063.87 | | Operating Cost | 300,629,176.41 | 245,400,470.54 | | Administrative Expenses | 16,782,415.83 | 24,388,098.05 | | Financial Expenses | -4,402,920.50 | -7,524,553.28 | | Investment Income | 77,898,406.89 | 70,658,714.88 | | Fair Value Change Gains | 924,008.04 | 375,997.27 | | Operating Profit | 76,754,694.68 | 67,207,729.74 | | Total Profit | 76,754,239.68 | 67,182,998.84 | | Income Tax Expense | 125,068.06 | 1,541,025.24 | | Net Profit | 76,629,171.62 | 65,641,973.60 | [Consolidated Cash Flow Statement](index=56&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities decreased by **40.93%** to **111.34 million yuan**, while net cash flow from investing activities decreased by **14.31%** to **-159.85 million yuan**, and net cash flow from financing activities significantly increased by **99.05%** to **-0.79 million yuan** due to no cash dividend payments Consolidated Cash Flow Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 111,343,972.01 | 188,498,064.84 | | Net Cash Flow from Investing Activities | -159,853,835.23 | -139,847,721.86 | | Net Cash Flow from Financing Activities | -788,621.77 | -82,683,480.00 | | Net Increase in Cash and Cash Equivalents | -49,947,559.82 | -32,532,706.87 | | Period-end Cash and Cash Equivalents Balance | 538,992,735.32 | 435,805,571.39 | - The decrease in net cash flow from operating activities was primarily due to an increase in cash paid for goods purchased during the reporting period[54](index=54&type=chunk) - The significant increase in net cash flow from financing activities was primarily due to no cash dividends paid during the reporting period[54](index=54&type=chunk) [Parent Company Cash Flow Statement](index=57&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities significantly decreased to **-4.55 million yuan**, while net cash flow from investing activities saw a reduced outflow, and net cash flow from financing activities was **0 yuan** Parent Company Cash Flow Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -4,554,675.62 | 237,788,166.53 | | Net Cash Flow from Investing Activities | -28,346,144.62 | -174,495,851.99 | | Net Cash Flow from Financing Activities | 0.00 | -82,783,480.00 | | Net Increase in Cash and Cash Equivalents | -33,580,778.18 | -20,721,628.65 | | Period-end Cash and Cash Equivalents Balance | 356,143,563.83 | 237,816,088.38 | [Consolidated Statement of Changes in Owners' Equity](index=58&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the company's consolidated owners' equity totaled **2.21 billion yuan**, showing a slight increase from the beginning of the period, with comprehensive income of **55.07 million yuan** and share-based payment expenses of **8.58 million yuan** Consol

| 编制单位,湖南丽中实业技份有限公司 | | 占用方与上 | 上市公司核算 | 2025年期初 2025年1-6月占用 | 累计发生金额 | 2025年1-6月 日用资等的 | 2025年1-6月 偿还累计友 | 2025 -6 - 30 日午用合金 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金点用 | 资金占用方名称 | 市公司的关 联关系 | 的会计科目 | 日用资金会 额 | (不含利息) | 利息(如有) | 生金额 | 全额 | 原因 | | | 挖股股东、实际控制 | | | | | | | | | | | | 人及其时属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前挖股股东、实际控 | | | | | | | | | | | | 制人及其时属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 其他关联方及时属 | | | | | | | ...

证券代码：001218 证券简称：丽臣实业 公告编号：2025-029 湖南丽臣实业股份有限公司 提请广大投资者留意，由此给您带来不便，敬请谅解。 特此公告。 湖南丽臣实业股份有限公司董事会 2025年8月28日 关于投资者联系方式变更的公告 1 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 湖南丽臣实业股份有限公司（以下简称"公司"）于近日对投资者联系方式进行 了调整，为进一步做好投资者关系管理工作，更好地服务广大投资者，现将具体变 更内容公告如下： | | | 除上述电子邮箱外，公司注册地址、公司网址、联系电话、传真号码等信息均 保持不变；以上变更事项自本公告发布之日起正式启用。 ...

湖南丽臣实业股份有限公司 2025 年半年度财务报告 湖南丽臣实业股份有限公司 2025 年半年度财务报告 二〇二五年八月 1 湖南丽臣实业股份有限公司 2025 年半年度财务报告 2025 年半年度财务报告 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。 湖南丽臣实业股份有限公司 2025 年半年度财务报告 | 非流动资产： | | | | --- | --- | --- | | 发放贷款和垫款 | | | | 债权投资 | | | | 其他债权投资 | | | | 长期应收款 | | | | 长期股权投资 | | | | 其他权益工具投资 | | | | 其他非流动金融资产 | | | | 投资性房地产 | 35,947,306.91 | 37,218,362.00 | | 固定资产 | 817,137,804.68 | 734,015,916.43 | | 在建工程 | 35,374,336.53 | 91,409,408.97 | | 生产性生物资产 | | | | 油气资产 | | | | 使用权资产 | 2,169,108.23 | 2,601,217.79 | | ...

根据中国证券监督管理委员会《上市公司募集资金监管规则》和《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》有关规定，湖南 丽臣实业股份有限公司（以下简称"公司"）现将 2025 年半年度募集资金存放与 使用情况说明如下： 一、募集资金基本情况 证券代码：001218 证券简称：丽臣实业 公告编号：2025-032 湖南丽臣实业股份有限公司 2025 年半年度募集资金存放与使用情况专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准湖南丽臣实业股份有限公司首次公开 发行股票的批复》（证监许可[2021]2977 号）核准，公司首次公开发行人民币普 通股（A 股）股票 2,250 万股，每股面值 1.00 元，每股发行价 45.51 元，共募集 资金人民币 102,397.50 万元，扣除保荐承销费用等发行费用（不含增值税）影响 后的募集资金净额为人民币 93,669.99 万元，其中：新增注册资本人民币 2,250 万元，资本公积人民币 91,419.99 万元。 ...