Market Performance - The advanced packaging concept rose by 3.93%, ranking 9th among concept sectors, with 126 stocks increasing in value [1] - Notable gainers included Tianfu Communication with a 20% limit up, and other stocks like Shenzhen South Circuit, Woge Optoelectronics, and Dagang Co., which also hit the limit up [1] - The top gainers in the sector were Hanwujing, Chipone Technology, and Shanghai Xinyang, with increases of 15.73%, 14.26%, and 13.10% respectively [1] Capital Inflow - The advanced packaging sector saw a net inflow of 4.723 billion yuan, with 68 stocks receiving net inflows, and 14 stocks exceeding 100 million yuan in net inflow [2] - The leading stock in terms of net inflow was Shanzi Gaoke, attracting 865 million yuan, followed by Tianfu Communication, Changdian Technology, and Huagong Technology with net inflows of 700 million yuan, 589 million yuan, and 515 million yuan respectively [2] Stock Performance Metrics - Stocks with the highest net inflow ratios included Woge Optoelectronics, Shanzi Gaoke, and Chongda Technology, with net inflow ratios of 22.87%, 20.90%, and 17.57% respectively [3] - The advanced packaging concept's top stocks by performance included Shanzi Gaoke with a 9.95% increase and a turnover rate of 19.13%, and Tianfu Communication with a 20% increase and a turnover rate of 8.58% [3][4]

公司最新总资产周转率为0.04次，较去年同期总资产周转率持平，同比较去年同期上涨12.57%。最新存货周转率为0.70次，较去年同期存货周转率增加0.10 次，同比较去年同期上涨17.07%。 公司股东户数为9.07万户，前十大股东持股数量为3.03亿股，占总股本比例为52.17%，前十大股东持股情况如下： 公司最新资产负债率为17.72%，在已披露的同业公司中排名第50，较上季度资产负债率减少0.71个百分点，较去年同期资产负债率减少2.19个百分点。 公司最新毛利率为17.05%，较上季度毛利率增加7.36个百分点，较去年同期毛利率增加7.50个百分点，实现2年连续上涨。最新ROE为0.96%，较去年同期 ROE增加0.03个百分点。 公司较去年同报告期摊薄每股收益基本持平，同比较去年同期上涨3.99%。 2025年8月28日，大港股份(002077.SZ)发布2025年中报。 公司营业总收入为1.60亿元，较去年同报告期营业总收入增加1460.97万元，同比较去年同期上涨10.04%。归母净利润为3175.89万元，较去年同报告期归母 净利润增加121.96万元，同比较去年同期上涨3.99%。经营活动现 ...

Group 1 - The company reported a revenue of 160 million yuan for the first half of 2025, representing a year-on-year increase of 10.04% [1] - The net profit attributable to shareholders of the listed company was 31.7589 million yuan, showing a year-on-year growth of 3.99% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 31.8873 million yuan, with a year-on-year increase of 2.07% [1] - The basic earnings per share were 0.0547 yuan [1]

格隆汇8月27日丨大港股份(002077.SZ)公布2025年半年度报告，上半年公司实现营业收入1.60亿元，同 比增长10.04%；归属于上市公司股东的净利润3175.89万元，同比增长3.99%；归属于上市公司股东的扣 除非经常性损益的净利润3188.73万元，同比增长2.07%；基本每股收益0.0547元。 ...

江苏大港股份有限公司财务报表附注 2025 年半年度 （本财务报表附注除特别注明外，均以人民币元列示） 江苏大港股份有限公司 JIANGSU DAGANG CO.,LTD 二○二五年半年度财务报告 公司简称：大港股份 股票代码：002077 江苏大港股份有限公司财务报表附注 2025 年半年度 （本财务报表附注除特别注明外，均以人民币元列示） 一、审计报告 半年度报告是否经过审计 是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表单位为：元 合并资产负债表 | 编制单位：江苏大港股份有限公司 | | 单位：人民币元 | | --- | --- | --- | | 项 目 | 2025 年 6 月 30 日 | 2025 年 1 月 1 日 | | 流动资产： | | | | 货币资金 | 242,327,744.45 | 263,003,817.80 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 93,177,850.39 | 66,616,693.44 | | 应收款项融资 ...

Section 1 Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The Board and management guarantee report accuracy; no interim dividend or capital increase from reserves is planned. - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - Company's responsible person An Mingliang, chief accountant Wang Man, and head of accounting department Zhang Lin declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the nine main chapters of the report and their starting page numbers, offering an overview for quick navigation. - The report comprises nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company abbreviations, related party names, and reporting period, ensuring consistent interpretation. - "Company" or "the Company" refers to Jiangsu Dagang Co., Ltd[10](index=10&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Definitions are provided for integrated circuit related terms (e.g., QFP, BGA, DIP, SOP, QFN, SLT, BI, Lead Scan, In Tray Mark, AI, IC) and names of the company's related parties (e.g., Hanrui Holdings, Shanghai Minai, Xinna Environmental, etc.)[10](index=10&type=chunk) Section 2 Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) This section details the company's fundamental information, including stock details, legal representative, and unchanged contact information. - Stock Abbreviation: **Dagang Shares**, Stock Code: **002077**, Listed Stock Exchange: **Shenzhen Stock Exchange**[14](index=14&type=chunk) - Company Legal Representative: An Mingliang[14](index=14&type=chunk) - The company's registered address, office address, website, email, information disclosure, and storage locations remained unchanged during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key financial data for the first half of 2025, showing revenue growth and net profit increase, but a significant decrease in net cash flow from operating activities. - The company does not need to retrospectively adjust or restate prior year accounting data[19](index=19&type=chunk) 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 160,195,276.36 | 145,585,551.84 | **10.04%** | | Net Profit Attributable to Shareholders of Listed Company | 31,758,889.48 | 30,539,239.73 | **3.99%** | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 31,887,286.37 | 31,240,078.16 | **2.07%** | | Net Cash Flow from Operating Activities | 48,737,654.50 | 94,544,174.35 | **-48.45%** | | Basic Earnings Per Share (RMB/share) | 0.0547 | 0.0526 | **3.99%** | | Diluted Earnings Per Share (RMB/share) | 0.0547 | 0.0526 | **3.99%** | | Weighted Average Return on Net Assets | 0.96% | 0.93% | **0.03%** | | **Period-End Indicators:** | Current Period End (RMB) | Prior Year End (RMB) | Period-End vs. Prior Year End Change | | Total Assets | 4,149,500,579.72 | 4,169,668,745.63 | **-0.48%** | | Net Assets Attributable to Shareholders of Listed Company | 3,324,501,417.61 | 3,292,742,528.13 | **0.96%** | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards. - The company's financial report for the reporting period shows no differences in net profit and net assets when compared between international accounting standards and Chinese accounting standards[20](index=20&type=chunk) - The company's financial report for the reporting period shows no differences in net profit and net assets when compared between overseas accounting standards and Chinese accounting standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section details non-recurring gains and losses for the reporting period, totaling **-128,396.89 RMB**, primarily from government subsidies, fair value changes, and other non-operating income/expenses. 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -2,769.93 | Mainly gains and losses from disposal of fixed assets | | Government subsidies included in current profit and loss | 4,118,460.72 | Mainly government subsidies involved in other income | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | -4,830,690.48 | Mainly fair value changes of other non-current financial assets during the reporting period | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 21,365.40 | Mainly reversal of individually provided accounts receivable by subsidiaries during the reporting period | | Other non-operating income and expenses apart from the above | 1,559,999.90 | Mainly increase in accounts payable not required to be paid in the current period | | Other profit and loss items conforming to the definition of non-recurring gains and losses | -131,942.96 | Mainly long-term equity investment gains and losses recognized by Lincchuang Semiconductor using the equity method during the reporting period | | Less: Income tax impact | -239,998.48 | | | Minority interest impact (after tax) | 1,102,818.02 | Mainly impact of increased accounts payable not required to be paid by non-wholly-owned subsidiaries | | **Total** | **-128,396.89** | | - The company has no other specific situations where profit and loss items conform to the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24](index=24&type=chunk) Section 3 Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's main businesses include integrated circuit and environmental resource services, with a focus on testing and related services, and various environmental services, having divested its chemical supply chain trade business. [Main Businesses Engaged](index=9&type=section&id=Main%20Businesses%20Engaged) The company's core operations are divided into integrated circuit and environmental resource services, offering a range of testing, waste treatment, and utility services. - The company's main businesses cover two areas: integrated circuits and environmental resource services[26](index=26&type=chunk) - Integrated circuit business provides services such as test program development, design verification, wafer testing, and finished product testing, along with value-added services like information encryption, data entry, and precision trimming[26](index=26&type=chunk) - Environmental resource services include providing wharf berthing, loading and unloading, warehousing, water supply, solid waste disposal, and NMP waste liquid recycling services for enterprises in the Economic Development Zone's new materials park[26](index=26&type=chunk) [Overview of Operations and Main Industry Development](index=9&type=section&id=Overview%20of%20Operations%20and%20Main%20Industry%20Development) In H1 2025, revenue grew by **10.04%** and net profit by **3.99%**, driven by a recovering integrated circuit market and strong environmental services, despite NMP market competition. - In the first half of 2025, the company achieved operating revenue of **160.1953 million RMB**, a year-on-year increase of **10.04%**[27](index=27&type=chunk) - Net profit attributable to shareholders of the listed company was **31.7589 million RMB**, a year-on-year increase of **3.99%**[27](index=27&type=chunk) Main Industry Operating Data (H1 2025) | Industry | Operating Revenue (RMB million) | Year-on-Year Change | Gross Margin | Gross Margin Year-on-Year Change | Net Profit (RMB million) | Net Profit Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Integrated Circuit Business | 84.3128 | -4.78% | 18.86% | 10.63% | | | | Shanghai Minai | 80.1439 | 9.02% | 19.44% | 9.97% | 11.0395 | 299.56% | | Total Environmental Resource Services | 65.7343 | 36.98% | 27.62% | -2.50% | | | | Xinna Environmental NMP Waste Liquid Purification Volume | 22,165.17 tons | 120.25% | | | | | | Zhenjiang Solid and Hazardous Waste Landfill Volume | 14,700 tons | 35.10% | | | | | | Gangyuan Water Supply Volume | 4.6155 million tons | 6.97% | | | | | | Ganglong Petrochemical Liquid Chemical Terminal Throughput | 580,000 tons | -4.42% | | | | | [Analysis of Core Competencies](index=10&type=section&id=Analysis%20of%20Core%20Competencies) The company's core strengths lie in advanced IC testing technology, strong R&D capabilities, established customer relationships, and unique regional resource advantages in environmental services. - Shanghai Minai, a wholly-owned subsidiary, is a specialized independent third-party integrated circuit testing enterprise in China, possessing a complete high-end IC testing service system, focusing on 12-inch and 8-inch wafer testing, as well as QFP, BGA, DIP, SOP, QFN, and other packaged chip testing, with advanced processes covering **7nm**, **14nm**, and **28nm**[32](index=32&type=chunk) - The company has applied for **119 patents** in integrated circuits, hazardous waste disposal, and NMP regeneration and refining, including **16 authorized invention patents**, **68 utility model patents**, and **11 authorized software copyrights**[33](index=33&type=chunk) - Shanghai Minai has established good long-term cooperative relationships with well-known manufacturers in the industry; Xinna Environmental has entered the supply chains of multiple lithium battery manufacturers, building good cooperative relationships and stable customer resources[34](index=34&type=chunk) - The company possesses the only public liquid chemical terminal, the only hazardous waste landfill disposal enterprise, the only industrial water supply enterprise, and the only NMP waste liquid recycling enterprise in Zhenjiang Economic Development Zone, demonstrating regional resource advantages[34](index=34&type=chunk) [Main Business Analysis](index=11&type=section&id=Main%20Business%20Analysis) Operating revenue increased by **10.04%**, primarily driven by robust growth in environmental resource services, particularly NMP waste liquid purification and solid waste landfill, while integrated circuit business saw improved gross margins despite a slight revenue dip. Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 160,195,276.36 | 145,585,551.84 | **10.04%** | | | Operating Cost | 132,880,454.99 | 131,682,856.32 | **0.91%** | | | Income Tax Expense | 4,812,594.62 | 8,884,345.59 | **-45.83%** | Mainly due to a year-on-year decrease in fair value change gains/losses, leading to a decrease in deferred income tax during the reporting period | | Net Cash Flow from Operating Activities | 48,737,654.50 | 94,544,174.35 | **-48.45%** | Mainly due to a year-on-year decrease in cash received from sales of goods, provision of services, and government subsidies during the reporting period | | Net Cash Flow from Investing Activities | -23,205,804.65 | -44,416,155.71 | **47.75%** | Mainly due to a year-on-year decrease in the acquisition of fixed assets during the reporting period | | Net Cash Flow from Financing Activities | -45,848,330.14 | -75,122,093.29 | **38.97%** | Mainly due to a year-on-year decrease in repayment of borrowings during the reporting period | Operating Revenue Composition (By Industry, Product, Region) | Category | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Integrated Circuits | 84,312,834.02 | **52.63%** | 88,549,112.75 | 60.82% | **-4.78%** | | Environmental Resource Services | 65,734,335.99 | **41.03%** | 47,988,886.08 | 32.96% | **36.98%** | | **By Product** | | | | | | | IC Testing and Related | 74,787,352.89 | **46.69%** | 63,468,203.65 | 43.60% | **17.83%** | | NMP Waste Liquid Purification | 28,605,019.18 | **17.86%** | 16,642,863.36 | 11.43% | **71.88%** | | Environmental Solid Waste Landfill | 16,487,761.74 | **10.29%** | 11,699,494.96 | 8.04% | **40.93%** | | **By Region** | | | | | | | Outside Jiangsu Province | 46,063,019.04 | **28.75%** | 35,275,134.77 | 24.23% | **30.58%** | Gross Margin Year-on-Year Changes | Category | Current Reporting Period Gross Margin | Prior Year Period Gross Margin | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | | Integrated Circuits | **18.86%** | 8.23% | **10.63%** | | Environmental Resource Services | **27.62%** | 30.12% | **-2.50%** | | IC Testing and Related | **19.71%** | -7.45% | **27.16%** | | NMP Waste Liquid Purification | **9.92%** | 21.29% | **-11.37%** | | Environmental Solid Waste Landfill | **32.68%** | 33.12% | **-0.44%** | [Non-Main Business Analysis](index=12&type=section&id=Non-Main%20Business%20Analysis) Non-main business activities significantly contributed to total profit, with investment income accounting for **111.58%** and credit impairment losses for **35.21%**, highlighting the non-recurring nature of these items. Impact of Non-Main Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 43,252,248.02 | **111.58%** | Mainly investment income from long-term equity investments accounted for using the equity method during the reporting period | No | | Fair Value Change Gains/Losses | -4,910,535.13 | **-12.67%** | Mainly impact of fair value changes of associate companies | No | | Credit Impairment Losses | 13,648,992.37 | **35.21%** | Mainly due to receipt of Dingmao Public Rental Housing repayment during the reporting period | No | [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly decreased, while net assets attributable to shareholders slightly increased, with long-term equity investments comprising nearly half of total assets and a significant reduction in construction in progress. Significant Changes in Asset Composition | Item | Current Period End Amount (RMB) | Proportion of Total Assets | Prior Year End Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 242,327,744.45 | **5.84%** | 263,003,817.80 | 6.31% | **-0.47%** | | Accounts Receivable | 93,177,850.39 | **2.25%** | 66,616,693.44 | 1.60% | **0.65%** | | Long-Term Equity Investments | 2,062,981,386.04 | **49.72%** | 2,020,019,827.40 | 48.45% | **1.27%** | | Construction in Progress | 3,060,234.83 | **0.07%** | 24,232,981.83 | 0.58% | **-0.51%** | | Short-Term Borrowings | 199,163,888.89 | **4.80%** | 186,656,400.01 | 4.48% | **0.32%** | | Long-Term Borrowings | 195,547,208.60 | **4.71%** | 240,818,467.79 | 5.78% | **-1.07%** | - The company's total assets at the end of the reporting period were **4.1495 billion RMB**, a decrease of **0.48%** compared to the end of the previous year[19](index=19&type=chunk)[41](index=41&type=chunk) - The company's net assets attributable to shareholders of the listed company at the end of the reporting period were **3.3245 billion RMB**, an increase of **0.96%** compared to the end of the previous year[19](index=19&type=chunk)[41](index=41&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Period-End Balance (RMB) | Current Period Fair Value Change Gains/Losses (RMB) | | :--- | :--- | :--- | | Other Non-Current Financial Assets | 74,518,416.70 | -4,910,535.13 | Asset Rights Restriction Status | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,867,338.55 | 1,867,338.55 | Other | Margin Deposit | | Investment Properties | 710,094,370.92 | 548,146,397.27 | Mortgage | Loan Mortgage | | **Total** | **711,961,709.47** | **550,013,735.82** | | | [Analysis of Investment Status](index=14&type=section&id=Analysis%20of%20Investment%20Status) The company's investment amount decreased by **51.58%** year-on-year, primarily due to reduced acquisition of fixed assets, with no securities, derivatives, or raised capital investments. Reporting Period Investment Amount Change | Indicator | Reporting Period Investment Amount (RMB) | Prior Year Period Investment Amount (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 21,531,826.41 | 44,469,195.71 | **-51.58%** | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [Significant Asset and Equity Sales](index=15&type=section&id=Significant%20Asset%20and%20Equity%20Sales) The company did not sell any significant assets or equity during the reporting period. - The company did not sell significant assets during the reporting period[52](index=52&type=chunk) - The company did not sell significant equity during the reporting period[53](index=53&type=chunk) [Analysis of Major Holding and Associate Companies](index=15&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) Shanghai Minai's net profit surged by **299.56%** due to product optimization, while Zhenjiang Solid Waste and Xinna Environmental also saw significant growth; however, Keli Semiconductor experienced a decline and loss. Major Subsidiary and Associate Company Operating Performance (H1 2025) | Company Name | Company Type | Operating Revenue (RMB) | Net Profit (RMB) | Net Profit Year-on-Year Change | Main Influencing Factors | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Minai Semiconductor Co., Ltd. | Subsidiary | 80,143,871.75 | 11,039,481.45 | **299.56%** | Optimization of testing product structure, increased proportion of high-end products, improved gross margin | | Jiangsu Keli Semiconductor Co., Ltd. | Subsidiary | 8,835,739.64 | -8,713,679.02 | **-0.37%** | Market changes led to business contraction, loss from associate company Suzhou Keyang impacted investment income | | Zhenjiang New Area Solid Waste Disposal Co., Ltd. | Subsidiary | 16,487,761.74 | 1,190,327.02 | **779.23%** | Phase II solid waste project put into operation, improved disposal volume and price advantage | | Zhenjiang Xinna Environmental Materials Co., Ltd. | Subsidiary | 28,822,493.56 | 948,057.50 | **2.46%** | Increased market expansion efforts, Phase II NMP project put into operation, sales volume doubled; intensified industry competition led to net profit not meeting expectations | | Jiangsu Hanrui Jingang Financial Leasing Co., Ltd. | Associate Company | 227,600,794.46 | 120,875,926.54 | | Company recognized investment income | | Shanghai Jingang Financial Leasing Co., Ltd. | Associate Company | 68,676,840.32 | 49,877,117.07 | | Company recognized investment income | - During the reporting period, the company sold **100%** equity of its wholly-owned subsidiary Gangcheng Guomao, which will no longer be included in the company's consolidated financial statements, with an impact of approximately **7,700 RMB** on the company's net profit for the reporting period[55](index=55&type=chunk) [Structured Entities Controlled by the Company](index=17&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period. - The company had no structured entities under its control during the reporting period[57](index=57&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from policy, market, revenue volatility, technology, talent, goodwill impairment, and environmental safety, addressed by monitoring policies, enhancing innovation, expanding markets, and strengthening risk management. - The company operates in integrated circuits, solid waste disposal, NMP waste liquid recycling, chemical terminals, warehousing, and other industries, facing risks from industrial policies, fiscal and tax policies, financial and monetary policies, environmental policies, and foreign exchange settlement policies[57](index=57&type=chunk) - The integrated circuit industry experiences cyclical fluctuations, with intense competition in the testing market; the overall business scale of environmental resource services is still small and heavily influenced by industry cycles, leading to fierce market competition[57](index=57&type=chunk)[58](index=58&type=chunk) - The company's operating revenue has shown a downward trend year by year, especially after the former controlling subsidiary Suzhou Keyang exited the consolidated scope, posing a risk of overall revenue fluctuations[59](index=59&type=chunk) - As of June 30, 2025, the company's total goodwill was **116.261 million RMB**, accounting for **2.8%** of total assets, indicating a risk of goodwill impairment if future operations do not meet expectations[60](index=60&type=chunk) - The company will closely monitor policy directions, increase investment in technological innovation, enhance service capabilities and quality, expand incremental businesses, improve incentive mechanisms, strengthen talent cultivation and introduction, and strive to achieve business goals at each stage to mitigate various risks[57](index=57&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan. - The company has not formulated a market value management system[62](index=62&type=chunk) - The company has not disclosed a valuation enhancement plan[62](index=62&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=17&type=section&id=Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan. - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[62](index=62&type=chunk) Section 4 Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period. - The company's directors, supervisors, and senior management in the reporting period had no changes[64](index=64&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=18&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period. - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[65](index=65&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period[66](index=66&type=chunk) [Environmental Information Disclosure](index=18&type=section&id=Environmental%20Information%20Disclosure) The company and its subsidiary, Zhenjiang New Area Solid Waste Disposal Co., Ltd., are listed as legally required environmental information disclosure enterprises and have disclosed relevant data on national and provincial platforms. - The listed company and its major subsidiary, Zhenjiang New Area Solid Waste Disposal Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[67](index=67&type=chunk) - The company discloses relevant environmental information on the public platform of the National Pollutant Discharge Permit Management Information Platform and the Jiangsu Provincial Enterprise Environmental Information Disclosure System[67](index=67&type=chunk) [Social Responsibility](index=18&type=section&id=Social%20Responsibility) Adhering to a philosophy of harmonious progress, the company actively fulfills its social responsibilities by protecting stakeholder rights, strengthening Party building, caring for employees, and engaging in community welfare. - The company strictly adheres to laws, regulations, normative documents, and its Articles of Association, standardizing the convening, holding, and voting procedures of shareholder meetings, fully safeguarding shareholders' right to information and participation, and promptly, accurately, truthfully, completely, and fairly fulfilling information disclosure obligations[68](index=68&type=chunk) - The company's Party Committee adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implements the spirit of the 20th National Congress and the Second and Third Plenary Sessions of the 20th Central Committee, continuously strengthens work style construction, and solidly promotes various Party building tasks around the core of strengthening, optimizing, and expanding its main business development[69](index=69&type=chunk) - The company, in conjunction with traditional festivals such as Spring Festival, Lantern Festival, and Arbor Day, as well as special periods like the college entrance examination, provides holiday condolences to employees facing financial difficulties and organizes training to help employees improve their business skills[71](index=71&type=chunk) - The company, leading its Party branches, conducted pre-holiday visits and condolences to retired cadres, Party members facing financial difficulties, and financially struggling elderly Party members in Yaoqiao Town's Sanqiao Village (a paired assistance community), and carried out co-construction activities to support local economic development[71](index=71&type=chunk) Section 5 Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=20&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company had no commitments fulfilled or overdue unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period. - The company had no commitments fulfilled or overdue unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period[73](index=73&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=20&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period. - The company had no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[74](index=74&type=chunk) [Illegal External Guarantees](index=20&type=section&id=Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period. - The company had no illegal external guarantees during the reporting period[75](index=75&type=chunk) [Appointment and Dismissal of Accounting Firms](index=20&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited. - The company's semi-annual report was not audited[76](index=76&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for the Current Reporting Period](index=20&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) As the semi-annual report was unaudited, no explanation from the Board of Directors or Supervisory Board regarding a "non-standard audit report" is applicable. - The company's semi-annual report was unaudited, so this explanation is not applicable[77](index=77&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=20&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) As the semi-annual report was unaudited, no explanation from the Board of Directors regarding a "non-standard audit report" for the previous year is applicable. - The company's semi-annual report was unaudited, so this explanation is not applicable[77](index=77&type=chunk) [Bankruptcy and Reorganization Related Matters](index=20&type=section&id=Bankruptcy%20and%20Reorganization%20Related%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[77](index=77&type=chunk) [Litigation Matters](index=20&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters, but was involved in 12 cases as plaintiff (totaling **30.1354 million RMB**) and 5 cases as defendant (totaling **13.7905 million RMB**) below the disclosure threshold. - The company had no significant litigation or arbitration matters during the reporting period[78](index=78&type=chunk) Summary of Other Litigation Matters Not Reaching the Threshold for Significant Disclosure | Litigation Type | Amount Involved (RMB million) | Progress | Outcome and Impact | Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | | Cases where the company and subsidiaries are plaintiffs, in litigation, applying for bankruptcy, or in bankruptcy proceedings (Total 12 cases) | 30.1354 | As of June 30, 2025, 2 cases are in litigation as plaintiff with an amount of 12.4126 million RMB; 5 cases have been judged but not yet enforced with an amount of 4.6092 million RMB; 5 cases are in application for bankruptcy or bankruptcy proceedings with an amount of 13.1136 million RMB | Intends to recover the involved funds through winning or settlement; following up on enforcement and bankruptcy cases | As of June 30, 2025, a cumulative amount of 1.3860 million RMB has been recovered | | Cases where the company and subsidiaries are defendants, in litigation, or in arbitration (Total 5 cases) | 13.7905 | As of June 30, 2025, 4 cases are in litigation or arbitration as defendant with an amount of 13.1468 million RMB; 1 case has been judged and is awaiting announcement of effectiveness with an amount of 0.6437 million RMB | In pre-litigation mediation, awaiting hearing or litigation, awaiting court judgment, or judged and awaiting announcement of effectiveness | Litigation is ongoing with no judgment yet, or judgment is awaiting announcement of effectiveness | [Penalties and Rectification](index=21&type=section&id=Penalties%20and%20Rectification) The company and relevant personnel received a warning letter from the Jiangsu Securities Regulatory Bureau on August 16, 2025, with details disclosed on Juchao Information Network. - The company and relevant personnel (Jiangsu Dagang Co., Ltd., Wang Jingyu, Li Weibo, Wang Man) received a warning letter from the Jiangsu Securities Regulatory Bureau on August 16, 2025[80](index=80&type=chunk) - The relevant announcement was published on Juchao Information Network on August 16, 2025[80](index=80&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=21&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period. - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[80](index=80&type=chunk) [Significant Related Party Transactions](index=21&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions for services like leasing and property management, but no asset/equity acquisitions, sales, joint investments, or non-operating related party debts occurred. Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (H1 2025) | Related Party | Related Transaction Content | Amount Incurred in Current Period (RMB million) | Approved Transaction Limit (RMB million) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Hanrui Asset Management Co., Ltd. | Lease and utility fees | 1.13 | 5.50 | No | | Zhenjiang Gangrun Property Management Co., Ltd. | Property services | 0.3677 | | No | | Zhenjiang Mingdu Hotel Management Co., Ltd. | Business reception and conference fees | 0.0224 | | No | | Zhenjiang Port Development Group Co., Ltd. | Business agency fees | 0.1783 | | No | | Zhenjiang New Area Transportation Construction Investment Co., Ltd. | Site lease fees | 0.019 | 0.02 | No | | **Total** | | **1.8542** | **5.52** | **No** | - The company and its related parties, such as Hanrui Holdings and its subsidiaries, had an estimated total daily related party transaction amount not exceeding **5.52 million RMB** for 2025, and the actual amount incurred during the reporting period was within the estimated range[83](index=83&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/sales, or joint external investments during the reporting period[84](index=84&type=chunk)[85](index=85&type=chunk) - The company had no non-operating related party creditor-debtor transactions during the reporting period, and no deposits, loans, credit, or other financial business with related financial companies[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) [Significant Contracts and Their Performance](index=24&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no trust, contracting, or leasing matters. It provided external guarantees totaling **7.36 million RMB** for its subsidiary Shanghai Minai Semiconductor Co., Ltd., representing **0.22%** of the company's net assets. - The company had no trust, contracting, or leasing situations during the reporting period[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) Company Guarantees for Subsidiaries (H1 2025) | Name of Guaranteed Party | Guarantee Limit (RMB million) | Actual Guarantee Amount (RMB million) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Minai Semiconductor Co., Ltd. | 50 | 1 | Until Dec 20, 2026 | Yes | No | | Shanghai Minai Semiconductor Co., Ltd. | 50 | 4 | Until Dec 20, 2026 | No | No | | Shanghai Minai Semiconductor Co., Ltd. | 50 | 0.84 | Until Dec 20, 2026 | Yes | No | | Shanghai Minai Semiconductor Co., Ltd. | 50 | 3.36 | Until Dec 20, 2026 | No | No | | **Total Actual Guarantees for Subsidiaries During Reporting Period** | | **9.20** | | | | | **Total Actual Guarantee Balance for Subsidiaries at Period End** | | **7.36** | | | | - The total actual guarantee amount (**7.36 million RMB**) accounts for **0.22%** of the company's net assets[94](index=94&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Explanation of Other Significant Matters](index=26&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company completed a debt-to-equity swap and **100%** equity transfer of its wholly-owned subsidiary Gangcheng Guomao, removing it from consolidation, corrected prior accounting errors, revised governance documents, and saw a non-independent director resign and an employee representative director elected. - The company completed a debt-to-equity swap and **100%** equity transfer of its wholly-owned subsidiary Gangcheng Guomao, which is no longer included in the company's consolidated financial statements[98](index=98&type=chunk) - The company adjusted the revenue recognition method for some supply chain trade businesses of Gangcheng Guomao for 2022 and 2023 from the "gross method" to the "net method," and performed prior period accounting error corrections and retrospective adjustments[99](index=99&type=chunk) - The company revised its Articles of Association and some governance systems[99](index=99&type=chunk) - Ms. Xue Qin resigned as a non-independent director of the company, and Mr. Fang Lei was elected as an employee representative director of the ninth Board of Directors[100](index=100&type=chunk) [Significant Matters of Company Subsidiaries](index=26&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) Significant matters concerning company subsidiaries, primarily the capital increase and equity transfer of wholly-owned subsidiary Gangcheng Guomao, are detailed in "Explanation of Other Significant Matters." - Details regarding the capital increase and equity transfer of wholly-owned subsidiary Gangcheng Guomao can be found in "XIII. Explanation of Other Significant Matters 1"[101](index=101&type=chunk) Section 6 Share Changes and Shareholder Information [Share Change Status](index=27&type=section&id=Share%20Change%20Status) The company's total share capital remained unchanged at **580.348513 million shares**, all of which are unrestricted shares, representing **100%** of the total. - During the reporting period, the company's total share capital remained unchanged at **580.348513 million shares**[103](index=103&type=chunk)[104](index=104&type=chunk) - All shares are unrestricted shares, accounting for **100%**[103](index=103&type=chunk) - There is no progress on share repurchase implementation by the company[104](index=104&type=chunk) [Securities Issuance and Listing](index=28&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[104](index=104&type=chunk) [Number of Shareholders and Shareholding Status](index=28&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had **90,676** common shareholders, with controlling shareholder Jiangsu Hanrui Investment Holdings Co., Ltd. holding **48.97%**, including some frozen shares. - The total number of common shareholders at the end of the reporting period was **90,676**[105](index=105&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders (June 30, 2025) | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Hanrui Investment Holdings Co., Ltd. | State-owned Legal Person | **48.97%** | 284,225,647 | Frozen: 9,172,662 | | Sun Chengyuan | Domestic Natural Person | **0.74%** | 4,271,500 | Not Applicable: 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | **0.38%** | 2,224,897 | Not Applicable: 0 | - Among the company's top 10 shareholders, Zhenjiang Dagang Tap Water Co., Ltd. is a controlling subsidiary of Jiangsu Hanrui Investment Holdings Co., Ltd[106](index=106&type=chunk) - Among the company's top 10 common shareholders, Sun Chengyuan, Huang Zhilong, and Xu Lilin participated in margin trading and securities lending business[107](index=107&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period. - The company's directors, supervisors, and senior management in the reporting period had no changes in shareholdings[108](index=108&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=30&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[109](index=109&type=chunk) - The company's actual controller remained unchanged during the reporting period[109](index=109&type=chunk) [Preferred Share Related Matters](index=30&type=section&id=Preferred%20Share%20Related%20Matters) The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[110](index=110&type=chunk) Section 7 Bond Related Matters [Bond Related Matters](index=31&type=section&id=Bond%20Related%20Matters) The company had no bond-related matters during the reporting period. - The company had no bond-related matters during the reporting period[112](index=112&type=chunk) Section 8 Financial Report [Audit Report](index=32&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[114](index=114&type=chunk) [Financial Statements](index=32&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025. [Consolidated Balance Sheet](index=32&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **4.149 billion RMB**, total liabilities **735.089 million RMB**, and total owner's equity **3.414 billion RMB**. Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | **4,149,500,579.72** | 4,169,668,745.63 | | Total Liabilities | **735,089,273.37** | 789,209,156.09 | | Total Owner's Equity | **3,414,411,306.35** | 3,380,459,589.54 | | Total Current Assets | **566,816,776.39** | 572,112,094.82 | | Total Non-Current Assets | **3,582,683,803.33** | 3,597,556,650.81 | | Total Current Liabilities | **470,122,655.69** | 469,858,941.20 | | Total Non-Current Liabilities | **264,966,617.68** | 319,350,214.89 | [Parent Company Balance Sheet](index=34&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **4.003 billion RMB**, total liabilities **827.096 million RMB**, and total owner's equity **3.176 billion RMB**, with long-term equity investments being a major asset component. Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | **4,003,164,818.03** | 4,029,369,450.65 | | Total Liabilities | **827,095,818.66** | 845,994,829.56 | | Total Owner's Equity | **3,176,068,999.37** | 3,183,374,621.09 | | Long-Term Equity Investments | **2,861,561,111.66** | 2,810,359,928.01 | [Consolidated Income Statement](index=36&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the company achieved total operating revenue of **160.195 million RMB**, a **10.04%** increase, with net profit of **33.952 million RMB** (up **8.62%**) and net profit attributable to parent company shareholders of **31.759 million RMB** (up **3.99%**). Consolidated Income Statement Key Data (H1 2025) | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | **160,195,276.36** | 145,585,551.84 | | Total Operating Cost | **179,658,254.92** | 181,736,780.26 | | Total Profit | **38,764,311.43** | 40,140,784.03 | | Net Profit | **33,951,716.81** | 31,256,438.44 | | Net Profit Attributable to Parent Company Shareholders | **31,758,889.48** | 30,539,239.73 | | Basic Earnings Per Share (RMB/share) | **0.0547** | 0.0526 | [Parent Company Income Statement](index=38&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, the parent company's operating revenue was **10.092 million RMB**, with a net loss of **7.306 million RMB**, a reversal from profit, significantly impacted by negative investment income. Parent Company Income Statement Key Data (H1 2025) | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Operating Revenue | **10,091,502.58** | 8,990,949.24 | | Net Profit | **-7,305,621.72** | 25,098,881.97 | | Investment Income | **-6,953,284.66** | 52,336,887.46 | [Consolidated Cash Flow Statement](index=40&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was **48.738 million RMB**, a **48.45%** year-on-year decrease, with negative net cash flows from investing and financing activities. Consolidated Cash Flow Statement Key Data (H1 2025) | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | **48,737,654.50** | 94,544,174.35 | | Net Cash Flow from Investing Activities | **-23,205,804.65** | -44,416,155.71 | | Net Cash Flow from Financing Activities | **-45,848,330.14** | -75,122,093.29 | | Net Increase in Cash and Cash Equivalents | **-20,316,480.34** | -24,994,034.77 | [Parent Company Cash Flow Statement](index=41&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, the parent company's net cash flow from operating activities was **9.886 million RMB**, a **34.53%** year-on-year decrease, with positive net cash flow from investing activities and negative from financing activities. Parent Company Cash Flow Statement Key Data (H1 2025) | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | **9,886,260.13** | 15,100,469.43 | | Net Cash Flow from Investing Activities | **1,461,360.00** | -16,170.00 | | Net Cash Flow from Financing Activities | **-46,671,199.21** | -51,723,136.98 | | Net Increase in Cash and Cash Equivalents | **-35,323,579.08** | -36,638,837.55 | [Consolidated Statement of Changes in Owner's Equity](index=42&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) In H1 2025, total consolidated owner's equity increased by **33.952 million RMB**, primarily driven by net profit attributable to parent company owners and minority interest. Consolidated Statement of Changes in Owner's Equity (H1 2025) | Item | Period-Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | | Total Owner's Equity Attributable to Parent Company | **3,292,742,528.13** | **31,758,889.48** | **3,324,501,417.61** | | Minority Interests | **87,717,061.41** | **2,192,827.33** | **89,909,888.74** | | **Total Owner's Equity** | **3,380,459,589.54** | **33,951,716.81** | **3,414,411,306.35** | [Parent Company Statement of Changes in Owner's Equity](index=46&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) In H1 2025, total parent company owner's equity decreased by **7.306 million RMB**, primarily due to a net loss in the current period. Parent Company Statement of Changes in Owner's Equity (H1 2025) | Item | Period-Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | | Total Owner's Equity | **3,183,374,621.09** | **-7,305,621.72** | **3,176,068,999.37** | | Undistributed Profits | **-387,646,757.62** | **-7,305,621.72** | **-394,952,379.34** | [Company Basic Information](index=49&type=section&id=Company%20Basic%20Information) This section details Jiangsu Dagang Co., Ltd.'s establishment, share capital history, controlling shareholder (Hanrui Holdings, **49.20%** stake), and ultimate controller (Zhenjiang Municipal People's Government State-owned Assets Supervision and Administration Commission). - The company was registered on April 20, 2000, and listed on the Shenzhen Stock Exchange on November 16, 2006, with stock code "**002077**"[148](index=148&type=chunk) - The company's share capital underwent multiple changes, reaching **580.348513 million shares** as of June 24, 2016[148](index=148&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk) - The company's controlling shareholder is Jiangsu Hanrui Investment Holdings Co., Ltd., which directly holds **48.97%** of the company's shares and indirectly holds **0.23%** through its concerted party, Zhenjiang Dagang Tap Water Co., Ltd., totaling **49.20%**[151](index=151&type=chunk)[154](index=154&type=chunk) - Zhenjiang Municipal People's Government State-owned Assets Supervision and Administration Commission is the ultimate controlling party of the Group[154](index=154&type=chunk) - The company's industry is computer, communication, and other electronic equipment manufacturing, with main businesses including integrated circuits and environmental resource services[154](index=154&type=chunk)[155](index=155&type=chunk) [Basis of Financial Statement Preparation](index=51&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared in accordance with Chinese Enterprise Accounting Standards and CSRC regulations, based on a going concern assumption, with no significant doubts about the company's ability to continue as a going concern. - The financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations, as well as the disclosure requirements of the China Securities Regulatory Commission's "Compilation Rules for Information Disclosure by Companies Issuing Securities No. 15 - General Provisions for Financial Reports" (Revised in 2023)[157](index=157&type=chunk) - The Group evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or circumstances regarding its going concern ability, thus the financial statements are presented on a going concern basis[158](index=158&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=51&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's key accounting policies and estimates for financial instruments, inventories, long-term equity investments, fixed assets, and revenue recognition, ensuring accurate and comparable financial reporting. - The company adheres to enterprise accounting standards, with the accounting period from January 1 to December 31 of the Gregorian calendar, a business cycle of 12 months, and RMB as the functional currency[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - The company classifies and measures financial assets, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[172](index=172&type=chunk) - The company performs impairment testing on accounts receivable and contract assets based on expected credit losses, and provides for loss allowances using simplified measurement methods or a three-stage approach[178](index=178&type=chunk)[180](index=180&type=chunk)[183](index=183&type=chunk) - The company's inventories primarily include raw materials, finished goods, low-value consumables, development costs, and development products, adopting a perpetual inventory system, valued at actual cost upon acquisition, and at weighted average or specific identification method upon issuance[190](index=190&type=chunk) - The company accounts for investments in subsidiaries using the cost method in individual financial statements and for investments in joint ventures and associates using the equity method[195](index=195&type=chunk) - The company investment properties are subsequently measured using the cost model and depreciated or amortized using the average useful life method[199](index=199&type=chunk) - The company depreciates fixed assets using the average useful life method and reviews the estimated useful life, estimated net salvage value, and depreciation method at the end of each year[201](index=201&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, and uses different recognition methods based on business types (e.g., real estate development product sales, testing services, NMP waste liquid purification, etc.)[222](index=222&type=chunk)[226](index=226&type=chunk)[228](index=228&type=chunk) - The company classifies government grants into asset-related and income-related, recognizing asset-related grants as deferred income, and income-related grants as current profit or loss or deferred income depending on the compensation object[232](index=232&type=chunk)[233](index=233&type=chunk) [Taxation](index=73&type=section&id=Taxation) This section outlines the company's main tax types and rates, including VAT, urban maintenance and construction tax, and corporate income tax, along with detailed tax incentives enjoyed by subsidiaries. Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 25%, 20%, 15% | | Education Surcharge, Local Education Surcharge | 3%, 2% | | Property Tax | 1.2%, 12% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Shanghai Minai Semiconductor Co., Ltd., Zhenjiang Xinna Environmental Materials Co., Ltd., Zhenjiang New Area Solid Waste Disposal Co., Ltd. | **15%** | | Zhenjiang Aixincheng Semiconductor Co., Ltd., Zhenjiang Ganghong Industrial Investment Management Co., Ltd. | **20%** | | Other companies within the Group | **25%** | - Zhenjiang Ganglong Petrochemical Port Services Co., Ltd., engaged in pipeline transportation, enjoys a VAT policy of immediate refund for the portion exceeding a **3%** actual tax burden[247](index=247&type=chunk) - Zhenjiang Ganghong Industrial Investment Management Co., Ltd. and Zhenjiang Aixincheng Semiconductor Co., Ltd. are small and micro enterprises, enjoying a **50%** reduction in resource tax, urban maintenance and construction tax, property tax, urban land use tax, stamp duty, cultivated land occupation tax, education surcharge, and local education surcharge, as well as corporate income tax calculated at **25%** of taxable income and paid at a **20%** rate[247](index=247&type=chunk) - Zhenjiang New Area Solid Waste Disposal Co., Ltd., Zhenjiang Xinna Environmental Materials Co., Ltd., and Shanghai Minai Semiconductor Co., Ltd. are recognized as high-tech enterprises, enjoying income tax incentives and R&D expense super deduction policies[247](index=247&type=chunk)[248](index=248&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk) - Shanghai Minai Semiconductor Co., Ltd. enjoys a **15%** VAT additional deduction policy for integrated circuit enterprises[250](index=250&type=chunk) [Notes to Consolidated Financial Statement Items](index=75&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for consolidated financial statement items, including monetary funds, accounts receivable, inventory, long-term equity investments, fixed assets, and operating revenue and costs. - Monetary funds at period-end balance were **242.32774445 million RMB**, of which the total amount restricted from use due to mortgage, pledge, or freezing was **1.867 million RMB**[253](index=253&type=chunk) - Accounts receivable at period-end book value were **93.178 million RMB**, with bad debt provisions of **91.910 million RMB**[267](index=267&type=chunk) - Inventory at period-end book value was **188.109 million RMB**, including development products with a book value of **160.360 million RMB**[310](index=310&type=chunk) - Long-term equity investments at period-end book value were **2.063 billion RMB**, primarily investments in associate companies[320](index=320&type=chunk) - Fixed assets at period-end book value were **551.897 million RMB**[328](index=328&type=chunk) - Short-term borrowings at period-end balance were **199.164 million RMB**, mainly credit borrowings[373](index=373&type=chunk) - Accounts payable at period-end balance were **160.148 million RMB**[376](index=376&type=chunk) - Current period operating revenue was **160.195 million RMB**, and operating cost was **132.880 million RMB**[417](index=417&type=chunk) [R&D Expenses](index=118&type=section&id=R%26D%20Expenses) Total R&D expenses for the reporting period were **7.8468 million RMB**, all expensed, primarily comprising employee compensation, depreciation, rent, utilities, maintenance, and material costs. R&D Expense Composition (H1 2025) | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 3,523,057.11 | 4,335,867.18 | | Depreciation Expense | 1,400,349.93 | 1,447,399.01 | | Rental Expense | 593,955.00 | | | Utilities and Property Management Fees | 756,361.18 | 688,842.17 | | Repair and Maintenance Fees | 876,152.57 | 959,241.67 | | Material Costs | 682,640.48 | 579,691.31 | | **Total** | **7,846,806.01** | **8,065,161.84** | - All R&D expenses for the current period were expensed, with no capitalized R&D projects[464](index=464&type=chunk)[465](index=465&type=chunk) [Changes in Consolidation Scope](index=119&type=section&id=Changes%20in%20Consolidation%20Scope) The company lost control over its wholly-owned subsidiary Zhenjiang Export Processing Zone Gangcheng International Trade Co., Ltd. through sale, thus removing it from the consolidated financial statements. - On June 25, 2025, the company received **1.4475 million RMB** in equity transfer payment, losing control over its wholly-owned subsidiary Zhenjiang Export Processing Zone Gangcheng International Trade Co., Ltd., which is no longer included in the consolidated financial statements[466](index=466&type=chunk)[467](index=467&type=chunk)[468](index=468&type=chunk) - This equity transfer had an impact of approximately **7,678.51 RMB** on the company's net profit for the reporting period[466](index=466&type=chunk) [Interests in Other Entities](index=120&type=section&id=Interests%20in%20Other%20Entities) This section details the company's equity interests in subsidiaries, joint ventures, and associate companies, including their registered capital, business nature, shareholding percentages, and key financial information. - The company's major subsidiaries include Shanghai Minai Semiconductor Co., Ltd., Jiangsu Keli Semiconductor Co., Ltd., Zhenjiang New Area Solid Waste Disposal Co., Ltd., and Zhenjiang Xinna Environmental Materials Co., Ltd[469](index=469&type=chunk)[470](index=470&type=chunk) - Significant non-wholly-owned subsidiaries include Zhenjiang Solid Waste (minority interest **30%**) and Xinna Environmental (minority interest **22.30%**)[472](index=472&type=chunk) - Important associate companies include Jiangsu Hanrui Jingang Financial Leasing Co., Ltd., Shanghai Jingang Financial Leasing Co., Ltd., Zhenjiang Lincchuang Semiconductor Industry Investment Fund Partnership (Limited Partnership), and Suzhou Keyang Semiconductor Co., Ltd[475](index=475&type=chunk) Key Financial Information of Important Associate Companies (H1 2025) | Associate Company Name | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | | Jingang Leasing | 227,600,794.46 | 120,875,926.54 | | Shanghai Jingang | 68,676,840.32 | 49,877,117.07 | | Lincchuang Semiconductor | | -703,658.31 | | Keyang Semiconductor | 123,338,269.31 | -28,129,883.03 | [Government Grants](index=124&type=section&id=Government%20Grants) At the end of the reporting period, deferred income from government grants totaled **30.3877 million RMB**, primarily asset-related, with **4.8849 million RMB** recognized as other income in the current period. Liability Items Involving Government Grants (H1 2025) | Accounting Account | Period-Beginning Balance (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 34,406,566.29 | 4,018,821.18 | **30,387,745.11** | Asset-Related | - The amount of government grants recognized in current profit or loss for the current period was **4.88491640 million RMB**[483](index=483&type=chunk) [Risks Related to Financial Instruments](index=124&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces market (exchange rate, interest rate, price), credit, and liquidity risks, which are mitigated through risk exposure management, credit limits, approvals, and regular analysis of liability structure. - The company faces market risks (exchange rate risk mainly related to USD, interest rate risk arising from bank borrowings and other interest-bearing debts, price risk from market price sales of real estate commodities and other products), credit r

Core Viewpoint - The financing activities of Dagang Co., Ltd. (002077) indicate a positive investor sentiment, with a net financing inflow observed over recent trading days, suggesting a bullish market trend [1][4]. Financing Summary - On August 21, 2025, Dagang Co. had a financing buy-in of 21.23 million yuan and a financing repayment of 20.21 million yuan, resulting in a net financing inflow of 1.03 million yuan. The financing balance stood at 262 million yuan [1]. - Over the last three trading days, the cumulative net financing inflow reached 6.81 million yuan, with 11 out of the last 20 trading days showing net financing inflows [1]. - The financing balance as of August 21, 2025, represented 3.08% of the company's circulating market value [2]. Margin Trading Summary - On the same day, there were no shares sold short, but 400 shares were repaid, resulting in a net short position of 400 shares. The remaining short position was 63,100 shares [3]. - The margin trading balance increased to 263 million yuan, reflecting a rise of 1.02 million yuan or 0.39% from the previous day [4].

Group 1 - The company, Dagang Co., Ltd. (002077), indicated that its stock price is influenced by multiple factors including macroeconomic conditions, industry environment, and market sentiment [1] - The company advised investors to pay attention to its performance, which will be disclosed in the semi-annual report for 2025, scheduled for August 28, 2025 [1]

每经AI快讯，有投资者在投资者互动平台提问：请问公司是否存在被st的可能？ 大港股份（002077.SZ）8月18日在投资者互动平台表示， 股价受宏观经济、行业环境、市场情绪等多 重因素影响，公司业绩情况敬请关注将于2025年8月28日披露的2025年半年度报告。 （文章来源：每日经济新闻） ...

北京商报讯（记者 马换换 实习记者 李佳雪）8月15日晚间，大港股份（002077）披露公告称，公司于8 月15日收到江苏证监局下发的行政监管措施决定书《江苏证监局关于对江苏大港股份有限公司及相关责 任人采取出具警示函措施的决定》。 公告显示，大港股份2022年度、2023年度部分贸易业务采用总额法核算，相关会计处理不符合规定，导 致公司2022年、2023年年度报告中营业收入、营业成本列报不准确。 大港股份表示，公司已对上述事项进行了更正，于4月24日召开第九届董事会第四次会议、第九届监事 会第二次会议，审议通过了《关于前期会计差错更正及追溯调整的议案》，将2022年、2023年部分供应 链贸易业务收入确认方法由"总额法"调整为"净额法"，并追溯调整公司2022年度、2023年度的营业收 入、营业成本。本次更正仅涉及公司2022年度、2023年度营业收入和营业成本项目，不影响公司2022年 度及2023年度的总资产、归属于上市公司股东的净资产、归属于上市公司股东的净利润等关键财务指 标，不会导致公司已披露的相关年度财务报表出现盈亏性质的改变。 ...