Section I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The Board, supervisors, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, with financial statements also certified, noting future plans are not commitments and no dividends are planned - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions[3](index=3&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare the financial 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 for the semi-annual period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, covering company profile, management discussion, governance, significant matters, share changes, bonds, financial reports, and other data - The report's table of contents includes nine main chapters, from company profile to financial reports, forming a complete structure[7](index=7&type=chunk) - The list of reference documents includes original signed and sealed financial statements and publicly disclosed documents[9](index=9&type=chunk)[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, including legal regulations, company entities, business products, and reporting periods, ensuring consistent understanding - Definitions cover legal regulations and institutions such as the Company Law, Securities Law, CSRC, and SZSE[12](index=12&type=chunk) - Full names and abbreviations of the company, controlling shareholder, various subsidiaries, and related business entities are clarified[12](index=12&type=chunk) - Core product terms like copper-clad laminate (CCL) and prepreg (PP), as well as time concepts such as reporting period, prior period, beginning of period, and end of period, are defined[12](index=12&type=chunk)[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Xianfeng Holdings Co., Ltd. (stock code 002141) maintains stable legal representation by Han Taozi, with no changes in its registered or office addresses during the reporting period - The company's stock abbreviation is Xianfeng Holdings, stock code **002141**, listed on the Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is Han Taozi, and the Board Secretary is Liang Danni[15](index=15&type=chunk)[16](index=16&type=chunk) - The company's registered address, office address, website, email, and information disclosure location remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue and net profit attributable to shareholders significantly increased, driven by new CCL and feed businesses and non-recurring gains from property disposal Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 613,459,416.88 | 28,559,136.50 | 2,048.03% | | Net Profit Attributable to Listed Company Shareholders | 40,186,876.40 | 5,443,748.22 | 638.22% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | -7,236,591.98 | -15,403,169.30 | 53.02% | | Net Cash Flow from Operating Activities | -51,272,010.79 | -17,972,097.65 | -185.29% | | Basic Earnings Per Share (yuan/share) | 0.0391 | 0.0048 | 714.58% | | Diluted Earnings Per Share (yuan/share) | 0.0391 | 0.0048 | 714.58% | | Weighted Average Return on Net Assets | 4.82% | 0.53% | 4.29% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Change (%)** | | Total Assets | 1,246,510,268.15 | 1,470,823,932.83 | -15.25% | | Net Assets Attributable to Listed Company Shareholders | 831,757,933.97 | 820,299,187.95 | 1.40% | [VI. Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses totaled **47.42 million yuan**, primarily from the disposal of non-current assets, significantly impacting current net profit Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 49,076,282.78 | Mainly due to the completion of transfer of Zhuhai factory land | | Government grants recognized in current profit or loss | 811,887.20 | | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | 63,225.11 | | | Fund occupation fees charged to non-financial enterprises recognized in current profit or loss | -374,751.24 | | | Other non-operating income and expenses apart from the above | -3,733.33 | | | Less: Income tax impact | 794,123.69 | | | Minority interest impact (after tax) | 1,355,318.45 | | | **Total** | **47,423,468.38** | | - 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 ones[25](index=25&type=chunk) Section III Management Discussion and Analysis [I. Main Businesses During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20During%20the%20Reporting%20Period) In H1 2025, the company achieved net profit growth through property disposal, with increased revenue in copper-clad laminates, declining sales in veterinary vaccines, and losses in feed business - In H1 2025, the company's net profit attributable to listed company shareholders was **40.1869 million yuan**, primarily due to non-recurring gains of approximately **44.5263 million yuan** from property disposal[27](index=27&type=chunk) - The copper-clad laminate business achieved operating revenue of **366.8148 million yuan** and net profit of **0.2796 million yuan**, with an improved gross margin; plans for H2 include increasing capacity utilization, optimizing cost management, improving product yield, and accelerating new product R&D[27](index=27&type=chunk)[28](index=28&type=chunk) - The veterinary vaccine business saw increased sales volume but decreased sales revenue, achieving **26.0214 million yuan** in sales revenue and a net loss of **-2.7688 million yuan**, primarily benefiting from technical transfer fee income and cost reduction measures[29](index=29&type=chunk) - The feed business, affected by trade protection measures and fluctuating raw material procurement costs, failed to meet its profitability targets, achieving operating revenue of **217.1870 million yuan** and a net loss of **-1.9509 million yuan**[29](index=29&type=chunk) [1. Copper-Clad Laminate Business in Electronic Information Industry](index=10&type=section&id=1.%20Copper-Clad%20Laminate%20Business%20in%20Electronic%20Information%20Industry) The copper-clad laminate business benefits from the recovery of consumer electronics and automotive electronics, as well as growing AI demand, with products upgrading towards high-frequency, high-speed, and high-thermal conductivity - Copper-clad laminates, as core substrates for printed circuit boards, serve downstream sectors including consumer electronics, automotive electronics, and communications, benefiting from the recovery of consumer electronics, intelligent development of new energy vehicles, and strong AI-related demand[31](index=31&type=chunk) - Gaoshuo Hangyu's main products include conventional FR-4/CEM-3 series and lead-free/halogen-free FR-4 series copper-clad laminates, with an annual production capacity of nearly **9.5 million square meters**, positioning it as a medium-sized player in the industry[31](index=31&type=chunk) - The production model is primarily "production-to-order," the sales model is direct sales, the procurement model is "procurement-to-production + safety stock," and the R&D model emphasizes collaboration with upstream and downstream partners to accelerate new product development[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [2. Veterinary Vaccine and Animal Nutrition (Feed) Businesses in Animal Health Sector](index=11&type=section&id=2.%20Veterinary%20Vaccine%20and%20Animal%20Nutrition%20(Feed)%20Businesses%20in%20Animal%20Health%20Sector) The veterinary vaccine business faces intense industry competition, with Shiji Bio focusing on pig live/inactivated vaccines and R&D innovation, while the feed business, producing full-price pig feed, faces increased costs due to trade protection - The veterinary vaccine business faces risks from industry oversupply, price pressure from pig farming enterprises, industry integration, and localization of imported vaccines, leading to price wars and declining market demand[34](index=34&type=chunk) - Shiji Bio's main products are live/inactivated pig vaccines, offering professional technical services such as on-site veterinary audits, disease diagnosis, and vaccine quality assessment[35](index=35&type=chunk) - Kangxiyuan's main product is full-price compound pig feed, utilizing large-scale, intelligent production methods including pre-grinding, multi-stage impurity removal, full maturation, and multi-point automatic control, primarily through direct sales[36](index=36&type=chunk)[37](index=37&type=chunk) [II. Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include flexible production and experienced teams in copper-clad laminates, strong R&D, quality, service, and brand in veterinary vaccines, and advanced equipment, efficient management, and technical expertise in animal nutrition - The copper-clad laminate business (Gaoshuo Hangyu) possesses rapid and flexible production resource allocation and large-scale delivery capabilities, ensures product quality through ISO9001, ISO14001, and ISO45001 certifications, and has an experienced management and production team[38](index=38&type=chunk)[39](index=39&type=chunk) - The veterinary vaccine business (Shiji Bio) boasts R&D advantages with a national-level academician (expert) workstation and provincial technology center, has obtained **9** new veterinary drug registration certificates and **33** invention patents, and has formed an integrated "production-education-research-application" innovation system[39](index=39&type=chunk)[40](index=40&type=chunk) - Shiji Bio operates **3** GMP-certified production workshops and **8** vaccine antigen production lines, offering a full product line of pig vaccines (excluding FMD vaccine), and is committed to building a brand as a "vaccine process expert & disease solution expert"[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - The animal nutrition (feed) business (Kangxiyuan) features advanced production equipment with an annual design capacity of **240,000 tons** and a full maturation process, an experienced core management team, and technical expertise in customized feed formulations[44](index=44&type=chunk)[45](index=45&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's main business revenue surged by **2048.03%** year-on-year, primarily due to the addition of copper-clad laminate and feed businesses, which became major revenue sources Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 613,459,416.88 | 28,559,136.50 | 2,048.03% | Mainly due to increased revenue from new copper-clad laminate and feed businesses in this period | | Operating Cost | 567,343,556.84 | 10,908,999.84 | 5,100.69% | Mainly due to increased revenue from new copper-clad laminate and feed businesses in this period | | Selling Expenses | 10,521,581.79 | 7,538,546.49 | 39.57% | Mainly due to the new copper-clad laminate business in this period | | Administrative Expenses | 23,498,305.14 | 18,895,807.46 | 24.36% | Mainly due to the new copper-clad laminate and feed businesses in this period | | Financial Expenses | -1,139,196.98 | 1,170,116.26 | -197.36% | Mainly due to the decrease in the USD to RMB exchange rate in this period compared to the beginning of the period, while it increased in the prior year period | | R&D Investment | 14,950,988.60 | 5,832,898.92 | 156.32% | Mainly due to the new copper-clad laminate business in this period | | Net Cash Flow from Operating Activities | -51,272,010.79 | -17,972,097.65 | -185.29% | Mainly due to the longer accounts receivable turnover period than accounts payable for subsidiary Gaoshuo Hangyu in this period | | Net Cash Flow from Investing Activities | 75,931,149.93 | 40,401,327.79 | 87.94% | Mainly due to a larger area of Zhuhai property sale completed in this period compared to the prior period, resulting in higher investment recovery | | Net Cash Flow from Financing Activities | -37,391,851.89 | -105,658,449.53 | 64.61% | Mainly due to lower share repurchase amount in this period compared to the prior period | | Net Increase in Cash and Cash Equivalents | -12,763,402.80 | -82,760,098.02 | 84.58% | Mainly due to the recovery of the final payment for property sale in this period and a larger share repurchase amount in the prior period | | Gains from Asset Disposal | 44,523,099.33 | 6,280,404.28 | 608.92% | Mainly due to the completion of transfer of Zhuhai factory land | Operating Revenue Composition (by Industry and Product) | Category | Item | Amount (yuan) | Proportion of Operating Revenue (%) | Prior Year Period Amount (yuan) | Prior Year Period Proportion (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Electronic Materials | 352,625,601.83 | 57.48% | - | - | - | | | Feed | 217,150,260.55 | 35.40% | - | - | - | | | Biological Products | 19,618,572.81 | 3.20% | 21,059,732.01 | 73.74% | -6.84% | | | Other | 24,064,981.69 | 3.92% | 7,499,404.49 | 26.26% | 220.89% | | **By Product** | Copper-clad Laminates & PP | 352,625,601.83 | 57.48% | - | - | - | | | Feed | 217,150,260.55 | 35.40% | - | - | - | | | Pig Vaccines | 19,618,572.81 | 3.20% | 21,059,732.01 | 73.74% | -6.84% | | | Other | 24,064,981.69 | 3.92% | 7,499,404.49 | 26.26% | 220.89% | Main Business Data (Adjusted Basis) | Category | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Electronic Materials | 352,625,601.83 | 322,972,253.06 | 8.41% | - | - | - | | Feed | 217,150,260.55 | 217,729,608.47 | -0.27% | - | - | - | | Biological Products | 19,618,572.81 | 13,546,276.35 | 30.95% | -6.84% | 36.57% | -21.95% | | **By Product** | | | | | | | | Copper-clad Laminates & PP | 352,625,601.83 | 322,972,253.06 | 8.41% | - | - | - | | Feed | 217,150,260.55 | 217,729,608.47 | -0.27% | - | - | - | | Pig Vaccines | 19,618,572.81 | 13,546,276.35 | 30.95% | -6.84% | 36.57% | -21.95% | | **By Region** | | | | | | | | South China | 103,681,862.45 | 94,916,254.92 | 8.45% | 833.85% | 4,206.21% | -71.70% | | East China | 184,612,832.09 | 167,275,545.87 | 9.39% | 2,164.40% | 4,667.41% | -47.57% | | Southwest China | 253,765,923.40 | 250,807,206.79 | 1.17% | 12,911.73% | 23,580.53% | -44.52% | | Other Regions (incl. Northwest) | 47,333,817.25 | 41,249,130.30 | 12.85% | 655.40% | 1,107.62% | -32.64% | [IV. Analysis of Non-Main Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) During the reporting period, non-main business activities impacted total profit, with negative investment income, positive fair value changes, and minor effects from asset impairment and non-operating income/expenses Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -139,955.99 | -0.35% | Mainly due to losses from associate companies in this period | No | | Gains or Losses from Fair Value Changes | 27,057.80 | 0.07% | Mainly due to gains recognized from wealth management products held | No | | Asset Impairment | -765,399.21 | -1.91% | Mainly due to provision for inventory depreciation by Gaoshuo Hangyu | No | | Non-operating Income | 0.08 | 0.00% | | No | | Non-operating Expenses | 3,733.41 | 0.01% | | No | [V. Analysis of Assets and Liabilities](index=15&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets decreased by **15.25%**, primarily due to reduced monetary funds and notes payable, while accounts receivable and financing receivables significantly increased Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets (%) | Prior Year-End Amount (yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 133,980,987.68 | 10.75% | 402,282,535.43 | 27.35% | -16.60% | Mainly due to maturity and deduction of half-year bank acceptance bills issued by subsidiary Gaoshuo Hangyu | | Accounts Receivable | 480,583,930.69 | 38.55% | 405,426,837.61 | 27.56% | 10.99% | Mainly due to Gaoshuo Hangyu's payment terms in this period | | Inventories | 96,417,030.02 | 7.73% | 138,618,730.51 | 9.42% | -1.69% | Reduced inventory stocking in this period | | Long-term Equity Investments | 132,935,855.64 | 10.66% | 133,111,978.94 | 9.05% | 1.61% | Mainly due to losses from associate companies in this period | | Fixed Assets | 125,038,011.68 | 10.03% | 132,407,542.01 | 9.00% | 1.03% | | | Construction in Progress | 481,736.57 | 0.04% | 19,524.27 | 0.00% | 0.04% | | | Right-of-Use Assets | 56,789,105.37 | 4.56% | 59,487,647.69 | 4.04% | 0.52% | | | Short-term Borrowings | 14,013,425.00 | 1.12% | 11,009,708.33 | 0.75% | 0.37% | Mainly due to new bank borrowings by subsidiary Shiji Bio in this period | | Contract Liabilities | 5,057,248.55 | 0.41% | 9,275,920.19 | 0.63% | -0.22% | Due to delivery by Chengdu Shiji in this period | | Lease Liabilities | 34,032,651.02 | 2.73% | 36,055,590.12 | 2.45% | 0.28% | | | Receivables Financing | 11,027,054.69 | 0.88% | 185,045.70 | 0.01% | 0.87% | Mainly due to reclassification from transferring bank acceptance bills received from customers | | Assets Held for Sale | - | - | 53,118,186.78 | 3.61% | -3.61% | Mainly due to the completion of transfer of Zhuhai factory land | | Notes Payable | 60,948,634.21 | 4.89% | 317,392,435.75 | 21.58% | -16.69% | Mainly due to maturity and payment of bank acceptance bills issued by Gaoshuo Hangyu | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gains/Losses in Current Period (yuan) | Purchases in Current Period (yuan) | Sales in Current Period (yuan) | Other Changes (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 6,632,884.40 | 63,225.11 | 68,550,000.00 | 67,314,667.79 | - | 7,931,441.72 | | Other Equity Instrument Investments | 10,000,000.00 | - | - | - | -10,000,000.00 | 0.00 | | **Total** | **16,632,884.40** | **63,225.11** | **68,550,000.00** | **67,314,667.79** | **-10,000,000.00** | **7,931,441.72** | Restricted Asset Rights as of the End of the Reporting Period | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 6,000.00 | ETC deposit | | Monetary Funds | 2,000,000.00 | Chengdu Shiji provided pledged deposits to the bank for bank loan application | | Monetary Funds | 1,100,689.47 | Litigation frozen funds | | Monetary Funds | 60,948,634.21 | Bank acceptance bill margin | | Monetary Funds | 3,872.35 | Custody special account | | Fixed Assets | 38,664,859.36 | Chengdu Shiji mortgaged its own property to a guarantee company for bank loan application | | Intangible Assets | 9,828,961.09 | Chengdu Shiji mortgaged its own land use rights to a guarantee company for bank loan application | | **Total** | **112,553,016.48** | | [VI. Analysis of Investment Status](index=17&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total investment decreased by **98.49%** year-on-year, with no significant equity, non-equity, securities, or derivative investments, and no use of raised funds Investment Amount Changes During the Reporting Period | Indicator | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 170,000.00 | 11,270,610.60 | -98.49% | - The company had no significant equity investments, non-equity investments, securities investments, or derivative investments during the reporting period[60](index=60&type=chunk)[61](index=61&type=chunk) - The company had no use of raised funds during the reporting period[62](index=62&type=chunk) [VII. Significant Asset and Equity Sales](index=17&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company completed the sale of its Zhuhai factory land and buildings for **142 million yuan**, contributing **44.53 million yuan** to net profit, representing **113.24%** of total net profit Significant Asset Sales | Counterparty | Assets Sold | Sale Date | Transaction Price (million yuan) | Net Profit Contributed by Asset to Listed Company from Beginning of Period to Sale Date (million yuan) | Impact of Sale on Company | Proportion of Net Profit Contributed by Asset Sale to Total Net Profit (%) | Asset Sale Pricing Principle | Is it a Related Party Transaction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chenxi Industrial Investment (Zhuhai Hengqin) Co., Ltd. | Land use rights and attached buildings in Sanzao Science and Technology Industrial Park, Jinwan District, Zhuhai City | August 13, 2021 | 14,200 | 4,452.63 | Sale completed, increased current period net profit by **44.5263 million yuan** | 113.24% | Negotiated pricing based on market value confirmed in appraisal report | No | - The property rights and creditor-debtor relationships of the involved assets have all been transferred and implemented as planned[63](index=63&type=chunk) - The company had no significant equity sales during the reporting period[64](index=64&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major holding subsidiaries, Gaoshuo Hangyu, Chengdu Shiji, and Kangxiyuan, operate copper-clad laminate, veterinary vaccine, and feed businesses respectively, with Gaoshuo Hangyu profitable and the others incurring losses Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gaoshuo Hangyu | Subsidiary | Copper-clad laminate business | 20,000,000.00 | 737,893,642.16 | 11,979,466.26 | 366,814,837.79 | 112,213.98 | 279,595.26 | | Chengdu Shiji | Subsidiary | Veterinary vaccine business | 156,789,000.00 | 218,269,945.85 | 164,126,337.08 | 26,021,410.58 | -1,870,154.43 | -2,768,839.95 | | Kangxiyuan | Subsidiary | Feed business | 5,000,000.00 | 74,147,363.52 | 1,627,197.31 | 217,186,958.20 | -1,950,867.55 | -1,950,867.55 | - During the reporting period, the company acquired Fengshuo Nan through auction, recognizing goodwill of **395,161.80 yuan**[67](index=67&type=chunk) [IX. Structured Entities Controlled by the Company](index=19&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company includes Fengying Ruixin in its consolidated scope because its establishment aligns with company strategy, and the company bears most investment risks and enjoys significant variable returns - Fengying Ruixin is a structured entity included in the company's consolidated scope[68](index=68&type=chunk) - The company bears most of the investment risks and enjoys significant variable returns from Fengying Ruixin's investments, effectively having the power to direct the fund's investment activities[68](index=68&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=20&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from raw material price fluctuations, credit exposure, and market competition, addressed by strengthening market analysis, optimizing the supply chain, controlling costs, screening quality customers, and accelerating R&D - **Raw material price fluctuation risk**: The costs of copper-clad laminate and feed businesses are highly sensitive to raw material prices; the company plans to strengthen market analysis, expand procurement channels, optimize the supply chain, and sign long-term agreements to lock in costs[69](index=69&type=chunk) - **Credit risk**: Accounts receivable in the copper-clad laminate business are gradually increasing; the company will prioritize customer and accounts receivable management, screen high-quality customers, implement prepayments or shorten payment terms, and establish a dynamic credit rating adjustment mechanism[70](index=70&type=chunk) - **Market risk**: The veterinary vaccine business continues to see declining performance, prompting the company to focus on R&D of distinctive products; the copper-clad laminate business faces technological iteration and intensified market competition, requiring the company to implement differentiated competitive strategies and continuously monitor market developments[71](index=71&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, no changes occurred in the company's directors, supervisors, or senior management, maintaining the stability of the management team - There were no changes in the company's directors, supervisors, and senior management during the reporting period; specific details can be found in the 2024 Annual Report[74](index=74&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=21&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[75](index=75&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, no equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[76](index=76&type=chunk) [IV. Environmental Information Disclosure](index=21&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiary, Chengdu Shiji Bio-pharmaceutical Co., Ltd., are listed as legally required environmental information disclosers and have complied with disclosure regulations - The listed company and its major subsidiary, Chengdu Shiji Bio-pharmaceutical Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[77](index=77&type=chunk) - Chengdu Shiji has disclosed environmental information on the national pollutant discharge permit management information platform and the enterprise environmental information disclosure system (Sichuan)[77](index=77&type=chunk) [V. Social Responsibility](index=21&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its corporate social responsibilities, including protecting shareholder and creditor rights, safeguarding employee interests, maintaining customer and supplier relationships, practicing green development, and participating in social welfare - The company adheres to prudent and compliant operations, safeguarding the legitimate rights and interests of shareholders and creditors[78](index=78&type=chunk) - The company completed its second share repurchase plan, using **30.020188 million yuan** of its own funds to repurchase **13,964,923** shares, which will be used for equity incentives to protect employee rights and interests[78](index=78&type=chunk) - The company actively organizes customer management, establishes good cooperative relationships with suppliers, practices green development, and prioritizes environmental protection and clean production[79](index=79&type=chunk) - The company strictly pays taxes according to law, actively cooperates with national policies, and continuously participates in social welfare activities, such as sponsoring university students in Ganzi County[80](index=80&type=chunk) Section V Significant Matters [I. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=23&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company were fulfilled or overdue - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue as of the end of the reporting period[82](index=82&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=23&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, no non-operating funds were occupied by the controlling shareholder or other related parties of the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company[83](index=83&type=chunk) [III. Irregular External Guarantees](index=23&type=section&id=III.%20Irregular%20External%20Guarantees) No irregular external guarantees occurred during the reporting period - There were no irregular external guarantees by the company during the reporting period[84](index=84&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=23&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[85](index=85&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=23&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred for the company during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[86](index=86&type=chunk) [VIII. Litigation Matters](index=23&type=section&id=VIII.%20Litigation%20Matters) No major litigation or arbitration occurred during the reporting period, but several other lawsuits are ongoing, including a claim against Huizhou New Energy as a guarantor, multiple sales contract disputes, and a lease contract arbitration - The company had no major litigation or arbitration matters during this reporting period[87](index=87&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (million yuan) | Is a Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Status of Litigation (Arbitration) Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation from previous years not meeting the disclosure standard for major litigation (company or subsidiary as plaintiff/applicant, results-based amount included in amount involved) | 8,723.55 | No | The company, as one of the guarantors, first fulfilled its joint and several liability, and subsequently sued the debtor, Huizhou New Energy, as plaintiff | Huizhou New Energy should repay the amount paid by the company on its behalf, plus interest | Settlement reached, Huizhou New Energy has partially repaid, the company has applied for enforcement for the unpaid portion of **56.9769 million yuan** | | Other litigation in the last 12 months not meeting the disclosure standard for major litigation (company or subsidiary as plaintiff/applicant, amount standard as above) | 1,754.96 | No | 1 investment contract dispute; 5 sales contract disputes | Investment contract dispute settled; 3 sales contract disputes settled; 1 sales contract dispute first-instance judgment in favor of subsidiary; 1 sales contract dispute not yet heard | Opposing party in investment contract dispute has fulfilled settlement agreement, company has withdrawn lawsuit; defendants in 3 settled sales contract disputes are fulfilling settlement agreements normally; for 1 sales contract dispute with first-instance judgment, subsidiary has applied for enforcement, defendant is in bankruptcy application process | | Other litigation/arbitration in the last 12 months not meeting the disclosure standard for major litigation (company or subsidiary as defendant/respondent, amount standard as above) | 2,252.99 | No, if ruled, included in accounts payable | 1 arbitration initiated by subsidiary due to lease contract dispute and counter-arbitration; 1 case where company was required to bear joint and several liability for unpaid capital contributions by other shareholders; 1 labor dispute | Lease contract dispute arbitration ruled, subsidiary ordered to pay rent, taxes, liquidated damages, and arbitration fees totaling **2.5722 million yuan**; case for joint and several liability for unpaid capital contributions first-instance judgment ruled company not liable; labor dispute heard, not yet ruled | As of the end of the reporting period, the subsidiary has not yet enforced the lease contract dispute arbitration result | [IX. Penalties and Rectification](index=24&type=section&id=IX.%20Penalties%20and%20Rectification) The company and several senior executives received administrative penalties and disciplinary actions from the China Securities Regulatory Commission and Shenzhen Stock Exchange for false statements in 2023 quarterly reports, resulting in a **4 million yuan** fine for the company Penalties and Rectification | Name/Entity | Type | Reason | Type of Investigation/Penalty | Conclusion (if any) | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xianfeng Holdings, Han Taozi, Zhang Yangyu, Ding Chen, Xie Wenbin, Huang Weihua | Other | False statements in 2023 Q1, H1, and Q3 reports | Investigation or administrative penalty by CSRC, disciplinary action by stock exchange | Guangdong Securities Regulatory Bureau issued a warning to Xianfeng Holdings and fined it **4 million yuan**; issued warnings to Han Taozi and Zhang Yangyu, and fined them **1.8 million yuan** each; issued warnings to Ding Chen and Xie Wenbin, and fined them **1.2 million yuan** each; issued a warning to Huang Weihua and fined him **1 million yuan**. SZSE publicly censured Xianfeng Holdings, Han Taozi, Zhang Yangyu, Ding Chen, Xie Wenbin, and Huang Weihua | June 14, 2025 | "Announcement on Receiving Administrative Penalty Decision" (Announcement No.: 2025-051) on Juchao Information Network (www.cninfo.com.cn) | - The company has corrected the relevant matters[516](index=516&type=chunk) [X. Integrity Status of the Company, Controlling Shareholder, and Actual Controller](index=24&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company's controlling shareholder, Xianfeng Group, and its concerted parties are undergoing bankruptcy liquidation due to debt disputes, leading to the public auction of their shares and a change in the largest shareholder, with the new largest shareholder waiving voting rights - The company's controlling shareholder, Xianfeng Group, and its concerted party, Guangdong Xianfeng, had their shares in the company frozen due to debt disputes and were subsequently ruled by the court to undergo bankruptcy liquidation[90](index=90&type=chunk) - The shares of the company held by Xianfeng Group and Guangdong Xianfeng were successively publicly auctioned and acquired by multiple bidders[90](index=90&type=chunk) - Shenzhen Ansheng Zhihe Investment Partnership (Limited Partnership) acquired **19.18%** of the company's equity through judicial auction and committed to unconditionally and irrevocably waive all voting rights for 18 months after the acquisition is completed[120](index=120&type=chunk) [XI. Significant Related Party Transactions](index=25&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in routine fund management fee transactions of **2.17 million yuan** with related party Fengying Fund, within approved limits, with no other significant related party transactions Related Party Transactions Related to Routine Operations | Related Party | Related Party Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Pricing Principle for Related Party Transaction | Related Party Transaction Price (yuan) | Related Party Transaction Amount (million yuan) | Proportion of Similar Transactions (%) | Approved Transaction Limit (million yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fengying Fund | Receiving services from ultimate controlling party | Receiving services | Fund management fees | Market pricing principle | 2,167,760.00 | 2.17 | 100.00% | 5 | No | - The company had no related party transactions involving the acquisition or disposal of assets or equity during the reporting period[93](index=93&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[94](index=94&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[95](index=95&type=chunk) [XII. Significant Contracts and Their Performance](index=26&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) No trusteeship or contracting situations occurred. The company leases offices, factories, and production lines, with significant lease contracts for Gaoshuo Hangyu and Kangxiyuan impacting profit, and provided guarantees for subsidiaries and undertook wealth management without principal loss - The company had no trusteeship or contracting situations during the reporting period[100](index=100&type=chunk)[101](index=101&type=chunk) - The company leases daily offices, factory buildings, and production lines, including a lease contract between the parent company and Dongguan Yichuang Planning Co., Ltd. for office space totaling **9.4576 million yuan**; a lease contract between Gaoshuo Hangyu and Jiangxi Hangyu New Material Co., Ltd. for factory buildings and production lines totaling **64.80 million yuan**; and a lease contract between Kangxiyuan and Zunyi Riquan Feed Biotechnology Co., Ltd. for factory buildings and production lines totaling **9.90 million yuan**[102](index=102&type=chunk) Lease Projects Generating Profit or Loss Exceeding 10% of the Company's Total Profit in the Reporting Period | Lessor Name | Lessee Name | Leased Asset Status | Amount Involved in Leased Asset (million yuan) | Lease Start Date | Lease End Date | Lease Income (million yuan) | Basis for Determining Lease Income | Impact of Lease Income on Company | Is it a Related Party Transaction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Hangyu New Material Co., Ltd. | Gaoshuo Hangyu | Factory buildings (including production workshops, office buildings, and factory open space) and production lines located in Yuanzhou District, Yichun City | 5,481.92 | September 26, 2024 | September 30, 2027 | -999.21 | Accounting standards | Reduced net profit attributable to parent company by **6.9945 million yuan** | No related party relationship | Company Guarantees for Subsidiaries | Name of Guaranteed Party | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (million yuan) | Actual Occurrence Date | Actual Guarantee Amount (million yuan) | Type of Guarantee | Guarantee Period | Fulfilled | Is it a Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Shiji | June 12, 2024 | 2,000 | August 16, 2024 | 2,000 | Joint and several liability guarantee | 3 years | No | No | | Gaoshuo Hangyu | April 29, 2025 | 10,000 | May 30, 2025 | 1,000 | Joint and several liability guarantee | 2 years | No | No | | Gaoshuo Hangyu | April 29, 2025 | 10,000 | June 25, 2025 | 2,000 | Joint and several liability guarantee | 3 years | No | No | | **Total Approved Guarantee Limit for Subsidiaries in Reporting Period** | | **10,000** | | **Total Actual Guarantees for Subsidiaries in Reporting Period** | | **3,000** | | | | **Total Approved Guarantee Limit for Subsidiaries as of End of Reporting Period** | | **12,000** | | **Total Actual Guarantee Balance for Subsidiaries as of End of Reporting Period** | | **5,000** | | | | **Proportion of Total Actual Guarantees to Company's Net Assets** | | | | | | | | **6.01%** | Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Occurred (million yuan) | Unmatured Balance (million yuan) | Overdue Unrecovered Amount (million yuan) | Impairment Provision for Overdue Unrecovered Wealth Management (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Brokerage wealth management products | Own funds | 2,632.42 | 101.08 | 0 | 0 | | Bank wealth management products | Own funds | 4,325 | 125.29 | 0 | 0 | | Other types | Own funds | 395.69 | 469.45 | 0 | 0 | | **Total** | | **7,353.11** | **695.82** | **0** | **0** | - The company had no other significant contracts during the reporting period[111](index=111&type=chunk) [XIII. Explanation of Other Significant Matters](index=29&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company disclosed multiple important temporary reports, including changes in office address, progress on land use rights transfer, share auction progress, subsidiary guarantees, share buyback adjustments, and delisting risk warning removal - Important matters disclosed by the company during the reporting period include changes in office address, progress on the transfer of land use rights and attached buildings, progress on the public auction of company shares, provision of guarantees to subsidiaries and related progress, adjustment and completion of the share repurchase price cap for equity incentives, and the removal of delisting risk warnings and other risk warnings, along with trading suspension and resumption[112](index=112&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=29&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) No significant matters concerning company subsidiaries occurred during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[113](index=113&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Change Status](index=30&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company repurchased **12.62 million shares** via centralized bidding for equity incentives at an average price of **2.15 yuan/share**, totaling **30.02 million yuan**, increasing restricted shares and decreasing unrestricted shares, with no change in total shares Share Change Status | Item | Quantity Before This Change (shares) | Proportion Before This Change (%) | Net Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,342,923 | 0.13% | 12,622,000 | 13,964,923 | 1.35% | | Of which: Other Domestic Shares | 1,342,923 | 0.13% | 12,622,000 | 13,964,923 | 1.35% | | II. Unrestricted Shares | 1,031,592,875 | 99.87% | -12,622,000 | 1,018,970,875 | 98.65% | | Of which: RMB Ordinary Shares | 1,031,592,875 | 99.87% | -12,622,000 | 1,018,970,875 | 98.65% | | III. Total Shares | 1,032,935,798 | 100.00% | 0 | 1,032,935,798 | 100.00% | - During the reporting period, the company used its own funds to repurchase company shares through centralized bidding for equity incentives, accumulating **13,964,923** shares, accounting for **1.35%** of the total share capital, with a transaction amount of **30.020188 million yuan** and an average repurchase price of **2.15 yuan/share**[116](index=116&type=chunk)[119](index=119&type=chunk) - The share changes had no significant impact on the company's basic and diluted earnings per share, or net assets per share attributable to common shareholders for the most recent year and period[119](index=119&type=chunk) [III. Number of Shareholders and Shareholding Status](index=32&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, there were **41,219** common shareholders. Shenzhen Ansheng Zhihe Investment Partnership (Limited Partnership) is the largest shareholder with **19.18%** and has committed to waive voting rights - The total number of common shareholders at the end of the reporting period was **41,219**[123](index=123&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (shares) | Change in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Ansheng Zhihe Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 19.18% | 198,140,000 | 0 | 0 | 198,140,000 | Not applicable | 0 | | Xianfeng Holdings Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 11.05% | 114,152,000 | 0 | 0 | 114,152,000 | Pledged | 69,000,000 | | | | | | | | | Frozen | 114,152,000 | | Wei Wei | Domestic Natural Person | 2.73% | 28,240,904 | -578,196 | 0 | 28,240,904 | Not applicable | 0 | | Southern Capital - Bank of Ningbo - Liang Xiongjian | Other | 2.62% | 27,084,228 | 0 | 0 | 27,084,228 | Not applicable | 0 | | Li Tingsheng | Domestic Natural Person | 1.88% | 19,409,300 | 1,002,300 | 0 | 19,409,300 | Not applicable | 0 | | Xiao Qiaodang | Domestic Natural Person | 1.38% | 14,301,300 | 0 | 0 | 14,301,300 | Not applicable | 0 | | Wang Qi | Domestic Natural Person | 1.31% | 13,569,600 | 319,600 | 0 | 13,569,600 | Not applicable | 0 | | Huang Guoliang | Domestic Natural Person | 1.28% | 13,211,600 | 0 | 0 | 13,211,600 | Not applicable | 0 | | Shenzhen Nanshan Private Securities Fund Management Co., Ltd. - Nanshan - Changying Private Securities Investment Fund | Other | 0.97% | 10,000,000 | 8,500,000 | 0 | 10,000,000 | Not applicable | 0 | | Huang Jianliang | Domestic Natural Person | 0.82% | 8,424,900 | 0 | 0 | 8,424,900 | Not applicable | 0 | - Shenzhen Ansheng Zhihe Investment Partnership (Limited Partnership) committed to unconditionally and irrevocably waive all voting rights for the shares it holds for 12 months from the date of registration of the shares under its name[123](index=123&type=chunk) - The company's special securities account for share repurchases holds **13,964,923** shares, accounting for **1.35%** of the total share capital, ranking 7th in shareholding[123](index=123&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period; specific details can be found in the 2024 Annual Report[125](index=125&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=33&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[126](index=126&type=chunk) - The company's actual controller did not change during the reporting period[126](index=126&type=chunk) Section VII Bond-Related Information [Bond-Related Information](index=34&type=section&id=Bond-Related%20Information) No bond-related information exists for the company during the reporting period - The company had no bond-related information during the reporting period[129](index=129&type=chunk) Section VIII Financial Report [I. Audit Report](index=35&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[131](index=131&type=chunk) [II. Financial Statements](index=35&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow - The financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[132](index=132&type=chunk)[136](index=136&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk)[158](index=158&type=chunk) [1. Consolidated Balance Sheet](index=35&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **1.25 billion yuan**, total liabilities **364.91 million yuan**, and total owners' equity **881.60 million yuan** Key Consolidated Balance Sheet Data | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,246,510,268.15 | 1,470,823,932.83 | | Total Liabilities | 364,906,202.28 | 599,813,408.35 | | Total Owners' Equity | 881,604,065.87 | 871,010,524.48 | | Total Current Assets | 857,505,832.44 | 1,061,862,289.81 | | Total Non-Current Assets | 389,004,435.71 | 408,961,643.02 | | Total Current Liabilities | 305,090,992.12 | 533,438,830.45 | | Total Non-Current Liabilities | 59,815,210.16 | 66,374,577.90 | [3. Consolidated Income Statement](index=40&type=section&id=3.%20Consolidated%20Income%20Statement) For H1 2025, the company achieved total operating revenue of **613.46 million yuan**, net profit of **39.32 million yuan**, and net profit attributable to parent company shareholders of **40.19 million yuan** Key Consolidated Income Statement Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 613,459,416.88 | 28,559,136.50 | | Total Operating Costs | 616,842,189.30 | 45,831,463.57 | | Operating Profit | 40,026,532.26 | 2,103,956.16 | | Total Profit | 40,022,798.93 | 2,348,986.87 | | Net Profit | 39,321,671.77 | 3,463,573.37 | | Net Profit Attributable to Parent Company Shareholders | 40,186,876.40 | 5,443,748.22 | | Minority Interest Income/Loss | -865,204.63 | -1,980,174.85 | | Basic Earnings Per Share (yuan/share) | 0.0391 | 0.0048 | | Diluted Earnings Per Share (yuan/share) | 0.0391 | 0.0048 | [5. Consolidated Cash Flow Statement](index=42&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was **-51.27 million yuan**, from investing activities **75.93 million yuan**, and from financing activities **-37.39 million yuan** Key Consolidated Cash Flow Statement Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -51,272,010.79 | -17,972,097.65 | | Net Cash Flow from Investing Activities | 75,931,149.93 | 40,401,327.79 | | Net Cash Flow from Financing Activities | -37,391,851.89 | -105,658,449.53 | | Net Increase in Cash and Cash Equivalents | -12,763,402.80 | -82,760,098.02 | | Cash and Cash Equivalents at Period-End | 69,595,675.28 | 53,727,348.16 | [III. Company Basic Information](index=53&type=section&id=III.%20Company%20Basic%20Information) Xianfeng Holdings Co., Ltd., established in 2002 with **1.03 billion yuan** registered capital and listed in 2007, engages in equity investment, asset management, copper-clad laminate, feed, and veterinary vaccine businesses, consolidating 20 subsidiaries - Xianfeng Holdings Co., Ltd. was established on October 10, 2002, with a registered capital of **1,032,935,798.00 yuan**, and its shares were listed on the Shenzhen Stock Exchange on July 20, 2007[165](index=165&type=chunk) - The company's main business activities include equity investment, asset management, external investment of enterprise's own funds, R&D, production, and sales of copper-clad laminate, feed, and veterinary vaccine related products, as well as related technical services[165](index=165&type=chunk) - As of the end of the reporting period, a total of **20** subsidiaries were included in the scope of consolidated financial statements, including Guangdong Gaoshuo Technology Co., Ltd., Jiangxi Gaoshuo Hangyu New Material Co., Ltd., and Chengdu Shiji Bio-pharmaceutical Co., Ltd.[166](index=166&type=chunk) [V. Significant Accounting Policies and Estimates](index=53&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to enterprise accounting standards, accounting period, functional currency, materiality, business combinations, consolidated financial statements, financial instruments, and revenue recognition policies - The company prepares its financial statements in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and "Rules for Information Disclosure by Companies Issuing Securities No. 15" by the China Securities Regulatory Commission[167](index=167&type=chunk) - The company uses a 12-month operating cycle, with RMB as its functional currency, and has evaluated its ability to continue as a going concern[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) - Significant accounting policies cover various aspects including business combinations, preparation of consolidated financial statements, classification and measurement of financial instruments, fair value changes, expected credit losses for accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, and revenue recognition[175](index=175&type=chunk)[180](index=180&type=chunk)[191](index=191&type=chunk)[202](index=202&type=chunk)[205](index=205&type=chunk)[209](index=209&type=chunk)[215](index=215&type=chunk)[225](index=225&type=chunk)[234](index=234&type=chunk)[252](index=252&type=chunk) [VI. Taxation](index=80&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, benefiting from various preferential policies such as reduced CIT for high-tech enterprises and VAT exemptions for feed sales Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on taxable sales revenue, deducting input VAT allowed for the current period | 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 20%, 16.5%, 15% | | Education Surcharge | Actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Actual VAT and consumption tax paid | 2% | | Property Tax | For self-occupied properties, 70% of the original value of the property is used as the tax basis | 1.2% | | Property Tax | For properties leased to others, the property rental income is used as the tax basis | 12% | | Urban Land Use Tax | Based on the actual occupied land area | 5 yuan/square meter, 2 yuan/square meter | | Land Appreciation Tax | Appreciation amount from real estate transfer | 30%-60% (tiered based on appreciation ratio) | - Subsidiary Chengdu Shiji Bio-pharmaceutical Co., Ltd. enjoys a **15%** corporate income tax preferential rate as a high-tech enterprise (from January 1, 2023, to December 31, 2025) and has applied a **3%** VAT collection rate since July 2014[288](index=288&type=chunk)[289](index=289&type=chunk) - Zunyi Kangxiyuan Animal Nutrition Technology Co., Ltd.'s sales of feed products are exempt from VAT. The policy allowing small low-profit enterprises to calculate taxable income at **25%** and pay corporate income tax at a **20%** rate is extended until December 31, 2027[289](index=289&type=chunk)[290](index=290&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=82&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end and period-beginning balances and current period changes for consolidated financial statement items, including monetary funds, accounts receivable, inventory, fixed assets, intangible assets, short-term borrowings, notes payable, operating revenue, and operating costs Monetary Funds | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 4,009.85 | 17,119.55 | | Bank Deposits | 73,011,697.04 | 84,811,524.92 | | Other Monetary Funds | 60,965,280.79 | 317,453,890.96 | | **Total** | **133,980,987.68** | **402,282,535.43** | | Of which: Total Funds Deposited Overseas | 8,415,847.16 | 1,630,249.76 | Accounts Receivable | Age | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 487,393,790.17 | 410,894,462.03 | | 1 to 2 years | 6,757,779.00 | 10,660,962.20 | | 2 to 3 years | 234,000.00 | 996,908.00 | | **Total** | **494,385,569.17** | **422,552,332.23** | Inventories | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 52,383,334.45 | 83,738,055.17 | | Work in Progress | 9,778,112.71 | 7,146,721.31 | | Finished Goods | 23,039,561.37 | 15,050,607.56 | | Revolving Materials | 299,553.30 | 123,461.14 | | Goods in Transit | 5,674,957.46 | 2,964,628.59 | | Consigned Processing Materials | 320,138.76 | 22,846,898.80 | | Self-made Semi-finished Products | 4,921,371.97 | 4,874,762.08 | | Materials in Transit | - | 1,873,595.86 | | **Total** | **96,417,030.02** | **138,618,730.51** | Operating Revenue and Operating Costs | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 590,424,838.10 | 559,107,139.70 | 21,250,223.45 | 10,623,894.01 | | Other Businesses | 23,034,578.78 | 8,236,417.14 | 7,308,913.05 | 285,105.83 | | **Total** | **613,459,416.88** | **567,343,556.84** | **28,559,136.50** | **10,908,999.84** | [VIII. R&D Expenses](index=110&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, total R&D expenses were **14.95 million yuan**, a significant increase, primarily for direct materials, employee compensation, and testing fees, with **1.50 million yuan** capitalized for a pig pseudorabies vaccine project R&D Expense Composition | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Direct Materials | 9,804,863.44 | 539,406.18 | | Employee Compensation | 2,454,339.04 | 2,480,052.94 | | Depreciation and Amortization | 1,695,004.77 | 1,782,861.33 | | Testing Fees | 542,615.27 | - | | Fuel and Power Costs | 262,428.76 | 300,264.70 | | Other | 191,737.32 | 730,313.77 | | **Total** | **14,950,988.60** | **5,832,898.92** | | Capitalized R&D Expenses | 1,500,000.00 | 0.00 | - Capitalized R&D expenses for this period amounted to **1.50 million yuan**, primarily for the patent implementation license project of the pig pseudorabies virus type II ge/tk gene-deleted inactivated vaccine[439](index=439&type=chunk)[440](index=440&type=chunk) [IX. Changes in Consolidation Scope](index=111&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company acquired 100% equity of Fengshuo Nan through a non-same-control business combination via auction for **1.07 million yuan**, recognizing goodwill of **0.40 million yuan** Non-Same-Control Business Combinations Occurred in Current Period | Name of Acquiree | Time of Equity Acquisition | Cost of Equity Acquisition (yuan) | Proportion of Equity Acquired (%) | Method of Equity Acquisition | Acquisition Date | Basis for Determining Acquisition Date | Revenue of Acquiree from Acquisition Date to Period-End (yuan) | Net Profit of Acquiree from Acquisition Date to Period-End (yuan) | Cash Flow of Acquiree from Acquisition Date to Period-End (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fengshuo Nan | April 22, 2025 | 1,071,050.00 | 100.00% | Acquired via auction | April 22, 2025 | Transfer of control | 0.00 | -1,069.64 | -926.67 | Consolidation Cost and Goodwill | Consolidation Cost Item | Fengshuo Nan (yuan) | | :--- | :--- | | --Cash | 1,071,050.00 | | **Total Consolidation Cost** | **1,071,050.00** | | Less: Fair Value Share of Identifiable Net Assets Acquired | 675,888.20 | | **Goodwill** | **395,161.80** | [X. Interests in Other Entities](index=112&type=section&id=X.%20Interests%20in%20Other%20Entities) The company controls 20 subsidiaries, including important non-wholly-owned ones like Gaoshuo Hangyu, Chengdu Shiji, and Fengying Ruixin, and has actual control over Zhongnong Qinghai Potash Salt despite holding 13.50% equity due to 3/5 voting rights - The company owns **20** subsidiaries, including Hong Kong Rongcheng, Yingshun Factoring, Chengdu Shiji, and Fengying Ruixin, primarily acquired through establishment or non-same-control business combinations[446](index=446&type=chunk)[447](index=447&type=chunk) - The company holds **41%** equity in Zhongnong Qinghai Potash Salt but, according to its articles of association, holds **3/5** of the voting rights, thus exercising actual control and including it in the consolidated

证券之星消息，8月20日动物保健板块较上一交易日上涨0.27%，贤丰控股领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002141 | 后丰控股 | 4.66 | 9.91% | 128.85万 | | 5.73亿 | | 688526 | 科前生物 | 17.75 | 1.02% | 3.69万 | | 6491.03万 | | 838275 | 驱动力 | 10.24 | 0.69% | 2.68万 | | 2725.11万 | | 603566 | 普莱柯 | 15.30 | 0.39% | 5.28万 | | 8055.89万 | | 600195 | 中牧股份 | 7.70 | 0.39% | 10.24万 | | 7851.28万 | | 871970 | 大禹生物 | 10.27 | 0.39% | 3.79万 | | 3888. ...

Group 1 - The Science and Technology Innovation 50 Index rose over 3%, reaching a new high for the year, driven by a collective surge in chip stocks [1] - Companies such as Jimin Health, Hanzhong Precision Machinery, and Kesen Technology have seen consecutive trading gains, with Jimin Health achieving a five-day streak [1] - The AI server market is dominated by Inspur Information, which holds over 50% market share in China and has reported a 64.39% year-on-year increase in net profit for the first quarter [1] Group 2 - The domestic leading companies are making significant advancements, with Nvidia reportedly developing an AI chip specifically for the Chinese market [3] - Companies like Fullchai Power and Yuanlin Co. have also seen consecutive trading gains, indicating strong market performance [3] - The company Guangxin Technology is a leader in optical modules and has partnered with Cisco to launch a 1.6T silicon optical module [3] Group 3 - The domestic automotive sector is witnessing significant developments, with China FAW planning to acquire approximately 10% of Leap Motor [6] - Companies like Mould Technology and Shentong Express are also making strides, with Mould Technology providing components for new energy vehicles [6] - The automotive thermal management sector is led by companies like Hanzhong Precision Machinery, which specializes in compressors and refrigeration products [8] Group 4 - The pharmaceutical industry is seeing a surge in domestic innovative drugs going global, with Tianmu Pharmaceutical being the first listed company in traditional Chinese medicine [7] - Companies like Huahai Pharmaceutical are advancing in the development of innovative drugs, with over 20 projects currently in research [7] - The automotive passive safety system sector is represented by companies like Songyuan Safety, which reported a 30.85% year-on-year increase in net profit [7]

Group 1 - PCB concept stocks experienced a local surge, with Jinbai Ze hitting a 20% limit up, Helitai also reaching the limit up, and Shengyi Electronics rising over 7% [1] - Guojin Securities research report indicates that the price of copper-clad laminates is increasing, maintaining a positive outlook on the AI-PCB industry chain [1] - The price increase of copper-clad laminates has begun, with companies such as Jiantao, Weilibang, and Hongruixing all raising prices by 5-10 yuan per sheet as of August 15 [1] Group 2 - The demand for AI is driving price increases in PCB drill bits and copper foil, indicating a strong correlation between AI demand and PCB materials [1] - Upgrades in servers and switches to M8/M9 materials are significantly increasing the value per unit, suggesting a growing market opportunity [1] - Equipment, electronic cloth, and copper foil are all benefiting from the sustained high prosperity of the AI-PCB industry chain [1]

Group 1 - The core viewpoint of the news is that Xianfeng Holdings (002141) has shown significant financial growth in the first quarter of 2025, with a remarkable increase in revenue and net profit [1] - As of August 19, 2025, Xianfeng Holdings' stock price closed at 4.24 yuan, reflecting an increase of 8.44% with a trading volume of 1.1456 million hands and a transaction amount of 475 million yuan [1] - The company reported total operating revenue of 295 million yuan, a year-on-year increase of 1669.88%, and a net profit attributable to shareholders of 14.21 million yuan, a year-on-year increase of 9337.07% [1] Group 2 - The company has a current liquidity ratio of 2.073 and a quick ratio of 1.881, indicating strong short-term financial health [1] - Xianfeng Holdings has a debt-to-asset ratio of 39.96%, suggesting a moderate level of financial leverage [1] - The company has made investments in 22 enterprises and participated in 12 bidding projects, showcasing its active engagement in business expansion [2]

Group 1 - The animal vaccine concept sector rose by 2.47%, ranking second among concept sectors, with 12 stocks increasing in value, including Shenlian Biological which hit a 20% limit up [1] - Leading stocks in the sector included Yongshun Biological, Xianfeng Holdings, and Biological Shares, which rose by 9.35%, 8.44%, and 2.92% respectively [1] - The sector experienced a net outflow of 0.31 billion yuan in main funds, with 12 stocks seeing net inflows, and five stocks receiving over 10 million yuan in net inflows [1] Group 2 - Shenlian Biological, with a net inflow of 20.03%, had the highest main fund inflow of 20 million yuan, followed by Biological Shares and Haizheng Pharmaceutical with net inflows of 17.39 million yuan and 17.13 million yuan respectively [2] - The top three stocks by main fund inflow ratio were Shenlian Biological at 6.76%, Ronioushan at 6.52%, and Zhongmu Shares at 5.23% [2][3] - Stocks such as Kanghua Biological, Jinhai Biological, and Dabeinong experienced significant net outflows, with Kanghua Biological seeing a decline of 1.35% and a net outflow of 47.41 million yuan [3]

证券之星消息，8月18日动物保健板块较上一交易日上涨2.2%，申联生物领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688098 | 申联生物 | 12.83 | 20.02% | 13.27万 | 1.69 Z | | 300871 | 回盛生物 | 24.26 | 7.87% | 30.00万 | 7.20亿 | | 838275 | 驱动力 | 10.02 | 6.60% | 4.35万 | 4273.62万 | | 002141 | 贤丰控股 | 3.91 | 4.27% | 1 85.59万 | 3.38亿 | | 839729 | 永顺生物 | 9.95 | 3.65% | 3.11万 | 3066.40万 | | 871970 | 大禹生物 | 9.98 | 3.42% | 2.96万 | 2928.24万 | | 300119 | 瑞普生物 | ...

金融界消息 截至2025年8月15日收盘，贤丰控股（002141）报收于3.75元，上涨1.08%，换手率2.84%， 成交量29.33万手，成交金额1.09亿元。 资金流向方面，今日主力资金净流出1406.37万元，占比成交额12.87%。其中，超大单净流出390.40万 元、占成交额3.57%，大单净流出1015.97万元、占成交额9.3%，中单净流出流入136.10万元、占成交额 1.25%，小单净流入1270.27万元、占成交额11.62%。 贤丰控股最新一期业绩显示，截至2025一季报，公司营业总收入2.95亿元、同比增长1669.88%，归属净 利润1421.01万元，同比增长9337.07%，扣非净利润345.65万元，同比增长60.21%，流动比率2.073、速 动比率1.881、资产负债率39.96%。 天眼查商业履历信息显示，贤丰控股股份有限公司，成立于2002年，位于珠海市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本103293.5798万人民币，实缴资本103293.5798万人民币。公 司法定代表人为韩桃子。 通过天眼查大数据分析，贤丰控股股份有限公司共对外投资了22 ...

Core Insights - The animal health sector experienced a significant increase of 3.86% on August 15, with Shenlian Biological leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - Shenlian Biological (688088) saw a closing price of 10.69, with a remarkable increase of 19.98% and a trading volume of 435,300 shares, amounting to a transaction value of 441 million yuan [1] - Other notable performers included: - Biological Shares (600201) with a closing price of 8.93, up 6.06% [1] - Ruipu Biological (300119) with a closing price of 22.78, up 5.56% [1] - KQ Biological (688526) with a closing price of 17.24, up 2.44% [1] Capital Flow - The animal health sector saw a net inflow of 49.48 million yuan from institutional investors, while retail investors contributed a net inflow of 40.08 million yuan [1] - Notably, retail funds experienced a net outflow of 89.56 million yuan [1] Detailed Capital Flow Analysis - Shenlian Biological had a net inflow of 54.78 million yuan from institutional investors, while it faced a net outflow of 41.10 million yuan from speculative funds [2] - Biological Shares had a net inflow of 14.26 million yuan from institutional investors, with a net outflow of 33.08 million yuan from speculative funds [2] - Ruipu Biological recorded a net inflow of 1.78 million yuan from institutional investors, while speculative funds saw a net outflow of 16.93 million yuan [2]

Market Overview - The animal health sector experienced a decline of 0.53% on August 13, with Dayu Biological leading the drop [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - Key stocks in the animal health sector showed varied performance, with Xianfeng Holdings closing at 3.78, up 0.53%, and Dayu Biological closing at 9.84, down 3.15% [2][1] - Other notable stocks included Jinhe Biological at 7.45, down 3.12%, and Zhongmu Co. at 7.56, down 0.66% [2][1] Trading Volume and Value - The trading volume for Xianfeng Holdings was 268,700 shares with a transaction value of 102 million yuan, while Dayu Biological had a trading volume of 46,200 shares and a transaction value of 45.92 million yuan [2][1] Capital Flow Analysis - The animal health sector saw a net outflow of 175 million yuan from institutional investors, while retail investors contributed a net inflow of 143 million yuan [2][3] - The capital flow for specific stocks indicated that Hai Li Biological had a net inflow of 2.28 million yuan from institutional investors, while Xianfeng Holdings experienced a significant net outflow of 11.02 million yuan [3][2]