Group 1 - The core challenge for the implementation of supply chain finance is the level of technological innovation, with 57% of enterprises having low innovation levels and 13% having almost no technological innovation in supply chain finance [1] - Technological and model innovations are crucial for the innovation of supply chain finance products, which enhance financing capabilities, improve fund management, and reduce costs [2] - The segmentation of China's supply chain finance market includes accounts receivable financing (38%), financing leasing (23%), inventory financing (17%), order financing (12%), and bill financing (10%) [5] Group 2 - The distribution of supply chain finance platforms in China is driven by technology and industry demand, with over 50% being core supply chain finance platforms, followed by financial institutions at 26% and fintech companies at 23% [6]

Group 1 - The core viewpoint of the article highlights that Feima International (SZ 002210) held its eighth meeting of the seventh board of directors on August 25, 2025, to review the 2025 semi-annual report and its summary [1] - For the first half of 2025, Feima International's revenue composition shows that the environmental new energy sector accounted for 88.19%, while supply chain management services made up 11.81% [1]

格隆汇8月26日丨飞马国际(002210.SZ)公布2025年半年度报告，上半年公司实现营业收入1.09亿元，同 比下降6.46%；归属于上市公司股东的净利润261.15万元，同比下降92.18%；归属于上市公司股东的扣 除非经常性损益的净利润146.58万元，同比下降14.22%；基本每股收益0.001元。 ...

深圳市飞马国际供应链股份有限公司2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：深圳市飞马国际供应链股份有限公司 金额单位：人民币万元 | | | 占用方与上市公司的 | 上市公司核算的 | 2025年期初占用 | 2025年半年度 占用累计发生 | 2025年半年 | 2025年半年度 | 2025年6月末占 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 关联关系 | 会计科目 | 资金余额 | 金额（不含利 息） | 度占用资金 的利息 | 偿还累计发生 金额 | 用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | | | | - | - | - | - | - | | | | 其他关联方及其附属企业 | | ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳市飞马国际供应链股份有限公司（以下简称"本公司"或"公司"）于 2025 年 8 月 25 日召开第七届董事会第八次会议，审议通过了《关于计提资产减值准 备的议案》，现将具体情况披露如下： 证券代码：002210 证券简称：飞马国际 公告编号：2025-039 深圳市飞马国际供应链股份有限公司 关于计提资产减值准备的公告 一、本次计提资产减值准备概述 根据《企业会计准则》以及公司会计政策的有关规定，基于谨慎性原则， 公司及下属子公司对截止 2025 年 6 月 30 日的各类资产进行了全面检查和资产减 值测试，对存在减值迹象可能发生资产减值损失/信用减值损失的相关资产计提 资产减值准备合计 293.20 万元，其中：应收账款计提坏账准备约 292.72 万元， 其他应收款计提坏账准备约 0.48 万元。 二、本次计提资产减值准备的依据及计提情况 1、应收账款 对于应收账款，无论是因销售产品或提供劳务而产生的应收款项还是包含 重大融资成分，本公司始终按照相当于整个存续期内预期信用损失的金额计量其 损失准备。由此 ...

Shenzhen Feima International Supply Chain Co., Ltd. (深圳市南山区粤海街道海珠社区文心五路 11 号汇通大厦 11 楼) 深圳市飞马国际供应链股份有限公司 财 务 报 告 二〇二五年半年度 （未经审计） 【2025 年 08 月】 深圳市飞马国际供应链股份有限公司 2025 年半年度财务报告 深圳市飞马国际供应链股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 65,526,837.46 | 105,621,988.56 | | 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 | 300,332,863.72 | 272,814,726.85 | | 应收款项融资 | | | ...

证券代码：002210 证券简称：飞马国际 公告编号：2025-040 深圳市飞马国际供应链股份有限公司 第七届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳市飞马国际供应链股份有限公司（以下简称"本公司"或"公司"）第七届 监事会第五次会议于 2025 年 8 月 14 日以电话、电子邮件等形式发出会议通知， 并于 2025 年 8 月 25 日在公司会议室以现场会议与通讯表决相结合的方式召开。 会议应出席监事 3 人，实际出席监事 3 人。会议由监事会主席张彦先生主持。 本次会议召开程序符合《公司法》及《公司章程》的规定。经与会监事认真 审议，通过了以下决议： 审议通过了《2025年半年度报告及其摘要》 经审核，监事会认为董事会编制和审核公司2025年半年度报告的程序符合法 律、行政法规、中国证监会和深圳证券交易所的规定，报告内容真实、准确、完 整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：3 票同意，0 票弃权，0 票反对 特此公告 深圳市飞马国际供应链股份有限公司监事会 二〇二五年八月 ...

证券代码：002210 证券简称：飞马国际 公告编号：2025-037 深圳市飞马国际供应链股份有限公司 第七届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳市飞马国际供应链股份有限公司（以下简称"本公司"或"公司"）第七届 董事会第八次会议于 2025 年 8 月 14 日以电话、电子邮件等形式发出会议通知， 并于 2025 年 8 月 25 日在公司会议室以现场会议与通讯表决相结合的方式召开。 会议应出席董事 5 人，实际出席董事 5 人。公司监事、高级管理人员列席了会议。 会议由董事长赵力宾先生主持。 二、审议通过了《关于计提资产减值准备的议案》 根据《企业会计准则》以及公司会计政策的有关规定，基于谨慎性原则，公 司及下属子公司对截止 2025 年 6 月 30 日的各类资产进行了全面检查和资产减值 测试，对存在减值迹象可能发生资产减值损失/信用减值损失的相关资产计提资 产减值准备合计 293.20 万元，其中：应收账款计提坏账准备约 292.72 万元，其 他应收款计提坏账准备约 0.48 万元。 本议案经董事会审计委员 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notices, the report's table of contents, and definitions of key terms to ensure clarity and accuracy for readers [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, confirming the financial statements are true and accurate - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Major risk factors include macroeconomic risks, policy change risks, market competition and operational risks, and management risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, offering investors comprehensive navigation through key company information - The report contains nine main chapters, structured clearly for easy reference[8](index=8&type=chunk) [List of Documents for Reference](index=4&type=section&id=List%20of%20Documents%20for%20Reference) The list includes signed financial statements, original copies of all publicly disclosed company documents, and the original semi-annual report signed by the legal representative - Documents for reference include signed and stamped financial statements, original publicly disclosed documents, and the original report signed by the legal representative[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, such as company names, regulatory bodies, laws, reporting periods, and major subsidiaries, ensuring accurate understanding - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - The controlling shareholder/restructuring investor is Xinzengding (Hainan) Investment Development Co., Ltd[14](index=14&type=chunk) - The "Restructuring Plan" was fully implemented and the company's restructuring process concluded in November 2021[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company, its contact information, and a detailed analysis of its key financial data and performance indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shenzhen Feima International Supply Chain Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code 002210, with Zhao Libin as its legal representative - The company's stock abbreviation is Feima International, stock code **002210**, listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Zhao Libin[16](index=16&type=chunk) [Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Du Jihui, Securities Affairs Representative is Liu Zhiyang, with detailed contact address, phone, fax, and email provided - The Board Secretary is Du Jihui, and the Securities Affairs Representative is Liu Zhiyang[17](index=17&type=chunk) - The contact address is 11th Floor, Huitong Building, No. 11 Wenxin 5th Road, Haizhu Community, Yuehai Street, Nanshan District, Shenzhen[17](index=17&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or other relevant details, as referenced in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue decreased by 6.46% year-on-year, net profit attributable to shareholders significantly dropped by 92.18%, and net cash flow from operating activities decreased by 63.06% Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 109,041,464.29 | 116,576,732.92 | -6.46% | | Net Profit Attributable to Shareholders of Listed Company | 2,611,479.70 | 33,374,244.98 | -92.18% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 1,465,816.43 | 1,708,772.02 | -14.22% | | Net Cash Flow from Operating Activities | 13,455,062.78 | 36,424,889.75 | -63.06% | | Basic Earnings Per Share (RMB/share) | 0.0010 | 0.0125 | -92.00% | | Diluted Earnings Per Share (RMB/share) | 0.0010 | 0.0125 | -92.00% | | Weighted Average Return on Net Assets | 0.55% | 11.14% | -10.59% | | **Period-End Indicators** | **Current Period End (RMB)** | **Prior Year End (RMB)** | **Period-End YoY Change** | | Total Assets | 1,345,171,497.59 | 1,376,080,096.30 | -2.25% | | Net Assets Attributable to Shareholders of Listed Company | 503,954,134.09 | 374,296,327.43 | 34.64% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 1,145,663.27 RMB, primarily from non-current asset disposal, government grants, and other non-operating items Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from disposal of non-current assets | 535,444.43 | | Government grants recognized in current profit/loss | 1,071,406.26 | | Other non-operating income and expenses apart from the above | -458,697.16 | | Other gains and losses meeting the definition of non-recurring | 23,351.24 | | Less: Income tax impact | 25,617.45 | | Minority interest impact (after tax) | 224.05 | | **Total** | **1,145,663.27** | - Other gains and losses meeting the definition of non-recurring primarily represent handling fee refunds obtained by the company for withholding and remitting individual income tax during the reporting period[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, core competencies, financial performance, and risk factors during the reporting period [Principal Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company continued its "Dual-Loop Strategy," focusing on environmental new energy and smart supply chain services, while temporarily suspending the Yuanping biomass power project - The company continues to implement its "Dual-Loop Strategy," centered on the green ecological loop and the smart industrial loop[33](index=33&type=chunk) - The environmental new energy sector is undergoing profound changes due to policy, technology, and market factors, with a slowdown in traditional areas[30](index=30&type=chunk) - The supply chain management industry shows a "steady progress with improved quality and efficiency" trend, with full-year social logistics aggregate growth expected around **5.5%**[32](index=32&type=chunk) - The company decided to temporarily suspend investment in the Yuanping Biomass Cogeneration Project, primarily due to macroeconomic changes and the operational difficulties of the project's steam sales customer[37](index=37&type=chunk) [Industry Development Status](index=9&type=section&id=(I)%20Industry%20Development%20Status) In H1 2025, the environmental new energy sector accelerated green transformation driven by policies, while the supply chain management industry maintained stable growth with a focus on digitalization - The 2025 government work tasks propose coordinated efforts to reduce carbon, pollution, expand green initiatives, accelerate comprehensive green transformation of economic and social development, and formulate an action plan for comprehensive solid waste management[28](index=28&type=chunk) - The environmental new energy industry is undergoing profound changes due to the interplay of policy, technology, and market factors, with a slowdown in traditional areas[30](index=30&type=chunk) - In H1 2025, China's logistics industry showed a "steady progress with improved quality and efficiency" development trend, with social logistics aggregate maintaining stable growth[32](index=32&type=chunk) - The Ministry of Commerce and 8 other departments issued the "Action Plan for Accelerating the Development of Smart Digital Supply Chains," requiring the use of new technologies like AI, IoT, and blockchain to enhance supply chain efficiency and resilience[31](index=31&type=chunk) [Principal Businesses Engaged During the Reporting Period](index=10&type=section&id=(II)%20Principal%20Businesses%20Engaged%20During%20the%20Reporting%20Period) The company continued its "Dual-Loop Strategy," focusing on environmental new energy and smart supply chain services, including BOT-mode solid waste disposal and comprehensive logistics - The company, with its "green ecological loop" and "smart digital industrial loop" as core, is committed to solid waste treatment technology innovation and smart supply chain services[33](index=33&type=chunk)[34](index=34&type=chunk) - Environmental new energy business primarily involves cooperation with local governments through BOT mode to dispose of domestic waste, sludge, etc., and generate revenue from waste-to-energy power generation and heating[35](index=35&type=chunk) - Smart supply chain services include comprehensive logistics services (international logistics, warehousing and distribution, import and export customs clearance) and trade execution services[36](index=36&type=chunk) - The Yuanping Biomass Cogeneration Project, under construction by the company's subsidiary Yuanping Fuqiao New Energy Co., Ltd., has been temporarily suspended due to macroeconomic changes and the operational difficulties of the project's steam sales customer[37](index=37&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include its circular economy model in environmental new energy, integrated smart supply chain platform, AEO certification, specialized teams, and strong brand reputation - The company's environmental new energy industry is dedicated to building urban and rural solid waste circular economy industrial parks, maximizing solid waste disposal benefits[38](index=38&type=chunk) - The company has built an integrated smart supply chain service platform encompassing business flow, logistics, capital flow, and information flow[39](index=39&type=chunk) - Wholly-owned subsidiary Shanghai Heguan holds the General Administration of Customs' "AEO Advanced Certified Enterprise" qualification, enjoying efficient and convenient customs clearance services[39](index=39&type=chunk)[40](index=40&type=chunk) - The company possesses professional teams in environmental new energy and supply chain management, with rich experience and market development capabilities[41](index=41&type=chunk) - The company's environmental new energy operating platform, Datong Fuqiao, has received multiple honors and established a good brand image in domestic and international markets[42](index=42&type=chunk) [Analysis of Principal Business](index=12&type=section&id=III.%20Analysis%20of%20Principal%20Business) Operating revenue decreased by 6.46% to 109.04 million RMB, but the comprehensive gross profit margin slightly increased to 31.58%, with environmental new energy remaining the primary revenue source - In the current reporting period, the company achieved operating revenue of **109.04 million RMB**, a **6.46% decrease** compared to the same period last year[43](index=43&type=chunk) - The comprehensive gross profit margin was **31.58%**, an increase of **0.38%** compared to the same period last year[43](index=43&type=chunk) - Net profit attributable to shareholders of the listed company was **2.61 million RMB**, a year-on-year decrease, mainly due to higher non-operating income in the prior year and changes in current income tax expenses and operating cash flow[43](index=43&type=chunk) Operating Revenue Composition (by Industry) | Industry Segment | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Logistics Supply Chain Services | 12,882,115.25 | 11.81% | 10,362,431.07 | 8.89% | 24.32% | | Environmental New Energy Industry | 96,159,349.04 | 88.19% | 106,214,301.85 | 91.11% | -9.47% | Key Financial Data YoY Changes | Indicator | Current Period | Prior Year Period | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 109,041,464.29 | 116,576,732.92 | -6.46% | Refer to "Overview" for related content | | Operating Cost | 74,609,677.75 | 80,199,118.00 | -6.97% | Refer to "Overview" for related content | | Administrative Expenses | 18,113,543.65 | 17,985,746.68 | 0.71% | Refer to "Overview" for related content | | Financial Expenses | 11,792,615.19 | 15,543,277.09 | -24.13% | Refer to "Overview" for related content | | Income Tax Expense | 2,519,300.10 | 6,578,712.55 | -61.71% | Refer to "Overview" for related content | | Net Cash Flow from Operating Activities | 13,455,062.78 | 36,424,889.75 | -63.06% | Primarily due to a decrease in cash received from sales of goods and provision of services compared to the same period last year | | Investment Income | 396,200.00 | 2.10 | 18,866,566.67% | Primarily due to the company receiving proceeds from the transfer of non-retained assets from previous restructuring during the reporting period | | Credit Impairment Losses | -2,932,072.78 | 222,074.04 | -1,420.31% | Primarily due to credit impairment losses on accounts receivable being greater than those recognized in the same period last year | | Non-operating Income | 549,430.71 | 31,229,997.19 | -98.24% | Primarily due to the company receiving non-operating income from non-operating items in the same period last year, while no such income was received in the current period | [Analysis of Non-Principal Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal businesses significantly impacted total profit, with investment income of 0.3962 million RMB from asset transfers, non-operating income of 0.5494 million RMB, and non-operating expenses of 1.0081 million RMB for donations Impact of Non-Principal Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 396,200.00 | 8.13% | Primarily due to the company receiving proceeds from the transfer of non-retained assets from previous restructuring during the reporting period | No | | Non-operating Income | 549,430.71 | 11.27% | Primarily other non-operating income received by the company during the reporting period | No | | Non-operating Expenses | 1,008,127.87 | 20.68% | Primarily donations made during the reporting period | No | | Credit Impairment Losses | -2,932,072.78 | -60.15% | Primarily credit impairment losses on accounts receivable and other receivables recognized by the company during the reporting period | No | | Gains from Asset Disposal | 139,244.43 | 2.86% | Primarily gains from the disposal of idle fixed assets by the company during the reporting period | No | [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 2.25% to 1.345 billion RMB, while net assets attributable to shareholders increased by 34.64% to 0.504 billion RMB, mainly due to a significant reduction in current liabilities 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 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,345,171,497.59 | 100% | 1,376,080,096.30 | 100% | -2.25% | | Net Assets Attributable to Shareholders of Listed Company | 503,954,134.09 | 37.46% | 374,296,327.43 | 27.20% | 34.64% | | Monetary Funds | 65,526,837.46 | 4.87% | 105,621,988.56 | 7.68% | -2.81% | | Accounts Receivable | 300,332,863.72 | 22.33% | 272,814,726.85 | 19.83% | 2.50% | | Construction in Progress | 36,338,828.74 | 2.70% | 33,176,397.22 | 2.41% | 0.29% | | Total Current Liabilities | 717,235,484.08 | 53.32% | 865,181,848.54 | 62.87% | -9.55% | | Non-current Liabilities Due Within One Year | 145,018,664.12 | 10.78% | 255,020,457.69 | 18.53% | -7.75% | - At the end of the reporting period, the company had no overseas assets and no assets or liabilities measured at fair value[53](index=53&type=chunk) [Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company did not undertake any significant equity investments, non-equity investments, securities investments, or derivative investments, nor did it utilize any raised funds - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) [Significant Asset and Equity Sales](index=15&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell any significant assets or equity - The company did not sell any significant assets or equity during the reporting period[58](index=58&type=chunk)[59](index=59&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries include Junma Environmental (environmental new energy) and Shanghai Heguan (supply chain services), with Junma Environmental reporting a net profit of 13.19 million RMB and Shanghai Heguan 1.05 million RMB - Junma Environmental is the company's environmental new energy business management platform, with its main operating entity being the wholly-owned subsidiary Datong Fuqiao[59](index=59&type=chunk) - Shanghai Heguan is the main operating entity for the company's supply chain services business, primarily providing integrated supply chain services for industries such as fast-moving consumer goods[60](index=60&type=chunk) Major Subsidiary Financial Data | Company Name | Company Type | Principal Business | Registered Capital (RMB 10,000) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Junma Environmental | Subsidiary | Environmental New Energy | 65,000 | 13,188,211.22 | | Shanghai Heguan | Subsidiary | Supply Chain Services | 5,000 | 1,047,136.40 | [Information on Structured Entities Controlled by the Company](index=16&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[61](index=61&type=chunk) [Risks Faced by the Company and Countermeasures](index=16&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces macroeconomic, policy, market competition, management, and goodwill impairment risks, addressed by monitoring, policy research, operational improvements, and modernizing management - Macroeconomic risks: Domestic and international macroeconomic downturns and geopolitical conflicts may cause volatility; the company will closely monitor and adjust its operating strategies[61](index=61&type=chunk) - Policy change risks: The environmental new energy industry is highly policy-dependent, and unfavorable policy changes could impact operations; the company will strengthen policy analysis and research[61](index=61&type=chunk)[62](index=62&type=chunk) - Market competition and operational risks: Industry competition is fierce; the company will leverage its experience to enhance operational management and business competitiveness[62](index=62&type=chunk) - Management risks: Business expansion demands higher management standards; the company will advance management system modernization, optimize decision-making processes, and strengthen talent development[63](index=63&type=chunk) - Goodwill impairment risks: The book value of Datong Fuqiao's goodwill accounts for a high proportion of total assets; if operations fall below expectations, impairment may occur; the company will strengthen operational management and conduct impairment tests as required[64](index=64&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period[65](index=65&type=chunk) [Implementation of "Dual Enhancement of Quality and Returns" Action Plan](index=17&type=section&id=XII.%20Implementation%20of%20%22Dual%20Enhancement%20of%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Enhancement of Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Enhancement of Quality and Returns" action plan during the reporting period[65](index=65&type=chunk) [Corporate Governance, Environment, and Society](index=18&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance, profit distribution plans, environmental information disclosure, and social responsibility initiatives during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, independent director Xu Ke resigned for personal reasons, and Huang Hao was elected as the new independent director - Independent director Xu Ke resigned on May 22, 2025, due to personal reasons[67](index=67&type=chunk) - Huang Hao was elected as an independent director on May 22, 2025[67](index=67&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=18&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into 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[68](index=68&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=III.%20Implementation%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 during the reporting period[69](index=69&type=chunk) [Environmental Information Disclosure](index=18&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiary, Datong Fuqiao Waste-to-Energy Co., Ltd., are included in the list of enterprises required to disclose environmental information and have publicly released their reports - The company and its major subsidiary, Datong Fuqiao Waste-to-Energy Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[70](index=70&type=chunk) - Datong Fuqiao Waste-to-Energy Co., Ltd.'s environmental information disclosure report can be found on the website of the Shanxi Provincial Department of Ecology and Environment[70](index=70&type=chunk) [Social Responsibility](index=18&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its corporate social responsibility by integrating it into daily operations, operating with integrity, paying taxes, creating jobs, protecting employee rights, and engaging in environmental protection and public welfare - The company actively fulfills its corporate social responsibility, including operating with integrity, paying taxes according to law, creating employment, and protecting the rights and interests of investors and employees[71](index=71&type=chunk) - During the reporting period, the company actively carried out urban cultural promotion, poverty alleviation, and other work, with total donations amounting to approximately **900,000 RMB**[71](index=71&type=chunk) [Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) This section covers significant matters including commitments, related party transactions, litigation, and other important events that occurred during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=19&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were unfulfilled or overdue at the end of the reporting period - The company reported no commitments that were unfulfilled or overdue at 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=19&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders and other related parties during the reporting period[74](index=74&type=chunk) [Irregular External Guarantees](index=19&type=section&id=III.%20Irregular%20External%20Guarantees) The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[75](index=75&type=chunk) [Appointment and Dismissal of Accounting Firms](index=19&type=section&id=IV.%20Appointment%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) [Explanations by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=19&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company reported no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" from the accounting firm for the current period - The company reported no explanations regarding a "non-standard audit report" for the current period[77](index=77&type=chunk) [Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=19&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company reported no explanations from the Board of Directors regarding the "non-standard audit report" for the previous year - The company reported no explanations regarding the "non-standard audit report" for the previous year[77](index=77&type=chunk) [Bankruptcy and Reorganization Related Matters](index=19&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Related%20Matters) The company reported no bankruptcy and reorganization related matters during the reporting period - The company reported no bankruptcy and reorganization related matters during the reporting period[77](index=77&type=chunk) [Litigation Matters](index=19&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period, with other cases totaling 18.92 million RMB having no material impact - The company had no significant litigation or arbitration matters during the current reporting period[78](index=78&type=chunk) Other Litigation Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Status of Litigation (Arbitration) Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other cases not meeting the disclosure threshold for significant litigation | 1,891.69 | No | Partially judged/settled/mediated | No significant impact on the company | Partially under review, partially closed/settled/mediated | [Penalties and Rectification](index=20&type=section&id=IX.%20Penalties%20and%20Rectification) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[80](index=80&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=20&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company reported no integrity issues during the reporting period[81](index=81&type=chunk) [Significant Related Party Transactions](index=20&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions with Fantake Supply Chain Management (Shandong) Co., Ltd., including purchasing 16.65 million RMB in raw materials and providing 0.0234 million RMB in services, all within approved limits Related Party Transactions Related to Daily Operations | Related Party | Type of Related Transaction | Content of Related Transaction | Amount of Related Transaction (RMB 10,000) | Approved Transaction Limit (RMB 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Fantake Supply Chain Management (Shandong) Co., Ltd. and its related parties | Purchase of raw materials from related parties | Purchase of gold and other raw materials | 1,665.19 | 49,950 | No | | Fantake Supply Chain Management (Shandong) Co., Ltd. and its related parties | Provision of comprehensive services to related parties | Provision of comprehensive services | 2.34 | 50 | No | | **Total** | **--** | **--** | **1,667.53** | **50,000** | **--** | - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[83](index=83&type=chunk) - The company had no non-operating related party creditor-debtor transactions during the reporting period[85](index=85&type=chunk) - The company had no deposit, loan, credit, or other financial business with related financial companies[86](index=86&type=chunk)[87](index=87&type=chunk) [Significant Contracts and Their Performance](index=22&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, wealth management, or other major contracts, but provided significant guarantees for subsidiaries, totaling 254.65 million RMB, representing 50.53% of net assets - The company had no entrustment, contracting, wealth management, or other significant contracts during the reporting period[90](index=90&type=chunk)[91](index=91&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Type of Guarantee | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 29, 2021 | 20,000 | January 25, 2022 | 6,000 | Joint and several liability guarantee | No | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 29, 2022 | 25,000 | June 28, 2022 | 6,400 | Joint and several liability guarantee | No | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 29, 2022 | 25,000 | November 08, 2022 | 2,048.75 | Joint and several liability guarantee | No | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 29, 2023 | 25,000 | August 10, 2023 | 14,320.11 | Joint and several liability guarantee | No | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 29, 2023 | 25,000 | December 11, 2023 | 6,000 | Joint and several liability guarantee | No | | Datong Fuqiao (Junma Environmental and its subsidiaries) | April 27, 2024 | 30,000 | September 11, 2024 | 3,000 | Joint and several liability guarantee | No | | Shanghai Heguan | April 29, 2023 | 5,000 | April 01, 2024 | 650 | Joint and several liability guarantee | No | | Junma Environmental and its subsidiaries | April 25, 2025 | 40,000 | -- | -- | -- | No | | Shanghai Heguan and its subsidiaries | April 25, 2025 | 20,000 | -- | -- | -- | No | | **Total Actual Guarantee Balance for Subsidiaries at Period End** | **--** | **--** | **--** | **25,464.91** | **--** | **--** | | **Proportion of Total Actual Guarantee Amount to Company's Net Assets** | **--** | **--** | **--** | **50.53%** | **--** | **--** | [Explanation of Other Significant Matters](index=24&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company experienced several significant events, including a 200 million RMB loan from the controlling shareholder, fulfillment of a 437 million RMB performance compensation, potential change in indirect controlling shareholder, and personnel changes - The company renewed a **200 million RMB** loan (principal) from its controlling shareholder, Xinzengding Company, for a term of one year, with an interest rate not exceeding the bank's loan interest rate for the same period, and fully repaid the principal and interest of **217 million RMB** after the reporting period[98](index=98&type=chunk)[142](index=142&type=chunk) - Controlling shareholder Xinzengding Company paid **436,757,685.84 RMB** in performance compensation on July 25, 2025, fulfilling its compensation obligation[99](index=99&type=chunk)[142](index=142&type=chunk) - The company's indirect controlling shareholder, New Hope Investment Group Co., Ltd., is planning to transfer equity to a third party, which may lead to a change in the company's controlling shareholder and/or actual controller[99](index=99&type=chunk)[142](index=142&type=chunk) - Independent director Xu Ke resigned, and Huang Hao was elected as an independent director; Deputy General Manager and CFO Wang Zhaohui resigned, and Zhong Xiaolei was appointed as Deputy General Manager and CFO[100](index=100&type=chunk)[101](index=101&type=chunk)[142](index=142&type=chunk) - Controlling shareholder Xinzengding Company pledged part of its shares in the company to its shareholders or related parties and released **70 million shares** from pledge after the reporting period, accounting for **2.63%** of the total share capital[102](index=102&type=chunk)[143](index=143&type=chunk) [Significant Matters of Company Subsidiaries](index=25&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) Wholly-owned subsidiary Junma Environmental fully repaid its 362.49 million RMB loan to Mianyang City Commercial Bank, and Yuanping Fuqiao New Energy's biomass power project was temporarily suspended due to economic changes - The company's wholly-owned subsidiary Junma Environmental fully repaid its loan principal and related interest totaling **362,494,608.05 RMB** to Mianyang City Commercial Bank on July 30, 2025[103](index=103&type=chunk) - The Yuanping Biomass Cogeneration Project, under construction by subsidiary Yuanping Fuqiao New Energy Co., Ltd., has been temporarily suspended due to macroeconomic changes and the operational difficulties of the project's steam sales customer[104](index=104&type=chunk) [Share Changes and Shareholder Information](index=26&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, any changes in shares, securities issuance, and the holdings of major shareholders and management [Share Change Information](index=26&type=section&id=I.%20Share%20Change%20Information) During the reporting period, the company's total share capital remained unchanged at 2,661,232,774 shares, with no alterations in restricted or unrestricted share structures Share Change Information | Share Type | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (＋,－) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 4,976,100 | 0.19% | 0 | 4,976,100 | 0.19% | | II. Unrestricted Shares | 2,656,256,674 | 99.81% | 0 | 2,656,256,674 | 99.81% | | III. Total Shares | 2,661,232,774 | 100.00% | 0 | 2,661,232,774 | 100.00% | - During the reporting period, the company's total share capital remained unchanged, with no changes in restricted shares[108](index=108&type=chunk) [Securities Issuance and Listing](index=27&type=section&id=II.%20Securities%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[108](index=108&type=chunk) [Number of Shareholders and Shareholding Information](index=27&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) At the end of the reporting period, the company had 84,788 common shareholders, with Xinzengding (Hainan) Investment Development Co., Ltd. as the largest shareholder, holding 29.90% - At the end of the reporting period, the total number of common shareholders was **84,788**[109](index=109&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Xinzengding (Hainan) Investment Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 29.90% | 795,672,857 | 795,672,857 | | Everbright Xinglong Trust Co., Ltd. - Everbright Trust - Lishang No. 2 Collective Fund Trust Plan | Other | 1.74% | 46,380,000 | 46,380,000 | | Shenzhen Qianhai Hongyi Asset Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.60% | 42,650,902 | 42,650,902 | | Zhengzhou Bank Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.22% | 32,419,744 | 32,419,744 | | Industrial Bank Co., Ltd. Shenzhen Branch | Domestic Non-State-Owned Legal Person | 1.03% | 27,456,816 | 27,456,816 | | Huaxia Bank Co., Ltd. Shenzhen Branch | Domestic Non-State-Owned Legal Person | 1.00% | 26,642,624 | 26,642,624 | | Industrial International Trust Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.71% | 18,874,848 | 18,874,848 | | Shenzhen Guarantee Group Co., Ltd. | State-Owned Legal Person | 0.60% | 16,081,667 | 16,081,667 | | Shenzhen Huaqiang Logistics Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.58% | 15,332,994 | 15,332,994 | | Shanghai Liangnuo Commercial Factoring Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.48% | 12,904,856 | 12,904,856 | - Controlling shareholder Xinzengding (Hainan) Investment Development Co., Ltd. has no associated relationship or concerted action relationship with the aforementioned other shareholders[110](index=110&type=chunk)[111](index=111&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=29&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[112](index=112&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=29&type=section&id=V.%20Changes%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 and actual controller remained unchanged during the reporting period[113](index=113&type=chunk) [Preferred Share Information](index=30&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[114](index=114&type=chunk) [Bond-Related Information](index=31&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides details on any bond-related matters concerning the company during the reporting period [Bond-Related Information](index=31&type=section&id=Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[116](index=116&type=chunk) [Financial Report](index=32&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes on accounting policies and tax items [Audit Report](index=32&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[118](index=118&type=chunk) [Financial Statements](index=32&type=section&id=II.%20Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - This section includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[119](index=119&type=chunk)[123](index=123&type=chunk)[127](index=127&type=chunk)[131](index=131&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk)[139](index=139&type=chunk)[149](index=149&type=chunk) [Company Basic Information](index=50&type=section&id=III.%20Company%20Basic%20Information) Shenzhen Feima International Supply Chain Co., Ltd. was established on December 18, 2006, listed on the Shenzhen Stock Exchange in 2008, completed restructuring in 2020, and primarily operates in supply chain management and environmental new energy - The company was established as a joint-stock company through overall conversion on December 18, 2006, and listed on the Shenzhen Stock Exchange on January 30, 2008[157](index=157&type=chunk) - The company completed bankruptcy reorganization in 2020, increasing its total share capital from **1.653 billion shares** to **2.661 billion shares**[158](index=158&type=chunk) - The company's main operating activities are supply chain management services and environmental new energy business[159](index=159&type=chunk) - This financial report was approved for issuance by the company's Seventh Board of Directors at its Eighth Meeting on August 25, 2025[160](index=160&type=chunk) [Basis of Financial Statement Preparation](index=50&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards and relevant regulations, and comply with CSRC disclosure requirements - The company's financial statements are prepared on a going concern basis, in accordance with Chinese Enterprise Accounting Standards and relevant regulations[161](index=161&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period, with no significant matters affecting its going concern ability[162](index=162&type=chunk) [Significant Accounting Policies and Estimates](index=51&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for items like bad debt provisions, fixed asset depreciation, intangible asset amortization, and revenue recognition, ensuring compliance with new accounting standards - The company has formulated specific accounting policies and estimates in strict accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations, combined with its actual production and operation characteristics[163](index=163&type=chunk) - The company uses **12 months** as an operating cycle and as the standard for classifying assets and liabilities as current or non-current[166](index=166&type=chunk) - The company's financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[213](index=213&type=chunk)[214](index=214&type=chunk) - The company uses the transfer of control as the criterion for revenue recognition, with main revenues including comprehensive logistics services, trade execution, waste disposal and power generation, and PPP project construction services[313](index=313&type=chunk)[317](index=317&type=chunk) [Taxation](index=79&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and education surcharges, with subsidiaries enjoying various tax incentives for environmental projects and small and micro enterprises Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services revenue as stipulated by tax law, after deducting input VAT allowed for the current period, the difference is VAT payable | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 7%, 5%, 1% | | Corporate Income Tax | Calculated based on taxable income | 25% | | Education Surcharge | Calculated based on actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Calculated based on actual VAT and consumption tax paid | 2% | - Datong Fuqiao's Phase II waste-to-energy power generation project enjoys a "three-year exemption, three-year half reduction" corporate income tax preferential policy, with income tax reduced by half from 2024 to 2026[359](index=359&type=chunk) - Some subsidiaries enjoy preferential corporate income tax policies for small and micro enterprises, where the portion of annual taxable income not exceeding **3 million RMB** is subject to a **25%** reduction in taxable income and a **20%** tax rate[360](index=360&type=chunk) - Datong Fuqiao enjoys a VAT immediate refund policy for comprehensive resource utilization[361](index=361&type=chunk) [Notes to Consolidated Financial Statement Items](index=80&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including monetary funds, accounts receivable, fixed assets, intangible assets, goodwill, and revenue, along with restricted assets Composition of Monetary Funds | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 253,610.35 | 163,574.65 | | Bank Deposits | 41,174,995.02 | 18,907,957.03 | | Other Monetary Funds | 24,098,232.09 | 86,550,456.88 | | Total | 65,526,837.46 | 105,621,988.56 | | Of which: Total funds deposited overseas | 2,297,160.15 | 2,314,825.23 | - At the end of the reporting period, the book value of accounts receivable was **300,332,863.72 RMB**, with accounts receivable for which bad debt provisions were accrued by portfolio accounting for **97.61%**[368](index=368&type=chunk) - At the end of the reporting period, total assets with restricted ownership or use rights amounted to **794,531,454.45 RMB**, with a book value of **472,815,328.21 RMB**, primarily for mortgage guarantees of intangible assets and accounts receivable[468](index=468&type=chunk) - During the reporting period, the company's operating revenue was **109,041,464.29 RMB**, operating cost was **74,609,677.75 RMB**, and main business revenue accounted for **95.94%** of total revenue[517](index=517&type=chunk) [Changes in Consolidation Scope](index=123&type=section&id=VIII.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company experienced no changes in its consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - The company experienced no changes in its consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries during the reporting period[563](index=563&type=chunk)[568](index=568&type=chunk)[571](index=571&type=chunk) [Interests in Other Entities](index=127&type=section&id=IX.%20Interests%20in%20Other%20Entities) The company holds full or controlling interests in several subsidiaries primarily engaged in logistics and environmental industries, with no changes in ownership equity or significant joint ventures/associates during the period Composition of Enterprise Group (Partial) | Subsidiary Name | Registered Place | Business Nature | Shareholding Proportion (Direct) | Shareholding Proportion (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Heguan | Shanghai | Logistics Industry | 100.00% | | Establishment | | Junma Environmental | Shenzhen | Environmental Industry | 100.00% | | Business Combination under Common Control | | Datong Fuqiao | Datong | Environmental Industry | | 100.00% | Business Combination not under Common Control | | Beijing Feima Xiwang | Beijing | Supply Chain Management Services | 70.00% | | Establishment | | Hainan Feima | Hainan | Supply Chain Management Services | 90.00% | 10.00% | Establishment | - During the reporting period, the company had no transactions involving changes in ownership equity in subsidiaries while still retaining control[578](index=578&type=chunk) - During the reporting period, the company had no significant joint ventures or associates[580](index=580&type=chunk) [Government Grants](index=132&type=section&id=X.%20Government%20Grants) At period-end, the company recognized 0.83 million RMB in government grants receivable, with deferred income from grants totaling 14.91 million RMB, and 4.47 million RMB in grants recognized in profit or loss - At the end of the reporting period, government grants recognized at receivable amounts totaled **834,866.64 RMB**[587](index=587&type=chunk) Liability Items Involving Government Grants | Accounting Account | Period-Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Recognized in Non-operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-End Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 15,980,896.39 | | | 1,071,406.26 | 14,909,490.13 | Asset-related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | | VAT Refund Subsidy | 3,394,527.34 | 6,409,945.51 | | Central and Western Regions Shortcomings Remediation Funds - Phase II Project | 759,285.00 | 759,285.00 | | Sludge Project Renovation | 100,000.02 | 100,000.02 | | 2023 Provincial Award and Subsidy for Urban Domestic Waste Classification | 212,121.24 | 212,121.24 | | Job Stabilization Subsidies, Retention Subsidies | | 50,442.00 | | **Total** | **4,465,933.60** | **7,531,793.77** | [Risks Related to Financial Instruments](index=133&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (interest rate and foreign exchange), managed through credit assessment, liquidity monitoring, and matching foreign currency flows, with no hedging activities - The company faces major financial risks including credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk)[591](index=591&type=chunk)[594](index=594&type=chunk) - The company manages credit risk by assessing debtors' creditworthiness, setting credit limits, and regularly monitoring credit records[592](index=592&type=chunk) - The company manages liquidity risk by regularly analyzing debt structure and maturity, and maintaining credit lines[593](index=593&type=chunk) - The company closely monitors the impact of interest rate changes on interest-bearing debts like bank borrowings and endeavors to match foreign currency income and expenditure to reduce exchange rate risk[595](index=595&type=chunk)[597](index=597&type=chunk) - The company did not engage in hedging activities during the reporting period[598](index=598&type=chunk) [Disclosure of Fair Value](index=135&type=section&id=XII.%20Disclosure%20of%20Fair%20Value) At the end of the reporting period, the company had no assets or liabilities measured at fair value on a recurring or non-recurring basis, and no related disclosure of valuation methods - At the end of the reporting period, the company had no assets or liabilities measured at fair value on a recurring or non-recurring basis[601](index=601&type=chunk) [Related Parties and Related Party Transactions](index=136&type=section&id=XIII.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's controlling shareholder is Xinzengding (Hainan) Investment Development Co., Ltd., with Liu Yonghao as the ultimate controller. The company engaged in routine related party transactions, including purchasing 16.65 million RMB in raw materials and providing 0.0234 million RMB in services to Fantake Supply Chain Management (Shandong) Co., Ltd - The company's controlling shareholder is Xinzengding (Hainan) Investment Development Co., Ltd., and the ultimate controlling party is Liu Yonghao[602](index=602&type=chunk) Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Content of Related Transaction | Amount in Current Period (RMB) | | :--- | :--- | :--- | | Fantake Supply Chain Management (Shandong) Co., Ltd. and its related parties | Purchase of gold and other raw materials | 16,651,910.62 | | Fantake Supply Chain Management (Shandong) Co., Ltd. and its related parties | Provision of comprehensive services | 23,428.80 | - The company renewed a **200 million RMB** loan (principal) from its controlling shareholder, Xinzengding Company, with an interest rate not exceeding the bank's loan interest rate for the same period[621](index=621&type=chunk) - The company conducts deposit and loan business with Sichuan XW Bank Co., Ltd. (a related party of the actual controller); at the end of the reporting period, the deposit balance was **14.9396 million RMB**, with no loan business[622](index=622&type=chunk) Related Party Payables | Item Name | Related Party | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | :--- | | Prepaid Accounts | Fantake Supply Chain Management (Shandong) Co., Ltd. and its related parties | 230,635.07 | 35,183.61 | | Other Payables | Xinzengding (Hainan) Investment Development Co., Ltd. | 216,797,260.30 | 214,222,739.76 | [Share-based Payment](index=141&type=section&id=XIV.%20Share-based%20Payment) The company reported no share-based payment activities, including equity-settled or cash-settled plans, related expenses, or modifications, during the reporting period - The company reported no share-based payment related matters during the reporting period[627](index=627&type=chunk) [Commitments and Contingencies](index=141&type=section&id=XV.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had signed equipment procurement contracts totaling 205.12 million RMB, with 107.80 million RMB unpaid, and a 6.15 million RMB provision for a subsidiary's guarantee liability - As of June 30, 2025, the company had signed large equipment procurement contracts totaling approximately **205.1183 million RMB**, with **107.8040 million RMB** yet to be paid[628](index=628&type=chunk) - The company has an estimated liability of **6.1463 million RMB**, representing the estimated guarantee responsibility for a subsidiary's guarantee of a financial leasing institution's debt[629](index=629&type=chunk) - The company has no other significant contingent matters requiring disclosure[630](index=630&type=chunk) [Events After the Balance Sheet Date](index=141&type=section&id=XVI.%20Events%20After%20the%20Balance%20Sheet%20Date) After the balance sheet date, the company repaid a 217 million RMB loan, the controlling shareholder fulfilled a 437 million RMB performance compensation, and there were potential changes in the indirect controlling shareholder and management - The company fully repaid the principal and related interest of **217 million RMB** to its controlling shareholder, Xinzengding Company, on July 31, 2025[634](index=634&type=chunk) - Controlling shareholder Xinzengding Company paid **436,757,685.84 RMB** in performance compensation on July 25, 2025, fulfilling its compensation obligation[635](index=635&type=chunk) - The company's indirect controlling shareholder, New Hope Investment Group Co., Ltd., is planning to transfer equity to a third party, which may lead to a change in the company's controlling shareholder and/or actual controller[636](index=636&type=chunk) - The company's Deputy General Manager and CFO Wang Zhaohui resigned, and Zhong Xiaolei was appointed as Deputy General Manager and CFO[637](index=637&type=chunk) - Controlling shareholder Xinzengding Company pledged shares and released **70 million shares** from pledge on August 23, 2025, accounting for **2.63%** of the company's total share capital[639](index=639&type=chunk) [Other Significant Matters](index=143&type=section&id=XVII.%20Other%20Significant%20Matters) The company reported no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations, and disclosed financial information for its supply chain and new energy segments - The company reported no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations during the reporting period[640](index=640&type=chunk)[643](index=643&type=chunk) - The company has identified two reportable segments, Supply Chain Segment and New Energy Segment, and regularly evaluates their operating results[645](index=645&type=chunk) Financial Information of Reportable Segments | Item | Supply Chain Segment (RMB) | New Energy Segment (RMB) | Inter-segment Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | External Transaction Revenue | 12,882,115.25 | 96,159,349.04 | | 109,041,464.29 | | Total Profit (Total Loss) | -10,112,118.84 | 14,986,778.69 | | 4,874,659.85 | | Net Profit (Net Loss) | -10,693,453.99 | 13,048,813.74 | | 2,355,359.75 | | Total Assets | 941,263,357.58 | 1,268,985,081.75 | -865,215,383.49 | 1,345,171,497.59 | | Total Liabilities | 338,908,448.50 | 912,020,488.16 | -409,718,626.49 | 841,210,310.17 | [Notes to Parent Company Financial Statement Major Items](index=145&type=section&id=XVIII.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section details parent company financial statement items, including accounts receivable (1.29 million RMB), other receivables (364.18 million RMB), long-term equity investments (812.07 million RMB), operating revenue (0.15 million RMB), and investment income (0.3962 million RMB) - The parent company's accounts receivable book balance at period-end was **1,286,762.80 RMB**, with a bad debt provision of **12,867.63 RMB**[652](index=652&type=chunk) - The parent company's other receivables book balance at period-end was **551,251,537.06 RMB**, with a bad debt provision of **187,069,182.41 RMB**, and a book value of **364,182,354.65 RMB**[684](index=684&type=chunk) - The parent company's long-term equity investments book value at period-end was **812,067,115.61 RMB**, primarily investments in subsidiaries[695](index=695&type=chunk) - The parent company's operating revenue for the current period was **152,336.63 RMB**, and operating cost was **515,601.04 RMB**[701](index=701&type=chunk) - The parent company's investment income for the current period was **396,200.00 RMB**, primarily from the disposal of long-term equity investments[706](index=706&type=chunk) [Supplementary Information](index=156&type=section&id=XIX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses totaling 1,145,663.27 RMB, and key metrics like weighted average return on net assets and basic earnings per share Current Period Non-recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from disposal of non-current assets | 535,444.43 | | Government grants recognized in current profit/loss | 1,071,406.26 | | Other non-operating income and expenses apart from the above | -458,697.16 | | Other gains and losses meeting the definition of non-recurring | 23,351.24 | | Less: Income tax impact | 25,617.45 | | Minority interest impact (after tax) | 224.05 | | **Total** | **1,145,663.27** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | Diluted Ea

Group 1 - The stock price of Feima International is reported at 3.03 yuan, unchanged from the previous trading day [1] - The opening price was 3.02 yuan, with an intraday high of 3.05 yuan and a low of 2.98 yuan, with a trading volume of 1.2213 million hands and a transaction amount of 368 million yuan [1] - Feima International operates in the environmental protection industry, with business activities in Guangdong, covering unified large market, green electricity, and express delivery sectors [1] Group 2 - On August 25, the net outflow of main funds was 34.2536 million yuan, with a cumulative net outflow of 129 million yuan over the past five trading days [1]