[Section 1 Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%H%92%8C%E9%87%8A%E4%B9%89) [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and management guarantee the report's authenticity and assume legal liability, with no planned profit distribution for the period - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report and assume legal responsibility[4](index=4&type=chunk) - Company head Wang Bingyi and chief accountant Du Xiqi declare the financial reports are true, accurate, and complete[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's directory lists nine main sections, providing comprehensive navigation for investors - The report contains nine main sections, featuring a complete structure for easy reference[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report to ensure accurate reader comprehension - This section clarifies the definitions of key terms such as the company, subsidiaries, regulatory bodies, and the reporting period[12](index=12&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Zhejiang Juli Culture Development Co, Ltd is listed on the Shenzhen Stock Exchange under the stock code 002247 Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Juli Culture | | Stock Code | 002247 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Wang Bingyi | [II. Contact Persons and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Wei Xiaojing and the Securities Affairs Representative is Hu Yuting Company Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wei Xiaojing | 1958 Huannan Road, Linglong Industrial Zone, Linglong Street, Lin'an District, Hangzhou, Zhejiang | 0571-63818733 | dsh@dilong.cc | | Securities Affairs Representative | Hu Yuting | 1958 Huannan Road, Linglong Industrial Zone, Linglong Street, Lin'an District, Hangzhou, Zhejiang | 0571-63818733 | dsh@dilong.cc | [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period - The company's contact information, information disclosure, and filing locations remained unchanged during the reporting period and can be referenced in the 2024 annual report[16](index=16&type=chunk)[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue and net profit declined, but net profit excluding non-recurring items and operating cash flow improved significantly Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Change vs Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 364,574,110.66 | 415,355,987.91 | -12.23% | | Net Profit Attributable to Shareholders | 23,653,688.55 | 221,844,632.63 | -89.34% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 22,601,450.35 | 16,742,906.49 | 34.99% | | Net Cash Flow from Operating Activities | -12,219,123.54 | -41,097,005.88 | 70.27% | | Basic Earnings Per Share (Yuan/share) | 0.0278 | 0.2607 | -89.34% | | Diluted Earnings Per Share (Yuan/share) | 0.0278 | 0.2607 | -89.34% | | Weighted Average Return on Equity | 3.72% | 42.98% | -39.26% | | **End of Current Period** | | **End of Prior Year** | **Change vs End of Prior Year** | | Total Assets | 948,664,044.93 | 930,314,769.02 | 1.97% | | Net Assets Attributable to Shareholders | 646,926,024.05 | 623,272,335.50 | 3.80% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) There were no discrepancies in net profit or net assets between Chinese and international accounting standards during the reporting period - The company had **no discrepancies in net profit or net assets** under domestic and foreign accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled 1.05 million Yuan, primarily from government grants and fair value changes Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (Yuan) | Notes | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -37,832.89 | | | Government Grants Included in Current Profit/Loss | 2,163,986.23 | | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 985,089.17 | | | Reversal of Impairment Provision for Individually Tested Receivables | 146,113.50 | | | Gains/Losses from Contingent Events Unrelated to Normal Business | -610,259.43 | Investor claim losses | | Other Non-operating Income and Expenses | 621,662.52 | | | Other Items Defined as Non-recurring Profit/Loss | -1,583,749.09 | Guarantee losses | | Less: Income Tax Impact | 632,536.51 | | | Less: Minority Interest Impact (After Tax) | 235.30 | | | **Total** | **1,052,238.20** | | - The company did not reclassify any non-recurring profit and loss items as recurring[23](index=23&type=chunk) [Section 3 Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Principal Business Activities during the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company specializes in decorative surfacing materials, facing market pressures from the real estate downturn but seeing potential from supportive government policies - The company's main business is the R&D, design, production, and sale of mid-to-high-end building decorative surfacing materials, including melamine decorative paper, high-performance decorative panels, and PVC decorative materials[25](index=25&type=chunk) - The company operates on a **"produce-to-order" model** and primarily uses a direct sales model, supplemented by distribution for some products[25](index=25&type=chunk) - As a leading enterprise in the decorative paper sub-industry, the company is positioned in the mid-to-high-end market, leveraging its brand influence, R&D capabilities, and product quality[26](index=26&type=chunk) - In H1 2025, the continued decline in real estate sales area impacted market demand, leading to lower order volumes, reduced average selling prices, and a **12.23% year-on-year decrease in operating revenue**[26](index=26&type=chunk)[28](index=28&type=chunk) - National policies optimizing real estate and encouraging consumption, such as urban village renovation and trade-in programs, may positively impact the company's industry[27](index=27&type=chunk) [II. Core Competitiveness Analysis](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company maintains a comprehensive competitive edge through its brand, technology, equipment, quality, management, and risk control systems - The company holds a leading position in the industry in terms of brand, technology, equipment, quality, management, and risk control[30](index=30&type=chunk) - Positioned in the mid-to-high-end market, the company possesses a provincial-level high-tech enterprise R&D center, with leading design capabilities and technological processes[30](index=30&type=chunk) - The company continuously updates its production lines and quality inspection equipment to enhance product quality and stability, while strengthening digital marketing and information management[30](index=30&type=chunk)[31](index=31&type=chunk) - A robust business risk management system ensures high contract fulfillment efficiency and sales collection rates[31](index=31&type=chunk) [III. Main Business Analysis](index=10&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue declined due to market demand, but net profit excluding non-recurring items grew 34.99%, while reported net profit fell sharply due to a high base effect from a prior-year settlement Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 364,574,110.66 | 415,355,987.91 | -12.23% | Reduced market demand and lower order volume | | Operating Costs | 284,862,825.82 | 328,917,960.59 | -13.39% | Decrease in operating revenue and raw material prices | | Selling Expenses | 11,662,451.66 | 14,661,772.45 | -20.46% | Decrease in employee compensation and exhibition fees | | Finance Expenses | -1,727,490.73 | -3,461,661.03 | -50.10% | Decrease in deposit interest | | Income Tax Expense | 479,540.14 | 1,469,864.84 | -67.38% | Subsidiaries re-certified as high-tech enterprises, tax rate reduced from 25% to 15% | | Net Cash Flow from Operating Activities | -12,219,123.54 | -41,097,005.88 | 70.27% | Reduced payments for maturing material purchases | | Net Cash Flow from Investing Activities | -13,680,096.10 | -156,792,459.66 | 91.28% | Prior year period included payment for Tencent case settlement | | Other Income | 14,415,028.86 | 10,205,362.27 | 41.25% | Increase in VAT refunds | Operating Revenue Composition (by Product and Region) | Category | Item | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | Decorative Paper | 149,965,286.99 | 41.13% | 178,198,793.73 | 42.90% | -15.84% | | | Impregnated Paper | 77,194,195.15 | 21.17% | 95,381,140.75 | 22.96% | -19.07% | | | PVC Decorative Materials | 71,289,176.84 | 19.55% | 63,028,926.05 | 15.17% | 13.11% | | | Decorative Paper Panels | 59,140,385.09 | 16.22% | 73,442,056.98 | 17.68% | -19.47% | | **By Region** | Domestic Sales | 292,414,172.01 | 80.21% | 335,887,291.01 | 80.87% | -12.94% | | | Export Sales | 72,159,938.65 | 19.79% | 79,468,696.90 | 19.13% | -9.20% | Gross Margin Changes for Products Accounting for Over 10% of Revenue or Profit | Product | Operating Revenue | Operating Costs | Gross Margin | YoY Revenue Change | YoY Cost Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Decorative Paper | 149,965,286.99 | 106,661,380.69 | 28.88% | -15.84% | -18.94% | 2.72% | | Impregnated Paper | 77,194,195.15 | 67,059,489.59 | 13.13% | -19.07% | -18.70% | -0.39% | | PVC Decorative Materials | 71,289,176.84 | 53,860,425.61 | 24.45% | 13.11% | 12.46% | 0.43% | | Decorative Paper Panels | 59,140,385.09 | 53,899,260.81 | 8.86% | -19.47% | -17.31% | -2.39% | [IV. Non-core Business Analysis](index=12&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business activities, including investment income and non-operating items, had a minor and non-sustainable impact on total profit Impact of Non-core Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 985,089.17 | 4.26% | Interest income from structured deposits | No | | Non-operating Income | 700,053.10 | 3.02% | Income from disposal of scrapped fixed assets and unpayable accounts | No | | Non-operating Expenses | 716,622.87 | 3.10% | Provision for investor claim losses | No | [V. Analysis of Assets and Liabilities](index=12&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets grew slightly, with a significant increase in accounts receivable due to more lenient credit policies for reliable clients Significant Changes in Asset Composition | Item | End of Period Amount (Yuan) | % of Total Assets | Prior Year-end Amount (Yuan) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 266,611,761.22 | 28.10% | 293,750,964.81 | 31.58% | -3.48% | No significant change | | Accounts Receivable | 177,523,779.95 | 18.71% | 81,502,137.67 | 8.76% | 9.95% | Lenient credit policies for good-credit customers after year-end collection efforts | | Notes Receivable Financing | 16,068,103.03 | 1.69% | 52,957,129.33 | 5.69% | -4.00% | Notes receivable endorsed to pay accounts payable | | Other Current Assets | 4,012,446.47 | 0.42% | 2,612,276.73 | 0.28% | 0.14% | Increase in prepaid and undeducted taxes | | Other Non-current Assets | 4,213,776.74 | 0.44% | 1,851,781.50 | 0.20% | 0.24% | Increase in prepayments for fixed assets | | Provisions | 4,479,683.55 | 0.47% | 16,262,370.26 | 1.75% | -1.28% | Payment of investor claims during the period | | Minority Interest | 3,931,113.43 | 0.41% | 2,231,419.23 | 0.24% | 0.17% | Capital contribution by minority shareholder of Guangxi Dilong and investment from new minority shareholder in Longyu company | - The company has no major overseas assets or assets and liabilities measured at fair value[43](index=43&type=chunk)[44](index=44&type=chunk) Restricted Assets as of the Reporting Period End | Item | Year-end Book Balance (Yuan) | Year-end Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 11,089,475.61 | 11,089,475.61 | Frozen/Note Deposit | Bank deposit of 15,864.04 Yuan frozen; other cash equivalents of 11,073,611.57 Yuan are bank acceptance bill deposits | | Fixed Assets | 144,254,659.90 | 81,741,449.19 | Mortgage | Mortgage guarantee | | Intangible Assets | 46,720,934.96 | 32,400,021.68 | Mortgage | Mortgage guarantee | | Investment Property | 13,733,569.33 | 9,025,215.02 | Mortgage | Mortgage guarantee | | **Total** | **215,798,639.80** | **134,256,161.50** | | | [VI. Investment Analysis](index=14&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company did not engage in any significant equity, non-equity, securities, or derivatives investments during the reporting period - The company had **no significant equity investments, non-equity investments, securities investments, derivatives investments, or use of raised funds** during the reporting period[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [VII. Sale of Major Assets and Equity](index=14&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major assets or equity were sold by the company during the reporting period - The company did not sell any major assets or equity during the reporting period[47](index=47&type=chunk)[48](index=48&type=chunk) [VIII. Analysis of Major Subsidiaries and Investees](index=15&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The main subsidiary, Dilong New Materials, reported total assets of 1.52 billion Yuan and net profit of 33.94 million Yuan Financial Data of Main Subsidiary Dilong New Materials | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dilong New Materials | Subsidiary | Production and sale of melamine decorative paper, high-performance decorative panels, decorative material printing, etc | 60,000,000 | 1,516,005,883.67 | 1,261,723,226.92 | 364,574,110.66 | 33,830,503.07 | 33,944,652.59 | - The company did not acquire or dispose of any subsidiaries during the reporting period[50](index=50&type=chunk) [IX. Structured Entities Controlled by the Company](index=15&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not have any controlled structured entities during the reporting period - The company did not have any controlled structured entities during the reporting period[51](index=51&type=chunk) [X. Risks and Countermeasures](index=15&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from market competition, policy changes, and investor claims, which it mitigates through R&D, customer optimization, and prudent decision-making - The company faces operational risks including **intensified market competition, macroeconomic and industry policy adjustments, raw material price volatility, and the impact of international situations on exports**[51](index=51&type=chunk) - The company addresses operational risks through continuous R&D investment, customer structure optimization, heightened market sensitivity, policy monitoring, and stable relationships with suppliers and customers[51](index=51&type=chunk) - The company faces investor claim risks and has **accrued a provision for losses of 51.02 million Yuan**, with 49.34 million Yuan already paid out[53](index=53&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=16&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system or disclosed a valuation enhancement plan[55](index=55&type=chunk) [XII. Implementation of the "Dual Enhancement of Quality and Returns" Action Plan](index=16&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan[55](index=55&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=17&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [I. Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Liu Yulong was elected as an independent director, while four other directors and supervisors left upon term completion Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Liu Yulong | Independent Director | Elected | 2025-05-21 | Change of term | | Liu Meijuan | Independent Director | Term expired | 2025-05-21 | Change of term | | Chen Min | Supervisor | Term expired | 2025-05-21 | Change of term | | Yu Xiaoxia | Supervisor | Term expired | 2025-05-21 | Change of term | | Zhang Haifeng | Supervisor | Term expired | 2025-05-21 | Change of term | [II. Profit Distribution and Capitalization of Capital Reserves for the Reporting Period](index=17&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the first half of the year - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the first half of the year[58](index=58&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had **no equity incentive plans, employee stock ownership plans, or other employee incentive measures** during the reporting period[59](index=59&type=chunk) [IV. Environmental Information Disclosure](index=17&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its four main subsidiaries are included in the list of enterprises required to disclose environmental information by law - The company and its four main subsidiaries are included in the list of enterprises required to disclose environmental information by law[60](index=60&type=chunk) [V. Social Responsibility](index=17&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by protecting stakeholder rights, promoting environmental sustainability, and contributing to public welfare - The company strictly adheres to laws and regulations, perfects its corporate governance structure, and ensures timely, truthful, accurate, complete, and fair information disclosure to protect shareholder and investor rights[62](index=62&type=chunk) - Adhering to a "people-oriented" philosophy, the company protects employees' legal rights, continuously improves human resource management, provides systematic talent development, and prioritizes production safety and labor protection[62](index=62&type=chunk) - The company upholds the principle of honesty and trustworthiness, establishing strategic partnerships with suppliers and customers to ensure the protection of all parties' legal rights[63](index=63&type=chunk) - The company highly values environmental protection, implementing full-process clean management, promoting green development, and its subsidiaries have built distributed photovoltaic power generation projects, generating a total of **3.47 million kWh** in H1 2025[63](index=63&type=chunk) - The company complies with tax laws, actively participates in social welfare initiatives, and provides employment opportunities for persons with disabilities[64](index=64&type=chunk) [Section 5 Significant Matters](index=19&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [I. Commitments Fulfilled or Overdue by Relevant Parties](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) Several parties failed to fulfill performance compensation commitments, while non-compete and concerted action agreements remain in effect - Yu Haifeng, Suzhou Juli Huying Investment Management Center (Limited Partnership), and Huofeng Tianxiang Technology (Beijing) Co, Ltd **failed to fulfill performance compensation commitments**, with their restricted shares being judicially auctioned or remaining under restriction[67](index=67&type=chunk) - The Shenzhen Stock Exchange has issued a **public censure** to the parties who failed to fulfill their performance compensation commitments[68](index=68&type=chunk) - The non-compete commitments from shareholders Zhejiang Dilong Holding Co, Ltd, Jiang Feixiong, Jiang Zugong, and Jiang Liqin are being duly fulfilled[67](index=67&type=chunk) - Jiang Zugong, Bu Jingjing, Jiang Feixiong, Jiang Xiaowen, Jiang Liqin, and Zhejiang Dilong Holding Co, Ltd continue to act in concert[67](index=67&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=20&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had **no non-operating fund occupation** by controlling shareholders or other related parties during the reporting period[69](index=69&type=chunk) [III. Irregular External Guarantees](index=20&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had **no irregular external guarantees** during the reporting period[70](index=70&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=20&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has **not been audited**[71](index=71&type=chunk) [V. Board's Explanation of "Non-standard Audit Report" for the Current Period](index=20&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) No "non-standard audit report" was issued by the accounting firm for the reporting period - No "non-standard audit report" was issued by the accounting firm for the reporting period[72](index=72&type=chunk) [VI. Board's Explanation of "Non-standard Audit Report" from the Previous Year](index=20&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) There is no explanation regarding a "non-standard audit report" from the previous year - There is no explanation regarding a "non-standard audit report" from the previous year[72](index=72&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=21&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not undergo any bankruptcy or reorganization proceedings during the reporting period - The company did not undergo any bankruptcy or reorganization proceedings during the reporting period[72](index=72&type=chunk) [VIII. Litigation Matters](index=21&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is managing two major lawsuits through a settlement agreement and ongoing mediation, while other minor subsidiary lawsuits are not expected to have a material impact Significant Litigation and Arbitration | Case Details | Amount Involved (10k Yuan) | Provision Made | Progress | Ruling and Impact | Execution Status | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shizuishan Bank financial loan dispute against Suzhou Qisimiaoxiang, the company, and Yu Haifeng | 3,000 | Yes | Second-instance judgment issued by Ningxia Higher People's Court | The original judgment was upheld; the company bears joint and several liability | The company signed a settlement agreement with the bank on July 24, 2025, which is currently being executed | 2025-07-25 | Announcement on Settlement Agreement with Shizuishan Bank (2025-017) | | Securities misrepresentation liability dispute | 80.09 | Yes | Second-instance judgment issued by Zhejiang Higher People's Court | The original judgment was upheld; a provision has been made, and no material impact on current or future profits is expected | The case has been fully executed | 2024-04-25 | Announcement on Litigation Progress (2024-012) | - The subsidiary Dilong New Materials and its subsidiaries are involved in several minor lawsuits that are not expected to have a material impact on the company's performance[73](index=73&type=chunk) [IX. Penalties and Rectifications](index=22&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[74](index=74&type=chunk) [X. Integrity of the Company, its Controlling Shareholders, and Actual Controller](index=22&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) There were no integrity issues concerning the company, its controlling shareholders, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholders, or actual controller during the reporting period[75](index=75&type=chunk) [XI. Major Related-Party Transactions](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions related to daily operations, asset acquisitions, investments, or debt occurred during the reporting period - No related-party transactions related to daily operations occurred during the reporting period[75](index=75&type=chunk) - No related-party transactions involving the acquisition or sale of assets or equity occurred during the reporting period[76](index=76&type=chunk) - No joint external investments with related parties occurred during the reporting period[77](index=77&type=chunk) - There were no related-party credit or debt transactions during the reporting period[78](index=78&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with related financial companies[79](index=79&type=chunk)[80](index=80&type=chunk) - There were no other major related-party transactions during the reporting period[81](index=81&type=chunk) [XII. Major Contracts and Their Performance](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has an outstanding external guarantee balance of 47.1 million Yuan, primarily related to a joint liability guarantee for Suzhou Qisimiaoxiang - The company had no custody, contracting, leasing, or entrusted wealth management arrangements during the reporting period[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[88](index=88&type=chunk) Company and Subsidiary External Guarantees | Guaranteed Party | Guarantee Limit (10k Yuan) | Actual Date | Actual Amount (10k Yuan) | Guarantee Type | Guarantee Period | Completed | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Qisimiaoxiang | 3,000 | 2019-06-26 | 3,000 | Joint and several liability | Two years from the loan maturity date under the main contract | No | No | | Guangxi Dilong | 500 | 2024-11-29 | 500 | Joint and several liability | Three years from the debt maturity date | No | No | | **Total Outstanding External Guarantee Balance at Period End** | | | **4,709.45** | | | | | | **Total Actual Guarantee Amount as a % of Net Assets** | | | **8.05%** | | | | | - The previous guarantee for Suzhou Qisimiaoxiang has been converted into a direct external guarantee by the company, with losses recognized based on estimated potential liabilities[87](index=87&type=chunk) - There were no other major contracts during the reporting period[89](index=89&type=chunk) [XIII. Explanation of Other Significant Matters](index=24&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) There were no other significant matters requiring explanation during the reporting period - There were no other significant matters requiring explanation during the reporting period[90](index=90&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=25&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[91](index=91&type=chunk) [Section 6 Share Capital Changes and Shareholder Information](index=26&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [I. Share Capital Changes](index=26&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at 850,870,049 shares, with no changes in restricted or unrestricted shares during the period Share Capital Changes | Item | Pre-change Quantity (shares) | Pre-change Ratio | Change (+, -) | Post-change Quantity (shares) | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 207,329,377 | 24.37% | 0 | 207,329,377 | 24.37% | | Of which: Domestic corporate holdings | 78,195,959 | 9.19% | 0 | 78,195,959 | 9.19% | | Domestic individual holdings | 129,133,418 | 15.18% | 0 | 129,133,418 | 15.18% | | II. Unrestricted Shares | 643,540,672 | 75.63% | 0 | 643,540,672 | 75.63% | | Of which: RMB ordinary shares | 643,540,672 | 75.63% | 0 | 643,540,672 | 75.63% | | III. Total Shares | 850,870,049 | 100.00% | 0 | 850,870,049 | 100.00% | - During the reporting period, the company's **total share count, number of restricted shares, and number of unrestricted shares remained unchanged**[94](index=94&type=chunk) - The company had no share repurchases or reductions of repurchased shares via centralized bidding during the reporting period[95](index=95&type=chunk) [II. Securities Issuance and Listing](index=27&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[95](index=95&type=chunk) [III. Number of Shareholders and Shareholding Status](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the period end, the company had 28,121 shareholders, with the largest shareholder, Jiang Zugong, holding a 10.09% stake - The total number of ordinary shareholders at the end of the reporting period was **28,121**[96](index=96&type=chunk) Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Zugong | Domestic Individual | 10.09% | 85,836,363 | 66,436,363 | 19,400,000 | N/A | | Tibet Enhe Construction Engineering Co, Ltd | Domestic Non-state-owned Corp | 5.88% | 50,000,000 | 50,000,000 | 0 | N/A | | Bu Jingjing | Domestic Individual | 5.00% | 42,550,000 | 0 | 42,550,000 | N/A | | Suzhou Juli Huying Investment Management Center (LP) | Domestic Non-state-owned Corp | 3.31% | 28,195,959 | 28,195,959 | 0 | Pledged: 28,190,000; Frozen: 28,195,959 | | Yu Haifeng | Domestic Individual | 1.65% | 14,000,000 | 14,000,000 | 0 | Pledged: 14,000,000; Frozen: 14,000,000 | - Jiang Zugong, Bu Jingjing, Jiang Feixiong, Jiang Xiaowen, Zhejiang Dilong Holding Co, Ltd, and Jiang Liqin are parties acting in concert[97](index=97&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=28&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and 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[98](index=98&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=29&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[99](index=99&type=chunk) - The company's actual controller did not change during the reporting period[99](index=99&type=chunk) [VI. Preferred Stock Information](index=29&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[100](index=100&type=chunk) [Section 7 Bond-related Matters](index=30&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-related Matters](index=30&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[102](index=102&type=chunk) [Section 8 Financial Report](index=31&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [I. Audit Report](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has **not been audited**[104](index=104&type=chunk) [II. Financial Statements](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the first half of 2025 [1. Consolidated Balance Sheet](index=31&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were 949 million Yuan, a 1.97% increase from the beginning of the year - As of June 30, 2025, the company's consolidated total assets were **948,664,044.93 Yuan**, an increase of 1.97% from the beginning of the year[109](index=109&type=chunk) - Total equity attributable to parent company shareholders was **646,926,024.05 Yuan**, an increase of 3.80% from the beginning of the year[109](index=109&type=chunk) [2. Parent Company Balance Sheet](index=34&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were 587 million Yuan, with total equity at -24.03 million Yuan - As of June 30, 2025, the parent company's total assets were **586,986,551.29 Yuan**[113](index=113&type=chunk) - The parent company's long-term equity investments amounted to **561,920,160.08 Yuan**[111](index=111&type=chunk) - The parent company's total shareholders' equity was **-24,031,310.02 Yuan**[113](index=113&type=chunk) [3. Consolidated Income Statement](index=37&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, consolidated revenue was 365 million Yuan, with net profit attributable to shareholders down 89.34% due to a high base effect - In H1 2025, the company's consolidated total operating revenue was **364,574,110.66 Yuan**, a year-on-year decrease of 12.23%[114](index=114&type=chunk) - Net profit attributable to parent company shareholders was **23,653,688.55 Yuan**, a year-on-year decrease of 89.34%[115](index=115&type=chunk) - Basic earnings per share was **0.0278 Yuan**[116](index=116&type=chunk) [4. Parent Company Income Statement](index=39&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, the parent company recorded revenue of 0.88 million Yuan and a net loss of 10.97 million Yuan - In H1 2025, the parent company's operating revenue was **881,081.18 Yuan**, a year-on-year decrease of 59.94%[117](index=117&type=chunk) - The parent company's net loss was **-10,968,404.79 Yuan**[118](index=118&type=chunk) [5. Consolidated Cash Flow Statement](index=40&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating and investing activities improved significantly, resulting in a net decrease in cash of 23.47 million Yuan - Net cash flow from operating activities was **-12,219,123.54 Yuan**, a 70.27% improvement year-on-year[121](index=121&type=chunk) - Net cash flow from investing activities was **-13,680,096.10 Yuan**, a 91.28% improvement year-on-year, mainly due to the payment of the Tencent case settlement in the prior year period[121](index=121&type=chunk) - The net increase in cash and cash equivalents was **-23,470,866.85 Yuan**[122](index=122&type=chunk) [6. Parent Company Cash Flow Statement](index=42&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, the parent company's net cash flow was negative from operating and investing activities but positive from financing activities - The parent company's net cash flow from operating activities was **-5,895,545.94 Yuan**[123](index=123&type=chunk) - The parent company's net cash flow from investing activities was **-12,392,946.14 Yuan**[124](index=124&type=chunk) - The parent company's net cash flow from financing activities was **18,310,054.63 Yuan**[124](index=124&type=chunk) [7. Consolidated Statement of Changes in Shareholders' Equity](index=44&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, consolidated total equity increased by 25.35 million Yuan, primarily driven by the period's net profit - As of June 30, 2025, the company's consolidated total shareholders' equity was **650,857,137.48 Yuan**, an increase of 25,353,382.75 Yuan from the beginning of the year[127](index=127&type=chunk) - Equity attributable to parent company shareholders was **646,926,024.05 Yuan**, an increase of 23,653,688.55 Yuan from the beginning of the year[127](index=127&type=chunk) [8. Parent Company Statement of Changes in Shareholders' Equity](index=48&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the parent company's total equity decreased by 10.97 million Yuan due to the net loss for the period - As of June 30, 2025, the parent company's total shareholders' equity was **-24,031,310.02 Yuan**, a decrease of 10,968,404.79 Yuan from the beginning of the year[134](index=134&type=chunk) [III. Company Basic Information](index=52&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Zhejiang Juli Culture Development Co, Ltd, listed in 2008, specializes in decorative surfacing materials and its financial statements were approved on August 20, 2025 - The company was listed on the Shenzhen Stock Exchange in 2008 with a registered capital of **850,870,049.00 Yuan**[139](index=139&type=chunk) - The company's main business is the R&D, design, production, and sale of mid-to-high-end decorative surfacing materials[139](index=139&type=chunk) - These financial statements were approved for issuance by the 7th Board of Directors at its 2nd meeting on August 20, 2025[139](index=139&type=chunk) [IV. Basis of Preparation for Financial Statements](index=52&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, with no material uncertainties affecting the company's continuing operations - The company's financial statements are prepared on a **going concern basis**[140](index=140&type=chunk) - There are no matters or circumstances that cast significant doubt on the company's ability to continue as a going concern for the next 12 months[141](index=141&type=chunk) [V. Significant Accounting Policies and Estimates](index=52&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's key accounting policies and estimates, which are based on enterprise accounting standards and a going concern assumption - The company's financial statements comply with enterprise accounting standards, providing a true and complete view of its financial position, operating results, and cash flows[143](index=143&type=chunk) - The company uses a 12-month period to classify assets and liabilities as current or non-current and uses the RMB as its functional currency[145](index=145&type=chunk)[146](index=146&type=chunk) - The company has disclosed specific accounting policies and estimates for financial instruments, receivables, inventories, fixed assets, intangible assets, and revenue recognition[142](index=142&type=chunk)[154](index=154&type=chunk)[173](index=173&type=chunk)[175](index=175&type=chunk)[193](index=193&type=chunk)[200](index=200&type=chunk)[216](index=216&type=chunk) - There were **no significant changes in accounting policies or estimates**, and no initial adoption of new accounting standards requiring adjustments to the opening financial statements during the reporting period[231](index=231&type=chunk) [VI. Taxes](index=71&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes and benefits from preferential tax policies, including reduced rates for high-tech enterprises and small micro-enterprises Main Taxes and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales revenue from goods and taxable services | 3%, 5%, 6%, 9%, 13% (Export rebate rate 13%) | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | Taxpayers with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | Dilong New Materials Co | 15% | | Haining Dilong Co | 15% | | Chengdu Dilong Co | 15% | | Guangdong Dilong Co | 20% | | Guangxi Dilong Co | 20% | | Longyu New Materials Co | 20% | | All other taxpayers not listed above | 25% | - The company benefits from a **VAT refund policy** for employing persons with disabilities[239](index=239&type=chunk)[240](index=240&type=chunk) - Dilong New Materials, Haining Dilong, and Chengdu Dilong are recognized as high-tech enterprises and are subject to a **preferential income tax rate of 15%**[241](index=241&type=chunk) - Guangdong Dilong, Guangxi Dilong, and Longyu New Materials qualify as small and micro-sized enterprises and are subject to a **corporate income tax rate of 20%**[242](index=242&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=72&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the consolidated financial statements, highlighting significant changes in receivables, provisions, and cash flows - **Cash and cash equivalents** at period-end were 267 million Yuan, a decrease of 9.24% from the beginning of the year[244](index=244&type=chunk) - The book balance of **accounts receivable** at period-end was 203 million Yuan, an increase of 98.91% from the beginning of the year, mainly due to more lenient credit policies for good-credit customers[247](index=247&type=chunk)[41](index=41&type=chunk) - The balance of **notes receivable financing** at period-end was 16.07 million Yuan, a decrease of 69.66% from the beginning of the year, mainly due to the endorsement of notes to pay accounts payable[257](index=257&type=chunk)[42](index=42&type=chunk) - The balance of **provisions** at period-end was 4.48 million Yuan, a decrease of 72.46% from the beginning of the year, mainly due to the payment of investor claims[345](index=345&type=chunk)[42](index=42&type=chunk) - Both **operating revenue and operating costs decreased year-on-year**, with revenue down 12.23% and costs down 13.39%[356](index=356&type=chunk) - Net cash flow from **operating activities** was -12.22 million Yuan, a 70.27% improvement compared to the same period last year[121](index=121&type=chunk) - Net cash flow from **investing activities** was -13.68 million Yuan, a 91.28% improvement compared to the same period last year, mainly due to the payment of the Tencent case settlement in the prior year[121](index=121&type=chunk) [VIII. R&D Expenditure](index=100&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) In H1 2025, the company's total R&D expenditure was 15.21 million Yuan, a decrease of 18.24% year-on-year, with all expenses capitalized R&D Expenditure Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | R&D Personnel Salaries | 8,330,183.20 | 10,104,872.68 | | R&D Materials | 4,231,809.22 | 5,445,686.65 | | Depreciation and Amortization | 1,901,773.00 | 1,959,274.45 | | R&D Energy Costs | 291,429.24 | 367,733.79 | | Others | 452,053.83 | 723,192.25 | | **Total** | **15,207,248.49** | **18,600,759.82** | | Of which: Expensed R&D Expenditure | 15,207,248.49 | 18,600,759.82 | - Total R&D expenditure for H1 2025 **decreased by 18.24% year-on-year** and was fully expensed[417](index=417&type=chunk) [IX. Changes in Consolidation Scope](index=101&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The consolidation scope expanded during the reporting period due to the establishment of a new subsidiary, Longyu New Materials (Zhejiang) Co, Ltd Increase in Consolidation Scope | Company Name | Equity Acquisition Method | Acquisition Date | Capital Contribution (Yuan) | Ownership Ratio | | :--- | :--- | :--- | :--- | :--- | | Longyu New Materials (Zhejiang) Co, Ltd | New Establishment | May 2025 | 12,000,000.00 | 80.00% | [X. Interests in Other Entities](index=101&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in 11 subsidiaries engaged in manufacturing and investment, with ownership stakes ranging from 62% to 100% Composition of the Business Group | Subsidiary Name | Registered Capital (Yuan) | Main Operating Location | Registered Location | Business Nature | Direct Ownership (%) | Indirect Ownership (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dilong New Materials Co | 60,000,000.00 | Lin'an | Lin'an | Manufacturing | 100.00% | 0.00% | Establishment | | Langfang Dilong Co | 90,520,000.00 | Langfang | Langfang | Manufacturing | 0.00% | 100.00% | Establishment | | Chengdu Dilong Co | 74,100,000.00 | Chengdu | Chengdu | Manufacturing | 0.00% | 100.00% | Establishment | | Dilong Linyi Co | 88,800,000.00 | Tancheng | Tancheng | Manufacturing | 0.00% | 100.00% | Establishment | | Haining Dilong Co | 60,000,000.00 | Haining | Haining | Manufacturing | 0.00% | 100.00% | Establishment | | Guangdong Dilong Co | 20,000,000.00 | Zhaoqing | Zhaoqing | Manufacturing | 0.00% | 90.00% | Establishment | | Guangxi Dilong Co | 13,000,000.00 | Liuzhou | Liuzhou | Manufacturing | 0.00% | 62.00% | Establishment | | Longyu New Materials Co | 12,000,000.00 | Haining | Haining | Manufacturing | 0.00% | 80.00% | Establishment | | Dilong Equity Investment Co | 100,000,000.00 | Lin'an | Lin'an | Investment | 100.00% | 0.00% | Establishment | | New Juli Media Co | 10,000,000.00 | Suzhou | Suzhou | Gaming | 100.00% | 0.00% | Establishment | | Suzhou Dianwo Co | 10,000,000.00 | Suzhou | Suzhou | Gaming | 0.00% | 100.00% | Establishment | [XI. Government Grants](index=101&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company's deferred income from government grants was 6.59 million Yuan at period-end, with 14.42 million Yuan recognized as other income during the period Liabilities related to Government Grants | Account | Opening Balance (Yuan) | New Grants (Yuan) | Recognized as Non-operating Income (Yuan) | Transferred to Other Income (Yuan) | Other Changes (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 6,213,910.57 | 1,012,700.00 | 0 | 634,507.78 | 0 | 6,592,102.79 | Asset-related | Government Grants Included in Current Profit/Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Government grants included in other income | 14,415,028.86 | 10,205,362.27 | [XII. Risks Related to Financial Instruments](index=102&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through customer assessments, diverse financing, and active monitoring of its financial instrument portfolio - The company faces **credit risk, liquidity risk, and market risk** (including interest rate and foreign exchange risk)[425](index=425&type=chunk) - Credit risk is managed through customer credit assessments, monitoring of receivables balances, and placing cash with highly-rated financial institutions[427](index=427&type=chunk) - Liquidity risk is controlled by utilizing various financing instruments like notes settlement and bank loans, and by combining long-term and short-term financing appropriately[428](index=428&type=chunk) - Market risk is managed by regularly reviewing and monitoring the financial instrument portfolio, and by trading foreign currencies to control foreign exchange risk exposure[430](index=430&type=chunk)[431](index=431&type=chunk)[432](index=432&type=chunk) [XIII. Fair Value Disclosure](index=105&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value totaled 16.07 million Yuan, consisting entirely of notes receivable financing valued using Level 3 inputs Fair Value of Assets and Liabilities at Period End | Item | Closing Fair Value (Yuan) | | :--- | :--- | | Notes Receivable Financing | 16,068,103.03 | | **Total Assets Continuously Measured at Fair Value** | **16,068,103.03** | - The company's notes receivable financing consists of bank acceptance bills with low credit risk and short remaining terms; their fair value is determined by their face value, using Level 3 fair value measurement[436](index=436&type=chunk) [XIV. Related Parties and Transactions](index=105&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's actual controller is Jiang Feixiong, and related-party transactions during the period included rental income and compensation for key management personnel - The company's controlling shareholder and actual controller is **Jiang Feixiong**[437](index=437&type=chunk) - Zhejiang Dilong Optoelectronic Materials Co, Ltd is another enterprise controlled by Jiang Feixiong and is a related party of the company[439](index=439&type=chunk) Related Party Leases (Company as Lessor) | Lessee Name | Leased Asset Type | Lease Income Recognized (Current Period, Yuan) | Lease Income Recognized (Prior Period, Yuan) | | :--- | :--- | :--- | :--- | | Dilong Optoelectronic Co | Buildings | 315,089.00 | 665,677.66 | - Compensation for key management personnel in the current period amounted to **1,860,983.16 Yuan**[443](index=443&type=chunk) - During the period, Dilong New Materials Co collected and paid utility fees of **23,640.46 Yuan** on behalf of Dilong Optoelectronic Co[444](index=444&type=chunk) [XV. Commitments and Contingencies](index=106&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has no significant contingencies to disclose - The company has no significant contingencies to disclose[447](index=447&type=chunk) [XVI. Subsequent Events](index=106&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) This section addresses other post-balance sheet events, with details provided in the notes to the financial statements - Other post-balance sheet events are detailed in the notes to these financial statements[448](index=448&type=chunk) [XVII. Other Important Matters](index=106&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company operates as a single segment, has corrected past financial misstatements, and is actively managing litigation and debt through settlements - The company's main business is managed as a single integrated unit, thus no segment information is disclosed[449](index=449&type=chunk) - The company's former subsidiary, Suzhou Meishengyuan, had inflated revenue, profit, and accounts receivable, leading to false records in the company's 2016-2018 annual reports, which were corrected on August 27, 2021[450](index=450&type=chunk)[451](index=451&type=chunk) - The company is involved in a civil liability dispute for securities misrepresentation and has provisioned **51.02 million Yuan** based on court judgments, with **49.34 million Yuan** already paid to investors[451](index=451&type=chunk)[452](index=452&type=chunk) - The company has signed an "Execution and Settlement Agreement" with Shizuishan Bank to repay a debt of **30 million Yuan** in installments by the end of May 2026[452](index=452&type=chunk) [XVIII. Notes to Key Items in Parent Company Financial Statements](index=107&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details key items in the parent company's financial statements, including other receivables, long-term investments, and revenue - The parent company's other receivables balance at period-end was **23,730,162.06 Yuan**, a slight increase from the beginning of the year[454](index=454&type=chunk) - A significant portion of the parent company's other receivables consists of intercompany balances and temporary payments, with large individual provisions for bad debt[456](index=456&type=chunk)[460](index=460&type=chunk) - The parent company's long-term equity investment balance at period-end was **561,920,160.08 Yuan**, primarily in the subsidiary Dilong New Materials Co, with no change during the period[466](index=466&type=chunk)[468](index=468&type=chunk) - The parent company's operating revenue, mainly from other business income, was **881,081.18 Yuan** for the period[470](index=470&type=chunk) [XIX. Supplementary Information](index=110&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring items, calculation of ROE and EPS, and confirms no accounting differences under domestic and foreign standards Details of Current Non-recurring Profit and Loss | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -37,832.89 | | Government Grants Included in Current Profit/Loss | 2,163,986.23 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 985,089.17 | | Reversal of Impairment Provision for Individually Tested Receivables | 146,113.50 | | Gains/Losses from Contingent Events Unrelated to Normal Business | -610,259.43 | | Other Non-operating Income and Expenses | 621,662.52 | | Other Items Defined as Non-recurring Profit/Loss | -1,583,749.09 | | Less: Income Tax Impact | 632,536.51 | | Less: Minority Interest Impact (After Tax) | 235.30 | | **Total** | **1,052,238.20** | Return on Equity (ROE) and Earnings Per Share (EPS) | Profit for the Period | Weighted Average ROE | Basic EPS (Yuan/share) | Diluted EPS (Yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders | 3.72% | 0.0278 | 0.0278 | | Net profit attributable to ordinary shareholders after deducting non-recurring items | 3.56% | 0.0266 | 0.0266 | - The company does not have any differences in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[474](index=474&type=chunk) [Section 9 Other Submitted Data](index=113&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [I. Other Major Social Safety Issues](index=113&type=section&id=%E4%B8%80%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E7%A4%BE%E4%BC%9A%E5%AE%89%E5%85%A8%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company and its subsidiaries had no other major social safety issues or administrative penalties during the reporting period - The company and its subsidiaries had no other major social safety issues during the reporting period[477](index=477&type=chunk) - The company and its subsidiaries were not subject to any administrative penalties during the reporting period[477](index=477&type=chunk) [II. Record of Investor Relations Activities](index=113&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company did not host any research visits, communications, interviews, or other related activities during the reporting period - The company did not host any research visits, communications, interviews, or other related activities during the reporting period[477](index=477&type=chunk) [III. Fund Transactions between the Company and its Controlling Shareholder and Other Related Parties](index=113&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B

金融界消息 截至2025年8月15日收盘，聚力文化（002247）报收于2.73元，上涨0.37%，换手率3.72%， 成交量23.96万手，成交金额6528.59万元。 资金流向方面，今日主力资金净流入1215.90万元，占比成交额18.62%。其中，超大单净流入423.10万 元、占成交额6.48%，大单净流入792.80万元、占成交额12.14%，中单净流出流出346.52万元、占成交 额5.31%，小单净流出869.38万元、占成交额13.32%。 来源：金融界 聚力文化最新一期业绩显示，截至2025一季报，公司营业总收入1.57亿元、同比减少16.58%，归属净利 润452.76万元，同比增长165.60%，扣非净利润487.12万元，同比增长53.21%，流动比率2.042、速动比 率1.635、资产负债率30.36%。 天眼查商业履历信息显示，浙江聚力文化发展股份有限公司，成立于2000年，位于杭州市，是一家以从 事专用设备制造业为主的企业。企业注册资本85087.0049万人民币，实缴资本85087.0049万人民币。公 司法定代表人为王炳毅。 通过天眼查大数据分析，浙江聚力文化发展股份有限公 ...

Market Overview - The renovation and building materials sector increased by 0.75% on August 6, with Jingxue Energy leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Top Performers - Jingxue Energy (301010) closed at 20.51, up 7.61% with a trading volume of 93,400 shares and a turnover of 186 million yuan [1] - Puhua Co., Ltd. (002225) closed at 7.53, up 6.51% with a trading volume of 682,900 shares and a turnover of 505 million yuan [1] - Donghe New Materials (839792) closed at 13.36, up 3.57% with a trading volume of 42,300 shares [1] Underperformers - Keshun Co., Ltd. (300737) closed at 5.49, down 1.96% with a trading volume of 244,600 shares and a turnover of 134 million yuan [2] - Lezhi Group (002398) closed at 5.51, down 1.43% with a trading volume of 279,500 shares and a turnover of 154 million yuan [2] - Luopusi Gold (002333) closed at 5.47, down 1.26% with a trading volume of 110,400 shares [2] Capital Flow - The renovation and building materials sector experienced a net outflow of 44.17 million yuan from institutional investors, while retail investors saw a net inflow of 77.11 million yuan [2][3] - The capital flow for key stocks showed mixed results, with Puhua Co., Ltd. experiencing a net outflow of 55.63 million yuan from institutional investors [3] - Jingxue Energy had a net inflow of 7.52 million yuan from institutional investors, while retail investors had a net outflow of 3.81 million yuan [3]

Core Insights - As of August 4, a total of 130 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Everbright Bank, which has seen net purchases for 11 consecutive trading days [1] - Other notable stocks with significant net buying days include Red Dragonfly, Huitong Group, Hongsheng Huayuan, Haikong Air Conditioning, Zhengtai Electric, Ningbo Port, Qingsong Jianhua, and Daimai Co., each with 9 to 10 days of net buying [1]

据iFind统计，截至8月1日，沪深两市共有148只个股连续5日或5日以上获主力资金净买入。连续获主力 资金净买入天数最多的股票是聚和材料，已连续15个交易日获净买入；连续获主力资金净买入天数较多 的还有光大银行、红蜻蜓、ST诺泰、宏盛华源、哈空调、正泰电器、倍加洁、海油工程等股，分别获 10个、9个、9个、8个、8个、8个、8个、8个交易日净买入。 （文章来源：证券时报网） ...

股票代码：002247 股票简称：聚力文化 公告编号：2025-017 浙江聚力文化发展股份有限公司 关于与石嘴山银行银川分行签订执行和解协议的公告 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。 按约足额支付，对于超出 30,000,000 元的其余债务，石嘴山银行银川分行自愿全 部放弃对公司享有的债权。 （二）石嘴山银行银川分行按照协议约定向法院解除对公司部分银行账户、 资产的冻结查封等执行措施，在未解除协议约定的相关执行措施前，公司延迟或 暂停付款不视为违约。 （三）在公司按照本协议约定向石嘴山银行银川分行支付完款项之日起五个 工作日内，石嘴山银行银川分行向银川中院提交解除对公司的所有执行措施及放 弃对公司实体权利执行的申请。 一、基本情况 浙江聚力文化发展股份有限公司（以下简称"聚力文化"或"公司"）前期 披露了石嘴山银行股份有限公司银川分行（以下简称"石嘴山银行银川分行"） 向苏宁夏回族自治区银川市中级人民法院（以下简称"银川中院"）起诉苏州齐 思妙想信息科技有限公司（以下简称"苏州齐思妙想"）及公司、余海峰金融借 款纠纷一案。银川中院一审判决：苏州 ...

Performance Forecast - The company expects a net profit of 18.5 million to 27 million yuan for the first half of 2025, a significant decrease of 91.66% to 87.83% compared to the same period last year, where the net profit was 221.84 million yuan [1] - The expected net profit after deducting non-recurring gains is estimated to be between 17 million to 25 million yuan, showing an increase of 1.54% to 49.32% compared to the previous year's 16.74 million yuan [1] - Basic earnings per share are projected to be between 0.02 yuan and 0.03 yuan, down from 0.26 yuan per share in the same period last year [1] Reasons for Performance Change - The significant decrease in net profit is attributed to a settlement reached with Tencent in May 2024, which allowed the company to reverse a previously accrued loss of 236 million yuan, resulting in a higher net profit for the first half of 2024 [1] Legal Matters - The company is currently involved in a securities false statement liability dispute, with the Zhejiang Provincial High Court having made a final ruling. The company is in the process of communicating with investors who have claims and collecting relevant evidence [2] - The company has recognized related losses based on evidence provided by investors with claims, categorizing them as non-recurring gains and losses [2] - Any new claims received before the approval of the 2025 semi-annual financial report may affect the accuracy of the performance forecast [2]

[Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) H1 2025 net profit attributable to shareholders is expected to decline significantly, while core business net profit after non-recurring items is projected to grow 2025 Semi-Annual Performance Forecast | Item | January 1, 2025 – June 30, 2025 (CNY Million) | Prior Period (CNY Million) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Profit: 18.50 – 27.00 | Profit: 221.84 | | | Decrease from Prior Period: 91.66% – 87.83% | | | **Net Profit After Non-Recurring Gains and Losses** | Profit: 17.00 – 25.00 | Profit: 16.74 | | | Increase from Prior Period: 1.54% – 49.32% | | | **Basic Earnings Per Share** | Profit: 0.02 – 0.03 CNY/Share | Profit: 0.26 CNY/Share | [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) Performance changes are mainly due to non-recurring items; net profit decline from a high prior-year settlement, while non-recurring net profit grew from other income and cost control - The significant decrease in net profit attributable to shareholders is primarily due to a high comparative base in the prior period (first half of 2024), which included a reversal of **236 million CNY** in previously accrued losses from a settlement with Beijing Tencent[4](index=4&type=chunk) - The year-over-year increase in net profit after non-recurring gains and losses is mainly attributed to higher other income and a decrease in expenses compared to the prior period[4](index=4&type=chunk) [Other Relevant Information and Risk Warning](index=1&type=section&id=IV.%20Other%20Relevant%20Information) This unaudited performance forecast includes accrued non-recurring losses for securities disputes, with potential future claim changes impacting accuracy; investors should note risks - This performance forecast is a preliminary estimate by the company's finance department and has not been pre-audited by a certified public accountant[3](index=3&type=chunk)[6](index=6&type=chunk) - The company has accrued relevant losses for securities misrepresentation liability disputes, classifying them as non-recurring gains and losses; however, any new claims received before the semi-annual report disclosure may be treated as a subsequent event, potentially impacting the accuracy of this performance forecast[5](index=5&type=chunk) - The company advises investors to exercise caution and be aware of investment risks[6](index=6&type=chunk)

Core Viewpoint - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show showcases over 1,000 vehicle models from more than 100 brands, emphasizing the importance of technological innovation and high-quality products in the automotive industry [1][2]. Group 1: Event Overview - The auto show features 112 vehicle brands and 1,039 models, including global and national premieres, under the theme "Facing Technology, Facing the Future, Facing the Market" [1]. - Notable exhibitors include BYD, Xiaomi, NIO, Changan, Geely, and SAIC Volkswagen, with significant new model launches and technological advancements [2][3]. Group 2: Technological Innovations - The Huawei and Jiangqi collaboration launched the Zun Jie S800, priced from 708,000 yuan, with over 1,000 pre-orders within an hour, indicating strong market interest [3]. - The Zun Jie S800 will upgrade to Huawei's ADS 4 intelligent driving system in Q3 2025, showcasing the trend towards smart vehicle technology [3]. Group 3: R&D Investments - Xiaopeng Motors reported a quarterly R&D investment of nearly 2 billion yuan, aiming to become a global AI automotive company [4]. - GAC Group emphasizes user-centric innovation, with over 55 billion yuan invested in R&D to meet diverse consumer needs [4][5]. - Huawei's R&D investment reached 179.7 billion yuan in 2024, with over 10 billion yuan allocated to automotive intelligence, highlighting the competitive focus on core technology breakthroughs [5].

Core Points - The company held its 2024 annual shareholders' meeting on May 21, 2025, where the seventh board of directors was elected [1] - Chen Zhijian was elected as the chairman of the seventh board of directors, with a term aligned with the current board [2] - The board established various specialized committees, including the strategy, audit, nomination, and remuneration committees, with specific members appointed to each [2] - Key management appointments were made, including Wang Bingyi as the general manager and Du Xiqi and Wei Xiaojing as deputy general managers [3] Board Composition - The seventh board consists of four directors: Chen Zhijian, Jiang Feixiong, Huang Yangguang, and Lin Kai, along with two independent directors: Liu Yu and Liu Yulong [1] - Chen Zhijian was elected as the chairman, and he also leads the strategy committee [2] - Liu Yu was appointed as the chairman of the audit committee, while Liu Yulong leads the nomination and remuneration committees [2] Management Appointments - Wang Bingyi was appointed as the general manager, with a term matching that of the current board [3] - Du Xiqi and Wei Xiaojing were appointed as deputy general managers, and Du Xiqi also serves as the financial director [3] - Wei Xiaojing was appointed as the board secretary, and Hu Yuting was appointed as the securities affairs representative [3] Personnel Backgrounds - Chen Zhijian has extensive experience in the company and related industries, holding 139,960 shares [4] - Wang Bingyi has held various managerial positions within the company and currently holds 330,100 shares [5] - Du Xiqi has a background in finance and has not held any shares in the company [6] - Wei Xiaojing has a strong academic background and has served in various roles related to corporate governance [7] - Hu Yuting has been with the company since 2014 and has served as the securities affairs representative since December 2015 [9] - Xiong Chuan Zhi, the newly appointed audit department manager, has a solid background in auditing and has not held any shares in the company [9]