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 | 深圳明汇商业有 | 子公司 | 其他应收款 | 1,746.37 | - | - | - | 1,746.37 | 资金调拨 | 非 经 营 性 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 限公司 | | | | | | | | | 往来 | | 深圳市彩虹精化 科技有限公司 | 子公司 | 其他应收款 | -26.51 | 2,408.48 | - | 12.78 | 2,369.19 | 提供流动资金 周转 | 非 经 营 性 往来 | | 安徽生源化工有 限公司 | 子公司 | 其他应收款 | 1,750.00 | 350.00 | - | 150.00 | 1,950.00 | 提供流动资金 周转 | 非 经 营 性 往来 | | 上海兆新栎澄科 技有限责任公司 | 子公司 | 其他应收款 | 27.50 | 72.50 | - | - | 100.00 | 提供流动资金 周转 | 非 经 营 性 往来 | | 内蒙古慧科新能 源科技有限公司 | ...

证券代码：002256 证券简称：兆新股份 公告编号：2025-040 深圳市兆新能源股份有限公司 第七届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市兆新能源股份有限公司（以下简称"公司"）第七届董事会第六次会 议于 2025 年 8 月 25 日下午 14:00 以通讯表决方式召开，会议通知于 2025 年 8 月 15 日以电子邮件、电话方式通知全体董事、监事和高级管理人员。 会议应参加董事 7 名，实际参与表决的董事 7 名，公司监事和高级管理人员 列席了会议。本次会议由董事长刘公直先生主持，会议的召集、召开和表决程序 符合国家有关法律、法规及《公司章程》的规定。经与会董事审议，以通讯表决 方式形成决议如下： 1、会议以 7 票同意，0 票反对，0 票弃权审议通过了《关于审议<2025 年半 年度报告及其摘要>的议案》； 公司2025年半年度报告及其摘要的编制程序符合法律、行政法规及其他有关 规定，报告内容真实、准确、完整地反映了公司的经营情况，不存在任何虚假记 载、误导性陈述或者重大遗漏。 具体详见同日公司在巨潮资讯 ...

兆新股份公告，2025年上半年营业收入2.08亿元，同比增长29.99%。归属于上市公司股东的净利润 307.25万元，同比增长47.06%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important disclaimers, lists the report's structure, and defines key terms used throughout the document [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, disclaiming forward-looking statements as substantive commitments - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) - Forward-looking statements regarding future plans in this report do not constitute substantive commitments to any investor and involve significant uncertainties, so investors should be aware of investment risks[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the structured directory of the 2025 semi-annual report, covering company profile, management discussion, corporate governance, significant events, share changes, bond information, and financial reports [Definitions](index=5&type=section&id=Definitions) This section defines key terms and company names used in the report, specifying "Company," "the Company," or "Zhaoxin Shares" refers to Shenzhen Zhaoxin New Energy Co., Ltd., and the reporting period is January 1 to June 30, 2025 - “Company/the Company/Zhaoxin Shares” refers to Shenzhen Zhaoxin New Energy Co., Ltd[13](index=13&type=chunk) - “Reporting Period” refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information and key financial performance metrics for the reporting period, including revenue, net profit, and cash flow [Company Profile](index=7&type=section&id=Company%20Profile) This section provides the company's fundamental information, including stock abbreviation, code, listing exchange, legal representative, and board secretary contact details, confirming no changes during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhaoxin Shares | | Stock Code | 002256 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | 深圳市兆新能源股份有限公司 | | Legal Representative | 刘公直 | - The company's registered address, office address, website, and email address remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the reporting period, showing significant growth in operating revenue and net profit attributable to shareholders compared to the previous year Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 208,206,793.46 | 160,174,952.55 | 29.99% | | Net Profit Attributable to Shareholders of Listed Company | 3,072,476.45 | 2,089,219.71 | 47.06% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -15,122,824.66 | -9,386,901.78 | -61.11% | | Net Cash Flow from Operating Activities | -41,921,279.37 | 167,843.61 | -25,076.39% | | Total Assets (End of Period) | 1,708,545,902.85 | 1,592,161,699.94 | 7.31% | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 1,181,200,304.09 | 1,106,055,004.33 | 6.79% | - Net cash flow from operating activities significantly decreased by **25,076.39%** year-on-year, primarily due to large engineering payments for photovoltaic construction projects that have not yet been settled and collected in the current period[21](index=21&type=chunk) [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=Non-recurring%20Gains%20and%20Losses%20and%20Amounts) This section details non-recurring gains and losses for the reporting period, totaling **18,195,301.11 yuan**, primarily from disposal of non-current assets, government grants, and reversal of impairment provisions for receivables Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses on disposal of non-current assets | 9,568,244.59 | | Government grants recognized in current profit or loss | 776,128.44 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 139,022.50 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 4,858,471.65 | | Other non-operating income and expenses | 3,447,916.89 | | Less: Income tax impact | 81,410.96 | | Impact on minority interests (after tax) | 513,072.00 | | **Total** | **18,195,301.11** | [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risk factors during the reporting period [Principal Businesses Engaged in During the Reporting Period](index=10&type=section&id=Principal%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) The company primarily operates in fine chemicals and new energy, with fine chemicals covering coatings and new materials, and new energy focusing on photovoltaic power plant investment, operation, and EPC services [Fine Chemical Business](index=10&type=section&id=Fine%20Chemical%20Business) The fine chemical business includes eco-friendly functional coatings, household products, automotive care products, aerosols, and naphthalene-based new chemical materials, supported by 26 patented technologies and an authorized OEM production model - Fine chemical products include eco-friendly functional coatings and auxiliaries, green eco-friendly household products, eco-friendly energy-saving automotive care products, and related aerosols[29](index=29&type=chunk) - Chemical new material products include naphthalene-based high-efficiency water reducers, dispersant NNO, naphthalene sulfonic acid, sodium naphthalene sulfonate, dispersant MF, etc., with **26 patented technologies**[29](index=29&type=chunk) - The company currently primarily relies on authorized OEM production, possessing core processes, technologies, and materials, with brands and patents exclusively owned by the company[29](index=29&type=chunk) [New Energy Business](index=11&type=section&id=New%20Energy%20Business) The new energy business primarily generates electricity sales through photovoltaic power plant investment and operation, including acquisitions, self-development, and sale-leaseback, alongside photovoltaic EPC services, with **131.82 MW** of self-owned and operated power plants - The company's new energy photovoltaic power generation business primarily generates electricity sales through photovoltaic power plants or distributed generation systems, mainly through a combination of acquisition, self-development and construction, and sale-leaseback for investment and operation[30](index=30&type=chunk) - During the reporting period, the company also conducted photovoltaic EPC business, providing services such as engineering design, equipment procurement, installation, construction, and grid connection commissioning[30](index=30&type=chunk) Self-Owned and Operated Photovoltaic Power Plants (As of the Reporting Period Balance Sheet Date) | No. | Project Name | Project Scale (MW) | Progress | Business Model | Grid Connection Mode | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Hefei Lujiang Baihu Town Shengliwei 20MW Photovoltaic Power Plant | 20.00 | Grid-connected | Sale-leaseback | Full grid connection | | 2 | Panzhihua University 2.1MW Photovoltaic Power Plant | 2.10 | Grid-connected | Hold and Operate | Self-consumption, surplus to grid | | 3 | Huzhou Jingsheng Photovoltaic Technology Co., Ltd. 10.07MW Photovoltaic Power Plant | 10.07 | Grid-connected | Sale-leaseback | Self-consumption, surplus to grid | | 4 | Ningxia Jieyang Zhongyuan Power Co., Ltd. 20MW Photovoltaic Power Plant | 20.00 | Grid-connected | Sale-leaseback | Full grid connection | | 5 | Jiangxi Xinyu Fenyi Town Hengxi Village 35MW Grid-connected Photovoltaic Fishery-Solar Complementary Project | 35.00 | Grid-connected | Sale-leaseback | Full grid connection | | 6 | Lujiang Baihu Town Meishan Village Aquaculture Farm 20MW Distributed Photovoltaic Power Plant | 20.00 | Grid-connected | Sale-leaseback | Full grid connection | | 7 | Lanxi Yongsheng New Energy Co., Ltd. 14.5MW Distributed Photovoltaic Power Project | 14.50 | Grid-connected | Sale-leaseback | Self-consumption, surplus to grid | | 8 | Yiwu Yongju New Energy Co., Ltd. 6.95MW Distributed Photovoltaic Power Project | 6.95 | Grid-connected | Hold and Operate | Self-consumption, surplus to grid | | 9 | Xinchang Zhaosheng New Energy Co., Ltd. 1.6MW Distributed Photovoltaic Power Project | 1.60 | Grid-connected | Hold and Operate | Self-consumption, surplus to grid | | 10 | Jinhua Zhaosheng New Energy Co., Ltd. 1.6MW Distributed Photovoltaic Power Project | 1.60 | Grid-connected | Hold and Operate | Self-consumption, surplus to grid | | **Total** | | **131.82** | | | | [Analysis of Core Competencies](index=11&type=section&id=Analysis%20of%20Core%20Competencies) The company possesses significant competitive advantages in both fine chemicals and new energy, driven by R&D innovation, brand influence, sales networks, extensive project experience, professional O&M, and EPC capabilities [Competitive Advantages in the Fine Chemical Industry](index=11&type=section&id=Competitive%20Advantages%20in%20the%20Fine%20Chemical%20Industry) The company's core competitiveness in fine chemicals stems from continuous R&D innovation as a high-tech enterprise with multiple patents and industry standards, strong brand influence like "7CF" as a China Well-known Trademark, and a mature domestic and international sales network - The company is a high-tech enterprise and a Shenzhen 'specialized, refined, unique, and new' SME, with a Shenzhen Enterprise Technology Center and **48 authorized patents** (**25 invention patents**)[33](index=33&type=chunk) - The “7CF” trademark has been recognized as a “China Well-known Trademark” by the State Administration for Industry and Commerce, and the company has built several other renowned brands such as Caihong and Kelimei[35](index=35&type=chunk) - The company has established a marketing network covering major domestic and international markets, with products sold in countries including the United States, Japan, Singapore, Indonesia, Malaysia, and the Philippines[36](index=36&type=chunk) [Competitive Advantages in the New Energy Photovoltaic Industry](index=12&type=section&id=Competitive%20Advantages%20in%20the%20New%20Energy%20Photovoltaic%20Industry) The company boasts extensive experience in photovoltaic project development, construction, operation, and management across various power plant types, supported by a professional O&M team, a proprietary "Project Management System" for refined management, and EPC construction advantages including a Grade II power construction general contracting qualification - The company successfully operates and manages **10 photovoltaic power plants** in Anhui, Jiangxi, Zhejiang, Ningxia, and Sichuan, accumulating extensive experience in the development, construction, operation, and management of various types of photovoltaic power plants[37](index=37&type=chunk)[38](index=38&type=chunk) - The company has established a professional photovoltaic power plant management and technical O&M team, with core members possessing over **8 years of experience** in the photovoltaic and power industries, and all O&M personnel holding electrician licenses[39](index=39&type=chunk) - The company's independently developed “Project Management System” enables comprehensive digital management from project development to operational data monitoring, ensuring high-quality project delivery and efficient O&M[40](index=40&type=chunk) - The company holds multiple photovoltaic EPC-related construction qualifications, including a **Grade II Power Construction General Contracting Qualification** and a **Grade II Power Installation (Repair, Test) License**, and has established a professional design and construction management team[41](index=41&type=chunk) [Analysis of Principal Business](index=12&type=section&id=Analysis%20of%20Principal%20Business) During the reporting period, the company's principal business revenue increased by **29.99%** year-on-year, primarily driven by strong growth in the new energy sector, which now accounts for nearly half of total revenue, with photovoltaic construction revenue surging by **928.91%** Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 208,206,793.46 | 160,174,952.55 | 29.99% | | | Operating Cost | 152,172,306.09 | 116,445,943.95 | 30.68% | | | Administrative Expenses | 45,177,804.17 | 29,529,486.54 | 52.99% | Equity incentive expenses of **15.86 million yuan** were accrued in the current period, while **4.06 million yuan** was reversed in the prior year period, resulting in a year-on-year increase of **19.92 million yuan** | | R&D Investment | 6,438,460.16 | 4,092,164.35 | 57.34% | Increased R&D investment in the fine chemical business segment in the current period | | Net Cash Flow from Operating Activities | -41,921,279.37 | 167,843.61 | -25,076.39% | Large engineering payments for photovoltaic construction projects were made in the current period but not yet settled and collected | | Net Cash Flow from Investing Activities | -44,226,240.05 | -21,159,796.29 | -109.01% | Net investment outflow of **41.08 million yuan** due to the purchase of wealth management products in the current period | | Net Cash Flow from Financing Activities | 112,860,373.23 | -17,013,768.08 | 763.35% | Significant low-interest financial institution borrowings and receipt of employee restricted stock incentive payments in the current period | Operating Revenue Composition (By Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Fine Chemical Industry | 104,363,689.45 | 50.13% | 106,684,086.30 | 66.60% | -2.18% | | | New Energy Industry | 103,843,104.01 | 49.87% | 53,490,866.25 | 33.40% | 94.13% | | **By Product** | Fine Chemical Products | 95,468,150.10 | 45.85% | 97,522,545.50 | 60.88% | -2.11% | | | Chemical New Materials | 8,895,539.35 | 4.27% | 9,161,540.80 | 5.72% | -2.90% | | | Photovoltaic Power Generation | 54,415,397.75 | 26.14% | 48,686,965.50 | 30.40% | 11.77% | | | Photovoltaic Construction | 49,427,706.26 | 23.74% | 4,803,900.75 | 3.00% | 928.91% | | **By Region** | Domestic | 144,484,861.71 | 69.39% | 107,169,544.94 | 66.91% | 34.82% | | | International | 63,721,931.75 | 30.61% | 53,005,407.61 | 33.09% | 20.22% | Industries, Products, or Regions Accounting for Over 10% of Operating Revenue or Operating Profit | Category | Item | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Fine Chemical Industry | 104,363,689.45 | 80,709,815.79 | 22.66% | -2.18% | -8.36% | 5.22% | | | New Energy Industry | 103,843,104.01 | 71,462,490.30 | 31.18% | 94.13% | 151.88% | -15.78% | | **By Product** | Fine Chemical Products | 95,468,150.10 | 71,759,037.60 | 24.83% | -2.11% | -8.22% | 5.01% | | | Photovoltaic Power Generation | 54,415,397.75 | 26,177,322.08 | 51.89% | 11.77% | 4.38% | 3.41% | | | Photovoltaic Construction | 49,427,706.26 | 45,285,168.22 | 8.38% | 928.91% | 1,275.50% | -23.09% | | **By Region** | Domestic | 144,484,861.71 | 102,810,460.31 | 28.84% | 34.82% | 40.01% | -2.64% | | | International | 63,721,931.75 | 49,361,845.78 | 22.54% | 20.22% | 14.75% | 3.69% | [Analysis of Non-Principal Business](index=14&type=section&id=Analysis%20of%20Non-Principal%20Business) This section analyzes the impact of non-principal businesses on the company's total profit, with investment income accounting for **93.05%** primarily from the disposal of equity in an associate and a subsidiary, though this income is not sustainable Impact of Non-Principal Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 8,143,214.32 | 93.05% | Primarily due to the disposal of equity in an associate and subsidiary Zhongcheng Yongsheng | Gains from equity disposal are not sustainable | | Non-operating Income | 3,657,340.84 | 41.79% | Primarily from gains on clearing unpayable intercompany balances | No | | Credit Impairment | 2,754,197.45 | 31.47% | Primarily due to the reversal of bad debt provisions for receivable equity transfer payments | No | [Analysis of Assets and Liabilities](index=14&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) This section analyzes significant changes in the company's asset and liability structure, noting a **7.31%** year-on-year increase in total assets, substantial increases in monetary funds and accounts receivable, and a rise in short-term borrowings due to low-interest bank loans Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 72,912,288.06 | 4.27% | 45,293,343.20 | 2.84% | 1.43% | Increase in low-interest financing receipts | | Accounts Receivable | 341,711,688.57 | 20.00% | 264,480,409.20 | 16.61% | 3.39% | Increase in receivables from EPC projects | | Fixed Assets | 555,666,549.97 | 32.52% | 573,960,133.05 | 36.05% | -3.53% | | | Construction in Progress | 1,723,750.23 | 0.10% | 5,618,770.73 | 0.35% | -0.25% | Transferred to fixed assets | | Short-term Borrowings | 31,500,000.00 | 1.84% | 10,000,000.00 | 0.63% | 1.21% | Increase in low-interest bank loans | [Analysis of Investment Status](index=15&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company's total investment significantly increased by **153.55%** to **140,400,715.21 yuan**, with no securities or derivative investments, and no use of raised funds Changes in Investment Amount | Indicator | Investment Amount in Current Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 140,400,715.21 | 55,374,796.29 | 153.55% | - The company had no securities investments or derivative investments during the reporting period[55](index=55&type=chunk)[56](index=56&type=chunk) - The company had no use of raised funds during the reporting period[57](index=57&type=chunk) [Disposal of Major Assets and Equity](index=16&type=section&id=Disposal%20of%20Major%20Assets%20and%20Equity) This section confirms that the company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of any major assets during the reporting period[58](index=58&type=chunk) - The company did not dispose of any major equity during the reporting period[59](index=59&type=chunk) [Analysis of Principal Holding and Associate Companies](index=16&type=section&id=Analysis%20of%20Principal%20Holding%20and%20Associate%20Companies) This section lists the financial information of the company's principal holding and associate companies and discloses the establishment of four new subsidiaries during the reporting period: Xiangyang Zhaosheng New Energy Co., Ltd., Dongguan Zhaosheng New Energy Co., Ltd., Guangzhou Zhaosheng New Energy Co., Ltd., and ZETTA BUSINESS PTE.LTD Principal Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Yongsheng New Energy Co., Ltd. | Subsidiary | Photovoltaic Industry | 1,152,760,671 | 1,718,739,992.31 | 1,379,316,117.26 | 54,415,397.75 | 38,454,646.84 | 34,794,500.09 | | Anhui Shengyuan Chemical Co., Ltd. | Subsidiary | Concrete water reducers and fine chemical intermediates | 53,000,000 | 114,859,999.26 | 83,925,132.34 | 8,895,539.35 | -2,029,621.80 | -1,745,139.21 | | Inner Mongolia Huike New Energy Technology Co., Ltd. | Subsidiary | Photovoltaic Industry | 50,000,000 | 74,706,252.18 | 9,378,623.97 | 49,427,706.26 | 666,263.11 | 660,842.62 | | Shenzhen Caihong Fine Chemical Technology Co., Ltd. | Subsidiary | Fine Chemical Business | 50,000,000 | 90,087,200.78 | 6,844,705.41 | 94,354,969.08 | 220,796.01 | 60,179.15 | - New subsidiaries established during the reporting period include Xiangyang Zhaosheng New Energy Co., Ltd., Dongguan Zhaosheng New Energy Co., Ltd., Guangzhou Zhaosheng New Energy Co., Ltd., and ZETTA BUSINESS PTE.LTD[61](index=61&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks, including industry policy changes, market cyclical fluctuations, raw material price volatility, environmental, tax policies, and international environment changes, which it actively addresses through market adaptation, supply chain optimization, enhanced risk management, and tax planning - Industry policy change risk: The national new energy on-grid tariff market-oriented reform (Document No. 136) promotes full participation of incremental projects in electricity market transactions; the company responds by enhancing project economics and market competitiveness, and focusing on advantageous regions and niche markets[62](index=62&type=chunk) - Market cyclical fluctuation risk: Price volatility in the photovoltaic industry chain and intermittency of new energy generation; the company responds by strengthening market research and analysis and proactively deploying potential projects[63](index=63&type=chunk) - Raw material price fluctuation risk: The main raw materials for the fine chemical business are petrochemical products, whose prices are influenced by the international crude oil market; the company responds by optimizing the supply chain and establishing stable raw material supply relationships[64](index=64&type=chunk) - Environmental risk: The fine chemical industry faces increasingly stringent national environmental protection standards; the company responds by prioritizing the construction of an environmental risk management system, strengthening worker training, and production supervision[65](index=65&type=chunk)[66](index=66&type=chunk) - Tax policy risk: The company and some subsidiaries enjoy tax incentives, and future policy changes may have adverse effects; the company responds by continuously monitoring policy changes, conducting reasonable and legal tax planning, and diversifying revenue sources[67](index=67&type=chunk) - International environment change risk: Global trade frictions, regional conflicts, and exchange rate fluctuations affect export profits; the company considers establishing a foreign exchange hedging mechanism, tracking policy dynamics, and strengthening domestic market development to mitigate these risks[68](index=68&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's governance structure, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[71](index=71&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=19&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%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[72](index=72&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implemented its 2025 Restricted Stock and Stock Option Incentive Plan, granting stock options to 88 incentive recipients and restricted shares to 87, while the employee stock ownership plan incurred **11.533 million yuan** in expenses during the period - On April 30, 2025, the company completed the initial grant registration for stock options under its 2025 Restricted Stock and Stock Option Incentive Plan, granting **93,832,696 stock options** to **88 incentive recipients** at an exercise price of **2.06 yuan per option**[75](index=75&type=chunk) - On May 7, 2025, the restricted shares initially granted under the company's 2025 Restricted Stock and Stock Option Incentive Plan were listed, granting **31,277,565 restricted shares** to **87 incentive recipients** at a grant price of **1.81 yuan per share**[75](index=75&type=chunk) - The company's employee stock ownership plan incurred expense amortization of **11.533 million yuan** in the first half of 2025, recognized in relevant expense accounts and capital reserves[77](index=77&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=Environmental%20Information%20Disclosure) The company actively promotes green development, deepening its photovoltaic business, and released its first "2024 Environmental, Social, and Governance (ESG) Report," achieving significant energy savings and emission reductions from **0.6799 hundred million kWh** of photovoltaic power generation - Anhui Shengyuan Chemical Co., Ltd. has been included in the list of enterprises required to disclose environmental information by law[79](index=79&type=chunk) - The company released its first “2024 Environmental, Social, and Governance (ESG) Report,” comprehensively summarizing its sustainable development practices[80](index=80&type=chunk) Zhaoxin Shares Photovoltaic Power Generation Energy Saving and Emission Reduction Details, January-June 2025 | Semi-annual | Total Power Generation (100 million kWh) | Category | Total Energy Saving and Emission Reduction (tons) | | :--- | :--- | :--- | :--- | | Jan-Jun 2025 | 0.6799 | Standard Coal | 27,198 | | | | Carbon Dust | 18,494.64 | | | | Carbon Dioxide | 67,791 | | | | Sulfur Dioxide | 2,039.85 | | | | Nitrogen Oxides | 1,019.92 | [Social Responsibility](index=22&type=section&id=Social%20Responsibility) The company upholds its mission to create value for society and stakeholders, actively fulfilling social responsibilities in product safety, employee development, shareholder rights, supplier and consumer interests, and information disclosure, committed to sustainable development - The company's “7CF” trademark was awarded the title of “China Well-known Trademark,” “Kelimei” was recognized as a “Guangdong Famous Trademark,” and the company led the revision of several industry standards[82](index=82&type=chunk) - The company actively implements the 2025 Restricted Stock and Stock Option Incentive Plan, establishing a mechanism for shared benefits and constraints to enhance employee sense of belonging and loyalty[84](index=84&type=chunk) - The company strictly adheres to laws and regulations, ensuring that information disclosure is truthful, accurate, complete, timely, and fair, and actively communicates with investors to protect the legitimate rights and interests of all parties[88](index=88&type=chunk) [Significant Events](index=24&type=section&id=Item%205.%20Significant%20Events) This section details significant events during the reporting period, including commitments, fund appropriation, external guarantees, auditor appointments, litigation, penalties, and major related-party transactions [Commitments](index=24&type=section&id=Commitments) The company confirms no commitments made by the actual controller, shareholders, related parties, acquirers, or the company itself were fulfilled or overdue as of the reporting period end - During the reporting period, there were no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue as of the end of the reporting period[90](index=90&type=chunk) [Fund Appropriation](index=24&type=section&id=Fund%20Appropriation) The company confirms no non-operating appropriation of funds by controlling shareholders or other related parties during the reporting period - During the reporting period, there was no non-operating appropriation of funds by controlling shareholders or other related parties of the listed company[91](index=91&type=chunk) [Irregular External Guarantees](index=24&type=section&id=Irregular%20External%20Guarantees) The company confirms no irregular external guarantees were provided during the reporting period - The company had no irregular external guarantees during the reporting period[92](index=92&type=chunk) [Appointment and Dismissal of Accounting Firms](index=24&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was unaudited[93](index=93&type=chunk) [Litigation Matters](index=24&type=section&id=Litigation%20Matters) The company is involved in significant litigation and arbitration matters, including a **167.3338 million yuan** capital increase dispute with Zhejiang Qianhong Industrial Co., Ltd. and Shenzhen Yongsheng, currently in the retrial application review stage, alongside other cases as both defendant and plaintiff Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 yuan) | Whether a Provision for Liabilities is Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Execution Status of Litigation (Arbitration) Judgment | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Qianhong Industrial Co., Ltd. vs. Zhaoxin Shares and Shenzhen Yongsheng Company Capital Increase Dispute | 16,733.38 | No | On July 24, 2025, the company and Shenzhen Yongsheng received the notice of response and application for retrial for the retrial case, which is currently in the retrial application review stage. | This case has not yet impacted the company's current or future operations. | Effective judgment has been fully executed | July 26, 2025 | Relevant announcements on Juchao Information Network | - During the reporting period, the company and its consolidated subsidiaries, as defendants/respondents/third parties, were involved in litigation and arbitration primarily concerning shareholder capital contribution disputes and equity transfer disputes, with **3 cases concluded**, **1 second-instance judgment received**, and **8 cases awaiting judgment**, involving a total amount of **19.6599 million yuan**[97](index=97&type=chunk) - During the reporting period, the company and its consolidated subsidiaries, as plaintiffs, were involved in litigation and arbitration primarily concerning contract disputes, with **1 case concluded** and **3 cases awaiting judgment**, involving a total amount of **3.2775 million yuan**[97](index=97&type=chunk) [Penalties and Rectification](index=26&type=section&id=Penalties%20and%20Rectification) The company confirms no penalties or rectification situations occurred during the reporting period - The company had no penalties or rectification situations during the reporting period[99](index=99&type=chunk) [Major Related-Party Transactions](index=26&type=section&id=Major%20Related-Party%20Transactions) The company confirms no related-party transactions occurred during the reporting period concerning daily operations, asset/equity acquisitions or disposals, joint external investments, related-party creditor/debtor relationships, or dealings with affiliated financial companies - The company had no related-party transactions related to daily operations during the reporting period[100](index=100&type=chunk) - The company had no related-party transactions involving asset or equity acquisitions or disposals during the reporting period[101](index=101&type=chunk) - The company had no related-party creditor or debtor relationships during the reporting period[103](index=103&type=chunk) [Major Contracts and Their Performance](index=27&type=section&id=Major%20Contracts%20and%20Their%20Performance) This section discloses the company's and its subsidiaries' major guarantees and entrusted wealth management activities during the reporting period, with total guarantees to subsidiaries amounting to **287.5978 million yuan**, representing **24.35%** of net assets, and entrusted wealth management totaling **111.037 million yuan** with **41.081 million yuan** outstanding [Major Guarantees](index=27&type=section&id=Major%20Guarantees) The company and its subsidiaries provided several joint liability guarantees during the reporting period, primarily for subsidiary financing leases, with total guarantees amounting to **287.5978 million yuan**, representing **24.35%** of the company's net assets Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huzhou Jingsheng Photovoltaic Technology Co., Ltd. | 10,000 | June 26, 2018 | 979.13 | Joint and several liability guarantee | 10 years | Yes | | Xinyu Deyou Solar Power Co., Ltd. | 15,000 | September 5, 2024 | 15,000 | Joint and several liability guarantee | 13 years | No | | Shenzhen Yongsheng New Energy Co., Ltd. | 4,000 | December 17, 2024 | 4,000 | Joint and several liability guarantee | 3.5 years | Yes | | Hefei Yongju Solar Power Development Co., Ltd. | 3,900 | April 28, 2025 | 3,900 | Joint and several liability guarantee | 8 years | No | | Hefei Shengri Solar Power Generation Co., Ltd. | 2,900 | April 28, 2025 | 2,900 | Joint and several liability guarantee | 8 years | No | | Lanxi Yongsheng New Energy Co., Ltd. | 3,250 | May 27, 2025 | 3,250 | Joint and several liability guarantee | 11 years | No | | Shenzhen Caihong Fine Chemical Technology Co., Ltd. | 1,000 | June 25, 2025 | 800 | Joint and several liability guarantee | 3.5 years | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **973.5 million yuan**, with an actual guarantee balance of **248.3054 million yuan**[112](index=112&type=chunk) - The company's total guarantee amount (i.e., A4+B4+C4) accounts for **24.35%** of the company's net assets[113](index=113&type=chunk) [Entrusted Wealth Management](index=29&type=section&id=Entrusted%20Wealth%20Management) The company engaged in entrusted wealth management activities during the reporting period, primarily investing in bank and brokerage wealth management products, with a total transaction amount of **111.037 million yuan** and an outstanding balance of **41.081 million yuan** at period-end Entrusted Wealth Management Status | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 yuan) | Unexpired Balance (10,000 yuan) | Overdue Unrecovered Amount (10,000 yuan) | Impairment Provision for Overdue Unrecovered Wealth Management (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 2,000 | 2,700 | 0 | 0 | | Brokerage Wealth Management Products | Own Funds | 9,103.7 | 1,408.1 | 0 | 0 | | **Total** | | **11,103.7** | **4,108.1** | **0** | **0** | [Explanation of Other Significant Matters](index=29&type=section&id=Explanation%20of%20Other%20Significant%20Matters) This section directs readers to Note XVIII, 2 of the financial report for other important transactions and matters influencing investor decisions - Other significant transactions and matters influencing investor decisions are detailed in Note XVIII, 2 of this report[116](index=116&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and shareholder structure, including restricted share movements, and information on major shareholders and management holdings [Share Capital Changes](index=30&type=section&id=Share%20Capital%20Changes) During the reporting period, the company's total share capital increased by **31,277,565 shares** due to the initial grant of restricted shares under the 2025 Restricted Stock and Stock Option Incentive Plan, while restricted shares decreased by **662,560 shares** primarily due to the conversion of executive lock-up shares to unrestricted shares Share Capital Changes | Item | Number Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 521,701,500 | 26.69% | -662,560 | 521,038,940 | 26.23% | | II. Unrestricted Shares | 1,433,146,322 | 73.31% | 31,940,125 | 1,465,086,447 | 73.77% | | III. Total Shares | 1,954,847,822 | 100.00% | 31,277,565 | 1,986,125,387 | 100.00% | - Total share capital increased by **31,277,565 shares**, primarily due to the initial grant of restricted shares under the 2025 Restricted Stock and Stock Option Incentive Plan[121](index=121&type=chunk) - Restricted shares decreased by **662,560 shares**, mainly due to **31,940,125 executive lock-up shares** converting to unrestricted shares, while **31,277,565 restricted shares** from equity incentives were added[121](index=121&type=chunk) [Changes in Restricted Shares](index=31&type=section&id=Changes%20in%20Restricted%20Shares) This section details changes in restricted shares during the reporting period, including the release of lock-up shares for several executives and the addition of **31,277,565 restricted shares** from equity incentives Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Gongzhi | 3,754,275 | 0 | 0 | 3,754,275 | Executive lock-up shares | Release of executive lock-up shares is executed according to relevant rules | | Li Huachun | 9,525,500 | 9,525,500 | 0 | 0 | Executive lock-up shares | June 6, 2025 | | Guo Jian | 6,528,300 | 6,528,300 | 0 | 0 | Executive lock-up shares | June 6, 2025 | | Huang Bingtao | 5,028,600 | 5,028,600 | 0 | 0 | Executive lock-up shares | June 6, 2025 | | Wu Junfeng | 4,500,000 | 4,500,000 | 0 | 0 | Executive lock-up shares | June 6, 2025 | | Equity incentive restricted shares | 0 | 0 | 31,277,565 | 31,277,565 | Equity incentive restricted shares | Released from restriction according to relevant provisions of the company's "2025 Restricted Stock and Stock Option Incentive Plan (Draft)" | | **Total** | **521,701,500** | **31,940,125** | **31,277,565** | **521,038,940** | | | [Shareholder Numbers and Shareholding](index=32&type=section&id=Shareholder%20Numbers%20and%20Shareholding) As of the end of the reporting period, the company had **102,251** common shareholders, with CITIC Trust Co., Ltd. - Hengfeng Bank Trust Portfolio Investment Project Phase 1702 being the largest shareholder, holding **24.47%** of shares - Total number of common shareholders at the end of the reporting period was **102,251**[126](index=126&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | CITIC Trust Co., Ltd. - Hengfeng Bank Trust Portfolio Investment Project Phase 1702 | Other | 24.47% | 486,007,100 | 486,007,100 | 0 | | Tang Jianbai | Domestic Natural Person | 1.41% | 28,000,000 | 0 | 28,000,000 | | Shenzhen Zhaoxin New Energy Co., Ltd. - Second Phase Employee Stock Ownership Plan | Other | 0.98% | 19,547,465 | 0 | 19,547,465 | | Qianhai Life Insurance Co., Ltd. - Participating Insurance Product Huatai Portfolio | Other | 0.71% | 14,200,000 | 0 | 14,200,000 | | Song Wenqian | Domestic Natural Person | 0.34% | 6,698,700 | 0 | 6,698,700 | | Guo Jian | Domestic Natural Person | 0.33% | 6,528,300 | 0 | 6,528,300 | | Zhou Dingfei | Domestic Natural Person | 0.30% | 5,880,900 | 0 | 5,880,900 | | Postal Savings Bank of China Co., Ltd. - Neuberger Berman CSI A500 Index Enhanced Securities Investment Fund | Other | 0.27% | 5,312,200 | 0 | 5,312,200 | | Wu Junfeng | Domestic Natural Person | 0.24% | 4,700,000 | 200,000 | 4,500,000 | | Xie Mengshan | Domestic Natural Person | 0.24% | 4,700,000 | 0 | 4,700,000 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section discloses changes in the shareholdings of the company's directors, supervisors, and senior management, noting a decrease in the shares held by Chairman and General Manager Liu Gongzhi Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Number of Shares Increased in Current Period (shares) | Number of Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Gongzhi | Chairman, General Manager | Current | 5,005,700 | 0 | 1,171,000 | 3,834,700 | [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company confirms no changes in its controlling shareholder or actual controller occurred during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[130](index=130&type=chunk) - The company's actual controller remained unchanged during the reporting period[130](index=130&type=chunk) [Bond-Related Information](index=36&type=section&id=Item%207.%20Bond-Related%20Information) This section confirms that there is no bond-related information requiring disclosure for the company during the current reporting period [Bond-Related Information](index=36&type=section&id=Bond-Related%20Information) The company has no bond-related information to disclose for the current reporting period - There is no bond-related information requiring disclosure for the company during the current reporting period[133](index=133&type=chunk) [Financial Report](index=37&type=section&id=Item%208.%20Financial%20Report) This section comprises the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies and financial risks [Audit Report](index=37&type=section&id=Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[135](index=135&type=chunk) [Financial Statements](index=37&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, offering a comprehensive view of its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=37&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **1,708,545,902.85 yuan**, total liabilities were **475,074,502.87 yuan**, and total owners' equity was **1,233,471,399.98 yuan** [Parent Company Balance Sheet](index=39&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **2,061,013,116.46 yuan**, total liabilities were **955,533,179.80 yuan**, and total owners' equity was **1,105,479,936.66 yuan** [Consolidated Income Statement](index=41&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was **208,206,793.46 yuan**, net profit was **3,973,525.72 yuan**, with **3,072,476.45 yuan** attributable to parent company shareholders [Parent Company Income Statement](index=43&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **50,269,472.49 yuan**, and net profit was **-26,724,281.61 yuan** [Consolidated Cash Flow Statement](index=45&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's consolidated net cash flow from operating activities was **-41,921,279.37 yuan**, from investing activities was **-44,226,240.05 yuan**, and from financing activities was **112,860,373.23 yuan** [Parent Company Cash Flow Statement](index=46&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was **-34,597,761.66 yuan**, from investing activities was **-25,259,238.96 yuan**, and from financing activities was **31,829,579.86 yuan** [Consolidated Statement of Changes in Owners' Equity](index=47&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) This statement presents the changes in the company's consolidated owners' equity for the first half of 2025, including opening and closing balances and period-on-period changes in share capital, capital reserves, specific reserves, surplus reserves, undistributed profits, and minority interests [Parent Company Statement of Changes in Owners' Equity](index=51&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) This statement presents the changes in the parent company's owners' equity for the first half of 2025, including opening and closing balances and period-on-period changes in share capital, capital reserves, surplus reserves, and undistributed profits [Company Overview](index=55&type=section&id=Company%20Overview) This section details the company's registration information, business scope, and consolidated financial statement scope, with a registered capital of **1,954,847,822 yuan**, focusing on new energy and fine chemicals, and consolidating **42 subsidiaries** - Company registered capital: **RMB 1,954,847,822 yuan**[168](index=168&type=chunk) - The company and its subsidiaries are primarily involved in two major businesses: new energy and fine chemicals, with the new energy business mainly comprising solar photovoltaic power generation and new energy project construction[169](index=169&type=chunk) - As of the end of the reporting period, the company had **42 subsidiaries** included in the scope of its consolidated financial statements[169](index=169&type=chunk) [Basis of Financial Statement Preparation](index=55&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, reflecting actual transactions and events in accordance with "Enterprise Accounting Standards" and relevant CSRC disclosure regulations, using historical cost as the measurement basis - The financial statements are prepared on a going concern basis, reflecting actual transactions and events in accordance with the “Enterprise Accounting Standards” issued by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's “Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)”[170](index=170&type=chunk) - These financial statements are presented on a going concern basis, and the company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[171](index=171&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering business combinations, consolidation, financial instruments, inventory, fixed assets, intangible assets, revenue recognition, government grants, and deferred income tax, also disclosing current period accounting policy changes - Assets and liabilities acquired by the company in a business combination are measured at the book value of the acquiree's assets and liabilities in the consolidated financial statements of the ultimate controlling party at the acquisition date[178](index=178&type=chunk) - The company classifies financial assets based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets into: financial assets measured at amortized cost; financial assets measured at fair value through other comprehensive income; and financial assets measured at fair value through profit or loss[192](index=192&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, provided that the contract between the company and the customer simultaneously meets the following conditions[243](index=243&type=chunk) - On December 6, 2024, the Ministry of Finance issued “Interpretation No. 18 of Enterprise Accounting Standards,” requiring the company to reclassify warranty-type quality assurance expenses from “selling expenses” to “operating costs,” effective January 1, 2024[265](index=265&type=chunk) [Taxation](index=78&type=section&id=Taxation) This section lists the main tax categories and rates applicable to the company and its principal subsidiaries, disclosing corporate income tax preferential policies enjoyed as national high-tech enterprises Principal Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income from goods sales is calculated at 13% after output tax; taxable service income is taxed at 6%; construction income is taxed at 9% | 13%, 6%, 9% | | Consumption Tax | Taxed on taxable income from sales of taxable coatings | 4% | | Urban Maintenance and Construction Tax | Taxed on actual turnover tax paid | 7%, 5% | | Corporate Income Tax | Taxed on taxable income | 15%, 16.5%, 20%, 25% | | Education Surcharge | Taxed on actual turnover tax paid | 3% | | Local Education Surcharge | Taxed on actual turnover tax paid | 2% | - The company and its subsidiaries, Anhui Shengyuan Chemical Co., Ltd. and Inner Mongolia Huike New Energy Technology Co., Ltd., have all been approved as national high-tech enterprises, enjoying a **15% corporate income tax rate**[267](index=267&type=chunk)[268](index=268&type=chunk) - Small and micro enterprises enjoy a preferential policy where the portion of annual taxable income not exceeding **3 million yuan** is reduced by **25%** and taxed at a **20% corporate income tax rate**[269](index=269&type=chunk) [Notes to Consolidated Financial Statement Items](index=79&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, covering monetary funds, financial assets, receivables, inventories, fixed assets, intangible assets, liabilities, equity, revenues, expenses, and other financial performance indicators - Monetary funds at period-end totaled **72,912,288.06 yuan**, including **535,550.54 yuan** in restricted monetary funds[270](index=270&type=chunk) - Trading financial assets at period-end totaled **41,081,000.00 yuan**, primarily consisting of wealth management funds[272](index=272&type=chunk) - Accounts receivable book value at period-end was **341,711,688.57 yuan**, with national new energy subsidies accounting for **72.22%**[281](index=281&type=chunk) - Other receivables book value at period-end was **413,328,652.29 yuan**, including **391,105,000.00 yuan** for equity transfer payments[297](index=297&type=chunk) - Inventory book value at period-end was **16,245,313.12 yuan**, with inventory impairment provisions and contract performance cost impairment provisions totaling **2,544,517.75 yuan**[313](index=313&type=chunk) - Fixed assets book value at period-end was **555,666,549.97 yuan**, including **497,393,569.89 yuan** for photovoltaic power plants[328](index=328&type=chunk) - Goodwill original book value at period-end was **28,308,600.30 yuan**, with goodwill impairment provisions of **23,920,698.11 yuan**[346](index=346&type=chunk)[347](index=347&type=chunk) - Short-term borrowings at period-end totaled **31,500,000.00 yuan**, comprising secured loans and guaranteed loans[367](index=367&type=chunk)[368](index=368&type=chunk) - Long-term payables at period-end totaled **253,941,418.48 yuan**, primarily consisting of lease payments and related interest expenses from sale-leaseback arrangements[394](index=394&type=chunk)[396](index=396&type=chunk) - Provisions for liabilities at period-end totaled **28,616,000.00 yuan**, mainly for estimated defect rectification expenses related to power plant disposals[401](index=401&type=chunk) - Operating revenue for the current period was **208,206,793.46 yuan**, and operating cost was **152,172,306.09 yuan**[412](index=412&type=chunk) - Administrative expenses for the current period were **45,177,804.17 yuan**, including **15,860,104.35 yuan** in equity incentive expenses[420](index=420&type=chunk) - Investment income for the current period was **8,143,214.32 yuan**, primarily from the disposal of long-term equity investments[434](index=434&type=chunk) [Research and Development Expenses](index=118&type=section&id=Research%20and%20Development%20Expenses) During the current reporting period, the company's total R&D expenditure was **6,438,460.16 yuan**, all recognized as expensed R&D expenditure in current profit or loss R&D Expenditure Status | Item | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Current Period R&D Expenditure | 6,438,460.16 | 4,092,164.35 | | Of which: Expensed R&D Expenditure | 6,438,460.16 | 4,092,164.35 | [Changes in Consolidation Scope](index=118&type=section&id=Changes%20in%20Consolidation%20Scope) The company's consolidation scope changed during the reporting period, with the disposal of subsidiary Guangdong Zhongcheng Yongsheng New Energy Co., Ltd. and the establishment of four new wholly-owned subsidiaries: Xiangyang Zhaosheng New Energy Co., Ltd., Dongguan Zhaosheng New Energy Co., Ltd., Guangzhou Zhaosheng New Energy Co., Ltd., and ZETTA BUSINESS PTE.LTD - The subsidiary Guangdong Zhongcheng Yongsheng New Energy Co., Ltd. was disposed of in the current period, with the loss of control occurring on January 26, 2025[468](index=468&type=chunk) - Four new wholly-owned subsidiaries were established in the current period: Xiangyang Zhaosheng New Energy Co., Ltd., Dongguan Zhaosheng New Energy Co., Ltd., Guangzhou Zhaosheng New Energy Co., Ltd., and ZETTA BUSINESS PTE.LTD[470](index=470&type=chunk) [Interests in Other Entities](index=119&type=section&id=Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including registered capital, business nature, shareholding percentages, and key financial information for significant non-wholly-owned subsidiaries - The company holds **86.31%** direct equity and **11.39%** indirect equity in Shenzhen Yongsheng New Energy Co., Ltd., whose principal business is photovoltaic power generation[472](index=472&type=chunk) - For the significant non-wholly-owned subsidiary Shenzhen Yongsheng New Energy Co., Ltd., minority shareholders hold **2.30%** equity, and the profit or loss attributable to minority shareholders in the current period was **801,560.90 yuan**[480](index=480&type=chunk) - The company's significant associates include Shanghai Zhongli Industrial Co., Ltd. (holding **30.00%** equity) and Hebei Zhaoteng Aerosol Technology Co., Ltd. (holding **47.06%** equity), all accounted for using the equity method[483](index=483&type=chunk) [Government Grants](index=125&type=section&id=Government%20Grants) This section discloses government grants recognized as receivables totaling **17,490,979.78 yuan** at period-end, primarily for local photovoltaic power generation subsidies, with deferred income related to government grants amounting to **3,340,873.60 yuan** - Government grants recognized as receivables at the end of the reporting period totaled **17,490,979.78 yuan**, primarily consisting of local photovoltaic power generation subsidies receivable[487](index=487&type=chunk) - Deferred income related to government grants at period-end totaled **3,340,873.60 yuan**, arising from enterprise R&D investment subsidies and industrial transformation and upgrading subsidies[489](index=489&type=chunk) - Total government grants recognized in current profit or loss for the period amounted to **7,420,575.93 yuan** (**7,383,664.22 yuan** in other income and **36,911.71 yuan** in non-operating income)[491](index=491&type=chunk) [Risks Related to Financial Instruments](index=125&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (foreign exchange, interest rate, other price risks), credit risk, and liquidity risk, which it manages through close monitoring of exchange rates, maintaining floating-rate borrowings, setting credit limits, monitoring cash flows, and adhering to loan agreements - Market risks primarily include foreign exchange risk (related to USD), interest rate risk (floating-rate bank borrowings), and other price risks (low)[492](index=492&type=chunk) - Credit risk primarily arises from financial asset losses and financial guarantees due to the counterparty's failure to fulfill obligations; the company mitigates this risk by setting credit limits, credit approval, and collection procedures[493](index=493&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents, monitoring bank borrowing utilization, and adhering to borrowing agreements[493](index=493&type=chunk) [Disclosure of Fair Value](index=126&type=section&id=Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, with trading financial assets (wealth management products) having a fair value of **41,081,000.00 yuan** Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | -- | -- | -- | -- | | (I) Trading financial assets | | 41,081,000.00 | | 41,081,000.00 | | 1. Financial assets measured at fair value through profit or loss | | 41,081,000.00 | | 41,081,000.00 | | (4) Wealth management products | | 41,081,000.00 | | 41,081,000.00 | - Wealth management products' fair value at period-end is determined by estimating expected returns using projected yield rates, combined with the principal amount[497](index=497&type=chunk) [Other Submitted Data](index=146&type=section&id=Item%209.%20Other%20Submitted%20Data) This section covers other data submitted, including social safety issues, investor relations activities, and non-operating fund transfers between the listed company and its controlling shareholders or other related parties [Other Significant Social Security Issues](index=146&type=section&id=Other%20Significant%20Social%20Security%20Issues) The company and its subsidiaries had no other significant social security issues or administrative penalties during the reporting period - The company and its subsidiaries had no other significant social security issues[580](index=580&type=chunk) - No administrative penalties were received during the reporting period[580](index=580&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=146&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company did not host any research, communication, interview, or similar activities during the reporting period - The company did not host any research, communication, interview, or similar activities during the reporting period[580](index=580&type=chunk) [Fund Transfers Between Listed Company and Controlling Shareholders and Other Related Parties](index=146&type=section&id=Fund%20Transfers%20Between%20Listed%20Company%20and%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) This section details non-operating fund transfers between the listed company and its controlling shareholders and other related parties, including opening and closing balances, period-on-period transactions, repayments, and related interest income and expenses Fund Transfers Between Listed Company and Controlling Shareholders and Other Related Parties | Counterparty Name | Nature of Transaction | Opening Balance (10,000 yuan) | Amount Incurred in Reporting Period (10,000 yuan) | Amount Repaid in Reporting Period (10,000 yuan) | Closing Balance (10,000 yuan) | Interest Income (10,000 yuan) | Interest Expense (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Yongsheng New Energy Co., Ltd. | Non-operating transaction | -77,175.56 | 6,243.99 | 14,010 | -86,487.02 | | 1,545.45 | | Caihong Shares (Hong Kong) Co., Ltd. | Non-operating transaction | 53.01 | 0.45 | 0.33 | 53.13 | | | | Hainan Zhaoxin Trading Co., Ltd. | Non-operating transaction | 1,067.1 | 3,517.5 | 3,500 | 1,084.6 | | | | Qingyuan Zhaoxin Technology Co., Ltd. | Non-operating transaction | 570.56 | 30.42 | | 600.98 | | | | Shenzhen Minghui Commercial Co., Ltd. | Non-operating transaction | 1,746.37 | | | 1,746.37 | | | | Shenzhen Caihong Fine Chemical Technology Co., Ltd. | Non-operating transaction | -26.51 | 2,408.48 | 12.78 | 2,369.19 | | | | Anhui Shengyuan Chemical Co., Ltd. | Non-operating transaction | 1,750 | 350 | 150 | 1,950 | | | | Shanghai Zhaoxin Licheng Technology Co., Ltd. | Non-operating transaction | 27.5 | 72.5 | | 100 | | | | Inner Mongolia Hui

Core Viewpoint - Shenzhen Zhaoxin New Energy Co., Ltd. announced the judicial auction of a 15% stake in Qinghai Jintai Potash Co., Ltd. held by Fukun Mining, with the auction scheduled for August 23-24, 2025. The stake, valued at approximately 600 million RMB, was not sold during the auction [1]. Group 1 - The company disclosed that the stake corresponds to an investment amount of 30.366421 million RMB, representing a 15% ownership in Qinghai Jintai [1]. - The auction was conducted by the Intermediate People's Court of Xining, Qinghai Province, on the Alibaba judicial auction platform [1]. - The auction result indicated that the stake was unsold, resulting in a failed auction [1].

证券代码：002256 证券简称：兆新股份 公告编号：2025-039 1、本次司法拍卖事项后续是否进行二次拍卖尚具有不确定性。若拍卖最终 举行，涉及的竞拍、缴款、相关监管部门关于股东资格审批、办理工商变更等环 节均存在一定的不确定性。本次司法拍卖流拍尚不会对公司的持续经营产生影响。 2、公司将密切关注上述事项后续进展情况，并根据相关法律法规的规定及 时履行信息披露义务。指定的信息披露媒体为《中国证券报》、《上海证券报》、 《证券时报》、《证券日报》及巨潮资讯网（www.cninfo.com.cn），公司相关信 息均以在上述指定信息披露媒体登载的公告为准。敬请广大投资者理性投资，注 深圳市兆新能源股份有限公司 关于公司申请对富康矿业所持青海锦泰 15%股权进行司法拍卖 的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市兆新能源股份有限公司（以下简称"公司"）于 2025 年 7 月 24 日在指 定信息披露媒体巨潮资讯网披露了《关于公司申请对富康矿业所持青海锦泰 15% 股权进行司法拍卖的提示性公告》（公告编号：2025-036），青海省西宁市 ...

Market Overview - The Shanghai Composite Index closed at 3740.50 points, above the six-month moving average, with an increase of 1.18% [1] - The total trading volume of A-shares reached 17,467.28 million yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 187 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Jingsai Technology (27.02%) - Haidaer (25.37%) - Huazhi Shumedia (16.28%) [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Tianfang Biao - Anning Co. - Tianwei Foods [1] Performance of Selected Stocks - Jingsai Technology: Today's increase of 29.98%, turnover rate of 23.53%, six-month average price of 36.65 yuan, latest price of 46.56 yuan [1] - Haidaer: Today's increase of 30.00%, turnover rate of 24.95%, six-month average price of 47.67 yuan, latest price of 59.76 yuan [1] - Huazhi Shumedia: Today's increase of 20.02%, turnover rate of 8.50%, six-month average price of 9.95 yuan, latest price of 11.57 yuan [1]

Group 1 - The stock price of Zhaoxin Co., Ltd. closed at 2.32 yuan on August 12, 2025, down by 0.01 yuan, representing a decline of 0.43% from the previous trading day [1] - The company reported a trading volume of 214,600 hands and a transaction amount of 50 million yuan, with a turnover rate of 1.10% [1] - Zhaoxin Co., Ltd. is primarily engaged in fine chemicals and new energy sectors, involving concepts such as power grid equipment and green electricity [1] Group 2 - The company is headquartered in Guangdong and has a total market capitalization of 4.608 billion yuan [1] - Management is closely monitoring the price trends of lithium carbonate and is dynamically assessing the equity matters related to Qinghai Jintai, emphasizing the commitment to fulfill information disclosure obligations [1] - On August 12, the net outflow of main funds was 1.4325 million yuan, while the cumulative net inflow of main funds over the past five days was 7.5837 million yuan [1]

（编辑 王雪儿） 证券日报网讯 兆新股份8月12日在互动平台回答投资者提问时表示，公司始终密切关注碳酸锂价格走势 变化，也充分理解投资者对青海锦泰股权事宜的关切。公司管理层将结合市场供需动态、行业发展趋势 及公司整体战略规划，对相关事项持续进行动态审慎评估与决策，始终以保障全体股东合法权益、推动 公司长远稳健发展为根本目标。后续若有相关进展，公司将严格依据信息披露相关法律法规及监管要 求，第一时间履行信息披露义务。 ...

Group 1 - The latest stock price of Zhaoxin Co., Ltd. is 2.33 yuan, an increase of 0.02 yuan compared to the previous trading day [1] - The stock reached a maximum of 2.35 yuan and a minimum of 2.32 yuan during the trading session, with a total transaction amount of 0.60 billion yuan [1] - As of July 31, the total number of shareholders of the company reached 102,683 [1] Group 2 - The main business of the company involves power grid equipment and green electricity sectors, with its registered location in Guangdong Province [1] - On the day of reporting, the net inflow of main funds was 5.4871 million yuan, with a cumulative net inflow of 10.2980 million yuan over the past five trading days [1]