深圳赫美集团股份有限公司 2025 年半年度财务报告 深圳赫美集团股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 深圳赫美集团股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 348,342,471.35 | 203,497,148.37 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 80,351,057.53 | 40,268,000.00 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 40,756,205.70 | 47,904,849.52 | | 应收款项融资 | | | | 预付款项 | 3,528,654.47 | 18,924,168.66 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 8,444,949.49 | 10,214,775 ...

| | 山西鹏飞集团有限公司 | | 董事马小龙担任执行董事兼总经理的企业 | 应收账款 | | 0.18 | 120.23 | | 0.62 | 119.79 | 销售氢气/商品 | 经营性往来 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山西鹏飞焦化绿色发展有限公司 | | 山西鹏飞集团有限公司实际控制的企业 | 应收账款 | | 46.87 | 265.90 | | 180.19 | 132.58 | 销售 LNG/氢气 | 经营性往来 | | | | 孝义市嘉禹煤业有限公司 | | 山西鹏飞集团有限公司实际控制的企业 | 应收账款 | | 5.71 | 17.73 | | 20.87 | 2.57 | 销售 LNG | 经营性往来 | | | | 孝义市盛世富源甲醇制造有限公司 | | 公司董事李海刚先生同时担任董事的企业 | 应收账款 | | 0.08 | 0.86 | | 0.57 | 0.37 | 销售 LNG | 经营性往来 | | | | 孝义市盛世 ...

深圳赫美集团股份有限公司 第六届监事会第十四次会议决议的公告 公司《2025 年半年度报告》全文详见深圳证券交易所网站及公司指定信息 披露媒体巨潮资讯网：http://www.cninfo.com.cn。 第六届监事会第十四次会议决议的公告 公司《2025 年半年度报告摘要》详见深圳证券交易所网站及公司指定信息 披露媒体《证券时报》和巨潮资讯网：http://www.cninfo.com.cn。 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳赫美集团股份有限公司（以下简称"公司"）第六届监事会第十四次会 议于 2025 年 8 月 4 日以通讯方式发出会议通知，会议于 2025 年 8 月 13 日上午 11：00 在深圳市南山区中心路 3008 号深圳湾 1 号 T7 座 2205 公司会议室召开， 会议应到监事 3 人，实到 3 人，会议由监事会主席张宏涛先生主持，符合《公司 法》、《公司章程》相关规定。 经过全体监事的审议，本次会议通过书面表决方式审议并通过以下决议： 一、 会议以 3 票赞成，0 票反对，0 票弃权，审议通过了《关于 2025 年 ...

Section 1 Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, the report's structure, a list of supporting documents, and definitions of key terms. [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management guarantee the report's accuracy, while the company plans no cash dividends, bonus shares, or capital reserve conversions. - The company's board of directors, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report content and assume legal responsibility[4](index=4&type=chunk) - Company head Xu Ming, chief accountant Xu Ming, and head of accounting department Song Xiaofei declare the financial report is **true, accurate, and complete**[4](index=4&type=chunk) - The company plans **not to distribute cash dividends, bonus shares, or convert capital reserves into share capital**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly lists nine chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data. - The report contains **nine main chapters**, from important notices to financial reports and notes[7](index=7&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include signed financial statements and original drafts of all company documents and announcements publicly disclosed during the reporting period. - Reference documents include financial statements signed and sealed by the company head, chief accountant, and head of accounting department[9](index=9&type=chunk) - Reference documents also include the originals of all company documents and announcements publicly disclosed during the reporting period[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, reporting period, regulatory bodies, courts, articles of association, laws and regulations, currency units, and abbreviations for major related parties and business entities, ensuring clear understanding of the report's content. - The reporting period refers to **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) - The company's controlling shareholders are Hainan Times Rongguang Industrial Investment Partnership (Limited Partnership) and Xiaoyi Fuyuan Jinlai Heat Source Co., Ltd[11](index=11&type=chunk) - Definitions cover the company, regulatory bodies, laws and regulations, currency units, and major related parties and business entities[11](index=11&type=chunk) Section 2 Company Profile and Key Financial Indicators This section introduces the company, presents key financial data, clarifies accounting standard differences, and details non-recurring gains and losses. [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shenzhen Hermès Group Co., Ltd. (stock code: 002356) is listed on the Shenzhen Stock Exchange, with Xu Ming as its legal representative. The company's contact information and information disclosure location remained unchanged during the reporting period. - The company's stock abbreviation is Hermès Group, stock code **002356**, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's legal representative is Xu Ming, and the board secretary is Tian Xi[13](index=13&type=chunk)[14](index=14&type=chunk) - The company's registered address, office address, website, email, and information disclosure location remained **unchanged** during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, operating revenue surged 375.31% to **317 million yuan**, net loss narrowed to **-10 million yuan**, and operating cash flow turned positive. Key Financial Indicators Year-on-Year Change for H1 2025 | Indicator | Current Period (Million Yuan) | Prior Period (Million Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 317.48 | 66.79 | 375.31% | | Net Profit Attributable to Shareholders of Listed Company | -10.00 | -21.71 | 53.93% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | -21.41 | -21.50 | 0.43% | | Net Cash Flow from Operating Activities | 38.92 | -11.86 | 428.14% | | Basic Earnings Per Share (Yuan/Share) | -0.0076 | -0.0166 | 54.22% | | Diluted Earnings Per Share (Yuan/Share) | -0.0076 | -0.0166 | 54.22% | | Weighted Average Return on Net Assets | -1.79% | -3.79% | 2.00% | Asset and Liability Indicators Change at H1 2025 End | Indicator | Current Period End (Million Yuan) | Prior Year End (Million Yuan) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Total Assets | 894.58 | 822.69 | 8.74% | | Net Assets Attributable to Shareholders of Listed Company | 559.41 | 559.98 | -0.10% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards. - The company's financial reports disclosed during the reporting period show **no differences** in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - The company's financial reports disclosed during the reporting period show **no differences** in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **11.41 million yuan**, primarily from debt restructuring gains, fair value changes, and government subsidies. Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 10,624.44 | | Government subsidies recognized in current profit and loss | 514,327.60 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 1,949,230.86 | | Debt restructuring gains and losses | 8,985,217.92 | | Other non-operating income and expenses | -26,365.04 | | Less: Income tax impact | 7,183.77 | | Impact on minority interests (after tax) | 14,350.74 | | **Total** | **11,411,501.27** | Section 3 Management Discussion and Analysis This section analyzes the company's main businesses, core competencies, financial performance, asset and liability status, investment activities, and risks, along with corresponding countermeasures. [I. Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=I.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) In H1 2025, the company deepened its "clean energy" and "retail consumption" dual-track strategy, focusing on green hydrogen/methanol projects, integrated energy station operations, hydrogen-electric shared bikes, and optimizing its retail brand matrix and digital management. - The company is deepening its **"clean energy" and "retail consumption" dual-track strategy**[27](index=27&type=chunk) - The energy business focuses on **wind and solar power-to-green hydrogen/methanol projects**, integrated energy station operations, and refined operations of hydrogen-electric shared bikes[27](index=27&type=chunk) - The commercial retail business is deeply cultivating the domestic market, upgrading its brand matrix with dynamic product selection and agile supply chain, optimizing store layouts, and leveraging digital management tools to respond to consumer rationalization trends[27](index=27&type=chunk) [(I) Industry Overview During the Reporting Period](index=9&type=section&id=(I)%20Industry%20Overview%20During%20the%20Reporting%20Period) In H1 2025, the hydrogen and natural gas energy sectors gained importance as clean, low-carbon energy sources, driven by "dual carbon" goals and policy support, with expanding applications for hydrogen fuel cell heavy trucks and accelerating hydrogen refueling network development. The commercial retail industry, influenced by consumer rationalization and digital transformation, saw pressure on the high-end market, prompting brand agents to integrate online and offline channels and optimize supply chains. - Hydrogen and natural gas energy businesses continue to focus on **wind and solar power-to-green hydrogen/methanol projects**, optimized operation of integrated energy stations, and refined operation of hydrogen-electric shared bikes[25](index=25&type=chunk) - Hydrogen energy industry development is constrained by **cost and technological maturity**, but the regional demonstration effect of hydrogen fuel cell heavy trucks is strengthening, and the hydrogen refueling network is rapidly improving[25](index=25&type=chunk) - The commercial retail industry, under consumer rationalization and digital transformation, faces pressure in the high-end retail market, with brand agents enhancing store experience through technology and optimizing supply chains[26](index=26&type=chunk) [(II) Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=(II)%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's main businesses include integrated energy station operations (natural gas and hydrogen refueling), advancement of wind and solar power-to-green hydrogen/methanol projects, hydrogen-electric shared bike operations, and commercial retail of international brand apparel, footwear, and bags. The energy business adopts a "resource integration + networked operation" model, while the commercial segment creates value through procurement, sales, and profit models. - Integrated energy station business focuses on **investing in and operating a network of integrated energy stations**, providing natural gas and hydrogen refueling services, adopting a "resource integration + networked operation" model[27](index=27&type=chunk)[29](index=29&type=chunk) - The company continues to advance **wind and solar power-to-green hydrogen/methanol projects** and has deployed hydrogen-electric shared e-bikes to explore the commercial application of hydrogen in short-distance travel[30](index=30&type=chunk) - The commercial segment engages in the retail of international brand apparel, footwear, and bags, operating brands such as MCM and Fular, as well as its own brand Oblu, with business formats including specialty stores and outlet stores[30](index=30&type=chunk) Store Operating Conditions at H1 2025 End | Region | Operating Format | Number of Stores | Contract Area (sqm) | | :--- | :--- | :--- | :--- | | Southern | Specialty Store | 13 | 1,650.16 | | Southern | Outlet Store | 7 | 2,591.97 | | Northern | Specialty Store | 12 | 1,650.00 | | Northern | Outlet Store | 1 | 230.00 | | **Total** | | **33** | **6,122.13** | - During the reporting period, the company opened **1 new store** and closed **8 stores**, with online sales revenue of **10.50 million yuan**, accounting for **3.31%** of total operating revenue[33](index=33&type=chunk)[35](index=35&type=chunk) Store Sales Productivity and Sales Growth Rate for January-June 2025 | Region | Operating Format | Number of Stores | Store Sales Productivity (Yuan/sqm/year) | Operating Revenue (Million Yuan) Jan-Jun 2025 | Operating Revenue (Million Yuan) Jan-Jun 2024 | Sales Growth Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Southern | Specialty Store | 13 | 15,848.64 | 13.08 | 16.60 | -21.25% | | Southern | Outlet Store | 7 | 5,431.08 | 7.04 | 13.11 | -46.31% | | Northern | Specialty Store | 12 | 31,357.33 | 25.87 | 26.05 | -0.71% | | Northern | Outlet Store | 1 | 13,995.65 | 1.61 | 2.23 | -27.88% | | **Total** | | **33** | **15,548.28** | **47.59** | **58.00** | **-17.94%** | [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's energy segment derives core competitiveness from regional policy and industrial chain synergy, customer stickiness and market foundation, specialized operations and innovation, and social responsibility and industry leadership. The commercial segment boasts offline and online omni-channel presence, brand resources, supply advantages, and an experienced operating team. - The energy segment leverages **policy support in Shanxi Province** and the industrial advantages of shareholder affiliates to build a full-chain synergistic advantage from "resource-transportation-terminal services"[39](index=39&type=chunk)[40](index=40&type=chunk) - The energy segment has a **large fleet of coal transport vehicles**, heavy trucks, and industrial park logistics demand as a stable customer base, enhancing customer stickiness through innovative service models[40](index=40&type=chunk) - The energy segment's operating team possesses **specialized technology and mature operational management experience**, reconstructing the energy service ecosystem through "digital intelligence"[40](index=40&type=chunk) - The commercial segment has **omni-channel sales advantages** with offline stores and online e-commerce platforms, operating well-known international brands like MCM and Fular, as well as its own brand Oblu[42](index=42&type=chunk) - The core members of the commercial operating team have **over 20 years of international brand operation and management experience**, possessing strong management expertise and fashion awareness[42](index=42&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue significantly increased by 375.31% year-on-year, primarily due to the newly added energy segment. Energy sales and refueling contributed 75.15% of operating revenue, with liquefied natural gas as the main product. Northern region revenue accounted for 86.08%, growing by 852.90% year-on-year. The commercial segment's gross margin was 31.58%, while the energy segment's was 7.21%. Key Financial Data Year-on-Year Change and Reasons for H1 2025 | Indicator | Current Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 317,480,613.55 | 66,793,887.76 | 375.31% | Primarily due to the addition of the energy segment in the current period | | Operating Cost | 275,789,749.80 | 39,116,161.07 | 605.05% | Primarily due to the addition of the energy segment in the current period | | Selling Expenses | 29,365,625.13 | 21,372,273.52 | 37.40% | Primarily due to the addition of the energy segment in the current period | | Administrative Expenses | 29,078,443.85 | 25,995,320.22 | 11.86% | Primarily due to the addition of the energy segment in the current period | | Financial Expenses | -539,023.73 | -2,936,050.35 | 81.64% | Primarily due to a decrease in interest income in the current period | | Net Cash Flow from Operating Activities | 38,919,070.78 | -11,860,630.50 | 428.14% | Primarily due to increased sales collection, decreased accounts receivable, decreased prepayments for purchases, and the release of frozen restricted funds in the current period | | Net Cash Flow from Investing Activities | 91,312,054.87 | -153,300,968.01 | 159.56% | Primarily due to the redemption of wealth management products in the current period | | Net Increase in Cash and Cash Equivalents | 151,124,689.34 | -142,935,000.36 | 205.73% | Primarily due to a decrease in net cash outflow from investments in wealth management products in the current period | Operating Revenue Composition for H1 2025 | Category | Amount (Yuan) | Proportion of Operating Revenue | Prior Period Amount (Yuan) | Prior Period Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **317,480,613.55** | **100%** | **66,793,887.76** | **100%** | **375.31%** | | **By Industry** | | | | | | | Energy Sales and Refueling | 238,578,365.93 | 75.15% | | | | | Commercial | 77,271,283.71 | 24.34% | 65,030,993.00 | 97.36% | 18.82% | | Shared Bicycle Operations | 1,083,723.86 | 0.34% | 304,176.36 | 0.46% | 256.28% | | Other | 547,240.05 | 0.17% | 1,458,718.40 | 2.18% | -62.48% | | **By Product** | | | | | | | Liquefied Natural Gas | 219,818,577.01 | 69.24% | | | | | Hydrogen | 18,373,549.90 | 5.79% | | | | | Apparel | 62,616,185.82 | 19.72% | 64,983,499.05 | 97.29% | -3.64% | | Gold Jewelry | 7,109,958.27 | 2.24% | | | 100.00% | | Shared Bicycle Operations | 1,083,723.86 | 0.34% | 304,176.36 | 0.46% | 256.28% | | Department Store | 7,908,595.22 | 2.49% | | | | | Other | 570,023.47 | 0.18% | 1,506,212.35 | 2.25% | -62.16% | | **By Region** | | | | | | | Northern | 273,287,818.36 | 86.08% | 28,679,490.40 | 42.94% | 852.90% | | Southern | 44,192,795.19 | 13.92% | 38,114,397.36 | 57.06% | 15.95% | Gross Margin of Main Business by Industry, Product, and Region for H1 2025 | Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Energy Sales and Refueling | 238,578,365.93 | 221,370,295.23 | 7.21% | | | | | Commercial | 77,271,283.71 | 52,869,624.49 | 31.58% | 18.82% | 38.50% | -9.72% | | **By Product** | | | | | | | | Liquefied Natural Gas | 219,818,577.01 | 205,882,664.22 | 6.34% | | | | | Apparel | 62,616,185.82 | 39,287,977.37 | 37.26% | -3.64% | 2.92% | -4.00% | | **By Region** | | | | | | | | Northern | 273,287,818.36 | 245,727,794.71 | 10.08% | 852.90% | 1,333.71% | -30.16% | | Southern | 44,192,795.19 | 30,061,955.09 | 31.98% | 15.95% | 36.79% | -10.36% | [IV. Analysis of Non-Main Business](index=15&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) During the reporting period, non-main businesses significantly impacted total profit, with investment income (primarily from debt restructuring and wealth management) at **10.24 million yuan**, fair value change gains/losses at **0.52 million yuan**, and asset impairment losses at **-4.16 million yuan**. These non-recurring items are not sustainable. Impact of Non-Main Business on Total Profit for H1 2025 | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 10,235,254.33 | -92.39% | Primarily debt restructuring gains and wealth management income | No | | Gains and losses from changes in fair value | 519,057.53 | -4.69% | Primarily fair value changes of purchased wealth management products | No | | Asset Impairment | -4,157,736.98 | 37.53% | Primarily provision for inventory depreciation | No | | Non-operating Income | 116,819.00 | -1.05% | | No | | Non-operating Expenses | 181,020.41 | -1.63% | | No | | Credit Impairment | -717,770.35 | 6.48% | Primarily provision for bad debts of accounts receivable and other receivables | No | [V. Analysis of Assets and Liabilities](index=15&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were **895 million yuan**, an 8.74% increase from the end of the previous year. Monetary funds significantly increased by 14.20% to **348 million yuan**, mainly due to the redemption of wealth management products and real estate auction proceeds. Other current assets decreased by 14.40% due to wealth management product redemptions. Other payables increased by 3.45%. Significant Changes in Asset Composition at H1 2025 End | Item | Current Period End Amount (Yuan) | Proportion of Total Assets | Prior Year End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 348,342,471.35 | 38.94% | 203,497,148.37 | 24.74% | 14.20% | Primarily due to the redemption of wealth management products and receipt of Oriental Science Park real estate auction proceeds in the current period, leading to an increase in monetary funds | | Other Current Assets | 80,051,379.43 | 8.95% | 192,130,813.67 | 23.35% | -14.40% | Primarily due to the redemption of wealth management products in the current period, leading to a decrease in other current assets | | Other Payables | 168,965,559.89 | 18.89% | 127,009,002.79 | 15.44% | 3.45% | | Assets and Liabilities Measured at Fair Value at H1 2025 End | Item | Beginning Balance (Yuan) | Fair Value Change Gains and Losses for Current Period (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 40,268,000.00 | 519,057.53 | 150,000,000.00 | 110,000,000.00 | 80,351,057.53 | | **Total Above** | **40,268,000.00** | **519,057.53** | **150,000,000.00** | **110,000,000.00** | **80,351,057.53** | - At the end of the reporting period, the book value of the company's **restricted assets was 6.42 million yuan**, mainly for deposits and pledges[53](index=53&type=chunk) [VI. Analysis of Investment Status](index=16&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment decreased by 97.09% year-on-year. Ongoing significant non-equity investments are primarily in wind and solar power-to-hydrogen and methanol projects and integrated energy island projects, with a cumulative investment exceeding **40 million yuan**, but these projects are still in the early investment and construction phase and have not yet generated returns. Investment Amount Change for H1 2025 | Investment Amount for Reporting Period (Yuan) | Investment Amount for Prior Period (Yuan) | Change Rate | | :--- | :--- | :--- | | 21,511,378.00 | 739,560,800.00 | -97.09% | Ongoing Significant Non-Equity Investments for H1 2025 | Project Name | Investment Method | Industry Involved in Investment Project | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment Amount at End of Reporting Period (Yuan) | Project Progress | Estimated Return | Cumulative Realized Return at End of Reporting Period (Yuan) | Reasons for Not Meeting Planned Progress and Estimated Returns | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qinyuan Hermès 120MW Photovoltaic Power Generation to 1,000 tons/year Green Hydrogen Project | Self-built | Energy Storage and New Energy Development | 89,150.94 | 1,803,399.95 | 0.37% | 0.00 | 0.00 | Still in the early investment and construction phase | | 262.5MW Wind Power Generation to 8,000 tons/year Green Hydrogen and 150,000 tons/year Green Methanol Integrated Project | Self-built | Energy Storage and New Energy Development | 35,247,951.71 | 37,869,358.56 | 1.21% | 0.00 | 0.00 | Still in the early investment and construction phase | | Wuxiang Mabao Integrated Energy Island Project | Self-built | Energy Storage and New Energy Development | 872,109.10 | 872,109.10 | 3.49% | 0.00 | 0.00 | Still in the early investment and construction phase | | **Total** | | | **36,209,211.75** | **40,544,867.61** | | **0.00** | **0.00** | | [VII. Major Asset and Equity Sales](index=18&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any major asset or equity sales. - The company did **not sell major assets** during the reporting period[61](index=61&type=chunk) - The company did **not sell major equity** during the reporting period[62](index=62&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=18&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries include Shenzhen Hermès Commercial Co., Ltd., Huizhou Haoningda Technology Co., Ltd., and Shanxi Pengfei Hydrogen Beauty Energy Green Development Co., Ltd. Notably, Shanxi Pengfei Hydrogen Beauty Energy Green Development Co., Ltd. achieved operating revenue of **247 million yuan** and net profit of **0.17 million yuan** during the reporting period. The company established four new subsidiaries and deregistered two non-operating subsidiaries during the period. Major Subsidiary Financial Data for H1 2025 | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Hermès Commercial Co., Ltd. | Subsidiary | Technology development and sales of shoes, bags, apparel, accessories, watches, daily necessities, eyewear, jewelry, etc. | 50,000,000.00 | 206,113,505.97 | 71,138,552.57 | 69,745,932.65 | -11,531,530.87 | -11,524,817.77 | | Huizhou Haoningda Technology Co., Ltd. | Subsidiary | R&D and production of electrical instruments and meters, etc. | 150,000,000.00 | 97,685,916.84 | 55,864,649.84 | 352,717.13 | -5,112,582.40 | -5,112,582.40 | | Shanxi Pengfei Hydrogen Beauty Energy Green Development Co., Ltd. | Subsidiary | Retail of refined oil; gas operation; gas vehicle refueling operation. Energy storage technology services; sales of hydrogen refueling and storage facilities for stations; shared bicycle services. | 300,000,000.00 | 236,408,839.48 | 185,563,794.83 | 247,194,078.05 | 188,144.56 | 167,116.21 | - During the reporting period, the company established **four new subsidiaries**: Pengfei Juneng (Hainan) Supply Chain Management Co., Ltd., Pengfei Junengmai (Tianjin) Commercial and Trading Co., Ltd., Pengfei Hydrogen Cloud (Fenyang) Technology Co., Ltd., and Hydrogen Beauty Global Green Energy Technology Co., Ltd[64](index=64&type=chunk) - The company deregistered Pengfei Juneng (Caofeidian District, Tangshan City) Supply Chain Management Co., Ltd. and Chuangying Commercial (Hainan) Co., Ltd., which were **non-operating** and had no impact on production and operations[64](index=64&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=19&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks such as fluctuating gas prices, tight project construction funds, slower-than-expected hydrogen energy commercialization, regional market structural limitations, declining economic growth and consumption levels, and intensified market competition. The company addresses these through price linkage mechanisms, optimized financing, expanded hydrogen application scenarios, market penetration, and improved service quality. - The company faces **LNG price fluctuation risk**, which may lead to cost pressure and affect profitability stability[64](index=64&type=chunk) - Large-scale hydrogen production projects under construction involve **high initial capital investment and long payback periods**, posing a risk of tight project construction funds[65](index=65&type=chunk) - The **commercialization of hydrogen energy may fall short of expectations**, facing cost and technological bottlenecks, limited application scenarios, and pressure on payback periods[65](index=65&type=chunk) - The company's core market is in Shanxi, where LNG and hydrogen demand is primarily from heavy industry, leading to **regional market structural limitations**[65](index=65&type=chunk) - The company's countermeasures include establishing a **dynamic gas source price linkage mechanism**, optimizing capital management and financing structure, collaborating with industry chain partners to expand hydrogen energy application scenarios, and deeply cultivating existing markets while exploring incremental markets[66](index=66&type=chunk) - The commercial segment faces challenges such as **declining economic growth and consumption levels**, intensified market competition, and operational risks for brand agency businesses (online consumption impacting offline stores)[66](index=66&type=chunk)[67](index=67&type=chunk) - Commercial segment countermeasures include adopting **competitive pricing strategies**, optimizing offline scenarios, strengthening employee training and performance optimization, and deeply integrating online and offline channels[67](index=67&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=20&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period. - The company did **not formulate a market value management system** during the reporting period[68](index=68&type=chunk) - The company did **not disclose a valuation enhancement plan** during the reporting period[68](index=68&type=chunk) [XII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=20&type=section&id=XII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period. - The company did **not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan** during the reporting period[68](index=68&type=chunk) Section 4 Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive schemes, environmental information disclosure, and social responsibility initiatives. [I. Changes in the Company's Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management. - The company's directors, supervisors, and senior management had **no changes** during the reporting period[70](index=70&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=21&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period. - The company plans **not to distribute cash dividends, bonus shares, or convert capital reserves into share capital** for the half-year period[71](index=71&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation. - The company had **no equity incentive plans, employee stock ownership plans, or other employee incentive measures** and their implementation during the reporting period[72](index=72&type=chunk) [IV. Environmental Information Disclosure](index=21&type=section&id=IV.%20Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law. - The listed company and its major subsidiaries are **not included in the list of enterprises required to disclose environmental information by law**[73](index=73&type=chunk) [V. Social Responsibility](index=21&type=section&id=V.%20Social%20Responsibility) The company values corporate social responsibility, has established a sound corporate governance structure and internal control system, and is committed to creating a better living and consumption environment, protecting the rights of shareholders, employees, and suppliers, and focusing on environmental protection and sustainable development. - The company has established a relatively **sound corporate governance structure and internal control system**, ensuring shareholder rights through timely, truthful, accurate, and complete information disclosure[74](index=74&type=chunk) - The company adheres to a **people-oriented approach**, strictly implements national employment regulations, prioritizes employee health, safety, and satisfaction, and provides career planning and training[75](index=75&type=chunk) - The company follows the principles of "voluntariness, equality, and mutual benefit," establishing **strategic partnerships with suppliers and customers** to build a platform of trust and cooperation[77](index=77&type=chunk) - The company focuses on **energy conservation and emission reduction**, promotes paperless office practices, strengthens awareness of energy conservation and environmental protection, and is committed to building a reputable brand trusted by society[78](index=78&type=chunk) Section 5 Significant Matters This section covers the fulfillment of commitments, non-operating fund occupation by related parties, illegal external guarantees, auditor appointments, bankruptcy reorganization, litigation, penalties, integrity status, major related party transactions, significant contracts, and other important matters. [I. Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period, and Overdue Unfulfilled Commitments at the End of the Reporting Period](index=23&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20Actual%20Controller,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company%20During%20the%20Reporting%20Period,%20and%20Overdue%20Unfulfilled%20Commitments%20at%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the share lock-up commitments made by the company's actual controller, shareholders, and related parties were fulfilled on time, with no overdue unfulfilled commitments. - The share lock-up commitments of Times Rongguang and Xiaoyi Fuyuan have been **fulfilled**, not transferring the acquired shares within 36 months from the date of acquisition[80](index=80&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=23&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties of the listed company. - During the reporting period, there was **no non-operating fund occupation** by controlling shareholders and other related parties of the listed company[81](index=81&type=chunk) [III. Illegal External Guarantees](index=23&type=section&id=III.%20Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees. - The company had **no illegal external guarantees** during the reporting period[82](index=82&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=23&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited. - The company's semi-annual report was **not audited**[83](index=83&type=chunk) [VII. Bankruptcy Reorganization Matters](index=24&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy reorganization matters. - The company did **not experience any bankruptcy reorganization matters** during the reporting period[84](index=84&type=chunk) [VIII. Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) The company is involved in multiple litigation and arbitration matters. The final judgment in the debt transfer contract dispute with China Foreign Economy and Trade Trust Co., Ltd. dismissed the opposing party's claims, but the opposing party has filed for retrial. In the securities misrepresentation liability dispute with 292 individual investors, judgments have been rendered for 288 individuals, totaling **18.58 million yuan**, and the company is fulfilling its obligations. Major Litigation and Arbitration Matters for H1 2025 | Basic Information of Litigation (Arbitration) | Amount Involved (Million Yuan) | Provision for Estimated Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Status of Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | :--- | | Debt transfer contract dispute between the company and related parties and China Foreign Economy and Trade Trust Co., Ltd. | 645.92 | No | Final judgment rendered, opposing party filed for retrial | Dismissed all claims of CITIC Company, second instance upheld the original judgment. | / | | Securities misrepresentation liability dispute between the company and 292 individual investors | 19.98 | Yes | First or second instance judgments rendered for all 288 individuals; 17 individuals have had hearings but no judgment yet | First instance judgments rendered for 255 investors, with a total judgment amount of 18.58 million yuan. | Company fulfills obligations according to effective judgments | | Other bankruptcy-related disputes between Yingcai Tuozhan Commercial (Shenzhen) Co., Ltd., Shenzhen Hermès Commercial Co., Ltd. and Niwo Si (Shanghai) Apparel Trading Co., Ltd. | 0.26 | No | Mediated | Yingcai Tuozhan Commercial (Shenzhen) Co., Ltd. to pay 262,353 yuan for goods. | Company fulfills payment obligations according to mediation agreement | [IX. Penalties and Rectification](index=26&type=section&id=IX.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations. - The company had **no penalties or rectification situations** during the reporting period[87](index=87&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=26&type=section&id=X.%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholders,%20and%20Actual%20Controllers) During the reporting period, there were no integrity issues concerning the company, its controlling shareholders, or actual controllers. - During the reporting period, there were **no integrity issues** concerning the company, its controlling shareholders, or actual controllers[88](index=88&type=chunk) [XI. Major Related Party Transactions](index=26&type=section&id=XI.%20Major%20Related%20Party%20Transactions) During the reporting period, the company's total daily operating related party transactions amounted to **201 million yuan**, which did not exceed the estimated range. These primarily involved purchasing fuel (LNG, hydrogen), transportation services, goods, and selling LNG, hydrogen, and providing refueling services. Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services for H1 2025 | Related Party | Type of Related Transaction | Content of Related Transaction | Amount of Related Transaction (Million Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (Million Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Canghai Aolan International Trade Co., Ltd. | Purchase of related services | Joint venture fees | 0.62 | | 1.45 | No | | Pengfei Group and its controlled enterprises | Lease of assets | Lease of operating premises | 0.00 | | 0.11 | No | | Pengfei Group and its controlled enterprises | Purchase of services | Provision of hotel accommodation and vehicle use services, etc. | 0.07 | | 1.22 | No | | Pengfei Group and its controlled enterprises | Purchase of fuel and services | Provision of hydrogen, gasoline, and other fuel refueling services | 0.10 | | 0.53 | No | | Pengfei Group and its controlled enterprises | Purchase of other goods or services | Purchase of goods | 0.13 | | 0.37 | No | | Pengfei Group and its controlled enterprises | Purchase of services | Purchase of transportation services | 0.41 | | 12.18 | No | | Shengshi Fuyuan and its controlled enterprises | Purchase of goods | Purchase of LNG, hydrogen, and other goods | 1,634.65 | | 553.37 | No | | Beijing Zhijian Energy Co., Ltd. | Purchase of services | Purchase of technical services | 0.03 | | 2.36 | No | | Hainan Canghai Aolan International Trade Co., Ltd. | Sale of goods and related services | Joint venture sales | 4.49 | | 8.54 | No | | Pengfei Group and its controlled enterprises | Sale of goods and services | Sale of LNG, hydrogen, and provision of refueling services, sale of other goods or services | 31.08 | | 83.32 | No | | Shengshi Fuyuan and its controlled enterprises | Sale of goods and services | Sale of LNG and provision of refueling services | 0.01 | | 0.54 | No | | Xiaoyi Fuyuan Jinlai Heat Source Co., Ltd. | Sale of goods and services | Sale of LNG, hydrogen, and other goods and provision of refueling services | 0.30 | | 1.37 | No | | **Total** | | | **200.71** | | **665.36** | **No** | - The company had **no related party transactions involving asset or equity acquisition or disposal** during the reporting period[91](index=91&type=chunk) - The company had **no related party transactions involving joint external investment** during the reporting period[92](index=92&type=chunk) - The company had **no related party creditor-debtor relationships** during the reporting period[93](index=93&type=chunk) - The company had **no deposits, loans, credit, or other financial business** with financial companies or related parties with whom it has related party relationships[94](index=94&type=chunk)[95](index=95&type=chunk) - The company had **no other major related party transactions** during the reporting period[96](index=96&type=chunk) [XII. Major Contracts and Their Performance](index=29&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, leasing matters, or major guarantees. The amount of wealth management entrusted was **510 million yuan**, with an outstanding balance of **130 million yuan** at period-end, primarily in bank and brokerage wealth management products. - The company had **no entrustment, contracting, or leasing situations** during the reporting period[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) - The company had **no major guarantees** during the reporting period[100](index=100&type=chunk) Entrusted Wealth Management for H1 2025 | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (Million Yuan) | Unexpired Balance (Million Yuan) | Overdue Unrecovered Amount (Million Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 420 | 40 | 0 | | Brokerage Wealth Management Products | Own Funds | 90 | 90 | 0 | - The company had **no other major contracts** during the reporting period[103](index=103&type=chunk) [XIII. Explanation of Other Significant Matters](index=30&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, Ms. Wang Yufei, a former shareholder holding over 5% of the company's shares, transferred shares to Scorpio Fund and Meta Program Fund, making them shareholders holding over 5%. Ms. Wang Yufei is no longer a shareholder holding over 5%. After the reporting period, Meta Program Fund reduced its shareholding, falling below 5%. - Ms. Wang Yufei transferred **65.60 million unrestricted shares** of the company to Scorpio Fund and Meta Program Fund, making both shareholders holding over 5% of the company's shares[104](index=104&type=chunk) - After the agreement transfer, Ms. Wang Yufei held **1.90%** of the company's total share capital and is **no longer a shareholder holding over 5%**[105](index=105&type=chunk) - Meta Program Fund plans to reduce its shareholding by no more than 3%, and after the reporting period, actually reduced **37,301 shares**, bringing its shareholding to **4.999998%**, thus **no longer being a shareholder holding over 5%**[106](index=106&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=31&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company had no significant matters concerning its subsidiaries. - The company had **no significant matters concerning its subsidiaries** during the reporting period[109](index=109&type=chunk) Section 6 Changes in Shares and Shareholder Information This section details changes in the company's share capital, securities issuance and listing, shareholder numbers and shareholding, changes in director, supervisor, and senior management shareholdings, changes in controlling shareholders or actual controllers, and preferred share information. [I. Changes in Shares](index=32&type=section&id=I.%20Changes%20in%20Shares) During the reporting period, the company's total share capital remained unchanged at **1,311,254,521 shares**. Restricted shares increased by **7,500 shares** due to former executives' lock-up, and unrestricted shares decreased by a corresponding amount. Share Changes for H1 2025 | Item | Number Before Change (Shares) | Proportion Before Change | Net Increase/Decrease in Current Change (Shares) | Number After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 7,500 | 7,500 | 0.00% | | Of which: Shares held by domestic natural persons | 0 | 0.00% | 7,500 | 7,500 | 0.00% | | II. Unrestricted Shares | 1,311,254,521 | 100.00% | -7,500 | 1,311,247,021 | 100.00% | | Of which: RMB ordinary shares | 1,311,254,521 | 100.00% | -7,500 | 1,311,247,021 | 100.00% | | **III. Total Shares** | **1,311,254,521** | **100.00%** | **0** | **1,311,254,521** | **100.00%** | - During the reporting period, China Securities Depository and Clearing Corporation Limited Shenzhen Branch locked up **7,500 shares** of the company held by former executive Huang Bing, leading to an increase in restricted shares[113](index=113&type=chunk)[114](index=114&type=chunk) [II. Securities Issuance and Listing](index=33&type=section&id=II.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing. - The company had **no securities issuance or listing** during the reporting period[115](index=115&type=chunk) [III. Company Shareholder Numbers and Shareholding](index=33&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding) At the end of the reporting period, the total number of ordinary shareholders was **23,218**. Among the top ten shareholders, Hainan Times Rongguang Industrial Investment Partnership (Limited Partnership) held 17.11% as the largest shareholder, while Beijing Meta Program Asset Management Co., Ltd. and Beijing Scorpio Asset Management Co., Ltd. each held 5.00%. Hao Yi held 4.66%, with **61.10 million shares pledged** and **61.10 million shares frozen**. - At the end of the reporting period, the total number of ordinary shareholders was **23,218**[116](index=116&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders at H1 2025 End | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (Shares) | Change in Shareholding During Reporting Period (Shares) | Number of Unrestricted Shares Held (Shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Times Rongguang Industrial Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 17.11% | 224,386,125 | 0 | 224,386,125 | Not applicable: 0 | | Beijing Meta Program Asset Management Co., Ltd. - Meta Program Fuyuan Private Securities Investment Fund | Other | 5.00% | 65,600,000 | 0 | 65,600,000 | Not applicable: 0 | | Beijing Scorpio Asset Management Co., Ltd. - Scorpio No. 36 Private Securities Investment Fund | Other | 5.00% | 65,600,000 | 65,600,000 | 65,600,000 | Not applicable: 0 | | Hao Yi | Domestic Natural Person | 4.66% | 61,101,341 | 0 | 61,101,341 | Pledged: 61,098,000; Frozen: 61,101,341 | | Jilin Huancheng Rural Commercial Bank Co., Ltd. | Domestic Non-State-Owned Legal Person | 4.41% | 57,842,310 | 0 | 57,842,310 | Not applicable: 0 | | Xiaoyi Fuyuan Jinlai Heat Source Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.47% | 45,529,934 | 0 | 45,529,934 | Not applicable: 0 | | Shenzhen Hermès Group Co., Ltd. Bankruptcy Enterprise Property Disposal Special Account | Domestic Non-State-Owned Legal Person | 2.29% | 30,064,953 | -4,034,540 | 30,064,953 | Not applicable: 0 | | Shengjing Bank Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.10% | 27,493,132 | 0 | 27,493,132 | Not applicable: 0 | | Wang Yufei | Domestic Natural Person | 1.90% | 24,902,630 | -65,600,000 | 24,902,630 | Not applicable: 0 | | Hanqiao Machinery Factory Co., Ltd. | Overseas Legal Person | 1.64% | 21,556,000 | -8,491,500 | 21,556,000 | Pledged: 21,556,000; Frozen: 21,556,000 | - Hainan Times Rongguang Industrial Investment Partnership (Limited Partnership) and Xiaoyi Fuyuan Jinlai Heat Source Co., Ltd. are **parties acting in concert**, jointly holding **20.58%** of the company's shares[117](index=117&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period. - The shareholdings of the company's directors, supervisors, and senior management had **no changes** during the reporting period[119](index=119&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller. - The company's controlling shareholder had **no changes** during the reporting period[121](index=121&type=chunk) - The company's actual controller had **no changes** during the reporting period[121](index=121&type=chunk) [VI. Preferred Share Information](index=37&type=section&id=VI.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares. - The company had **no preferred shares** during the reporting period[122](index=122&type=chunk) Section 7 Bond-Related Matters This section confirms that the company had no bond-related matters during the reporting period. [Bond-Related Matters](index=38&type=section&id=Bond-Related%20Matters) During the reporting period, the company had no bond-related matters. - The company had **no bond-related matters** during the reporting period[124](index=124&type=chunk) Section 8 Financial Report This section includes the audit report, comprehensive financial statements (balance sheets, income statements, cash flow statements, and statements of changes in owners' equity), company basic information, basis of financial statement preparation, significant accounting policies and estimates, taxation, notes to consolidated financial statements, changes in consolidation scope, equity in other entities, government subsidies, financial instrument risks, fair value disclosures, related parties and related party transactions, commitments and contingencies, post-balance sheet events, other significant matters, and notes to parent company financial statements. [I. Audit Report](index=39&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was **not audited**[126](index=126&type=chunk) [II. Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for H1 2025, as well as consolidated and parent company statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow. - Financial statements include the **consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity**[127](index=127&type=chunk)[131](index=131&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk)[142](index=142&type=chunk)[144](index=144&type=chunk)[151](index=151&type=chunk) [III. Company Basic Information](index=58&type=section&id=III.%20Company%20Basic%20Information) Shenzhen Hermès Group Co., Ltd. has a registered capital of **1.311 billion yuan**, is headquartered in Nanshan District, Shenzhen, and operates in the retail industry, primarily engaging in integrated energy station operations, apparel, gold jewelry sales, and shared bicycle operations. Its history shows it evolved from Shenzhen Haoningda Electric Energy Meter Manufacturing Co., Ltd. and completed a reorganization plan in 2021, increasing its total share capital to **1.311 billion shares**. - The company name is Shenzhen Hermès Group Co., Ltd., with a registered capital of **1.311 billion yuan** and a total share capital of **1.311 billion shares**[156](index=156&type=chunk)[161](index=161&type=chunk) - The company's industry is **retail**, with main operating activities including integrated energy station operations, apparel, gold jewelry sales, and shared bicycle operations[156](index=156&type=chunk) - The company, formerly Shenzhen Haoningda Electric Energy Meter Manufacturing Co., Ltd., changed its name to Shenzhen Hermès Group Co., Ltd. in 2016 and completed a reorganization plan in 2021, leading to an **increase in total share capital**[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) [IV. Basis of Financial Statement Preparation](index=58&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards, and its ability to continue as a going concern for the next 12 months is assessed as good. - The company prepares its financial statements on a **going concern basis**, recognizing and measuring transactions and events in accordance with the "Basic Standards for Enterprise Accounting Standards" and other accounting standards[163](index=163&type=chunk) - The company assesses that its **going concern ability is good** for the 12 months from the end of the reporting period, with no factors causing significant doubt about its ability to continue as a going concern[164](index=164&type=chunk) [V. Significant Accounting Policies and Estimates](index=59&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The company adheres to enterprise accounting standards, with a 12-month operating cycle and RMB as its functional currency. This section details significant accounting policies and estimates for business combinations, consolidated financial statements, financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, employee compensation, provisions, share-based payments, government grants, deferred income tax assets/liabilities, and leases. - The company adheres to **enterprise accounting standards**, with an accounting period from January 1 to December 31 of the Gregorian calendar, a 12-month operating cycle, and **RMB as its functional currency**[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk) - The company classifies financial assets into three categories based on business model and contractual cash flow characteristics: **measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss**, and makes impairment provisions based on expected credit losses[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk)[225](index=225&type=chunk) - The company's inventory primarily includes **raw materials and merchandise inventory**, with costs accounted for using the weighted average method upon issuance, and provisions for inventory depreciation are made[254](index=254&type=chunk)[255](index=255&type=chunk)[258](index=258&type=chunk) - The company depreciates fixed assets using the **straight-line method**, measures construction in progress at actual cost, and amortizes intangible assets (land use rights, software) over their useful lives using the straight-line method[278](index=278&type=chunk)[279](index=279&type=chunk)[283](index=283&type=chunk) - The company recognizes revenue by identifying distinct performance obligations, determining whether they are satisfied over time or at a point in time, and measuring revenue at the transaction price. Apparel sales models include **self-operated, joint venture, consignment, and online**, while the energy segment sells LNG, hydrogen, and operates shared bicycles[316](index=316&type=chunk)[317](index=317&type=chunk)[318](index=318&type=chunk)[324](index=324&type=chunk)[326](index=326&type=chunk) [VI. Taxation](index=85&type=section&id=VI.%20Taxation) The company's main taxes include VAT (6%-13%), consumption tax (5%), urban maintenance and construction tax (7%), corporate income tax (16.5%-25%), education surcharge (3%), and local education surcharge (2%). Some subsidiaries enjoy a preferential corporate income tax policy, where taxable income is reduced by 25% and taxed at a 20% rate for small and micro enterprises. Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 6.00, 9.00, 13.00 | | Consumption Tax | Sales of Gold Jewelry | 5.00 | | Urban Maintenance and Construction Tax | VAT Turnover Payable | 7.00 | | Corporate Income Tax | Taxable Income | 16.50, 20.00, 25.00 | | Education Surcharge | VAT Turnover Payable | 3.00 | | Local Education Surcharge | VAT Turnover Payable | 2.00 | - Some subsidiaries (e.g., Shanxi Hermès Supply Chain Co., Ltd., Shanxi Pengfei Hydrogen Cloud Technology Co., Ltd.) are subject to a **20% corporate income tax rate**[363](index=363&type=chunk) - The company enjoys preferential policies for **small and micro enterprises and individual industrial and commercial households**, including a 50% reduction in resource tax, urban maintenance and construction tax, and a corporate income tax rate of 20% on 25% of taxable income, extended until December 31, 2027[364](index=364&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=86&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the ending balances, beginning balances, and changes in major items of the consolidated financial statements, including monetary funds, trading financial assets, accounts receivable, other receivables, inventories, fixed assets, construction in progress, intangible assets, goodwill, accounts payable, employee compensation payable, taxes payable, and lease liabilities, with explanations for significant changes. Monetary Funds Composition at H1 2025 End | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 9,448.69 | 3,401.69 | | Bank Deposits | 343,507,046.67 | 202,357,107.71 | | Other Monetary Funds | 4,825,975.99 | 1,136,638.97 | | **Total** | **348,342,471.35** | **203,497,148.37** | - The ending balance of monetary funds is **348 million yuan**, which includes **114 million yuan** in deposits in the bankruptcy reorganization special account managed by the reorganization administrator[366](index=366&type=chunk) Trading Financial Assets at H1 2025 End | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Wealth Management Products | 80,351,057.53 | 40,268,000.00 | | **Total** | **80,351,057.53** | **40,268,000.00** | Accounts Receivable Aging Composition at H1 2025 End | Aging | Ending Book Balance (Yuan) | Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 Year (inclusive) | 40,708,886.66 | 47,234,888.84 | | 1 to 2 Years | 2,104,071.18 | 2,104,071.18 | | 2 to 3 Years | 519,264.79 | 519,264.79 | | Over 3 Years | 2,871,044.62 | 3,824,458.44 | | **Total** | **46,203,267.25** | **53,682,683.25** | Inventory Classification at H1 2025 End | Item | Ending Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Raw Materials | 45,964.27 | 45,964.27 | | Merchandise Inventory | 43,146,246.79 | 58,068,662.69 | | **Total** | **43,192,211.06** | **58,114,626.96** | - At the end of the reporting period, the company's goodwill had been **fully impaired**, with an original book value of **110 million yuan** and an impairment provision of **110 million yuan**[427](index=427&type=chunk)[430](index=430&type=chunk)[432](index=432&type=chunk) Operating Revenue and Operating Cost for H1 2025 | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 316,529,616.00 | 274,985,931.84 | 65,287,675.41 | 38,553,788.58 | | Other Business | 950,997.55 | 803,817.96 | 1,506,212.35 | 562,372.49 | | **Total** | **317,480,613.55** | **275,789,749.80** | **66,793,887.76** | **39,116,161.07** | Investment Income for H1 2025 | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | -180,136.92 | 37,606.72 | | Debt Restructuring Gains | 8,985,217.92 | 676,275.72 | | Wealth Management Product Income | 1,430,173.33 | 362,250.00 | | **Total** | **10,235,254.33** | **1,076,132.44** | [VIII. Changes in Consolidation Scope](index=112&type=section&id=VIII.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company established five new subsidiaries (Pengfei Juneng (Caofeidian District, Tangshan City) Supply Chain Management Co., Ltd., Pengfei Juneng (Hainan) Supply Chain Management Co., Ltd., Pengfei Junengmai (Tianjin) Commercial and Trading Co., Ltd., Hydrogen Beauty Global Green Energy Technology Co., Ltd., and Pengfei Hydrogen Cloud (Fenyang) Technology Co., Ltd.) and deregistered two subsidiaries (Chuangying Commercial (Hainan) Co., Ltd. and Pengfei Juneng (Caofeidian District, Tangshan City) Supply Chain Management Co., Ltd.). - From February to June 2025, the company established **five new subsidiaries**, including Pengfei Juneng (Caofeidian District, Tangshan City) Supply Chain Management Co., Ltd., Pengfei Juneng (Hainan) Supply Chain Management Co., Ltd., Pengfei Junengmai (Tianjin) Commercial and Trading Co., Ltd., Hydrogen Beauty Global Green Energy Technology Co., Ltd., and Pengfei Hydrogen Cloud (Fenyang) Technology Co., Ltd[534](index=534&type=chunk) - In April and June 2025, the company deregistered **Chuangying Commercial (Hainan) Co., Ltd. and Pengfei Juneng (Caofeidian District, Tangshan City) Supply Chain Management Co., Ltd.**[535](index=535&type=chunk) [IX. Equity in Other Entities](index=112&type=section&id=IX.%20Equity%20in%20Other%20Entities) The company owns multiple subsidiaries covering retail, energy station operations, photovoltaic power generation to hydrogen, and other businesses, with most shareholdings at 100% or 51%. Significant non-wholly owned subsidiaries include Shanghai Oulan E-commerce Co., Ltd. and Shanxi Pengfei Hydrogen Bea

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳赫美集团股份有限公司（ 以下简称"公司"）第六届董事会第二十六次 会议于 2025 年 8 月 4 日以通讯方式发出会议通知，会议于 2025 年 8 月 13 日上 午10:00在深圳市南山区中心路3008号深圳湾1号T7 座2205公司会议室召开， 会议应到董事 9 人，实际出席会议董事 9 人。会议由董事长郑梓微女士主持，公 司监事、高级管理人员列席了会议，符合《公司法》、《公司章程》的有关规定。 经过全体董事的审议，本次会议通过签字表决方式审议并通过以下决议： 一、 会议以 9 票赞成，0 票反对，0 票弃权，审议通过了《关于 2025 年半 年度报告全文及摘要的议案》。 证券代码：002356 证券简称：赫美集团 公告编号：2025-026 深圳赫美集团股份有限公司 第六届董事会第二十六次会议决议的公告 深圳赫美集团股份有限公司 第六届董事会第二十六次会议决议的公告 特此公告。 深圳赫美集团股份有限公司 董 事 会 二〇二五年八月十五日 《2025 年半年度报告》全文详见深圳证券交易所网站及公司指定 ...

Group 1 - The core viewpoint of the news is that Hemei Group (002356) has shown significant revenue growth but a decline in net profit in its latest quarterly report [1] - As of August 14, 2025, Hemei Group's stock closed at 3.13 yuan, down 2.8%, with a trading volume of 201,200 hands and a transaction amount of 63.75 million yuan [1] - The company's total operating revenue for the first quarter of 2025 was 171 million yuan, representing a year-on-year increase of 365.39% [1] Group 2 - The net profit attributable to shareholders for the same period was 5.63 million yuan, a decrease of 1.41% year-on-year [1] - The company's current ratio is 3.092, quick ratio is 2.816, and debt-to-asset ratio is 22.90% [1] - Hemei Group has made investments in 11 companies and participated in 78 bidding projects, indicating active engagement in business expansion [2]

证券日报网讯赫美集团（002356）8月12日在互动平台回答投资者提问时表示，截至2025年7月31日，公 司股东户数约为3.07万户。 ...

| 002356 | 赫美集 | 1.26 | 1.76 | 3.20 | 3.22 | 0.72 | | --- | --- | --- | --- | --- | --- | --- | | | 团 | | | | | | | 002813 | 路畅科 | 1.45 | 4.69 | 24.37 | 24.54 | 0.72 | | | 技 | | | | | | | 002150 | 通润装 | 1.54 | 3.86 | 12.47 | 12.55 | 0.64 | | | 备 | | | | | | | 002332 | 仙琚制 | 1.07 | 2.85 | 10.34 | 10.41 | 0.64 | | | 药 | | | | | | | 000875 | 吉电股 | 1.74 | 1.57 | 5.24 | 5.27 | 0.63 | | | 份 | | | | | | | 688276 | 百克生 | 2.69 | 1.71 | 23.88 | 24.03 | 0.61 | | | 物 | | | | | | | 601158 | 重庆水 | 0.64 | 0.20 | 4.70 | 4. ...

| 601139 | 深圳燃 | 0.92 | 0.30 | 6.57 | 6.61 | 0.63 | | --- | --- | --- | --- | --- | --- | --- | | | 气 | | | | | | | 002813 | 路畅科 | 1.36 | 2.69 | 24.37 | 24.52 | 0.63 | | | 技 | | | | | | | 000966 | 长源电 | 0.66 | 0.71 | 4.58 | 4.60 | 0.45 | | | 力 | | | | | | | 601158 | 重庆水 | 0.43 | 0.12 | 4.70 | 4.72 | 0.35 | | | 务 | | | | | | | 000875 | 吉电股 | 1.35 | 0.84 | 5.24 | 5.25 | 0.25 | | | 份 | | | | | | | 002032 | 苏泊尔 | 0.21 | 0.08 | 51.32 | 51.39 | 0.14 | | 002157 | 正邦科 | 0.70 | 0.38 | 2.87 | 2.87 | 0.12 | | | 技 | | ...

赫美集团（002356.SZ）8月6日在投资者互动平台表示，公司暂无此计划。公司如有相关计划将通过公 告的形式进行披露。谢谢关注。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司是否有回购股票注销计划？ ...