宜宾天原集团股份有限公司 | 债券简称：25 | | | --- | --- | | 天原 | | | K1 | 公告编号：2025-057 | | 证券代码：002386 证券简称：天原股份 债券代码:524174.SZ | | 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。 宜宾天原集团股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开了第九届董事会第十七次会议，审议通过了《关于使用 短期闲置自有资金购买理财产品的议案》。同意公司及合并报表范围 内的子公司在十二个月内使用不超过人民币 5000 万元的闲置资金 （或等值外币）购买理财产品，在有效期内资金可在上述额度内滚动 使用。 关于使用短期闲置自有资金购买理财产品的公告 根据《深圳证券交易所股票上市规则》《公司章程》等相关规定， 本次购买理财产品事项无需提交股东会审议。本次购买理财产品事项 不构成关联交易，亦不构成《上市公司重大资产重组管理办法》规定 的重大资产重组。 一、投资概况 1、目的：公司及合并报表范围内的子公司为提高暂时闲置自有 资金使用效率，在保证日常经营运作资金需求、有效 ...

宜宾天原集团股份有限公司 2025 年半年度财务报告 宜宾天原集团股份有限公司 2025 年半年度财务报告 证券代码（002386） 2025 年 08 月 1 宜宾天原集团股份有限公司 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。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：宜宾天原集团股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 3,713,605,317.39 | 3,183,866,866.40 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 302,860.00 | 368,960.00 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 317,735,970.63 | 754,400,558.65 | | 应收款项融资 | 568,013,955.19 | 360,049,555.21 | | 预付款项 | 22 ...

宜宾天原集团股份有限公司 关于拟注销下属子公司的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 宜宾天原集团股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开了第九届董事会第十七次会议，审议通过了《关于拟注 销下属子公司的议案》，董事会同意注销下属子公司广东天瑞德新材 料有限公司（简称"天瑞德"）。董事会授权公司经营层全权办理本 次注销的全部事宜。 | 证券代码：002386 | 证券简称：天原股份 | | | 公告编号：2025-061 | | --- | --- | --- | --- | --- | | 债券代码:524174.SZ | 债券简称：25 | 天原 | K1 | | 本次注销事项提请董事会审批，无需提交股东会审议。本次注销 事项不涉及关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 一、拟注销子公司基本情况 1、公司名称：广东天瑞德新材料有限公司 2、法定代表人：杨建中 3、成立日期：2022 年 7 月 14 日 4、注册资本：2,000 万元 5、统一社会信用代码：91440606MAB ...

| 证券代码：002386 | 证券简称：天原股份 | | | 公告编号：2025-056 | | --- | --- | --- | --- | --- | | 债券代码:524174.SZ | 债券简称：25 | 天原 | K1 | | 宜宾天原集团股份有限公司 第九届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 宜宾天原集团股份有限公司（以下简称"公司"）第九届董事会 第十七次会议于 2025 年 8 月 26 日以通讯方式召开。本次会议应出席 董事 11 人，实际出席董事 11 人。 公司董事对提交本次会议的议案进行了认真审议，会议以记名投 票方式进行了表决，会议程序符合《公司法》及本公司章程的规定， 会议合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司<2025 年半年度报告>全文及摘要的 议案》 同意公司编制的《2025 年半年度报告》全文及摘要。 详见在巨潮资讯网上披露的《2025 年半年度报告》《2025 年半 年度报告摘要》。 本议案已经公司董事会审计委员会通过。 表决结果：同 ...

宜宾天原集团股份有限公司 董事会提名与考核委员会工作制度 （2025年8月修订） 第一章 总则 第一条 为规范公司领导人员的产生，优化董事会和高 级管理层的组成，进一步建立健全公司董事（特指公司非独 立董事）及高级管理人员的考核和薪酬管理制度，完善公司 治理结构，根据《中华人民共和国公司法》《上市公司治理 准则》《公司章程》及其他有关规定，公司特设立董事会提 名与考核委员会，并制定本制度。 第二条 提名与考核委员会是董事会设立的专门工作机 构，主要负责对公司董事和高级管理人员的人选、选择标准 制订方案和按照程序提出建议；对推荐和提请聘任的人员进 行提名前审查；负责制定、审查公司董事及高级管理人员的 薪酬政策与方案；制定公司董事及高级管理人员的考核标准 并进行考核，负责董事会交办的其他相关事项。 第三条 本制度所涉及薪酬考核的董事是指在公司支取 薪酬的董事（非独立董事），高级管理人员是指董事会聘任 的总经理、董事会秘书及由总经理提请董事会认定的其他高 级管理人员。 第二章 人员组成 第四条 提名与考核委员会成员由3名董事组成，独立董 事占多数。 第五条 提名与考核委员会由董事长、二分之一以上独 立董事或者全体董 ...

第四条 审计委员会委员由董事长、二分之一以上独立 董事或者全体 董事的三分之一提名，并由董事会选举产生。 第五条 审计委员会设主任委员（召集人）一名，由独 立董事委员担任，负责主持委员会工作；主任委员（召集 人）在委员内选举，并报请董事会批准产生。主任委员不能 履行职务或不履行职务的，由半数以上委员共同推举一名委 员代为履行职务，但该委员必须是独立董事。 宜宾天原集团股份有限公司 董事会审计委员会工作制度 （2025年8月修订） 第一章 总则 第一条 为强化董事会决策功能，确保董事会对经营管理 的有效监督，完善公司治理结构，根据《中华人民共和国公 司法》、《公司章程》及其他有关规定，公司特设董事会审 计委员会，并制定本制度。 第二条 审计委员会是董事会设立的专门工作机构，主要 负责公司内、外部审计的沟通、监督和核查工作。 第二章 人员组成 第三条 审计委员会成员由3名董事组成，审计委员会成 员应当为不在上市公司担任高级管理人员的董事，其中独立 董事两名，委员中至少有一名独立董事为专业会计人士。 第六条 审计委员会任期与董事会一致，委员任期届满， 连选可以连任。期间如有委员不再担任董事职务，即自动 失去委员资格 ...

宜宾天原集团股份有限公司 董事会财务预算委员会工作制度 （2025年8月修订） 第一章 总则 第一条 为完善公司治理结构，进一步强化董事会决策 功能，充分发挥董事会对财务预算工作的论证、审核和监督 的作用，保证公司战略发展和经营计划的有效实施，根据《 中华人民共和国公司法》《上市公司治理准则》《公司章程》 及其他有关规定，公司特设立董事会财务预算委员会，并制 定本制度。 第二条 董事会财务预算委员会是董事会辖下设立的专 门工作机构，主要负责确定公司预算编制的总原则，组织审 议、论证和修订公司年度预算，对公司的预算执行情况进行 监督和审核工作。 第二章 人员组成 第三条 财务预算委员会委员由五名董事组成，委员中 包括董事长和至少有一名会计专业的董事或独立董事。 第四条 财务预算委员会委员由董事长、二分之一以上 独立董事或者全体董事的三分之一提名，并由董事会选举产 生。 （五）对公司预算执行情况进行监督，审议经营层提交 的年度决算报告； 第五条 财务预算委员会设主任委员一名（召集人）， 负责主持委员会工作；主任委员（召集人）在委员内选举， 并报请董事会批准产生。 第六条 财务预算委员会任期与董事会任期一致，委员 ...

宜宾天原集团股份有限公司 股权投资管理办法 （一）战略引领原则。符合企业发展战略、国民经济和 社会发展规划，坚持聚焦主业，注重业务协同，提升创新能 力和竞争力。 （二）依法合规原则。遵守中华人民共和国和投资所在 国（地区）法律法规、商业规则和文化习俗，合规经营，有 序发展。 第一章 总则 第一条 为规范宜宾天原集团股份有限公司（以下简称 "公司"）投资行为，提高投资效益，规避投资风险，合理 有效的使用资金，确保投资收益最大化，依照《中华人民共 和国公司法》《国有企业参股管理暂行办法》《深圳证券交 易所股票上市规则》《宜宾市属国有企业投资监督管理办法》 等法律法规及《公司章程》等规定，结合公司实际，制定本 办法。 第二条 本办法所称投资是指公司及所属各级全资、独 资、控股或具有实际控制权的子企业（以下简称"子企业"） 在境内和境外以现金、实物资产、无形资产、股权、债权等 资产或权益投入市场获取未来收益的行为，主要包括：出资 设立全资、独资、控股（实际控制）、参股企业，对已出资 企业追加投资，以及受让股权、对非出资企业新增投资、向 基金出资（不包括基金投资的项目）、债转股等（金融投资 以及工程施工、房地产开发、P ...

第一章 总则 第一条 为完善公司治理结构，适应公司战略发展需要， 增强公司核心竞争力，科学制定公司发展战略、提高公司风 险识别控制能力和水平，根据《中华人民共和国公司法》《上 市公司治理准则》《公司章程》及其他有关规定，公司特设 立董事会战略与风险委员会（或简称"战略与风险委员会"）， 并制定本制度。 第二条 战略与风险委员会是董事会设立的专门工作机 构，主要负责对公司中长期发展战略、产业发展规划和发展 布局进行研究并提出建议和方案；负责研究和评估公司的风 险管理状况，制定公司风险管理的策略，健全和完善公司的 风险管理组织体系，提出公司风险管理和内部控制的建议。 第二章 人员组成 第三条 战略与风险委员会成员由五名董事组成，其中 至少包括一名独立董事。 第四条 战略与风险委员会委员由董事长、二分之一以 上独立董事或者全体董事的三分之一提名，并由董事会选举 产生。 第五条 战略与风险委员会设主任委员（召集人）一名， 由公司 董事长担任，负责主持委员会工作；主任委员（召 集人）在委员内选举，并报请董事会批准产生。 宜宾天原集团股份有限公司 董事会战略与风险委员会工作制度 （2025年8月修订） 第六条 战略与风险 ...

[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 crucial preliminary information, including the company's assurances regarding report accuracy, a detailed table of contents, a list of reference documents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=1.1%20Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness; the company plans no interim cash dividends, bonus shares, or capital reserve conversions - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming individual and joint legal responsibility for any misstatements or omissions[4](index=4&type=chunk) - Company head Deng Min, chief accountant Tian Ying, and head of accounting Tao Zhu declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period[5](index=5&type=chunk) - The report details potential future risks and countermeasures in "Section 3 Management Discussion and Analysis, X. Risks Faced by the Company and Countermeasures", urging investor attention[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=1.2%20Table%20of%20Contents) The report's clear table of contents covers nine main chapters, including important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report's table of contents includes nine main chapters, covering all aspects of company operations from important notices to financial reports[7](index=7&type=chunk) [Reference Documents](index=4&type=section&id=1.3%20Reference%20Documents) Reference documents include the chairman-signed semi-annual report, financial statements, and original public disclosures, available at the company's board office and Shenzhen Stock Exchange - Reference documents include the chairman-signed 2025 semi-annual report original, financial statements signed and sealed by the company head, chief accountant, and head of accounting, and originals of all company documents and announcements publicly disclosed on CSRC-designated platforms during the reporting period[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - These reference documents are available at the company's Board of Directors Office and the Shenzhen Stock Exchange[12](index=12&type=chunk) [Definitions](index=5&type=section&id=1.4%20Definitions) This section defines key terms used in the report, including company name, controlling shareholder, actual controller, main subsidiaries, "One Body, Two Wings" strategy, and key products like PVC, caustic soda, titanium dioxide, and lithium iron phosphate, also clarifying the reporting period - Key entities such as the Company, controlling shareholder (Yibin Development Holding Group Co., Ltd.), and actual controller (Yibin State-owned Assets Supervision and Administration Commission) are defined[14](index=14&type=chunk) - The company's development strategy is defined as "One Body, Two Wings", with "One Body" being chlor-alkali chemical industry and "Two Wings" being new chemical materials and new energy battery materials[14](index=14&type=chunk) - Main products listed include polyvinyl chloride resin (PVC), industrial sodium hydroxide (caustic soda), chloride process titanium dioxide, and lithium iron phosphate cathode materials[14](index=14&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key accounting data and financial indicators for the reporting period [Company Profile](index=6&type=section&id=2.1%20Company%20Profile) Yibin Tianyuan Group Co., Ltd., stock code "002386", is listed on the Shenzhen Stock Exchange, with Deng Min as legal representative and He Bo as board secretary; contact information remained unchanged during the reporting period - The company's stock abbreviation is "Tianyuan Shares", stock code "**002386**", listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Deng Min, and the board secretary is He Bo[16](index=16&type=chunk)[17](index=17&type=chunk) - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue decreased by 14.12% year-on-year, while net profit attributable to shareholders increased by 48.65%, with basic and diluted EPS growing proportionally; net cash flow from operating activities narrowed its loss by 63.63%, and total assets and net assets attributable to shareholders saw slight increases Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (RMB) | Same Period Last Year (RMB) | Current Reporting Period vs. Same Period Last Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,668,322,240.24 | 6,599,924,134.98 | -14.12% | | Net Profit Attributable to Shareholders of Listed Company | 16,638,488.22 | 11,192,705.77 | 48.65% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -15,860,537.42 | -50,860,259.18 | 68.82% | | Net Cash Flow from Operating Activities | -113,326,526.16 | -311,626,521.12 | 63.63% | | Basic Earnings Per Share (RMB/share) | 0.0128 | 0.0086 | 48.84% | | Diluted Earnings Per Share (RMB/share) | 0.0128 | 0.0086 | 48.84% | | Weighted Average Return on Net Assets | 0.22% | 0.14% | 0.08% | | **Period-End Indicators** | **End of Reporting Period (RMB)** | **End of Previous Year (RMB)** | **Period-End vs. Previous Year-End Change** | | Total Assets | 20,440,885,319.04 | 19,641,905,054.82 | 4.07% | | Net Assets Attributable to Shareholders of Listed Company | 7,494,798,294.58 | 7,472,903,056.44 | 0.29% | - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=2.3%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses totaled RMB 32.50 million, primarily from non-current asset disposal gains and government subsidies related to daily operations; certain recurring government subsidies and tax reductions are classified as recurring gains due to their continuous impact Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets (including reversal of impairment provisions) | 13,966,438.38 | Mainly gains from disposal of idle assets in the current period | | Government subsidies recognized in current profit/loss (excluding those closely related to normal operations, compliant with national policies, enjoyed under fixed standards, and with a continuous impact on company profit/loss) | 26,518,139.18 | Mainly government subsidies related to daily operating activities received in the current period | | Other non-operating income and expenses apart from the above | -7,618,722.10 | Mainly due to losses from abnormal shutdowns in the current period | | Less: Income tax impact | 98,410.44 | | | Impact on minority interests (after tax) | 268,419.38 | | | **Total** | **32,499,025.64** | | - The company classifies VAT super deduction for advanced manufacturing enterprises, deferred income amortization, immediate VAT refunds, city-wide industrial enterprise electricity and gas subsidies, and other government subsidies or tax reductions with a continuous impact on the company as recurring gains and losses due to their sustained effect on company profit and loss[26](index=26&type=chunk)[27](index=27&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operations, financial performance, core competencies, investment activities, and risk management strategies during the reporting period [Main Businesses Engaged in During the Reporting Period](index=10&type=section&id=3.1%20Main%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) Despite industry downturns, the company achieved RMB 5.67 billion in operating revenue and RMB 16.64 million in net profit attributable to shareholders, a 48.65% increase, by implementing refined management, cost control, and marketing optimization, while advancing its "One Body, Two Wings" strategy and new projects - From January to June 2025, the company achieved operating revenue of **RMB 5.668 billion** and net profit attributable to shareholders of **RMB 16.6385 million**, a **48.65% year-on-year increase**, demonstrating resilience amidst a continuous industry downturn[29](index=29&type=chunk) - The company continues to advance its "Two Years of Foundation Building, Three Years of Expansion" plan, focusing on establishing industrial profit models and enhancing operational capabilities, implementing the titanium dioxide "Dual 1000" plan, promoting the "Dual Mines Overseas" strategy, and improving PVC differentiated products and lithium iron phosphate profit models[30](index=30&type=chunk) - The 100,000-ton/year lithium iron phosphate cathode material project's second workshop is completed and in trial production, the Mabian phosphate mine project has entered trial production, the Changneng coal mine project is undergoing appraisal, and investments are being made in a 600,000-ton/year sulfuric acid project and a 60MW/120MWh user-side energy storage system[31](index=31&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=3.2%20Analysis%20of%20Core%20Competencies) The company's core competencies stem from its optimized "One Body, Two Wings" strategy, green circular economy industrial chain, technological innovation, and intelligent manufacturing, integrating resources into the Yibin industrial chain and developing specialized products - The company firmly adheres to its "One Body, Two Wings" strategic positioning, actively integrating resources, products, and industries into the Yibin industrial chain to accelerate the creation of a "chlorine-titanium-phosphorus-iron-lithium" integrated circular industrial chain[33](index=33&type=chunk)[34](index=34&type=chunk) - The company continuously optimizes and enhances its "One Body, Two Wings" development strategy, developing caustic soda for lithium batteries and crystalline silicon photovoltaics, and comprehensively building a green, low-carbon manufacturing system[35](index=35&type=chunk) - In 2025, the company prioritizes "improving the lithium iron phosphate profit model" as its primary technological innovation task, driving the enhancement of the lithium iron phosphate industrial chain's systemic profitability from four directions: process technology innovation, equipment upgrade innovation, product quality improvement, and digital manufacturing construction[36](index=36&type=chunk) - The company vigorously promotes the construction of a modern industrial system, accelerates the development of new quality productive forces, implements "intelligent transformation and digital upgrading" in manufacturing focusing on cost reduction, efficiency improvement, quality enhancement, and green expansion, and continues to deepen the "Three Modernizations Project" and "Smart Factory" construction[37](index=37&type=chunk) [Main Business Analysis](index=11&type=section&id=3.3%20Main%20Business%20Analysis) Operating revenue decreased by 14.12% year-on-year, but a larger decrease in operating costs improved gross margin; financial expenses rose 27.14% due to bond issuance, while net cash flow from operating activities narrowed its loss by 63.63% due to receivable collections, and financing cash flow increased significantly by 85.37% from bond issuance Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Same Period Last Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,668,322,240.24 | 6,599,924,134.98 | -14.12% | | | Operating Cost | 5,310,762,925.90 | 6,298,799,378.93 | -15.69% | | | Selling Expenses | 32,070,599.47 | 38,757,036.38 | -17.25% | | | Administrative Expenses | 213,463,428.67 | 235,217,035.71 | -9.25% | | | Financial Expenses | 75,392,156.29 | 59,298,584.55 | 27.14% | Mainly due to the increase from corporate bond issuance in the current period | | Income Tax Expense | 19,883,538.26 | 14,256,192.83 | 39.47% | Mainly due to increased profitability of Haifeng Herui in the current period, leading to higher income tax accrual | | Net Cash Flow from Operating Activities | -113,326,526.16 | -311,626,521.12 | 63.63% | Mainly due to the collection of prior year's receivables in the current period | | Net Cash Flow from Investing Activities | -358,251,046.49 | -412,412,882.90 | 13.13% | | | Net Cash Flow from Financing Activities | 429,158,808.94 | 231,517,966.17 | 85.37% | Mainly due to the increase from corporate bond issuance in the current period | | Net Increase in Cash and Cash Equivalents | -42,161,841.44 | -492,350,317.20 | 91.44% | The net increase in cash and cash equivalents changed significantly year-on-year, mainly due to the aforementioned factors | Operating Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Same Period Last Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Power Industry | 46,813,589.75 | 0.83% | 40,143,965.36 | 0.61% | 16.61% | | Chemical Industry | 4,592,089,093.24 | 81.01% | 4,529,250,423.75 | 68.63% | 1.39% | | New Energy Battery and Materials Industry | 99,829,450.20 | 1.76% | | | | | Building Materials Industry | 236,629,900.48 | 4.17% | 189,176,059.78 | 2.87% | 25.08% | | Supply Chain and Other Industries | 692,960,206.57 | 12.23% | 1,841,353,686.09 | 27.89% | -62.37% | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Same Period Last Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Electricity | 46,813,589.75 | 0.83% | 40,143,965.36 | 0.61% | 16.61% | | Polystyrene Products | 2,421,447,211.65 | 42.72% | 2,264,591,463.38 | 34.31% | 6.93% | | Chlor-alkali Products | 1,480,856,323.09 | 26.13% | 1,581,170,972.93 | 23.96% | -6.34% | | Titanium Chemical Products | 689,785,558.50 | 12.17% | 683,487,987.44 | 10.36% | 0.92% | | Supply Chain and Other Products | 692,960,206.57 | 12.23% | 1,841,353,686.09 | 27.89% | -62.37% | | Lithium Battery Products | 99,829,450.20 | 1.76% | | | | | Polymer Materials and Cement Products | 236,629,900.48 | 4.17% | 189,176,059.78 | 2.87% | 25.08% | Industries, Products, or Regions Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Item | Operating Revenue | Operating Cost | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Chemical Industry | 4,592,089,093.24 | 4,279,599,835.74 | 6.80% | 1.39% | 0.81% | 0.53% | | Supply Chain and Other Industries | 692,960,206.57 | 647,900,959.91 | 6.50% | -62.37% | -64.48% | 5.56% | | **By Product** | | | | | | | | Polystyrene Products | 2,421,447,211.65 | 2,418,281,564.04 | 0.13% | 6.93% | 6.80% | 0.12% | | Chlor-alkali Products | 1,480,856,323.09 | 1,247,495,960.62 | 15.76% | -6.34% | -10.14% | 3.56% | | Titanium Chemical Products | 689,785,558.50 | 613,822,311.07 | 11.01% | 0.92% | 3.60% | -2.31% | | Supply Chain and Other Products | 692,960,206.57 | 647,900,959.91 | 6.50% | -62.37% | -64.48% | 5.56% | | **By Region** | | | | | | | | East China Region | 2,929,164,071.87 | 2,904,835,895.71 | 0.83% | -15.50% | -15.77% | 0.32% | | South China Region | 637,727,743.95 | 633,039,468.53 | 0.74% | -23.73% | -21.70% | -2.57% | | Southwest China Region | 1,416,039,982.25 | 1,216,677,983.35 | 14.08% | -10.00% | -14.15% | 4.16% | [Non-Core Business Analysis](index=13&type=section&id=3.4%20Non-Core%20Business%20Analysis) Non-core businesses significantly impacted total profit, with investment income accounting for 44.73% from futures and equity method investments, while fair value changes and asset impairment losses were negative, and non-operating income/expenses from compensation and shutdown losses were non-recurring Impact of Non-Core Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 9,461,504.30 | 44.73% | Mainly due to current period futures settlement and changes in equity of long-term equity investments accounted for by equity method | Yes | | Gains/Losses from Fair Value Changes | -496,055.00 | -2.35% | Mainly due to fair value changes of futures held in the current period | No | | Asset Impairment | -21,983,614.09 | -103.93% | Mainly due to inventory impairment losses accrued for PVC and other products in the current period | No | | Non-Operating Income | 3,099,769.56 | 14.65% | Mainly due to compensation received in the current period | No | | Non-Operating Expenses | 10,718,491.66 | 50.67% | Mainly due to shutdown losses from abnormal shutdowns in the current period | No | [Analysis of Assets and Liabilities](index=14&type=section&id=3.5%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by 4.07% year-on-year, with higher proportions of monetary funds and inventory, and a notable 3.45% increase in short-term borrowings; certain assets are restricted, including bank acceptance bill deposits, pledged accounts receivable financing, and mortgaged fixed assets and land use rights Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Previous Year (RMB) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,713,605,317.39 | 18.17% | 3,183,866,866.40 | 16.21% | 1.96% | | Accounts Receivable | 317,735,970.63 | 1.55% | 754,400,558.65 | 3.84% | -2.29% | | Inventories | 1,486,208,959.31 | 7.27% | 1,248,305,251.25 | 6.36% | 0.91% | | Fixed Assets | 7,017,563,544.46 | 34.33% | 7,038,940,283.28 | 35.84% | -1.51% | | Construction in Progress | 3,915,578,439.80 | 19.16% | 3,684,118,384.17 | 18.76% | 0.40% | | Short-term Borrowings | 3,074,389,392.97 | 15.04% | 2,276,504,932.88 | 11.59% | 3.45% | | Contract Liabilities | 141,378,920.21 | 0.69% | 175,683,437.31 | 0.89% | -0.20% | | Long-term Borrowings | 3,098,003,827.19 | 15.16% | 3,087,990,728.97 | 15.72% | -0.56% | Key Overseas Assets | Specific Asset Content | Location | Operating Model | Profitability | Proportion of Overseas Assets to Company's Net Assets | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Investment | Hong Kong | Trading | Total profit for the current period: RMB 2.4769 million | 0.15% | No | | Equity Investment | Vietnam | Production, Sales | Total profit for the current period: RMB -6.5491 million | 0.85% | No | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB 10,000) | Fair Value Change Gains/Losses for Current Period (RMB 10,000) | Amount Purchased in Current Period (RMB 10,000) | Amount Sold in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | | 1. Trading financial assets (excluding derivative financial assets) | 36.90 | -6.61 | 3,526.73 | 3,533.34 | 30.29 | | 4. Other equity instrument investments | 9,403.23 | | | | 9,403.23 | | Subtotal of Financial Assets | 9,440.12 | -6.61 | | | -6.61 | | Total above | 9,440.13 | | | | 9,433.52 | | **Financial Liabilities** | | | | | | | Financial Liabilities | 51.43 | -43.00 | | | 94.43 | Asset Rights Restricted as of End of Reporting Period | Item | Year-End Book Value (RMB) | | :--- | :--- | | Monetary Funds [Note 1] | 1,703,945,174.61 | | Accounts Receivable Financing [Note 2] | 440,000,614.44 | | Fixed Assets [Note 3] | 468,201,203.43 | | Intangible Assets [Note 4] | 126,361,596.95 | [Analysis of Investment Status](index=16&type=section&id=3.6%20Analysis%20of%20Investment%20Status) Total investment decreased by 32.59% year-on-year, with no significant equity investments; major non-equity projects like the 100,000-ton lithium iron phosphate cathode material plant and Mabian phosphate mine are progressing, and derivative investments for hedging generated RMB 16.30 million in profit, effectively mitigating price risks Overall Investment Status | Investment Amount in Reporting Period (RMB) | Investment Amount in Same Period Last Year (RMB) | Change Percentage | | :--- | :--- | :--- | | 494,409,659.53 | 734,134,406.95 | -32.59% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it Fixed Asset Investment | Amount Invested in Current Reporting Period (RMB) | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | Reasons for Not Meeting Planned Progress and Expected Returns | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 100,000-ton/year Lithium Iron Phosphate Cathode Material Project | Self-built | Yes | 104,243,420.77 | 1,109,608,862.97 | Construction completed, in trial production | Expected usable state extended to June 30, 2025 | | 100,000-ton/year Lithium Iron Phosphate Cathode Material Precursor Project | Self-built | Yes | 26,560,716.59 | 918,408,539.67 | Partially completed | | | Yi'an Coal Mine Project | Self-built | Yes | 55,688,397.06 | 1,202,253,481.01 | Under construction | | | Total | -- | -- | 186,492,534.42 | 3,230,270,883.65 | -- | | Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Initial Investment Amount (RMB 10,000) | Beginning Balance (RMB 10,000) | Amount Purchased in Reporting Period (RMB 10,000) | Amount Sold in Reporting Period (RMB 10,000) | Ending Balance (RMB 10,000) | Explanation of Actual Gains/Losses in Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Futures | 36.9 | 36.9 | 3,526.73 | 3,533.34 | 30.29 | Current period futures fair value change loss of **RMB 0.4961 million**, settled futures closing generated investment income of **RMB 16.7950 million**, total income of **RMB 16.2989 million** | | Total | 36.9 | 36.9 | 3,526.73 | 3,533.34 | 30.29 | Total income of **RMB 16.2989 million** | - Hedging effectively mitigates risks from price fluctuations, enhances the company's ability to respond to market volatility, and aligns with the company's sales strategy[59](index=59&type=chunk) Overall Use of Raised Funds | Total Raised Funds (1) (RMB 10,000) | Total Raised Funds Invested in Reporting Period (RMB 10,000) | Cumulative Total Raised Funds Invested (RMB 10,000) | Total Uninvested Raised Funds (RMB 10,000) | | :--- | :--- | :--- | :--- | | 200,000 | 7,432.31 | 146,056.14 | 55,812.83 | - As of June 30, 2025, the company cumulatively used **RMB 1.461 billion** in raised funds, including **RMB 312.2411 million** to replace prior investments, **RMB 613.4321 million** for direct project expenditures, and **RMB 534.8882 million** for bank loan repayments[67](index=67&type=chunk) - As of June 30, 2025, the company had **RMB 558.1283 million** in unused raised funds, comprising **RMB 522.1567 million** in current deposits and **RMB 35.9717 million** in acceptance bill deposits[67](index=67&type=chunk) - The expected usable status for the "100,000-ton/year Lithium Iron Phosphate Cathode Material Production Project" and "R&D and Testing Center Project" has been extended to June 30, 2025, with some surplus raised funds permanently supplementing working capital[70](index=70&type=chunk)[71](index=71&type=chunk) [Significant Asset and Equity Sales](index=22&type=section&id=3.7%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[73](index=73&type=chunk) - The company did not sell significant equity during the reporting period[74](index=74&type=chunk) [Analysis of Major Holding and Associate Companies](index=23&type=section&id=3.8%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major subsidiaries include Yibin Haifeng Herui (significant profit contributor), Yibin Tianyi New Materials (loss due to market downturn), Yibin Tianyuan Wuchan (loss due to market conditions), Mabian Changhe Power (enhanced profitability from phosphate mine trial production), Zhaotong Tianli New Materials (stable production), Yibin Tianyuan Haifeng Hetai (profitable titanium dioxide production), and Yibin Tianyuan Lithium Battery New Materials (achieved bulk supply) Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Yibin Haifeng Herui Co., Ltd. | Subsidiary | Caustic soda, PVC | 1,621,495,094.36 | 121,834,659.13 | | Yibin Tianyi New Materials Technology Co., Ltd. | Subsidiary | Polymer new materials | 194,468,332.62 | -26,623,189.97 | | Yibin Tianyuan Wuchan Group Co., Ltd. | Subsidiary | Supply chain and export of company's main products | 3,773,804,654.20 | -10,199,555.53 | | Mabian Changhe Power Co., Ltd. | Subsidiary | Hydropower | 99,201,109.35 | 34,389,012.31 | | Zhaotong Tianli New Materials Co., Ltd. | Subsidiary | Calcium carbide | 8,207,867.00 | -34,699,137.39 | | Yibin Tianyuan Haifeng Hetai Co., Ltd. | Subsidiary | Titanium dioxide | 1,023,317,438.47 | 6,920,529.22 | | Yibin Tianyuan Lithium Battery New Materials Co., Ltd. | Subsidiary | Lithium iron phosphate cathode materials | 77,693,422.97 | -5,675,013.46 | - Yibin Haifeng Herui Co., Ltd. is the core entity of the company's "One Body, Two Wings" strategy, maintaining high-load stable production year-round and contributing significantly to the company's profit[76](index=76&type=chunk) - Yibin Tianyi New Materials Technology Co., Ltd. experienced poor sales and losses in 2025 due to slow progress in downstream customer projects and a sustained downturn in the real estate industry[77](index=77&type=chunk) - Mabian Changhe Power Co., Ltd.'s profitability enhanced in 2025 as its phosphate rock entered trial production phase[77](index=77&type=chunk) - Yibin Tianyuan Lithium Battery New Materials Co., Ltd. achieved bulk supply to customers in 2024, significantly impacting the company's new energy sector layout and long-term development[78](index=78&type=chunk) [Structured Entities Controlled by the Company](index=24&type=section&id=3.9%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[79](index=79&type=chunk) [Risks Faced by the Company and Countermeasures](index=24&type=section&id=3.10%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces product cyclicality risks from volatile chemical prices, new industry development risks in lithium battery materials due to market adjustments, and project construction risks for the Changneng coal mine; countermeasures include refined management, specialized product development, increased R&D, market expansion, and accelerated appraisal work - The company's chemical products belong to a cyclical industry with periodic price fluctuations, and the downturn in the chlor-alkali chemical industry brings uncertainty to the company's production and operations. Countermeasures: strengthen scientific scheduling, implement "dual rate improvement", develop specialized products, and increase product market share[79](index=79&type=chunk) - The company is in a period of industrial transformation and development, with the lithium battery materials industry undergoing phased capacity adjustments and significant product price fluctuations, leading to future market and revenue uncertainties. Countermeasures: strengthen market analysis, closely follow market trends, increase R&D investment and market development for new products, ensure high product quality, and boost sales[80](index=80&type=chunk) - The company's Changneng Coal Mine is currently undergoing coal seam outburst hazard identification, with uncertain future appraisal results and potential impacts on the company's production and operations. Countermeasures: accelerate appraisal work to strive for early resumption of production[81](index=81&type=chunk)[82](index=82&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=3.11%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has disclosed its "Yibin Tianyuan Co., Ltd. Valuation Enhancement Plan" to continuously improve competitiveness, guide market perception of its value, promote high-quality development, and actively reward shareholders - The company has disclosed its "Yibin Tianyuan Co., Ltd. Valuation Enhancement Plan", aiming to continuously enhance company competitiveness, guide the market to correctly recognize company value, promote high-quality development, and actively reward shareholders[83](index=83&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=25&type=section&id=3.12%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan%20Implementation) The company has not disclosed any "Quality and Return Dual Improvement" action plan announcement - The company has not disclosed any "Quality and Return Dual Improvement" action plan announcement[84](index=84&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, including personnel changes and the dissolution of the supervisory board, along with its profit distribution plans, environmental information disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were changes in the company's directors, supervisors, and senior management, including Chen Hong's transition to employee director and vice chairman, and the dissolution of the supervisory board as of June 30, 2025, in accordance with the new Company Law Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Chen Hong | Director, Vice Chairman | Resigned | 2025年07月08日 | Job transfer | | Chen Hong | Employee Director, Vice Chairman | Elected | 2025年08月08日 | Job transfer | | Wang Ming'an | Chairman of Supervisory Board | Dismissed | 2025年06月14日 | Dismissed | | Yan Chengming | Supervisor | Dismissed | 2025年06月14日 | Dismissed | | Li Longfeng | Supervisor | Dismissed | 2025年06月14日 | Dismissed | | Feng Kaizhong | Supervisor | Dismissed | 2025年06月14日 | Dismissed | | Feng Bo | Supervisor | Dismissed | 2025年06月14日 | Dismissed | - In accordance with the new Company Law and CSRC requirements, the company underwent reform and adjustment, abolishing the supervisory board as of June 30, 2025[87](index=87&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=25&type=section&id=4.2%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The company plans no interim cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period[88](index=88&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=4.3%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%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 in place - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[89](index=89&type=chunk) [Environmental Information Disclosure](index=25&type=section&id=4.4%20Environmental%20Information%20Disclosure) The company and its six major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with corresponding report query indexes provided - Whether the listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law: Yes, the number of enterprises included in the list is **6**[90](index=90&type=chunk) Enterprises Included in the List of Environmental Information Disclosure by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Yibin Haifeng Herui Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprise_more?code=91511523784729819F&uniqueCode=1ed3d5690cf9446b&date=2024&type=true&isSearch=true | | 2 | Yibin Tianyuan Haifeng Hetai Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprise_more?code=91511523MA62A3TC5R&uniqueCode=204015681032cc33&date=2024&type=true&isSearch=true | | 3 | Sichuan Pingshan Tianyuan Titanium Industry Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprise_more?code=915115007422756018&uniqueCode=910fa6541f4a17eb&date=2024&type=true&isSearch=true | | 4 | Fujian Tianyuan Chemical Co., Ltd. | http://220.160.52.213:10053/idp_province//enterprise-overview | | 5 | Daguan Tianda Chemical Co., Ltd. | http://183.224.17.39:10097/ynyfpl/frontal/index.html/home/enterpriseInfo?XTXH=92e77bcd-044b-48e7-a90e-6c151e157efa&XH=1682673689329045334528&year=2024 | | 6 | Zhaotong Tianli New Materials Co., Ltd. | http://183.224.17.39:10097/ynyfpl/frontal/index.html/home/enterpriseInfo?XTXH=01c74d64-9825-4a0c-a498-780a486f57f1&XH=1676796196396043921409&year=2024 | [Social Responsibility](index=26&type=section&id=4.5%20Social%20Responsibility) In the first half of 2025, the company actively implemented tasks to consolidate poverty alleviation achievements and effectively link them with rural revitalization, deploying 11 personnel to improve medical care, education, housing, drinking water, and living environments for 10,832 beneficiaries, earning widespread praise - In the first half of 2025, the company and its subsidiaries, with a strong sense of responsibility, resolutely implemented various tasks to consolidate and expand poverty alleviation achievements and effectively link them with rural revitalization[92](index=92&type=chunk) - The company dispatched **11** colleagues to specifically oversee rural revitalization tasks, serving as village secretaries and professional managers for village collective shareholding economic cooperatives[92](index=92&type=chunk) - With the company's support in rural revitalization, **10,832** people benefited, improving medical care, education, housing, drinking water, and living environments for villagers while also increasing economic income, receiving unanimous praise from local governments and villagers[92](index=92&type=chunk) [Significant Matters](index=27&type=section&id=Item%205.%20Significant%20Matters) This section details the company's commitments, related-party transactions, litigation, and other significant events, providing transparency on its operational and financial integrity [Commitments](index=27&type=section&id=5.1%20Commitments%20Fulfilled%20and%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's controlling shareholder, Yibin Development Holding Group Co., Ltd., and its related parties are fulfilling all commitments made during initial public offerings and non-public share issuances, including avoiding horizontal competition, anti-dilution measures, regulating related-party transactions, and share lock-ups, with no overdue unfulfilled commitments Commitment Fulfillment Status | Reason for Commitment | Promising Party | Commitment Type | Commitment Content | Commitment Date | Commitment Period | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments made during initial public offering or refinancing | Controlling Shareholder Yibin Development Holding Group Co., Ltd. | Commitment for initial public offering | Avoid horizontal competition | 2010年02月25日 | Long-term | In progress | | Commitments made during initial public offering or refinancing | Controlling Shareholder Yibin Development Holding Group Co., Ltd. | Commitment for non-public share issuance | Shares not transferable within 18 months from the end of issuance | 2023年03月10日 | Long-term | No company shares transferred to date | | Commitments made during initial public offering or refinancing | Related Party Yibin Emerging Industry Investment Group Co., Ltd. | Commitment for non-public share issuance | Avoid and eliminate horizontal competition | 2022年06月21日 | Long-term | In progress | | Other Commitments | Controlling Shareholder Yibin Development Holding Group Co., Ltd. | Controlling shareholder's share increase commitment | Not to reduce its holdings of company shares within the implementation period of the share increase plan and legal period, and to complete the share increase plan within the increase period | 2025年02月11日 | Long-term | In progress | - Were commitments fulfilled on time: Yes[95](index=95&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=28&type=section&id=5.2%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[96](index=96&type=chunk) [Irregular External Guarantees](index=28&type=section&id=5.3%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[97](index=97&type=chunk) [Appointment and Dismissal of Accounting Firms](index=28&type=section&id=5.4%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[98](index=98&type=chunk) [Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Period](index=28&type=section&id=5.5%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) Not applicable, as the company's semi-annual report was not audited [Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=28&type=section&id=5.6%20Board%20of%20Directors'%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) Not applicable [Bankruptcy and Reorganization Matters](index=29&type=section&id=5.7%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[100](index=100&type=chunk) [Litigation Matters](index=29&type=section&id=5.8%20Litigation%20Matters) The company is involved in several significant litigation and arbitration cases, including a commercial secret dispute for Fujian Tianyuan (RMB 300 million), a contract dispute for Tianlan Chemical (RMB 136.09 million), a settled sales contract dispute for Tianyi New Materials, and a sales contract dispute for Lithium Battery New Materials with a first-instance judgment supporting some claims Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Shantou Ocean Investment Development Co., Ltd. v. Peking University Founder Material Group Co., Ltd., Fujian Fangxing Chemical Co., Ltd., Fujian Hongrun Chemical Co., Ltd. for commercial secret infringement. Fujian Tianyuan Chemical Co., Ltd., a wholly-owned subsidiary of the company, was added as a defendant | 30,000 | No | The Supreme People's Court has accepted Shantou Ocean Investment Development Co., Ltd.'s appeal application | Litigation in progress | None | | Contract dispute between Yibin Tianlan Chemical Co., Ltd., a subsidiary of the company, and Sichuan North Hongguang Special Chemical Co., Ltd. | 13,609.44 | No | Both parties have appealed to the Sichuan Provincial High Court, currently in second instance | Litigation in progress | None | | Sales contract dispute between Yibin Tianyi New Materials Technology Co., Ltd., a subsidiary of the company, and Chishui City Changqi Town People's Government, Chishui City State-owned Investment (Group) Asset Operation Company | 1,085.35 | No | In July 2024, the Zunyi Intermediate People's Court issued Civil Mediation Document (2024) Qian 03 Min Zhong No. 1789. The civil ruling and mediation document were served and became effective on July 25 and 26, 2024 | Main content of the mediation document: Chishui City Changqi Town People's Government, Chishui City Baiyun Township People's Government, and Chishui City Changsha Town People's Government jointly pay Yibin Tianyi New Materials Technology Co., Ltd. outstanding principal of **RMB 12.92 million** and interest of **RMB 0.277 million**. Sales contract dispute with Chishui City State-owned Investment (Group) Asset Operation Company | Mediation document being fulfilled. Specific fulfillment: 1. Litigation fee of **RMB 0.17 million** refunded; 2. Goods worth **RMB 2.3995 million** received | | Sales contract dispute between Yibin Tianyuan Lithium Battery New Materials Co., Ltd. and Zhicun Lithium Industry Group Co., Ltd., Nan Jinxi, Nan Dongdong, Nan Tian, Yichun Tianzhuo New Materials Co., Ltd., Yizhang Zhicun New Materials Co., Ltd. | 7,586.39 | No | On May 12, 2025, the company received the first-instance judgment | First-instance judgment: Zhicun Lithium Industry Group Co., Ltd. to return advance payment of **RMB 75.4964 million** and pay for capital occupation losses; Nan Jinxi, Nan Dongdong, Nan Tian to bear joint and several liability within **RMB 100 million**; Lithium Battery New Materials has priority claim over Yichun Tianzhuo New Materials Co., Ltd.'s machinery and equipment within **RMB 125 million**; Lithium Battery New Materials has priority claim over Yizhang Zhicun New Materials Co., Ltd.'s machinery and equipment within **RMB 70 million**; other claims rejected | Judgment being enforced | [Penalties and Rectification](index=32&type=section&id=5.9%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[104](index=104&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=32&type=section&id=5.10%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[105](index=105&type=chunk) [Significant Related-Party Transactions](index=32&type=section&id=5.11%20Significant%20Related-Party%20Transactions) The company engaged in daily related-party transactions for goods and services at market prices, with no related-party asset/equity acquisitions/disposals or joint external investments; related-party creditor-debtor relationships primarily involved payments on behalf of others, not constituting non-operating fund occupation; the company also has leasing arrangements and provided counter-guarantees for the controlling shareholder's bond issuance Related-Party Transactions for Purchase/Sale of Goods, Provision/Acceptance of Services (Purchase of Goods/Acceptance of Services) | Related Party | Related-Party Transaction Content | Related-Party Transaction Amount (RMB 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Yibin Tianyuan Packaging Co., Ltd. | Purchase of goods, acceptance of services | 16,920.48 | 3.18% | 57,550.25 | | Sichuan Tianyuan Xinhua Supply Chain Technology Co., Ltd. | Purchase of goods, acceptance of services | 12,729.06 | 2.77% | 70,500.00 | | Yibin Development Holding Group Co., Ltd. | Purchase of goods, acceptance of services | 5,053.71 | 0.95% | 5,994.00 | | Sichuan Jiuhe Power Co., Ltd. | Purchase of goods, acceptance of services | 3,716.41 | 0.70% | 10,498.00 | | Yibin Boyuan Environmental Technology Co., Ltd. | Purchase of goods, acceptance of services | 2,790.78 | 0.52% | 13,425.00 | Related-Party Transactions for Purchase/Sale of Goods, Provision/Acceptance of Services (Sale of Goods/Provision of Services) | Related Party | Related-Party Transaction Content | Amount in Current Period (RMB 10,000) | Amount in Previous Period (RMB 10,000) | | :--- | :--- | :--- | :--- | | Yibin Siliya Chemical Group and its subsidiaries | Sale of goods, provision of services | 15,856.58 | 34,441.00 | | Sichuan Jiuhe Power Co., Ltd. | Sale of goods, provision of services | 2,277.07 | 2,630.08 | | Yibin Wuliangye Group Co., Ltd. and its subsidiaries | Sale of goods, provision of services | 2,993.44 | 13,153.00 | | Yibin Libao New Materials and its subsidiaries | Sale of goods, provision of services | 935.54 | 7,480.00 | | Yibin Boyuan Environmental Technology Co., Ltd. | Sale of goods, provision of services | 999.12 | 8,968.00 | | Yibin Tianyuan Packaging Co., Ltd. | Sale of goods, provision of services | 104.73 | 5,080.00 | - The company had no related-party transactions involving asset or equity acquisitions or sales during the reporting period[120](index=120&type=chunk) - The company had no related-party transactions involving joint external investments during the reporting period[121](index=121&type=chunk) Related-Party Creditor-Debtor Relationships (Receivables from Related Parties) | Related Party | Related-Party Relationship | Reason for Formation | Whether Non-Operating Fund Occupation Exists | Beginning Balance (RMB 10,000) | Amount Newly Added in Current Period (RMB 10,000) | Amount Recovered in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Guangyuan Lithium Battery Materials Co., Ltd. | Associate company | Payment on behalf | No | 0 | 3.4 | 3.4 | 0 | | Sichuan Tianyuan Xinhua Supply Chain Technology Co., Ltd. | Associate company | Payment on behalf | No | 0 | 1.9 | 1.9 | 0 | | Yibin Tianyuan Packaging Co., Ltd. | Associate company | Payment on behalf | No | 0 | 25.41 | 25.41 | 0 | | Quanzhou Rongxin New Materials Co., Ltd. | Associate company | Payment on behalf | No | 0 | 0.19 | 0.19 | 0 | - There are no deposits, loans, credit lines, or other financial transactions between the company's related financial companies and related parties[123](index=123&type=chunk) - There are no deposits, loans, credit lines, or other financial transactions between the company's controlled financial companies and related parties[124](index=124&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Guaranteed Party Name | Announcement Disclosure Date for Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether it is a Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Development Holding Group Co., Ltd. | 2024年07月27日 | 50,000 | 2025年04月07日 | 50,000 | Pledge | Consistent with bond financing term | No | Yes | - The company pledged its **61.59%** equity in Yibin Tianyuan Haifeng Hetai Co., Ltd. to Yibin Development Holding Group Co., Ltd. as a counter-guarantee[137](index=137&type=chunk)[138](index=138&type=chunk) [Significant Contracts and Their Fulfillment](index=47&type=section&id=5.12%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company had no trusteeship or contracting situations, but engaged in various leasing arrangements, primarily for subsidiary office spaces, none of which significantly impacted profit; significant guarantees include a counter-guarantee for the controlling shareholder's bond issuance, with no entrusted wealth management or other major contracts - The company had no trusteeship situations during the reporting period[126](index=126&type=chunk) - The company had no contracting situations during the reporting period[127](index=127&type=chunk) - Subsidiaries Mabian Wugong Mining Co., Ltd., Yibin Tianchang Logistics Co., Ltd., and Yibin Tianyuan Sci-Tech Design Co., Ltd. have property leasing arrangements[128](index=128&type=chunk) - During the reporting period, there were no leasing projects that generated profit or loss exceeding **10%** of the company's total profit[129](index=129&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Guaranteed Party Name | Announcement Disclosure Date for Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether it is a Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Development Holding Group Co., Ltd. | 2024年07月27日 | 50,000 | 2025年04月07日 | 50,000 | Pledge | Consistent with bond financing term | No | Yes | - The company had no entrusted wealth management during the reporting period[139](index=139&type=chunk) - The company had no other significant contracts during the reporting period[140](index=140&type=chunk) [Explanation of Other Significant Matters](index=54&type=section&id=5.13%20Explanation%20of%20Other%20Significant%20Matters) The controlling shareholder, Yifa Group, increased its stake by 2.51% to 20.08%; the lithium iron phosphate cathode material project is in trial production; the company issued RMB 500 million in corporate bonds; new sulfuric acid and energy storage projects are advancing; the buyback obligation with Yibin Libao New Materials has been extended to December 31, 2026; a share transfer between related parties did not change control; and a strategic cooperation agreement for procurement agency services was signed - Controlling shareholder Yifa Group increased its stake by **32,667,505 shares**, totaling **RMB 153.6899 million**, representing a **2.51% increase**, and now holds **261,375,941 shares**, accounting for **20.08%** of the company's total share capital[141](index=141&type=chunk) - The Lithium Battery New Materials 100,000-ton/year lithium iron phosphate cathode material project has completed construction and is undergoing trial production and customer introduction certification[141](index=141&type=chunk) - The company has issued **RMB 500 million** in corporate bonds (first tranche), which are listed and traded on the Shenzhen Stock Exchange[142](index=142&type=chunk) - The 600,000-ton/year sulfuric acid project and 60MW/120MWh industrial energy storage project approved by the board are currently in progress[142](index=142&type=chunk) - Following friendly negotiations with Guoguang Electric Co., Ltd., Chengdu Jixin Libao Investment Center (Limited Partnership), and Sichuan Integrated Circuit and Information Security Industry Investment Fund Co., Ltd., a "Supplementary Agreement on Yibin Libao New Materials Co., Ltd. Repurchase Matters" is to be signed, extending the repurchase obligation to December 31, 2026[142](index=142&type=chunk) - Sichuan Yuanling Industrial Investment Group Co., Ltd., an acting-in-concert party of controlling shareholder Yifa Group, gratuitously transferred its entire holding of **14,326,647 shares**, representing **1.1%** of the company's total share capital, to its parent company Sichuan Gangrong Investment Development Group Co., Ltd., which does not result in a change of the company's actual controller or controlling shareholder[143](index=143&type=chunk) - The company signed a "Strategic Cooperation Agreement for Municipal State-owned Enterprise Procurement Agency Services" with Yibin State-owned Enterprise Management Service Co., Ltd., with an estimated annual service fee of **RMB 0.9 million**[145](index=145&type=chunk) [Significant Matters of Company Subsidiaries](index=55&type=section&id=5.14%20Significant%20Matters%20of%20Company%20Subsidiaries) Changneng Coal Mine suspended trial production due to gas dynamic phenomena and is undergoing hazard identification; Xujiayuan Coal Mine is advancing mineral rights integration with a planned capacity of 600,000 tons/year; Tiancheng Lithium Battery's 100,000-ton lithium iron phosphate cathode material project is progressing; Mabian Wugong Phosphate Plant's idle assets were successfully transferred for RMB 27.30 million; and Vietnam Tianxiang Co. adjusts production based on market orders and US tariff policies - Changneng Coal Mine suspended trial production in November 2024 due to gas dynamic phenomena requiring coal seam outburst hazard identification, which is still ongoing[146](index=146&type=chunk) - Xujiayuan Coal Mine is advancing mineral rights integration, designating Yunnan Tianli Coal Chemical Co., Ltd.'s Xujiayuan Coal Mine as the integration entity, with a planned capacity of **600,000 tons/year**[146](index=146&type=chunk) - Tiancheng Lithium Battery's 100,000-ton/year lithium iron phosphate cathode material project is advancing its first-phase production line construction[146](index=146&type=chunk) - Mabian Wugong Phosphate Plant's idle assets were publicly listed for transfer on a public resource trading platform in April 2025, with the final transferee successfully bidding **RMB 27.30 million**, and the asset transfer is now complete[146](index=146&type=chunk) - The company's subsidiary, Vietnam Tianxiang Co., arranges production and manages operations based on market orders and the impact of US tariff policies[147](index=147&type=chunk) [Share Changes and Shareholder Information](index=56&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital structure, including restricted and unrestricted shares, securities issuance, shareholder numbers, and shareholding status of key personnel and major shareholders [Share Change Status](index=56&type=section&id=6.1%20Share%20Change%20Status) During the reporting period, restricted shares slightly increased while unrestricted shares decreased proportionally, with no change in total share capital; restricted shares primarily pertain to holdings by directors and senior management Share Change Status | | Before This Change | Increase/Decrease in This Change (+, -) | After This Change | | :--- | :--- | :--- | :--- | | | Quantity | Proportion | Other | Subtotal | Quantity | Proportion | | I. Restricted Shares | 231,706 | 0.02% | 10,830 | 10,830 | 242,536 | 0.02% | | 3. Other domestic shares | 231,706 | 0.02% | 10,830 | 10,830 | 242,536 | 0.02% | | II. Unrestricted Shares | 1,301,415,367 | 99.98% | -10,830 | -10,830 | 1,301,404,537.00 | 99.98% | | III. Total Shares | 1,301,647,073 | 100.00% | | | 1,301,647,073 | 100.00% | Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Directors and Senior Management | 231,706 | 6,500 | 17,330 | 242,536 | Share restriction for company directors and senior management | [Securities Issuance and Listing](index=57&type=section&id=6.2%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[153](index=153&type=chunk) [Shareholder Numbers and Shareholding Status](index=57&type=section&id=6.3%20Shareholder%20Numbers%20and%20Shareholding%20Status) As of the end of the reporting period, the company had 53,557 common shareholders; Yibin Development Holding Group Co., Ltd. is the controlling shareholder with 19.65% ownership, and its acting-in-concert parties are also among the top ten shareholders, with no shares pledged, marked, or frozen - Total number of common shareholders at the end of the reporting period: **53,557**[154](index=154&type=chunk) Shareholding Status of Shareholders with Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Increase/Decrease During Reporting Period | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Development Holding Group Co., Ltd. | State-owned legal person | 19.65% | 255,736,156 | 27,027,720 | 255,736,156 | | China Orient Asset Management Co., Ltd. | State-owned legal person | 6.27% | 81,559,507 | 0 | 81,559,507 | | Zhejiang Rongsheng Holding Group Co., Ltd. | Domestic non-state-owned legal person | 4.17% | 54,291,631 | -1,800,000 | 54,291,631 | | Yibin Emerging Industry Investment Group Co., Ltd. | State-owned legal person | 3.30% | 42,979,942 | 0 | 42,979,942 | | Yibin Development Venture Capital Co., Ltd. | State-owned legal person | 2.20% | 28,653,295 | 0 | 28,653,295 | | Sichuan Yuanling Industrial Investment Group Co., Ltd. | State-owned legal person | 1.10% | 14,326,647 | 0 | 14,326,647 | | National Social Security Fund 118 Portfolio | Other | 0.97% | 12,646,110 | 0 | 12,646,110 | | Hong Kong Securities Clearing Company Limited | Overseas legal person | 0.79% | 10,259,622 | 496,832 | 10,259,622 | | Fang Lugen | Domestic natural person | 0.73% | 9,508,800 | 0 | 9,508,800 | | Ruan Shuilong | Domestic natural person | 0.57% | 7,408,328 | 0 | 7,408,328 | - Among the aforementioned shareholders, Yibin Emerging Industry Investment Group Co., Ltd., Yibin Development Venture Capital Co., Ltd., and Sichuan Yuanling Industrial Investment Group Co., Ltd. are all controlled by Yibin Development Holding Group Co., Ltd., with the actual controller being Yibin State-owned Assets Supervision and Administration Commission; these four shareholders are acting-in-concert parties[155](index=155&type=chunk) - There are no buyback special accounts among the top 10 shareholders[156](index=156&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=59&type=section&id=6.4%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no significant changes in the shareholdings of the company's directors, supervisors, and senior management; some resigned supervisors and the vice chairman maintained their initial shareholdings without any increases or decreases 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Hong | Vice Chairman | Current | 23,107 | 0 | 0 | 23,107 | | Wang Ming'an | Chairman of Supervisory Board | Resigned | 39,000 | 0 | 0 | 39,000 | | Feng Kaizhong | Supervisor | Resigned | 13,000 | 0 | 0 | 13,000 | | Feng Bo | Supervisor | Resigned | 600 | 0 | 0 | 600 | | Total | -- | -- | 75,707 | 0 | 0 | 75,707 | [Changes in Controlling Shareholder or Actual Controller](index=59&type=section&id=6.5%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 did not change during the reporting period[158](index=158&type=chunk) - The company's actual controller did not change during the reporting period[158](index=158&type=chunk) [Preferred Share Information](index=60&type=section&id=6.6%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[159](index=159&type=chunk) [Bond-Related Information](index=61&type=section&id=Item%207.%20Bond-Related%20Information) This section provides details on the company's bond issuances, including corporate bonds, and presents key accounting and financial indicators for the past two years [Enterprise Bonds](index=61&type=section&id=7.1%20Enterprise%20Bonds) The company had no enterprise bonds during the reporting period - The company had no enterprise bonds during the reporting period[161](index=161&type=chunk) [Corporate Bonds](index=61&type=section&id=7.2%20Corporate%20Bonds) The company issued RMB 501.03 million in 2025 public corporate bonds for professional investors (first tranche) at a 2.35% interest rate, with annual interest payments and principal repayment at maturity, posing no risk of delisting; credit ratings, guarantee status, and repayment plans remained stable and well-executed Basic Information of Corporate Bonds | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (RMB 10,000) | Interest Rate | Principal and Interest Repayment Method | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Tianyuan Group Co., Ltd. 2025 Public Issuance of Technology Innovation Corporate Bonds to Professional Investors (First Tranche) | 25 Tianyuan K1 | 524174 | 2025年04月03日 | 2025年04月07日 | 2033年04月07日 | 50,103.28 | 2.35% | Annual interest payment, single principal repayment | Shenzhen Stock Exchange | - There is no risk of the corporate bonds being delisted[163](index=163&type=chunk) - Credit rating results were not adjusted during the reporting period[164](index=164&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=62&type=section&id=7.3%20Non-Financial%20Enterprise%20Debt%2