Group 1 - The core viewpoint of the news is that 华斯股份 has experienced fluctuations in its stock price and financial performance, with a notable decline in revenue and net profit for the first half of 2025 [1][2] - As of September 26, 华斯股份' stock price increased by 2.10% to 4.87 CNY per share, with a market capitalization of 1.838 billion CNY [1] - The company has seen a year-to-date stock price increase of 22.06%, but a recent decline of 1.62% over the last five trading days [1] Group 2 - 华斯股份' main business activities include the production and sale of fur clothing, fur accessories, fur fabrics, and fur skins, with the largest revenue contribution coming from fur clothing at 46.15% [1] - The company has reported a significant decrease in revenue for the first half of 2025, with operating income of 155 million CNY, down 39.52% year-on-year, and a net profit loss of 9.27 million CNY, a decrease of 235.26% [1] - The company has not distributed any dividends in the past three years, with a total payout of 75.226 million CNY since its A-share listing [2]

Core Viewpoint - The company, 华斯股份, announced the election of 管俊蒲 as the employee representative director for the sixth board of directors during the employee representative assembly held on September 16, 2025 [2] Summary by Relevant Sections - **Company Announcement** - 华斯股份 held an employee representative assembly on September 16, 2025, where 管俊蒲 was democratically elected as the employee representative director [2]

Group 1 - The core point of the article is that Ms. Guan Junpu, a non-independent director of Huasi Co., Ltd. (002494), submitted her resignation due to internal work adjustments, effective September 16, 2025, but will continue to hold other positions within the company [1] - On the same day, the company held a staff representative meeting to elect Ms. Guan Junpu as a representative director [1]

证券代码：002494 证券简称：华斯股份 公告编号：2025-029 华斯控股股份有限公司 关于非独立董事辞职暨选举职工代表董事的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、关于非独立董事辞职情况 华斯控股股份有限公司（以下简称"公司"）董事会于 2025 年 9 月 16 日 收到非独立董事管俊蒲女士递交的书面辞职报告，因公司内部工作调整，管俊蒲 女士申请辞去公司第六届董事会非独立董事职务，辞职后将继续担任公司相应职 务。 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等法律、法规、规范性文件及《公司章程》的相关规定， 管俊蒲女士辞职报告自送达董事会时生效。管俊蒲女士辞职不会导致公司董事会 成员低于法定最低人数，不会影响公司董事会的正常运行，亦不会对公司正常的 经营发展产生影响。 截至本公告披露日，管俊蒲女士未直接或间接持有公司股份，不存在应当 履行而未履行的承诺事项。 三、备查文件 1、管俊蒲女士辞职报告； 2、2025 年第一次职工代表大会决议。 特此公告。 华斯控股股份有限公司董事会 2025 ...

证券代码：002494 证券简称：华斯股份 公告编号：2025-030 华斯控股股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 特别提示： 一、会议的召开和出席情况 公司董事、监事和公司聘请的国浩律师（深圳）事务所律师列席、出席 了本次会议。 二、议案审议表决情况 1、 本次股东会没有出现否决议案的情形。 2、 本次股东会不涉及变更前次股东会决议。 华斯控股股份有限公司（以下简称"公司"）2025 年第一次临时股东会 的通知于 2025 年 8 月 28 日公告，本次会议于 2025 年 9 月 16 日 14:30 在河 北省肃宁县尚村镇华斯控股股份有限公司会议室召开，会议采用现场投票与 网络投票相结合的表决方式。本次会议由公司董事会召集，董事长贺国英先 生主持，会议符合《中华人民共和国公司法》等有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。 截至本次股东会股权登记日，公司使用回购专用证券账户累计回购社会 公众股份 4,227,600 股，占截至本次股东会股权登记日公司总股本的 1.1205%。 因此，扣减公司已回购股份 4 ...

深圳市深南大道 6008 号特区报业大厦 24/31/41/42 层 邮编：518009 24/31/41/42F, Tequbaoye Building, 6008 Shennan Avenue, Shenzhen, Guangdong Province 518009, China 电话/Tel: (+86)(755) 83515666 传真/Fax: (+86)(755) 83515333 网址/Website:http://www.grandall.com.cn 邮箱/Email: grandallsz@grandall.com.cn 国浩律师（深圳）事务所 关于华斯控股股份有限公司 2025 年第一次临时股东会之 法律意见书 为出具本法律意见书，本所律师对本次股东会所涉及的事项进行了审查， 查阅了本所律师认为出具法律意见书所必需查阅的文件，并对有关问题进行 了必要的核查和验证。 GLG/SZ/A3223/FY/2025-1152 本所律师保证本法律意见书所认定的相关事实真实、准确、完整，所 发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏。 致：华斯控股股份有限公司 国浩律师（深圳 ...

华斯控股股份有限公司 证券代码：002494 证券简称：华斯股份 公告编号：2025-028 关于参加 2025 年河北辖区上市公司投资者网上集 体接待日暨 2025 年半年报集体业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，华斯控股股份有限公司（以下简称 "公司"）将参加由河北省上市公司协会联合深圳市全景网络有限公司举办的 "2025 年河北辖区上市公司投资者网上集体接待日暨 2025 年半年报集体业绩 说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 9 月 15 日（周一）15:00-17:00。 届时公司总经理贺素成，董事、董事会秘书郗惠宁，财务负责人刘素霞将在线 就公司业绩、公司治理、发展战略、经营状况和可持续发展等投资者关心的问 题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 华斯控股股份有限公司董事会 ...

Core Viewpoint - 华斯股份 is undergoing structural adjustments while maintaining strong growth in its core business, particularly in high-value fur clothing, which has seen significant revenue increases despite overall revenue challenges [1][2]. Financial Data and Business Structure Optimization - In the reporting period, 华斯股份 achieved operating revenue of 155 million yuan, reflecting a phase of structural adjustment and proactive business optimization [2]. - The fur clothing business generated revenue of 71.5 million yuan, marking a year-on-year increase of 43.88%, showcasing its market competitiveness [2]. - The OBM (Own Brand Management) model contributed 119 million yuan in revenue, up 18.71% year-on-year, with its share of total revenue reaching 76.88%, indicating a successful transition to a brand-centric operational model [2]. Core Competitiveness Amidst Adversity - 华斯股份's core business experienced growth despite market challenges, with significant breakthroughs in online sales channels, particularly through Douyin, which saw sales revenue of 3.83 million yuan, a staggering increase of 2236.69% [3]. - The establishment of a wholly-owned subsidiary in Xinjiang aims to expand market presence in the northwest region, enhancing brand influence [3]. - The company maintains a comprehensive supply chain from raw material procurement to brand operation, ensuring strong cost control and quality assurance [3]. - R&D investment reached 4.09 million yuan, a 6.95% increase, supporting ongoing innovation and technological leadership [3]. Strategic Layout for Future Development - The brands under 华斯, including HERAS, 怡嘉琦, and 伊尚迪, have clear positioning, with 怡嘉琦 recognized as a "Chinese Famous Trademark," contributing to stable growth [4]. - The company emphasizes value management and investor relations, as evidenced by the approval of a market value management system [4]. - The company received high-tech enterprise certification, allowing for a 15% corporate income tax rate, optimizing tax costs and reflecting its innovation capabilities [4]. - The offline direct sales system operates efficiently, with 12 stores covering 8,439 square meters and the top five stores generating a combined revenue of 16.9 million yuan, demonstrating effective channel operations [4].

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 华斯控股股份有限公司（以下简称"公司"）于2025年8月28日在指定信息 披露媒体《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）披露了《2025 年半年度报告》以及《2025年半年度报告摘要》。经核查发现，2025 年半年度 报告中"第六节"之"三、公司股东数量及持股情况"以及2025年半年度摘要"二、 公司基本情况"之"3、公司股东数量及持股情况"中部分信息录入错误，现更 正如下： 1、2025年半年度报告中"第六节"之"三、公司股东数量及持股情况" 更正前： 证券代码：002494 证券简称： 华斯股份 公告编号：2025-027 华斯控股股份有限公司 关于 2025 年半年度报告及摘要的更正公告 2、2025年半年度摘要"二、公司基本情况"之"3、公司股东数量及持 股情况" 更正前： 单位：股 | 报告期末普通股股东总数 | | | 26,217 | | 报告期末表决权恢复的优先股 股东总数（如有）（参见注 | 8） | | 0 | | --- | --- | --- | -- ...

Important Notices, Table of Contents, and Definitions [Important Notices](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the truthfulness, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[4](index=4&type=chunk) - The company's person in charge, He Guoying, the person in charge of accounting, Liu Suxia, and the head of the accounting department, Sun Yanping, declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the overall structure of the report, including major chapters and their starting page numbers [List of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section specifies the types and locations of the company's reference documents during the reporting period - The reference documents include financial statements signed and sealed by the legal representative, the person in charge of accounting, and the head of the accounting department[9](index=9&type=chunk) - The reference documents include the original audit report sealed by the accounting firm and signed and sealed by the certified public accountants[10](index=10&type=chunk) - The location for the above documents is the company's Securities Affairs Department[12](index=12&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions of frequently used terms in the report to ensure accurate understanding - "Company, This Company, Parent Company, Huasi Shares" refers to Huasi Holdings Co, Ltd[14](index=14&type=chunk) - "Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - Definitions for multiple subsidiaries and affiliated companies are listed, such as Beijing Garment Company, Jingnan Fur City, and Ruiling Group Co, Ltd[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Huasi Holdings Co, Ltd, stock code 002494, is listed on the Shenzhen Stock Exchange with He Guoying as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Huasi Shares | | Stock Code | 002494 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 华斯控股股份有限公司 | | Legal Representative | He Guoying | [Contact Persons and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Xi Huining and the Securities Affairs Representative is Xu Yaping Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xi Huining | Shangcun Town, Suning County, Hebei Province | 03175090055 | 03175115789 | huasi@huasigufen.com | | Securities Affairs Representative | Xu Yaping | Shangcun Town, Suning County, Hebei Province | 03175090055 | 03175115789 | huasi@huasigufen.com | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) There were no changes to the company's contact information, information disclosure, or document storage locations during the reporting period - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period[18](index=18&type=chunk) - The stock exchange website and media names for disclosing the semi-annual report, as well as the location for the report, remained unchanged during the reporting period[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's operating revenue decreased, net profit turned from a gain to a loss, while net cash flow from operating activities improved significantly Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (Yuan) | Same Period Last Year (Yuan) | Change from Same Period Last Year | | :--- | :--- | :--- | :--- | | Operating Revenue | 154,943,770.15 | 256,192,735.41 | -39.52% | | Net Profit Attributable to Shareholders | -9,270,402.10 | 6,853,684.99 | -235.26% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -10,153,523.18 | 6,475,512.18 | -256.80% | | Net Cash Flow from Operating Activities | -10,681,884.52 | -46,436,804.36 | 77.00% | | Basic Earnings Per Share (Yuan/share) | -0.0248 | 0.0183 | -235.52% | | Diluted Earnings Per Share (Yuan/share) | -0.0248 | 0.0183 | -235.52% | | Weighted Average Return on Equity | -0.76% | 0.56% | -1.32% | | **End-of-Period Indicators** | **End of Current Period (Yuan)** | **End of Last Year (Yuan)** | **Change from End of Last Year** | | Total Assets | 1,544,133,186.05 | 1,619,327,993.17 | -4.64% | | Net Assets Attributable to Shareholders | 1,219,640,101.94 | 1,229,567,781.24 | -0.81% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international/foreign accounting standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[22](index=22&type=chunk) - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards during the reporting period[23](index=23&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss for the period totaled 883,121.08 Yuan, mainly from asset disposals and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 9,761.16 | | Government Grants Included in Current Profit or Loss | 1,199,727.17 | | Other Non-operating Income and Expenses | -149,193.40 | | Less: Income Tax Effect | 177,171.99 | | Minority Interest Effect (After Tax) | 1.86 | | Total | 883,121.08 | - Income from withholding individual income tax handling fees of 7,521.44 Yuan was classified as a recurring item because it complies with national policies and occurs continuously[26](index=26&type=chunk) Management Discussion and Analysis [Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company engages in the fur industry value chain and is actively expanding into new markets and sales channels to address industry challenges - The company's industry is classified under "C19 Leather, Fur, Feather and Its Products Manufacturing," specifically "C393 Fur Tanning and Products Manufacturing," commonly known as the fur industry[29](index=29&type=chunk) - The company's main business includes the production and sale of fur clothing, accessories, fabrics, and pelts, as well as management services for the fur raw material market, property, and commercial complexes[30](index=30&type=chunk) - In the first half of 2025, China's fur clothing export value was **199 million USD**, a decrease of **79.03%** from the same period in 2024, but the export unit price rose by **3.92%**[31](index=31&type=chunk) [Industry Overview](index=9&type=section&id=%E8%A1%8C%E4%B8%9A%E6%A6%82%E5%86%B5) The textile and apparel industry showed stable growth in H1 2025, with steady domestic demand and resilient foreign trade - In the first half of 2025, the textile and apparel industry maintained a stable and positive trend, with steady growth in domestic consumption and resilience in foreign trade[28](index=28&type=chunk) - In the first half of the year, China's textile and apparel exports totaled **143.98 billion USD**, a year-on-year increase of **0.8%**; textile exports were **70.52 billion USD** (+1.8%), while apparel exports were **73.46 billion USD** (-0.2%)[29](index=29&type=chunk) - In the first half of the year, the operating revenue of large-scale textile enterprises decreased by **3%** year-on-year, total profit decreased by **9.4%**, and the operating profit margin was **3%**, down 0.2 percentage points from the same period last year[29](index=29&type=chunk) [Company's Main Business and Products](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E4%BA%A7%E5%93%81) The company focuses on the fur fashion industry, with a complete value chain and a diverse business system - The company focuses on the fur fashion industry, forming a diversified business system that integrates fur product design, R&D, manufacturing, sales, and the development of upstream and downstream industry platforms and property management[32](index=32&type=chunk) - The company is actively exploring new markets by establishing a wholly-owned subsidiary in Xinjiang to open up the fur clothing sales market there[33](index=33&type=chunk) - The company is re-planning its e-commerce and brand live-streaming platforms, leveraging the live-streaming sales model to enhance brand influence and product sales[33](index=33&type=chunk) - Main products include clothing (whole-pelt, fur-fabric, woven, fashion), fur accessories, fur pelts, fur fabrics, as well as processing fees and other business income[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [Company's Main Business Models](index=11&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model integrates R&D, global procurement, order-driven production, and multi-channel sales under its proprietary brands - As a national high-tech enterprise, the company has an independent R&D center, the "Hebei Provincial Fur Engineering Technology Research Center"[35](index=35&type=chunk) - The company has established stable global procurement channels, combining a "company-base-farmer" model domestically with international auctions to allocate resources[36](index=36&type=chunk) - The company's production is primarily order-driven, adopting a make-to-order model with a process that includes R&D, tanning, dyeing, and garment production[36](index=36&type=chunk) - Sales models include OBM (Original Brand Manufacturer), OEM (Original Equipment Manufacturer), and ODM (Original Design Manufacturer), with the OBM model utilizing offline direct stores and online e-commerce channels[38](index=38&type=chunk) - The company's own brands, such as "Huasi" and "Yijiaqi," are themed "luxury, elegance, uniqueness, and fashion," with "Yijiaqi" having received honors like "China Famous Trademark"[38](index=38&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its complete industry chain, resource procurement, R&D capabilities, and regional advantages - The company has built a complete industry chain from fur trading and processing to apparel design and sales, forming core competitive advantages in upstream resources, R&D, technology, production scale, sales channels, and product quality[40](index=40&type=chunk) - The company has professional experience in raw pelt inspection and strong capabilities in comprehensive utilization and development, establishing a five-level classification standard to homogenize non-standard raw materials[40](index=40&type=chunk)[41](index=41&type=chunk) - The company's "Hebei Provincial Fur Engineering Technology Research Center" is a leader in fur R&D and design, having developed internationally advanced processes like "multi-color dyeing on a single pelt" and new fur fabric products[42](index=42&type=chunk) - The company is located in Suning County, Hebei Province, known as the "Fur Capital of China," which is a major fur trade hub and price formation center with abundant labor resources[43](index=43&type=chunk) [Analysis of Main Business Operations](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue declined due to reduced income from investment property sales, while OBM business and domestic sales showed significant growth Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Same Period Last Year (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 154,943,770.15 | 256,192,735.41 | -39.52% | Primarily due to a decrease in income from the transfer of investment properties compared to the same period last year | | Operating Costs | 107,998,288.31 | 188,040,872.57 | -42.57% | Primarily due to the decrease in operating revenue, leading to a reduction in costs | | Selling Expenses | 32,903,623.29 | 25,343,781.58 | 29.83% | Primarily due to the addition of the Xinjiang subsidiary in Q4 last year, resulting in increased advertising and store expenses | | Finance Costs | 1,439,140.08 | 1,226,915.24 | 17.30% | Primarily due to an increase in foreign exchange gains and losses caused by currency fluctuations | | Net Cash Flow from Operating Activities | -10,681,884.52 | -46,436,804.36 | 77.00% | Primarily due to a decrease in payments for goods and services, various taxes, and other operating expenses | | Net Cash Flow from Investing Activities | 33,027,701.18 | -22,280,079.73 | -248.24% | Primarily due to an increase from matured time deposits during the reporting period | | Net Cash Flow from Financing Activities | -42,956,686.30 | -10,092,058.76 | 325.65% | Primarily due to a decrease in the net amount of bank borrowings compared to the same period last year | Operating Revenue Breakdown (by Industry) | Industry | Current Period Amount (Yuan) | % of Operating Revenue | Prior Period Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | OBM | 119,117,508.49 | 76.88% | 100,340,400.91 | 39.17% | 18.71% | | ODM | 19,185,011.86 | 12.38% | 26,316,285.85 | 10.27% | -27.10% | | OEM | 1,342,089.54 | 0.87% | 1,169,440.31 | 0.46% | 14.76% | | Other Business Income | 15,299,160.26 | 9.87% | 128,366,608.34 | 50.10% | -88.08% | Operating Revenue Breakdown (by Product) | Product | Current Period Amount (Yuan) | % of Operating Revenue | Prior Period Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Fur Pelts | 16,693,016.81 | 10.77% | 13,815,773.59 | 5.39% | 20.83% | | Fur Clothing | 71,500,523.41 | 46.15% | 49,696,002.32 | 19.40% | 43.88% | | Commercial Complex Business | 30,010,304.16 | 19.37% | 35,637,295.84 | 13.91% | -15.79% | | Other Business Income | 15,299,160.26 | 9.87% | 128,366,608.34 | 50.10% | -88.08% | Operating Revenue Breakdown (by Region) | Region | Current Period Amount (Yuan) | % of Operating Revenue | Prior Period Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Export Sales | 15,944,023.33 | 10.29% | 18,208,090.84 | 7.11% | -12.43% | | Domestic Sales | 123,700,586.56 | 79.84% | 109,618,036.23 | 42.79% | 12.85% | | Other Business Income | 15,299,160.26 | 9.87% | 128,366,608.34 | 50.10% | -88.08% | - The company has **12 directly-operated stores** with a total area of 8,439 square meters, with no new openings or closures during the reporting period[50](index=50&type=chunk) [Other Information Required by the Textile and Apparel Industry Information Disclosure Guidelines](index=17&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%BA%E7%BB%87%E6%9C%8D%E8%A3%85%E7%9B%B8%E5%85%B3%E8%A1%8C%E4%B8%9A%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%8C%87%E5%BC%95%E8%A6%81%E6%B1%82%E7%9A%84%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) Online sales revenue surged, while inventory turnover days remained high, and inventory balance increased Capacity Information | Indicator | Current Reporting Period | Same Period Last Year | | :--- | :--- | :--- | | Total Capacity | 50000 | 50000 | | Capacity Utilization Rate | 14.01% | 13.71% | YoY Change in Operating Revenue by Sales Channel | Sales Channel | YoY Change in Operating Revenue (%) | | :--- | :--- | | Online Sales | 2,236.69% | | Direct Sales | 46.39% | | Distribution Sales | -30.56% | Breakdown of Selling Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Salaries and Related Expenses | 13,612,761.09 | 12,883,837.64 | | Store Expenses | 9,652,045.48 | 5,284,999.97 | | Total | 32,903,623.29 | 25,343,781.58 | - The company collaborates with the third-party sales platform Douyin (TikTok), with a transaction amount of **3,827,125.61 Yuan** and a return rate of **67.51%** during the reporting period[56](index=56&type=chunk) Inventory Information | Main Product | Inventory Turnover Days | Inventory Quantity | Inventory Age | YoY Change in Inventory Balance | | :--- | :--- | :--- | :--- | :--- | | Fur Clothing | 939 | 26,046 | 1 | 39.67% | - The company's own brands include "Yijiaqi," "Yishangdi," and "Huasi Maisha," with main products being apparel sold primarily in North China, Northeast China, and Russia[57](index=57&type=chunk) [Analysis of Non-Core Business](index=19&type=section&id=%E4%BA%94%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business activities had a minor impact on total profit and are not considered sustainable Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason for Formation & Sustainability | | :--- | :--- | :--- | :--- | | Non-operating Income | 58,759.01 | -0.53% | Not sustainable | | Non-operating Expenses | 207,952.41 | -1.87% | Not sustainable | | Credit Impairment Loss | 506,437.37 | -4.57% | Not sustainable | [Analysis of Assets and Liabilities](index=19&type=section&id=%E5%85%AD%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company reduced short-term borrowings and increased long-term borrowings, while a portion of its cash and assets are restricted Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Last Year (Yuan) | % of Total Assets | Change in Proportion | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inventory | 458,017,886.71 | 29.66% | 436,686,623.73 | 26.97% | 2.69% | | | Short-term Borrowings | 57,039,900.00 | 3.69% | 180,145,000.00 | 11.12% | -7.43% | Primarily due to a reduction in short-term borrowings during the reporting period | | Long-term Borrowings | 83,058,100.00 | 5.38% | | | 5.38% | Primarily due to an increase in long-term borrowings during the reporting period | - At the end of the period, **11,769,751.00 Yuan** of cash and cash equivalents were frozen by the court[62](index=62&type=chunk) - Fixed assets of **52,782,140.65 Yuan** and investment properties of **279,110,013.35 Yuan** were pledged as collateral for a maximum mortgage guarantee of **401.85 million Yuan** to the Agricultural Bank of China[62](index=62&type=chunk) [Investment Analysis](index=20&type=section&id=%E4%B8%83%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company did not engage in any significant investment activities during the reporting period - The company had no securities investments during the reporting period[64](index=64&type=chunk) - The company had no derivative investments during the reporting period[65](index=65&type=chunk) - The company had no use of raised funds during the reporting period[66](index=66&type=chunk) [Sale of Major Assets and Equity](index=21&type=section&id=%E5%85%AB%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major assets or equity were sold during the reporting period - The company did not sell any major assets during the reporting period[67](index=67&type=chunk) - The company did not sell any major equity during the reporting period[68](index=68&type=chunk) [Analysis of Major Subsidiaries and Investees](index=21&type=section&id=%E4%B9%9D%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) There was no information on significant subsidiaries or investees to be disclosed for the reporting period - There was no information on significant subsidiaries or investees to be disclosed for the reporting period[68](index=68&type=chunk) [Structured Entities Controlled by the Company](index=21&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[69](index=69&type=chunk) [Risks and Countermeasures](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces macroeconomic, exchange rate, and raw material price risks, which it addresses through market expansion and financial hedging - The company faces **macroeconomic risks** from geopolitical factors and global economic uncertainty, which could lead to a decline in domestic textile and apparel export orders[70](index=70&type=chunk) - The company's export sales are mainly settled in USD, exposing it to **exchange rate fluctuation risks**[70](index=70&type=chunk) - The company's main raw materials are special fur animal pelts, and **fluctuations in raw material prices** will significantly impact product costs[70](index=70&type=chunk) - The company will mitigate risks by strengthening brand building, diversifying market layout, using forward foreign exchange contracts, enhancing inventory management, and increasing R&D efforts[71](index=71&type=chunk) [Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has established a market value management system but has not disclosed a valuation enhancement plan - The company approved the "Huasi Holdings Co, Ltd Market Value Management System" at the third meeting of the sixth Board of Directors on April 15, 2025[72](index=72&type=chunk) - The company has not disclosed a valuation enhancement plan[72](index=72&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[73](index=73&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Supervisor Han Xiaobo resigned for personal reasons during the reporting period - Supervisor Han Xiaobo resigned for personal reasons on April 15, 2025[74](index=74&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=23&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute profits or increase share capital for the semi-annual period - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the semi-annual period[75](index=75&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[76](index=76&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company is not on the list of enterprises required to disclose environmental information and is committed to clean production - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[77](index=77&type=chunk) - The company adheres to the principle of "safety first, environmental protection priority" and achieves clean emissions through energy conservation and emission reduction to build an efficient and environmentally friendly clean production enterprise[78](index=78&type=chunk) [Social Responsibility](index=23&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company fulfills its social responsibilities by protecting stakeholder interests, valuing human resources, and prioritizing environmental protection - The company considers protecting the interests of shareholders, especially minority shareholders, and safeguarding the legal rights of creditors as its most fundamental social responsibility[77](index=77&type=chunk) - The company has formulated human resource policies conducive to sustainable development and emphasizes employee quality and subsequent training and education[77](index=77&type=chunk) - The company believes that creating a "first-class service" model is the foundation of its business and survival[77](index=77&type=chunk) Important Matters [Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company that were Fulfilled During the Reporting Period or Remained Unfulfilled by the End of the Reporting Period](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The controlling shareholder has strictly fulfilled all commitments regarding share sale restrictions and avoidance of competition - The controlling shareholder, actual controller, and chairman, He Guoying, committed during the initial public offering not to transfer or entrust others to manage his directly or indirectly held shares within 36 months of the stock listing, and not to transfer more than 25% of his total shares annually while serving as a director, supervisor, or senior manager[80](index=80&type=chunk) - He Guoying committed that the non-publicly offered shares he subscribed to would be locked for 36 months from the listing date after the issuance[80](index=80&type=chunk) - Mr He Guoying issued a "Letter of Commitment to Avoid Competition" to the company, promising not to engage in businesses or activities that constitute or could potentially constitute competition with the company, and to strive to reduce related-party transactions[80](index=80&type=chunk) - **All commitments were fulfilled on time**[80](index=80&type=chunk) [Non-operational Fund Occupation by the Controlling Shareholder and Other Related Parties](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operational fund occupation by the controlling shareholder or other related parties during the reporting period - The company had no non-operational fund occupation by the controlling shareholder and other related parties during the reporting period[81](index=81&type=chunk) [Irregular External Guarantees](index=25&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[82](index=82&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[83](index=83&type=chunk) [Explanation by the Board of Directors and Supervisory Committee on the "Non-standard Audit Report" for the Current Period](index=25&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) There was no non-standard audit report for the current reporting period - There was no non-standard audit report for the current reporting period[84](index=84&type=chunk) [Explanation by the Board of Directors on the "Non-standard Audit Report" from the Previous Year](index=25&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) There was no non-standard audit report for the current reporting period - There was no non-standard audit report for the current reporting period[84](index=84&type=chunk) [Bankruptcy and Reorganization Matters](index=25&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[84](index=84&type=chunk) [Litigation Matters](index=25&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[85](index=85&type=chunk) [Penalties and Rectifications](index=25&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) There were no penalties or rectifications during the reporting period - There were no penalties or rectifications during the reporting period[85](index=85&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[86](index=86&type=chunk) [Major Related-Party Transactions](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions occurred during the reporting period - The company had no related-party transactions related to daily operations during the reporting period[87](index=87&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[88](index=88&type=chunk) - There were no related-party credit or debt transactions during the reporting period[90](index=90&type=chunk) - The company had no other major related-party transactions during the reporting period[93](index=93&type=chunk) [Major Contracts and Their Performance](index=26&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no major contracts, guarantees, or wealth management activities during the reporting period - The company had no custody arrangements during the reporting period[94](index=94&type=chunk) - The company had no major guarantees during the reporting period[97](index=97&type=chunk) - The company had no entrusted wealth management during the reporting period[98](index=98&type=chunk) - The company had no other major contracts during the reporting period[99](index=99&type=chunk) [Explanation of Other Major Matters](index=27&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) There were no other major matters requiring explanation during the reporting period - There were no other major matters requiring explanation during the reporting period[100](index=100&type=chunk) [Major Matters Concerning Company Subsidiaries](index=27&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no major matters concerning company subsidiaries during the reporting period - There were no major matters concerning company subsidiaries during the reporting period[101](index=101&type=chunk) Share Capital Changes and Shareholder Information [Share Capital Changes](index=28&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital and the structure of restricted and unrestricted shares remained unchanged during the reporting period Share Capital Changes | Item | Pre-change Quantity (shares) | Pre-change Ratio | Change (+, -) | Post-change Quantity (shares) | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 90,540,280 | 24.00% | 0 | 90,540,280 | 24.00% | | II. Unrestricted Shares | 286,770,438 | 76.00% | 0 | 286,770,438 | 76.00% | | III. Total Shares | 377,310,718 | 100.00% | 0 | 377,310,718 | 100.00% | - During the reporting period, the company's total share count, restricted shares, and unrestricted shares remained unchanged[103](index=103&type=chunk) [Securities Issuance and Listing](index=29&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[104](index=104&type=chunk) [Number of Shareholders and Shareholding Information](index=29&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the period, the company had 26,217 common shareholders, with the controlling shareholder holding a 31.99% stake - At the end of the reporting period, the total number of common shareholders was **26,217**[105](index=105&type=chunk) Shareholding of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End (shares) | Number of Restricted Shares (shares) | Number of Unrestricted Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | He Guoying | Domestic Natural Person | 31.99% | 120,720,374 | 90,540,280 | 30,180,094 | | Nomura Orient International Securities - Shanghai Textile (Group) Co, Ltd - Nomura Orient International Sunrise No. 1 Single Asset Management Plan | Other | 1.74% | 6,581,354 | 0 | 6,581,354 | | BARCLAYS BANK PLC | Foreign Legal Entity | 0.90% | 3,398,553 | 0 | 3,398,553 | | Xuanyuan Private Equity Investment Management (Guangdong) Co, Ltd - Xuanyuan Kexin No. 122 Private Securities Investment Fund | Other | 0.87% | 3,267,800 | 0 | 3,267,800 | | Wu Yiming | Domestic Natural Person | 0.61% | 2,300,000 | 0 | 2,300,000 | | China Construction Bank Co, Ltd - Nuoan Multi-Strategy Equity Securities Investment Fund | Other | 0.57% | 2,146,300 | 0 | 2,146,300 | | CITIC Securities Asset Management (Hong Kong) Limited - Client Funds | Foreign Legal Entity | 0.52% | 1,964,397 | 0 | 1,964,397 | | Shanghai Zhuchi Asset Management Co, Ltd - Zhuchi New Income Private Securities Investment Fund Phase 10 | Other | 0.51% | 1,926,600 | 0 | 1,926,600 | | Shanghai Yingshui Investment Management Co, Ltd - Yingshui Changfeng No. 19 Private Securities Investment Fund | Other | 0.50% | 1,887,800 | 0 | 1,887,800 | | Teng Rongsong | Domestic Natural Person | 0.46% | 1,740,800 | 0 | 1,740,800 | - As of the end of the reporting period, the company's special securities account for share repurchase held **4,227,600 shares**, accounting for **1.12%** of the total share capital[106](index=106&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=32&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[108](index=108&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[109](index=109&type=chunk) - The company's actual controller did not change during the reporting period[109](index=109&type=chunk) [Preferred Stock Information](index=33&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[110](index=110&type=chunk) Bond-related Matters [Bond-related Matters](index=34&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[112](index=112&type=chunk) Financial Report [Audit Report](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[114](index=114&type=chunk) [Financial Statements](index=35&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company financial statements for the first half of 2025 Key Data from Consolidated Balance Sheet (End of Period) | Item | Closing Balance (Yuan) | | :--- | :--- | | Total Assets | 1,544,133,186.05 | | Total Liabilities | 345,757,322.15 | | Total Equity Attributable to Parent Company | 1,219,640,101.94 | | Total Equity | 1,198,375,863.90 | Key Data from Consolidated Income Statement (Current Period) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 154,943,770.15 | | Operating Profit | -10,942,913.22 | | Total Profit | -11,092,106.62 | | Net Profit | -9,270,692.33 | | Net Profit Attributable to Parent Company Shareholders | -9,270,402.10 | | Basic Earnings Per Share (Yuan/share) | -0.0248 | Key Data from Consolidated Cash Flow Statement (Current Period) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -10,681,884.52 | | Net Cash Flow from Investing Activities | 33,027,701.18 | | Net Cash Flow from Financing Activities | -42,956,686.30 | | Net Increase in Cash and Cash Equivalents | -17,269,114.85 | [Company's Basic Information](index=52&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Huasi Holdings Co, Ltd is a fur industry company controlled by He Guoying, with 18 subsidiaries included in its consolidation scope - Huasi Holdings Co, Ltd, formerly Hebei Huatong Industrial Co, Ltd, had a total share capital and registered capital of **377,310,718.00 Yuan** as of June 30, 2025, after several capital changes[155](index=155&type=chunk) - The company's registered and head office addresses are both in Shangcun Town, Suning County, Hebei Province, and the actual controller is He Guoying[155](index=155&type=chunk) - The company operates in the fur industry, with main products and services including apparel manufacturing, R&D, sales, fur tanning, import/export, park management, brand management, and property management[156](index=156&type=chunk) - A total of **18 subsidiaries** were included in the consolidation scope for the current period, and the financial statements were approved for issuance by the Board of Directors on August 27, 2025[157](index=157&type=chunk)[158](index=158&type=chunk) [Basis of Preparation of Financial Statements](index=56&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with Chinese accounting standards and on a going concern basis - The company prepares its financial statements based on actual transactions and events, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the CSRC's "Information Disclosure and Compilation Rules for Companies Offering Securities to the Public No 15 - General Provisions on Financial Reports" (2023 Revision)[159](index=159&type=chunk) - The company has assessed its ability to continue as a going concern for the 12 months from the end of the reporting period and found no material uncertainties, thus preparing the financial statements on a going concern basis[160](index=160&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the key accounting policies and estimates used, which comply with enterprise accounting standards - The company determines specific accounting policies and estimates based on its production and operation characteristics, mainly reflected in inventory valuation, bad debt provision for receivables, depreciation of fixed assets, amortization of intangible assets, measurement of investment properties, and revenue recognition[161](index=161&type=chunk) - The financial statements prepared by the company comply with the requirements of the Enterprise Accounting Standards and provide a true and complete view of the company's financial position, operating results, and cash flows for the reporting period[162](index=162&type=chunk) - The company has implemented "Interpretation No 17 of the Enterprise Accounting Standards," "Interim Provisions on Accounting for Enterprise Data Resources," and "Interpretation No 18 of the Enterprise Accounting Standards," but their adoption had no material impact on the financial statements for this reporting period[103](index=103&type=chunk)[335](index=335&type=chunk)[336](index=336&type=chunk)[337](index=337&type=chunk) [Taxes](index=104&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes, including VAT and corporate income tax, with a preferential 15% income tax rate as a high-tech enterprise Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Domestic sales of goods, processing, repair services, general trade imports, tangible movable property leasing | 13% | | Value-Added Tax (VAT) | Sales of real estate, transfer of land use rights, import of raw hides, sales of goods | 9% | | Value-Added Tax (VAT) | Provision of modern taxable services, financial loan services | 6% | | Value-Added Tax (VAT) | Provision of real estate operating lease services (simplified taxation) | 5% | | Value-Added Tax (VAT) | Sales of used fixed assets | 9% | | Urban Maintenance and Construction Tax | Actual paid turnover tax | 7%, 5% | | Corporate Income Tax | Taxable income | Varies by entity | | Education Surcharge | Actual paid turnover tax | 3% | | Local Education Surcharge | Actual paid turnover tax | 2% | - Huasi Holdings Co, Ltd has been qualified as a high-tech enterprise for a three-year period, entitling it to a preferential national income tax rate of **15%**[341](index=341&type=chunk) [Notes to Consolidated Financial Statements](index=105&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the items in the consolidated financial statements, highlighting key balances and changes Cash and Cash Equivalents | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 954,065.39 | 576,916.09 | | Bank Deposits | 134,471,689.25 | 152,280,277.95 | | Other Cash Equivalents | 16,572,559.40 | 17,446,734.85 | | Total | 151,998,314.04 | 170,303,928.89 | | Of which: Total funds held overseas | 2,673,644.78 | 12,816,146.15 | | Of which: Frozen bank deposits | 11,769,751.00 | 11,769,751.00 | Accounts Receivable | Item | Closing Book Balance (Yuan) | Closing Bad Debt Provision (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Total | 59,339,975.20 | 26,220,040.11 | 33,119,935.09 | Inventory | Item | Closing Book Balance (Yuan) | Closing Inventory Write-down (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 2,599,559.95 | 404,641.95 | 2,194,918.00 | | Finished Goods | 130,241,496.63 | 5,129,395.69 | 125,112,100.94 | | Work in Progress | 380,157,459.92 | 49,446,592.15 | 330,710,867.77 | | Total | 512,998,516.50 | 54,980,629.79 | 458,017,886.71 | Short-term Borrowings | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Secured Loans | 57,000,000.00 | 140,000,000.00 | | Accrued Interest Payable | 39,900.00 | 145,000.00 | | Total | 57,039,900.00 | 180,145,000.00 | Long-term Borrowings | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Secured Loans | 83,000,000.00 | | | Accrued Interest Payable | 58,100.00 | | | Total | 83,058,100.00 | | Operating Revenue and Costs | Item | Current Period Revenue (Yuan) | Current Period Costs (Yuan) | Prior Period Revenue (Yuan) | Prior Period Costs (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 139,644,609.89 | 94,548,567.98 | 127,826,127.07 | 95,821,266.35 | | Other Business | 15,299,160.26 | 13,449,720.33 | 128,366,608.34 | 92,219,606.22 | | Total | 154,943,770.15 | 107,998,288.31 | 256,192,735.41 | 188,040,872.57 | R&D Expenditure [R&D Expenditure](index=145&type=section&id=%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's R&D expenditure for the period was 4,088,159.98 Yuan, all of which was expensed R&D Expenditure Breakdown | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Personnel Costs | 1,336,739.00 | 1,171,406.00 | | Raw Materials, Fuel, and Others | 2,751,420.98 | 2,650,929.24 | | Total | 4,088,159.98 | 3,822,335.24 | | Of which: Expensed R&D Expenditure | 4,088,159.98 | 3,822,335.24 | Changes in the Scope of Consolidation [Changes in Consolidation Scope for Other Reasons](index=145&type=section&id=1%E3%80%81%E5%85%B6%E4%BB%96%E5%8E%9F%E5%9B%A0%E7%9A%84%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E5%8F%98%E5%8A%A8) The company's scope of consolidation did not change during the reporting period - The company's scope of consolidation did not change during the reporting period[547](index=547&type=chunk) Interests in Other Entities [Interests in Subsidiaries](index=145&type=section&id=1%E3%80%81%E5%9C%A8%E5%AD%90%E5%85%AC%E5%8F%B8%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company has 18 subsidiaries engaged in various businesses, with most being wholly-owned - The company has **18 subsidiaries**, including Suning County Jingnan Fur City Co, Ltd, Beijing Huasi Garment Co, Ltd, and Hebei Huasi Life Shopping Plaza Trading Co, Ltd[549](index=549&type=chunk)[550](index=550&type=chunk) - The subsidiaries' business activities are diverse, covering leather market development, trade services, shopping mall management, auctions, breeding, technology development, and internet sales[549](index=549&type=chunk)[550](index=550&type=chunk) - Most subsidiaries are **100% directly owned**, while some are indirectly held or acquired through business combinations not under common control[549](index=549&type=chunk)[550](index=550&type=chunk) Government Grants [Liability Items Involving Government Grants](index=147&type=section&id=2%E3%80%81%E6%B6%89%E5%8F%8A%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9%E7%9A%84%E8%B4%9F%E5%80%BA%E9%A1%B9%E7%9B%AE) The closing balance of deferred income related to government grants was 15,740,707.61 Yuan Liability Items Involving Government Grants | Account | Opening Balance (Yuan) | New Grants (Yuan) | Recognized in Non-operating Income (Yuan) | Transferred to Other Income (Yuan) | Other Changes (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 9,630,765.61 | 7,000,000.00 | | 890,058.00 | | 15,740,707.61 | Asset-related | [Government Grants Recognized in Current Profit or Loss](index=147&type=section&id=3%E3%80%81%E8%AE%A1%E5%85%A5%E5%BD%93%E6%9C%9F%E6%8D%9F%E7%9B%8A%E7%9A%84%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Government grants recognized in other income for the current period amounted to 309,669.17 Yuan Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 309,669.17 | 735,971.21 | Risks Related to Financial Instruments [Risks Arising from Financial Instruments](index=147&type=section&id=1%E3%80%81%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E4%BA%A7%E7%94%9F%E7%9A%84%E5%90%84%E7%B1%BB%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through established policies and monitoring procedures - The company's main financial instruments include cash, equity investments, borrowings, receivables, and payables, exposing it to **credit risk, liquidity risk, and market risk** (exchange rate and interest rate risk)[552](index=552&type=chunk) - The company manages credit risk by establishing credit policies, continuously monitoring receivables, and diversifying bank deposits[554](index=554&type=chunk)[555](index=555&type=chunk) Book Balance and Expected Credit Loss of Relevant Assets | Item | Book Balance (Yuan) | Impairment Provision (Yuan) | | :--- | :--- | :--- | | Receivables Financing | 1,687,737.30 | | | Accounts Receivable | 59,339,975.20 | 26,220,040.11 | | Other Receivables | 5,846,803.44 | 3,925,439.22 | | Long-term Receivables (including current portion) | 1,866,885.00 | 1,866,885.00 | | Total | 68,741,400.94 | 32,012,364.33 | Undiscounted Contractual Cash Flows of Financial Liabilities and Off-Balance Sheet Guarantees by Remaining Maturity | Item | Within 1 Year (Yuan) | 1-5 Years (Yuan) | Over 5 Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 57,039,900.00 | | | 57,039,900.00 | | Accounts Payable | 54,259,232.41 | | | 54,259,232.41 | | Other Payables | 65,585,277.94 | | | 65,585,277.94 | | Other Current Liabilities | 1,711,163.30 | | | 1,711,163.30 | | Lease Liabilities (including current portion) | 4,126,430.64 | 9,344,313.85 | | 13,470,744.49 | | Long-term Borrowings | | 83,058,100.00 | | 83,058,100.00 | | Total | 182,722,004.29 | 92,402,413.85 | | 275,124,418.14 | - The company is exposed to exchange rate risk mainly related to USD, HKD, DKK, and EUR, but the risk is not significant due to the low proportion of foreign currency business in its asset, liability, and revenue structure[558](index=558&type=chunk)[559](index=559&type=chunk) - The company's interest rate risk mainly arises from bank borrowings and is managed by continuously monitoring interest rate levels and adjusting the ratio of fixed to floating rate contracts[560](index=560&type=chunk)[561](index=561&type=chunk) Disclosure of Fair Value [Fair Value of Assets and Liabilities Measured at Fair Value at Period End](index=150&type=section&id=1%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA%E7%9A%84%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC) The total fair value of assets measured on a recurring basis was 1,687,737.30 Yuan, all classified as Level 3 Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value (Yuan) | Level 2 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | | | (III) Other Equity Instrument Investments | | | 1,687,737.30 | 1,687,737.30 | | Total Assets Measured at Fair Value on a Recurring Basis | | | 1,687,737.30 | 1,687,737.30 | Related Parties and Related Party Transactions [Information on the Company's Subsidiaries](index=151&type=section&id=1%E3%80%81%E6%9C%AC%E4%BC%81%E4%B8%9A%E7%9A%84%E5%AD%90%E5%85%AC%E5%8F%B8%E6%83%85%E5%86%B5) Details of the company's subsidiaries are provided in Note VIII (I) Interests in Subsidiaries - Details of the company's subsidiaries are provided in Note VIII (I) Interests in Subsidiaries[565](index=565&type=chunk) [Information on the Company's Joint Ventures and Associates](index=151&type=section&id=2%E3%80%81%E6%9C%AC%E4%BC%81%E4%B8%9A%E5%90%88%E8%90%A5%E5%92%8C%E8%81%94%E8%90%A5%E4%BC%81%E4%B8%9A%E6%83%85%E5%86%B5) Details of the company's significant joint ventures or associates are provided in Note VIII (II) Interests in Joint Arrangements or Associates - Details of the company's significant joint ventures or associates are provided in Note VIII (II) Interests in Joint Arrangements or Associates[566](index=566&type=chunk) [Other Related Parties](index=151&type=section&id=3%E3%80%81%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E6%83%85%E5%86%B5) The company's actual controller, He Guoying, is an other related party with a 31.99% shareholding Information on the Company's Parent Company | Related Party Name | Relationship | Shareholding Amount (10,000 Yuan) | Shareholding Ratio | Ultimate Controlling Party | | :--- | :--- | :--- | :--- | :--- | | He Guoying | Actual Controller | 12,072.0374 | 31.99% | Yes | [Related Party Transactions](index=151&type=section&id=4%E3%80%81%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93%E6%83%85%E5%86%B5) Remuneration for key management personnel totaled 866,700.00 Yuan during the reporting period Key Management Personnel Remuneration | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 866,700.00 | 880,300.00 | Commitments and Contingencies [Significant Commitments](index=151&type=section&id=1%E3%80%81%E9%87%8D%E8%A6%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company has no significant commitments to disclose - The company has no significant commitments to disclose[569](index=569&type=chunk) [Contingencies](index=152&type=section&id=2%E3%80%81%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company is involved in a pending lawsuit regarding a dispute over processing fees and has provisioned for potential liabilities - The company is involved in a pending lawsuit with Hebei Xitang Garment Co, Ltd, concerning a dispute over garment processing fees[570](index=570&type=chunk) - The first-instance judgment ordered Huasi Shares to pay the plaintiff **11,566,881.56 Yuan** plus interest; the company has appealed, and the case is pending a final verdict[571](index=571&type=chunk) - As of the period end, the company has prudently provisioned **5,690,877.49 Yuan** as an estimated liability for the pending litigation in accordance with accounting standards[571](index=571&type=chunk) - The company has no other significant contingencies to disclose[572](index=572&type=chunk) Post-Balance Sheet Events [Explanation of Other Post-Balance Sheet Events](index=152&type=section&id=1%E3%80%81%E5%85%B6%E4%BB%96%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9%E8%AF%B4%E6%98%8E) The company has no significant post-balance sheet events to disclose - As of the approval date of the financial report, the company has no significant undisclosed post-balance sheet events[573](index=573&type=chunk) Other Important Matters [Other](index=152&type=section&id=1%E3%80%81%E5%85%B6%E4%BB%96) The company has no other important matters to disclose - As of the approval date of the financial report, the company has no other important undisclosed matters to explain[574](index=574&type=chunk) Notes to the Parent Company's Financial Statements [Accounts Receivable](index=153&type=section&id=1%E3%80%81%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) The parent company's accounts receivable had a book value of 97,293,496.05 Yuan at the period end Parent Company Accounts Receivable by Bad Debt Provision Method | Category | Closing Book Balance (Yuan) | Closing Bad Debt Provision (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Individually Assessed for Bad Debt | 20,937,908.44 | 20,937,908.44 | | | Collectively Assessed for Bad Debt | 100,687,291.46 | 3,393,795.41 | 97,293,496.05 | | Total | 121,625,199.90 | 24,331,703.85 | 97,293,496.05 | - The amount of accounts receivable actually written off during the reporting period was **73,554.93 Yuan**[586](index=586&type=chunk)[587](index=587&type=chunk) [Other Receivables](index=155&type=section&id=2%E3%80%81%E5%85%B6%E4%BB%96%E5%BA%94%E6%94%B6%E6%AC%BE) The parent company's other receivables are primarily composed of funds due from related parties Parent Company Other Receivables by Nature | Nature of Funds | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | | Related Party Funds | 302,740,405.19 | 306,139,481.44 | | Deposits and Guarantees | 253,800.00 | 309,600.00 | | Third-party Transactions and Others | 3,014,041.38 | 2,478,416.62 | | Less: Bad Debt Provision | -2,140,994.53 | -2,154,502.98 | | Total | 303,867,252.04 | 306,772,995.08 | Parent Company Other Receivables by Aging | Aging | Closing Book Balance (Yuan) | | :--- | :--- | | Within 1 year (inclusive) | 6,437,678.56 | | 1 to 2 years | 143,599,960.00 | | 2 to 3 years | 141,529,991.39 | | Over 3 years | 14,440,616.62 | | Total | 306,008,246.57 | Top Five Debtors of Parent Company Other Receivables | Debtor Name | Nature of Funds | Closing Balance (Yuan) | % of Total Other Receivables | Closing Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | :--- | | First | Intra-group related party | 199,000,090.24 | 65.03% | | | Second | Intra-group related party | 56,867,642.15 | 18.58% | | | Third | Intra-group related party | 46,869,019.00 | 15.32% | | | Fourth | Court-frozen funds | 2,448,416.62 | 0.80% | 1,958,733.30 | | Fifth | Petty cash | 300,000.00 | 0.10% | | | Total | | 305,485,168.01 | 99.83% | 1,958,733.30 | [Long-term Equity Investments](index=158&type=section&id=3%E3%80%81%E9%95%BF%E6%9C%9F%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84) The parent company's long-term equity investments consist entirely of investments in subsidiaries and remained unchanged Parent Company Long-term Equity Investments | Item | Closing Book Balance (Yuan) | Closing Impairment Provision (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Investments in Subsidiaries | 426,668,313.50 | | 426,668,313.50 | | Total | 426,668,313.50 | | 426,668,313.50 | - The closing balance of the parent company's investments in subsidiaries was **426,668,313.50 Yuan**, with no change during the reporting period[609](index=609&type=chunk)[610](index=610&type=chunk) [Operating Revenue and Costs](index=159&type=section&id=4%E3%80%81%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) The parent company's operating revenue was 111,616,627.97 Yuan, primarily driven by fur clothing and pelt sales Parent Company Operating Revenue and Costs | Item | Current Period Revenue (Yuan) | Current Period Costs (Yuan) | Prior Period Revenue (Yuan) | Prior Period Costs (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 96,583,515.21 | 71,429,368.43 | 66,166,251.85 | 51,340,596.15 | | Other Business | 15,033,112.76 | 13,361,628.70 | 121,354,767.14 | 87,523,947.09 | | Total | 111,616,627.97 | 84,790,997.13 | 187,521,018.99 | 138,864,543.24 | Parent Company Operating Revenue Breakdown (by Business Type) | Business Type | Operating Revenue (Yuan) | | :--- | :--- | | Fur Pelts | 29,761,680.60 | | Fur Fabrics | 85,725.83 | | Fur Accessories | 1,036,871.92 | | Fur Clothing | 49,601,616.06 | | Fashion Apparel | 569,026.60 | | Commercial Complex Business (excluding leasing) | 6,564,940.70 | | Processing Income | 2,345,895.76 | | Other Income | 1,002,346.56 | Parent Company Operating Revenue Breakdown (by Region) | Region | Operating Revenue (Yuan) | | :--- | :--- | | Domestic | 79,481,813.02 | | International | 11,486,291.01 | [Investment Income](index=160&type=section&id=5%E3%80%81%E6%8A%95%E8%B5%84%E6%94%B6%E7%9B%8A) The parent company had no investment income in the current period, compared to 16,680,000.00 Yuan in the prior period Parent Company Investment Income | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Long-term Equity Investment Income under Cost Method | | 16,680,000.00 | | Total | | 16,680,000.00 | Supplementary Information [Details of Current Non-recurring Profit and Loss](index=161&type=section&id=1%E3%80%81%E5%BD%93%E6%9C%9F%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E6%98%8E%E7%BB%86%E8%A1%A8) Non-recurring profit and loss for the period totaled 883,121.08 Yuan, mainly from asset disposals and government grants Details of Current Non-recurring Profit and Loss | Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 9,761.16 | | Government Grants Included in Current Profit or Loss | 1,199,727.17 | | Other Non-operating In