Core Viewpoint - Jialong Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating stable growth in its financial performance [1] Financial Performance - The company achieved an operating income of 121 million yuan, representing a year-on-year growth of 1.59% [1] - The net profit attributable to shareholders reached 9.42 million yuan, marking a year-on-year increase of 15.28% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 8.78 million yuan, reflecting a year-on-year growth of 11.29% [1] - Basic earnings per share were reported at 0.0101 yuan [1]

关于续聘会计师事务所的公告 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。 广东佳隆食品股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开 的第八届董事会第十四次会议和第八届监事会第七次会议审议通过了《关于续聘 会计师事务所的议案》，同意续聘众华会计师事务所（特殊普通合伙）（以下简称 "众华所"）为公司 2025 年度审计机构，聘用期为一年，并提请股东会授权公司 管理层根据审计费用定价原则与审计机构协商确定 2025 年度审计费用。该议案 尚需提交公司 2025 年第二次临时股东会审议，具体情况如下： 一、拟续聘会计师事务所的基本情况 证券代码：002495 证券简称：佳隆股份 公告编号：2025-035 广东佳隆食品股份有限公司 （一）机构信息 1、基本信息 众华会计师事务所（特殊普通合伙）的前身是 1985 年成立的上海社科院会 计师事务所，于 2013 年经财政部等部门批准转制成为特殊普通合伙企业。众华 会计师事务所（特殊普通合伙）注册地址为上海市嘉定工业区叶城路 1630 号 5 幢 1088 室。众华所自 1993 年起从事证券服 ...

证券代码：002495 证券简称：佳隆股份 公告编号：2025-033 广东佳隆食品股份有限公司 第八届监事会第七次会议决议公告 一、监事会会议召开情况 广东佳隆食品股份有限公司（以下简称"公司"）第八届监事会第七次会议 于 2025 年 8 月 26 日在公司三楼会议室召开。召开本次会议的通知及相关资料已 于 2025 年 8 月 14 日以现场送达、电子邮件等方式通知全体监事。会议由监事会 主席李青广先生主持，会议应出席的监事 3 人，实际出席会议的监事 3 人。会议 的召集、召开符合有关法律、法规和《公司章程》的规定。 二、监事会会议审议情况 1、以 3 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于公司<2025 年半年度报告>及<2025 年半年度报告摘要>的议案》。 经审核，监事会认为：董事会编制和审议的公司 2025 年半年度报告的程序 符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。监事会对公 司 2025 年半年度报告的内容和格式没有异议。 公司《2025 年半年度报告》及《2025 年半年度报告摘 ...

证券代码：002495 证券简称：佳隆股份 公告编号：2025-032 公司《2025 年半年度报告》及《2025 年半年度报告摘要》详见指定信息披 露媒体《证券时报》、《证券日报》、《中国证券报》、《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）。 （二）以 5 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于续聘 会计师事务所的议案》。 同意续聘众华会计师事务所（特殊普通合伙）为公司 2025 年度审计机构， 聘用期为一年，并提请股东会授权公司管理层根据审计费用定价原则与审计机构 协商确定 2025 年度审计费用。 本议案尚需提交公司 2025 年第二次临时股东会审议。 广东佳隆食品股份有限公司 第八届董事会第十四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 广东佳隆食品股份有限公司（以下简称"公司"）第八届董事会第十四次会 议通知已于 2025 年 8 月 14 日以专人送达、电子邮件或传真等方式送达全体董事。 2025 年 8 月 26 日，会议如期在公司会议室召开，会议由董 ...

Core Viewpoint - The company reported a slight increase in revenue and a significant rise in net profit for the first half of the year, indicating a positive trend in financial performance despite market challenges [1][3]. Financial Performance - The company's operating revenue for the reporting period was 120,639,515.74 CNY, representing a 1.59% increase compared to the same period last year [1]. - The net profit attributable to shareholders was 9,418,629.78 CNY, marking a 15.28% increase year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 8,784,675.38 CNY, which is an 11.29% increase from the previous year [1]. - The net cash flow from operating activities was 11,608,944.18 CNY, a significant increase of 186.51% compared to a negative cash flow of 13,419,579.78 CNY in the same period last year [1]. - Basic and diluted earnings per share were both 0.0101 CNY, reflecting a 16.09% increase from 0.0087 CNY in the previous year [1]. Company Developments - The company has actively adjusted its business strategy in response to market changes, focusing on economic benefits, profit, and quality [3]. - The construction of the "soy sauce" production line in Kaiping has progressed, with initial training for staff and equipment installation completed [3]. - New product development has been emphasized, with several new products completed in the first half of the year, including chicken essence and various sauces, enhancing the product range and market competitiveness [3].

（一）以 5 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于公司 <2025 年半年度报告>及<2025 年半年度报告摘要>的议案》。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 广东佳隆食品股份有限公司（以下简称"公司"）第八届董事会第十四次会 议通知已于 2025 年 8 月 14 日以专人送达、电子邮件或传真等方式送达全体董事。 会议应到董事 5 人，实到董事 5 人，公司监事会成员和高级管理人员列席了会议。 会议的召集、召开符合有关法律、法规和《公司章程》的规定。 二、董事会会议审议情况 证券代码：002495 证券简称：佳隆股份 公告编号：2025-032 广东佳隆食品股份有限公司 第八届董事会第十四次会议决议公告 公司《2025 年半年度报告》及《2025 年半年度报告摘要》详见指定信息披 露媒体《证券时报》、 《证券日报》、 《中国证券报》、 《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）。 （二）以 5 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于续聘 会计师事务所 ...

证券代码：002495 证券简称：佳隆股份 公告编号：2025-033 广东佳隆食品股份有限公司 第八届监事会第七次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 广东佳隆食品股份有限公司（以下简称"公司"）第八届监事会第七次会议 于 2025 年 8 月 26 日在公司三楼会议室召开。召开本次会议的通知及相关资料已 于 2025 年 8 月 14 日以现场送达、电子邮件等方式通知全体监事。会议由监事会 主席李青广先生主持，会议应出席的监事 3 人，实际出席会议的监事 3 人。会议 的召集、召开符合有关法律、法规和《公司章程》的规定。 二、监事会会议审议情况 年半年度报告>及<2025 年半年度报告摘要>的议案》。 经审核，监事会认为：董事会编制和审议的公司 2025 年半年度报告的程序 符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。监事会对公 司 2025 年半年度报告的内容和格式没有异议。 公司《2025 年半年度报告》及《2025 年半 ...

证券代码：002495 证券简称：佳隆股份 公告编号：2025-036 广东佳隆食品股份有限公司 关于召开 2025 年第二次临时股东会的通知 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、召开会议的基本情况 月 26 日召开，会议审议通过了 《关于召开公司 2025 年第二次临时股东会的议案》。 本次股东会的召开符合《公司法》、《上市公司股东大会规则》等法律、法规、 规范性文件及《公司章程》的规定。 （1）现场会议召开时间：2025 年 9 月 16 日(星期二)下午 14:30 （2）网络投票时间：2025 年 9 月 16 日。其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为 2025 年 9 月 16 日 9:15—9:25、9:30—11:30 和 月 16 日 9:15 至 15:00 期间的任意时间。 本次股东会采取现场投票和网络投票相结合的方式。公司将通过深圳证券交 易所交易系统和互联网投票系统向公司股东提供网络形式的投票平台，公司股东 可以在上述网络投票时间内通过深圳证券交易所的交易系统或互联网投票系统 行使表决权。同一股份只 ...

Group 1 - The company announced a revenue of 121 million yuan for the first half of 2025, representing a year-on-year increase of 1.59% [1] - The net profit for the same period was 9.4186 million yuan, showing a year-on-year growth of 15.28% [1] - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [1]

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial preliminary information, including important notices, the report's table of contents, and definitions of key terms used throughout the document [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with all directors attending the review meeting, and the company plans no cash dividends, bonus shares, or capital reserve conversions - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[6](index=6&type=chunk) - Company's responsible person Lin Pingtao, head of accounting Lin Changchun, and head of accounting department Zhong Caiqiong declare the financial report is true, accurate, and complete[6](index=6&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[8](index=8&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the overall structure of the report, including key chapters such as Important Notice, Company Profile and Key Financial Indicators, and Management Discussion and Analysis - The report includes core chapters such as Important Notice, Company Profile and Key Financial Indicators, and Management Discussion and Analysis[10](index=10&type=chunk) [List of Documents for Reference](index=4&type=section&id=List%20of%20Documents%20for%20Reference) Documents for reference include signed and sealed financial statements, originals of all publicly disclosed company documents and announcements during the reporting period, and other relevant materials, available at the company's Securities Affairs Department - Documents for reference include signed and sealed financial statements, original publicly disclosed documents, and other materials[12](index=12&type=chunk) - The documents for reference are available at the company's Securities Affairs Department[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, regulatory bodies, currency units, and names of major subsidiaries and related parties, clarifying the reporting period as January 1, 2025, to June 30, 2025 - The reporting period is defined as **January 1, 2025, to June 30, 2025**[14](index=14&type=chunk) - Key terms such as the Company, China Securities Regulatory Commission, and Shenzhen Stock Exchange are clearly defined[14](index=14&type=chunk) - Names of major subsidiaries such as Jialong Xiajin, Jialong Kaiping, Hangzhou Jialong, and Guangzhou Jialong are listed[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and indicators for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Guangdong Jialong Food Co., Ltd. (Jialong Shares, stock code 002495) is listed on the Shenzhen Stock Exchange, with Lin Pingtao as legal representative and Zhao Shu'ang as Board Secretary - The company's stock abbreviation is “**Jialong Shares**”, stock code “**002495**”, listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Lin Pingtao[16](index=16&type=chunk) - The Board Secretary is Zhao Shu'ang, contact number 0663-2912816[17](index=17&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The company's Board Secretary is Zhao Shu'ang, with contact address in Yinggeshan Industrial Park, Pouwu Village, Daba Town, Puning City, Guangdong Province, phone 0663-2912816, and email 422547375@qq.com - Board Secretary: Zhao Shu'ang[17](index=17&type=chunk) - Contact number: 0663-2912816[17](index=17&type=chunk) - Email: 422547375@qq.com[17](index=17&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, document availability locations, or other relevant details, with specific information available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and document availability locations remained unchanged during the reporting period[19](index=19&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Company's H1 2025 revenue grew by **1.59%** to **120.64 million Yuan**, net profit attributable to shareholders increased by **15.28%** to **9.42 million Yuan**, and net cash flow from operating activities surged by **186.51%** to **11.61 million Yuan**, while total assets rose by **1.77%** to **1.19 billion Yuan**, but net assets attributable to shareholders decreased by **1.90%** H1 2025 Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change (%) | Period-End (Yuan) | Prior Year-End (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 120,639,515.74 | 118,756,036.43 | 1.59% | - | - | - | | Net Profit Attributable to Shareholders | 9,418,629.78 | 8,170,170.08 | 15.28% | - | - | - | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 8,784,675.38 | 7,893,311.43 | 11.29% | - | - | - | | Net Cash Flow from Operating Activities | 11,608,944.18 | -13,419,579.78 | 186.51% | - | - | - | | Basic Earnings Per Share (Yuan/share) | 0.0101 | 0.0087 | 16.09% | - | - | - | | Diluted Earnings Per Share (Yuan/share) | 0.0101 | 0.0087 | 16.09% | - | - | - | | Weighted Average Return on Net Assets | 0.84% | 0.73% | 0.11% | - | - | - | | Total Assets | - | - | - | 1,187,369,574.15 | 1,166,735,157.53 | 1.77% | | Net Assets Attributable to Shareholders | - | - | - | 1,095,701,159.79 | 1,116,949,076.81 | -1.90% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **0.63 million Yuan**, primarily from non-current asset disposal losses and other non-operating income and expenses, after deducting income tax and minority interest impacts H1 2025 Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Non-current asset disposal gains and losses | -5,627.70 | Primarily losses from disposal of fixed assets | | Other non-operating income and expenses (excluding above) | 751,696.19 | - | | Less: Income tax impact | 112,496.87 | - | | Minority interest impact (after tax) | -382.78 | - | | Total | 633,954.40 | - | - The company does not classify non-recurring gains and losses as recurring gains and losses[26](index=26&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's business operations, financial performance, core competencies, investment activities, and risk factors during the reporting period [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business is food manufacturing, with chicken powder and chicken essence as core products contributing **48.28%** and **18.68%** of revenue respectively, driving **1.59%** revenue growth and **15.28%** net profit growth, while actively expanding new product lines and R&D - The company's leading products, chicken powder and chicken essence, are the main sources of operating revenue and profit, accounting for **48.28%** and **18.68%** of current operating revenue, respectively[28](index=28&type=chunk) - China's condiment market reached **687.1 billion Yuan** in 2024, a **16%** year-on-year increase, and is projected to reach **1,002.8 billion Yuan** by 2027[30](index=30&type=chunk) - During the reporting period, the company achieved operating revenue of **120.64 million Yuan**, a **1.59%** year-on-year increase; net profit attributable to shareholders was **9.42 million Yuan**, a **15.28%** year-on-year increase[33](index=33&type=chunk) [1. Company's Main Business and Products](index=9&type=section&id=1.%20Company%27s%20Main%20Business%20and%20Products) The company is a food manufacturing enterprise specializing in R&D, production, and sales, with chicken powder and chicken essence as core products, collectively accounting for **66.96%** of revenue, and its main business has remained stable since inception - The company's main business is food manufacturing, with products including chicken powder, chicken essence, chicken broth, wasabi sauce, and corn grits[28](index=28&type=chunk) - Chicken powder and chicken essence are the main sources of the company's operating revenue and profit, respectively accounting for **48.28%** and **18.68%** of current operating revenue[28](index=28&type=chunk) - The company's main business and primary products have not undergone significant changes since its establishment[29](index=29&type=chunk) [2. Industry Development](index=9&type=section&id=2.%20Industry%20Development) China's diverse condiment market, characterized by 'small categories, large market,' reached **687.1 billion Yuan** in 2024 with **16%** growth, projected to hit **1,002.8 billion Yuan** by 2027, indicating stable expansion - China's condiment market reached **687.1 billion Yuan** in 2024, a **16%** year-on-year increase[30](index=30&type=chunk) - The market size is projected to reach **1,002.8 billion Yuan** by 2027, with a compound annual growth rate of approximately **13.3%** from 2025-2027[30](index=30&type=chunk) - The Chinese condiment market is characterized by “small categories, large market”[30](index=30&type=chunk) [3. Industry Cyclicality](index=9&type=section&id=3.%20Industry%20Cyclicality) The condiment industry, as a daily consumer good, exhibits low demand elasticity and strong operational stability, making it less susceptible to macroeconomic fluctuations and lacking prominent cyclical characteristics - The condiment industry belongs to daily consumer goods, characterized by low demand elasticity and strong operational stability[31](index=31&type=chunk) - The industry is relatively less affected by macroeconomic factors, and its cyclical characteristics are not prominent[31](index=31&type=chunk) [4. Company's Market Position](index=9&type=section&id=4.%20Company%27s%20Market%20Position) The company is a pioneer in smart manufacturing within the condiment industry, recognized as a 'National Key Leading Enterprise in Agricultural Industrialization' and 'High-tech Enterprise,' with its 'Jialong and Logo' trademark designated as a 'China Well-known Trademark' - The company is one of the earliest condiment enterprises to achieve smart manufacturing in the industry[32](index=32&type=chunk) - The company has been recognized as a “National Key Leading Enterprise in Agricultural Industrialization” and a “High-tech Enterprise”[33](index=33&type=chunk) - The “Jialong and Logo” registered trademark has been recognized as a “China Well-known Trademark”[33](index=33&type=chunk) [5. Overview of Operations During the Reporting Period](index=10&type=section&id=5.%20Overview%20of%20Operations%20During%20the%20Reporting%20Period) During the reporting period, the company achieved **1.59%** revenue growth and **15.28%** net profit growth through strategic adjustments, market analysis, flexible marketing, and cost control, while advancing new product lines and R&D, despite a **41.29%** decline in online sales gross margin and a reduction of 91 distributors H1 2025 Operating Performance | Indicator | Amount (10,000 Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 12,063.95 | 1.59% | | Total Profit | 1,089.13 | 24.33% | | Net Profit Attributable to Shareholders | 941.86 | 15.28% | - Progressed with the construction of Jialong Kaiping “soy sauce” product line and Jialong Xiajin “frying powder” new product lines, with initial completion of equipment installation, debugging, and personnel training[33](index=33&type=chunk) - In the first half of the year, new products such as economical chicken broth, Matsutake Fresh (gold edition), and honey mustard sauce were developed, with gold label soy sauce and silver label soy sauce in trial production[33](index=33&type=chunk) - The production model is make-to-order, combining in-house production and outsourced production[34](index=34&type=chunk)[35](index=35&type=chunk) - The sales model is primarily distribution, while also directly signing purchase and sales contracts with large chain catering enterprises and food manufacturing enterprises[37](index=37&type=chunk)[38](index=38&type=chunk) H1 2025 Operating Revenue, Costs, and Gross Margin by Sales Model | Sales Model | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Distribution Model | 117,455,486.07 | 77,988,215.89 | 33.60% | 2.13% | -1.02% | 2.11% | | Online Sales | 664,681.84 | 704,711.36 | -6.02% | -8.63% | 49.66% | -41.29% | H1 2025 Operating Revenue, Costs, and Gross Margin by Product Category | Product Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chicken Powder | 58,084,948.74 | 33,621,175.69 | 42.12% | -10.73% | -21.24% | 7.72% | | Chicken Essence | 22,496,133.53 | 14,253,113.02 | 36.64% | -6.86% | -17.07% | 7.80% | | Other Products | 36,874,403.80 | 30,113,927.18 | 18.33% | 43.01% | 59.17% | -8.29% | - The number of distributors decreased by **91** from the beginning of the period, primarily due to the company's ongoing optimization of its distributor system, reducing smaller distributors and fostering core ones[42](index=42&type=chunk)[43](index=43&type=chunk) H1 2025 Production and Inventory Volume (Food Industry) | Item | Unit | Jan-Jun 2025 | Jan-Jun 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sales Volume | Tons | 9,930 | 9,162 | 8.38% | | Production Volume | Tons | 11,214 | 8,463 | 32.51% | | Finished Goods Procurement Volume | Tons | 371 | 1,278 | -70.97% | | Inventory Volume | Tons | 2,535 | 836 | 203.23% | - The year-on-year increase in production and inventory volume this period is mainly due to the company's increased production and sales of new products[52](index=52&type=chunk) [II. Analysis of Core Competencies](index=15&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies are rooted in its robust quality control, strong R&D capabilities, recognized brand, and effective marketing strategies, supported by industry standard participation and numerous certifications and patents - As one of the industry standard drafting units, the company holds ISO9001 and ISO22000 quality management system certifications[56](index=56&type=chunk) - The company is a Guangdong Province High-tech Enterprise, having accumulated **9** invention patents, **24** utility model patents, and **11** design patents[56](index=56&type=chunk) - The company's “Jialong and Logo” registered trademark has been recognized as a “China Well-known Trademark”[57](index=57&type=chunk) - The company adjusted its marketing structure, improved performance appraisal and incentive mechanisms, strengthened channel cultivation, and diversified market sales models[57](index=57&type=chunk)[58](index=58&type=chunk) [III. Analysis of Main Business](index=17&type=section&id=III.%20Analysis%20of%20Main%20Business) The company's main business remained stable with **1.59%** revenue growth, but sales expenses surged **88.96%** to **7.13 million Yuan**, financial expenses turned positive due to unconfirmed interest income, R&D investment decreased **28.99%**, and operating cash flow significantly improved by **186.51%** due to accounts receivable collection H1 2025 Key Financial Data Year-on-Year Changes | Item | Current Period (Yuan) | Prior Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 120,639,515.74 | 118,756,036.43 | 1.59% | - | | Operating Cost | 82,360,673.20 | 84,252,335.87 | -2.25% | - | | Sales Expenses | 7,133,933.65 | 3,775,426.08 | 88.96% | Increase in marketing personnel and related expenses | | Administrative Expenses | 15,392,090.84 | 14,375,194.20 | 7.07% | - | | Financial Expenses | 203,253.75 | -2,017,181.51 | -110.08% | Interest income from time deposits not recognized | | R&D Investment | 3,523,512.80 | 4,962,088.37 | -28.99% | - | | Net Cash Flow from Operating Activities | 11,608,944.18 | -13,419,579.78 | 186.51% | Collection of accounts receivable from prior period | | Net Cash Flow from Investing Activities | -10,870,256.73 | -7,494,685.24 | 45.04% | Increase in cash paid for acquisition of long-term assets | | Net Cash Flow from Financing Activities | -30,764,468.45 | 1,346,165.40 | -2,385.34% | Increase in cash paid for share repurchase and cash dividends | H1 2025 Operating Revenue Composition | Category | Amount (Yuan) | Proportion of Operating Revenue (%) | Prior Period Amount (Yuan) | Proportion of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total** | **120,639,515.74** | **100%** | **118,756,036.43** | **100%** | **1.59%** | | Food Industry | 118,120,167.91 | 97.91% | 115,733,235.32 | 97.45% | 2.06% | | Chicken Powder | 58,244,621.17 | 48.28% | 65,068,069.68 | 54.79% | -10.49% | | Chicken Essence | 22,539,967.46 | 18.68% | 24,153,440.70 | 20.34% | -6.68% | | Other Products | 37,335,579.28 | 30.95% | 26,511,724.94 | 22.32% | 40.83% | | Central China Region | 41,855,207.50 | 34.70% | 44,379,208.62 | 37.37% | -5.69% | | North China Region | 32,442,093.92 | 26.89% | 31,427,170.43 | 26.46% | 3.23% | | East China Region | 14,909,397.82 | 12.36% | 718,773.96 | 0.60% | 1,974.28% | | Southwest Region | 4,056,932.88 | 3.36% | 11,408.47 | 0.01% | 35,460.71% | H1 2025 Sales Expenses Composition | Item | Current Period Amount (Yuan) | Proportion (%) | Prior Period Amount (Yuan) | Proportion (%) | Change Rate (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Salaries and Welfare Expenses | 3,442,020.92 | 48.25% | 1,062,459.75 | 28.14% | 223.97% | Increase in marketing personnel and salary expenses | | Advertising and Business Promotion Expenses | 755,472.56 | 10.59% | 1,162,017.06 | 30.78% | -34.99% | Decrease in market promotion expenses | | Depreciation and Amortization Expenses | 1,114,804.94 | 15.63% | 78,202.11 | 2.07% | 1325.54% | Increase in depreciation expenses due to partial recovery of leased overseas offices | | Business Entertainment Expenses | 100,023.32 | 1.40% | 736,563.63 | 19.51% | -86.42% | Decrease in business entertainment | | Rent | 51,568.00 | 0.72% | 0.00 | 0.00% | 100.00% | Market reform, increased rental expenses for overseas marketing offices | [IV. Analysis of Non-Core Business](index=19&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) Non-core business contributed to total profit primarily through non-operating income (**6.96%**) from write-offs of accounts payable and government grants (**8.90%**) related to daily operations, neither of which is sustainable H1 2025 Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 0.00 | 0.00% | - | No | | Non-operating Income | 757,691.81 | 6.96% | Primarily write-off of accounts payable that do not need to be paid | No | | Non-operating Expenses | 11,623.32 | 0.11% | Primarily losses from damage and scrapping of non-current assets | No | | Other Income | 969,259.11 | 8.90% | Primarily government grants related to the company's daily operations | No | [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets increased by **1.77%** to **1.19 billion Yuan**, with significant changes including a **3.13%** decrease in accounts receivable, a **3.66%** increase in inventory to **77.86 million Yuan** due to lower material prices and new product reserves, and substantial increases in right-of-use assets and lease liabilities due to new subsidiary leases H1 2025 Significant Changes in Asset Composition | Item | Period-End Amount (Yuan) | Proportion of Total Assets (%) | Prior Year-End Amount (Yuan) | Proportion of Total Assets (%) | Proportion Change (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 293,118,307.00 | 24.69% | 323,144,088.00 | 27.70% | -3.01% | - | | Accounts Receivable | 219,287.36 | 0.02% | 36,791,275.66 | 3.15% | -3.13% | Accounts receivable from prior period collected this period | | Inventories | 77,863,848.25 | 6.56% | 33,815,087.39 | 2.90% | 3.66% | Decrease in bulk material prices and increase in reserves for new product development | | Right-of-Use Assets | 45,339,196.25 | 3.82% | 206,790.44 | 0.02% | 3.80% | New leased assets added by subsidiaries this period | | Lease Liabilities | 43,362,781.84 | 3.65% | 16,320.27 | 0.00% | 3.65% | New leased assets by subsidiaries, leading to increased lease liabilities | | Other Non-current Assets | 8,580,168.43 | 0.72% | 268,200.00 | 0.02% | 0.70% | Increase in prepayments for long-term assets due to new soy sauce production base this period | | Treasury Stock | 50,014,978.49 | 4.21% | 26,689,432.17 | 2.29% | 1.92% | Share repurchase implemented this period | - As of the end of the reporting period, the company had no restricted asset rights[76](index=76&type=chunk) [VI. Analysis of Investment Status](index=21&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company did not undertake any significant equity or non-equity investments, nor did it engage in securities or derivative investments, and there was no utilization of raised funds - The company had no significant equity investments during the reporting period[77](index=77&type=chunk) - The company had no securities or derivative investments during the reporting period[78](index=78&type=chunk)[79](index=79&type=chunk) - The company had no utilization of raised funds during the reporting period[80](index=80&type=chunk) [VII. Disposal of Significant Assets and Equity](index=22&type=section&id=VII.%20Disposal%20of%20Significant%20Assets%20and%20Equity) The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of any significant assets during the reporting period[81](index=81&type=chunk) - The company did not dispose of any significant equity during the reporting period[82](index=82&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=22&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries include Jialong Food Xiajin, Hangzhou Jialong Food Technology, and Jialong (Kaiping) Food, with Hangzhou Jialong reporting a net loss of **-1.41 million Yuan** and newly established Jialong (Kaiping) Food incurring a loss of **-0.76 million Yuan** from its soy sauce business H1 2025 Major Subsidiaries and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jialong Food Xiajin Co., Ltd. | Subsidiary | Food R&D, condiment production and sales, etc. | 1,000.00 | 25,989.42 | -8,420.36 | 1,915.68 | -385.28 | -385.28 | | Qianhai Equity Exchange Investment Holding (Shenzhen) Co., Ltd. | Associate | Investment and management of regional equity market operating institutions, etc. | 117,740.00 | 137,830.27 | 135,496.07 | 585.94 | 59.15 | 71.70 | | Hangzhou Jialong Food Technology Co., Ltd. | Subsidiary | Internet sales, food sales, etc. | 800.00 | 315.17 | 70.39 | 69.73 | -140.67 | -140.71 | | Jialong (Kaiping) Food Co., Ltd. | Subsidiary | Food sales, food additive sales, etc. | 1,000.00 | 923.95 | 0.00 | -115.04 | -76.05 | -76.05 | - During the reporting period, the company invested in and established the wholly-owned subsidiary Jialong (Kaiping) Food Co., Ltd., primarily to conduct soy sauce production business[84](index=84&type=chunk) - Jialong (Kaiping) Food Co., Ltd. incurred a loss of **0.76 million Yuan** during the reporting period, which had no significant impact on the company's overall performance[84](index=84&type=chunk) [IX. Structured Entities Controlled by the Company](index=23&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[85](index=85&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=24&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from raw material price volatility, market competition, new product development, quality control, outsourced production, operational management, asset impairment, and policy changes, addressed by strengthening market analysis, R&D, internal governance, and quality control - The main risks faced by the company include raw material price fluctuations, market competition, new product development, quality control, outsourced production, operational management, asset impairment, and policy risks[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - Countermeasures include strengthening raw material market analysis, increasing R&D investment, and improving internal governance and quality control systems[91](index=91&type=chunk)[92](index=92&type=chunk) - The company will establish and improve outsourced production management systems, strengthen the development and screening of cooperative manufacturers, and enhance cash flow management to reduce asset impairment risks[92](index=92&type=chunk)[93](index=93&type=chunk) [XI. Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=XI.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[94](index=94&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[94](index=94&type=chunk) [XII. Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=27&type=section&id=XII.%20Implementation%20of%20%27Quality%20and%20Return%20Dual%20Enhancement%27%20Action%20Plan) The company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan during the reporting period - The company did not disclose an announcement regarding the “Quality and Return Dual Enhancement” action plan during the reporting period[95](index=95&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=28&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's corporate governance structure, changes in key personnel, profit distribution plans, environmental information disclosure, and social responsibility initiatives during the reporting period [I. Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, or senior management during the reporting period[97](index=97&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Period](index=28&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[98](index=98&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period[99](index=99&type=chunk) [IV. Environmental Information Disclosure](index=28&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required by law to disclose environmental information - The listed company and its major subsidiaries are not included in the list of enterprises required by law to disclose environmental information[100](index=100&type=chunk) [V. Social Responsibility](index=28&type=section&id=V.%20Social%20Responsibility) The company actively fulfilled its social responsibilities during the reporting period by ensuring shareholder rights through strict information disclosure, protecting employee rights by adhering to labor laws, fostering win-win relationships with suppliers and customers, prioritizing food safety, and complying with environmental regulations to promote energy conservation and emission reduction - The company strictly adheres to information disclosure regulations, interacts with investors through various channels, and safeguards shareholder rights[100](index=100&type=chunk) - The company complies with labor laws and regulations, offers competitive compensation, fully pays social insurance and housing provident funds, and has established a safety production management system[100](index=100&type=chunk)[101](index=101&type=chunk) - The company considers providing healthy, safe, and high-quality food to consumers as its mission, optimizes supplier management, and establishes stable cooperative relationships with customers[101](index=101&type=chunk) - The company has established a rigorous and comprehensive quality and food safety management framework, ensuring product quality through ISO9001 and ISO22000 systems[101](index=101&type=chunk) - The company strictly complies with environmental laws and regulations, implements treatment measures for exhaust gas, wastewater, and solid waste, and promotes energy conservation and emission reduction[102](index=102&type=chunk) [Section V Significant Matters](index=30&type=section&id=Section%20V%20Significant%20Matters) This section covers significant events and disclosures, including commitments, related party transactions, litigation, penalties, and other material issues affecting the company during the reporting period [I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=30&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled as of the end of the period - The company reported no unfulfilled commitments by relevant parties during the reporting period[104](index=104&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=30&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company - The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[105](index=105&type=chunk) [III. Irregular External Guarantees](index=30&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[106](index=106&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=30&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[107](index=107&type=chunk) [V. Board of Directors' and Supervisory Board's Explanation of 'Non-Standard Audit Report' for the Current Period](index=30&type=section&id=V.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20of%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Period) The company had no non-standard audit report during the reporting period, thus no explanation from the Board of Directors or Supervisory Board is required - Not applicable, the company had no non-standard audit report during the reporting period[108](index=108&type=chunk) [VI. Board of Directors' Explanation of 'Non-Standard Audit Report' for the Prior Year](index=30&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20of%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Prior%20Year) The company had no non-standard audit report during the reporting period, thus no explanation from the Board of Directors is required - Not applicable, the company had no non-standard audit report during the reporting period[108](index=108&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=30&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[108](index=108&type=chunk) [VIII. Litigation Matters](index=30&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[109](index=109&type=chunk) [IX. Penalties and Rectification](index=31&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[110](index=110&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=31&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company did not disclose the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period - Not applicable, the integrity status of the company, its controlling shareholder, and actual controller was not disclosed[111](index=111&type=chunk) [XI. Significant Related Party Transactions](index=31&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in a significant related party lease transaction with Guangdong Meichu Food Co., Ltd., where Jialong (Kaiping) Food Co., Ltd. leased its factory and equipment for soy sauce production at a monthly rent of **0.5 million Yuan** (tax inclusive) for 10 years with a 3-month rent-free period, with no other major related party transactions H1 2025 Related Party Transactions Related to Daily Operations | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (10,000 Yuan) | Approved Transaction Limit (10,000 Yuan) | Settlement Method | Reasons for Significant Difference Between Transaction Price and Market Reference Price | | :--- | :--- | :--- | :--- | :--- | :--- | | Lease: Company as lessee | Lease of factory buildings and equipment assets | 0 | 300 | Bank transfer | Not applicable | - Jialong (Kaiping) Food Co., Ltd. leased factory buildings and equipment from Guangdong Meichu Food Co., Ltd., with a monthly rent of **0.5 million Yuan** (tax inclusive), a lease term of **10** years, and a **3-month** rent-free period[125](index=125&type=chunk) - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[112](index=112&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[114](index=114&type=chunk) [XII. Significant Contracts and Their Performance](index=32&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, significant guarantees, or entrusted wealth management during the reporting period, but engaged in several lease contracts as a lessee, including a related party lease with Guangdong Meichu Food Co., Ltd. totaling **58.5 million Yuan** (tax inclusive), with no single lease project contributing over **10%** of total profit - The company had no entrustment or contracting situations during the reporting period[118](index=118&type=chunk)[119](index=119&type=chunk) H1 2025 Lease Information | No. | Lessee | Type of Leased Asset | Leased Area (sqm) | Rent (tax inclusive, Yuan) | Lease Term | Related Party Transaction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Jialong Shares | Factory building | 24,117 | 1,914,407.46 | 2018.2.1-2028.1.31 | No | | 4 | Jialong Shares | Equipment, factory building | - | 219,960.00 | 2023.06.01-2025.06.30 | No | | 8 | Jialong Xiajin | Factory building | - | 270,364.98 | 2024.10.1-2033.11.30 | No | | 10 | Jialong (Kaiping) Food Co., Ltd. | Factory building, equipment | 39,414.17 | 39,414.17 | 2025.4.9-2035.4.8 | Yes | - The company had no significant guarantee situations during the reporting period[123](index=123&type=chunk) - The company had no entrusted wealth management during the reporting period[124](index=124&type=chunk) [XIII. Explanation of Other Significant Matters](index=33&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company obtained a high-tech enterprise certificate and invested in establishing Guangdong Jialong Kaiping Food Co., Ltd. to advance its soy sauce and condiment business - The company obtained a high-tech enterprise certificate, number 2025-006, announced on **March 7, 2025**[128](index=128&type=chunk) - The company invested in establishing Guangdong Jialong Kaiping Food Co., Ltd., announcement number 2025-010, announced on **March 22, 2025**[128](index=128&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=34&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[129](index=129&type=chunk) [Section VI Share Changes and Shareholder Information](index=35&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance, shareholder structure, and changes in holdings by directors, supervisors, and senior management during the reporting period [I. Share Change Information](index=35&type=section&id=I.%20Share%20Change%20Information) During the reporting period, restricted shares decreased by **19,548,577** shares, with unrestricted shares increasing accordingly, while total share capital remained unchanged, primarily due to the former president's share lock-up adjustment, and the company completed a share repurchase of **26,540,600** shares for **50.01 million Yuan** H1 2025 Share Change Information | Item | Quantity Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 254,400,670 | 27.19% | -19,548,577 | 234,852,093 | 25.10% | | II. Unrestricted Shares | 681,224,930 | 72.81% | 19,548,577 | 700,773,507 | 74.90% | | III. Total Shares | 935,625,600 | 100.00% | 0 | 935,625,600 | 100.00% | - The main reason for the share change is that after former company president Mr. Lin Changhao's departure for six months, **75%** of his company shares became locked, reducing restricted shares by **19,548,577** shares[132](index=132&type=chunk) - As of **June 14, 2025**, the company completed its share repurchase plan, having repurchased a total of **26,540,600** shares, accounting for **2.84%** of the total share capital, with a total transaction amount of **50.01 million Yuan**[134](index=134&type=chunk) [II. Securities Issuance and Listing](index=36&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing during the reporting period[138](index=138&type=chunk) [III. Number of Shareholders and Shareholding Structure](index=37&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Structure) As of the reporting period end, the company had **43,522** common shareholders, with the top five shareholders (Lin Pingtao, Lin Changhao, Xu Qiaochuan, Lin Changqing, and Lin Changchun) collectively holding **38.28%** as controlling shareholders and actual controllers, while the company's dedicated share repurchase account held **26,540,600** shares (**2.84%** of total capital) not included in the top ten - As of the end of the reporting period, the total number of common shareholders was **43,522**[140](index=140&type=chunk) H1 2025 Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lin Pingtao | Domestic natural person | 17.15% | 160,454,761 | 120,341,071 | 40,113,690 | | Lin Changhao | Domestic natural person | 8.36% | 78,194,308 | 58,645,731 | 19,548,577 | | Xu Qiaochuan | Domestic natural person | 6.09% | 56,938,527 | 42,703,895 | 14,234,632 | | Lin Changqing | Domestic natural person | 4.82% | 45,052,485 | 0 | 45,052,485 | | Lin Changchun | Domestic natural person | 1.88% | 17,548,528 | 13,161,396 | 4,387,132 | - Lin Pingtao, Xu Qiaochuan, Lin Changhao, Lin Changqing, and Lin Changchun are the company's controlling shareholders and actual controllers, collectively holding **358,188,609** shares, accounting for **38.28%** of the total share capital[140](index=140&type=chunk) - As of **June 30, 2025**, the company's dedicated share repurchase securities account held **26,540,600** shares, accounting for **2.84%** of the total share capital[140](index=140&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period[142](index=142&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=38&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[143](index=143&type=chunk) - The company's actual controller did not change during the reporting period[143](index=143&type=chunk) [VI. Preferred Share Information](index=38&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[144](index=144&type=chunk) [Section VII Bond Information](index=39&type=section&id=Section%20VII%20Bond%20Information) This section confirms that the company had no bond-related matters during the reporting period [Bond Information](index=39&type=section&id=Bond%20Information) The company had no bond-related matters during the reporting period - Not applicable, the company had no bonds during the reporting period[146](index=146&type=chunk) [Section VIII Financial Report](index=40&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with fundamental company information, accounting policies, tax details, and comprehensive notes to the consolidated financial statements [I. Audit Report](index=40&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[148](index=148&type=chunk) [II. Financial Statements](index=40&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, offering a comprehensive view of its financial position, operating results, and cash flows - Consolidated balance sheet, consolidated income statement, consolidated cash flow statement, and consolidated statement of changes in owners' equity are provided[149](index=149&type=chunk)[158](index=158&type=chunk)[165](index=165&type=chunk)[173](index=173&type=chunk) - Parent company balance sheet, parent company income statement, parent company cash flow statement, and parent company statement of changes in owners' equity are provided[153](index=153&type=chunk)[163](index=163&type=chunk)[170](index=170&type=chunk)[183](index=183&type=chunk) [III. Company Basic Information](index=60&type=section&id=III.%20Company%20Basic%20Information) Guangdong Jialong Food Co., Ltd., listed on the Shenzhen Stock Exchange on November 2, 2010, with a registered capital of **935.63 million Yuan**, primarily engages in food R&D, condiment production and sales, and property leasing, with its consolidated financial statements as of June 30, 2025, including Jialong Xiajin, Guangzhou Jialong, Hangzhou Jialong, and Jialong Kaiping - The company was listed on the Shenzhen Stock Exchange on **November 2, 2010**, with a registered capital of **935.63 million Yuan**[191](index=191&type=chunk) - The company primarily engages in food research and development, condiment production and sales, and the leasing of its own premises and machinery equipment[191](index=191&type=chunk) - As of **June 30, 2025**, the scope of consolidated financial statements includes Jialong Xiajin, Guangzhou Jialong, Hangzhou Jialong, and Jialong Kaiping[192](index=192&type=chunk) [IV. Basis of Financial Statement Preparation](index=60&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis in accordance with Enterprise Accounting Standards, with management assessing the company's ability to continue as a going concern for the next 12 months as good, with no significant doubts - The company prepares its financial statements on a going concern basis in accordance with Enterprise Accounting Standards[193](index=193&type=chunk) - The company assesses that its ability to continue as a going concern for the **12 months** from the end of the reporting period is good, with no significant doubts[194](index=194&type=chunk)[195](index=195&type=chunk) [V. Significant Accounting Policies and Estimates](index=61&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to Enterprise Accounting Standards, covering accounting periods, operating cycles, functional currency, materiality, business combinations, consolidated financial statements, financial instruments, inventories, fixed assets, intangible assets, employee benefits, and revenue recognition, with no changes in significant accounting policies or estimates during the reporting period - The company's financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting its financial position[196](index=196&type=chunk) - The accounting period is from **January 1 to December 31** of the Gregorian calendar, and the functional currency is RMB[197](index=197&type=chunk)[199](index=199&type=chunk) - Detailed disclosure of recognition, classification, measurement, impairment, and gain/loss treatment methods for financial instruments is provided[221](index=221&type=chunk)[250](index=250&type=chunk) - The general principles for revenue recognition and measurement involve identifying performance obligations, recognizing revenue based on the period or point of performance, and measuring it at the transaction price allocated to each distinct performance obligation[313](index=313&type=chunk)[315](index=315&type=chunk) - There were no changes in significant accounting policies and estimates during the reporting period[336](index=336&type=chunk)[337](index=337&type=chunk) [VI. Taxation](index=100&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge; as a high-tech enterprise, it enjoys a **15%** corporate income tax rate from 2024-2026, while Hangzhou Jialong benefits from a **20%** small and micro enterprise rate, and the company also receives a **5%** VAT input tax credit for advanced manufacturing Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 13%, 9%, 5%, 3%, 6% | | Urban Maintenance and Construction Tax | Payable VAT | 7%, 5% | | Corporate Income Tax | Taxable income | 15%, 25% | | Education Surcharge | Payable VAT | 3% | | Local Education Surcharge | Payable VAT | 2% | - As a high-tech enterprise, the company enjoys a preferential corporate income tax rate of **15%** from **2024 to 2026**[338](index=338&type=chunk) - Subsidiary Hangzhou Jialong Food Technology Co., Ltd. meets the tax filing conditions for small and micro enterprises and declares corporate income tax at a **20%** rate[339](index=339&type=chunk) - The company qualifies for the VAT additional deduction policy for advanced manufacturing enterprises, allowing an additional **5%** deduction on current deductible input VAT from payable VAT[340](index=340&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=101&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the consolidated financial statement items, showing monetary funds at **293.12 million Yuan**, accounts receivable significantly reduced to **0.22 million Yuan**, inventory increased to **77.86 million Yuan**, and right-of-use assets and lease liabilities substantially higher due to new leases, while operating revenue and costs saw slight increases, sales expenses surged **88.96%**, R&D expenses decreased **28.99%**, and net cash flow from operating activities improved by **186.51%** H1 2025 Period-End Balances of Major Consolidated Financial Statement Items | Item | Period-End Balance (Yuan) | Period-Start Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 293,118,307.00 | 323,144,088.00 | | Accounts Receivable | 219,287.36 | 36,791,275.66 | | Inventories | 77,863,848.25 | 33,815,087.39 | | Right-of-Use Assets | 45,339,196.25 | 206,790.44 | | Lease Liabilities | 43,362,781.84 | 16,320.27 | | Operating Revenue | 120,639,515.74 | 118,756,036.43 | | Operating Cost | 82,360,673.20 | 84,252,335.87 | | Sales Expenses | 7,133,933.65 | 3,775,426.08 | | R&D Expenses | 3,523,512.80 | 4,962,088.37 | | Net Cash Flow from Operating Activities | 11,608,944.18 | -13,419,579.78 | - Accounts receivable at period-end was **219,287.36 Yuan**, a significant decrease from **36,791,275.66 Yuan** at period-start, primarily due to the collection of prior period accounts receivable this period[342](index=342&type=chunk)[72](index=72&type=chunk) - Inventories at period-end were **77,863,848.25 Yuan**, a significant increase from **33,815,087.39 Yuan** at period-start, primarily due to lower bulk material prices and increased reserves for new product development and trial production[374](index=374&type=chunk)[72](index=72&type=chunk) - Sales expenses for the current period amounted to **7,133,933.65 Yuan**, an **88.96%** increase from the prior period, mainly due to an increase in marketing personnel and related expenses[483](index=483&type=chunk)[60](index=60&type=chunk) - Net cash flow from operating activities was **11,608,944.18 Yuan**, a significant improvement from **-13,419,579.78 Yuan** in the prior period, primarily due to the collection of prior period accounts receivable this period[511](index=511&type=chunk)[60](index=60&type=chunk) [VIII. Research and Development Expenses](index=125&type=section&id=VIII.%20Research%20and%20Development%20Expenses) The company's total R&D expenditure for the current period was **3.52 million Yuan**, a **28.99%** year-on-year decrease, primarily comprising material input, personnel compensation, depreciation, amortization, and other expenses, with all R&D expenditures expensed H1 2025 R&D Expenditure Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Material Input | 757,526.46 | 1,945,873.49 | | Other Expenses | 185,698.77 | 258,067.24 | | Personnel Compensation | 1,025,484.18 | 1,188,069.86 | | Depreciation, Amortization | 1,554,803.39 | 1,570,077.78 | | Total | 3,523,512.80 | 4,962,088.37 | | Of which: Expensed R&D Expenditure | 3,523,512.80 | 4,962,088.37 | - R&D expenditure for the current period decreased by **28.99%** year-on-year[60](index=60&type=chunk) - All R&D expenditures are expensed[525](index=525&type=chunk) [IX. Changes in Consolidation Scope](index=126&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company expanded its consolidated financial statement scope by investing in and establishing the wholly-owned subsidiary Guangdong Jialong Kaiping Food Co., Ltd - The company on **March 20, 2025**, invested in and established the wholly-owned subsidiary Guangdong Jialong Kaiping Food Co., Ltd., which completed its industrial and commercial registration on **April 3, 2025**[526](index=526&type=chunk) [X. Interests in Other Entities](index=126&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in subsidiaries including Jialong Food Xiajin, Guangzhou Jialong Food, Hangzhou Jialong Food Technology, and Jialong (Kaiping) Food, with Hangzhou Jialong Food Technology being a significant non-wholly-owned subsidiary where minority shareholders hold **28.13%** equity, and the loss attributable to minority shareholders for the current period was **-0.46 million Yuan** H1 2025 Enterprise Group Structure | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Proportion (Direct) (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Jialong Food Xiajin Co., Ltd. | 10,000,000.00 | Production and operation | 100.00% | Establishment | | Guangzhou Jialong Food Co., Ltd. | 10,000,000.00 | Production and operation | 100.00% | Establishment | | Hangzhou Jialong Food Technology Co., Ltd. | 8,000,000.00 | Production and operation | 71.88% | Establishment | | Jialong (Kaiping) Food Co., Ltd. | 10,000,000.00 | Production and operation | 100.00% | Establishment | - Hangzhou Jialong Food Technology Co., Ltd. is a significant non-wholly-owned subsidiary, with minority shareholders holding **28.13%** equity, and the loss attributable to minority shareholders for the current period was **-464,032.99 Yuan**[529](index=529&type=chunk) [XI. Government Grants](index=127&type=section&id=XI.%20Government%20Grants) The company's government grants for the reporting period primarily consisted of asset-related deferred income, with a period-end balance of **17.05 million Yuan**, decreasing by **0.33 million Yuan** this period, and **0.33 million Yuan** recognized in current profit or loss from infrastructure support and public rental housing subsidies H1 2025 Liability Items Involving Government Grants | Accounting Account | Period-Start Balance (Yuan) | New Grants Added This Period (Yuan) | Amount Recognized in Non-Operating Income This Period (Yuan) | Amount Transferred to Other Income This Period (Yuan) | Period-End Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 17,376,848.54 | 0 | 0 | 326,874.54 | 17,049,974.00 | Asset-related | H1 2025 Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Deferred Income for Infrastructure Support and Technology R&D | 250,692.06 | 250,692.06 | | Special Subsidy for Public Rental Housing Construction | 76,182.48 | 76,182.48 | | Total | 326,874.54 | 358,474.54 | [XII. Risks Related to Financial Instruments](index=127&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (including foreign exchange, interest rate, and other price risks), which are managed through customer credit assessment, cash balance monitoring, and rolling cash flow forecasts, with no foreign currency or borrowing-related interest rate risks, and other price risks from non-listed equity investments deemed acceptable by management - The company faces credit risk, liquidity risk, and market risk (foreign exchange risk, interest rate risk, and other price risks)[535](index=535&type=chunk)[540](index=540&type=chunk) - The company manages risks through credit assessment, monitoring cash balances, and rolling cash flow forecasts[536](index=536&type=chunk) - The company has no foreign currency business or foreign exchange risk, nor does it have borrowings or related interest rate risk[541](index=541&type=chunk)[542](index=542&type=chunk) - Other price risks primarily arise from equity investments in other non-listed companies, which management considers acceptable[543](index=543&type=chunk) [XIII. Disclosure of Fair Value](index=129&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) At period-end, the company's assets measured at fair value primarily comprised other non-current financial assets totaling **103.68 million Yuan**, measured using Level 3 fair value, with valuation based on investment cost as a reasonable estimate, assuming no significant changes in the investee's operating environment or financial condition H1 2025 Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Period-End Fair Value (Yuan) | | :--- | :--- | | Other Non-current Financial Assets | 103,677,000.00 | | Total Assets Continuously Measured at Fair Value | 103,677,000.00 | - Other non-current financial assets are measured using Level 3 fair value[548](index=548&type=chunk) - The valuation technique uses investment cost as a reasonable estimate of fair value, provided that there are no significant changes in the investee's operating environment and financial condition[549](index=549&type=chunk) [XIV. Related Parties and Related Party Transactions](index=130&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's related parties include controlling shareholder Lin Pingtao's family members and Guangdong Meichu Food Co., Ltd. The main related party transaction during the reporting period was Jialong (Kaiping) Food Co., Ltd. leasing factory and equipment from Guangdong Meichu, paying **0.40 million Yuan** in rent and recognizing lease liabilities, with key management personnel compensation at **0.99 million Yuan**, and no other significant related party transactions - The company's controlling shareholders are Lin Pingtao, Xu Qiaochuan, Lin Changhao, Lin Changchun, and Lin Changqing, collectively holding **38.28%** of shares[551](index=551&type=chunk) - Guangdong Meichu Food Co., Ltd. is controlled by Mr. Lin Changchun, the company's controlling shareholder and actual controller[551](index=551&type=chunk) H1 2025 Related Party Lease Information (Lessee) | Lessor Name | Type of Leased Asset | Rent Paid This Period (Yuan) | Lease Liability Interest Expense Incurred This Period (Yuan) | Right-of-Use Assets Increased This Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Meichu Food Co., Ltd. | Factory buildings and equipment | 400,092.51 | - | 46,387,535.94 | - Key management personnel compensation for the current period amounted to **0.99 million Yuan**[556](index=556&type=chunk) H1 2025 Related Party Receivables and Payables | Item Name | Related Party | Period-End Book Balance (Yuan) | Period-Start Book Balance (Yuan) | | :--- | :--- | :--- | :--- | | Other Receivables | Lin Zefeng | 31,000.00 | 0 | | Other Receivables | Guangdong Meichu Food Co., Ltd. | 8,000,000.00 | 0 | | Non-current Liabilities Due Within One Year | Guangdong Meichu Food Co., Ltd. | 3,424,846.61 | 0 | | Lease Liabilities | Guangdong Meichu Food Co., Ltd. | 43,362,781.84 | 0 | [XV. Commitments and Contingencies](index=132&type=section&id=XV.%20Commitments%20and%20Contingencies) As of th