齐峰新材料股份有限公司 2025 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表 单位：人民币万元 非经营性资金占 用 资金占用方 名称 占用方 与上市 公司的 关联关 系 上市公司核算 的会计科目 2025 年期初 占用资金余 额 2025 年 1-6 月 占用累计发生 金额 （不含利息） 2025 年 1-6 月占 用资金的 利息(如 有) 2025 年 1-6 月偿 还累计发 生金额 2025 年 1-6 月期 末占用资金余额 占用形 成原因 占用性质 控股股东、实际控 制人 及其附属企业 小计 - - - - - 前控股股东、实际 控制人 及其附属企业 小计 - - - - - 其他关联方及其 附属企业 小计 - - - - - 总计 - - - - - 其它关联资金往 来 资金往来方 名称 往来方 与上市 公司的 关联关 系 上市公司核算 的会计科目 2025 年期初 往来资金余 额 2025 年 1-6 月 往来累计发生 金额 （不含利息） 2025 年 1-6 月往 来资金的 利息(如 有) 2025 年 1-6 月偿 还累计发 生金额 2025 年 1-6 月期 末往来资金余额 往 ...

齐峰新材料股份有限公司 2025 年半年度 财 务 报 告 | | | | | | 页 | | --- | --- | --- | --- | --- | --- | |   | 财务报表 财务报表附注 | …………………………………… ……………………………… | 第 第 | 1-12 13-82 | 页 | 目 录 合并资产负债表 | 编制单位：齐峰新材料股份有限公司 | 2025 年 6 月 30 | 日 | 单位：人民币元 | | --- | --- | --- | --- | | 项 目 | 附注 | 期末余额 | 2024 年 12 月 31 日 | | 流动资产： | | | | | 货币资金 | 六、1 | 606,874,032.61 | 798,997,158.06 | | 交易性金融资产 | 六、2 | 222,729,763.60 | 163,503,114.41 | | 衍生金融资产 | | | | | 应收票据 | 六、3 | 88,776,824.68 | 179,701,025.55 | | 应收账款 | 六、4 | 731,375,890.53 | 669,525,121 ...

证券代码：002521 证券简称：齐峰新材 公告编号：2025-031 齐峰新材料股份有限公司 关于召开2025年第三次临时股东大会的通知 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 （一）股东大会届次：2025 年第三次临时股东大会 （二）股东大会的召集人：公司董事会 经公司第六届董事会第十四次会议审议通过《关于召开公司 2025 年第三次 临时股东大会的议案》，决定召开 2025 年第三次临时股东大会。 （三）会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。 （四）会议召开日期、时间： 1.现场会议召开日期、时间：2025 年 9 月 8 日(星期一)14:30； 2.网络投票日期、时间：2025 年 9 月 8 日 通过深圳证券交易所(以下简称"深交所")交易系统进行网络投票的具体时 间为 2025 年 9 月 8 日上午 9：15 至 9：25，9：30 至 11：30 和下午 13：00 至 15：00； 通过深交所互联网投票系统进行网络投票的具体时间为 202 ...

证券代码：002521 证券简称：齐峰新材 公告编号：2025-028 齐峰新材料股份有限公司 第六届监事会第十三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 齐峰新材料股份有限公司（以下称"公司"）于2025年8月10日以邮件、送 达等方式发出召开第六届监事会第十三次会议的通知，会议于2025年8月20日在 公司会议室召开。应出席会议监事3名，实际到会3名，董事会秘书列席了会议。 会议由监事会主席刘永刚先生主持，符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 （一）审议通过了《关于公司2025年半年度报告及其摘要的议案》 表决结果：有效表决票3票，同意3票，弃权0票，反对0票。 2025 年 半 年 度 报 告 全 文 及 摘 要 详 见 公 司 同 日 登 载 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上的相关内容，2025年半年度报告摘要同日刊登在《中 国证券报》《证券时报》上。 该议案已经公司董事会审计委员会审议通过。 （二）审议通过了《关于公司2025年半年度利润分配预案 ...

证券代码：002521 证券简称：齐峰新材 公告编号：2025-027 齐峰新材料股份有限公司 第六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信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 齐峰新材料股份有限公司（以下称"公司"）于2025年8月10日以邮件、送达等方 式发出召开第六届董事会第十四次会议的通知，会议于2025年8月20日在公司会议室以 现场参加的方式召开。应出席会议董事7名，实际参会7名。公司监事和高管人员列席 了会议。会议由董事长李安东先生主持，符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《关于公司2025年半年度报告及其摘要的议案》 表决结果：有效表决票7票，同意7票，弃权0票，反对0票。 2025 年 半 年 度 报 告 全 文 及 摘 要 详 见 公 司 同 日 登 载 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上的相关内容，2025年半年度报告摘要同日刊登在《中国证券 报》《证券时报》上。 该议案已经公司董事会审计委员会审议通过。 （二）审议通过了《关于公司2025 ...

齐峰新材料股份有限公司 关于2025年半年度利润分配预案的公告 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。 一、审议程序 2025 年 8 月 20 日，齐峰新材料股份有限公司（以下简称"公司"）召开的第 六届董事会第十四次会议以 7 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 年半年度利润分配预案的议案》。同日，第六届监事会第十三 次会议以 3 票同意、0 票反对、0 票弃权的表决结果，审议通过了该议案。 该议案尚需提交公司股东大会审议。 证券代码：齐峰新材 证券简称：002521 公告编号：2025-030 4.公司 2025 年度累计现金分红总额 如公司 2025 年半年度利润分配预案获股东大会审议通过，公司 2025 年度累计 现金分红总额为人民币 56,006,105.00 元。 （二）现金分红方案合理性说明 1.现金分红的稳定性、持续性和可预期性。 二、利润分配预案的基本情况 （一）本次利润分配预案的基本内容 1.分配基准：2025 年半年度 2.按照合并报表、母公司报表中可供分配利润孰低的原则确定具体的利润分配 ...

Group 1 - The company's operating revenue for the first half of 2025 is 1.68 billion yuan, representing a year-on-year decrease of 4.80% [1] - The net profit for the same period is 63.08 million yuan, showing a year-on-year decline of 42.15% [1] - The company plans to distribute a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders [1]

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The company's management affirms the report's authenticity and outlines the profit distribution plan and key risks - The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[5](index=5&type=chunk) - The company has described its risks in this report; investors should refer to "Section X, Company Risks and Countermeasures" in the Management Discussion and Analysis[5](index=5&type=chunk) - The proposed profit distribution plan is a cash dividend of **CNY 1 (tax included) per 10 shares** based on the current total share capital of 560,061,050 shares, with no bonus shares or conversion of capital reserve[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's overall structure, including nine main chapters and their corresponding page numbers [List of Documents for Inspection](index=4&type=section&id=List%20of%20Documents%20for%20Inspection) This section lists all important publicly disclosed documents during the reporting period, available at the company's securities department - Documents for inspection include financial statements signed by the company's legal representative, head of accounting, and head of the accounting department[10](index=10&type=chunk) - Documents also include the semi-annual report file signed by Chairman Mr. Li Andong[11](index=11&type=chunk) - Originals of all company documents and public announcements are available for inspection at the company's securities department[12](index=12&type=chunk)[13](index=13&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used throughout the report, ensuring clarity on regulatory bodies, the company, and its subsidiaries - "The Company," "this Company," and "Qifeng New Material" all refer to Qifeng New Material 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) - Major subsidiaries include Zibo Oumute Specialty Paper Co, Ltd, Shandong Boxing County Ouhua Specialty Paper Co, Ltd, and Shandong Huasha New Material Co, Ltd[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Qifeng New Material (002521) is listed on the Shenzhen Stock Exchange, with recent changes in its legal representative and senior management Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Qifeng New Material | | Stock Code | 002521 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 齐峰新材料股份有限公司 | | Legal Representative | Li Andong | - The company's legal representative was changed to Mr. Li Andong, Mr. Li Runsheng was appointed as General Manager, and Mr. Li Runsheng was also elected as a director of the sixth Board of Directors[20](index=20&type=chunk)[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's revenue and net profit declined year-over-year, while net cash flow from operating activities increased Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,679,893,424.59 | 1,764,558,570.60 | -4.80% | | Net Profit Attributable to Shareholders | 63,076,980.15 | 109,038,517.33 | -42.15% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 51,029,119.86 | 98,835,548.77 | -48.37% | | Net Cash Flow from Operating Activities | 191,272,306.78 | 183,013,354.27 | 4.51% | | Basic Earnings Per Share | 0.11 | 0.22 | -50.00% | | Diluted Earnings Per Share | 0.11 | 0.22 | -50.00% | | Weighted Average Return on Equity | 1.57% | 2.88% | -1.31% | Balance Sheet Indicators (End of Current Period vs End of Prior Year) | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,298,185,796.75 | 5,524,188,051.39 | -4.09% | | Net Assets Attributable to Shareholders | 3,911,440,167.18 | 4,016,381,502.03 | -2.61% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There are no discrepancies in net profit or net assets between financial reports prepared under Chinese and international or foreign accounting standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards (CAS)[23](index=23&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and CAS[24](index=24&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Total non-recurring profit and loss for the period was CNY 12,047,860.29, mainly from government grants and fair value changes Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -9,682.13 | | Government Grants Recognized in Current Profit or Loss | 1,985,556.45 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 2,868,262.40 | | Reversal of Impairment Provision for Individually Tested Receivables | 2,475,977.08 | | Other Non-operating Income and Expenses | 7,120,480.64 | | Other Items Qualifying as Non-recurring Profit or Loss | 87,049.33 | | Less: Income Tax Impact | 2,383,260.94 | | Less: Minority Interest Impact (After Tax) | 96,522.54 | | **Total** | **12,047,860.29** | - During the reporting period, the company received a tax withholding handling fee of CNY 87,049.33, which was included in other items qualifying as non-recurring profit or loss[27](index=27&type=chunk) Management Discussion and Analysis [Principal Business Activities during the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company is a leading producer of high-grade decorative base paper, with a product portfolio including latex paper and sanitary materials - The company operates in the specialty paper segment of the paper and paper products industry, characterized by high-tech, high-value-added products and specialized customers[30](index=30&type=chunk) - As a leader in the decorative base paper industry, the company holds over **200 national patents** and has drafted nearly 10 national and industry standards[30](index=30&type=chunk) - The main product lines are decorative base paper (highest revenue share), latex paper, and personal sanitary materials; the company is the sole domestic producer of high and medium-grade latex paper[32](index=32&type=chunk)[33](index=33&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its technological leadership, optimized product structure, scale advantages, and digitalized manufacturing - The company leads in technology with **30 invention patents** and continues to develop new products like digital printing decorative paper and pre-impregnated paper[34](index=34&type=chunk)[35](index=35&type=chunk) - A dual-base layout in Shandong and Guangxi creates a strategic framework for global coverage, enhancing scale advantages in production, procurement, and operations[38](index=38&type=chunk)[39](index=39&type=chunk) - The company's market advantages are multi-faceted, including a high-quality customer base and a comprehensive marketing network, with products exported to over **40 countries**[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - Full implementation of a digital factory through MES and ERP systems has significantly improved production efficiency and management transparency[44](index=44&type=chunk) - The company adheres to low-carbon and sustainable development, utilizing recycled water and developing "paper-for-plastic" green products[45](index=45&type=chunk) [Analysis of Main Business Operations](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Main business revenue decreased by 4.80% YoY, driven by a decline in decorative base paper sales, while latex paper and overseas sales grew Year-over-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,679,893,424.59 | 1,764,558,570.60 | -4.80% | | | Operating Costs | 1,488,592,042.42 | 1,526,769,869.35 | -2.50% | | | Selling Expenses | 9,627,485.98 | 8,253,965.96 | 16.64% | | | Administrative Expenses | 43,984,802.00 | 37,447,806.46 | 17.46% | | | Finance Costs | 831,298.93 | 3,675,626.20 | -77.38% | Received loan interest subsidies during the period | | Net Cash Flow from Operating Activities | 191,272,306.78 | 183,013,354.27 | 4.51% | | | Net Cash Flow from Investing Activities | -99,621,684.37 | 42,431,952.98 | -334.78% | Impacted by purchases and redemptions of wealth management products and capex | | Net Cash Flow from Financing Activities | -182,393,650.25 | -68,776,538.57 | -165.20% | Increased cash payments for dividend distribution | Operating Revenue Breakdown (by Product and Region) | Category | Item | Current Period Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **By Product** | Decorative Base Paper Series | 1,325,938,286.12 | 78.93% | -8.17% | | | Latex Paper Series | 178,578,857.58 | 10.63% | 15.06% | | | Sanitary Materials Series | 61,721,338.41 | 3.67% | -3.14% | | | Other Series | 113,654,942.48 | 6.77% | 11.70% | | **By Region** | Domestic Sales | 1,491,702,959.24 | 88.80% | -7.82% | | | Overseas Sales | 188,190,465.35 | 11.20% | 28.63% | Changes in Main Business Gross Margin | Category | Item | Gross Margin | Change in Gross Margin vs Prior Year | | :--- | :--- | :--- | :--- | | **By Industry** | Paper Manufacturing | 11.34% | -2.03% | | **By Product** | Decorative Base Paper Series | 8.44% | -3.70% | | | Latex Paper Series | 29.76% | 2.82% | | **By Region** | Domestic | 10.36% | -2.32% | | | Overseas | 19.55% | -2.78% | [Analysis of Non-main Business Operations](index=13&type=section&id=IV.%20Analysis%20of%20Non-main%20Business%20Operations) The company had no non-main business operations during the reporting period [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders decreased, while accounts receivable and inventories increased Significant Changes in Asset Composition (End of Current Period vs End of Prior Year) | Item | End of Current Period Amount (CNY) | % of Total Assets | End of Prior Year Amount (CNY) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 606,874,032.61 | 11.45% | 798,997,158.06 | 14.46% | -3.01% | | Accounts Receivable | 731,375,890.53 | 13.80% | 669,525,121.31 | 12.12% | 1.68% | | Inventories | 648,779,797.62 | 12.25% | 567,106,696.45 | 10.27% | 1.98% | | Total Assets | 5,298,185,796.75 | 100.00% | 5,524,188,051.39 | 100.00% | -4.09% | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (CNY) | Purchases this Period (CNY) | Sales this Period (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 163,503,114.41 | 590,000,000.00 | 533,144,550.09 | 222,729,763.60 | | Other Non-current Financial Assets | 150,168,326.74 | | 214,854.38 | 149,953,472.36 | | Receivables Financing | 640,754,867.78 | | | 524,807,045.81 | Restricted Assets | Item | Closing Book Value (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 106,743,924.95 | Fully Restricted | Term deposit interest and bill margin | | Notes Receivable | 83,535,266.12 | Fully Restricted | Pledged | [Investment Analysis](index=15&type=section&id=VI.%20Investment%20Analysis) Investment amount decreased significantly by 84.36% YoY, with a major ongoing project failing to meet expected returns due to market competition Investment Amount during the Reporting Period | Indicator | Investment Amount (CNY) | Investment Amount in Prior Year Period (CNY) | Change | | :--- | :--- | :--- | :--- | | Investment Amount | 44,213,888.69 | 282,706,147.76 | -84.36% | Major Non-equity Investments | Project Name | Investment Method | Progress | Expected Return (CNY) | Cumulative Realized Return as of Period End (CNY) | | :--- | :--- | :--- | :--- | :--- | | 200,000-ton Specialty Paper Project (Phase I) | Self-construction | 98.00% | 119,694,100.00 | -20,459,533.83 | - The 200,000-ton specialty paper project (Phase I) did not achieve its expected return due to intense market competition, which necessitated product price adjustments[57](index=57&type=chunk) [Major Asset and Equity Sales](index=16&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) No major asset or equity sales occurred during the reporting period - The company did not sell any major assets during the reporting period[62](index=62&type=chunk) - The company did not sell any major equity during the reporting period[63](index=63&type=chunk) [Analysis of Major Holding and Associated Companies](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associated%20Companies) Key subsidiaries include Zibo Oumute and Shandong Huasha, with Zibo Oumute being the largest contributor to the company's net profit Financial Data of Major Subsidiaries | Company Name | Type | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zibo Oumute Specialty Paper Co, Ltd | Subsidiary | 280,000,000 | 4,100,025,560.84 | 2,996,089,315.91 | 1,461,009,550.80 | 116,820,220.74 | | Shandong Huasha New Material Co, Ltd | Subsidiary | 10,000,000 | 108,089,782.43 | 55,879,663.18 | 180,177,837.12 | 28,469,556.93 | | Guangxi Qifeng New Material Co, Ltd | Subsidiary | 100,000,000 | 859,864,382.76 | 529,215,216.64 | 207,828,625.66 | -20,459,533.83 | - The company did not acquire or dispose of any subsidiaries during the reporting period[65](index=65&type=chunk) [Structured Entities Controlled by the Company](index=17&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[66](index=66&type=chunk) [Company Risks and Countermeasures](index=17&type=section&id=X.%20Company%20Risks%20and%20Countermeasures) The company faces risks from raw material price volatility, market competition, and currency fluctuations, which it mitigates through hedging and innovation - Fluctuations in the prices of key raw materials like **titanium dioxide and wood pulp**, as well as exchange rates, will impact the company's costs and performance[66](index=66&type=chunk) - The specialty paper industry is highly competitive, with pressure from domestic companies possessing advanced technology and equipment[67](index=67&type=chunk) - New assets from investment projects, such as the 200,000-ton specialty paper project, will increase depreciation and amortization, potentially leading to a performance decline if expected benefits are not realized[68](index=68&type=chunk)[69](index=69&type=chunk) - The company imports large quantities of wood pulp settled in USD, making it vulnerable to **CNY/USD exchange rate fluctuations**; it will use foreign exchange hedging to mitigate this risk[70](index=70&type=chunk) - Changes in environmental policies, tax rates, and import/export regulations may affect production and profitability; the company will adjust its strategy accordingly[71](index=71&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[72](index=72&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[72](index=72&type-chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=18&type=section&id=XII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[72](index=72&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The reporting period saw several key personnel changes, including the appointment of a new Chairman and General Manager Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Wenhai | Director, Deputy GM | Resigned | 2025-06-06 | Personal reasons | | Zhu Hongsheng | Deputy GM | Resigned | 2025-06-06 | Retirement | | Li Xuefeng | Vice Chairman | Elected | 2025-06-11 | Work transfer | | Li Andong | Chairman | Elected | 2025-06-11 | Work transfer | | Li Runsheng | General Manager | Appointed | 2025-06-11 | Work transfer | | Li Runsheng | Director | Elected | 2025-06-27 | Work transfer | [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=19&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20for%20the%20Reporting%20Period) The proposed semi-annual profit distribution is a cash dividend of CNY 1 per 10 shares, totaling CNY 56,006,105.00 Profit Distribution for the Reporting Period | Indicator | Amount | | :--- | :--- | | Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (CNY) (tax included) | 1 | | Share Capital Base for Distribution Plan (shares) | 560,061,050 | | Total Cash Dividend (CNY) (tax included) | 56,006,105.00 | | Ratio of Cash Dividend to Total Profit Distribution | 100% | - The distributable profit available to all shareholders for H1 2025 is CNY 551,041,749.44; the proposed distribution plan complies with the company's articles of association and protects the interests of minority investors[77](index=77&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=19&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentives) No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented 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[78](index=78&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and four of its main subsidiaries are listed for mandatory environmental information disclosure and have published relevant reports - The company and four of its main subsidiaries are included in the list of enterprises required to disclose environmental information by law[79](index=79&type=chunk) - The listed subsidiaries include Zibo Oumute Specialty Paper Co, Ltd, Zibo Linzi Zhutai Thermal Power Co, Ltd, Zibo Zhutai Runkun Biotechnology Co, Ltd, and Shandong Boxing County Ouhua Specialty Paper Co, Ltd[79](index=79&type=chunk) [Social Responsibility](index=20&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting stakeholder interests and promoting sustainable, green development - The company protects shareholder rights through sound corporate governance, a robust internal control system, active investor communication, and fair information disclosure[80](index=80&type=chunk) - The company protects employee rights by signing labor contracts, providing social security, offering competitive compensation, ensuring a safe work environment, and investing in training and career development[81](index=81&type=chunk) - The company protects the rights of suppliers and customers by establishing sound internal audit and supply chain management systems and adhering to principles of integrity and mutual benefit[82](index=82&type=chunk)[83](index=83&type=chunk) - The company integrates green, low-carbon, and efficient practices into its sustainable development strategy, establishing a "carbon management" system and developing eco-friendly products[84](index=84&type=chunk) Important Matters [Fulfillment of Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company during the Reporting Period and Overdue Commitments as of the Period End](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20the%20Company's%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20during%20the%20Reporting%20Period%20and%20Overdue%20Commitments%20as%20of%20the%20Period%20End) All relevant parties strictly fulfilled their commitments regarding share lock-ups and non-competition, with no overdue commitments - Mr. Li Xuefeng strictly adhered to the share lock-up commitment, with subscribed shares non-transferable for thirty-six months from the end of the issuance[86](index=86&type=chunk) - All directors and senior management committed to not transferring benefits to other parties unfairly and to constrain their business-related consumption to ensure the fulfillment of return-enhancing measures[86](index=86&type=chunk) - The actual controller, Mr. Li Xuefeng, and his concerted parties have committed to avoiding non-competition and will not engage in any business activities that directly or indirectly compete with the company[87](index=87&type=chunk) - All commitments were fulfilled on time during the reporting period, with no overdue items[87](index=87&type=chunk)[88](index=88&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=24&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operational fund occupation by controlling shareholders or other related parties during the reporting period - The company reports no non-operational fund occupation by its controlling shareholder or other related parties during the reporting period[89](index=89&type=chunk) [Irregular External Guarantees](index=24&type=section&id=III.%20Irregular%20External%20Guarantees) No irregular external guarantees were provided during the reporting period - The company had no irregular external guarantees during the reporting period[90](index=90&type=chunk) [Appointment and Dismissal of Accounting Firm](index=24&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The semi-annual financial report was unaudited, so no appointment or dismissal of an accounting firm occurred - The company's semi-annual report was unaudited[91](index=91&type=chunk) [Explanation from the Board of Directors and Supervisory Committee on the "Non-standard Audit Report" for the Reporting Period](index=24&type=section&id=V.%20Explanation%20from%20the%20Board%20of%20Directors%20and%20Supervisory%20Committee%20on%20the%20%22Non-standard%20Audit%20Report%22%20for%20the%20Reporting%20Period) This is not applicable as the semi-annual report was unaudited - The company did not have a non-standard audit report for the reporting period[92](index=92&type=chunk) [Explanation from the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=24&type=section&id=VI.%20Explanation%20from%20the%20Board%20of%20Directors%20on%20the%20%22Non-standard%20Audit%20Report%22%20of%20the%20Previous%20Year) This is not applicable for the current reporting period - The company has no explanation regarding a non-standard audit report from the previous year to report[92](index=92&type=chunk) [Bankruptcy and Reorganization Matters](index=24&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - The company did not undergo any bankruptcy or reorganization during the reporting period[92](index=92&type=chunk) [Litigation Matters](index=24&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation but was involved in several other lawsuits with amounts ranging from CNY 217,800 to CNY 4,565,100 - The company had no major litigation or arbitration matters during the reporting period[93](index=93&type=chunk) Other Litigation Matters | Basic Case Information | Amount Involved (CNY 10k) | Litigation Progress | | :--- | :--- | :--- | | Linyi Fuxiangju Decorative Materials Co, Ltd | 99.58 | Settled, awaiting execution | | Xinmi Yesen Decorative Materials Co, Ltd | 281.04 | Awaiting court hearing | | Foshan Sanshui Lujia Decorative Materials Co, Ltd | 456.51 | Awaiting court hearing | | Hangzhou Lin'an Tianmei New Materials Co, Ltd | 21.78 | Execution completed | [Penalties and Rectifications](index=25&type=section&id=IX.%20Penalties%20and%20Rectifications) No penalties or rectifications occurred during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[95](index=95&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) There were no issues concerning the integrity of the company, its controlling shareholder, or its actual controller - There were no issues regarding the integrity status of the company, its controlling shareholder, or its actual controller during the reporting period[96](index=96&type=chunk) [Major Related-Party Transactions](index=25&type=section&id=XI.%20Major%20Related-Party%20Transactions) No major related-party transactions related to daily operations, asset acquisitions, or debt occurred during the reporting period - The company had no related-party transactions associated with its daily operations during the reporting period[96](index=96&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[97](index=97&type=chunk) - The company had no related-party credit or debt transactions during the reporting period[99](index=99&type=chunk) - There were no deposits, loans, credit lines, or other financial business between the company and any related financial companies[100](index=100&type=chunk) [Major Contracts and Their Performance](index=26&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company had no托管 or contracting arrangements but provided guarantees for subsidiaries and invested in wealth management products - The company had no托管 arrangements or contracting arrangements during the reporting period[104](index=104&type=chunk)[105](index=105&type=chunk) - Subsidiary Shandong Boxing County Ouhua Specialty Paper Co, Ltd renewed a lease for its production line and facilities from July 2024 to June 2029, with an annual rent of CNY 3 million[106](index=106&type=chunk) Guarantees Provided to Subsidiaries (Partial) | Guaranteed Party | Guarantee Limit (CNY 10k) | Actual Guarantee Amount (CNY 10k) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Zibo Oumute Specialty Paper Co, Ltd | 7,000 | 7,000 | General Guarantee | One Year | Yes | | Zibo Oumute Specialty Paper Co, Ltd | 5,000 | 5,000 | General Guarantee | One Year | Yes | | Guangxi Qifeng New Material Co, Ltd | 3,000 | 3,000 | General Guarantee | One Year | No | Entrusted Wealth Management | Source of Funds | Product Type | Closing Balance (CNY 10k) | Impairment Provision (CNY 10k) | | :--- | :--- | :--- | :--- | | Own Funds | Bank Wealth Management Products | 35,714 | 0 | [Explanation of Other Major Matters](index=31&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) There were no other major matters requiring explanation during the reporting period - The company has no other major matters to disclose for the reporting period[116](index=116&type=chunk) [Major Matters of Subsidiaries](index=31&type=section&id=XIV.%20Major%20Matters%20of%20Subsidiaries) There were no major matters concerning subsidiaries during the reporting period - The company has no major subsidiary matters to report for the period[117](index=117&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=32&type=section&id=I.%20Changes%20in%20Share%20Capital) The total number of shares remained unchanged, while restricted shares decreased due to the release of executive lock-up shares Changes in Share Capital | Share Type | Pre-change Quantity (shares) | Change (+/-) (shares) | Post-change Quantity (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 157,231,268 | -15,578,053 | 141,653,215 | | Unrestricted Shares | 402,829,782 | 15,578,053 | 418,407,835 | | Total Shares | 560,061,050 | 0 | 560,061,050 | Changes in Restricted Shares | Shareholder Name | Opening Restricted Shares (shares) | Released this Period (shares) | Closing Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Li Xuefeng | 125,897,205 | 16,343,808 | 109,553,397 | Executive lock-up and commitment | | Zhu Hongsheng | 1,240,770 | 0 | 1,654,360 | No disposal within 6 months of resignation | | Li Wenhai | 1,056,495 | 0 | 1,408,660 | No disposal within 6 months of resignation | [Securities Issuance and Listing](index=33&type=section&id=II.%20Securities%20Issuance%20and%20Listing) No securities were issued or listed during the reporting period - The company did not issue or list any securities during the reporting period[123](index=123&type=chunk) [Number of Shareholders and Shareholdings](index=33&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) As of the period end, there were 17,744 common shareholders, with Li Xuefeng being the largest shareholder at 26.08% - The total number of common shareholders at the end of the reporting period was **17,744**[124](index=124&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Nature | Shareholding Ratio | Closing Shares Held (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Xuefeng | Domestic Individual | 26.08% | 146,071,196 | 109,553,397 | 36,517,799 | Pledged | 34,670,000.00 | | Li Runsheng | Domestic Individual | 5.03% | 28,145,855 | 21,109,391 | 7,036,464 | N/A | 0 | - Li Xuefeng, Li Andong, Li Runsheng, and Li Runze are parties acting in concert[124](index=124&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of directors, supervisors, or senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[127](index=127&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes to the controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[128](index=128&type=chunk) - The company's actual controller did not change during the reporting period[128](index=128&type=chunk) Bond-related Matters [Bond-related Matters](index=37&type=section&id=Bond-related%20Matters) The company had no bond-related matters to report for the period - The company had no bond-related matters during the reporting period[131](index=131&type=chunk) Financial Report [Audit Report](index=38&type=section&id=I.%20Audit%20Report) The semi-annual financial report was unaudited - The company's semi-annual financial report has not been audited[133](index=133&type=chunk) [Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the semi-annual period ending June 30, 2025 [1. Consolidated Balance Sheet](index=38&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were CNY 5,298,185,796.75, with total liabilities of CNY 1,384,510,443.04 [2. Parent Company Balance Sheet](index=40&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were CNY 3,531,698,675.03, with total liabilities of CNY 50,426,176.06 [3. Consolidated Income Statement](index=42&type=section&id=3.%20Consolidated%20Income%20Statement) For H1 2025, consolidated total operating revenue was CNY 1,679,893,424.59, and net profit attributable to parent company shareholders was CNY 63,076,980.15 [4. Parent Company Income Statement](index=44&type=section&id=4.%20Parent%20Company%20Income%20Statement) For H1 2025, the parent company's operating revenue was CNY 134,893,274.66, with a net profit of CNY 207,594,043.35 [5. Consolidated Cash Flow Statement](index=46&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was CNY 191,272,306.78, resulting in a net decrease in cash of CNY 91,673,276.81 [6. Parent Company Cash Flow Statement](index=47&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For H1 2025, the parent company's net cash flow from operating activities was -CNY 20,498,989.76, with a net decrease in cash of CNY 3,753,767.06 [7. Consolidated Statement of Changes in Equity](index=48&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, consolidated total equity was CNY 3,913,675,353.71, a decrease of CNY 106,202,552.57 from the beginning of the period [8. Parent Company Statement of Changes in Equity](index=52&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the parent company's total equity was CNY 3,481,272,498.97, an increase of CNY 39,575,728.35 from the beginning of the period [Company Basic Information](index=56&type=section&id=III.%20Company%20Basic%20Information) Qifeng New Material Co, Ltd (002521) is engaged in the R&D, production, and sale of high-grade decorative base paper - The company's registered office and headquarters are located in Zibo City, Shandong Province, with the stock ticker "Qifeng New Material" and stock code "002521"[167](index=167&type=chunk) - The company's main business is the R&D, production, and sale of high-grade decorative base paper, with products covering decorative base paper, latex paper, and sanitary materials[168](index=168&type=chunk) - As of June 30, 2025, the company's total share capital was **560,061,050.00 shares**, and the ultimate controlling party is Li Xuefeng[167](index=167&type=chunk)[169](index=169&type=chunk) [Basis of Preparation for Financial Statements](index=56&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared on a going concern basis, using the accrual basis of accounting and historical cost measurement - The company prepares its financial statements on a going concern basis, using the accrual basis for accounting and generally measuring accounting elements at historical cost[171](index=171&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no major events affecting this ability[172](index=172&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates applied in preparing the financial statements, including revenue recognition and financial instruments - The financial statements and notes are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, reflecting a true and fair view of the company's financial position and performance[174](index=174&type=chunk) - Financial assets are classified based on the business model for managing them and their contractual cash flow characteristics into categories measured at amortized cost or fair value[204](index=204&type=chunk)[205](index=205&type=chunk)[208](index=208&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, with specific recognition timing and measurement methods determined by the business type[310](index=310&type=chunk)[313](index=313&type=chunk) - Management has made significant accounting judgments and estimates for items such as financial instrument impairment, inventory write-downs, depreciation, and deferred income taxes[342](index=342&type=chunk)[343](index=343&type=chunk)[345](index=345&type=chunk)[346](index=346&type=chunk)[347](index=347&type=chunk)[348](index=348&type=chunk)[349](index=349&type=chunk)[350](index=350&type=chunk)[352](index=352&type=chunk) [Taxes](index=91&type=section&id=VI.%20Taxes) This section lists the main taxes and tax rates applicable to the company, including a preferential 15% income tax rate for certain subsidiaries Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 25%, 15% | | Education Surcharge | 3% | - Subsidiaries Zibo Oumute Specialty Paper Co, Ltd and Shandong Huasha New Material Co, Ltd are qualified as high-tech enterprises and are subject to a **15% income tax rate** in 2025[355](index=355&type=chunk) - The subsidiary Qifeng New Material (Hong Kong) Co, Limited is subject to Hong Kong's offshore tax exemption regulations[356](index=356&type=chunk) [Notes to Items in the Consolidated Financial Statements](index=92&type=section&id=VII.%20Notes%20to%20Items%20in%20the%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on items in the consolidated financial statements, including balances, movements, and specific notes on significant accounts - The closing balance of cash and cash equivalents was **CNY 606,874,032.61**, a decrease from the beginning of the period, with restricted funds amounting to CNY 106,743,924.95[358](index=358&type=chunk)[455](index=455&type=chunk) - The closing book balance of accounts receivable was **CNY 812,296,085.77**, with a bad debt provision of CNY 80,920,195.24, resulting in a net book value of CNY 731,375,890.53[372](index=372&type=chunk)[374](index=374&type=chunk) - During the reporting period, operating revenue and cost of sales were **CNY 1,679,893,424.59** and **CNY 1,488,592,042.42**, respectively, with main business revenue accounting for 99.81%[496](index=496&type=chunk) - Net cash flow from operating activities was **CNY 191,272,306.78**, while net cash flow from investing and financing activities were -CNY 99,621,684.37 and -CNY 182,393,650.25, respectively[539](index=539&type=chunk) [Research and Development Expenditures](index=118&type=section&id=VIII.%20Research%20and%20Development%20Expenditures) Total R&D expenditure for the period was CNY 61,044,632.44, all of which was expensed, primarily consisting of material costs and employee compensation R&D Expenditure Breakdown | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Material Costs | 41,481,046.20 | 44,297,116.51 | | Employee Compensation | 6,989,486.98 | 5,155,012.12 | | Fuel and Power | 10,071,157.93 | 10,351,891.24 | | Depreciation | 1,925,129.27 | 2,287,672.35 | | Others | 577,812.06 | 121,508.24 | | **Total** | **61,044,632.44** | **62,213,200.46** | - All R&D expenditures for the current period were expensed and not capitalized[548](index=548&type=chunk) [Equity in Other Entities](index=119&type=section&id=IX.%20Equity%20in%20Other%20Entities) The company holds equity in several subsidiaries engaged in paper production and sales, with Shandong Huasha being a significant non-wholly-owned subsidiary Corporate Group Structure (Partial Subsidiaries) | Subsidiary Name | Registered Capital (CNY) | Business Nature | Ownership (Direct) | | :--- | :--- | :--- | :--- | | Zibo Oumute Specialty Paper Co, Ltd | 280,000,000.00 | Production and sale of paper, power, heat, non-woven materials | 100.00% | | Shandong Boxing County Ouhua Specialty Paper Co, Ltd | 2,000,000.00 | Production and sale of decorative base paper | 100.00% | | Guangxi Qifeng New Material Co, Ltd | 100,000,000.00 | Production and sale of decorative base paper | 100.00% | | Shandong Huasha New Material Co, Ltd | 10,000,000.00 | Production and sale of sandpaper base paper | 96.00% | Financial Information of Significant Non-wholly-owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Interests (CNY) | Dividends Declared to Minority Shareholders (CNY) | Closing Balance of Minority Interests (CNY) | | :--- | :--- | :--- | :--- | :--- | | Shandong Huasha New Material Co, Ltd | 4.00% | 1,138,782.28 | 2,400,000.00 | 2,235,186.53 | [Government Grants](index=120&type=section&id=X.%20Government%20Grants) The company recognized government grants totaling CNY 4,565,556.45 in profit or loss, including asset-related grants and loan interest subsidies Liability Items Related to Government Grants | Account | Opening Balance (CNY) | Recognized in Other Income (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,432,980.11 | 1,358,494.78 | 2,074,485.33 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income - Asset-related Government Grants | 1,358,494.78 | 1,358,495.00 | | Other Income - Income-related Government Grants | 627,061.67 | 717,032.37 | | Finance Costs - Interest Expense (Reduction) | 2,580,000.00 | 0 | | **Total** | **4,565,556.45** | **2,075,527.37** | - During the reporting period, the company received loan interest subsidies of **CNY 2,580,000.00**, which reduced current interest expenses[558](index=558&type=chunk) [Risks Related to Financial Instruments](index=121&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) The company is exposed to market, credit, and liquidity risks, which are managed through monitoring, diversification, and maintaining sufficient cash reserves - The company's market risk from financial instruments includes **exchange rate risk** (mainly USD and EUR), **interest rate risk** (from bank borrowings), and other price risks[560](index=560&type=chunk)[561](index=561&type=chunk)[562](index=562&type=chunk)[564](index=564&type=chunk) - Credit risk arises mainly from financial assets and guarantees, which is mitigated by placing funds with highly-rated banks and dealing with reputable customers[565](index=565&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring the use of bank borrowings[568](index=568&type=chunk) [Fair Value Disclosure](index=123&type=section&id=XII.%20Fair%20Value%20Disclosure) As of the period end, assets measured at fair value totaled CNY 897,490,281.77, primarily comprising financial assets valued using Level 3 inputs Closing Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Trading Financial Assets | 222,729,763.60 | 222,729,763.60 | | Financial Assets Designated at FVTPL | 149,953,472.36 | 149,953,472.36 | | Receivables Financing | 524,807,045.81 | 524,807,045.81 | | **Total Assets Continuously Measured at Fair Value** | **897,490,281.77** | **897,490,281.77** | - Financial wealth management products are valued using expected rates of return; private equity funds are valued based on net asset value; receivables financing is valued using unobservable inputs[571](index=571&type=chunk) [Related Parties and Transactions](index=123&type=section&id=XIII.%20Related%20Parties%20and%20Transactions) The company's ultimate controlling party is Li Xuefeng, holding 26.08% of shares, with key management personnel compensation disclosed - The ultimate controlling party of the enterprise is Li Xuefeng, who holds 146,071,196 shares, accounting for **26.08%** of the total share capital[572](index=572&type=chunk)[573](index=573&type=chunk) - Other related parties include the company's directors (Li Andong, Li Runsheng, etc), supervisors (Liu Yonggang, etc), and senior management (Sun Wenrong, Yao Yanlei, etc)[575](index=575&type=chunk) Key Management Personnel Compensation | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,428,963.63 | 1,532,288.06 | [Commitments and Contingencies](index=124&type=section&id=XIV.%20Commitments%20and%20Contingencies) As of the financial reporting date, the company had no significant commitments or material contingencies to disclose - As of the financial reporting date, the company has no significant commitments to disclose[578](index=578&type=chunk) - The company has no material contingencies to disclose[580](index=580&type=chunk) [Events after the Balance Sheet Date](index=124&type=section&id=XV.%20Events%20after%20the%20Balance%20Sheet%20Date) The Board of Directors approved a semi-annual profit distribution plan on August 20, 2025, subject to shareholder approval - The Board of Directors approved the 2025 semi-annual profit distribution plan on August 20, 2025[581](index=581&type=chunk) - The plan proposes a cash dividend of **CNY 1 (tax included) per 10 shares**, totaling CNY 56,006,105.00, based on the total share capital of 560,061,050 shares[581](index=581&type=chunk) - The above plan is subject to approval at the shareholders' general meeting before implementation[582](index=582&type=chunk) [Other Important Matters](index=125&type=section&id=XVI.%20Other%20Important%20Matters) The company operates as a single segment in the production and sale of decorative base paper, thus no segment information is disclosed - The company's main business is the production and sale of decorative base paper products, which is managed as a single integrated business, thus no segment information is disclosed[583](index=583&type=chunk) [Notes to Major Items in the Parent Company's Financial Statements](index=125&type=section&id=XVII.%20Notes%20to%20Major%20Items%20in%20the%20Parent%20Company's%20Financial%20Statements) This section details key items from the parent company's financial statements, including receivables, long-term equity investments, and investment income - The parent company's closing book balance of accounts receivable was **CNY 5,989,268.33**, with a bad debt provision of CNY 5,569,505.96, resulting in a net book value of CNY 419,762.37[585](index=585&type=chunk)[587](index=587&type=chunk)[592](index=592&type=chunk) - The parent company's closing book balance of other receivables was **CNY 392,605.77**, with a bad debt provision of CNY 20,875.26, resulting in a net book value of CNY 371,730.51[600](index=600&type=chunk)[604](index=604&type=chunk)[605](index=605&type=chunk) - The parent company's investments in subsidiaries had a closing book value of **CNY 3,243,863,535.43**[611](index=611&type=chunk)[612](index=612&type=chunk) - The parent company's investment income for the period was **CNY 205,000,000.00**, primarily from long-term equity investments accounted for under the cost method[616](index=616&type=chunk) [Supplementary Information](index=131&type=section&id=XVIII.%20Supplementary%20Information) This section provides a detailed breakdown of non-recurring profit and loss and key return metrics for the period Details of Non-recurring Profit and Loss for the Current Period | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -9,682.13 | | Government Grants Recognized in Current Profit or Loss | 1,985,556.45 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 2,868,262.40 | | Reversal of Impairment Provision for Individually Tested Receivables | 2,475,977.08 | | Other Non-operating Income and Expenses | 7,120,480.64 | | Other Items Qualifying as Non-recurring Profit or Loss | 87,049.33 | | Less: Income Tax Impact | 2,383,260.94 | | Less: Minority Interest Impact (After Tax) | 96,522.54 | | **Total** | **12,047,860.29** | Return on Equity and Earnings Per Share | Profit for the Reporting Period | Weighted Average ROE | Basic EPS (CNY/share) | Diluted EPS (CNY/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 1.57% | 0.11 | 0.11 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | 1.27% | 0.09 | 0.09 | Other Submitted Data [Other Major Social Security Issues](index=132&type=section&id=I.%20Other%20Major%20Social%20Security%20Issues) The company and its subsidiaries had no other major social security issues or administrative penalties during the reporting period - The listed company and its subsidiaries did not have any other major social security issues during the reporting period[620](index=620&type=chunk) - No administrative penalties were received during the reporting period[620](index=620&type=chunk) [Registration Form for Investor Relations Activities such as Research Visits, Communications, and Interviews during the Reporting Period](index=132&type=section&id=II.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20such%20as%20Research%20Visits%2C%20Communications%2C%20and%20Interviews%20during%20the%20Reporting%20Period) The company conducted two online investor communication events via the "Investor Relations Interactive Platform" on p5w.net Registration Form for Investor Relations Activities | Reception Time | Reception Location | Reception Method | Reception Type | Main Topics and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | 2025-04-15 | p5w.net "Investor Relations Interactive Platform" | Online Platform | Investors at the 2024 online earnings briefing | Company's production, operation, and future development | | 2025-05-15 | p5w.net "Investor Relations Interactive Platform" | Online Platform | Online investor questions | Company's future development and specific initiatives | [Fund Dealings between the Listed Company and its Controlling Shareholder and Other Related Parties](index=132&type=section&id=III.%20Fund%20Dealings%20between%20the%20Listed%20Company%20and%20its%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) There were no fund dealings between the company and its controlling shareholder or other related parties during the reporting period - The company had no fund dealings with its controlling shareholder or other related parties during the reporting period[621](index=621&type=chunk)

Market Overview - The Shanghai Composite Index closed at 3771.10 points, above the annual line, with a change of 0.13% [1] - The total trading volume of A-shares reached 24603.35 billion yuan [1] Stocks Breaking Annual Line - A total of 28 A-shares have surpassed the annual line today, with notable stocks including: - Meihua Medical (301363) with a deviation rate of 14.81% and a daily increase of 18.00% [1] - Meirui New Materials (300848) with a deviation rate of 4.67% and a daily increase of 5.49% [1] - Kangle Health (833575) with a deviation rate of 4.29% and a daily increase of 4.40% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the annual line with smaller deviation rates include: - Guotou Power (600886) with a deviation rate of 0.01% and a daily increase of 1.30% [2] - Shanghai Pharmaceuticals (601607) with a deviation rate of 0.08% and a daily increase of 0.95% [2] - *ST Jinglun (600355) with a deviation rate of 0.20% and a daily increase of 0.86% [2]

Core Viewpoint - The paper industry sector experienced a 0.5% increase on August 20, with Annie Co. leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3766.21, up 1.04% [1]. - The Shenzhen Component Index closed at 11926.74, up 0.89% [1]. Group 2: Individual Stock Performance - Annie Co. (002235) closed at 9.04, with a rise of 4.15%, and a trading volume of 1.4162 million shares, totaling a transaction value of 1.258 billion [1]. - BoHui Paper (600966) closed at 5.31, up 3.31%, with a trading volume of 204,000 shares, totaling 106 million [1]. - QiFeng New Materials (002521) closed at 9.07, increasing by 2.14%, with a trading volume of 114,200 shares, totaling 104 million [1]. - Forest Packaging (605500) closed at 10.24, up 1.69%, with a trading volume of 147,300 shares, totaling 150 million [1]. - Hengfeng Paper (600356) closed at 9.28, increasing by 1.64%, with a trading volume of 49,900 shares, totaling 45.9795 million [1]. - Minfeng Special Paper (600235) closed at 6.63, up 1.38%, with a trading volume of 78,900 shares, totaling 52.0111 million [1]. - Yibin Paper (600793) closed at 25.59, increasing by 1.35%, with a trading volume of 69,800 shares, totaling 178 million [1]. - Qingshan Paper (600103) closed at 2.36, up 1.29%, with a trading volume of 489,200 shares, totaling 1.15 billion [1]. - Rongsheng Environmental Protection (603165) closed at 12.55, increasing by 1.13%, with a trading volume of 36,600 shares, totaling 45.8246 million [1]. - Guanmeng High-tech (600433) closed at 3.17, up 0.96%, with a trading volume of 185,600 shares, totaling 58.3962 million [1]. Group 3: Capital Flow - The paper sector saw a net inflow of 101 million from main funds, while retail funds experienced a net outflow of 11.7049 million [2].