Important Notices, Table of Contents, and Definitions [Important Notices](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board and senior management guarantee the report's truthfulness and highlight key risks such as raw material prices and exchange rate fluctuations - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[5](index=5&type=chunk) - The company primarily faces risks from **raw material price fluctuations**, **supplier concentration**, **exchange rate volatility**, and **talent shortages**[5](index=5&type=chunk) - The company **does not plan to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents lists nine main sections, providing a structured information path for investors - The report includes nine main sections with a clear structure for easy investor reference[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report to ensure accurate and consistent understanding - The report defines key terms such as the Company, CSRC, SZSE, and CSDC[11](index=11&type=chunk) - Major subsidiaries include Changde Urban Development (controlling shareholder), Cangzhou Zhongcheng, Zhongda Packaging Equipment, Zhongcheng USA, Zhongcheng Microcredit, Zhongli Synthetic Materials, Pinghu Zhongli Real Estate, Hunan Zhonglang, and Jiaxing Zhonglang[11](index=11&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Zhejiang Zhongcheng focuses on POF heat-shrinkable films and thermoplastic elastomers, with Changde City Development Group as its controlling shareholder - The company was listed on the Shenzhen Stock Exchange in December 2010 with stock code 002522[13](index=13&type=chunk) - The company's main business is the R&D, production, and sales of POF heat-shrinkable films and thermoplastic elastomer products[173](index=173&type=chunk) - Changde City Development Group Co, Ltd is the controlling shareholder, and the State-owned Assets Supervision and Administration Commission of Changde Municipal People's Government is the actual controller[172](index=172&type=chunk) [II. Contact Persons and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the Board Secretary and Securities Affairs Representative - The Board Secretary is Xu Lixiu, and the Securities Affairs Representative is Chu Juntao[14](index=14&type=chunk) - The contact address is No 1 Taishan Road, Huimin Street, Jiashan County, Zhejiang Province, with phone 0573-84187845 and email sec@zjzhongda.com[14](index=14&type=chunk) [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, and information disclosure channels remained unchanged during the reporting period - The company's contact information remained unchanged during the reporting period, as detailed in the 2024 annual report[15](index=15&type=chunk) - Information disclosure and document repository locations remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue declined while net profit grew, but operating cash flow dropped significantly by 74.45% **2025 Semi-Annual Key Accounting Data and Financial Indicators** | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 775,395,341.98 | 802,676,549.04 | -3.40% | | Net Profit Attributable to Shareholders | 36,329,238.04 | 33,195,483.86 | 9.44% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 30,270,853.22 | 30,697,892.70 | -1.39% | | Net Cash Flow from Operating Activities | 22,845,427.20 | 89,423,915.20 | -74.45% | | Basic Earnings Per Share (Yuan/Share) | 0.04 | 0.04 | 0.00% | | Diluted Earnings Per Share (Yuan/Share) | 0.04 | 0.04 | 0.00% | | Weighted Average Return on Equity | 1.58% | 1.47% | 0.11% | | **Indicator** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | Total Assets | 3,588,432,252.75 | 3,576,097,063.51 | 0.34% | | Net Assets Attributable to Shareholders | 2,297,153,215.23 | 2,283,935,330.74 | 0.58% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No discrepancies exist between financial reports prepared under Chinese accounting standards and international or foreign accounting standards - The company has no discrepancies in net profit or net assets between reports prepared under IFRS and Chinese accounting standards[19](index=19&type=chunk) - The company has no discrepancies in net profit or net assets between reports prepared under foreign accounting standards and Chinese accounting standards[20](index=20&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled RMB 6.06 million, primarily from government subsidies and fair value changes **2025 Semi-Annual Non-recurring Profit and Loss Items and Amounts** | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -66,863.16 | | Government Subsidies Included in Current Profit/Loss | 3,068,949.76 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities | 2,863,091.04 | | Other Non-operating Income and Expenses | 2,603,499.17 | | Less: Income Tax Effect | 631,356.27 | | Less: Minority Interest Effect (After Tax) | 1,778,935.72 | | **Total** | **6,058,384.82** | - The company did not reclassify any non-recurring profit and loss items as recurring[23](index=23&type=chunk) Management Discussion and Analysis [I. Principal Business Activities during the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company focused on its core POF film and thermoplastic elastomer businesses, achieving revenue of RMB 775 million and net profit of RMB 36.33 million - In H1, company revenue was **RMB 775 million**, a YoY decrease of **3.4%**; net profit attributable to shareholders was **RMB 36.33 million**, a YoY increase of **9.44%**[25](index=25&type=chunk) - The company focused on POF heat-shrinkable film and thermoplastic elastomer businesses, strengthening its market position through R&D, market expansion, and cost reduction[25](index=25&type=chunk) - The company expanded domestic and international markets, with breakthroughs in shoe materials and lubricant viscosity index modifiers for its thermoplastic elastomer business[25](index=25&type=chunk) [II. Core Competitiveness Analysis](index=13&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is built on its leading market position, scale advantages, cost control, technological innovation, and diverse product portfolio - The company holds a prominent position in the POF heat-shrinkable film industry, with the **largest production capacity in China** and the **second-largest market share globally**[42](index=42&type=chunk) - Through in-house R&D and self-manufactured equipment, the company enhances cost control and maintains a technological lead, offering high-value products[42](index=42&type=chunk) - Subsidiary Zhongli Synthetic Materials focuses on independent innovation and customized products, having developed a series of non-hydrogenated, semi-hydrogenated, and fully-hydrogenated products[46](index=46&type=chunk)[48](index=48&type=chunk) [III. Main Business Analysis](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue and costs decreased, while R&D investment grew; operating cash flow dropped significantly due to increased payments for goods and services **Year-on-Year Changes in Key Financial Data** | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 775,395,341.98 | 802,676,549.04 | -3.40% | | | Operating Costs | 647,762,055.50 | 667,691,222.38 | -2.98% | | | Selling Expenses | 12,130,455.22 | 20,437,566.07 | -40.65% | Due to the absence of marketing expenses from subsidiary Zhongli Real Estate, whose business concluded | | Finance Expenses | 770,981.95 | 2,265,390.89 | -65.97% | Primarily due to decreased bank loan interest expenses and increased foreign exchange gains | | R&D Investment | 35,359,241.57 | 31,651,110.44 | 11.72% | | | Net Cash Flow from Operating Activities | 22,845,427.20 | 89,423,915.20 | -74.45% | Primarily due to increased cash payments for goods and services | **Revenue Composition (by Industry, Product, Region)** | Category | Item | Current Period Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Plastic Products | 424,161,496.00 | 54.70% | -0.76% | | | Synthetic Rubber Manufacturing | 340,551,884.99 | 43.92% | -1.64% | | **By Product** | POF Standard Film | 171,325,685.72 | 22.10% | -6.84% | | | POF Cross-linked Film | 174,783,731.00 | 22.54% | 1.04% | | | POF Printed Film, etc | 78,052,079.28 | 10.07% | 10.69% | | | Thermoplastic Elastomer | 340,551,884.99 | 43.92% | -1.64% | | **By Region** | Domestic (incl other business) | 505,822,107.56 | 65.23% | -3.04% | | | Overseas (incl other business) | 269,573,234.42 | 34.77% | -4.06% | - There were no significant changes in the company's profit composition or sources during the reporting period[52](index=52&type=chunk) [IV. Non-Main Business Analysis](index=18&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-main business activities negatively impacted profit, primarily due to an asset impairment loss of RMB 11.98 million **Impact of Non-Main Business on Total Profit** | Item | Amount (10,000 Yuan) | % of Total Profit | Reason | | :--- | :--- | :--- | :--- | | Investment Income | 244.35 | 11.24% | | | Fair Value Change Gains/Losses | 14.22 | 0.65% | | | Asset Impairment | -1,197.92 | -55.09% | Primarily due to asset impairment losses recognized during the period | | Non-operating Income | 4.21 | 0.19% | | | Non-operating Expenses | 82.26 | 3.78% | | - **Asset impairment loss** was the main reason for the negative impact of non-main business on total profit[58](index=58&type=chunk) [V. Analysis of Assets and Liabilities](index=19&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets grew slightly, while RMB 887 million in assets were restricted, mainly for financing guarantees **Significant Changes in Asset Composition (Unit: 10,000 Yuan)** | Item | End of Current Period | % of Total Assets | End of Prior Year | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 70,003.37 | 19.51% | 63,873.57 | 17.86% | 1.65% | | Accounts Receivable | 14,022.70 | 3.91% | 12,286.04 | 3.44% | 0.47% | | Inventories | 45,816.88 | 12.77% | 39,383.51 | 11.01% | 1.76% | | Fixed Assets | 138,489.97 | 38.59% | 145,831.92 | 40.78% | -2.19% | | Long-term Borrowings | 10,650.00 | 2.97% | 14,800.00 | 4.14% | -1.17% | | Other Non-current Assets | 41,994.49 | 11.70% | 50,631.31 | 14.16% | -2.46% | **Asset Encumbrance as of the End of the Reporting Period (Unit: Yuan)** | Item | Book Balance | Book Value | Encumbrance Type | Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 223,525,649.19 | 223,525,649.19 | Pledge | For financing guarantee | | Fixed Assets | 241,177,688.63 | 151,718,258.32 | Mortgage | For financing guarantee | | Intangible Assets | 75,262,993.00 | 60,654,287.86 | Mortgage | For financing guarantee | | Other Non-current Assets | 346,600,000.00 | 346,600,000.00 | Pledge | For financing guarantee | | **Total** | **886,566,330.82** | **782,498,195.37** | | | - At the period end, financial assets measured at fair value totaled **RMB 130.14 million**, mainly consisting of trading financial assets[63](index=63&type=chunk) [VI. Investment Analysis](index=20&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investment amount was RMB 30 million, a 100% increase, with no major equity, non-equity, or derivative investments **Investment Amount during the Reporting Period** | Investment Amount in Current Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 30,000,000.00 | 0.00 | 100.00% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) [VII. Major Asset and Equity Sales](index=21&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major assets or equity were sold during the reporting period - The company did not sell any major assets during the reporting period[70](index=70&type=chunk) - The company did not sell any major equity during the reporting period[71](index=71&type=chunk) [VIII. Analysis of Major Subsidiaries and Investees](index=22&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Zhongli Synthetic Materials reported a net loss of RMB 60.68 million, negatively impacting the company's overall performance **Financial Data of Major Subsidiaries (Unit: 10,000 Yuan)** | Company Name | Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongcheng USA | Subsidiary | Plastic film products | 100 USD | 11,615.60 | 10,101.22 | 4,466.69 | 1,111.09 | 811.06 | | Zhongli Synthetic Materials | Subsidiary | Thermoplastic elastomers | 88,256.0557 | 122,828.65 | -1,709.14 | 34,349.53 | -6,072.54 | -6,068.34 | | Hunan Zhonglang | Subsidiary | Plastic film products | 20,000.00 | 4,530.99 | 4,069.49 | 760.83 | 73.53 | 69.88 | - The net loss of **Zhongli Synthetic Materials** had a significant impact on the company's overall performance[72](index=72&type=chunk) [IX. Structured Entities Controlled by the Company](index=22&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[72](index=72&type=chunk) [X. Risks and Countermeasures](index=22&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from raw material prices, supplier concentration, exchange rates, and talent shortages, which it addresses through various strategic measures - Key risks include **raw material price volatility** (linked to crude oil), **supplier concentration** (over 80% from Dow and TPC), **exchange rate fluctuations** (USD-denominated transactions), and **talent shortages**[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) - Countermeasures include improving technology, optimizing processes, enhancing product structure, strengthening brand building, and implementing a "high-end, differentiated" strategy[76](index=76&type=chunk) - The company will also diversify suppliers, improve exchange rate analysis, and enhance internal training and external talent acquisition to mitigate risks[76](index=76&type=chunk)[77](index=77&type=chunk) [XI. Market Value Management and Value Enhancement Plan](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) No market value management system or value enhancement plan was disclosed during the reporting period - The company did not disclose a market value management system during the reporting period[78](index=78&type=chunk) - The company did not disclose a value enhancement plan during the reporting period[79](index=79&type=chunk) [XII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=24&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) No announcement regarding a "Dual Improvement in Quality and Returns" action plan was disclosed during the reporting period - The company did not disclose a "Dual Improvement in Quality and Returns" action plan announcement during the reporting period[80](index=80&type=chunk) Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Deputy General Manager Yang Jiajun resigned due to a work transfer during the reporting period - Deputy General Manager Yang Jiajun resigned on February 28, 2025, due to a work transfer[83](index=83&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserves](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period - The company plans **no cash dividend distribution**, no bonus share issuance, and no capitalization of capital reserves for the semi-annual period[84](index=84&type=chunk) [III. Implementation of Equity Incentive Plans or Other Employee Incentives](index=25&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[85](index=85&type=chunk) [IV. Environmental Information Disclosure](index=25&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its key subsidiary are listed for mandatory environmental information disclosure and have published relevant reports - The company and its subsidiary, Zhejiang Zhongli Synthetic Materials Technology Co, Ltd, are included in the list of enterprises required to disclose environmental information[86](index=86&type=chunk) - The environmental information disclosure reports can be accessed on the website of the Zhejiang Provincial Department of Ecology and Environment[86](index=86&type=chunk) [V. Social Responsibility](index=25&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company has not yet undertaken social responsibility initiatives such as poverty alleviation or rural revitalization - The company has not yet engaged in poverty alleviation or rural revitalization efforts during the reporting period[87](index=87&type=chunk) Significant Events [I. Fulfillment of Commitments by Relevant Parties](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) No overdue unfulfilled commitments existed from the actual controller, shareholders, related parties, or the company during the reporting period - There were no overdue unfulfilled commitments from the company's actual controller, shareholders, related parties, or acquirers during the reporting period[89](index=89&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Related Parties](index=26&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - The company had no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[90](index=90&type=chunk) [III. Irregular External Guarantees](index=26&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[91](index=91&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=26&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report has not been audited - The company's semi-annual report is unaudited[92](index=92&type=chunk) [V. Board's Explanation on "Non-standard Audit Report" for the Current Period](index=26&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This item is not applicable for the current reporting period - Not applicable[93](index=93&type=chunk) [VI. Board's Explanation on "Non-standard Audit Report" for the Previous Year](index=26&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This item is not applicable for the current reporting period - Not applicable[93](index=93&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=27&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[94](index=94&type=chunk) [VIII. Litigation Matters](index=27&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during the reporting period[95](index=95&type=chunk) [IX. Penalties and Rectifications](index=27&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) No penalties or rectifications occurred during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[96](index=96&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) This item is not applicable for the current reporting period - Not applicable[97](index=97&type=chunk) [XI. Major Related-Party Transactions](index=27&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions related to daily operations, asset acquisitions, or joint investments occurred during the reporting period - The company had no related-party transactions related to daily operations during the reporting period[97](index=97&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity[99](index=99&type=chunk) - The company had no related-party credit or debt transactions, nor any dealings with related financial companies[101](index=101&type=chunk)[102](index=102&type=chunk) [XII. Major Contracts and Their Performance](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided guarantees totaling RMB 981.9 million to a subsidiary and had RMB 130 million in outstanding wealth management products - The company had no custody, contracting, or leasing arrangements during the reporting period[105](index=105&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) **Guarantees Provided to Subsidiaries (Unit: 10,000 Yuan)** | Guaranteed Party | Disclosure Date of Guarantee Limit | Guarantee Limit | Actual Occurrence Date | Actual Guarantee Amount | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongli Synthetic Materials | 2024-05-16 | 125,000 | 2025-01-08 | 490 | Joint Liability | No | | Zhongli Synthetic Materials | 2024-05-16 | 125,000 | 2025-01-13 | 1,110 | Joint Liability | No | | ... (multiple guarantees) | ... | ... | ... | ... | ... | ... | | Total Actual Guarantee Balance for Subsidiaries at Period-End (C4) | | 125,000 | | 98,190 | | | | Ratio of Total Actual Guarantees (A4+B4+C4) to Company's Net Assets | | | | | | 42.74% | **Entrusted Wealth Management (Unit: 10,000 Yuan)** | Type | Source of Funds | Amount Entrusted | Outstanding Balance | Overdue Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 98,600 | 13,000 | 0 | [XIII. Other Major Matters](index=32&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company completed the re-election of its Board and appointment of senior management, and amended its articles to replace the supervisory board with an audit committee - The company completed the re-election of the Board of Directors and the appointment of senior management[115](index=115&type=chunk)[116](index=116&type=chunk) - The Articles of Association were amended to eliminate the supervisory board, with its duties now performed by the Audit Committee[116](index=116&type=chunk) [XIV. Major Matters of Subsidiaries](index=33&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no major subsidiary matters to report during the period - The company had no major subsidiary matters during the reporting period[117](index=117&type=chunk) Changes in Share Capital and Shareholders [I. Changes in Share Capital](index=34&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share count and capital structure remained unchanged during the reporting period **Changes in Share Capital (Unit: Shares)** | Item | Before Change | % | Change (+, -) | After Change | % | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 759,508 | 0.08% | 0 | 759,508 | 0.08% | | 3. Other Domestic Holdings | 759,508 | 0.08% | 0 | 759,508 | 0.08% | | II. Unrestricted Shares | 905,019,879 | 99.92% | 0 | 905,019,879 | 99.92% | | 1. RMB Ordinary Shares | 905,019,879 | 99.92% | 0 | 905,019,879 | 99.92% | | III. Total Shares | 905,779,387 | 100.00% | 0 | 905,779,387 | 100.00% | - The company's total share count and capital structure did not change during the reporting period[121](index=121&type=chunk) - There were no share repurchases or reductions of repurchased shares via centralized bidding during the reporting period[121](index=121&type=chunk) [II. Securities Issuance and Listing](index=35&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company did not issue or list any securities during the reporting period - The company had no securities issuance or listing activities during the reporting period[121](index=121&type=chunk) [III. Number of Shareholders and Shareholding Status](index=35&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The top ten shareholders' holdings remained stable, with the controlling shareholder holding 25.00% **Shareholdings of Shareholders with over 5% or Top 10 Shareholders (Unit: Shares)** | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period-End | Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Changde City Development Group Co, Ltd | State-owned Legal Entity | 25.00% | 226,444,847 | 226,444,847 | | Chen Jian | Domestic Individual | 5.27% | 47,690,329 | 47,690,329 | | Lou Lifeng | Domestic Individual | 1.60% | 14,504,878 | 14,504,878 | | Chen Dakui | Domestic Individual | 1.34% | 12,153,053 | 12,153,053 | | Huang Hao | Domestic Individual | 0.43% | 3,902,900 | 3,902,900 | | Zeng Hongwu | Domestic Individual | 0.41% | 3,714,100 | 3,714,100 | | Gu Hong | Domestic Individual | 0.34% | 3,114,725 | 3,114,725 | | Ge Zhengshou | Domestic Individual | 0.34% | 3,035,000 | 3,035,000 | | Ding Fujiang | Domestic Individual | 0.32% | 2,913,500 | 2,913,500 | | Ge Xiangquan | Domestic Individual | 0.25% | 2,273,400 | 2,273,400 | - Chen Dakui and Chen Jian (father and son) collectively hold over 5% of the company's shares[123](index=123&type=chunk) - Some of the top 10 shareholders hold shares through margin trading and securities lending accounts[124](index=124&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=37&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[125](index=125&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[127](index=127&type=chunk) - The company's actual controller did not change during the reporting period[128](index=128&type=chunk) [VI. Preferred Shares](index=38&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[129](index=129&type=chunk) Bond-related Matters [Bond-related Matters](index=39&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[131](index=131&type=chunk) Financial Report [I. Audit Report](index=40&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The semi-annual financial report has not been audited - The company's semi-annual financial report is unaudited[133](index=133&type=chunk) [II. Financial Statements](index=40&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the first half of 2025 - The financial statements include the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[134](index=134&type=chunk)[139](index=139&type=chunk)[142](index=142&type=chunk)[147](index=147&type=chunk)[149](index=149&type=chunk)[153](index=153&type=chunk)[156](index=156&type=chunk)[163](index=163&type=chunk) [III. Company Basic Information](index=60&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details the company's registration, main business, and controlling shareholder information - The company was listed on the SZSE in December 2010 and primarily engages in the R&D, production, and sale of POF films and thermoplastic elastomers[172](index=172&type=chunk)[173](index=173&type=chunk) - Changde City Development Group Co, Ltd is the controlling shareholder, and the SASAC of Changde Municipal People's Government is the actual controller[172](index=172&type=chunk) - These financial statements were approved for issuance by the Board of Directors on August 22, 2025[173](index=173&type=chunk) [IV. Basis of Preparation for Financial Statements](index=60&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with China's Accounting Standards for Business Enterprises - The financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance[174](index=174&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[175](index=175&type=chunk) [V. Significant Accounting Policies and Estimates](index=60&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the specific accounting policies and estimates applied in preparing the financial statements - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, presenting a true and complete view of the company's financial position[177](index=177&type=chunk) - The company's fiscal year is the calendar year, its normal operating cycle is 12 months, and its functional currency is the Renminbi (RMB)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - Significant accounting policies are disclosed for business combinations, financial instruments, inventories, revenue recognition, and government grants[182](index=182&type=chunk)[191](index=191&type=chunk)[196](index=196&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk)[206](index=206&type=chunk)[209](index=209&type=chunk)[214](index=214&type=chunk)[221](index=221&type=chunk)[226](index=226&type=chunk)[230](index=230&type=chunk) [VI. Taxation](index=78&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company and its subsidiaries are subject to various taxes, with some entities enjoying preferential income tax rates **Main Taxes and Rates** | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales revenue from goods and taxable services as per tax law | 13%, 9%, 0% | | Urban Maintenance and Construction Tax | Based on VAT payable | 5% | | Corporate Income Tax | Based on taxable income | 15%, 20%, 25%, 28% | - The company and its subsidiary Zhejiang Zhongli Synthetic Materials Technology Co, Ltd, as high-tech enterprises, are subject to a **15% corporate income tax rate** for H1 2025[242](index=242&type=chunk) - Hunan Zhonglang New Material Co, Ltd and Jiaxing Zhonglang New Material Co, Ltd qualify as small and micro enterprises and enjoy a preferential tax rate of **20%**[242](index=242&type=chunk) [VII. Notes to Consolidated Financial Statements](index=79&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the consolidated financial statements, explaining balances and significant changes - Cash and cash equivalents at period-end totaled **RMB 700 million**, of which **RMB 224 million** was restricted for financing guarantees[243](index=243&type=chunk)[244](index=244&type=chunk) - Trading financial assets at period-end were **RMB 130 million**, primarily consisting of bank wealth management products[247](index=247&type=chunk) - Inventories at period-end totaled **RMB 458 million**, with an inventory write-down provision of **RMB 19.70 million**[281](index=281&type=chunk)[283](index=283&type=chunk) - Operating revenue was **RMB 775 million** and operating cost was **RMB 648 million**, with heat-shrinkable film revenue at **RMB 424 million** and thermoplastic elastomer revenue at **RMB 341 million**[366](index=366&type=chunk)[367](index=367&type=chunk) - Finance expenses were **RMB 0.77 million**, a YoY decrease of **65.97%**, due to lower interest expenses and higher exchange gains[377](index=377&type=chunk) [VIII. R&D Expenditures](index=117&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was RMB 35.36 million, an 11.72% increase YoY, all of which was expensed **R&D Expenditure Composition (Unit: Yuan)** | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Direct Labor Costs | 14,454,776.09 | 13,592,926.93 | | Depreciation Expenses | 12,255,947.75 | 12,654,369.11 | | Direct Inputs | 8,141,589.65 | 5,372,038.82 | | Others | 506,928.08 | 31,775.58 | | **Total** | **35,359,241.57** | **31,651,110.44** | | Of which: Expensed R&D | 35,359,241.57 | 31,651,110.44 | - R&D expenditure **increased by 11.72%** during the reporting period and was fully expensed[414](index=414&type=chunk) [IX. Interests in Other Entities](index=117&type=section&id=%E4%B9%9D%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company has five subsidiaries and interests in two joint ventures/associates, with Zhejiang Zhongli being a significant non-wholly-owned subsidiary - The company has five subsidiaries, including Zhongcheng USA and Zhejiang Zhongli Synthetic Materials Technology Co, Ltd[416](index=416&type=chunk) - The company holds interests in joint ventures/associates Zhejiang Zhongda Packaging Equipment Co, Ltd (50.00%) and Jiashan Zhongcheng Microcredit Co, Ltd (30.00%)[423](index=423&type=chunk) **Key Financial Information of Significant Non-wholly-owned Subsidiaries (Unit: Yuan)** | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Shareholders | Minority Equity Balance at Period-End | | :--- | :--- | :--- | :--- | | Zhejiang Zhongli Synthetic Materials Technology Co, Ltd | 43.33% | -25,642,193.80 | -11,137,852.82 | [X. Government Grants](index=121&type=section&id=%E5%8D%81%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized government grants totaling RMB 3.07 million, comprising both asset-related and income-related subsidies **Government Grants Included in Current Profit/Loss (Unit: Yuan)** | Account | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-related Government Grants | 2,060,654.68 | 1,332,754.72 | | Income-related Government Grants | 1,008,295.08 | 88,121.40 | - The total amount of government grants recognized during the reporting period was **RMB 3,068,949.76**[498](index=498&type=chunk) [XI. Risks Related to Financial Instruments](index=122&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages market, credit, and liquidity risks through various control measures to mitigate adverse impacts on its operations - Market risks include **foreign exchange risk** (managed via currency matching and forward contracts) and **interest rate risk** (managed by optimizing credit facilities)[431](index=431&type=chunk)[432](index=432&type=chunk) - **Credit risk** from sales on credit is managed by assessing new customers, setting credit limits, and monitoring receivables aging[433](index=433&type=chunk) - **Liquidity risk** is managed by monitoring cash balances and forecasting cash flows to ensure sufficient funds to meet obligations[433](index=433&type=chunk) [XII. Fair Value Disclosures](index=123&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) Financial assets measured at fair value totaled RMB 130.14 million, primarily consisting of bank wealth management products valued using market quotes **Fair Value of Assets and Liabilities at Period-End (Unit: Yuan)** | Item | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | -- | -- | | (I) Trading Financial Assets | 130,142,216.67 | 130,142,216.67 | | 1. Financial assets at FVTPL | 130,142,216.67 | 130,142,216.67 | | (1) Bank Wealth Management | 130,142,216.67 | 130,142,216.67 | | Total Assets at Continuous Fair Value | 130,142,216.67 | 130,142,216.67 | - The fair value of Level 3 trading financial assets (bank wealth management) is determined using valuation techniques based on market or dealer quotes for similar instruments[437](index=437&type=chunk) [XIII. Related Parties and Transactions](index=124&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's controlling shareholder is Changde City Development Group, and it engaged in transactions with associate Zhejiang Zhongda and provided guarantees to a subsidiary - The company's controlling shareholder is Changde City Development Group Co, Ltd, and the ultimate controlling party is the SASAC of Changde Municipal People's Government[438](index=438&type=chunk) **Related-Party Transactions for Goods and Services (Unit: Yuan)** | Related Party | Transaction Content | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | :--- | | Zhejiang Zhongda Packaging Equipment Co, Ltd | Sale of Goods | 229,750.52 | 143,043.89 | | Zhejiang Zhongda Packaging Equipment Co, Ltd | Utilities | 16,593.16 | 16,048.40 | - The company, as a lessor, received rental income of **RMB 159,999.96** from Zhejiang Zhongda Packaging Equipment Co, Ltd[444](index=444&type=chunk) - The company provided multiple guarantees to its subsidiary, Zhejiang Zhongli Synthetic Materials Technology Co, Ltd, with a total guarantee amount of **RMB 981.90 million**[112](index=112&type=chunk)[446](index=446&type=chunk) [XIV. Commitments and Contingencies](index=128&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has an outstanding non-financing customs duty guarantee of RMB 10 million and no other major contingencies to disclose - The company has a domestic non-financing customs duty guarantee agreement for **RMB 10,000,000.00**, expiring on May 28, 2025[453](index=453&type=chunk)[454](index=454&type=chunk) - As of June 30, 2025, the company has no other major contingencies to disclose[455](index=455&type=chunk)[456](index=456&type=chunk) [XV. Subsequent Events](index=129&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) The company has no subsequent events to disclose as of the reporting date - As of June 30, 2025, the company has no subsequent events to disclose[457](index=457&type=chunk) [XVI. Other Significant Matters](index=129&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has no other significant matters to disclose as of the reporting date - As of June 30, 2025, the company has no other significant matters to disclose[458](index=458&type=chunk) [XVII. Notes to Parent Company Financial Statements](index=129&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the parent company's financial statements, including receivables, investments, and revenue - The parent company's accounts receivable at period-end totaled **RMB 151 million**, with a bad debt provision of **RMB 7.74 million**[462](index=462&type=chunk)[463](index=463&type=chunk) - The parent company's other receivables at period-end were **RMB 152 million**, including a temporary loan of **RMB 159 million** to Zhejiang Zhongli Synthetic Materials[471](index=471&type=chunk)[476](index=476&type=chunk)[482](index=482&type=chunk) - The parent company's long-term equity investments at period-end totaled **RMB 539 million**, including investments in subsidiaries and associates[486](index=486&type=chunk) - The parent company's operating revenue was **RMB 402 million** and operating cost was **RMB 300 million**, primarily from heat-shrinkable film sales[491](index=491&type=chunk)[492](index=492&type=chunk) - The parent company's investment income was **RMB 2.21 million**, mainly from wealth management products[496](index=496&type=chunk) [XVIII. Supplementary Information](index=137&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary financial data, including details on non-recurring items and return on equity calculations - Supplementary information includes a detailed schedule of non-recurring profit and loss, return on equity and earnings per share, and a reconciliation of accounting standard differences[497](index=497&type=chunk)[499](index=499&type=chunk)[500](index=500&type=chunk) Other Submitted Data [I. Other Major Social Security Issues](index=139&type=section&id=%E4%B8%80%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E7%A4%BE%E4%BC%9A%E5%AE%89%E5%85%A8%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company had no major social security issues or administrative penalties during the reporting period - The company had no other major social security issues during the reporting period[502](index=502&type=chunk) - The company did not receive any administrative penalties during the reporting period[502](index=502&type=chunk) [II. Record of Investor Relations Activities](index=139&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company engaged with investors online, addressing questions about operations, future development, and shareholder matters - The company conducted an online communication session via an investor interaction platform on May 12, 2025[502](index=502&type=chunk) - The main topics discussed were responses to investor questions regarding the company's operations, future development, and shareholder information[502](index=502&type=chunk) [III. Fund Transactions between the Company and Related Parties](index=139&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) The company had non-operating fund transactions with its subsidiary, Zhejiang Zhongli, with a period-end balance of RMB 159 million **Fund Transactions between the Company and Related Parties (Unit: 10,000 Yuan)** | Counterparty Name | Nature of Transaction | Opening Balance | Amount Incurred | Amount Repaid | Closing Balance | Interest Income | Interest Expense | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Zhongli Synthetic Materials Technology Co, Ltd | Non-operating | 10,500 | 28,800 | 23,661.39 | 15,900 | 0 | 261.39 |

浙江众成包装材料股份有限公司 内部审计制度 浙江众成包装材料股份有限公司 内部审计制度 第一章 总 则 第一条 为了规范内部审计工作，提高内部审计工作质量，发挥内部审计在 强化内部控制、改善经营管理、提高经济效益中的作用，进一步促进公司的自我 完善和发展，实现内部审计工作的制度化和规范化，根据《中华人民共和国审计 法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等法律法规、规范性文件以及《浙江众成包装材料股份有限公司章程》（以下简 称《公司章程》）的相关规定，结合公司实际，特制定本制度。 第二条 本制度所称内部审计，是指公司内部审计机构或人员依据国家有关 法律法规、《公司章程》和本制度的规定，对本公司各内部机构、控股子公司以 及具有重大影响的参股公司的内部控制和风险管理的有效性、财务信息的真实性、 完整性以及经营活动的效率和效果等开展的一种检查监督及评价活动。 第三条 本制度所称被审计对象，特指公司各内部机构、控股子公司及具有 重大影响的参股公司。 第四条 本制度所称内部控制，是指公司董事会、高级管理人员及其他有关 人员为实现下列目标而提供合理保证的一系列控制活动： 第五条 公司 ...

浙江众成包装材料股份有限公司 募集资金专项存储管理制度 浙江众成包装材料股份有限公司 募集资金专项存储管理制度 募集资金投资境外项目的，公司及保荐人应当采取有效措施，确保投资于境外 项目的募集资金的安全性和使用规范性，并在募集资金存放、管理与使用情况专项 报告中披露相关具体措施和实际效果。 第一章 总则 第一条 为规范浙江众成包装材料股份有限公司(以下简称"公司")募集资金 的管理，提高募集资金使用的效率和效果，确保资金使用安全，维护投资者合法利 益，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券 法》(以下简称《证券法》)、《深圳证券交易所股票上市规则》（以下简称《上市规 则》）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 （以下简称"《规范运作指引》"）等有关法律法规和规范性文件的规定，结合本公司 实际情况，制定本制度。 第二条 本制度所称募集资金，是指公司通过公开发行股票或者其他具有股权 性质的证券，向投资者募集并用于特定用途的资金，不包括公司为实施股权激励计 划募集的资金。 本制度所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第四 ...

浙江众成包装材料股份有限公司 信息披露制度 信息披露制度 第一章 总 则 第一条 为规范浙江众成包装材料股份有限公司（以下简称"公司"）的信 息披露行为，确保公司信息披露内容的真实、准确、完整，切实维护投资者的合 法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信 息披露管理办法》《上市公司信息披露暂缓与豁免管理规定》《深圳证券交易所股 票上市规则》（以下简称《股票上市规则》）、《深圳证券交易所上市公司自律监管 指引第 5 号——信息披露事务管理》等相关法律法规、规范性文件、深圳证券交 易所业务规则及《浙江众成包装材料股份有限公司章程》（以下简称《公司章程》） 的规定，制定本制度。 第二条 公司及相关信息披露义务人应当及时依法履行信息披露义务，披露 的信息应当真实、准确、完整、简明清晰、通俗易懂，不得有虚假记载、误导性 陈述或者重大遗漏。 公司及相关信息披露义务人披露的信息应当同时向所有投资者披露，不得提 前向任何单位和个人泄露。但是，法律行政法规另有规定的除外。 第三条 公司的董事、高级管理人员应当忠实、勤勉地履行职责，保证披露 信息的真实、准确、完整，信息披露及时、公平。 第四条 在 ...

浙江众成包装材料股份有限公司 投资者关系管理制度 第一章 总则 第一条 为了进一步加强浙江众成包装材料股份有限公司（以下简称"公司"） 与投资者和潜在投资者（以下统称"投资者"）之间的沟通，促进投资者对公司 的了解，进一步完善公司法人治理结构，实现公司价值最大化和股东利益最大化， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）、《上市公司投资者关系管理工作指引》《深圳 证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》（以下简 称《规范运作指引》）等法律法规、规范性文件和《浙江众成包装材料股份有限 公司章程》（以下简称《公司章程》）的有关规定，结合公司实际情况，制定本 制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对 公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回 报投资者、保护投资者目的的相关活动。 第三条 公司投资者关系管理工作应严格遵守《公司法》《证券法》《规范 运作指引》等有关法律法规、规范性文件及深圳证券交易所有关 ...

浙江众成包装材料股份有限公司 内幕信息知情人登记管理制度 浙江众成包装材料股份有限公司 内幕信息知情人登记管理制度 第一章 总则 第一条 为进一步规范浙江众成包装材料股份有限公司（以下简称"公司"） 内幕信息管理，加强内幕信息保密工作，避免内幕交易，维护公司信息披露的公 开、公平、公正原则，根据《中华人民共和国公司法》《中华人民共和国证券法》 （以下简称《证券法》）、《上市公司信息披露管理办法》《上市公司监管指引 第5号——上市公司内幕信息知情人登记管理制度》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第5号——信息披露事务管理》 等有关法律法规、规范性文件、深圳证券交易所业务规则及《浙江众成包装材料 股份有限公司章程》（以下简称《公司章程》）的有关规定，特制定本制度。 第二条 本制度的适用范围包括公司及其下属各部门、分公司、控股子公司 以及公司能够对其实施重大影响的参股公司。 第三条 公司董事会是内幕信息的管理机构，应当对内幕信息知情人信息的 真实性、准确性、完整性进行核查，保证内幕信息知情人档案的真实、准确和完 整，报送及时。公司董事长为主要责任人。 董事会秘书负责办理公司内幕信息 ...

浙江众成包装材料股份有限公司 总经理工作细则 浙江众成包装材料股份有限公司 总经理工作细则 第一章 总则 第一条 为了明确总经理的职责，保障总经理高效、协调、规范地行使职权， 保障公司、股东、债权人的合法权益，促进公司生产经营的可持续发展，根据《中 华人民共和国公司法》和《浙江众成包装材料股份有限公司章程》（以下简称《公 司章程》）等有关规定，特制定本细则。 第二条 总经理是公司的高级管理人员，负责贯彻落实董事会决议，主持公 司的生产经营和日常管理工作，并对董事会负责。 第三条 本细则所称的其他高级管理人员包括副总经理、财务负责人、总工 程师、总工艺师。 第二章 总经理及其他高级管理人员的任免 第四条 公司总经理由董事长提名，董事会聘任或解聘；副总经理、财务负 责人、总工程师、总工艺师由总经理提名，董事会聘任或解聘。总经理对董事会 负责，副总经理等其他高级管理人员对总经理负责。 公司董事可受聘兼任公司高级管理人员，但兼任高级管理人员的董事不得超 过公司董事总人数二分之一。 第五条 公司设总经理一人，副总经理一至四人（含常务副总经理一人）、 总工程师及总工艺师各一人、财务负责人一人，组成公司总经理工作班子，总经 ...

浙江众成包装材料股份有限公司 董事会秘书工作细则 第二章 任职资格 浙江众成包装材料股份有限公司 董事会秘书工作细则 第一章 总则 第五条 有下列情形之一的人士不得担任公司董事会秘书： 第一条 为规范公司行为，明确董事会秘书的职责权限，根据《中华人民共 和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）、《深圳证券交易所股票上市规则》（以下简称《上市规则》）等相关法律 法规、规范性文件、深圳证券交易所业务规则以及《浙江众成包装材料股份有限 公司章程》（以下简称《公司章程》）的规定，特制定本细则。 （一）根据《公司法》等法律法规及其他规定不得担任董事、高级管理人员 的情形； 第二条 董事会秘书为公司的高级管理人员，对公司和董事会负责。法律、 行政法规及《公司章程》对公司高级管理人员的有关规定，适用于董事会秘书。 第三条 公司应当为董事会秘书履行职责提供便利条件，董事、财务负责人 及其他高级管理人员和公司相关人员应当支持、配合董事会秘书工作。 董事会秘书为履行职责，有权了解公司的财务和经营情况，参加涉及信息披 露的有关会议，查阅相关文件，并要求公司有关部门和人员及时提供相关资料和 ...

浙江众成包装材料股份有限公司 2025 年半年度财务报表 浙江众成包装材料股份有限公司 财务报表 二○二五年半年度 1 浙江众成包装材料股份有限公司 2025 年半年度财务报表 合并资产负债表 编制单位：浙江众成包装材料股份有限公司 2025 年 6 月 30 日 单位：人民币元 | 项 目 | 附注 | 期末余额 | 期初余额 | | --- | --- | --- | --- | | 流动资产： | | | | | 货币资金 | 五、（一） | 700,033,698.49 | 638,735,736.10 | | 交易性金融资产 | 五、（二） | 130,142,216.67 | 80,082,191.78 | | 衍生金融资产 | | | | | 应收票据 | 五、（三） | 2,275,403.13 | 2,982,806.29 | | 应收账款 | 五、（四） | 140,226,986.74 | 122,860,373.58 | | 应收账款融资 | 五、（五） | | 2,652,920.82 | | 预付款项 | 五、（六） | 25,721,249.83 | 23,346,604.82 ...

证券代码：002522 证券简称：浙江众成 公告编号：2025-047 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、本次计提信用减值准备及资产减值准备情况概述： 1、本次计提信用减值准备及资产减值准备的原因： 浙江众成包装材料股份有限公司 关于计提 2025 年半年度信用减值准备及资产减值准备的公 告 根据《企业会计准则》《深圳证券交易所股票上市规则》相关规定的要求， 为了更加真实、准确地反映公司截止 2025 年 6 月 30 日的资产状况和财务状况， 公司及下属子公司基于谨慎性原则，于 2025 年 6 月末对存在减值迹象的相关资 产进行了全面清查。在清查的基础上，进行了充分的分析和评估，对存在减值迹 象的资产计提减值准备。 2、本次计提减值准备的资产范围、总金额和拟计入的报告期间： 经过公司及下属子公司对 2025 年 6 月末存在可能发生减值迹象的资产，范 围包括应收账款、其他应收款、存货等，进行清查和减值测试后，2025 年半年 度拟计提信用减值准备及资产减值准备金额合计 1,290.23 万元，明细如下表： | 项 | 目 | 资产名称 | ...