（记者 张喜威） 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ 每经AI快讯，双星新材8月28日发布公告称，公司第六届第三次董事会会议于2025年8月27日在公司四 楼会议室以现场会议方式召开。会议审议了《公司2025年半年度报告及摘要》等文件。 ...

Group 1 - The company reported a revenue of 2.626 billion yuan for the first half of 2025, representing a year-on-year decrease of 7.09% [1] - The net profit attributable to shareholders of the listed company was -149 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -173 million yuan [1] - The basic earnings per share were -0.131 yuan [1]

会议由董事长吴培服先生主持，经与会董事认真审议，以记名投票方式表决，作 出如下决议： 一、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 年半年度报告及摘要》的议案 江苏双星彩塑新材料股份有限公司 第六届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 江苏双星彩塑新材料股份有限公司（以下简称"公司"）第六届董事会第三次会 议通知于 2025 年 8 月 6 日以电子邮件、电话、书面、微信等形式送达公司全体董事， 会议于 2025 年 8 月 27 日上午在公司四楼会议室以现场会议方式召开。本次会议应到 董事 7 人，实到董事 7 人。本次会议的召集、召开及表决程序符合《中华人民共和国 公司法》等法律、法规、规范性文件以及《公司章程》的有关规定。 证券代码：002585 证券简称：双星新材 公告编号：2025-032 《公司2025年半年度报告及摘要》内容真实、准确、完整地反映了公司的经营 情况和财务状况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见《证券时报》及巨潮资讯网（www.cninfo ...

江苏双星彩塑新材料股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：江苏双星彩塑新材料股份有限公司 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 419,512,849.80 | 492,040,783.20 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 217,215,659.67 | 414,147,997.54 | | 应收账款 | 812,215,604.42 | 817,299,225.97 | | 应收款项融资 | 58,344,049.13 | 86,513,449.08 | | 预付款项 | 622,961,091.21 | 679,741,244.14 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 1, ...

法定代表人：吴培服 主管会计工作负责人：邹雪梅 会计机构负责人：胡立群 江苏双星彩塑新材料股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | | | 占用方与上市 | 上市公司核 | 2025 年期 | 2025 年半年度占 | 2025 年半年度占 | 2025 年半年度 | 2025 年半年度期末 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 公司的关联关 | 算的会计科 | 初占用资金 | 用累计发生金额 | 用资金的利息 | 偿还累计发生 | 占用资金余额 | 成原因 | 占用性质 | | | | 系 | 目 | 余额 | （不含利息） | （如有） | 金额 | | | | | 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 | | | ...

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。 江苏双星彩塑新材料股份有限公司（以下简称"公司"）第六届董事会第三次会 议通知于 2025 年 8 月 6 日以电子邮件、电话、书面、微信等形式送达公司全体董事， 会议于 2025 年 8 月 27 日上午在公司四楼会议室以现场会议方式召开。本次会议应到 董事 7 人，实到董事 7 人。本次会议的召集、召开及表决程序符合《中华人民共和国 公司法》等法律、法规、规范性文件以及《公司章程》的有关规定。 会议由董事长吴培服先生主持，经与会董事认真审议，以记名投票方式表决，作 出如下决议： 一、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 年半年度报告及摘要》的议案 《公司2025年半年度报告及摘要》内容真实、准确、完整地反映了公司的经营 情况和财务状况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：002585 证券简称：双星新材 公告编号：2025-032 江苏双星彩塑新材料股份有限公司 第六届董事会第三次会议决议公告 具体内容详见《证券时报》及巨潮资讯网（www.cninfo ...

Group 1 - The company's operating revenue for the first half of 2025 is 2.626 billion, representing a year-on-year decrease of 7.09% [1] - The net loss attributable to shareholders of the listed company is 149 million, an improvement from a loss of 166 million in the same period last year, reflecting a year-on-year reduction in loss of 9.97% [1] - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

Section I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The company's board, supervisory board, and senior management guarantee report accuracy and completeness, with the company planning no cash dividends, bonus shares, or capital reserve conversions - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3](index=3&type=chunk) - Company head Wu Peifu, chief accountant Zou Xuemei, and head of accounting department Hu Liqun declare: the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, providing comprehensive information navigation for investors - The report contains nine main chapters, from company profile to financial reports, with a complete structure[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, including company details, legal entities, currency, and core products like polyester film, PTA, and MEG, ensuring accurate report understanding - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Polyester film is a film made from polyester chips as the main raw material, through drying, melting, extrusion, casting, and stretching, possessing excellent industrial characteristics[12](index=12&type=chunk) - PTA (Purified Terephthalic Acid) and MEG (Monoethylene Glycol) are the main raw materials for polyester chips[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. (stock code: 002585) is listed on the Shenzhen Stock Exchange, with Wu Peifu as its legal representative - Company stock abbreviation: **Shuangxing New Materials**, stock code: **002585**, listed on the Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's legal representative is **Wu Peifu**[14](index=14&type=chunk) [2. Contact Person and Information](index=6&type=section&id=2.%20Contact%20Person%20and%20Information) The company's board secretary is Wu Di, and the securities affairs representative is Hua Lei, with contact details provided for inquiries - Board Secretary is **Wu Di**, Securities Affairs Representative is **Hua Lei**[15](index=15&type=chunk) - Contact address: No. 1 Jingtou Street, Caisu Industrial Park, Suqian City, telephone: **0527-84252088**[15](index=15&type=chunk) [3. Other Information](index=6&type=section&id=3.%20Other%20Information) During the reporting period, the company's registered address, office address, website, email, and information disclosure locations remained unchanged, as detailed in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period, with details available in the 2024 annual report[17](index=17&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, operating revenue decreased by 7.09%, net loss attributable to shareholders narrowed by 9.97%, but operating cash flow significantly declined, with total assets and net assets also decreasing 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Period (CNY) | Change from Prior Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,626,491,238.39 | 2,826,985,153.05 | -7.09% | | Net Profit Attributable to Shareholders of Listed Company | -149,465,314.76 | -166,015,270.22 | 9.97% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -172,768,822.57 | -187,087,259.58 | 7.65% | | Net Cash Flow from Operating Activities | -279,652,897.10 | -129,258,650.09 | -116.35% | | Basic Earnings Per Share (CNY/share) | -0.131 | -0.145 | 9.66% | | Diluted Earnings Per Share (CNY/share) | -0.131 | -0.145 | 9.66% | | Weighted Average Return on Net Assets | -1.70% | -1.81% | 0.11% | | **Period-End Indicators** | **Current Period-End (CNY)** | **Previous Year-End (CNY)** | **Change from Previous Year-End** | | Total Assets | 12,660,255,761.40 | 13,305,018,268.96 | -4.85% | | Net Assets Attributable to Shareholders of Listed Company | 8,698,302,781.69 | 8,882,007,774.81 | -2.07% | [5. Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under Chinese and international or foreign accounting standards during the reporting period - During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards and those prepared under Chinese Accounting Standards[20](index=20&type=chunk) - During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under foreign accounting standards and those prepared under Chinese Accounting Standards[21](index=21&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the first half of 2025 amounted to **CNY 23,303,507.81**, primarily from government subsidies and fair value changes in non-current financial assets 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Government subsidies recognized in current profit and loss (excluding those with continuous impact) | 2,787,083.24 | Government subsidies | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 27,000,000.00 | Fair value change gains/losses of non-current financial assets | | Other non-operating income and expenses apart from the above items | -2,371,191.70 | | | Less: Income tax impact | 4,112,383.73 | | | Total | 23,303,507.81 | | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring profit and loss items[24](index=24&type=chunk) Section III Management Discussion and Analysis [1. Company's Main Business Activities During the Reporting Period](index=9&type=section&id=1.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of polyester films and high-performance polymer materials, navigating industry overcapacity and price volatility through innovation in high-end and new energy materials [(I) Industry Development Overview](index=9&type=section&id=%28I%29%20Industry%20Development%20Overview) The BOPET film industry continues to expand but faced overcapacity, supply-demand imbalances, and price volatility in H1 2025, with long-term trends towards application expansion and high-value product development - In the first half of 2025, the total capacity of the BOPET industry was **7.1956 million tons**, an increase of **3.54%** from the end of 2024, with a slowdown in capacity growth rate[27](index=27&type=chunk) - In the first half of 2025, BOPET industry output was **2.1728 million tons**, a year-on-year increase of **333,800 tons**, with an average operating rate of **65.60%**, up **2.31 percentage points** from the same period last year[27](index=27&type=chunk) - From January to June 2025, China's BOPET export volume was **387,300 tons**, a year-on-year increase of **14.31%**; import volume was **126,000 tons**, a year-on-year decrease of **3.92%**[31](index=31&type=chunk) - BOPET industry development trends include continuous expansion of application fields, accelerating R&D of high-value-added products to achieve domestic substitution, and promoting full-产业链 development to enhance product added value[33](index=33&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [(II) Company's Main Business, Products, and Their Uses](index=14&type=section&id=%28II%29%20Company%27s%20Main%20Business%2C%20Products%2C%20and%20Their%20Uses) As a leader in polyester film, the company offers diverse functional and optical films for AI, smart devices, new energy vehicles, and construction, covering over 60 series and 500 specifications - The company offers a rich variety of products, including over **60 series**, **100 types**, and **500 specifications**, covering five major areas: optical materials, energy-saving window film materials, new energy materials, variable information materials, and heat shrinkable materials[38](index=38&type=chunk) - The optical materials segment includes optical substrates and optical-grade films, primarily used in the manufacturing of LCD panels, touch display screens, and MLCCs, with end markets including consumer electronics, automotive, and construction[38](index=38&type=chunk) - The new energy materials segment's products include backsheet substrates, reinforced PET, photovoltaic backsheets, and composite current collectors, primarily used in photovoltaic module manufacturing and lithium battery production[45](index=45&type=chunk) - The variable information materials segment's products include TTR carbon ribbon film and high-end TTR film, primarily used in printing carbon ribbons, barcodes, and banners[50](index=50&type=chunk) - The heat shrinkable materials segment's products include PVC and PETG, primarily used in food and beverage, pharmaceutical, and daily necessities packaging[51](index=51&type=chunk) - Polyester functional films are mainly used in daily consumer areas such as bag making, food packaging, daily chemical packaging, pharmaceutical packaging, printing, decoration, and agriculture[53](index=53&type=chunk) [(III) Company's Business Model](index=17&type=section&id=%28III%29%20Company%27s%20Business%20Model) The company employs a 'benchmark procurement' model, continuous automated production for large orders, and a 'three-pronged' sales strategy to deepen market penetration and customer engagement - Procurement model: At the end of each year, an annual production plan is formulated based on sales forecasts, customer orders, and inventory, with the procurement department executing benchmark procurement and preparing monthly procurement plans for approval[56](index=56&type=chunk) - Production model: Annual, semi-annual, quarterly, and monthly production plans are formulated based on capacity, sales plans, and orders, with large orders utilizing continuous automated production to ensure product quality stability[56](index=56&type=chunk) - Sales model: Centered on the 'three-pronged' marketing strategy, the company deeply implements market marketing, improves its national marketing system layout, and focuses on tapping key customers and expanding end markets[56](index=56&type=chunk) [(IV) Operating Performance During the Reporting Period](index=17&type=section&id=%28IV%29%20Operating%20Performance%20During%20the%20Reporting%20Period) Despite industry challenges, the company achieved **CNY 2.626 billion** in revenue, narrowed its net loss, and saw significant growth in MLCC release film sales, breaking foreign monopolies - During the reporting period, the company achieved operating revenue of **CNY 2,626.4912 million**, and net profit attributable to shareholders of the listed company was **-CNY 149.4653 million**, with the loss narrowing year-on-year[58](index=58&type=chunk) - MLCC release film business sales volume increased by **118.6%** year-on-year, and sales revenue increased by **144.4%** year-on-year[60](index=60&type=chunk) - The company's high-smoothness release film products have been successfully introduced at Micro-Capacitor Technology, breaking the Japanese and Korean monopoly and are now mass-replacing imported products[61](index=61&type=chunk) - During the reporting period, the company filed **39 new patent applications**, including **20 invention patents**; **15 patents were granted**, including **5 invention patents**[59](index=59&type=chunk) [2. Analysis of Core Competencies](index=19&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company's core strengths include scale, R&D, full industrial chain integration, extensive marketing, and a stable management team, reinforcing its leading position and driving innovation - The company's five major business segments are all in leading positions within their respective sub-industries, capable of large-scale, high-specification product manufacturing, and achieving cost reduction through economies of scale[63](index=63&type=chunk) - The company highly values new technology development, proactively planning in 5G, new materials, and other fields, building its own optical substrate production line and achieving mass production, breaking foreign monopolies[64](index=64&type=chunk)[66](index=66&type=chunk) - The company possesses a complete set of process technologies, from raw material development, extrusion stretching, precision coating, magnetron sputtering, micro-forming, to electronic photolithography molds, giving it a full industrial chain technology product development advantage[67](index=67&type=chunk) - The company has established a nationwide marketing service network, serving numerous domestic and international brand customers such as Samsung, LG, Hisense, TCL, Xiaomi, Huawei, and Fortune 500 clients[68](index=68&type=chunk) - The company's core management team is stable, its business strategies are consistent, it has cultivated a group of technical and sales backbone talents, and it focuses on introducing high-end management talents[69](index=69&type=chunk) [3. Analysis of Main Business](index=21&type=section&id=3.%20Analysis%20of%20Main%20Business) The company's main film manufacturing business saw a **7.09%** revenue decline due to market adjustments and competition, with optical materials remaining dominant, while new energy materials revenue significantly decreased Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,626,491,238.39 | 2,826,985,153.05 | -7.09% | Deep market adjustments, industry capacity release, intensified competition, leading to decreased product sales volume and selling prices | | Operating Cost | 2,591,777,504.98 | 2,807,109,664.43 | -7.67% | Decrease in operating revenue led to a corresponding decrease in operating cost | | Financial Expenses | 4,649,611.35 | 10,036,905.87 | -53.67% | Increase in exchange gains | | Net Cash Flow from Operating Activities | -279,652,897.10 | -129,258,650.09 | -116.35% | Increase in operating payments | | Net Cash Flow from Investing Activities | -107,498,250.97 | -476,844,414.81 | 77.46% | Decrease in fixed asset investment expenditures | | Net Cash Flow from Financing Activities | 342,540,085.52 | 272,254,463.43 | 25.82% | Increase in borrowings | Operating Revenue Composition (by Product) | Product | Current Period Amount (CNY) | Proportion of Operating Revenue | Prior Period Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Optical Material Film | 1,183,429,830.91 | 45.06% | 1,288,188,984.31 | 45.57% | -8.13% | | New Energy Material Film | 4,331,478.39 | 0.17% | 237,223,821.36 | 8.39% | -98.17% | | Variable Information Material Film | 204,262,013.46 | 7.78% | 141,784,762.40 | 5.01% | 44.06% | | Heat Shrinkable Material Film | 212,868,879.74 | 8.10% | 223,658,703.83 | 7.91% | -4.82% | | Polyester Functional Film | 1,007,582,177.43 | 38.36% | 913,597,516.69 | 32.32% | 10.29% | Operating Revenue Composition (by Region) | Region | Current Period Amount (CNY) | Proportion of Operating Revenue | Prior Period Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 2,115,897,611.04 | 80.56% | 2,275,138,376.35 | 80.48% | -7.00% | | International | 510,593,627.35 | 19.44% | 551,846,776.70 | 19.52% | -7.48% | [4. Analysis of Non-Main Business](index=22&type=section&id=4.%20Analysis%20of%20Non-Main%20Business) During the reporting period, the company had no non-main business activities requiring disclosure - The company had no non-main business activities during the reporting period[76](index=76&type=chunk) [5. Analysis of Assets and Liabilities](index=22&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets and net assets decreased, with monetary funds, notes receivable, notes payable, and long-term borrowings declining, while construction in progress and short-term borrowings increased Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | Proportion of Total Assets | Previous Year-End Amount (CNY) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 419,512,849.80 | 3.31% | 492,040,783.20 | 3.70% | -0.39% | Increase in operating payments | | Inventories | 2,307,333,300.78 | 18.23% | 2,407,247,682.12 | 18.09% | 0.14% | Reduction in material inventory | | Fixed Assets | 5,302,264,983.36 | 41.88% | 5,631,050,954.39 | 42.32% | -0.44% | Increase in fixed asset depreciation | | Construction in Progress | 1,193,292,430.90 | 9.43% | 1,086,375,651.63 | 8.17% | 1.26% | Increase in new project investments | | Short-term Borrowings | 732,954,425.59 | 5.79% | 300,980,453.58 | 2.26% | 3.53% | Increase in current borrowings | | Long-term Borrowings | 411,688,855.12 | 3.25% | 883,238,872.69 | 6.64% | -3.39% | Partial reclassification of long-term borrowings to non-current liabilities due within one year | | Notes Payable | 1,136,936,152.86 | 8.98% | 1,703,716,961.00 | 12.81% | -3.83% | Increase in notes due and paid | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Other Non-current Financial Assets | 782,500,000.00 | 27,000,000.00 | 809,500,000.00 | | Financing Receivables | 86,513,449.08 | - | 58,344,049.13 | | Total | 869,013,449.08 | 27,000,000.00 | 867,844,049.13 | - At the end of the reporting period, the company had **CNY 77.6555 million** in bank acceptance bill deposits, **CNY 5.055 million** in equipment letter of credit deposits, and **CNY 2 million** in working capital loan performance deposits, with no other asset rights restrictions[82](index=82&type=chunk) [6. Analysis of Investment Status](index=24&type=section&id=6.%20Analysis%20of%20Investment%20Status) The company had no significant equity, non-equity, securities, or derivative investments, and several raised fund projects underperformed due to market downturns and intense competition - The company had no securities investments or derivative investments during the reporting period[83](index=83&type=chunk)[84](index=84&type=chunk) Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (CNY 10,000) | Net Raised Funds (CNY 10,000) | Total Raised Funds Cumulatively Used (CNY 10,000) | Cumulative Use Ratio of Total Raised Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | 2011 | IPO | 28,600 | 27,066.097 | 27,599.915 | 100.00% | | 2014 | Private Placement | 14,000 | 13,679.394 | 13,829.803 | 100.00% | | 2017 | Private Placement | 20,000 | 19,675.729 | 21,284.199 | 100.00% | | Total | -- | 62,600 | 60,421.22 | 62,712.917 | 100.00% | - Multiple raised fund commitment projects did not achieve expected benefits, primarily due to the sustained global economic downturn, intense market competition leading to product price fluctuations, and new production lines still being in the break-in period with capacity not yet fully released[91](index=91&type=chunk)[92](index=92&type=chunk)[96](index=96&type=chunk) - The company has repeatedly used idle raised funds to temporarily supplement working capital, all of which have been repaid on schedule[93](index=93&type=chunk) [7. Significant Asset and Equity Sales](index=29&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[97](index=97&type=chunk) - The company did not engage in significant equity sales during the reporting period[98](index=98&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=29&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company had no important holding or participating company information that required disclosure - During the reporting period, the company had no important holding or participating company information that required disclosure[98](index=98&type=chunk) [9. Information on Structured Entities Controlled by the Company](index=29&type=section&id=9.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[99](index=99&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=29&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from intensified competition, raw material price volatility, and underperforming projects, addressed through innovation, product optimization, lean management, and market expansion - The company faces the risk of decreased profit margins due to intense market competition in the polyester film industry[99](index=99&type=chunk) - Prices of major raw materials, PTA and MEG, fluctuate with the oil market, potentially affecting the company's gross profit margin and profitability[100](index=100&type=chunk) - The company's investment projects may experience decreased product unit prices or insufficient capacity utilization due to market environment, international trade disputes, technological levels, or macroeconomic downturns, affecting expected profitability[100](index=100&type=chunk) - Countermeasures include: technological innovation, expanding development paths in polymer materials, optimizing product structure, strengthening production organization, promoting cost reduction and efficiency improvement, strictly implementing benchmark procurement, reducing inventory, and adhering to the 'three-pronged' strategy to deepen market expansion[100](index=100&type=chunk)[101](index=101&type=chunk) [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=11.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has a plan to enhance investment value and shareholder returns through operational improvements, shareholder rewards, external communication, long-term incentives, and robust information disclosure - The company has formulated and disclosed a valuation enhancement plan to improve investment value and shareholder returns[102](index=102&type=chunk) - The plan includes: strengthening operational quality and efficiency, emphasizing shareholder returns (continuous cash dividends, active implementation of share repurchases), enhancing external communication, establishing long-term incentive mechanisms (equity incentives, employee stock ownership plans), and strengthening information disclosure[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - Since its listing, the company has cumulatively conducted **two share repurchases**, and plans to implement another share repurchase program when appropriate in the future[104](index=104&type=chunk) [12. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=32&type=section&id=12.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company did not disclose any "Quality and Return Dual Enhancement" action plan announcements during the reporting period - The company did not disclose any "Quality and Return Dual Enhancement" action plan announcements during the reporting period[106](index=106&type=chunk) Section IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=32&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) On June 5, 2025, the company experienced multiple changes in its board, supervisory board, and senior management due to re-election, including new appointments for independent director, general manager, and deputy general managers Changes in Directors, Supervisors, and Senior Management on June 5, 2025 | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Chen Qiang | Independent Director | Term Expired, Left Office | 2025年06月05日 | Re-election | | Jin Ye | Chairman of Supervisory Board | Term Expired, Left Office | 2025年06月05日 | Re-election | | Zheng Wei | Supervisor | Term Expired, Left Office | 2025年06月05日 | Re-election | | Chi Wei | Supervisor | Term Expired, Left Office | 2025年06月05日 | Re-election | | Wu Peifu | General Manager | Term Expired, Left Office | 2025年06月05日 | Re-election | | Lu Jingquan | Deputy General Manager | Term Expired, Left Office | 2025年06月05日 | Re-election | | Sun Huabin | Deputy General Manager | Term Expired, Left Office | 2025年06月05日 | Re-election | | Cheng Yinchun | Independent Director | Elected | 2025年06月05日 | Re-election | | Wu Di | General Manager | Appointed | 2025年06月05日 | Re-election | | Chi Wei | Deputy General Manager | Appointed | 2025年06月05日 | Re-election | | Qian Xiangfei | Deputy General Manager | Appointed | 2025年06月05日 | Re-election | | Wang Qi | Deputy General Manager | Appointed | 2025年06月05日 | Re-election | [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=32&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[108](index=108&type=chunk) [3. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=3.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation[109](index=109&type=chunk) [4. Environmental Information Disclosure](index=32&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[110](index=110&type=chunk) [5. Social Responsibility](index=33&type=section&id=5.%20Social%20Responsibility) The company actively fulfills social responsibilities by protecting stakeholders' rights, improving governance, ensuring transparent information, providing employee training, and fostering healthy relationships with suppliers and customers - The company ensures shareholders' right to know, participate, and vote on major matters by improving governance structure, strictly disclosing information, and strengthening investor relations management[111](index=111&type=chunk) - The company establishes human resource management systems and compensation structures in accordance with the Labor Law, implements a full-staff labor contract system, and organizes employee job knowledge and skill training to achieve common development for employees and the enterprise[112](index=112&type=chunk) - The company maintains healthy and stable cooperation with suppliers through benchmark procurement, improved procurement processes, and fair evaluation systems; it earns customer recognition through excellent R&D, stable quality, fast delivery, and high-quality service[113](index=113&type=chunk) Section V Significant Events [1. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties as of the End of the Reporting Period](index=34&type=section&id=1.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20Other%20Committed%20Parties%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the company reported no fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or other committed parties - During the reporting period, the company reported no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or other committed parties as of the end of the reporting period[115](index=115&type=chunk) [2. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=34&type=section&id=2.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, the company reported no non-operating fund occupation by controlling shareholders and other related parties of the listed company - During the reporting period, the company reported no non-operating fund occupation by controlling shareholders and other related parties of the listed company[116](index=116&type=chunk) [3. Irregular External Guarantees](index=34&type=section&id=3.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[117](index=117&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=34&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[118](index=118&type=chunk) [5. Board of Directors' and Supervisory Board's Explanation on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=34&type=section&id=5.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) During the reporting period, the company had no non-standard audit reports - The company had no non-standard audit reports during the reporting period[119](index=119&type=chunk) [6. Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year](index=34&type=section&id=6.%20Board%20of%20Directors%27%20Explanation%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) During the reporting period, the company had no non-standard audit reports - The company had no non-standard audit reports during the reporting period[119](index=119&type=chunk) [7. Bankruptcy and Reorganization Matters](index=34&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[119](index=119&type=chunk) [8. Litigation Matters](index=34&type=section&id=8.%20Litigation%20Matters) During the current reporting period, the company had no significant litigation or arbitration matters - During the current reporting period, the company had no significant litigation or arbitration matters[120](index=120&type=chunk) [9. Penalties and Rectification Status](index=35&type=section&id=9.%20Penalties%20and%20Rectification%20Status) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[121](index=121&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=35&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[122](index=122&type=chunk) [11. Significant Related Party Transactions](index=35&type=section&id=11.%20Significant%20Related%20Party%20Transactions) The company engaged in daily related party transactions for services and product sales, but no other significant related party transactions like asset transfers or debt restructuring occurred during the reporting period Related Party Transactions Related to Daily Operations | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (CNY 10,000) | Approved Transaction Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Suqian Shuangxing International Hotel Co., Ltd. | General Services | Conference and Entertainment Fees | 130.45 | 300 | | Jiangsu Jinghong New Material Technology Co., Ltd. | Product Sales | Sale of Products | 815.28 | 2,000 | | Total | -- | -- | 945.73 | 2,300 | - During the reporting period, the company did not engage in related party transactions involving asset or equity acquisitions/disposals[124](index=124&type=chunk) - During the reporting period, the company did not engage in related party transactions involving joint external investments[125](index=125&type=chunk) - During the reporting period, the company had no related party creditor-debtor relationships[126](index=126&type=chunk) [12. Significant Contracts and Their Performance](index=37&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no significant contracts related to trusteeship, contracting, leasing, major guarantees, wealth management, or other significant contracts - The company had no trusteeship situations during the reporting period[130](index=130&type=chunk) - The company had no contracting situations during the reporting period[131](index=131&type=chunk) - The company had no leasing situations during the reporting period[132](index=132&type=chunk) - The company had no significant guarantee situations during the reporting period[133](index=133&type=chunk) - The company had no wealth management activities during the reporting period[134](index=134&type=chunk) - The company had no other significant contracts during the reporting period[135](index=135&type=chunk) [13. Explanation of Other Significant Matters](index=37&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[137](index=137&type=chunk) [14. Significant Matters of Company Subsidiaries](index=38&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company had no significant matters concerning its subsidiaries - The company had no significant matters concerning its subsidiaries during the reporting period[138](index=138&type=chunk) Section VI Share Changes and Shareholder Information [1. Share Change Status](index=39&type=section&id=1.%20Share%20Change%20Status) During the reporting period, restricted shares increased by **194,946**, unrestricted shares decreased by the same amount, and total share capital remained unchanged, primarily due to other variations Share Change Status | Share Type | Number Before This Change (shares) | Increase/Decrease in This Change (+, -) (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 254,565,878 | 194,946 | 254,760,824 | | Of which: Shares held by domestic natural persons | 254,565,878 | 194,946 | 254,760,824 | | II. Unrestricted Shares | 892,862,834 | -194,946 | 892,667,888 | | Of which: RMB ordinary shares | 892,862,834 | -194,946 | 892,667,888 | | III. Total Shares | 1,147,428,712 | 0 | 1,147,428,712 | - Share changes were due to "other" variations, with no new share issuance, bonus shares, or capital reserve conversions[141](index=141&type=chunk)[142](index=142&type=chunk) [2. Securities Issuance and Listing](index=40&type=section&id=2.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[142](index=142&type=chunk) [3. Number of Shareholders and Shareholding Status](index=40&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of period-end, the company had **61,694** ordinary shareholders, with Wu Peifu holding **26.27%** and the repurchase account holding **0.53%** of shares - At the end of the reporting period, the total number of ordinary shareholders was **61,694**[143](index=143&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Peifu | Domestic Natural Person | 26.27% | 301,388,029 | 226,041,022 | 75,347,007 | | Suqian Dizhicheng Investment Consulting Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.30% | 60,840,000 | 0 | 60,840,000 | | Suqian Qiheng Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.30% | 60,840,000 | 0 | 60,840,000 | | Wu Di | Domestic Natural Person | 3.30% | 37,872,180 | 28,404,135 | 9,468,045 | | Hong Kong Securities Clearing Company Limited | Foreign Legal Person | 2.07% | 23,777,258 | 0 | 23,777,258 | - Wu Peifu is the controlling shareholder of Suqian Dizhicheng Investment Consulting Co., Ltd. and Suqian Qiheng Investment Co., Ltd. Wu Di is Wu Peifu's son and is considered a party acting in concert[145](index=145&type=chunk) - The company's special repurchase securities account held **6,106,100 shares**, accounting for **0.53%**[145](index=145&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, as detailed in the 2024 annual report - During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report[146](index=146&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[147](index=147&type=chunk) - The company's actual controller did not change during the reporting period[147](index=147&type=chunk) [6. Preferred Share Information](index=42&type=section&id=6.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[148](index=148&type=chunk) Section VII Bond-Related Information [Bond-Related Information](index=43&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[150](index=150&type=chunk) Section VIII Financial Report [1. Audit Report](index=44&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[152](index=152&type=chunk) [2. Financial Statements](index=44&type=section&id=2.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 - Financial statements include consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[153](index=153&type=chunk)[156](index=156&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk)[164](index=164&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk)[176](index=176&type=chunk) [3. Company Basic Information](index=62&type=section&id=3.%20Company%20Basic%20Information) The company's registered capital is **CNY 1,147,428,712**, with its main business being R&D, production, and sales of polymer composite materials and various functional films - Company registered address: No. 1 Jingtou Street, Caisu Industrial Park, Suyu District, Suqian City, Jiangsu Province[182](index=182&type=chunk) - Registered capital: **CNY 1,147,428,712**[182](index=182&type=chunk) - Main products include polyester functional films, optical material films, variable information material films, new energy material films, and heat shrinkable material films[182](index=182&type=chunk) [4. Basis of Financial Statement Preparation](index=62&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and CSRC disclosure rules, with its going concern ability assessed as good - The company prepares its financial statements on a going concern basis, in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the China Securities Regulatory Commission's 'Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports'[184](index=184&type=chunk) - After assessment, there are no significant doubts about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[185](index=185&type=chunk) [5. Significant Accounting Policies and Accounting Estimates](index=62&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's comprehensive accounting policies and estimates, covering areas from financial instruments to revenue recognition, ensuring financial report standardization and comparability - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards and truly and completely reflect the company's financial position, operating results, cash flows, and other relevant information during the reporting period[186](index=186&type=chunk) - Materiality standards include: accounts receivable bad debt provision, recovery, or write-off of **CNY 5 million** or more for a single item; construction in progress of **CNY 10 million** or more for a single item[190](index=190&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, or measured at fair value through profit or loss[205](index=205&type=chunk) - The company presents inventories at the lower of cost and net realizable value, with issued inventories accounted for using the weighted average method, and provisions for inventory depreciation are made[229](index=229&type=chunk)[230](index=230&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20 years** for buildings, **5-10 years** for machinery and equipment, and **5 years** for transportation equipment and office and other equipment[244](index=244&type=chunk) - Revenue recognition principle: identify single performance obligations, determine whether they are fulfilled over time or at a point in time, and recognize revenue based on the progress of performance or when the customer obtains control[268](index=268&type=chunk) [6. Taxation](index=89&type=section&id=6.%20Taxation) The company's main taxes include Value-Added Tax (**13%**), Urban Maintenance and Construction Tax (**7%**), Education Surcharge (**3%**), and Local Education Surcharge (**2%**). The company and its subsidiary, Jiangxi Kewei Film New Material Co., Ltd., both enjoy high-tech enterprise income tax incentives, applying an income tax rate of **15%** Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13% | | Urban Maintenance and Construction Tax | 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | Corporate Income Tax Rates for Taxable Entities | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. | 15% | | Jiangxi Kewei Film New Material Co., Ltd. | 15% | - The company and its subsidiary, Jiangxi Kewei Film New Material Co., Ltd., both passed the high-tech enterprise re-evaluation and apply an income tax rate of **15%** for the current period[289](index=289&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=89&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end and beginning balances, current period changes, and related explanations for each item in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, short-term borrowings, notes payable, accounts payable, long-term borrowings, operating revenue, and operating costs, providing specific data support for understanding the company's financial position and operating results Monetary Funds Composition | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 61,272.86 | 74,603.89 | | Bank Deposits | 334,741,074.31 | 373,823,572.09 | | Other Monetary Funds | 84,710,502.63 | 118,142,607.22 | | Total | 419,512,849.80 | 492,040,783.20 | - Other monetary funds at the beginning and end of the period are performance deposits for acceptance bills, letters of credit, etc., which are recoverable upon maturity[291](index=291&type=chunk) Notes Receivable Classification | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Acceptance Bills | 217,212,000.28 | 401,986,464.09 | | Commercial Acceptance Bills | 3,659.39 | 12,161,533.45 | | Total | 217,215,659.67 | 414,147,997.54 | Accounts Receivable Aging Distribution | Aging | Period-End Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 815,832,558.66 | 818,610,936.52 | | 1 to 2 years | 19,472,256.04 | 13,653,670.70 | | 2 to 3 years | 879,259.86 | 13,137,988.36 | | Over 3 years | 158,218,136.27 | 159,471,353.15 | | Total | 994,402,210.83 | 1,004,873,948.73 | Inventory Classification | Item | Period-End Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Raw Materials | 1,150,607,775.13 | 1,295,016,870.29 | | Merchandise Inventory | 1,004,392,568.99 | 904,800,972.57 | | Goods in Transit | 1,290,224.66 | 72,903.03 | | Goods in Transit (Materials) | 151,042,732.00 | 207,356,936.23 | | Total | 2,307,333,300.78 | 2,407,247,682.12 | Fixed Assets Status | Item | Period-End Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Buildings | 1,520,319,620.74 | 1,571,532,645.95 | | Machinery and Equipment | 3,777,699,176.62 | 4,054,458,783.75 | | Transportation Equipment | 2,308,284.54 | 2,927,305.68 | | Office Equipment | 1,937,901.46 | 2,132,219.01 | | Total | 5,302,264,983.36 | 5,631,050,954.39 | Construction in Progress Status | Item | Period-End Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Employee Service Center | 4,753,267.34 | 4,753,267.34 | | Other Building Renovation Projects | 13,748,869.24 | 13,748,869.24 | | D Area Phase III | 497,439,845.85 | 484,888,337.21 | | MLCC Release | 31,919,695.11 | 3,540,555.33 | | Optical Film Phase II | 52,051,989.16 | 26,417,219.71 | | Solar Backsheet Phase II | 74,292,685.87 | 68,210,035.86 | | Composite Copper Foil | 43,073,445.56 | 33,515,923.43 | | F Area | 37,974,393.92 | 26,660,977.15 | | E Area Phase II | 423,139,199.84 | 413,546,079.72 | | Total | 1,193,292,430.90 | 1,086,375,651.63 | Operating Revenue and Operating Cost | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 2,612,474,379.93 | 2,591,777,504.98 | 2,804,453,788.59 | 2,807,109,664.43 | | Other Business | 14,016,858.46 | - | 22,531,364.46 | - | | Total | 2,626,491,238.39 | 2,591,777,504.98 | 2,826,985,153.05 | 2,807,109,664.43 | [8. Research and Development Expenses](index=138&type=section&id=8.%20Research%20and%20Development%20Expenses) During the current period, all R&D expenditures were expensed, as no projects met capitalization criteria, with specific capitalization conditions emphasized - During the current period, there were no R&D projects that met the capitalization criteria[138](index=138&type=chunk) - R&D expenditures capitalization requires meeting conditions such as technical feasibility, management's intention, generation of economic benefits, resource support, and reliable measurement[250](index=250&type=chunk) [9. Changes in Consolidation Scope](index=139&type=section&id=9.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company experienced no business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control, nor any other changes in consolidation scope - During the reporting period, the company did not experience business combinations involving entities not under common control[139](index=139&type=chunk) - During the reporting period, the company did not experience business combinations involving entities under common control[140](index=140&type=chunk) - During the reporting period, the company did not experience reverse acquisitions[142](index=142&type=chunk) - During the reporting period, the company did not experience transactions or events leading to the loss of control over subsidiaries[142](index=142&type=chunk) [10. Interests in Other Entities](index=142&type=section&id=10.%20Interests%20in%20Other%20Entities) The company's interests primarily include **100%** direct shareholding in Jiangxi Kewei Film New Material Co., Ltd., with no significant non-wholly owned subsidiaries, joint ventures, or changes in ownership interest affecting control Composition of the Enterprise Group | Subsidiary Name | Registered Capital (CNY) | Nature of Business | Shareholding Proportion (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Kewei Film New Material Co., Ltd. | 100,000,000.00 | Window Film Production and Sales | 100.00% | Business Combination Not Under Common Control | - During the reporting period, the company had no significant non-wholly owned subsidiaries[142](index=142&type=chunk) - During the reporting period, the company had no significant joint ventures or associates[144](index=144&type=chunk) - During the reporting period, the company had no transactions where its ownership interest in a subsidiary changed while still retaining control[143](index=143&type=chunk) [11. Government Grants](index=147&type=section&id=11.%20Government%20Grants) Government grants recognized as liabilities primarily relate to asset-related grants totaling **CNY 23,044,583.33** at period-end, with **CNY 1,394,000.00** recognized in current profit or loss - The company did not disclose government grants recognized at period-end based on receivable amounts[147](index=147&type=chunk) Liability Items Involving Government Grants | Accounting Account | Beginning Balance (CNY) | Amount of New Grants for the Period (CNY) | Period-End Balance (CNY) | Asset-Related/Income-Related | | :--- | :--- | :--- | :--- | :--- | | Other Non-current Liabilities | 13,652,083.33 | 10,700,000.00 | 23,044,583.33 | Asset-Related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount for the Current Period (CNY) | Amount for the Prior Period (CNY) | | :--- | :--- | :--- | | Non-operating Income - Government Grants | 86,500.00 | - | | Other Income - Government Grants | 1,307,500.00 | 2,370,398.43 | [12. Risks Related to Financial Instruments](index=147&type=section&id=12.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (exchange rate, interest rate, other price risks) through a structured framework, hedging, and operational adjustments, with low sensitivity to interest rate fluctuations - The company faces credit risk (primarily from customer receivables), liquidity risk (shortage of funds), and market risk (exchange rate risk, interest rate risk, and other price risks)[582](index=582&type=chunk)[583](index=583&type=chunk)[584](index=584&type=chunk) - The company manages exchange rate risks by reasonably arranging foreign exchange settlement and purchase cycles, directly using export receipts to purchase raw materials, settling part of imported equipment in RMB, and using forward foreign exchange hedging[585](index=585&type=chunk) Sensitivity Analysis of Exchange Rate Fluctuations on Total Profit and Owners' Equity | Item | Exchange Rate Change | Impact on Total Profit (CNY) | Impact on Owners' Equity (CNY) | | :--- | :--- | :--- | :--- | | USD | Increase 5% | 12,237,330.65 | 10,401,731.05 | | USD | Decrease 5% | -12,237,330.65 | -10,401,731.05 | | EUR | Increase 3% | 825,473.65 | 701,652.60 | | EUR | Decrease 3% | -825,473.65 | -701,652.60 | | JPY | Increase 10% | -168,201.60 | -142,971.36 | | JPY | Decrease 10% | 168,201.60 | 142,971.36 | - The company is not highly sensitive to interest rate fluctuations and does not have significant interest rate risk[586](index=586&type=chunk) [13. Disclosure of Fair Value](index=149&type=section&id=13.%20Disclosure%20of%20Fair%20Value) At period-end, total assets measured at fair value were **CNY 867,844,049.13**, primarily non-current financial assets and financing receivables, valued using Level 3 fair value methods Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Equity Instrument Investments | 809,500,000.00 | 809,500,000.00 | | Financing Receivables | 58,344,049.13 | 58,344,049.13 | | Total Assets Continuously Measured at Fair Value | 867,844,049.13 | 867,844,049.13 | - Financial assets measured at fair value through profit or loss are investments in non-listed company equities, with valuation techniques including market comparison method and the net assets of the target company[592](index=592&type=chunk) - Financing receivables are bank acceptance bills with short remaining maturities, where the carrying amount approximates fair value, thus the carrying amount is used as fair value[592](index=592&type=chunk) [14. Related Parties and Related Party Transactions](index=150&type=section&id=14.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's related parties include entities under common control and those controlled by senior management's relatives, with daily transactions for services and product sales, but no other significant related party transactions - The parent company is Jiangsu Shuangxing Color Plastic New Materials Co., Ltd., with a registered capital of **CNY 1,147,428,712**, and a shareholding and voting rights proportion of **100.00%**[593](index=593&type=chunk) - Other related parties include Suqian Shuangxing International Hotel Co., Ltd. (under common control) and Jiangsu Jinghong New Material Technology Co., Ltd. (an entity controlled by close relatives of the company's senior management)[595](index=595&type=chunk) Related Party Transactions for Sales and Purchases of Goods, Provision and Acceptance of Services | Related Party | Content of Related Party Transaction | Amount for the Current Period (CNY) | Amount for the Prior Period (CNY) | | :--- | :--- | :--- | :--- | | Suqian Shuangxing International Hotel Co., Ltd. | Conference and Entertainment Fees | 1,304,511.35 | - | | Jiangsu Jinghong New Material Technology Co., Ltd. | Finished Products | 8,152,806.50 | 2,795,039.99 | - During the reporting period, the company had no related party entrusted management/contracting or entrusted management/subcontracting situations, related party leasing situations, related party guarantee situations, related party fund transfers, related party asset transfers, or debt restructuring situations[599](index=599&type=chunk)[600](index=600&type=chunk)[601](index=601&type=chunk)[603](index=603&type=chunk)[604](index=604&type=chunk)[606](index=606&type=chunk) [15. Share-Based Payment](index=155&type=section&id=15.%20Share-Based%20Payment) During the reporting period, the company had no overall share-based payment situations, equity-settled share-based payments, cash-settled share-based payments, current period share-based payment expenses, or modifications/terminations of share-based payments - The company had no overall share-based payment situations during the reporting period[613](index=613&type=chunk) - The company had no equity-settled share-based payment situations during the reporting period[613](index=613&type=chunk) - The company had no cash-settled share-based payment situations during the reporting period[613](index=613&type=chunk) - The company had no current period share-based payment expenses during the reporting period[613](index=613&type=chunk) [16. Commitments and Contingencies](index=155&type=section&id=16.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had outstanding equipment letters of credit totaling **CNY 48.1369 million**, of which **CNY 5.0549 million** was deposited as margin, with the remaining portion secured by bank credit lines. Other than this, the company had no other significant commitments affecting the reading and understanding of the financial statements, nor any important contingencies requiring disclosure - As of June 30, 2025, the company had outstanding equipment letters of credit totaling **CNY 48.1369 million**, with **CNY 5.0549 million** deposited as margin, and the remaining portion secured by bank credit lines[615](index=615&type=chunk) - The company had no other significant commitments affecting the reading and understanding of these financial statements[614](index=614&type=chunk) - The company had no important contingencies requiring disclosure[616](index=616&type=chunk) [17. Events After the Balance Sheet Date](index=155&type=section&id=17.%20Events%20After%20the%20Balance%20Sheet%20Date) The company's board of directors resolved to change the purpose of the **6,106,100** repurchased shares in the special repurchase securities account to cancellation and reduction of the company's registered capital; this matter still requires approval by the shareholders' meeting. During the reporting period, there were no significant non-adjusting events, profit distribution situations, or sales returns - The company's board of directors resolved to change the purpose of the **6,106,100** repurchased shares in the special repurchase securities account from "for employee stock ownership plans or equity incentives" to "for cancellation and reduction of the company's registered capital"[617](index=617&type=chunk) - This share cancellation matter still requires approval by the company's shareholders' meeting[617](index=617&type=chunk) [18. Other Significant Matters](index=156&type=section&id=18.%20Other%20Significant%20Matters) During the reporting period, the company had no prior period accounting error corrections, debt restructuring, asset exchanges, annuity plans, discontinued operations, or segment information, or other significant transactions and matters affecting investor decisions - During the reporting period, the company had no prior period accounting error corrections[618](index=618&type=chunk) - During the reporting period, the company had no debt restructuring[621](index=621&type=chunk) - During the reporting period, the company had no asset exchanges[621](index=621&type=chunk) - During the reporting period, the company had no discontinued operations[623](index=623&type=chunk) - The company has no reportable segments, or cannot disclose total assets and total liabilities for each reportable segment[625](index=625&type=chunk) [19. Notes to Parent Company Financial Statement Main Items](index=157&type=section&id=19.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Main%20Items) This section provides detailed notes on the parent company's accounts receivable, other receivables, long-term equity investments, and operating results, offering specific data for its independent financial understanding Parent Company Accounts Receivable Aging Distribution | Aging | Period-End Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 820,591,055.10 | 821,964,001.55 | | 1 to 2 years | 19,267,125.74 | 13,441,115.79 | | 2 to 3 years | 659,157.36 | 13,013,739.53 | | Over 3 years | 138,930,603.12 | 140,222,198.02 | | Total | 979,447,941.32 | 988,641,054.89 | Parent Company Long-term Equity Investments | Item | Period-End Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Investments in Subsidiaries | 95,100,955.61 | 95,100,955.61 | | Total | 95,100,955.61 | 95,100,955.61 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 2,567,081,913.17 | 2,554,754,707.29 | 2,765,486,214.51 | 2,776,348,376.07 | | Other Business | 14,011,198.28 |

Core Viewpoint - The article emphasizes the rapid growth and competitive landscape of high-performance membrane materials, particularly in lithium battery separators, hydrogen energy, photovoltaics, and semiconductors, with Chinese companies making significant advancements against long-standing dominance by Japanese and American firms [2]. Group 1: Overview of High-Performance Membrane Materials - High-performance membrane materials are critical for new separation technologies, characterized by energy efficiency and environmental friendliness, playing a vital role in addressing water, energy, and environmental issues [8]. - Membrane materials can be categorized into thick membranes (over 1 micron) and thin membranes (under 1 micron), with applications in water treatment, special separation, gas separation, biomedical, and battery membranes [8][11]. Group 2: Current Development Status of the Membrane Industry - The global membrane materials industry is growing at an annual rate of approximately 15%, with water treatment membranes reaching a mature stage, while special separation membranes are experiencing rapid development [11]. - By 2019, the membrane industry in China had nearly reached a scale of 200 billion yuan, with significant advancements in water treatment, special separation, and gas separation membranes [11]. Group 3: Market Situation of High-Performance Separation Membranes - In 2022, China's membrane industry total output value is expected to exceed 860 billion yuan, with a compound annual growth rate of about 10% from 2022 to 2027 [20]. - The market structure of membrane products in China shows that reverse osmosis and nanofiltration membranes account for 50%, while ultrafiltration and microfiltration membranes each account for 10% [20]. Group 4: Competitive Landscape of the Membrane Industry - The membrane industry value chain includes research and development of membrane materials, production of membrane components, manufacturing of membrane equipment, and system integration, with the highest value contribution from upstream material development [21]. - The competitive landscape features a mix of domestic and international players, with significant market shares held by companies like Shanghai Thinker and Xingyuan Material in the lithium battery separator market [47]. Group 5: Optical Membranes - Optical membranes are widely used in various applications, including precision optical devices, displays, and anti-counterfeiting technologies, with significant growth driven by demand in the LCD and OLED markets [24][37]. - The optical membrane market in China is projected to grow, with a market size of approximately 327.23 billion yuan in 2022, driven by technological upgrades and strong demand from local manufacturers [37]. Group 6: Lithium Battery Separators - The lithium battery separator market is rapidly expanding, with China's output volume reaching 133.2 billion square meters in 2022, accounting for over 80% of the global market share [47]. - Major players in the lithium battery separator market include Shanghai Thinker and Xingyuan Material, with significant growth in both wet and dry separator production [47]. Group 7: Aluminum-Plastic Film - The aluminum-plastic film market is expected to grow at a compound annual growth rate of 16.09%, reaching a market size of 57 billion yuan in 2022 [53]. - The supply of aluminum-plastic films is currently unable to meet domestic demand, leading to a push for domestic production to replace imports [61].

Core Viewpoint - The financial performance and stock trading activities of Doushan New Materials indicate a stable yet cautious market position, with notable changes in shareholder structure and financing activities [1][2][3]. Group 1: Financial Performance - For the period from January to March 2025, Doushan New Materials reported a revenue of 1.382 billion yuan, reflecting a year-on-year growth of 0.07% [2]. - The company experienced a net profit attributable to shareholders of -42.77 million yuan, which represents a significant year-on-year increase of 51.09% [2]. - Cumulatively, the company has distributed a total of 1.46 billion yuan in dividends since its A-share listing, with 299 million yuan distributed over the past three years [3]. Group 2: Shareholder and Financing Activities - As of August 8, 2023, the number of shareholders for Doushan New Materials was 59,800, showing a decrease of 1.24% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.25% to 14,930 shares [2]. - On August 25, 2023, the company had a total financing balance of 235 million yuan, accounting for 3.53% of its market capitalization, which is above the 90th percentile of the past year [1]. - The company had a margin trading buy amount of 16.29 million yuan and a net buy of 3.64 million yuan on the same day [1]. - The short selling activities included 100 shares sold, with a total value of 581 yuan, and a short selling balance of 47,290 yuan, which is above the 60th percentile of the past year [1].