[Important Notice, Table of Contents, and Definitions](index=3&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice and Definitions](index=3&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E4%B8%8E%E9%87%8A%E4%B9%89) The company's management guarantees the report's authenticity and plans no profit distribution for this period - The company's management ensures the truthfulness, accuracy, and completeness of the report and states that **no cash dividends, bonus shares, or capital reserve transfers** will be issued for the reporting period[9](index=9&type=chunk)[10](index=10&type=chunk) - This report covers the period from **January 1, 2025, to June 30, 2025**[18](index=18&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Qinghai Huzhu Tianyoude Highland Barley Wine Co, Ltd is listed on the Shenzhen Stock Exchange under the stock code 002646 Company Information | Item | Information | | :--- | :--- | | **Stock Ticker** | Tianyoude Wine | | **Stock Code** | 002646 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Name** | Qinghai Huzhu Tianyoude Highland Barley Wine Co, Ltd | | **Legal Representative** | Li Yinhui | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's revenue and net profit declined, but its operating cash flow significantly improved due to better working capital management Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 673,819,141.78 | 759,154,805.65 | -11.24% | | **Net Profit Attributable to Shareholders (Yuan)** | 51,460,249.67 | 79,617,531.28 | -35.37% | | **Net Profit after Non-recurring Items (Yuan)** | 48,965,919.33 | 76,493,788.71 | -35.99% | | **Net Cash Flow from Operating Activities (Yuan)** | 54,012,827.36 | 22,841,669.51 | 136.47% | | **Basic Earnings Per Share (Yuan/Share)** | 0.1080 | 0.1659 | -34.90% | | **Weighted Average ROE** | 1.81% | 2.78% | -0.97% | | **Total Assets (Yuan)** | 3,348,709,268.35 | 3,344,517,538.86 | 0.13% (vs Year-End) | | **Net Assets Attributable to Shareholders (Yuan)** | 2,889,739,860.65 | 2,814,061,051.34 | 2.69% (vs Year-End) | [Non-recurring Profit and Loss Items](index=8&type=section&id=%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) The company's non-recurring profit and loss totaled 2.49 million Yuan, mainly from government subsidies and wealth management income Non-recurring Profit and Loss Items for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -133,530.93 | | Government Subsidies Included in Current P&L | 2,950,673.15 | | Gain/Loss from Entrusted Investments | 288,493.15 | | Other Non-operating Income and Expenses | -265,105.02 | | Less: Income Tax Impact | 347,823.23 | | Less: Minority Interest Impact (After Tax) | -1,623.22 | | **Total** | **2,494,330.34** | [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Business Overview](index=10&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 focuses on highland barley wine, implementing strategic initiatives to navigate a rationalizing market and expand its reach - The company's main business is the R&D, production, and sale of highland barley wine, featuring brands like Tianyoude and Huzhu, with a **fully self-owned production chain** and a sales model combining distribution and direct sales[32](index=32&type=chunk)[33](index=33&type=chunk) - The company is advancing its "Four-pronged" strategy (county-level penetration, internationalization, youth appeal, and terminal focus) to solidify its home market, expand nationally, and promote exports, with **Tashi highland barley wine entering Costco in the US**[36](index=36&type=chunk) - To attract younger consumers, the company launched innovative products such as a **28-proof lemon-flavored** and a **43-proof sherry-finished highland barley wine**[35](index=35&type=chunk)[53](index=53&type=chunk) [Industry and Main Business](index=10&type=section&id=%E8%A1%8C%E4%B8%9A%E4%B8%8E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The Chinese liquor industry faces rationalizing consumption, where regional brands with strong value propositions and channel control show resilience - The liquor industry is under pressure as consumers prioritize value, giving **regional brands an advantage** due to their local consumer base and channel control[32](index=32&type=chunk) - Key performance drivers include solidifying market foundations, expanding coverage, deepening rural penetration, targeting the banquet market, promoting tourism season activities, and **accelerating the national product layout**[34](index=34&type=chunk)[35](index=35&type=chunk) [Brand and Product Operation](index=11&type=section&id=%E5%93%81%E7%89%8C%E4%B8%8E%E4%BA%A7%E5%93%81%E8%BF%90%E8%90%A5) Highland barley wine remains the core revenue source, with sales evenly split between products priced above and below 100 Yuan Product Revenue Composition (Wine Manufacturing) for H1 2025 | Product Category | Operating Revenue (Yuan) | Revenue Share | | :--- | :--- | :--- | | **Highland Barley Wine** | **570,212,057.72** | **99.06%** | | Above 100 Yuan (incl)/500ml | 299,430,578.55 | 52.02% | | Below 100 Yuan/500ml | 270,781,479.17 | 47.04% | | **Other Highland Barley Spirits** | 776,774.86 | 0.13% | | **Wine** | 4,643,194.14 | 0.81% | | **Total** | **575,632,026.72** | **100.00%** | [Sales and Production Model](index=13&type=section&id=%E9%94%80%E5%94%AE%E4%B8%8E%E7%94%9F%E4%BA%A7%E6%A8%A1%E5%BC%8F) The company primarily relies on channel distribution, which constitutes 88.9% of its wine manufacturing revenue, supplemented by direct sales Sales Model Revenue | Sales Model | Operating Revenue (Yuan) | Gross Margin | YoY Revenue Change | | :--- | :--- | :--- | :--- | | Channel Distribution | 511,711,800.19 | 66.90% | -9.52% | | Direct Sales | 63,920,226.53 | 72.67% | -21.43% | - During the period, the number of **out-of-province distributors increased from 511 to 522**, a net addition of 11, while in-province distributors remained at 77[46](index=46&type=chunk) - Online e-commerce platform sales revenue reached **24.31 million Yuan**, a year-on-year increase of 4.64%[46](index=46&type=chunk) [Core Competitiveness Analysis](index=14&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 strengths lie in its unique "Tianniang Craft," strong brands, market dominance, and continuous product innovation - **Brand Advantage**: "Huzhu" and "Tianyoude" are **China Well-known Trademarks**, with "Huzhu" being a "China Time-honored Brand" and its craft listed as a national intangible cultural heritage[51](index=51&type=chunk) - **Market Advantage**: The company's strategy is to "Root in Qinghai, Base in the Northwest, Expand Nationally, and Deploy Globally," holding a **high market share in Qinghai** with a loyal consumer base[52](index=52&type=chunk) - **Product & Innovation**: In H1 2025, the company successfully launched three new products, including a **28-proof lemon-flavored and a 43-proof sherry-finished highland barley wine**, and upgraded five existing products[53](index=53&type=chunk) - **Talent Advantage**: The company boasts a strong technical team, including experts with the **"State Council Special Government Allowance"** and national-level liquor tasters, with the team earning honors like the national "Youth Civilization Unit"[54](index=54&type=chunk) [Main Business Analysis](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's main business revenue declined, with sales falling in domestic markets but showing strong growth internationally YoY Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 673,819,141.78 | 759,154,805.65 | -11.24% | No significant change | | **Operating Cost** | 278,525,713.28 | 307,871,180.69 | -9.53% | No significant change | | **Administrative Expenses** | 66,003,119.41 | 85,616,659.79 | -22.91% | No significant change | | **Financial Expenses** | 30,607.12 | -5,429,445.06 | 100.56% | Impact of USD exchange rate fluctuations | | **Net Cash Flow from Operating Activities** | 54,012,827.36 | 22,841,669.51 | 136.47% | Reduced payments for various procurements | | **Net Cash Flow from Investing Activities** | -114,022,894.98 | -30,410,920.11 | -274.94% | Purchase of short-term wealth management products | Operating Revenue Composition | Category | Current Period Revenue (Yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **By Region** | | | | | Within Qinghai Province | 461,478,578.47 | 68.49% | -8.49% | | Outside Qinghai Province | 198,488,079.61 | 29.46% | -17.18% | | International | 3,517,735.81 | 0.52% | 42.87% | | **By Product** | | | | | Highland Barley Wine (≥100 Yuan) | 299,430,578.55 | 44.44% | -10.19% | | Highland Barley Wine (<100 Yuan) | 270,781,479.17 | 40.19% | -11.44% | [Analysis of Assets and Liabilities](index=18&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) The company's total assets remained stable, with a significant shift from construction in progress to fixed assets upon project completion - **Construction in progress decreased by 941 million Yuan (95.22%)** from the beginning of the year, as the "17,300-ton high-quality highland barley raw spirit aging project" was transferred to fixed assets[62](index=62&type=chunk) - The company holds **overseas assets in the US valued at 180 million Yuan**, representing 6.22% of its net assets; these US operations generated 3.07 million Yuan in revenue and a net loss of 13.02 million Yuan in H1 2025[64](index=64&type=chunk) - During the period, the company purchased **80 million Yuan in trading financial assets** (wealth management products) and made a new 1.5 million Yuan equity investment in Hainan Jianyun Supply Chain Management Co, Ltd[62](index=62&type=chunk)[66](index=66&type=chunk) [Investment Analysis](index=21&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 primary investment is the ongoing highland barley raw spirit aging project, which has been delayed to year-end 2025 Progress of Major Non-Equity Investment Projects | Project Name | Investment Method | Investment in Current Period (Yuan) | Cumulative Investment (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | 17,300-ton high-quality highland barley raw spirit aging project | Self-construction | 19,828,056.72 | 117,302,238.61 | 55.86% | - Due to objective factors like the domestic economic situation, the progress of several fundraising projects has slowed, with the **"17,300-ton aging project" completion date postponed to December 31, 2025**[69](index=69&type=chunk)[78](index=78&type=chunk) - As of the end of the reporting period, **67.16% of the 405 million Yuan raised** in the 2021 private placement has been used, with 133 million Yuan remaining[73](index=73&type=chunk)[75](index=75&type=chunk) [Analysis of Major Holding and Participating Companies](index=25&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) The main sales subsidiary remains the core profit contributor, while the US subsidiary continues to operate at a loss Operating Performance of Major Subsidiaries (H1 2025) | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Qinghai Huzhu Highland Barley Wine Sales Co, Ltd | 446,147,263.34 | 52,371,035.06 | | Oranos Group, Inc. | 3,073,637.28 | -13,022,757.48 | | Beijing Huzhu Tianyoude Highland Barley Wine Sales Co, Ltd | 1,831,739.69 | -7,982,207.95 | [Company's Risks and Countermeasures](index=26&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 shifting consumer preferences toward value and uncertainty in US tariff policies - **Risk 1**: A shift in liquor consumption towards private consumption and value-for-money; the company will respond by **enhancing market research, promoting its "Four-pronged" strategy, and increasing the supply of high-value products** like plain bottle liquor[85](index=85&type=chunk) - **Risk 2**: Uncertainty in US tariff policies; the company will **closely monitor tariff changes** and make adaptive adjustments[85](index=85&type=chunk) [Corporate Governance, Environment, and Society](index=26&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Corporate Governance](index=26&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%83%85%E5%86%B5) The company adjusted its board composition, appointed a new deputy general manager, and is proceeding with a restricted stock buyback - The company elected **Wang Yancai and Chen Bin as new independent directors** and appointed Lu Shuilong as Deputy General Manager[87](index=87&type=chunk)[88](index=88&type=chunk) - The company plans to **buy back and cancel a total of 2.895 million restricted shares** from its 2023 incentive plan due to unmet vesting conditions[90](index=90&type=chunk)[91](index=91&type=chunk) - The company's H1 2025 plan includes **no cash dividends, no bonus shares, and no capitalization of public reserves**[89](index=89&type=chunk) [Environmental and Social Responsibility](index=27&type=section&id=%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) The company is listed for mandatory environmental information disclosure and actively engages in rural revitalization and public welfare - The company and its subsidiaries are included in the list of enterprises **legally required to disclose environmental information**[92](index=92&type=chunk) - The company actively fulfilled its social responsibilities through various public welfare activities, including **poverty alleviation support, the "Highland Barley Student Aid Action" for rural education, and donating supplies to earthquake-stricken areas**[93](index=93&type=chunk)[94](index=94&type=chunk) [Important Matters](index=29&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Related-Party Transactions](index=30&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) All routine related-party transactions were conducted within approved limits and based on market prices Major Routine Related-Party Transactions in H1 2025 | Related Party | Transaction Type | Transaction Content | Transaction Amount (10k Yuan) | | :--- | :--- | :--- | :--- | | Tianyoude Group and its controlled companies | Purchase/Receive Services | Purchase of goods, receiving services (incl leasing) | 343.47 | | Zhongjiu (Beijing) Chain Commerce Management Co, Ltd | Sale of Goods | Sale of goods | 439.16 | [Major Contracts and Their Performance](index=33&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 a 100 million Yuan guarantee for a subsidiary and approved a total guarantee limit of 250 million Yuan - The company provided a **100 million Yuan joint liability guarantee** for its wholly-owned subsidiary, Tibet Alajiaobao Liquor Co, Ltd, for a one-year term[118](index=118&type=chunk) - During the period, the company used **80 million Yuan of its own funds to purchase brokerage wealth management products**[120](index=120&type=chunk) [Other Important Matters](index=35&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 increased its investment in its US subsidiary, while another subsidiary plans a major winery expansion - The company continued to increase its capital in the US subsidiary Oranos Group, Inc to support its business development, completing a **capital injection of 650,000 USD** during the period[121](index=121&type=chunk) - The wholly-owned subsidiary, Tibet Alajiaobao Liquor Co, Ltd, plans to use **160 million Yuan of self-raised funds for a winery renovation and expansion project**[124](index=124&type=chunk) [Share Capital Changes and Shareholder Information](index=37&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=37&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged during the reporting period, with a stock buyback plan in progress - The company's **total share capital remained unchanged at 482,002,974 shares** during the reporting period[127](index=127&type=chunk) [Shareholder Information](index=38&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 controlling shareholder holds a 41.39% stake, with a portion of its shares pledged, while index funds are among the top ten shareholders Top Ten Shareholders | Shareholder Name | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | | Qinghai Tianyoude Technology Investment Management Group Co, Ltd | 41.39% | 199,483,040 | | China Merchants CSI Liquor Index Fund | 4.95% | 23,858,066 | | Penghua CSI Liquor ETF | 1.27% | 6,142,300 | | Wang Shen | 1.21% | 5,808,808 | | Peking University Education Foundation | 0.94% | 4,510,400 | - The controlling shareholder, Qinghai Tianyoude Technology Investment Management Group Co, Ltd, holds **41.39% of the company's shares**, of which 90,730,000 shares are pledged[130](index=130&type=chunk) [Bond-Related Matters](index=42&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-Related Matters](index=42&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no bond-related matters to disclose for the reporting period - The company did not issue, trade, or hold any bonds during this reporting period, and there are **no related matters to disclose**[137](index=137&type=chunk) [Financial Report](index=43&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Opinion](index=43&type=section&id=%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81) The company's semi-annual financial report for 2025 has not been audited - This semi-annual financial report is **unaudited**[139](index=139&type=chunk) [Financial Statements](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements provide a comprehensive overview of the company's financial position, performance, and cash flows for H1 2025 [Consolidated Balance Sheet](index=43&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company maintained a stable balance sheet with total assets of 3.35 billion Yuan Key Items from Consolidated Balance Sheet (2025-06-30) | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | **3,348,709,268.35** | | Total Current Assets | 1,911,233,501.64 | | Total Non-current Assets | 1,437,475,766.71 | | **Total Liabilities** | **477,625,115.54** | | Total Current Liabilities | 437,557,034.76 | | Total Non-current Liabilities | 40,068,080.78 | | **Total Equity** | **2,871,084,152.81** | | Equity Attributable to Parent Company | 2,889,739,860.65 | [Consolidated Income Statement](index=47&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, the company generated total revenue of 674 million Yuan and net profit attributable to shareholders of 51.46 million Yuan Key Items from Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | **Total Operating Revenue** | **673,819,141.78** | | **Total Operating Cost** | **613,289,421.76** | | Operating Cost | 278,525,713.28 | | Taxes and Surcharges | 101,809,877.16 | | Selling Expenses | 158,361,898.36 | | Administrative Expenses | 66,003,119.41 | | **Total Profit** | **72,577,510.74** | | **Net Profit** | **51,553,072.89** | | Net Profit Attributable to Parent Company Shareholders | 51,460,249.67 | [Consolidated Cash Flow Statement](index=51&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The company's operating cash flow increased significantly, while investing activities resulted in a net outflow due to asset purchases Key Items from Consolidated Cash Flow Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | **54,012,827.36** | | **Net Cash Flow from Investing Activities** | **-114,022,894.98** | | **Net Cash Flow from Financing Activities** | **-4,447,476.28** | | Effect of Exchange Rate Changes on Cash | -31,781.37 | | **Net Increase in Cash and Cash Equivalents** | **-64,489,325.27** | | Cash and Cash Equivalents at End of Period | 299,248,391.21 | [Notes to the Financial Statements](index=61&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) The notes detail the company's accounting policies, including revenue recognition, inventory valuation, and R&D expenditure treatment - **Revenue Recognition Policy**: Revenue is recognized when the customer obtains control of the goods, typically upon customer acceptance[228](index=228&type=chunk) - **Inventory Valuation Method**: Inventories are recorded at actual cost upon acquisition and valued using the weighted average method upon dispatch, measured at the lower of cost or net realizable value at period-end[201](index=201&type=chunk) - **R&D Expenditure**: Research-phase expenditures are expensed as incurred, while development-phase expenditures meeting capitalization criteria are recognized as intangible assets[215](index=215&type=chunk)[216](index=216&type=chunk) [Other Submitted Data](index=152&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [Other Important Matters and Investor Relations Activities](index=152&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E4%B8%8E%E6%8A%95%E8%B5%84%E8%80%85%E5%85%B3%E7%B3%BB%E6%B4%BB%E5%8A%A8) The company received a minor administrative penalty for environmental monitoring issues and actively engaged with investors - In January 2025, the company was fined **50,000 Yuan** for issues with its pollution source automatic monitoring equipment and has since completed rectification[529](index=529&type=chunk) - During the reporting period, the company held **multiple online earnings calls and investor reception events** to communicate with institutional and individual investors[530](index=530&type=chunk)

10:04 A股三大指数集体翻绿 沪指下跌翻绿，此前一度涨超0.45%，深证成指跌0.34%，创业板指跌0.23%。 10:04 深证成指失守11800点整数关口 酒鬼酒涨停，皇台酒业、舍得酒业涨超4%，水井坊、泸州老窖等跟涨。 | 名称 | 张幅� | | --- | --- | | 酒鬼酒 | +10.01% | | *ST岩石 | 45.08% | | 皇台酒业 | +4.71% | | 舍得酒业 | +4.48% | | 洋河股份 | +3.99% | | 水井坊 | +3.22% | | 金种子酒 | +3.21% | | 金徽酒 | +2.58% | | 泸州老窖 | +2.46% | | 天佑德酒 | +2.28% | 09:48 沪深两市成交额突破5000亿元 深证成指失守11800点整数关口，跌0.31% 09:59 白酒股拉升 酒鬼酒涨停 ...

Core Viewpoint - Tianyoude Wine (002646.SZ) announced the receipt of a notice from its controlling shareholder, Qinghai Tianyoude Technology Investment Management Group Co., Ltd., regarding the termination of margin trading business [1] Group 1 - Tianyoude Group transferred 12,000,000 shares of the company from its margin trading account at Guotai Junan Securities Co., Ltd. back to a regular securities account, thereby terminating the margin trading business [1] - As of the date of the announcement, Tianyoude Group holds a total of 199,483,040 shares of the company, representing 41.39% of the total share capital, all of which are now stored in a regular securities account [1]

证券代码：002646 证券简称：天佑德酒 公告编号：2025-050 青海互助天佑德青稞酒股份有限公司 关于控股股东解除融资融券业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）近日收到公司控股股东青海天 佑德科技投资管理集团有限公司（以下简称"天佑德集团"）《关于解除融资融券业务的告知函》。 具体情况如下： 青海互助天佑德青稞酒股份有限公司董事会 天佑德集团将其持有的公司无限售流通股 12,000,000 股从其在国泰海通证券股份有限公 司开立的客户信用交易担保证券账户中转回到普通证券账户，解除了该笔融资融券业务。 2025 年 8 月 18 日 截至本公告披露日，天佑德集团共持有公司股份 199,483,040 股，占公司总股本的 41.39%， 全部存放于普通证券账户。 一、备查文件 1、中国证券登记结算有限责任公司《持股5%以上股东每日持股变化明细》。 特此公告。 ...

Group 1 - The core point of the article highlights that Tianyoude Liquor's shareholders have a pledge ratio of 17.22% of the total share capital, ranking 472nd in the market [1] - Shareholders of Tianyoude Liquor have pledged a total of 83 million shares, divided into three transactions, all of which are unrestricted shares [1] - The total market value of the pledged shares amounts to 823 million yuan [1]

Core Viewpoint - The company intends to utilize temporarily idle raised funds for cash management to enhance fund efficiency and increase returns for shareholders, ensuring that normal operations and investment projects are not affected [1][12][14]. Summary by Sections 1. Basic Information on Raised Funds - The company raised a total of approximately RMB 412 million through a non-public stock issuance, with a net amount of about RMB 405 million after deducting issuance costs [1][2]. - As of June 30, 2025, the company has utilized approximately RMB 272 million of the raised funds, leaving a balance of about RMB 147 million [3]. 2. Cash Management Plan - The company plans to use up to RMB 147 million of temporarily idle raised funds for cash management within a 12-month period, allowing for rolling use of the funds [5][6]. - The investment products will have a maturity of no more than 12 months and must meet high safety and liquidity standards [7]. 3. Implementation and Oversight - The company's chairman and financial officer are authorized to make investment decisions and sign relevant contracts within the specified limits [8]. - The company will ensure that the cash management does not affect the normal operation of investment projects and will maintain strict compliance with regulations [9][12]. 4. Opinions from Governance Bodies - The board of directors and the supervisory board have unanimously approved the cash management plan, confirming that it aligns with regulatory requirements and does not harm the interests of shareholders [13][15][16].

Group 1 - Baiya Co., Ltd. achieved a net profit of 188 million yuan in the first half of 2025, a year-on-year increase of 4.64% [1] - The company reported an operating income of 1.764 billion yuan, up 15.12% year-on-year [1] - Basic earnings per share were 0.44 yuan [1] Group 2 - Leike Defense reported a net loss of 41.67 million yuan in the first half of 2025, compared to a loss of 66.43 million yuan in the same period last year [2] - The company achieved an operating income of 542 million yuan, a year-on-year increase of 9.77% [2] - Basic earnings per share were -0.03 yuan [2] Group 3 - Jinggong Technology achieved a net profit of 113 million yuan in the first half of 2025, a year-on-year increase of 15.55% [3] - The company reported an operating income of 1.061 billion yuan, up 10.31% year-on-year [3] - Basic earnings per share were 0.22 yuan [3] Group 4 - Yuejian Intelligent reported a net profit of 62.63 million yuan in the first half of 2025, a year-on-year increase of 46.99% [4] - The company achieved an operating income of 651 million yuan, up 13.22% year-on-year [4] - Basic earnings per share were 0.2436 yuan [4] Group 5 - Wanwei High-tech achieved a net profit of 256 million yuan in the first half of 2025, a year-on-year increase of 97.47% [6] - The company reported an operating income of 4.061 billion yuan, up 4.90% year-on-year [6] - Basic earnings per share were 0.122 yuan [6] Group 6 - Keli Equipment achieved a net profit of 82.78 million yuan in the first half of 2025, a year-on-year increase of 4.88% [7] - The company reported an operating income of 318 million yuan, up 12.41% year-on-year [7] - Basic earnings per share were 0.87 yuan [7] Group 7 - Jinwo Co., Ltd. achieved a net profit of 25.47 million yuan in the first half of 2025, a year-on-year increase of 94% [8] - The company reported an operating income of 614 million yuan, up 7.96% year-on-year [8] - Basic earnings per share were 0.21 yuan [8] Group 8 - Longyuan Technology achieved a net profit of 28.28 million yuan in the first half of 2025, a year-on-year increase of 135.6% [10] - The company reported an operating income of 362 million yuan, up 1.48% year-on-year [10] - Basic earnings per share were 0.0548 yuan [10] Group 9 - Guangting Information achieved a net profit of 42.92 million yuan in the first half of 2025, turning from loss to profit [13] - The company reported an operating income of 275 million yuan, up 26.88% year-on-year [13] - Basic earnings per share were 0.4633 yuan [13] Group 10 - Changjiang Materials achieved a net profit of 73.38 million yuan in the first half of 2025, a year-on-year increase of 5.03% [15] - The company reported an operating income of 513 million yuan, up 10.43% year-on-year [15] - Basic earnings per share were 0.5019 yuan [15] Group 11 - Yitong Century reported a net loss of 1.77 million yuan in the first half of 2025, compared to a profit of 35.87 million yuan in the same period last year [17] - The company achieved an operating income of 1.22 billion yuan, down 0.54% year-on-year [17] - Basic earnings per share were -0.0020 yuan [17] Group 12 - China Nuclear Construction signed new contracts worth 90.48 billion yuan in July 2025 [19] - The company achieved a cumulative operating income of 58.229 billion yuan [19] Group 13 - Yinlong Co., Ltd. signed a construction labor subcontracting contract worth 108 million yuan [21] - The contract is for the prefabrication of CRTSIII-type track slabs for a railway project [21] Group 14 - Xinan Century plans to apply for a comprehensive credit limit of no more than 50 million yuan from a bank [23] - The limit will be used for various business purposes including working capital loans [23] Group 15 - New Hongtai reported a net profit of 34.27 million yuan in the first half of 2025, a year-on-year decrease of 8.94% [25] - The company achieved an operating income of 308 million yuan, down 2.45% year-on-year [25] - Basic earnings per share were 0.23 yuan [25] Group 16 - Botong Co., Ltd. achieved a net profit of 13.33 million yuan in the first half of 2025, a year-on-year increase of 42.95% [26] - The company reported an operating income of 149 million yuan, up 5.23% year-on-year [26] - Basic earnings per share were 0.2135 yuan [26] Group 17 - Minfeng Special Paper reported a net profit of 15.07 million yuan in the first half of 2025, a year-on-year decrease of 68.88% [28] - The company achieved an operating income of 601 million yuan, down 23.21% year-on-year [28] - Basic earnings per share were 0.043 yuan [28] Group 18 - Changchun Yidong announced that a shareholder plans to reduce their stake by up to 2.97% [29] - The reduction period is from September 8, 2025, to December 5, 2025 [29] Group 19 - Jiukang Bio received an invention patent certificate for a reagent [30] - The patent involves the application of a specific enzyme in diagnostic reagents [30] Group 20 - Xuelang Environment announced the resignation of its general manager due to personal reasons [31] - The chairman will temporarily take over the general manager's responsibilities [31] Group 21 - Tailin Bio's subsidiary obtained a property certificate for industrial land [32] - The land area is 20,500 square meters with a usage period until July 6, 2075 [32] Group 22 - Changgao Electric New's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [33] Group 23 - Tianyoude Wine plans to use up to 147 million yuan of idle funds for cash management [34] Group 24 - Lingxiao Pump Industry used 5.9 million yuan of idle funds to purchase financial products [36] Group 25 - Mengke Pharmaceutical announced that a shareholder plans to reduce their stake by up to 3% [38] Group 26 - Kexiang Co., Ltd. plans to raise no more than 300 million yuan through a simplified procedure [40] Group 27 - Huagong Technology achieved a net profit of 911 million yuan in the first half of 2025, a year-on-year increase of 44.87% [42] - The company reported an operating income of 7.629 billion yuan, up 44.66% year-on-year [42] - Basic earnings per share were 0.91 yuan [42] Group 28 - Shanghai Jianke achieved a net profit of 23.76 million yuan in the first half of 2025, a year-on-year increase of 48.57% [43] - The company reported an operating income of 1.935 billion yuan, up 0.60% year-on-year [43] - Basic earnings per share were 0.06 yuan [43] Group 29 - Darui Electronics achieved a net profit of 132 million yuan in the first half of 2025, a year-on-year increase of 25.32% [44] - The company reported an operating income of 1.405 billion yuan, up 28.04% year-on-year [44] - Basic earnings per share were 1.00 yuan [44] Group 30 - Dongyangguang achieved a net profit of 613 million yuan in the first half of 2025, a year-on-year increase of 170.57% [45] - The company reported an operating income of 7.124 billion yuan, up 18.48% year-on-year [45] - Basic earnings per share were 0.209 yuan [45] Group 31 - Chongqing Beer reported a net profit of 865 million yuan in the first half of 2025, a year-on-year decrease of 4.03% [49] - The company achieved an operating income of 8.839 billion yuan, down 0.24% year-on-year [49] - Basic earnings per share were 1.79 yuan [49] Group 32 - Chongqing Beer announced that its subsidiary plans to increase capital by 600 million yuan [51] Group 33 - Meixin Technology announced that a shareholder plans to reduce their stake by up to 3% [53] Group 34 - Qipai Technology plans to raise no more than 159 million yuan through a private placement [55] Group 35 - Qipai Technology reported a net loss of 586.69 million yuan in the first half of 2025 [57] - The company achieved an operating income of 326 million yuan, up 4.09% year-on-year [57] - Basic earnings per share were -0.55 yuan [57] Group 36 - Huaying Technology reported a net loss of 476 million yuan in the first half of 2025 [59] - The company achieved an operating income of 721 million yuan, down 16.59% year-on-year [59] - Basic earnings per share were -0.1723 yuan [59] Group 37 - Best reported a net profit of 148 million yuan in the first half of 2025, a year-on-year increase of 3.30% [61] - The company achieved an operating income of 716 million yuan, up 2.73% year-on-year [61] - Basic earnings per share were 0.2966 yuan [61] Group 38 - Changliang Technology reported a net loss of 19.11 million yuan in the first half of 2025 [62] - The company achieved an operating income of 664 million yuan, down 5.64% year-on-year [62] - Basic earnings per share were -0.0236 yuan [62] Group 39 - Shunhao Co., Ltd. plans to use up to 35 million yuan of idle funds for entrusted wealth management [64] Group 40 - Weihede achieved a net profit of 65.97 million yuan in the first half of 2025, a year-on-year increase of 24.69% [66] - The company reported an operating income of 356 million yuan, up 38.37% year-on-year [66] - Basic earnings per share were 0.49 yuan [66] Group 41 - Huafa Co., Ltd. reported a net profit of 172 million yuan in the first half of 2025, a year-on-year decrease of 86.41% [67] - The company achieved an operating income of 38.199 billion yuan, up 53.46% year-on-year [67] - Basic earnings per share were 0.06 yuan [67] Group 42 - Mankun Technology achieved a net profit of 632 million yuan in the first half of 2025, a year-on-year increase of 62.30% [68] - The company reported an operating income of 760 million yuan, up 31.56% year-on-year [68] - Basic earnings per share were 0.43 yuan [68] Group 43 - Kelu Electronics achieved a net profit of 190 million yuan in the first half of 2025, turning from loss to profit [69] - The company reported an operating income of 2.573 billion yuan, up 34.66% year-on-year [69] - Basic earnings per share were 0.1144 yuan [69] Group 44 - Sanrenxing achieved a net profit of 144 million yuan in the first half of 2025, a year-on-year increase of 10.83% [71] - The company reported an operating income of 1.657 billion yuan, down 13.36% year-on-year [71] - Basic earnings per share were 0.68 yuan [71] Group 45 - Xinwei Communication achieved a net profit of 162 million yuan in the first half of 2025, a year-on-year decrease of 20.18% [72] - The company reported an operating income of 3.703 billion yuan, down 1.15% year-on-year [72] - Basic earnings per share were 0.1699 yuan [72] Group 46 - Yifan Pharmaceutical achieved a net profit of 304 million yuan in the first half of 2025, a year-on-year increase of 19.91% [72] - The company reported an operating income of 2.635 billion yuan, up 0.11% year-on-year [72] - Basic earnings per share were 0.25 yuan [72] Group 47 - *ST Chengchang achieved a net profit of 566 million yuan in the first half of 2025, turning from loss to profit [73] - The company reported an operating income of 201 million yuan, up 180.16% year-on-year [73] - Basic earnings per share were 0.2783 yuan [73] Group 48 - Rejing Bio announced that a controlling shareholder plans to reduce their stake by up to 1.08% [74] Group 49 - Jingu Co., Ltd. signed a strategic cooperation framework agreement with Luming Robotics [75]

Group 1 - The company Tianyoude Wine announced a temporary board meeting on August 15, 2025, to discuss the use of idle fundraising for cash management [2] - For the year 2024, the revenue composition of Tianyoude Wine is as follows: 86.13% from the wine and alcoholic beverage sector, 11.45% from e-commerce platform business, 2.17% from other businesses, and 0.25% from other wholesale and retail [2]

Group 1 - The company held its 20th meeting of the 5th Board of Directors on August 15, 2025, via telecommunication, with all 11 directors present [1] - The meeting was convened by Chairman Li Yinhui and complied with relevant laws and regulations [1] - The Board unanimously approved the proposal regarding the use of temporarily idle raised funds for cash management [1][2] Group 2 - The proposal was previously reviewed and approved by the 4th Independent Director's Special Meeting of the 5th Board [2] - The sponsor provided verification opinions on the proposal [2] - Relevant documents are available for public inspection on designated information disclosure media [2]

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》的相关规定及《公司 章程》《独立董事工作制度》的有关要求。经审议，本次会议通过以下议案： 无反对票；无弃权票。 经核查，我们认为：公司及子公司使用暂时闲置募集资金进行现金管理符合《上市公司募 集资金监管规则》及《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》的相关规定。在保证公司募集资金使用计划正常实施的前提下，公司及子公司使用不超过 人民币 1.47 亿元（含）暂时闲置募集资金进行现金管理，在控制风险的基础上将有利于提高 资金的使用效率，增加资金收益，获取一定的投资收益。上述资金的使用不会影响公司募投项 目的正常开展，符合公司利益，不存在损害公司及全体股东、特别是中小股东利益的情形。 我们一致同意将《关于使用暂时闲置募集资金进行现金管理的议案》提交第五届董事会第 二十次会议（临时）审议。 独立董事：方文彬、范文来、戎一昊、王延才、陈斌 青海互助天佑德青稞酒股份有限公司 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）于2025年8月15日以通讯会议的 方式召开了第五届董事会第四次独立董事专门会议，会议通知已于202 ...