2025 年 6 月非经营性资金占用及其他关联资金往来情况汇总表 编制单位：龙洲集团股份有限公司 单位：人民币万元 | | 兆华供应链管理集团有限公司 | 子公司 | 其他应收款 | - | 37,540.96 | 24,085.50 | 13,455.46 | 借款 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 龙岩市华辉商贸有限公司 | 子公司 | 其他应收款 | 1,156.86 | 358.70 | | 1,515.56 | 借款 | 非经营性往来 | | | 龙岩市客家土楼旅游运输有限公司 | 子公司 | 其他应收款 | 1.80 | 10.53 | 0.07 | 12.26 | 借款 | 非经营性往来 | | | 龙岩天元信息科技有限公司 | 子公司 | 其他应收款 | 0.59 | 9.13 | 0.62 | 9.10 | 借款 | 非经营性往来 | | | 长汀县维农客运有限公司 | 子公司 | 其他应收款 | 11.57 | 1.40 | 12.97 | - | 借款 | 非经营性往来 ...

Company Summary - Longzhou Co., Ltd. reported a revenue of approximately 1.113 billion yuan for the first half of 2025, a year-on-year decrease of 18.03% [1] - The net profit attributable to shareholders was a loss of approximately 65.98 million yuan, with a basic earnings per share loss of 0.1173 yuan [1] - In the same period of 2024, the company had a revenue of approximately 1.357 billion yuan and a net profit loss of about 34.02 million yuan, with a basic earnings per share loss of 0.0605 yuan [1] - As of the report date, Longzhou Co., Ltd. had a market capitalization of 2.7 billion yuan [1] Industry Overview - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

Group 1 - The core viewpoint of the article is that Longzhou Co., Ltd. (002682.SZ) reported a significant decline in revenue and net profit for the first half of 2025 [1] Group 2 - The company achieved an operating income of 1.113 billion yuan, representing a year-on-year decrease of 18.03% [1] - The net profit attributable to shareholders of the listed company was -65.9786 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -78.8628 million yuan [1] - The basic earnings per share were -0.1173 yuan [1]

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no cash dividends, bonus shares, or capital reserve conversions planned for the reporting period, while advising investors to note various operational and financial risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) - Key risks faced by the company include: production safety accidents, fluctuations in crude oil/refined oil and natural gas prices, management challenges from business expansion, goodwill impairment, and accounts receivable management[5](index=5&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions of common terms used in the report, including company names, major shareholders, and full names of subsidiaries, to ensure clear understanding of the report content - “Longzhou Group”, “Longzhou Shares”, “Company”, and “the Company” all refer to Longzhou Group Co., Ltd[12](index=12&type=chunk) - “Jiaotong Guotou” refers to Fujian Longyan Transportation State-owned Assets Investment and Management Co., Ltd., the company's major shareholder[12](index=12&type=chunk) - “Zhaohua Group” refers to Zhaohua Supply Chain Management Group Co., Ltd., a wholly-owned subsidiary of the company[12](index=12&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=Company%20Profile) This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, legal representative, and contact information, confirming no changes in contact details or information disclosure locations during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Longzhou Shares | | Stock Code | 002682 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Longzhou Group Co., Ltd. | | Legal Representative | Chen Mingsheng | - The company's registered address, office address, website, email, and information disclosure and placement locations remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 18.03% year-on-year, and net profit attributable to shareholders of listed companies decreased by 93.96% year-on-year, indicating significant operational pressure, with total assets and net assets also declining Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,112,677,911.54 | 1,357,485,379.50 | -18.03% | | Net Profit Attributable to Shareholders of Listed Company | -65,978,610.35 | -34,016,219.38 | -93.96% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | -78,862,829.21 | -43,033,863.39 | -83.26% | | Net Cash Flow from Operating Activities | 28,414,263.58 | 72,358,534.72 | -60.73% | | Basic Earnings Per Share | -0.1173 | -0.0605 | -93.88% | | Diluted Earnings Per Share | -0.1173 | -0.0605 | -93.88% | | Weighted Average Return on Net Assets | -5.40% | -2.47% | -2.93% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End Change from Prior Year-End** | | Total Assets | 5,848,370,577.75 | 6,237,333,496.87 | -6.24% | | Net Assets Attributable to Shareholders of Listed Company | 1,105,062,931.06 | 1,162,455,815.97 | -4.94% | - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 12.88 million**, primarily from government subsidies and non-current asset disposal gains/losses, which had a positive impact on net profit Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 4,294,614.90 | | Government Subsidies Recognized in Current Profit or Loss (Excluding Those with Sustained Impact) | 16,862,732.71 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 6,000.00 | | Other Non-Operating Income and Expenses Apart from the Above Items | -930,851.80 | | Less: Income Tax Impact | 5,058,123.95 | | Impact on Minority Interests (After Tax) | 2,290,153.00 | | Total | 12,884,218.86 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) Part III Management Discussion and Analysis [Principal Businesses Engaged in During the Reporting Period](index=10&type=section&id=Principal%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) The company has established an integrated modern transportation service industry system with parallel development across multiple businesses, including modern logistics (asphalt supply chain), automobile manufacturing and services, passenger transportation and station services, and refined oil and natural gas sales - The company has established an integrated modern transportation service industry system with parallel development across multiple businesses, including modern logistics (asphalt supply chain), automobile manufacturing and services, passenger transportation and station services, and refined oil and natural gas sales[27](index=27&type=chunk) [Modern Logistics Business](index=10&type=section&id=Modern%20Logistics%20Business) The modern logistics business covers asphalt supply chain, port and terminal integrated services, and logistics park operations, continuously improving logistics node layout through new investments and mergers and acquisitions, with asphalt supply chain business accounting for a larger proportion and forming a complete business chain - The company's modern logistics business covers asphalt supply chain, port and terminal integrated services, and logistics park operations, primarily managed by subsidiaries such as Zhaohua Group[27](index=27&type=chunk) - Zhaohua Group's asphalt supply chain business accounts for a larger proportion, with its main services including asphalt special container logistics, modification processing and warehousing, base asphalt product warehousing, and e-commerce platform[28](index=28&type=chunk) [Automobile Manufacturing and Service Business](index=10&type=section&id=Automobile%20Manufacturing%20and%20Service%20Business) Wholly-owned subsidiary Changfeng Special Purpose Vehicle is a national high-tech enterprise and a 'specialized, refined, unique, and innovative' 'little giant' enterprise, primarily engaged in the R&D and manufacturing of emergency equipment vehicles such as emergency power vehicles and high-flow drainage vehicles, serving as an important domestic provider of special vehicle equipment and emergency services - Wholly-owned subsidiary Changfeng Special Purpose Vehicle is a national high-tech enterprise and a 'specialized, refined, unique, and innovative' 'little giant' enterprise, primarily engaged in the R&D and manufacturing of special purpose vehicles[30](index=30&type=chunk) - Changfeng Special Purpose Vehicle primarily produces emergency equipment vehicles such as emergency power vehicles, high-flow drainage vehicles, emergency energy storage charging vehicles, and communication command vehicles, with products sold to State Grid, China Southern Power Grid, and others[30](index=30&type=chunk) [Passenger Transportation and Station Services Business](index=11&type=section&id=Passenger%20Transportation%20and%20Station%20Services%20Business) The company's passenger transportation and station services business includes scheduled bus, tourism, taxi, and urban public transportation, as well as passenger station operations, primarily located in Longyan City and Nanping City, Fujian Province, with 35 passenger stations and 2,201 passenger vehicles - The company's passenger transportation and station services business covers scheduled bus, tourism, taxi, and urban public transportation, as well as passenger station operations[31](index=31&type=chunk) - As of June 30, 2025, the company owns **35 passenger stations** (5 first-class, 14 second-class), **2,201 passenger vehicles**, and **613 passenger routes**[31](index=31&type=chunk) [Refined Oil and Natural Gas Sales Business](index=11&type=section&id=Refined%20Oil%20and%20Natural%20Gas%20Sales%20Business) The company's refined oil and natural gas sales business primarily involves investing in, constructing, and operating gas and CNG stations in Longyan, Nanping, Wuhu (Anhui), and other locations, in cooperation with Sinopec, CNOOC, and PetroChina; controlling subsidiary Yan Yun Petrochemical owns 6 gas stations, and Longzhou CNOOC owns 2 gas stations and 1 CNG station - The company's refined oil and natural gas sales business primarily operates gas and CNG stations in Longyan, Nanping, Wuhu (Anhui), and other locations, in cooperation with Sinopec, CNOOC, and PetroChina[31](index=31&type=chunk) - Controlling subsidiary Yan Yun Petrochemical owns **6 gas stations**; Longzhou CNOOC owns **2 gas stations** and **1 CNG station**[31](index=31&type=chunk) [Other Businesses](index=11&type=section&id=Other%20Businesses) To extend the industrial chain and enhance integrated industrial development, the company also engages in information technology services, information system integration services, vehicle satellite positioning operation services, new energy vehicle charging station construction and operation, and transportation vocational education and training - The company engages in information technology services, information system integration services, vehicle satellite positioning operation services, new energy vehicle charging station construction and operation, and transportation vocational education and training[32](index=32&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies are reflected in its franchise advantages, industrial chain extension advantages, and unique strengths in specific businesses such as asphalt supply chain, port and terminal operations, passenger transportation and station services, and special purpose vehicle R&D and manufacturing - The company holds franchise licenses and qualifications in asphalt supply chain, port and terminal, automobile manufacturing, passenger transportation and station services, and refined oil sales, ensuring its industry position[34](index=34&type=chunk) - The company adheres to an industrial chain extension strategy, building a multi-dimensional industrial development system and strategically deploying in key domestic market regions to enhance risk resistance[34](index=34&type=chunk) - Zhaohua Group possesses patented asphalt containers, pioneering a 'door-to-door' multimodal transport logistics model combining water, rail, and road, which reduces costs and enhances competitiveness[35](index=35&type=chunk) - Anhui Zhongzhuang Logistics Port-Rear Logistics Park is strategically located on the main channel of the Yangtze River in Wuhu, forming a 'port-front, park-rear' logistics hub[35](index=35&type=chunk) - The company has established a dominant position in the passenger transportation industry in Longyan and Nanping regions through mergers and acquisitions, demonstrating significant economies of scale[36](index=36&type=chunk) - Changfeng Special Purpose Vehicle, as a national high-tech enterprise, possesses a strong R&D team with significant innovation capabilities, dedicated to the R&D and manufacturing of emergency equipment vehicles[36](index=36&type=chunk) [Analysis of Principal Business](index=12&type=section&id=Analysis%20of%20Principal%20Business) During the reporting period, the company's operating revenue decreased by 18.03% year-on-year, primarily due to reduced income from asphalt supply chain, port and terminal services, passenger transportation and station services, and refined oil and natural gas sales, while revenue from automobile manufacturing, sales, and services grew against the trend by 37.47% Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,112,677,911.54 | 1,357,485,379.50 | -18.03% | | | Operating Cost | 1,073,756,156.16 | 1,304,613,582.52 | -17.70% | | | Selling Expenses | 35,225,113.32 | 22,721,274.68 | 55.03% | Primarily due to increased selling business expenses | | Administrative Expenses | 75,140,710.10 | 83,912,233.98 | -10.45% | | | Financial Expenses | 60,931,141.16 | 66,378,651.36 | -8.21% | | | Income Tax Expense | 5,887,954.65 | 7,455,410.54 | -21.02% | Primarily due to decreased deferred income tax expense | | Net Cash Flow from Operating Activities | 28,414,263.58 | 72,358,534.72 | -60.73% | Primarily due to decreased cash received relating to other operating activities | | Net Cash Flow from Investing Activities | 16,467,978.50 | -26,245,758.07 | 162.75% | Primarily due to increased cash received from disposal of subsidiaries | | Net Cash Flow from Financing Activities | -158,275,264.13 | -114,625,348.26 | -38.08% | Primarily due to decreased cash received from borrowings | | Net Increase in Cash and Cash Equivalents | -113,208,425.33 | -68,489,448.65 | -65.29% | | Operating Revenue Composition (by Industry) | Industry Segment | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Asphalt Supply Chain | 642,214,499.72 | 57.72% | 783,474,035.96 | 57.72% | -18.03% | | Port and Terminal Services | 12,596,438.66 | 1.13% | 16,038,821.24 | 1.18% | -21.46% | | Automobile Manufacturing, Sales, and Services | 141,143,840.70 | 12.69% | 102,674,713.73 | 7.56% | 37.47% | | Passenger Transportation and Station Services | 113,313,299.67 | 10.18% | 150,625,493.49 | 11.10% | -24.77% | | Refined Oil and Natural Gas Sales | 131,097,603.29 | 11.78% | 156,014,852.84 | 11.49% | -15.97% | | Other | 72,312,229.50 | 6.50% | 148,657,462.24 | 10.95% | -51.36% | Operating Revenue Composition (by Region) | Region | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing-Tianjin-Hebei Region | 677,289,699.39 | 60.88% | 816,500,979.24 | 60.15% | -17.05% | | Fujian Region | 418,974,807.16 | 37.65% | 491,842,666.22 | 36.23% | -14.82% | | Guangdong Region | 1,675,420.35 | 0.15% | 30,283,304.73 | 2.23% | -94.47% | | Anhui Region | 14,737,984.64 | 1.32% | 18,858,429.31 | 1.39% | -21.85% | Changes in Gross Profit Margin for Industries Accounting for Over 10% of Operating Revenue or Operating Profit | Industry Segment | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | | Asphalt Supply Chain | -18.03% | -17.12% | -1.11% | | Automobile Manufacturing, Sales, and Services | 37.47% | 29.46% | 4.57% | | Passenger Transportation and Station Services | -24.77% | -17.93% | -10.14% | | Refined Oil and Natural Gas Sales | -15.97% | -16.17% | 0.22% | [Analysis of Non-Principal Business](index=14&type=section&id=Analysis%20of%20Non-Principal%20Business) During the reporting period, the impact of the company's non-principal businesses on total profit was mainly reflected in negative investment income, asset impairment losses, non-operating income, and expenses, with investment income primarily affected by equity investment gains/losses and the transfer of subsidiary equity, while non-operating income and expenses were mostly non-recurring items Impact of Non-Principal Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -2,357,054.03 | 2.83% | Primarily equity investment gains/losses recognized under the equity method and investment gains/losses from the transfer of subsidiary equity in the current period | Equity investment gains/losses recognized under the equity method are based on the share of profit from investee associates | | Asset Impairment | -586,474.92 | 0.70% | Primarily impairment losses on contract assets | Recognized based on whether contract assets are impaired | | Non-Operating Income | 1,170,027.39 | -1.40% | Primarily genuinely unpayable accounts and contract breach penalties, fines, etc. | No | | Non-Operating Expenses | 2,100,879.19 | -2.52% | Primarily contract breach penalties, fines, and losses from destruction or scrapping of non-current assets | No | [Analysis of Assets and Liabilities](index=14&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of listed companies both decreased, with cash and cash equivalents and accounts receivable decreasing, while inventories and contract liabilities increased, and long-term borrowings decreased but non-current liabilities due within one year significantly increased, indicating a change in the liability structure Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 382,022,399.64 | 6.53% | 549,448,760.87 | 8.81% | -2.28% | Primarily due to decreased bank deposits | | Accounts Receivable | 821,730,599.07 | 14.05% | 983,281,386.36 | 15.76% | -1.71% | Primarily due to decreased receivables from Zhaohua Group and Changfeng Special Purpose Vehicle | | Inventories | 307,816,161.48 | 5.26% | 150,420,083.83 | 2.41% | 2.85% | Primarily due to increased base asphalt at Zhaohua Group | | Long-Term Equity Investments | 9,111,380.48 | 0.16% | 14,696,594.07 | 0.24% | -0.08% | Primarily due to disposal of a portion of equity in associate Dongguan Kangyi Innovative Energy Technology Co., Ltd. | | Contract Liabilities | 110,878,107.60 | 1.90% | 64,883,408.18 | 1.04% | 0.86% | Primarily due to increased advances for sales of goods or services | | Long-Term Borrowings | 916,784,800.00 | 15.68% | 1,351,525,000.00 | 21.67% | -5.99% | Primarily due to increased long-term borrowings due within one year | - The measurement attributes of the company's main assets did not undergo significant changes during the reporting period[49](index=49&type=chunk) [Analysis of Investment Status](index=16&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amount increased by 30.34% year-on-year, primarily in construction-in-progress projects such as the Anhui Zhongzhuang Logistics Port and Logistics Park project and the Zhongqi Hongyuan Phase II expansion project, with the company also engaging in asphalt commodity futures hedging to mitigate market risks Investment Amount During the Reporting Period | Investment Amount Current Period (RMB) | Investment Amount Prior Year (RMB) | Change Rate | | :--- | :--- | :--- | | 73,448,774.33 | 56,351,123.80 | 30.34% | Significant Ongoing Non-Equity Investments | Project Name | Amount Invested Current Period (RMB) | Cumulative Actual Investment as of Period-End (RMB) | | :--- | :--- | :--- | | Anhui Zhongzhuang Logistics Port and Logistics Park Project | 245,918.59 | 240,183,405.57 | | Zhongqi Hongyuan Phase II Expansion Project | 447,455.74 | 45,314,386.34 | | Total | 693,374.33 | 285,497,791.91 | - The company had no securities investments or derivative investments for speculative purposes during the reporting period[54](index=54&type=chunk)[58](index=58&type=chunk) Asphalt Commodity Futures Hedging Status | Derivative Investment Type | Period-End Amount (RMB 10,000) | Impact on Operating Revenue Current Period (RMB) | Impact on Operating Cost Current Period (RMB) | Impact on Other Comprehensive Income Current Period (RMB) | | :--- | :--- | :--- | :--- | :--- | | Asphalt Commodity Futures | 54.62 | -1,886,100.00 | 242,460.00 | 4,797,720.00 | - Hedging, through a combination of futures and spot markets, reduces the risk of one-sided price fluctuations in the spot market, provides competitive selling prices, lowers procurement costs, and enhances profitability[57](index=57&type=chunk) [Significant Asset and Equity Disposals](index=18&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not dispose of any significant assets or equity - The company did not dispose of any significant assets during the reporting period[60](index=60&type=chunk) - The company did not dispose of any significant equity during the reporting period[61](index=61&type=chunk) [Analysis of Major Holding and Associate Companies](index=18&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) During the reporting period, the company disposed of its equity in Meizhou Huaao, resulting in an investment loss of **RMB 3.74 million**; among major subsidiaries, Zhaohua Group and Zhongqi Hongyuan reported negative net profits due to market conditions and production halts, while Anhui Zhongzhuang Logistics also had negative net profit due to slowed infrastructure construction, but Changfeng Special Purpose Vehicle saw significant growth in both operating revenue and net profit, benefiting from increased orders for emergency rescue vehicles Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Meizhou Huaao | Disposal | Investment income of **RMB -3,738,385.76** resulted from the difference between the disposal price and the share of the subsidiary's net assets attributable to the disposed investment at the consolidated financial statement level | Operating Performance of Major Holding and Associate Companies (January-June 2025) | Company Name | Operating Revenue (RMB 10,000) | Net Profit (RMB 10,000) | Explanation of Year-on-Year Change | | :--- | :--- | :--- | :--- | | Zhaohua Group | 67,728.97 | -1,983.26 | Operating revenue decreased by **22.20%**, net loss narrowed by **30.10%**, affected by tight local government funds and slow project initiation | | Zhongqi Hongyuan | 76.08 | -4,795.38 | Net loss increased by **25.89%**, due to temporary production suspension, significant fixed depreciation and amortization, interest expenses, and after-sales maintenance costs | | Anhui Zhongzhuang Logistics | 1,473.80 | -1,764.58 | Operating revenue decreased by **22.15%**, net loss increased by **15.67%**, affected by slowed infrastructure construction in the middle and lower reaches of the Yangtze River and implementation of environmental policies | | Changfeng Special Purpose Vehicle | 13,697.75 | 781.57 | Operating revenue increased by **83.77%**, net profit increased by **19.65%**, benefiting from increased orders for emergency rescue special purpose vehicles | | Wuyi Shares | 8,810.54 | 305.71 | Operating revenue decreased by **28.20%**, net profit decreased by **82.89%**, mainly due to gains from disposal of an associate in the prior year | | Yan Yun Petrochemical | 6,877.64 | 326.04 | Operating revenue decreased by **24.97%**, net profit decreased by **23.97%**, affected by the impact of new energy vehicles on traditional energy vehicles | [Risks Faced by the Company and Countermeasures](index=19&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks such as production safety accidents, fluctuations in crude oil/refined oil and natural gas prices, business expansion management, goodwill impairment, and accounts receivable management, and actively responds by strengthening safety management, closely monitoring market changes, enhancing accounts receivable management, and optimizing human resource management - The company faces production safety accident risks, including road traffic accidents, oil and gas production safety accidents, and port production safety accidents[66](index=66&type=chunk) - Fluctuations in crude oil, refined oil, and natural gas prices adversely affect the company's passenger transportation, refined oil sales, and asphalt business costs[66](index=66&type=chunk) - The company's business expansion brings management risks, imposing higher requirements on accounts receivable management and posing a risk of bad debt losses[67](index=67&type=chunk)[68](index=68&type=chunk) - Countermeasures include: continuously strengthening safety management, closely monitoring market changes to enhance procurement and cost control, strengthening accounts receivable management and collection, and continuously strengthening human resource management and optimizing compensation and incentive systems[68](index=68&type=chunk) Part IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there was a change in the company's Chief Financial Officer, with Luo Zhijie appointed and Chen Aiming dismissed due to job relocation Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Luo Zhijie | Chief Financial Officer | Appointment | May 29, 2025 | Job Relocation | | Chen Aiming | Chief Financial Officer | Dismissal | May 28, 2025 | Job Relocation | [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=21&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%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[72](index=72&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans during the reporting period, but the first phase of its employee stock ownership plan continued to be implemented, holding **3,948,632 shares**, accounting for **0.70%** of the total share capital, with a slight decrease in holdings during the period - The company had no equity incentive plans during the reporting period[73](index=73&type=chunk) Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees (persons) | Total Shares Held (shares) | Proportion of Total Share Capital of Listed Company | Funding Source for the Plan | | :--- | :--- | :--- | :--- | :--- | | Company directors, supervisors, senior management; company management backbone and core technical personnel; other core employees recognized by the company | 398 | 3,948,632 | 0.70% | Self-raised | - At the end of the reporting period, Longzhou Shares' first phase employee stock ownership plan held **3,948,632 shares**, accounting for **0.70%** of the company's total share capital, a decrease of **12,200 shares** from the beginning of the period[73](index=73&type=chunk) Part V Significant Matters [Commitments](index=23&type=section&id=Commitments) The major shareholder, Jiaotong Guotou, has timely fulfilled all commitments regarding related-party transactions and non-compete clauses made during the initial public offering or refinancing - The major shareholder, Jiaotong Guotou, has timely fulfilled its related-party transaction commitments made during the initial public offering or refinancing[76](index=76&type=chunk) - Jiaotong Guotou's commitment to avoid horizontal competition has also been timely fulfilled[76](index=76&type=chunk) [Litigation Matters](index=24&type=section&id=Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters, but there were other litigation cases with a total amount involved of **RMB 60.61 million**, which did not result in the formation of provisions - The company had no significant litigation or arbitration matters during the current reporting period[82](index=82&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provisions Were Formed | | :--- | :--- | :--- | | Total of other litigation cases not meeting the disclosure threshold for significant litigation | 6,060.87 | No | [Significant Related-Party Transactions](index=25&type=section&id=Significant%20Related-Party%20Transactions) During the reporting period, the company had no related-party transactions related to daily operations, related-party transactions involving asset or equity acquisitions/disposals, related-party transactions involving joint external investments, related-party debt and credit transactions, or dealings with affiliated finance companies - The company had no related-party transactions related to daily operations during the reporting period[84](index=84&type=chunk) - The company had no related-party transactions involving asset or equity acquisitions or disposals during the reporting period[85](index=85&type=chunk) - The company had no related-party debt and credit transactions during the reporting period[87](index=87&type=chunk) [Significant Contracts and Their Performance](index=26&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, leasing, or wealth management matters, but it did have significant guarantees for subsidiaries, with the total actual guarantee amount accounting for **137.99%** of the company's net assets, and outstanding debt guarantees for guaranteed parties with an asset-liability ratio exceeding 70% amounting to **RMB 748.34 million** - The company had no entrustment, contracting, leasing, or wealth management matters during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[106](index=106&type=chunk) - The total actual guarantee amount accounted for **137.99%** of the company's net assets[105](index=105&type=chunk) - The outstanding debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding 70% amounted to **RMB 748.34 million**[105](index=105&type=chunk) [Significant Guarantees](index=26&type=section&id=Significant%20Guarantees) The company primarily provides joint liability guarantees for its subsidiaries, including Anhui Zhongzhuang Logistics, Longxing Highway Port, Huahui Trading, Wuyi Shares, Beijing Zhongwu Zhenhua, Zhaohua Group, Fujian Zhongwu Zhenhua, Longda Transportation, Longyan Hongan Public Transport, Changting Hongxiang Public Transport, Wuping Hongyuan Public Transport, Liancheng Hongtai Public Transport, Zhangping Hongsheng Public Transport, Transportation Group, Shanhai Tourism, Tianyuan Technology, Changfeng Special Purpose Vehicle, Xuefeng Automobile, Xinyu Automobile, among others, with significant guarantee amounts Company Guarantees for Subsidiaries (Partial) | Guaranteed Party Name | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Anhui Zhongzhuang Logistics | 3,500 | 1,482 | Joint Liability Guarantee | No | | Longxing Highway Port | 24,000 | 20,100 | Joint Liability Guarantee | No | | Huahui Trading | 1,000 | 1,000 | Joint Liability Guarantee | No | | Wuyi Shares | 5,000 | 5,000 | Joint Liability Guarantee | No | | Beijing Zhongwu Zhenhua | 10,000 | 10,000 | Joint Liability Guarantee | No | | Zhaohua Group | 11,000 | 2,000 | Joint Liability Guarantee | No | | Changfeng Special Purpose Vehicle | 10,000 | 10,000 | Joint Liability Guarantee | No | - During the reporting period, the total approved guarantee limit for subsidiaries was **RMB 786.20 million**, with a total actual amount of **RMB 2.46 billion**[103](index=103&type=chunk) - At the end of the reporting period, the total approved guarantee limit for subsidiaries was **RMB 2.88 billion**, with a total actual guarantee balance of **RMB 1.47 billion**[103](index=103&type=chunk) [Significant Matters of Company Subsidiaries](index=36&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company's controlling sub-subsidiary, Zhongqi Hongyuan, has significant matters including the procurement of power batteries and undertaking after-sales maintenance work, as well as continuing temporary production suspension - The company's controlling sub-subsidiary, Zhongqi Hongyuan, plans to procure power batteries and carry out after-sales maintenance work[109](index=109&type=chunk) - The company's controlling sub-subsidiary, Zhongqi Hongyuan, continues its temporary production suspension[109](index=109&type=chunk) Part VI Share Changes and Shareholder Information [Share Change Status](index=37&type=section&id=Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by **2,800 shares**, and unrestricted shares increased by **2,800 shares**, primarily due to the unlocking of a portion of restricted shares held by former Vice President Mr. Chen Tiansheng after six months from his departure Share Change Status | Item | Quantity Before Change (Shares) | Proportion Before Change | Increase/Decrease in Current Change (＋, －) Subtotal (Shares) | Quantity After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 11,200 | 0.00% | -2,800 | 8,400 | 0.00% | | II. Unrestricted Shares | 562,357,394 | 100.00% | 2,800 | 562,360,194 | 100.00% | | III. Total Shares | 562,368,594 | 100.00% | 0 | 562,368,594 | 100.00% | - The reason for the share change was that after six months from the departure of former Vice President Mr. Chen Tiansheng, **11,200 shares** of the company's stock held by him changed from 100% restricted to 75% restricted, releasing **2,800 shares** from restriction[113](index=113&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period-Beginning (shares) | Shares Released from Restriction Current Period (shares) | Restricted Shares at Period-End (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Tiansheng | 11,200 | 2,800 | 8,400 | After six months from the departure of a senior executive, but still within their term of office and six months after the expiration of their term, 25% of shares are unlocked annually | March 19, 2025 | [Number of Shareholders and Shareholding Status](index=38&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the total number of common shareholders was **59,416**, with the top three shareholders being Chengfa Xinrong, Jinsi Trading, and Jiaotong Guotou, all with state-owned corporate nature, and among the top 10 shareholders, the Xingzheng Securities Asset Management Plan was established by Jiaotong Guotou - At the end of the reporting period, the total number of common shareholders was **59,416**[117](index=117&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Chengfa Xinrong | State-owned Legal Person | 8.89% | 50,000,000 | 50,000,000 | | Jinsi Trading | State-owned Legal Person | 8.89% | 50,000,000 | 50,000,000 | | Jiaotong Guotou | State-owned Legal Person | 7.93% | 44,582,815 | 44,582,815 | | Xingzheng Securities Asset Management - Fujian Longyan Transportation State-owned Assets Investment and Management Co., Ltd. - Xingzheng Asset Management Alpha Corei No. 96 Single Asset Management Plan | Other | 3.39% | 19,090,000 | 19,090,000 | | Fujian Zhangzhou Changyun Group Co., Ltd. | State-owned Legal Person | 0.70% | 3,954,384 | 3,954,384 | | Longzhou Shares First Phase Employee Stock Ownership Plan | Other | 0.70% | 3,948,632 | 3,948,632 | | Yinhua Fund - Agricultural Bank of China - Yinhua CSI Financial Asset Management Plan | Other | 0.60% | 3,384,950 | 3,384,950 | | Xiamen Teyun | State-owned Legal Person | 0.56% | 3,163,212 | 3,163,212 | | Dacheng Fund - Agricultural Bank of China - Dacheng CSI Financial Asset Management Plan | Other | 0.38% | 2,137,750 | 2,137,750 | | Gan Jianming | Domestic Natural Person | 0.37% | 2,103,100 | 2,103,100 | - The shareholder 'Xingzheng Securities Asset Management - Fujian Longyan Transportation State-owned Assets Investment and Management Co., Ltd. - Xingzheng Asset Management Alpha Corei No. 96 Single Asset Management Plan' is an asset management plan entrusted by the company's major shareholder 'Jiaotong Guotou'[118](index=118&type=chunk) Part VII Bond-Related Information [Bond-Related Information](index=41&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period Part VIII Financial Report [Audit Report](index=42&type=section&id=Audit%20Report) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[126](index=126&type=chunk) [Financial Statements](index=42&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=42&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **RMB 5.848 billion**, a decrease of **6.24%** from the beginning of the period, with total current assets at **RMB 2.638 billion** and total non-current assets at **RMB 3.210 billion**, while total liabilities were **RMB 4.820 billion** and total owners' equity was **RMB 1.029 billion** Key Data from Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 382,022,399.64 | 549,448,760.87 | | Accounts Receivable | 821,730,599.07 | 983,281,386.36 | | Inventories | 307,816,161.48 | 150,420,083.83 | | Contract Assets | 723,394,058.44 | 750,795,581.96 | | Fixed Assets | 1,592,311,394.11 | 1,687,902,253.06 | | Total Assets | 5,848,370,577.75 | 6,237,333,496.87 | | Short-Term Borrowings | 1,507,998,494.73 | 1,566,961,397.32 | | Contract Liabilities | 110,878,107.60 | 64,883,408.18 | | Non-Current Liabilities Due Within One Year | 1,003,661,465.49 | 542,658,172.47 | | Long-Term Borrowings | 916,784,800.00 | 1,351,525,000.00 | | Total Liabilities | 4,819,561,587.54 | 5,091,189,702.88 | | Total Owners' Equity Attributable to Parent Company | 1,105,062,931.06 | 1,162,455,815.97 | | Total Owners' Equity | 1,028,808,990.21 | 1,146,143,793.99 | [Parent Company Balance Sheet](index=45&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **RMB 5.202 billion**, an increase of **4.5%** from the beginning of the period, with total current assets at **RMB 2.144 billion** and total non-current assets at **RMB 3.058 billion**, while total liabilities were **RMB 2.579 billion** and total owners' equity was **RMB 2.623 billion** Key Data from Parent Company Balance Sheet (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 52,167,632.40 | 8,442,742.54 | | Other Receivables | 2,080,057,198.10 | 1,886,146,165.83 | | Long-Term Equity Investments | 2,684,727,041.19 | 2,687,504,353.12 | | Total Assets | 5,201,905,051.23 | 4,978,503,009.13 | | Short-Term Borrowings | 478,947,166.65 | 415,833,084.44 | | Other Payables | 824,989,944.15 | 586,854,164.52 | | Non-Current Liabilities Due Within One Year | 598,666,088.80 | 234,794,110.42 | | Long-Term Borrowings | 489,510,800.00 | 869,200,000.00 | | Total Liabilities | 2,579,265,052.46 | 2,303,819,650.02 | | Total Owners' Equity | 2,622,639,998.77 | 2,674,683,359.11 | [Consolidated Income Statement](index=47&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **RMB 1.113 billion**, a year-on-year decrease of **18.03%**, with net profit at **RMB -89.31 million** and net profit attributable to parent company shareholders at **RMB -65.98 million**, indicating an expanded loss year-on-year Key Data from Consolidated Income Statement | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,112,677,911.54 | 1,357,485,379.50 | | Total Operating Cost | 1,263,131,145.68 | 1,503,845,871.82 | | Operating Profit | -82,488,493.55 | -45,592,701.15 | | Total Profit | -83,419,345.35 | -40,605,574.65 | | Net Profit | -89,307,300.00 | -48,060,985.19 | | Net Profit Attributable to Parent Company Shareholders | -65,978,610.35 | -34,016,219.38 | | Net Amount of Other Comprehensive Income After Tax | 4,797,720.00 | -2,819,890.00 | | Total Comprehensive Income | -84,509,580.00 | -50,880,875.19 | | Basic Earnings Per Share | -0.1173 | -0.0605 | [Parent Company Income Statement](index=48&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was **RMB 35.35 million**, a significant year-on-year decrease, with net profit at **RMB -51.95 million**, turning from profit to loss compared to the same period last year Key Data from Parent Company Income Statement | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 35,348,433.90 | 106,218,551.98 | | Operating Profit | -49,721,538.41 | 22,872,893.47 | | Total Profit | -49,302,654.37 | 24,322,798.10 | | Net Profit | -51,948,711.18 | 23,148,635.67 | | Total Comprehensive Income | -51,948,711.18 | 23,148,635.67 | [Consolidated Cash Flow Statement](index=49&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **RMB 28.41 million**, a year-on-year decrease of **60.73%**, with net cash flow from investing activities turning positive to **RMB 16.47 million**, net cash flow from financing activities at **RMB -158 million**, and the net increase in cash and cash equivalents at **RMB -113 million** Key Data from Consolidated Cash Flow Statement | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 28,414,263.58 | 72,358,534.72 | | Net Cash Flow from Investing Activities | 16,467,978.50 | -26,245,758.07 | | Net Cash Flow from Financing Activities | -158,275,264.13 | -114,625,348.26 | | Net Increase in Cash and Cash Equivalents | -113,208,425.33 | -68,489,448.65 | | Cash and Cash Equivalents at Period-End | 215,430,448.00 | 276,038,972.17 | [Parent Company Cash Flow Statement](index=51&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was **RMB 77.48 million**, a year-on-year decrease, with net cash flow from investing activities at **RMB -45.14 million**, net cash flow from financing activities at **RMB 11.39 million**, and the net increase in cash and cash equivalents at **RMB 43.73 million** Key Data from Parent Company Cash Flow Statement | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 77,475,249.40 | 155,560,611.13 | | Net Cash Flow from Investing Activities | -45,136,735.15 | 16,599,116.06 | | Net Cash Flow from Financing Activities | 11,386,545.61 | -139,339,667.72 | | Net Increase in Cash and Cash Equivalents | 43,725,059.86 | 32,820,059.47 | | Cash and Cash Equivalents at Period-End | 52,167,432.40 | 58,352,821.62 | [Consolidated Statement of Changes in Owners' Equity](index=52&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) During the reporting period, the company's consolidated total owners' equity decreased by **RMB 117 million**, primarily due to negative total comprehensive income and changes in minority interests, with capital reserve increasing by **RMB 1.78 million** due to the acquisition of subsidiary equity, and other comprehensive income increasing by **RMB 4.80 million** Changes in Consolidated Owners' Equity (Current Period Increase/Decrease Amount) | Item | Capital Reserve (RMB) | Other Comprehensive Income (RMB) | Special Reserve (RMB) | Retained Earnings (RMB) | Subtotal of Owners' Equity Attributable to Parent Company (RMB) | Minority Interests (RMB) | Total Owners' Equity (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Current Period Increase/Decrease Amount | 1,778,463.18 | 4,797,720.00 | 2,009,542.26 | -65,978,610.35 | -57,392,884.91 | -59,941,918.87 | -117,334,803.78 | | Total Comprehensive Income | | 4,797,720.00 | | -65,978,610.35 | -61,180,890.35 | -23,328,689.65 | -84,509,580.00 | | Capital Contributed and Reduced by Owners | 1,778,463.18 | | | | 1,778,463.18 | -36,013,154.04 | -34,234,690.86 | | Profit Distribution | | | | | | -622,300.00 | -622,300.00 | | Special Reserve | | | 2,009,542.26 | | 2,009,542.26 | 22,224.82 | 2,031,767.08 | [Parent Company Statement of Changes in Owners' Equity](index=56&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) During the reporting period, the parent company's total owners' equity decreased by **RMB 52.04 million**, primarily due to a decrease in retained earnings, with special reserve slightly decreasing Changes in Parent Company Owners' Equity (Current Period Increase/Decrease Amount) | Item | Special Reserve (RMB) | Retained Earnings (RMB) | Total Owners' Equity (RMB) | | :--- | :--- | :--- | :--- | | Current Period Increase/Decrease Amount | -94,649.16 | -51,948,711.18 | -52,043,360.34 | | Total Comprehensive Income | | -51,948,711.18 | -51,948,711.18 | | Special Reserve | -94,649.16 | | -94,649.16 | [Company Basic Information](index=60&type=section&id=Company%20Basic%20Information) The company was established on August 29, 2003, and after multiple changes in share capital and name, is now known as Longzhou Group Co., Ltd., primarily engaged in road passenger transportation, passenger station operations, automobile maintenance, modern logistics, special purpose vehicle modification, and refined oil sales, belonging to the road transportation industry - The company was established on August 29, 2003, with a registered capital of **RMB 65 million**[163](index=163&type=chunk) - The company's share capital underwent multiple changes, eventually increasing to **562,368,594 shares**[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - The company's name was changed to 'Longzhou Group Co., Ltd.' on August 30, 2018, primarily engaged in road passenger transportation, passenger station operations, automobile maintenance, modern logistics (including asphalt supply chain), special purpose vehicle modification, and refined oil sales[166](index=166&type=chunk) [Basis of Preparation of Financial Statements](index=60&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) The company prepares its financial statements on a going concern basis, in accordance with Enterprise Accounting Standards and relevant regulations of the China Securities Regulatory Commission, confirming its ability to continue as a going concern for at least the next 12 months - The company prepares its financial statements on a going concern basis, in accordance with 'Enterprise Accounting Standards' and 'Reporting Rules for Information Disclosure by Companies Issuing Securities No. 15 - General Provisions for Financial Reports' issued by the China Securities Regulatory Commission[168](index=168&type=chunk)[169](index=169&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the current reporting period, with no significant matters affecting its going concern ability[170](index=170&type=chunk) [Significant Accounting Policies and Estimates](index=61&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's statement of compliance with Enterprise Accounting Standards, accounting period, operating cycle, functional currency, materiality criteria determination methods, accounting treatment for business combinations, preparation methods for consolidated financial statements, criteria for determining cash and cash equivalents, foreign currency transactions and translation of financial statements, financial instruments, notes receivable, accounts receivable, other receivables, contract assets, inventories, assets held for sale, debt investments, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, revenue recognition and measurement, contract costs, government grants, deferred income tax assets/liabilities, leases, and hedge accounting, among other significant accounting policies and estimates - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards, truthfully and completely reflecting the company's financial position, operating results, and other information[171](index=171&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[192](index=192&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost (including receivables), debt instrument investments measured at fair value through other comprehensive income, and lease receivables[199](index=199&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the relevant goods or services, and adopts different specific recognition methods based on business types (asphalt supply chain, automobile manufacturing and sales services, building materials sales, passenger transportation and station services, and refined oil and natural gas sales)[251](index=251&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) - The company applies hedge accounting methods for eligible hedging activities, including fair value hedges, cash flow hedges, and hedges of a net investment in a foreign operation[289](index=289&type=chunk)[292](index=292&type=chunk) [Taxation](index=85&type=section&id=Taxation) The company's main taxes include Value-Added Tax, Urban Maintenance and Construction Tax, Enterprise Income Tax, Property Tax, Education Surcharge, and Local Education Surcharge, with some subsidiaries enjoying preferential Enterprise Income Tax rates of 15% as high-tech enterprises or 20% as small and micro-profit enterprises, and urban public transport stations and road passenger transport station operating land being exempt from urban land use tax Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of Goods or Provision of Taxable Services | 13.00%、9.00%、6.00% | | Urban Maintenance and Construction Tax | Actual Amount of Turnover Tax Paid | 1.00%、5.00%、7.00% | | Enterprise Income Tax | Taxable Income | 25.00%、20.00%、15.00% | | Property Tax | Assessed on value, 1.2% of the remaining value after a one-time deduction of 25% from the original value of the property; assessed on rent, 12% of rental income | 1.20%、12.00% | | Education Surcharge | Actual Amount of Turnover Tax Paid | 3.00% | | Local Education Surcharge | Actual Amount of Turnover Tax Paid | 2.00% | - Subsidiaries classified as high-tech enterprises enjoy a preferential tax rate of **15.00%**, while small and micro-profit enterprise subsidiaries pay Enterprise Income Tax at a reduced rate of **20.00%** (half of the standard rate)[298](index=298&type=chunk) - The operating land for the company's urban public transport stations and road passenger transport stations is exempt from urban land use tax[299](index=299&type=chunk) [Notes to Consolidated Financial Statement Items](index=86&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures of the period-end balances, period-beginning balances, and changes in each item of the company's consolidated financial statements, including cash and cash equivalents, various receivables, inventories, fixed assets, intangible assets, goodwill, various borrowings, payables, and owners' equity, with explanations for significant changes [Cash and Cash Equivalents](index=86&type=section&id=Cash%20and%20Cash%20Equivalents) Period-end cash and cash equivalents amounted to **RMB 382 million**, a decrease of **30.48%** from **RMB 549 million** at the beginning of the period, primarily due to a reduction in bank deposits Composition of Cash and Cash Equivalents | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 358,280.67 | 571,257.18 | | Bank Deposits | 212,655,006.05 | 348,764,780.57 | | Other Cash and Cash Equivalents | 169,009,112.92 | 200,112,723.12 | | Total | 382,022,399.64 | 549,448,760.87 | - At period-end, there were restricted funds due to pledges, collateral, or freezes[301](index=301&type=chunk) [Derivative Financial Assets](index=86&type=section&id=Derivative%20Financial%20Assets) Period-end derivative financial assets amounted to **RMB 0.55 million**, compared to **RMB 0** at the beginning of the period, primarily consisting of hedging instruments Derivative Financial Assets | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Hedging Instruments | 546,180.00 | | | Total | 546,180.00 | | [Notes Receivable](index=86&type=section&id=Notes%20Receivable) Period-end notes receivable amounted to **RMB 14.45 million**, a significant decrease of **65.34%** from **RMB 41.71 million** at the beginning of the period, with bank acceptance notes decreasing and commercial acceptance notes increasing Categorization of Notes Receivable | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Bank Acceptance Notes | 5,275,296.86 | 38,311,717.53 | | Commercial Acceptance Notes | 9,204,348.06 | 3,428,958.13 | | Less: Impairment Provision | -34,289.58 | -34,289.58 | | Total | 14,445,355.34 | 41,706,386.08 | - At period-end, the total notes receivable endorsed or discounted by the company and not yet due on the balance sheet date amounted to **RMB 10.49 million**[312](index=312&type=chunk) [Accounts Receivable](index=88&type=section&id=Accounts%20Receivable) Period-end book value of accounts receivable was **RMB 822 million**, a decrease of **16.48%** from **RMB 983 million** at the beginning of the period, primarily due to reduced receivables from Zhaohua Group and Changfeng Special Purpose Vehicle, with total impairment provisions amounting to **RMB 172 million** Accounts Receivable by Aging | Aging | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 Year (Inclusive) | 685,618,629.98 | 840,909,145.43 | | 1 to 2 Years | 96,194,452.08 | 95,729,330.50 | | Over 3 Years | 187,275,579.19 | 193,578,829.69 | | Total | 993,396,677.37 | 1,158,420,329.15 | Categorization of Accounts Receivable Impairment Provision Methods | Category | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Accounts Receivable for which Impairment Provision is Made Individually | 82,123,142.30 | 86,126,700.48 | | Accounts Receivable for which Impairment Provision is Made by Portfolio | 739,607,456.77 | 897,154,685.88 | | Total | 821,730,599.07 | 983,281,386.36 | - Impairment provisions of **RMB 6.51 million** were made in the current period, with **RMB 9.99 million** recovered or reversed[324](index=324&type=chunk) [Contract Assets](index=92&type=section&id=Contract%20Assets) Period-end book value of contract assets was **RMB 723 million**, a slight decrease from **RMB 751 million** at the beginning of the period, primarily comprising special purpose vehicle quality assurance deposits and new energy vehicle quality assurance deposits receivable from Changfeng Special Purpose Vehicle and Zhongqi Hongyuan Contract Assets Status | Item | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Special Purpose Vehicle Quality Assurance Deposits Receivable from Changfeng Special Purpose Vehicle | 12,219,978.70 | 9,967,289.71 | | New Energy Vehicle Quality Assurance Deposits Receivable from Zhongqi Hongyuan | 711,174,079.74 | 740,828,292.25 | | Total | 723,394,058.44 | 750,795,581.96 | - New energy vehicle quality assurance deposits receivable from Zhongqi Hongyuan decreased by **RMB 29.65 million** in the current period, primarily due to partial recovery[331](index=331&type=chunk) - Impairment provisions for contract assets of **RMB 0.61 million** were made in the current period[338](index=338&type=chunk) [Receivables Financing](index=95&type=section&id=Receivables%20Financing) Period-end receivables financing amounted to **RMB 1 million**, a significant decrease from **RMB 34.86 million** at the beginning of the period, primarily due to the derecognition of bank acceptance notes and digital accounts receivable credit instruments Categorization of Receivables Financing | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Notes Receivable | 1,000,000.00 | 16,995,303.20 | | Accounts Receivable | | 17,867,090.25 | | Total | 1,000,000.00 | 34,862,393.45 | - At period-end, total receivables financing of **RMB 33.86 million** that had been endorsed or discounted by the company and not yet due on the balance sheet date was derecognized[342](index=342&type=chunk) [Other Receivables](index=96&type=section&id=Other%20Receivables) Period-end book value of other receivables was **RMB 217 million**, a slight decrease from **RMB 226 million** at the beginning of the period, with major types of receivables including intercompany balances, new energy vehicle subsidies, and government grants receivable Categorization of Other Receivables by Nature of Funds | Nature of Funds | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Intercompany Balances | 165,974,243.93 | 163,339,969.90 | | New Energy Vehicle Subsidies (National and Local) | 44,209,329.59 | 44,209,329.59 | | Government Grants Receivable | 92,481,280.04 | 86,523,496.37 | | Advance Payments for Land Acquisition and Approval Funds | 44,672,909.00 | 46,672,909.00 | | Total | 388,469,245.03 | 387,983,253.81 | Other Receivables by Aging | Aging | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 Year (Inclusive) | 104,178,267.09 | 86,558,661.33 | | Over 3 Years | 234,330,352.63 | 214,629,175.80 | | Total | 388,469,245.03 | 387,983,253.81 | - Impairment provisions of **RMB 11.12 million** were made in the current period, with **RMB 6,000** reversed and **RMB 1.55 million** written off[361](index=361&type=chunk) [Prepayments](index=101&type=section&id=Prepayments) Period-end prepayments amounted to **RMB 121 million**, an increase of **24.59%** from **RMB 96.90 million** at the beginning of the period, with prepayments within 1 year accounting for **97.26%** Prepayments by Aging | Aging | Period-End Balance (RMB) | Proportion | | :--- | :--- | :--- | | Within 1 Year | 117,424,393.87 | 97.26% | | Total | 120,735,961.08 | | Top Five Prepayments by Counterparty at Period-End | Counterparty Name | Period-End Balance (RMB) | Proportion of Total Prepayments at Period-End (%) | | :--- | :--- | :--- | | Zhuhai Hengqin Hongtian Trading Co., Ltd. | 20,620,149.15 | 17.08% | | Hebei Xinhai Chemical Group Co., Ltd. | 17,658,552.00 | 14.63% | | Xinjiang Xinshanggong Energy Technology Co., Ltd. | 17,210,252.80 | 14.25% | | Anhui Zhaohang Trading Co., Ltd. | 14,605,143.94 | 12.10% | | Xinjiang Fakangni Petrochemical Co., Ltd. | 10,846,955.00 | 8.98% | | Total | 80,941,052.89 | 67.04% | [Inventories](index=102&type=section&id=Inventories) Period-end book value of inventories was **RMB 308 million**, a significant increase of **105.33%** from **RMB 150 million** at the beginning of the period, primarily due to increases in raw materials, finished goods, and goods in transit Inventory Classification | Item | Period-End Book Value (RMB) | Period-Beginning Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | 35,249,878.62 | 51,664,923.74 | | Work in Progress | 24,665,896.88 | 14,050,817.58 | | Finished Goods | 150,522,772.11 | 69,428,828.68 | | Goods in Transit | 84,540,998.39 | 12,595,872.85 | | Total | 307,816,161.48 | 150,420,083.83 | - Inventory impairment provisions decreased by **RMB 2.05 million** in the current period, with a period-end balance of **RMB 5.69 million**[371](index=371&type=chunk) [Other Current Assets](index=103&type=section&id=Other%20Current%20Assets) Period-end other current assets amounted to **RMB 49.60 million**, an increase of **7.22%** from **RMB 46.26 million** at the beginning of the period, primarily including contract acquisition costs, input VAT to be deducted, and input VAT to be certified Other Current Assets | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Contract Acquisition Costs | 5,829,107.06 | 2,558,415.85 | | Input VAT to be Deducted | 26,061,067.26 | 23,590,933.68 | | Input VAT to be Certified | 16,763,730.50 | 2,770,709.94 | | Time Deposits and Interest | | 15,013,416.67 | | Total | 49,597,544.93 | 46,257,010.70 | [Investments in Other Equity Instruments](index=103&type=section&id=Investments%20in%20Other%20Equity%20Instruments) Period-end investments in other equity instruments amounted to **RMB 3.6 million**, unchanged from the beginning of the period, primarily investments in Wuyishan Transportation Grand Hotel and Xiamen Teyun, which the company designated as not held for sale Investments in Other Equity Instruments | Project Name | Period-End Balance (RMB) | Reason for Designation as Measured at Fair Value Through Other Comprehensive Income | | :--- | :--- | :--- | | Wuyishan Transportation Grand Hotel | 1,600,000.00 | Not held for sale | | Xiamen Teyun | 2,000,000.00 | Not held for sale | | Total | 3,600,000.00 | | [Long-Term Equity Inv

Group 1 - The company Longzhou Co., Ltd. (002682.SZ) is focused on satellite positioning monitoring services and monitoring for new energy vehicles through its subsidiary Longyan Tianyuan Information Technology Co., Ltd. [1] - The satellite positioning monitoring products and services are primarily applied in various vehicle sectors including road passenger transport, logistics vehicles, ride-hailing cars, sanitation vehicles, taxis, rental cars, school buses, and tourist buses [1] - The company does not engage in commercial satellite business [1]

Group 1 - The core point of the article highlights the financing activities of Longqi Technology, indicating a net sell-off in the recent trading days [1] - On August 22, Longqi Technology had a financing buy amount of 0.54 billion yuan, ranking 572nd in the two markets, with a financing repayment amount of 1.49 billion yuan, resulting in a net sell of 94.97 million yuan [1] - Over the last three trading days from August 20 to August 22, Longqi Technology received financing buys of 1.47 billion yuan, 0.90 billion yuan, and 0.54 billion yuan respectively [1] Group 2 - In terms of securities lending, on August 22, Longqi Technology had a securities lending sell of 0.056 million shares, with a net sell of 0.052 million shares [1]

Market Overview - On August 19, the logistics sector experienced a slight decline of 0.06% compared to the previous trading day, with Jiacheng International leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable gainers in the logistics sector included: - Pulutong (002769) with a closing price of 9.02, up 3.92% on a trading volume of 298,600 shares and a turnover of 267 million yuan - Chuanhua Zhili (002010) at 6.33, up 2.43% with a volume of 911,300 shares and a turnover of 577 million yuan - Hongchuan Wisdom (002930) at 12.45, up 2.38% with a volume of 128,100 shares and a turnover of 159 million yuan [1] - Conversely, Jiacheng International (603535) saw a significant decline of 4.00%, closing at 12.23 with a trading volume of 260,300 shares and a turnover of 318 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 192 million yuan from institutional investors and 139 million yuan from retail investors, while individual investors saw a net inflow of 331 million yuan [2] - Key stocks with notable capital flows included: - Shunfeng Holdings (002352) with a net inflow of 14.7 million yuan from institutional investors, but a net outflow of 82.7 million yuan from retail investors [3] - Pulutong (002769) had a net inflow of 17.5 million yuan from institutional investors, while retail investors saw a net outflow of 20.4 million yuan [3]

（文章来源：证券日报） 证券日报网讯 8月14日晚间，龙旗科技发布公告称，公司2025年第五次临时股东会于2025年8月14日召 开，审议通过了关于制定《上海龙旗科技股份有限公司独立董事工作制度（草案）（H股发行并上市后 适用）》的议案等。 ...

Market Overview - On August 14, the logistics sector declined by 0.66%, with Wanlin Logistics leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Individual Stock Performance - Hengji Dazheng (002492) saw a significant increase of 10.01%, closing at 7.69 with a trading volume of 500,900 shares and a turnover of 371 million yuan [1] - Jianfa Co. (600153) increased by 5.42%, closing at 10.90 with a trading volume of 706,000 shares and a turnover of 763 million yuan [1] - Wanlin Logistics (603117) experienced a decline of 5.34%, closing at 5.50 with a trading volume of 248,700 shares and a turnover of 138 million yuan [2] Capital Flow Analysis - The logistics sector experienced a net outflow of 510 million yuan from institutional investors, while retail investors saw a net inflow of 426 million yuan [2] - The table of capital flow indicates that Hengji Dazheng had a net inflow of 74.71 million yuan from institutional investors, while retail investors had a net outflow of 37.49 million yuan [3] Summary of Key Stocks - The top performers in terms of net inflow from institutional investors included Hengji Dazheng and Shunfeng Holdings (002352), which had a net inflow of 55.99 million yuan [3] - Other notable stocks with significant trading activity included Mierkewei (603713) and ST Guangwu (600603), with net inflows of 14.32 million yuan and 12.32 million yuan from institutional investors, respectively [3]

Group 1 - The company confirmed that it currently has no association with Qiao Long Emergency [1]