Group 1 - The core viewpoint of the article is that 麦趣尔 reported a decline in revenue for the first half of 2025, while showing significant growth in net profit [1] - The company achieved an operating income of 294 million yuan, representing a year-on-year decrease of 4.49% [1] - The net profit attributable to shareholders of the listed company was 1.5466 million yuan, reflecting a year-on-year increase of 102.40% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -5.8645 million yuan, which is an increase of 89.07% year-on-year [1] - The basic earnings per share were reported at 0.0089 yuan [1]

| 编制单位：麦趣尔集团股份有限公司 | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关 | 上市公司核 算的会计科 | 2025年期 初占用资 | 2025年半年度 占用累计发生 | 2025年半年度占 2025年半年度 用资金的利息 偿还累计发 | 2025年半年度 期末占用资金 | 占用形成原因 | 占用性质 | | | | 联关系 | 目 | 金余额 | 金额（不含利 | (如有) 生金额 | 余额 | | | | 控股股东 、实际控制人及 | | | | | 息） | | | | | | 其附属企业 | | | | | | | | | | | 小计 | | | | | | | | | | | 前控股股东 、实际控制人 | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | 小计 | | | | | | | | | | | 其他关联方及其附属企业 | | | | | ...

资产负债表 编制单位：麦趣尔集团股份有限公司 单位：人民币元 | 项 目 | 2025年6月30日 | | 2025年1月1日 | | | --- | --- | --- | --- | --- | | | 合并 | 公司 | 合并 | 公司 | | 流动资产： | | | | | | 货币资金 | 29,339,630.71 | 364,234.69 | 31,744,354.54 | 388,401.14 | | 交易性金融资产 | 10,000,000.00 | | | | | 衍生金融资产 | | | | | | 应收票据 | | | | | | 应收账款 | 85,917,566.33 | 22,731,090.18 | 96,321,526.22 | 83,066,674.00 | | 应收款项融资 | | | | | | 预付款项 | 24,150,707.16 | 7,199,930.41 | 12,181,946.20 | 559,121.16 | | 其他应收款 | 14,004,556.54 | 59,219,736.82 | 8,756,619.79 | 135,869,912.68 ...

麦趣尔集团股份有限公司 二、监事会会议审议情况 与会监事经过认真审议，通过了以下议案： 1、审议通过关于《麦趣尔集团股份有限公司 2025 年半年度报告及摘要》的议 案 经审核，监事会全体成员认为《2025 年半年度报告》全文及摘要的编制和 审核程序符合法律法规、会计准则及中国证监会的规定，报告的内容能够真实、 准确、完整地反映公司的实际情况。 麦趣尔集团股份有限公司 第四届监事会第十九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、监事会会议召开情况 麦趣尔集团股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日以书面送 达或者电子邮件方式向公司全体监事发出召开第四届监事会第十九次会议（"本 次会议"）的通知。本次会议于 2025 年 8 月 22 日以现场表决的方式召开。实际 参加现场会议 3 人。会议由监事会主席夏东敏女士主持，本次会议的召集、召开 符合有关法律、法规、规章和公司章程的规定。 证券代码：002719 证券简称：麦趣尔 公告编码：2025-038 2025 年 8 月 26 日 表决结果：同意 3 票，反对 ...

麦趣尔集团股份有限公司 1、审议通过关于《麦趣尔集团股份有限公司 2025 年半年度报告及摘要》 的议案 证券代码：002719 证券简称：麦趣尔 公告编码：2025-037 麦趣尔集团股份有限公司 第四届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、董事会会议召开情况 麦趣尔集团股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日以书面送 达或者电子邮件方式向公司全体董事发出召开第四届董事会第二十一次（"本次 会议"）的通知。本次会议于 2025 年 8 月 22 日以现场表决结合通讯表决的方式 召开。实际参加现场会议 2 人；通过通讯表决方式参加 4 人，公司全体董事李勇、 李刚、张莉、黄卫宁、陈佳俊、高波 6 人参加本次董事会，财务总监许文、董事 会秘书姚雪、副总经理贾勇军到现场列席会议。会议由公司董事长李勇先生主持， 本次会议的通知、召集、召开符合有关法律、法规、规章和公司章程的规定。 二、董事会会议审议情况 与会董事经过认真审议，通过了以下议案： 2025 年 8 月 26 日 该议案提交董事会审议前 ...

Part I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The company's board, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report, with all directors attending the review meeting - The company's board, supervisory board, and senior management declare the report content is true, accurate, and complete[4](index=4&type=chunk) - All directors attended the board meeting to review this semi-annual report[5](index=5&type=chunk) [Risk Factors](index=2&type=section&id=Risk%20Factors) The company faces multiple risks including food safety, dairy cattle disease prevention, raw material price fluctuations, milk impairment, intensified industry competition, bakery chain operations, force majeure, and environmental issues, with corresponding measures in place - Food safety risks: main products (dairy, bakery) directly relate to consumer health, with potential for safety incidents due to quality management loopholes[6](index=6&type=chunk) - Dairy cattle disease prevention risks: cattle epidemics may affect milk yield and quality, company has established hygiene and epidemic prevention procedures[7](index=7&type=chunk) - Raw material price fluctuation risks: prices of raw milk, flour, and other major raw materials are influenced by market supply and demand, company controls costs through public bidding and optimizing utilization[8](index=8&type=chunk)[9](index=9&type=chunk) - Milk impairment risks due to market fluctuations: a downward trend in raw milk prices may lead to inventory impairment, company will optimize inventory and upgrade product structure[10](index=10&type=chunk) - Intensified industry competition and innovation risks: fierce market competition and changing consumer demand necessitate consolidating regional advantages and increasing R&D innovation[11](index=11&type=chunk) - Bakery chain operation risks: faces market saturation, taste changes, logistics, and capital challenges, company will strengthen market research, optimize product structure, and improve supply chain management[13](index=13&type=chunk) - Force majeure risks: natural disasters and public health events may affect production and operations, company has emergency plans[14](index=14&type=chunk) - Environmental risks: dairy production and ranch operations generate pollutants, company will increase environmental investment and improve treatment facilities[15](index=15&type=chunk) [Profit Distribution Plan](index=4&type=section&id=Profit%20Distribution%20Plan) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - Company plans not to distribute cash dividends[16](index=16&type=chunk) - Company plans not to issue bonus shares or convert capital reserves into share capital[16](index=16&type=chunk) [Table of Contents](index=5&type=section&id=Table%20of%20Contents) This section lists the structured table of contents for the semi-annual report, covering important notes, company profile, MD&A, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report includes nine main chapters, covering comprehensive information on company operations, finance, governance, and risks[18](index=18&type=chunk) [List of Reference Documents](index=6&type=section&id=List%20of%20Reference%20Documents) Lists reference documents available for investor inspection, including financial statements signed and sealed by the legal representative, chief accountant, and head of accounting - Reference documents include signed and sealed financial statements, the original audit report, original drafts of documents disclosed on CSRC-designated websites, and the original semi-annual report text[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - Reference documents are available at the company's Securities Affairs Department[24](index=24&type=chunk) [Definitions](index=7&type=section&id=Definitions) This section provides definitions for common terms and abbreviations used in the report to ensure clarity and consistency of information disclosure - Defines key entities such as "the Company," "Maiquer Shares," "Controlling Shareholder," and "Subsidiary"[25](index=25&type=chunk) - Clarifies regulatory bodies like "CSRC," "SZSE," and timeframes like "Reporting Period"[25](index=25&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=8&type=section&id=Company%20Profile) Maiquer Group Co., Ltd. is listed on the Shenzhen Stock Exchange, stock code 002719, with Li Yong as its legal representative - Company stock abbreviation: Maiquer, stock code: **002719**[27](index=27&type=chunk) - Stock exchange listed on: Shenzhen Stock Exchange[27](index=27&type=chunk) - Company legal representative: Li Yong[27](index=27&type=chunk) [Contact Person and Information](index=8&type=section&id=Contact%20Person%20and%20Information) Provides contact information for the company's Board Secretary, Yao Xue, including address, phone, fax, and email - Board Secretary: Yao Xue, contact address: Maiquer Avenue, Changji City, Changji Prefecture, Xinjiang[28](index=28&type=chunk) - Phone: 0994-6568908, Fax: 0994-2516699, Email: bod@maiquer.com[28](index=28&type=chunk) [Other Information](index=8&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure website and media names; specific information can be found in the 2024 annual report - Company contact information remained unchanged during the reporting period[29](index=29&type=chunk) - Information disclosure and availability locations remained unchanged during the reporting period[30](index=30&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 4.49% year-on-year, but net profit attributable to shareholders achieved significant growth, turning from loss to profit, increasing by 102.40%; net cash flow from operating activities decreased by 54.33% year-on-year Key Accounting Data and Financial Indicators (Units: Yuan) | Indicator | Current Reporting Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 294,305,568.27 | 308,153,023.61 | -4.49% | | Net Profit Attributable to Shareholders of Listed Company | 1,546,640.59 | -64,392,426.65 | 102.40% | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | -5,864,512.41 | -53,668,117.96 | 89.07% | | Net Cash Flow from Operating Activities | 3,533,171.16 | 7,736,231.89 | -54.33% | | Basic Earnings Per Share (Yuan/share) | 0.0089 | -0.3698 | 102.41% | | Diluted Earnings Per Share (Yuan/share) | 0.0089 | -0.3698 | 102.41% | | Weighted Average Return on Net Assets | 0.67% | -15.20% | 15.87% | | **Period-End Indicators** | **Current Period-End (Yuan)** | **Prior Year-End (Yuan)** | **Change from Prior Year-End** | | Total Assets | 1,075,280,071.02 | 1,088,050,966.80 | -1.17% | | Net Assets Attributable to Shareholders of Listed Company | 226,802,694.14 | 225,256,053.55 | 0.69% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=9&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - Company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[33](index=33&type=chunk) - Company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[34](index=34&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=9&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 7,411,153.00 Yuan, primarily from disposal gains of non-current assets and government subsidies Non-Recurring Gains and Losses and Amounts (Units: Yuan) | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets (including reversal of asset impairment provisions) | 242,171.29 | Disposal gains from productive biological assets | | Government subsidies recognized in current profit/loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and having a sustained impact on company's profit/loss) | 6,435,853.64 | Government subsidies | | Other non-operating income and expenses apart from the above | 715,944.30 | | | Less: Income tax impact | -17,183.77 | | | Impact on minority interests (after tax) | 0.00 | | | Total | 7,411,153.00 | | Part III Management Discussion and Analysis [Main Businesses During the Reporting Period](index=11&type=section&id=Main%20Businesses%20During%20the%20Reporting%20Period) As a modern food processing enterprise, the company's core business covers the manufacturing, distribution, and chain store operations of dairy and bakery products, supplemented by seasonal foods and frozen beverages, achieving industrial synergy through a "ranch-dairy processing-bakery production-terminal retail" full industry chain layout - Company's core business includes manufacturing, distribution, and chain store operations of dairy and bakery products, supplemented by seasonal foods and frozen beverages[39](index=39&type=chunk) - Company forms a full industry chain layout from "a drop of milk through primary, secondary, and tertiary industries" via dairy farming, dairy factories, bakery factories, and chain stores[39](index=39&type=chunk) - Main sales models include distribution, direct sales, vehicle sales, with channels covering KA stores, distributors, key accounts, online O2O, and offline stores[40](index=40&type=chunk) - Bakery product revenue increased by **4.61%** year-on-year, gross margin increased by **1.16%**; dairy product revenue decreased by **15.62%** year-on-year, gross margin decreased by **29.82%**[41](index=41&type=chunk) - As of June 30, 2025, the company owns **225** bakery chain stores, with **197** in Zhejiang and **28** in Xinjiang[44](index=44&type=chunk) - Company's production model is primarily "production based on sales," with bakery products combining centralized factory production and in-store baking, and mooncakes produced in concentrated phases[46](index=46&type=chunk)[47](index=47&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - During the reporting period, food manufacturing sales volume decreased by **19.95%** year-on-year, production volume decreased by **19.33%** year-on-year, and inventory decreased by **34.17%** year-on-year[51](index=51&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=Analysis%20of%20Core%20Competencies) Leveraging its geographical advantage in Xinjiang's golden milk source belt and a full industry chain closed-loop model, the company has built a "dairy + bakery" dual-driven diversified product matrix, strengthened R&D innovation through a national-level technology center, benefited from Western Development policies, and established an efficient direct sales network and digital operation system to achieve deep business synergy and sustainable development - Possesses Xinjiang Tianshan North Slope golden milk source belt, **50,000** Holstein cows, excellent milk quality, and a "ranch-dairy processing-bakery production-terminal retail" full industry chain closed-loop[52](index=52&type=chunk)[53](index=53&type=chunk) - "Maiquer" brand has high recognition in Xinjiang, building a "dairy + bakery" dual-driven model, developing over **400** products, with "Tianshan Ranch" high-end series as flagship products[54](index=54&type=chunk) - Owns a national-recognized enterprise technology center and health research institute, leads national-level scientific research projects, with patented technologies widely applied across all segments, achieving cross-domain technical synergy like "dairy sterilization technology feeding back into bakery preservation"[55](index=55&type=chunk) - Benefits from Western Development policies, enjoying tax incentives and special subsidies; relies on Xinjiang's unique raw material resources to build a short-radius supply chain, forming a cost advantage[56](index=56&type=chunk) - Bakery business centers on direct chain stores, forming a three-tier system of "flagship stores + commercial district stores + community convenience stores"; enhances operational efficiency and user repurchase rates through centralized kitchen production, dynamic replenishment systems, full cold chain monitoring, and a membership system[57](index=57&type=chunk)[58](index=58&type=chunk) - Dairy and bakery businesses have overlapping customers, shortening joint new product development cycles, with deep-processed dairy products (cream, butter) enhancing bakery product competitiveness, forming deep synergistic effects[59](index=59&type=chunk) [Analysis of Main Business](index=15&type=section&id=Analysis%20of%20Main%20Business) During the reporting period, the company's main business operating revenue decreased by 4.49% year-on-year, but operating costs decreased more significantly, leading to an improved gross margin; dairy product revenue declined, while bakery food revenue grew, and revenue from markets outside Xinjiang increased Year-on-Year Changes in Key Financial Data (Units: Yuan) | Indicator | Current Reporting Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | Change Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 294,305,568.27 | 308,153,023.61 | -4.49% | | | Operating Cost | 219,793,531.38 | 263,238,391.53 | -16.50% | | | Selling Expenses | 52,363,595.52 | 53,693,108.12 | -2.48% | | | Administrative Expenses | 27,244,336.86 | 32,879,003.24 | -17.14% | | | Financial Expenses | 2,560,351.91 | 3,452,002.13 | -25.83% | | | Income Tax Expense | -17,183.77 | 2,631,068.22 | -100.65% | Tax refund based on tax policy | | R&D Investment | 2,263,957.34 | 2,292,086.89 | -1.23% | | | Net Cash Flow from Operating Activities | 3,533,171.16 | 7,736,231.89 | -54.33% | Gradual repayment of prior year debts led to reduced cash flow | | Net Cash Flow from Investing Activities | -7,594,162.22 | -16,258,382.61 | -53.29% | Reduced construction investment | | Net Cash Flow from Financing Activities | -3,824,532.40 | -27,078,691.86 | -85.88% | Financial institution loans have been gradually repaid | | Net Increase in Cash and Cash Equivalents | -7,885,523.46 | -35,600,842.58 | -77.85% | Strict control over cash flow payments and collections, and gradual repayment of prior year debts | - Company's operating revenue composition: food manufacturing accounts for **100%**, with bakery food revenue accounting for **52.59%** (up **4.61%** year-on-year) and dairy product revenue accounting for **30.31%** (down **15.62%** year-on-year)[65](index=65&type=chunk) - By region, operating revenue outside Xinjiang accounted for **72.65%**, up **2.05%** year-on-year; operating revenue within Xinjiang accounted for **27.35%**, down **18.39%** year-on-year[65](index=65&type=chunk) - In selling expenses, promotion fees increased by **51.9%** year-on-year, and freight and handling fees increased by **55.3%** year-on-year, mainly due to increased promotional material costs[67](index=67&type=chunk) [Analysis of Non-Main Business](index=17&type=section&id=Analysis%20of%20Non-Main%20Business) During the reporting period, the company had no non-main business analysis items - Company had no non-main business analysis during the reporting period[68](index=68&type=chunk) [Analysis of Assets and Liabilities](index=17&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets slightly decreased, but the proportion of fixed assets increased, while short-term borrowings and contract liabilities also increased; some assets, such as monetary funds, fixed assets, intangible assets, and productive biological assets, were restricted Significant Changes in Asset Composition (Units: Yuan) | Item | Current Period-End (Yuan) | Percentage of Total Assets | Prior Year-End (Yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 29,339,630.71 | 2.73% | 31,744,354.54 | 2.50% | 0.23% | | Accounts Receivable | 85,917,566.33 | 7.99% | 96,321,526.22 | 7.59% | 0.40% | | Inventories | 42,592,663.49 | 3.96% | 54,482,543.37 | 4.29% | -0.33% | | Fixed Assets | 502,241,760.87 | 46.71% | 523,683,925.65 | 41.25% | 5.46% | | Construction in Progress | 75,969,762.33 | 7.07% | 71,612,131.16 | 5.64% | 1.43% | | Right-of-Use Assets | 42,428,605.39 | 3.95% | 41,648,927.09 | 3.28% | 0.67% | | Short-term Borrowings | 50,000,000.00 | 4.65% | 17,518,487.67 | 1.38% | 3.27% | | Contract Liabilities | 117,985,784.37 | 10.97% | 112,825,844.81 | 8.89% | 2.08% | | Long-term Borrowings | 36,859,000.00 | 3.43% | 37,359,000.00 | 2.94% | 0.49% | | Lease Liabilities | 18,279,028.72 | 1.70% | 16,398,897.44 | 1.29% | 0.41% | - Restricted assets at period-end: monetary funds **8,677,241.40 Yuan** (acceptance bill deposits and frozen funds), fixed assets **76,014,194.32 Yuan** (mortgaged to financial institutions), intangible assets **5,456,677.40 Yuan** (pledged to financial institutions), productive biological assets **18,662,127.18 Yuan** (pledged to financial institutions)[71](index=71&type=chunk) [Analysis of Investment Status](index=18&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company did not undertake significant equity investments, non-equity investments, securities investments, or derivative investments, nor did it utilize raised funds - Company had no securities investments during the reporting period[72](index=72&type=chunk) - Company had no derivative investments during the reporting period[73](index=73&type=chunk) - Company had no utilization of raised funds during the reporting period[74](index=74&type=chunk) [Disposal of Major Assets and Equity](index=19&type=section&id=Disposal%20of%20Major%20Assets%20and%20Equity) During the reporting period, the company did not dispose of any major assets or equity - Company did not dispose of major assets during the reporting period[75](index=75&type=chunk) - Company did not dispose of major equity during the reporting period[76](index=76&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries include Xinjiang Western Ecological Animal Husbandry Co., Ltd. and Xinjiang Maiquer Food Co., Ltd.; two new subsidiaries, Xinjiang Yunzhichuanglian Information Technology Service Co., Ltd. and Xinjiang Tianshan Yunmu Bakery Co., Ltd., were established during the reporting period but currently have no significant impact Major Subsidiaries and Participating Companies with over 10% Impact on Company's Net Profit (Units: Yuan) | Company Name | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Maiquer (Xinjiang) Investment Co., Ltd. | Investment activities; supply chain management services; marketing planning | 8,000,000 | 16,064,687.19 | -1,135,711.92 | | Xinjiang Western Ecological Animal Husbandry Co., Ltd. | Livestock breeding, livestock machinery manufacturing | 150,000,000 | 317,433,741.81 | 1,304,604.32 | - Two new subsidiaries, Xinjiang Yunzhichuanglian Information Technology Service Co., Ltd. and Xinjiang Tianshan Yunmu Bakery Co., Ltd., were established during the reporting period, with no current impact[77](index=77&type=chunk) [Risks Faced by the Company and Countermeasures](index=19&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) Management detailed eight major risks faced by the company, including food safety, dairy cattle disease prevention, raw material price fluctuations, milk impairment, industry competition, bakery chain operations, force majeure, and environmental issues, reiterating specific countermeasures to ensure the company's sustained healthy development - Food safety risks: Company will continue to improve its quality control system, strengthening management of raw material procurement, production processing, storage, and sales[78](index=78&type=chunk) - Dairy cattle disease prevention risks: Company has gradually established and improved hygiene and epidemic prevention procedures, adopting measures like isolation, disinfection, and vaccination to prevent epidemics[79](index=79&type=chunk) - Raw material price fluctuation risks: Company controls costs through public bidding, improving raw material utilization, optimizing packaging materials, and establishing long-term cooperative relationships with suppliers[80](index=80&type=chunk) - Milk impairment risks due to market fluctuations: Company will optimize inventory management, strengthen cooperation with suppliers, promote product structure upgrades, and monitor industry policies[81](index=81&type=chunk) - Intensified industry competition and innovation risks: Company will consolidate regional market advantages, optimize marketing networks, strengthen brand building, and increase R&D investment[82](index=82&type=chunk) - Bakery chain operation risks: Company will strengthen market research, optimize product structure, and improve supply chain management[84](index=84&type=chunk) - Force majeure risks: Company has formulated and regularly drills force majeure emergency plans to ensure rapid response and production recovery[85](index=85&type=chunk) - Environmental risks: Company will increase environmental capital investment, improve sewage and manure treatment facilities, ensuring environmental compliance[86](index=86&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - Company has not formulated a market value management system[87](index=87&type=chunk) - Company has not disclosed a valuation enhancement plan[87](index=87&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=21&type=section&id=Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - Company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[87](index=87&type=chunk) Part IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Vice General Manager Li Jingqian resigned due to personal reasons - Vice General Manager Li Jingqian resigned on January 1, 2025, due to personal reasons[89](index=89&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=22&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%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 - Company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[90](index=90&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures - Company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[91](index=91&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - Listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[92](index=92&type=chunk) [Social Responsibility](index=22&type=section&id=Social%20Responsibility) Maiquer Group Co., Ltd. is long-committed to social responsibility, actively participating in poverty alleviation, disaster relief, military support, and various charitable activities, earning multiple honors - Company actively donates funds and materials to disaster-stricken areas, maintains social stability, assists vulnerable groups, and supports military families[92](index=92&type=chunk) - Company has been awarded honors such as "China Outstanding Contribution Unit Award" and "Advanced Enterprise in Xinjiang Development and Construction"[92](index=92&type=chunk) - Company regularly donates milk, tangyuan, and zongzi to nursing homes and children's welfare institutions during traditional festivals[92](index=92&type=chunk) Part V Significant Matters [Commitments](index=23&type=section&id=Commitments) During the reporting period, there were no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company itself that had been fulfilled or were overdue - During the reporting period, there were no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company itself that had been fulfilled or were overdue as of the end of the reporting period[94](index=94&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=23&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties from the listed company[95](index=95&type=chunk) [Irregular External Guarantees](index=23&type=section&id=Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - Company had no irregular external guarantees during the reporting period[96](index=96&type=chunk) [Appointment and Dismissal of Accounting Firms](index=23&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - Company's semi-annual report was not audited[97](index=97&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Reporting Period](index=23&type=section&id=Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) This item is not applicable as the company's semi-annual report was not audited - Not applicable[98](index=98&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=23&type=section&id=Board%20of%20Directors'%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This item is not applicable as the company's semi-annual report was not audited - Not applicable[98](index=98&type=chunk) [Bankruptcy and Reorganization Matters](index=23&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters - Company did not experience any bankruptcy or reorganization matters during the reporting period[98](index=98&type=chunk) [Litigation Matters](index=23&type=section&id=Litigation%20Matters) During the reporting period, the company had no major litigation or arbitration matters, but there were multiple other lawsuits not meeting the major disclosure threshold, with a total involved amount of approximately **81.0694 million Yuan**, some ongoing, some in execution or completed - Company had no major litigation or arbitration matters in this reporting period[99](index=99&type=chunk) Summary of Other Litigation (Arbitration) Cases Not Meeting Major Disclosure Threshold (Units: 10,000 Yuan) | Litigation (Arbitration) Basic Information | Involved Amount (10,000 Yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | | Other litigation (arbitration) cases not meeting major disclosure threshold | 1,739.1 | Ongoing | In court acceptance and trial stage, no significant impact on the company | Not yet executed | | Other litigation (arbitration) cases not meeting major disclosure threshold | 6,367.84 | Execution stage | In litigation execution stage, no significant impact on the company | Executed | | Other litigation (arbitration) cases not meeting major disclosure threshold | 174.47 | Completed stage | No significant impact on the company | Completed | [Penalties and Rectification](index=24&type=section&id=Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - Company had no penalties or rectification situations during the reporting period[102](index=102&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The controlling shareholder, Xinjiang Maiquer Group Co., Ltd., had all of its 17,170,000 shares (9.86% of total share capital) frozen and pledged due to debt contract disputes Integrity Status of Controlling Shareholder | Shareholder Name | Is Controlling Shareholder | Shares Held (shares) | Percentage of Total Share Capital | Total Frozen Shares (shares) | Percentage of Shares Held | Percentage of Total Share Capital | Freezing/Pledging Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Maiquer Group Co., Ltd. | Yes | 17,170,000 | 9.86% | 17,170,000 | 100% | 9.86% | Debt contract disputes | [Significant Related Party Transactions](index=24&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company did not engage in significant related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, nor did it have related party creditor-debtor relationships or dealings with affiliated financial companies - Company had no related party transactions related to daily operations during the reporting period[104](index=104&type=chunk) - Company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[105](index=105&type=chunk) - Company had no related party transactions involving joint external investments during the reporting period[106](index=106&type=chunk) - Company had no related party creditor-debtor relationships during the reporting period[107](index=107&type=chunk) - Company had no deposits, loans, credit lines, or other financial business with affiliated financial companies or related parties[108](index=108&type=chunk) - Company's controlled financial company had no deposits, loans, credit lines, or other financial business with related parties[109](index=109&type=chunk) - Company had no other significant related party transactions during the reporting period[110](index=110&type=chunk) [Significant Contracts and Their Performance](index=25&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no significant contracts related to trusteeship, contracting, leasing, major guarantees, or entrusted wealth management - Company had no trusteeship situations during the reporting period[111](index=111&type=chunk) - Company had no contracting situations during the reporting period[112](index=112&type=chunk) - Company had no leasing situations during the reporting period[113](index=113&type=chunk) - Company had no major guarantee situations during the reporting period[114](index=114&type=chunk) - Company had no entrusted wealth management during the reporting period[115](index=115&type=chunk) - Company had no other significant contracts during the reporting period[117](index=117&type=chunk) [Explanation of Other Significant Matters](index=26&type=section&id=Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - Company had no other significant matters requiring explanation during the reporting period[118](index=118&type=chunk) [Significant Matters of Company Subsidiaries](index=26&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company's subsidiaries had no significant matters - Company's subsidiaries had no significant matters during the reporting period[119](index=119&type=chunk) Part VI Share Changes and Shareholder Information [Share Change Status](index=27&type=section&id=Share%20Change%20Status) During the reporting period, the company's restricted shares increased by 11,200 shares, and unrestricted shares decreased by 11,200 shares, primarily due to an increase in restricted shares held by senior executive Li Jingqian Share Change Status (Units: Shares) | Share Type | Before Change (shares) | Change (shares) | After Change (shares) | Percentage | | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 12,267,162 | +11,200 | 12,278,362 | 7.05% | | Unrestricted Shares | 161,872,295 | -11,200 | 161,861,095 | 92.95% | | Total Shares | 174,139,457 | 0 | 174,139,457 | 100.00% | - Li Jingqian's restricted shares increased by **11,200 shares** in this period, with **56,000 shares** restricted at period-end, due to senior executive lock-up shares[124](index=124&type=chunk) [Securities Issuance and Listing](index=28&type=section&id=Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - Company had no securities issuance or listing activities during the reporting period[125](index=125&type=chunk) [Shareholder Numbers and Shareholding Status](index=28&type=section&id=Shareholder%20Numbers%20and%20Shareholding%20Status) At the end of the reporting period, the company had a total of 24,116 common shareholders; the controlling shareholder, Xinjiang Maiquer Group Co., Ltd., held 9.86% of shares, all of which were frozen and pledged - Total common shareholders at period-end: **24,116**[126](index=126&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders (Units: Shares) | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Maiquer Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 9.86% | 17,170,000 | 1,600,000 | 15,570,000 | Frozen 17,170,000 shares, Pledged 17,170,000 shares | | Changji Prefecture State-Owned Assets Investment and Management Group Co., Ltd. | State-Owned Legal Person | 8.13% | 14,155,969 | 0 | 14,155,969 | Not applicable | | Li Yong | Domestic Natural Person | 6.45% | 11,223,843 | 8,417,882 | 2,805,961 | Pledged 11,200,000 shares, Frozen 23,843 shares | - Xinjiang Maiquer Group Co., Ltd. is the controlling shareholder, Li Yong is the company's chairman and actual controller; Li Yuhu, Li Yong, Li Gang, Wang Cuixian are parties acting in concert[128](index=128&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - Company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[131](index=131&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=30&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - Company's controlling shareholder did not change during the reporting period[133](index=133&type=chunk) - Company's actual controller did not change during the reporting period[133](index=133&type=chunk) [Preferred Share Information](index=31&type=section&id=Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - Company had no preferred shares during the reporting period[134](index=134&type=chunk) Part VII Bond-Related Information [Bond-Related Information](index=32&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related information - Company had no bond-related information during the reporting period[136](index=136&type=chunk) Part VIII Financial Report [Audit Report](index=33&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - Company's semi-annual financial report was not audited[138](index=138&type=chunk) [Financial Statements](index=33&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 reflecting the financial position and operating results at the end of the reporting period [Consolidated Balance Sheet](index=33&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 1,075,280,071.02 Yuan, total liabilities were 855,347,919.08 Yuan, and total owners' equity was 219,932,151.94 Yuan - Consolidated total assets **1,075,280,071.02 Yuan**, total liabilities **855,347,919.08 Yuan**, total owners' equity **219,932,151.94 Yuan**[142](index=142&type=chunk) [Parent Company Balance Sheet](index=35&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 1,098,377,376.96 Yuan, total liabilities were 386,282,842.26 Yuan, and total owners' equity was 712,094,534.70 Yuan - Parent company total assets **1,098,377,376.96 Yuan**, total liabilities **386,282,842.26 Yuan**, total owners' equity **712,094,534.70 Yuan**[146](index=146&type=chunk) [Consolidated Income Statement](index=37&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was 294,305,568.27 Yuan, net profit was 1,695,756.11 Yuan, and net profit attributable to parent company shareholders was 1,546,640.59 Yuan - Consolidated total operating revenue **294,305,568.27 Yuan**, net profit **1,695,756.11 Yuan**[150](index=150&type=chunk)[152](index=152&type=chunk) - Net profit attributable to parent company shareholders **1,546,640.59 Yuan**, basic earnings per share **0.0089 Yuan/share**[152](index=152&type=chunk) [Parent Company Income Statement](index=39&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was 77,601,477.28 Yuan, and net profit was 3,930,965.19 Yuan - Parent company operating revenue **77,601,477.28 Yuan**, net profit **3,930,965.19 Yuan**[154](index=154&type=chunk)[155](index=155&type=chunk) [Consolidated Cash Flow Statement](index=41&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's net cash flow from operating activities was 3,533,171.16 Yuan, net cash flow from investing activities was -7,594,162.22 Yuan, and net cash flow from financing activities was -3,824,532.40 Yuan - Net cash flow from operating activities **3,533,171.16 Yuan**[156](index=156&type=chunk) - Net cash flow from investing activities **-7,594,162.22 Yuan**[158](index=158&type=chunk) - Net cash flow from financing activities **-3,824,532.40 Yuan**[158](index=158&type=chunk) [Parent Company Cash Flow Statement](index=42&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was 18,872.94 Yuan, and cash and cash equivalents at period-end were 178,767.06 Yuan - Parent company net cash flow from operating activities **18,872.94 Yuan**[159](index=159&type=chunk) - Cash and cash equivalents at period-end **178,767.06 Yuan**[160](index=160&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=43&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) For the first half of 2025, the company's consolidated owners' equity increased by 1,707,756.11 Yuan, with total owners' equity at period-end being 219,932,151.94 Yuan - Total comprehensive income attributable to parent company owners for this period was **1,546,640.59 Yuan**[163](index=163&type=chunk) - Total owners' equity at period-end **219,932,151.94 Yuan**[164](index=164&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=47&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) For the first half of 2025, the parent company's owners' equity increased by 3,930,965.19 Yuan, with total owners' equity at period-end being 712,094,534.70 Yuan - Total comprehensive income of the parent company for this period was **3,930,965.19 Yuan**[168](index=168&type=chunk) - Total owners' equity at period-end **712,094,534.70 Yuan**[169](index=169&type=chunk) [Company Basic Information](index=50&type=section&id=Company%20Basic%20Information) Maiquer Group Co., Ltd. was established on December 30, 2002, with a registered capital of 174,139,457 Yuan, primarily engaged in the production and sale of dairy, bakery, and seasonal foods, with Li Yuhu, Wang Cuixian, Li Yong, and Li Gang as the ultimate controlling parties - Company established on December 30, 2002, with registered capital of **174,139,457 Yuan**[173](index=173&type=chunk) - Main business activities are production and sale of dairy products, bakery foods, and seasonal foods[173](index=173&type=chunk) - Ultimate controlling parties are Li Yuhu, Wang Cuixian, Li Yong, Li Gang[173](index=173&type=chunk) - Financial report approved for issuance on August 22, 2025[174](index=174&type=chunk) [Basis of Financial Statement Preparation](index=51&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with Chinese Enterprise Accounting Standards and relevant disclosure regulations, primarily using historical cost measurement, with provisions for asset impairment - Financial statements prepared on a going concern basis[175](index=175&type=chunk) - Complies with Chinese Enterprise Accounting Standards and CSRC disclosure regulations[175](index=175&type=chunk) - Accounting is based on the accrual method, and except for some financial instruments, all are measured at historical cost[175](index=175&type=chunk) - No significant uncertainties regarding the company's ability to continue as a going concern within 12 months after the end of the reporting period[176](index=176&type=chunk) [Significant Accounting Policies and Estimates](index=51&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimation methods for financial instruments, revenue recognition, asset impairment, fixed asset depreciation, biological assets, intangible asset amortization, and long-term equity investments, ensuring compliance and accuracy of financial reporting - Financial instrument classification and measurement: Debt instruments classified based on business model and cash flow characteristics as amortized cost, fair value through other comprehensive income, or fair value through profit or loss; equity instrument investments measured at fair value through profit or loss, or designated through other comprehensive income[199](index=199&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[205](index=205&type=chunk) - Revenue recognition: Revenue recognized when customer obtains control of goods, classified as performance over time or at a point in time, distinguishing between principal and agent[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk) - Inventory valuation and impairment provisions: Perpetual inventory system used, weighted average method for issuance; impairment provisions made when cost exceeds net realizable value at period-end[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) - Fixed asset depreciation: Straight-line method used, buildings **30 years**, machinery and equipment **5-10 years**, transportation equipment **5 years**, electronic equipment and others **5 years**[241](index=241&type=chunk) - Productive biological asset depreciation: Mature dairy cows useful life **6 years**, residual value rate **30%**, annual depreciation rate **11.67%**[248](index=248&type=chunk) - Intangible asset amortization: Land use rights **30-50 years**, patents and proprietary technology **10 years**, trademark rights **5 years**, technical, financial, and management software **3-5 years**, all amortized using the straight-line method[250](index=250&type=chunk) - Long-term equity investments: Accounted for using the equity method for joint control or significant influence, and the cost method for control[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk) [Taxation](index=77&type=section&id=Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, and it benefits from Western Development corporate income tax incentives (15% rate), corporate income tax exemption for initial processing of agricultural products, and small and micro enterprise income tax incentives - Main tax types and rates: VAT (**13%**, **9%**, **6%**, **5%**), Urban Maintenance and Construction Tax (**7%**), Corporate Income Tax (**25%**, **20%**, **15%**)[295](index=295&type=chunk) - Tax incentives: Maiquer Group Co., Ltd. and Xinjiang Maiquer Food Co., Ltd. enjoy a **15%** corporate income tax rate under Western Development policy[296](index=296&type=chunk) - Maiquer Group Co., Ltd. qualifies for initial processing of agricultural products, with some income exempt from corporate income tax[296](index=296&type=chunk) - Xinjiang Western Ecological Animal Husbandry Co., Ltd. is exempt from VAT on self-produced agricultural products[296](index=296&type=chunk) - Some subsidiaries qualify as small and micro enterprises, enjoying income tax incentives, taxed at **20%** on **25%** of taxable income[297](index=297&type=chunk)[298](index=298&type=chunk) [Notes to Consolidated Financial Statement Items](index=78&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end balances, beginning-of-period balances, and current period changes for each item in the consolidated financial statements, including monetary funds, various receivables, inventories, fixed assets, construction in progress, productive biological assets, intangible assets, various liabilities, and profit/loss accounts, with explanations for significant changes - Monetary funds period-end balance **29,339,630.71 Yuan**, including bank acceptance bill deposits and frozen funds of **8,677,241.40 Yuan**[300](index=300&type=chunk)[301](index=301&type=chunk)[392](index=392&type=chunk) - Accounts receivable period-end book value **85,917,566.33 Yuan**, bad debt provision rate **38.49%**[308](index=308&type=chunk)[311](index=311&type=chunk) - Inventories period-end book value **42,592,663.49 Yuan**, inventory impairment provision **18,791,941.67 Yuan**[344](index=344&type=chunk) - Fixed assets period-end book value **500,356,706.12 Yuan**, increased by **5,475,925.93 Yuan** and decreased by **6,136,821.35 Yuan** in this period[354](index=354&type=chunk)[356](index=356&type=chunk) - Construction in progress period-end balance **75,969,762.33 Yuan**, with a full impairment provision of **517,241.40 Yuan** for the Chinese-style workshop construction project[358](index=358&type=chunk)[360](index=360&type=chunk)[365](index=365&type=chunk) - Short-term borrowings period-end balance **50,000,000.00 Yuan**, a significant increase from **17,518,487.67 Yuan** at the beginning of the period[396](index=396&type=chunk) - Accounts payable period-end balance **401,918,961.30 Yuan**, of which **63,053,190.00 Yuan** to Gansu XXX Animal Husbandry Technology Co., Ltd. is unsettled[400](index=400&type=chunk)[402](index=402&type=chunk) - Operating revenue for this period **294,305,568.27 Yuan**, operating cost **219,793,531.38 Yuan**[441](index=441&type=chunk) - Credit impairment loss for this period **6,754,893.14 Yuan**, compared to **586,914.69 Yuan** in the prior period, mainly due to increased bad debt losses on accounts receivable[459](index=459&type=chunk) - Net cash flow from operating activities for this period **3,533,171.16 Yuan**, a year-on-year decrease of **54.33%**, mainly due to gradual repayment of prior year debts[482](index=482&type=chunk) [R&D Expenses](index=108&type=section&id=R%26D%20Expenses) During the reporting period, the company's total R&D expenses amounted to 2,263,957.34 Yuan, primarily consisting of employee compensation, and all were expensed R&D Expense Details (Units: Yuan) | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 1,891,273.70 | 2,004,437.53 | | Business Entertainment Expenses | 23,652.59 | 20,903.68 | | Travel Expenses | 519.47 | 3,965.79 | | Office Expenses | 2,534.56 | 337.38 | | Asset Amortization | 45,287.00 | 42,263.49 | | Depreciation Expenses | 130,986.50 | 126,777.69 | | Intermediary Service Fees | 5,026.94 | 360.00 | | Other | 164,676.58 | 93,041.33 | | Total | 2,263,957.34 | 2,292,086.89 | | Of which: Expensed R&D | 2,263,957.34 | 2,292,086.89 | [Changes in Consolidation Scope](index=108&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company established two new subsidiaries: Xinjiang Yunzhichuanglian Information Technology Service Co., Ltd. and Xinjiang Tianshan Yunmu Bakery Co., Ltd - Two new subsidiaries established this year: Xinjiang Yunzhichuanglian Information Technology Service Co., Ltd. and Xinjiang Tianshan Yunmu Bakery Co., Ltd.[491](index=491&type=chunk) [Interests in Other Entities](index=108&type=section&id=Interests%20in%20Other%20Entities) The company owns several wholly-owned subsidiaries engaged in livestock breeding, food and beverage, chain technology, and investment management, including Xinjiang Western Ecological Animal Husbandry Co., Ltd. with a registered capital of 150 million Yuan, and Xinjiang Maiquer Food Co., Ltd. with a registered capital of 20 million Yuan - Xinjiang Western Ecological Animal Husbandry Co., Ltd. is a wholly-owned subsidiary with registered capital of **150 million Yuan**, primarily engaged in livestock breeding and livestock machinery manufacturing[492](index=492&type=chunk) - Xinjiang Maiquer Food Co., Ltd. is a wholly-owned subsidiary with registered capital of **20 million Yuan**, primarily engaged in the production and sale of food, cold beverages, non-alcoholic beverages, and purified water[492](index=492&type=chunk) - Zhejiang Xinmeixin Food Industry Co., Ltd. is a wholly-owned subsidiary with registered capital of **70,205,787 Yuan**, primarily engaged in food (including food additives) production and food business[494](index=494&type=chunk) [Government Grants](index=109&type=section&id=Government%20Grants) During the reporting period, the company received government grants totaling 6,209,225.37 Yuan recognized in current profit or loss, and government grants in deferred income decreased by 4,465,740.08 Yuan - Government grants recognized in current profit or loss for this period amounted to **6,209,225.37 Yuan**[498](index=498&type=chunk) - Government grants in deferred income had a beginning balance of **13,022,465.67 Yuan**, decreased by **4,465,740.08 Yuan** in this period, with an ending balance of **8,556,725.59 Yuan**[496](index=496&type=chunk)[497](index=497&type=chunk) [Risks Related to Financial Instruments](index=110&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (foreign exchange, interest rate, other price risks), credit risk, and liquidity risk; the company has no foreign exchange risk, manages interest rate risk through market adjustments, credit risk through customer assessment and monitoring, and liquidity risk through cash reserves and borrowing agreements - Company has no foreign exchange transactions, thus no foreign exchange risk[500](index=500&type=chunk) - Interest rate risk primarily arises from bank borrowings, managed by the management team adjusting promptly based on market conditions[501](index=501&type=chunk) - Credit risk mainly stems from bank deposits, accounts receivable, other receivables, notes receivable, and wealth management products, managed by assessing customer credit, collateral possibilities, credit history, and market conditions[502](index=502&type=chunk)[503](index=503&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents, monitoring bank borrowing utilization, and securing commitments for backup funds[504](index=504&type=chunk) [Related Parties and Related Party Transactions](index=111&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The company's ultimate controlling parties are Li Yuhu, Wang Cuixian, Li Yong, and Li Gang; during the reporting period, the company engaged in daily related party transactions with related parties, including goods procurement and sales, and leasing, and disclosed balances of related party receivables and payables - The ultimate controlling parties of this enterprise are Li Yuhu, Wang Cuixian, Li Yong, Li Gang[505](index=505&type=chunk) - During the reporting period, the company procured **9,061,189.32 Yuan** of goods from Xinjiang Fushi (Group) Sugar, Tobacco and Food Co., Ltd.[509](index=509&type=chunk) - The company sold **22,428.01 Yuan** of goods to Xinjiang Fushi (Group) Sugar, Tobacco and Food Co., Ltd.[510](index=510&type=chunk) - The company leased properties from Xinjiang Maiquer Group Co., Ltd., Xinjiang Jiajixin Investment Co., Ltd., and Xinjiang Maiquer Sanliu Wu Property Service Co., Ltd., paying total rent of approximately **3,695,000.00 Yuan** in this period[511](index=511&type=chunk) - Key management personnel compensation for this period amounted to **3,130,162.17 Yuan**[512](index=512&type=chunk) - Period-end accounts receivable include amounts from related parties Zhang Chao, Xinjiang Fushi (Group) Sugar, Tobacco and Food Co., Ltd., and Xinjiang Yuanming Supply Chain Management Co., Ltd.[516](index=516&type=chunk) - Period-end accounts payable include amounts to related parties Xinjiang Fushi (Group) Sugar, Tobacco and Food Co., Ltd., Xinjiang Changji Zhengtai Automobile Sales Co., Ltd., etc.[518](index=518&type=chunk) [Commitments and Contingencies](index=113&type=section&id=Commitments%20and%20Contingencies) As of June 30, 2025, the company had no significant commitments requiring disclosure; the company had outstanding lawsuits with a total involved amount of 81.0694 million Yuan - As of June 30, 2025, the company had no significant commitments requiring disclosure[519](index=519&type=chunk) - As of June 30, 2025, the company's outstanding lawsuits involved an amount of **81.0694 million Yuan**[520](index=520&type=chunk) [Notes to Parent Company Financial Statement Items](index=114&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section details the period-end balances, beginning-of-period balances, and current period changes for key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, and operating revenue and costs, reflecting the parent company's independent financial position and operating results - Parent company accounts receivable period-end book balance **55,586,247.05 Yuan**, a significant decrease from **121,414,861.71 Yuan** at the beginning of the period[523](index=523&type=chunk) - Parent company other receivables period-end book balance **61,354,999.11 Yuan**, a significant decrease from **139,861,585.65 Yuan** at the beginning of the period[543](index=543&type=chunk) - Parent company long-term equity investments period-end book value **682,222,676.69 Yuan**, consistent with the beginning of the period[551](index=551&type=chunk) - Parent company operating revenue for this period **77,601,477.28 Yuan**, operating cost **75,921,242.03 Yuan**, both decreased compared to the prior period[557](index=557&type=chunk) [Supplementary Information](index=120&type=section&id=Supplementary%20Information) This section provides supplementary information including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, and confirms no differences in accounting data under domestic and overseas accounting standards - Total non-recurring gains and losses **7,411,153.00 Yuan**, mainly from disposal gains of non-current assets and government grants[559](index=559&type=chunk) - Weighted average return on net assets attributable to common shareholders was **0.68%**, basic earnings per share was **0.0089 Yuan/share**[560](index=560&type=chunk) - Company has no differences in accounting data under domestic and overseas accounting standards[561](index=561&type=chunk) Part IX Other Submitted Data [Other Significant Social Security Issues](index=122&type=section&id=Other%20Significant%20Social%20Security%20Issues) During the reporting period, the company and its subsidiaries had no other significant social security issues and received no administrative penalties - Listed company and its subsidiaries had no other significant social security issues[563](index=563&type=chunk) - No administrative penalties were received during the reporting period[563](index=563&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=122&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company engaged with institutional, individual, and other investors through online platforms, discussing the 2024 annual performance, corporate governance, development strategy, operating conditions, and other matters - On May 9, 2025, investors were engaged via online platform to explain the **2024** annual performance[563](index=563&type=chunk) - On May 23, 2025, investors were engaged via online platform to discuss the **2024** annual performance, corporate governance, development strategy, operating conditions, financing plans, equity incentives, and sustainable development[563](index=563&type=chunk) [Fund Transactions Between Listed Company and Controlling Shareholder and Other Related Parties](index=122&type=section&id=Fund%20Transactions%20Between%20Listed%20Company%20and%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, the company had operational transactions with Xinjiang Fushi (Group) Sugar, Tobacco and Food Co., Ltd., with a beginning balance of 2.474 million Yuan, current period transactions and repayments of 13.4748 million Yuan, and an ending balance of 2.474 million Yuan Fund Transactions Between Listed Company and Controlling Shareholder and Other Related Parties (Units: 10,000 Yuan) | Related Party Name | Nature of Transaction | Beginning Balance (10,000 Yuan) | Current Period Transactions (10,000 Yuan) | Current Period Repayments (10,000 Yuan) | Ending Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Fushi (Group) Sugar, Tobacco and Food Co., Ltd. | Operational transactions | 247.4 | 1,347.48 | 1,347.48 | 247.4 |

Market Overview - The leisure food sector experienced a decline of 0.46% on August 22, with Nanqiao Food leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Juewei Food (603517) saw a closing price of 16.74, with an increase of 4.36% and a trading volume of 313,300 shares, amounting to a transaction value of 518 million yuan [1] - Guifaxiang (002820) closed at 13.29, up 0.53%, with a trading volume of 330,700 shares [1] - Three Squirrels (300783) closed at 26.59, with a slight increase of 0.08% and a trading volume of 133,900 shares [1] - Other notable stocks include: - Taoli Bread (603866) at 5.66, unchanged [1] - Ganyuan Food (002991) at 58.74, down 0.03% [1] - Laiyifen (603777) at 13.79, down 0.14% [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 237 million yuan from institutional investors, while retail investors contributed a net inflow of 245 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Juewei Food had a net inflow of 46.59 million yuan from institutional investors, but a net outflow of 23.01 million yuan from speculative funds [3] - Qingdao Food (001219) experienced a net inflow of 0.53 million yuan from institutional investors, while speculative funds saw a net inflow of 1.39 million yuan [3] - Other stocks like Good Idea (002582) and Yanjinpuzi (002847) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Market Overview - The leisure food sector experienced a decline of 0.97% on August 21, with Gui Faxiang leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Notable gainers included: - Guangzhou Restaurant: closed at 16.87, up 1.63% with a trading volume of 70,500 shares and a turnover of 118 million yuan [1] - Zhizhi Food: closed at 23.57, up 1.29% with a trading volume of 90,100 shares and a turnover of 211 million yuan [1] - Haoxiangni: closed at 10.50, up 1.25% with a trading volume of 475,500 shares and a turnover of 505 million yuan [1] - Significant decliners included: - Gui Faxiang: closed at 13.22, down 8.19% with a trading volume of 500,100 shares and a turnover of 684 million yuan [2] - Wancheng Group: closed at 152.40, down 2.55% with a trading volume of 17,300 shares and a turnover of 267 million yuan [2] - Yanjinpuzi: closed at 72.33, down 2.20% with a trading volume of 49,800 shares and a turnover of 366 million yuan [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 273 million yuan from institutional investors, while retail investors contributed a net inflow of 232 million yuan [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with Guangzhou Restaurant experiencing a net inflow of 11.14 million yuan from institutional investors [3] - Other stocks like Tali Bread and Ximai Food also showed mixed capital flows, with Tali Bread seeing a net outflow of 2.56 million yuan from retail investors [3]

Market Performance - The leisure food sector increased by 0.89% on August 15, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Top Gainers - Wancheng Group (300972) closed at 154.74, up 2.71% with a trading volume of 21,000 lots [1] - Yanjinpuzi (002847) closed at 73.40, up 2.46% with a trading volume of 40,300 lots [1] - Huangshanghuang (002695) closed at 13.39, up 1.90% with a trading volume of 198,400 lots [1] Top Losers - Guifaxiang (002820) closed at 14.56, down 5.45% with a trading volume of 514,600 lots [2] - Ziyuan Food (603057) closed at 22.26, down 5.24% with a trading volume of 88,700 lots [2] - Maiqu'er (002719) closed at 9.55, down 0.93% with a trading volume of 77,500 lots [2] Capital Flow - The leisure food sector experienced a net outflow of 196 million yuan from institutional investors, while retail investors saw a net inflow of 188 million yuan [2][3] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2][3] Individual Stock Capital Flow - Wancheng Group saw a net inflow of 2.9761 million yuan from institutional investors, while retail investors contributed a net inflow of 2.1847 million yuan [3] - Lihai Food (300973) had a net inflow of 2.2462 million yuan from institutional investors, but a net outflow of 3.6142 million yuan from retail investors [3] - Guangzhou Restaurant (603043) experienced a net inflow of 1.0068 million yuan from institutional investors, while retail investors had a net outflow of 3.0864 million yuan [3]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] Industry Overview - In the leisure food industry, the average salary of secretaries from 27 listed companies is 727,300 yuan, slightly below the market average [2] - The age distribution shows that 39% of secretaries are aged between 40 and 50, while those aged 50 and above and 30 to 40 each account for 30% [2] Salary Details - The highest-paid secretary is from Three Squirrels, with a salary of 1.5066 million yuan, followed by the secretary from Lihigh Foods at 1.3875 million yuan [3] - Five secretaries earn over 1 million yuan annually, while the lowest-paid secretary earns only 31,700 yuan [3][4] Salary Changes - Ten secretaries received salary increases last year, with the highest increase being 297,800 yuan for the secretary from Three Squirrels [4] - Six secretaries experienced salary reductions, with the largest decrease being 176,600 yuan for the secretary from Haoxiangni [4]