安徽黄山胶囊股份有限公司 章 程 中国 · 安徽 （2025 年 10月修订） 中文名称：安徽黄山胶囊股份有限公司 英文名称：ANHUIHUANGSHANCAPSULECO.,LTD. 第五条 公司住所：安徽省旌德县白地洪川。邮政编码：242605 | 第一章 | 总 则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 | 2 | | 第四章 | 股东和股东会 | 10 | | 第五章 | 党的组织 | 30 | | 第六章 | 董事会 | 31 | | 第七章 | 高级管理人员 | 44 | | 第八章 | 财务会计制度、利润分配和审计 | 46 | | 第九章 | 通知和公告 | 52 | | 第十章 | 合并、分立、增资、减资、解散和清算 | 53 | | 第十一章 | 修改章程 | 57 | | 第十二章 | 附则 | 57 | 安徽黄山胶囊股份有限公司 第一章 总 则 第一条 为维护安徽黄山胶囊股份有限公司（以下简称"公司"）、股东、职 工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称"《公司法 ...

Financial Performance - Q3 2025 revenue decreased by 9.90% year-on-year to ¥100,200,154.34, while year-to-date revenue decreased by 0.69% to ¥344,081,657.21[5] - Net profit attributable to shareholders increased by 24.37% year-on-year to ¥13,513,354.56, and year-to-date net profit increased by 21.01% to ¥49,065,875.88[5] - Basic and diluted earnings per share both rose by 25.00% to ¥0.05 for the current period, and increased by 14.29% to ¥0.16 year-to-date[5] - Total operating revenue for the current period is ¥344,081,657.21, a decrease of 0.4% from ¥346,483,715.97 in the previous period[19] - Net profit for the current period is ¥49,638,982.29, an increase of 20.9% compared to ¥41,081,247.45 in the previous period[20] - Operating profit increased to ¥57,373,139.11, up 15.5% from ¥49,642,907.89 in the previous period[20] - Total comprehensive income for the current period is ¥49,615,409.25, an increase from ¥41,159,925.99 in the previous period[20] Cash Flow and Assets - Cash flow from operating activities increased significantly by 154.62% year-to-date to ¥47,523,926.56[5] - Cash flow from operating activities generated a net amount of ¥47,523,926.56, significantly higher than ¥18,664,550.91 in the previous period[22] - Cash and cash equivalents decreased to CNY 231,753,602.86 from CNY 341,642,031.24, highlighting liquidity challenges[16] - Cash and cash equivalents at the end of the period totaled ¥69,345,448.21, down from ¥80,932,277.37 at the end of the previous period[23] - Total assets at the end of the reporting period increased by 2.43% compared to the end of the previous year, reaching ¥1,112,939,227.95[5] - Current assets decreased to CNY 500,234,465.92 from CNY 590,012,632.85, primarily due to a reduction in cash and inventory[16] - Non-current assets increased to CNY 612,704,762.03 from CNY 496,521,973.13, driven by growth in other non-current assets[17] - Total liabilities decreased to CNY 156,927,979.59 from CNY 168,773,049.88, reflecting a reduction in current liabilities[17] - The total liabilities to total assets ratio improved slightly, indicating better financial stability[17] Equity and Investments - Owner's equity attributable to shareholders increased by 4.11% to ¥954,131,003.76 compared to the end of the previous year[5] - The company's equity attributable to shareholders rose to CNY 954,131,003.76 from CNY 916,439,508.41, indicating a positive trend in retained earnings[18] - Investment activities generated a net cash flow increase of 49.28% year-on-year, totaling an increase of ¥51,040,000[10] - Investment activities resulted in a net cash outflow of ¥52,533,614.00, an improvement from a net outflow of ¥103,573,572.75 in the previous period[23] - The company reported a significant increase in other non-current assets, rising to CNY 289,547,589.43 from CNY 144,795,145.03[17] Market and Product Development - The company has not reported any new product developments or market expansions during this period[15] - The company reported a revenue of 1.2 billion CNY for Q3 2025, representing a 15% increase year-over-year[25] - User data showed a growth of 20% in active users, reaching 5 million by the end of Q3 2025[25] - The company provided a revenue guidance of 1.5 billion CNY for Q4 2025, indicating a projected growth of 25% compared to Q4 2024[25] - New product launches contributed to a 10% increase in market share within the industry[25] - The company is investing 200 million CNY in R&D for new technologies aimed at enhancing product efficiency[25] - Market expansion efforts have led to a 30% increase in sales in the Southeast Asian region[25] - The company completed a strategic acquisition of a competitor for 500 million CNY, expected to enhance its product portfolio[25] - The company plans to enter the European market by Q2 2026, targeting a revenue contribution of 300 million CNY in the first year[25] - Customer satisfaction ratings increased to 90%, reflecting improved service and product quality[25] Cost Management - Total operating costs decreased to ¥288,813,104.75, down 3.9% from ¥300,713,131.35 in the previous period[19] - The company reported a decrease in research and development expenses to ¥9,014,861.68 from ¥10,173,752.89 in the previous period[19] - Gross margin improved to 45%, up from 40% in the previous quarter[25]

Company Overview - Huangshan Capsule Co., Ltd. is located in Anhui Province and was established on August 12, 1996, with its listing date on October 25, 2016 [2] - The company specializes in the research, production, and sales of gelatin hollow capsules and enteric-coated gelatin hollow capsules [2] - The revenue composition includes gelatin hollow capsules (64.54%), enteric-coated gelatin hollow capsules (19.22%), and plant capsules and others (16.24%) [2] Stock Performance - As of September 23, the stock price of Huangshan Capsule decreased by 2.01% to 7.32 CNY per share, with a total market capitalization of 2.189 billion CNY [1] - Year-to-date, the stock price has increased by 18.16%, but it has seen a decline of 5.91% over the last five trading days, 9.85% over the last 20 days, and 1.88% over the last 60 days [2] Financial Performance - For the period from January to June 2025, Huangshan Capsule achieved a revenue of 244 million CNY, representing a year-on-year growth of 3.66% [2] - The net profit attributable to the parent company was 35.55 million CNY, showing a year-on-year increase of 19.78% [2] Shareholder Information - As of June 30, 2025, the number of shareholders was 17,900, a decrease of 2.57% from the previous period [2] - The average circulating shares per person increased by 2.64% to 16,197 shares [2] - The company has distributed a total of 125 million CNY in dividends since its A-share listing, with 62.81 million CNY distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) held 1.6367 million shares, an increase of 129,400 shares from the previous period [3] - Nu'an Multi-Strategy Mixed A Fund (320016) entered as a new shareholder, holding 1.3943 million shares [3]

Core Viewpoint - State-owned enterprises (SOEs) play a crucial role in China's economic and social development, serving as a significant foundation for socialism with Chinese characteristics and a vital support for the ruling party [1][2]. Group 1: Achievements of State-Owned Enterprises - Since the founding of New China, especially after the reform and opening up, SOEs have made historic contributions to economic development, technological progress, social construction, national defense, and improving people's livelihoods [1]. - The Jining Energy Development Group, under the leadership of Zhang Guangyu, has successfully transformed from a coal-dependent enterprise to a comprehensive energy group, achieving a revenue of over 90 billion yuan in 2024 and ranking 18th among China's logistics companies [6][4]. Group 2: Entrepreneurial Spirit and Cultural Influence - The entrepreneurial spirit is essential for the growth of SOEs, and the leaders of these enterprises embody this spirit, which is deeply influenced by Confucian culture [2][3]. - The city of Jining, as a significant birthplace of Confucian thought, fosters a unique entrepreneurial charm among its business leaders, who are recognized as modern Confucian merchants [2]. Group 3: Infrastructure and Urban Development - The construction of the Jining Inner Ring Expressway, led by Li Lu, has significantly improved urban traffic flow, with a daily traffic volume of 180,000 vehicles, enhancing the city's infrastructure and connectivity [7][9]. - The Jining Public Utilities Company has transformed from a traditional water supply enterprise into a comprehensive urban service provider with assets totaling 76.848 billion yuan, contributing to urban construction and public services [6][8]. Group 4: Social Responsibility and Community Development - The "Mujie" project, initiated by the Jining State-owned Assets Investment Holding Company, has revitalized a former grain depot into a vibrant commercial area, enhancing the local economy and community life [10][11]. - The establishment of the first state-owned childcare group in Shandong Province demonstrates the commitment of Jining National Investment to social responsibility, providing quality care for infants and toddlers [11][12]. Group 5: Innovation and Technological Advancement - The Shandong Lutai Holding Group, under the leadership of Li Hejun, has focused on technological innovation, establishing a graphene research center and achieving significant breakthroughs in high-performance materials [13][14]. - The company's strategic acquisitions and emphasis on research and development have positioned it among the top 50 coal producers in China, showcasing its commitment to modernizing and diversifying its operations [14].

Core Viewpoint - Huangshan Capsule (002817) reported a positive financial performance for the first half of 2025, with increases in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 244 million yuan, a year-on-year increase of 3.66% [1] - Net profit attributable to shareholders was 35.55 million yuan, reflecting a year-on-year growth of 19.78% [1] - In Q2 2025, total revenue was 125 million yuan, up 6.83% year-on-year, while net profit was 16.72 million yuan, an increase of 16.44% [1] - Gross margin improved to 28.98%, with a year-on-year increase of 13.62%, and net margin rose to 14.68%, up 15.51% [1] Key Financial Metrics - Operating expenses (sales, management, and financial expenses) totaled 22.48 million yuan, accounting for 9.22% of revenue, which is a 10.63% increase year-on-year [1] - Earnings per share (EPS) increased to 0.12 yuan, a growth of 20.00% compared to the previous year [1] - Cash flow from operating activities per share reached 0.1 yuan, a significant increase of 355.3% year-on-year [1] Changes in Financial Items - Income tax expenses increased by 35.36% due to a rise in total profit [3] - Net cash flow from operating activities surged by 355.3%, attributed to increased cash received from sales and reduced cash payments related to operating activities [3] - Net cash flow from investing activities rose by 47.61%, due to increased cash received from investment-related activities [3] Business Evaluation - The company's return on invested capital (ROIC) was 4.15%, indicating a relatively weak capital return [3] - Historical data shows a median ROIC of 6.71% since the company went public, with the lowest ROIC recorded in 2018 at 3.96% [3] - The company's cash assets are reported to be very healthy, indicating strong solvency [3] Accounts Receivable Situation - The accounts receivable to profit ratio has reached 272.93%, suggesting a need for attention in this area [3]

Core Viewpoint - The company, Anhui Huangshan Capsule Co., Ltd., has released its 2025 semi-annual report, which reflects its financial status and operational results for the first half of the year [1][10]. Group 1: Company Overview - The company is identified by the securities code 002817 and is referred to as Huangshan Capsule [1]. - The legal representative of the company is Li Hejun [8]. Group 2: Board Meeting - All directors attended the board meeting that reviewed the semi-annual report [2]. - The board meeting was held on August 22, 2025, with all seven directors present, including one participating via remote voting [9]. - The board approved the 2025 semi-annual report and its summary, which will be disclosed through designated media [10][16]. Group 3: Audit and Compliance - The board and the supervisory committee confirmed that the semi-annual report was prepared and reviewed in compliance with legal and regulatory requirements, ensuring the content is true, accurate, and complete [16][18]. - There were no non-standard audit opinions or changes in the controlling shareholder during the reporting period [3][5][6].

Core Viewpoint - Huangshan Capsule announced the approval of its 2025 semi-annual report and summary by the company's fifth board of directors at its thirteenth meeting [2] Company Summary - The announcement was made on the evening of August 22 [2]

Core Viewpoint - Huangshan Capsule announced the approval of its 2025 semi-annual report and summary by the 13th meeting of the fifth supervisory board [2] Group 1 - The company held a meeting to review and approve the semi-annual report [2]

Core Viewpoint - Huangshan Capsule reported a revenue of 243,881,502.87 yuan for the first half of 2025, reflecting a year-on-year growth of 3.66% [2] - The net profit attributable to shareholders of the listed company was 35,552,521.32 yuan, showing a year-on-year increase of 19.78% [2] Financial Performance - The company's revenue for the first half of 2025 reached approximately 243.88 million yuan, marking a growth of 3.66% compared to the previous year [2] - The net profit for the same period was around 35.55 million yuan, which is a significant increase of 19.78% year-on-year [2]

Core Insights - The company reported a revenue of 244 million yuan for the first half of 2025, representing a year-on-year growth of 3.66% [1] - The net profit attributable to the parent company reached 35.55 million yuan, showing a year-on-year increase of 19.78% [1] - The basic earnings per share stood at 0.12 yuan [1] Revenue Composition - The revenue contribution from enteric-coated hollow capsules and plant-based hollow capsules increased from 26.17% in the same period last year to 35.46% [1]