名臣健康用品股份有限公司 董事会议事规则 第一章 总则 第一条 名臣健康用品股份有限公司（以下简称"公司"）为保障公司董事会 依法独立、规范、有效地行使职权，以确保董事会的工作效率和科学决策，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号——主板上 市公司规范运作指引》及《名臣健康用品股份有限公司章程》（以下简称"《公司 章程》"）等规定，制订本议事规则（以下简称"本规则"）。 第二章 董事会的职权 第二条 公司设董事会，对股东会负责。 2 / 11 第七条 董事会行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的利润分配方案和弥补亏损方案； （五）制订公司增加或者减少注册资本、发行债券或其他证券及上市方案； （六）拟订公司重大收购、因《公司章程》第二十四条第（一）项、第（二） 项规定的情形收购本公司股票或者合并、分立、变更公司形式和解散方 案，并对公司因《公司章程》第二十四条第（三）项、第（五）项、第 （六）项规定的情形回 ...

名臣健康用品股份有限公司 股东会议事规则 第一章 总则 第一条 名臣健康用品股份有限公司（以下简称"公司"）为维护公司、股 东及债权人的合法权益，规范公司股东会的组织和行为，提高股东会议事效率，保 证股东会程序及决议内容的合法有效性，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股东会规则》、《深圳证券交易所上市公司自律监管指引第1号—主板上市公 司规范运作》（以下简称"《规范运作》"）及《名臣健康用品股份有限公司章程》 （以下简称"《公司章程》"）以及其他相关法律、法规的规定，并结合公司实际情 况，特制订本议事规则（以下简称"本规则"）。 （三）单独或者合计持有公司百分之十以上股份的股东请求时； 1/ 13 （四）董事会认为必要时； 第二条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相 关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤 勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股 ...

（一）确定关联交易价格时，应遵循"公平、公正、公开、等价有偿"原则， 并以书面协议方式予以确定，关联交易的价格或收费原则上不偏离市场独立第三方 的标准，对于难以比较市场价格或订价受到限制的关联交易，通过合同明确有关成 本和利润的标准； （二）关联董事和关联股东回避表决； 名臣健康用品股份有限公司 关联交易决策制度 第一章 总则 第一条 为规范名臣健康用品股份有限公司（以下简称"公司"）关联交易行为， 保证公司与各关联人所发生的关联交易合法、公允、合理，保证公司各项业务通过 必要的关联交易顺利地开展，保障股东和公司的合法权益，根据《中华人民共和国 公司法》《深圳证券交易所股票上市规则》（以下简称"《股票上市规则》"）《名臣健 康用品股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本制度。 （三）具有以下情形之一的法人（或者其他组织）或自然人，视同为公司的关 联人： 在过去十二个月内或者根据相关协议安排在未来十二个月内，存在本条第（一） （三）必要时聘请独立财务顾问或专业评估机构发表意见和报告。 第二条 公司在处理与关联人之间的关联交易时，不得损害全体股东特别是中小 股东的合法权益。 第二章 关联人和关 ...

名臣健康用品股份有限公司 信息披露暂缓、豁免管理制度 第一章 总则 第一条 为规范名臣健康用品股份有限公司（以下简称"公司"）信息披露暂 缓、豁免行为，加强信息披露监管，督促公司及其他信息披露义务人依法、合规地 履行信息披露义务，保护投资者合法权益，根据《中华人民共和国证券法》《上市 公司信息披露管理办法》《上市公司信息披露暂缓与豁免管理规定》《深圳证券交 易所股票上市规则》《深圳证券交易所公司自律监管指引第1号——主板上市公司规 范运作》等法律、法规、规范性文件及《名臣健康用品股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，制订本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会和深圳证券交易所规定或者要求披露 的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时公平地披露 信息，不得滥用暂缓或豁免披露规避信息披露义务、误导投资者，不得实施内幕交 易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实施。 第二章 暂缓、豁免披露信息的范围 ...

名臣健康用品股份有限公司 子公司管理制度 第一章 总则 第三条 子公司在母公司总体方针和经营目标框架下，独立经营和自主管理， 合法有效地运作企业财产。同时，应当执行母公司对子公司的各项制度规定。 第一条 名臣健康用品股份有限公司（以下简称"名臣健康"或"公司"、 "母公司"）为加强对子公司的管理，确保子公司规范、高效、有序的运作，有 效控制经营风险，保护投资者利益，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《上市公司治理准则》《深圳证券交易所股票上市规则》（以下简 称"《股票上市规则》"）《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》和《名臣健康用品股份有限公司章程》（以下简称"《公 司章程》"）等法律、法规和规章制度的要求，结合公司的实际情况，制定本制 度。 第二条 本制度所称母公司系指名臣健康；本制度所称子公司是指公司根据 总体战略规划、产业结构调整及业务发展需要而依法设立的，具有独立法人资格 的主体，公司依据章程或协议有权决定其财务和经营决策，据以从该企业的经营 活动中获取利益的子公司。其设立形式包括： （一）全资子公司，公司直接或间接持有其 100%股权或股 ...

名臣健康用品股份有限公司 对外投资管理制度 第一章 总 则 第一条 为规范名臣健康用品股份有限公司（以下简称"公司"）的投资管 理,提高公司投资决策的合理性和科学性,规避投资风险,强化决策责任,实现公 司资产保值增值及股东利益最大化的目标,现依据《中华人民共和国公司法》 (以下简称"《公司法》")《深圳证券交易所股票上市规则》《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易 所上市公司自律监管指引第 7 号——交易与关联交易》等法律、行政法规、部 门规章及规范性文件以及《名臣健康用品股份有限公司章程》（以下简称 "《公司章程》"）的有关规定,结合公司的实际情况,制定本制度。 第二条 投资决策管理应当遵循合法、审慎、安全、有效的原则，确保决策 科学民主化、行为规范程序化、投入产业效益化。 第三条 公司所有对外投资行为必须符合国家有关法规及产业政策，符合公 司长远发展计划和发展战略，有利于拓展主营业务，有利于公司的可持续发展， 有预期的投资回报，有利于提高公司的整体经济利益。 第四条 本制度适用于公司及其所属全资子公司、控股子公司和公司拥有实 际控制权的公司(以下简称"子公 ...

[Important Notes, Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Contents%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The company's management guarantees the authenticity, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The company's Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report and assume legal responsibility[3](index=3&type=chunk) - The company's responsible person Chen Jianming, chief accounting officer Peng Xiaoqing, and head of the accounting department Lin Yaolin declare that the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans **no cash dividends, no bonus shares, and no capitalization of public reserves** for the semi-annual period[4](index=4&type=chunk) [Contents](index=3&type=section&id=Contents) This report's table of contents clearly lists nine main sections, providing comprehensive navigation for investors - The report includes nine main sections covering company profile, management discussion, corporate governance, important matters, share changes, bond information, financial reports, and other submitted data[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report to ensure accurate understanding - This section defines key terms used in the report, such as "the Company," "Controlling Shareholder," "Mingchen Daily Chemical," and "Hainan Huaduo"[9](index=9&type=chunk) - It clarifies that the "Reporting Period" refers to January 1, 2025, to June 30, 2025, and the "end of the Reporting Period" refers to June 30, 2025[9](index=9&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Mingchen Health & Supplies Co, Ltd, stock code 002919, is listed on the Shenzhen Stock Exchange - Company stock abbreviation: Mingchen Health, stock code: 002919[12](index=12&type=chunk) - The company is listed on the Shenzhen Stock Exchange, and the legal representative is Chen Jianming[12](index=12&type=chunk) [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) The company's Board Secretary is Chen Dongsong, with contact information provided for investor relations - Board Secretary: Chen Dongsong[13](index=13&type=chunk) - Contact phone: 0754-85115109, email: stock@mingchen.com.cn[13](index=13&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[14](index=14&type=chunk) - Information disclosure and document repository locations remained unchanged, with details available in the 2024 annual report[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew by 7.07% to 711.67 million Yuan, while net profit attributable to shareholders decreased by 31.97% to 41.06 million Yuan Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 711,668,800.05 | 664,655,853.45 | 7.07% | | Net Profit Attributable to Shareholders | 41,062,613.12 | 60,362,924.24 | -31.97% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 40,763,947.62 | 58,611,063.11 | -30.45% | | Net Cash Flow from Operating Activities | -827,752.46 | 32,532,543.64 | -102.54% | | Basic Earnings Per Share (Yuan/share) | 0.1541 | 0.2265 | -31.96% | | Diluted Earnings Per Share (Yuan/share) | 0.1541 | 0.2265 | -31.96% | | Weighted Average Return on Equity | 4.88% | 7.23% | -2.35% | | **End of Current Period vs. End of Prior Year** | | | | | Total Assets | 1,154,936,808.81 | 1,103,346,118.01 | 4.68% | | Net Assets Attributable to Shareholders | 831,095,345.62 | 823,338,897.82 | 0.94% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international/foreign accounting standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[18](index=18&type=chunk) - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards during the reporting period[19](index=19&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss for the period totaled 298.7 thousand Yuan, mainly from asset disposals and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 233,240.96 | | | Government Grants Recognized in Current Profit or Loss | 130,151.17 | | | Fair Value Changes and Disposal Gains/Losses on Financial Assets and Liabilities Held by Non-financial Enterprises (excluding effective hedging) | 457,641.53 | | | Other Non-operating Income and Expenses | -540,810.80 | | | Less: Income Tax Impact | -18,442.64 | | | Total | 298,665.50 | -- | [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities during the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company operates a dual-core business model of daily chemical products and network games, focusing on R&D and distribution - The company has transitioned from a single daily chemical business to a **dual-core model of daily chemical products and network games** since acquiring game companies in August 2020[24](index=24&type=chunk) - The game business, operated through subsidiaries like Hainan Huaduo, focuses on R&D and publishing, with successful titles like "King's Dominion" and a strong presence in mini-games[24](index=24&type=chunk)[25](index=25&type=chunk) - The daily chemical business, operated by Mingchen Daily Chemical, features brands like Tihua, Meiwang, and Chucui, covering hair care, skin care, oral care, and home care products[24](index=24&type=chunk)[25](index=25&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its stable game R&D team, extensive daily chemical distribution network, and recognized brand value - The game business has an efficient, stable, and strong R&D team, holding **188 copyrights** and a pipeline of products as of the reporting period's end[28](index=28&type=chunk) - The game business has adapted to market changes by expanding into mini-games, which have become a key growth area with **stable and increasing operating income**[28](index=28&type=chunk) - The daily chemical business leverages well-known brands like "Tihua" and "Meiwang," a nationwide marketing network with **over 40,000 sales outlets**, and a CNAS-accredited R&D center[30](index=30&type=chunk) [Analysis of Principal Business](index=12&type=section&id=III.%20Analysis%20of%20Principal%20Business) Revenue grew 7.07% driven by the game business, but higher operating costs led to a decline in net profit YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 711,668,800.05 | 664,655,853.45 | 7.07% | Increased revenue from network game business | | Operating Costs | 329,242,376.05 | 246,416,611.16 | 33.61% | Increased costs for game publishing and operation | | Selling Expenses | 267,349,883.84 | 246,245,460.14 | 8.57% | | | Administrative Expenses | 46,851,976.38 | 55,062,772.37 | -14.91% | | | Financial Expenses | 133,359.36 | 239,181.44 | -44.24% | Adjustment of office lease space, reduced interest expense | | Income Tax Expense | -4,399,777.76 | 4,871,403.54 | -190.32% | Impact of deferred income tax expense | | R&D Investment | 27,805,680.85 | 38,069,021.81 | -26.96% | | | Net Cash Flow from Operating Activities | -827,752.46 | 32,532,543.64 | -102.54% | Decreased revenue and collections in daily chemical segment, increased investment in game publishing | | Net Cash Flow from Investing Activities | -48,654,619.11 | -26,389,971.76 | -84.37% | Increased cash paid for fixed assets, intangible assets, and other long-term assets | | Net Cash Flow from Financing Activities | -10,518,491.51 | -46,390,506.48 | 77.33% | Changes in short-term bank loans and cash dividends | | Net Increase in Cash and Cash Equivalents | -59,900,589.31 | -40,046,413.31 | -49.58% | Combined effect of the above factors | Operating Revenue Composition (by Industry, Product, Region) | Category | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **711,668,800.05** | **100%** | **664,655,853.45** | **100%** | **7.07%** | | | | **By Industry** | | | | | | | | | Software and IT Services | 546,855,767.51 | 76.84% | 476,442,835.98 | 71.68% | 14.78% | 58.22% | -13.46% | | Chemical Raw Materials and Products | 164,813,032.54 | 23.16% | 188,213,017.47 | 28.32% | -12.43% | 38.86% | -1.91% | | **By Product** | | | | | | | | | Network Games | 546,855,767.51 | 76.84% | 476,442,835.98 | 71.69% | 14.78% | 58.22% | -13.46% | | Daily Chemical Products | 164,346,373.50 | 23.09% | 187,656,966.01 | 28.23% | -12.42% | 38.96% | -1.81% | | **By Region** | | | | | | | | | Domestic | 632,459,447.15 | 88.87% | 592,701,624.47 | 89.17% | 6.71% | 49.60% | -11.74% | | Overseas | 79,209,352.90 | 11.13% | 71,954,228.98 | 10.83% | 10.08% | 86.77% | 10.76% | [Analysis of Non-Principal Business](index=13&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) The company had no non-principal business activities to analyze during the reporting period [Analysis of Assets and Liabilities](index=13&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew 4.68%, with a significant increase in intangible assets due to the consolidation of outsourced development projects Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 111,539,119.71 | 9.66% | 172,829,084.96 | 15.66% | -6.00% | | | Prepayments | 65,863,771.65 | 5.70% | 124,671,876.03 | 11.30% | -5.60% | Due to financial difficulties of an outsourced developer, the company took over the development results and completed the product, reclassifying the corresponding prepayments | | Intangible Assets | 291,455,229.34 | 25.24% | 151,482,650.93 | 13.73% | 11.51% | Due to financial difficulties of an outsourced developer, the company took over the development results and completed the product, capitalizing the corresponding assets | | Short-term Borrowings | 30,000,000.00 | 2.60% | 0.00 | 0.00% | 2.60% | | | Contract Liabilities | 21,951,120.50 | 1.90% | 27,601,103.46 | 2.50% | -0.60% | | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (Yuan) | Current Period Fair Value Change (Yuan) | Current Period Purchases (Yuan) | Current Period Sales (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 57,820,000.00 | 276,896.62 | 190,010,000.00 | 181,610,000.00 | 66,220,000.00 | | Total | 57,820,000.00 | 276,896.62 | 190,010,000.00 | 181,610,000.00 | 66,220,000.00 | Restricted Assets as of the End of the Reporting Period | Item | Gross Book Value (Yuan) | Net Book Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 2,483,791.67 | 2,483,791.67 | Frozen | Litigation freeze | | Fixed Assets | 62,769,971.10 | 9,358,504.68 | Mortgage | Pledged for bank loans | | Intangible Assets | 4,073,278.61 | 2,415,631.97 | Mortgage | Pledged for bank loans | | Total | 69,327,041.38 | 14,257,928.32 | | | [Investment Status Analysis](index=15&type=section&id=VI.%20Investment%20Status%20Analysis) The company had no significant equity, non-equity, securities, or derivative investments during the reporting period - The company had no significant equity, non-equity, securities, or derivative investments during the reporting period[43](index=43&type=chunk)[44](index=44&type=chunk) - The company had no use of raised funds during the reporting period[45](index=45&type=chunk) [Sale of Major Assets and Equity](index=16&type=section&id=VII.%20Sale%20of%20Major%20Assets%20and%20Equity) No major assets or equity stakes were sold during the reporting period - The company did not sell any major assets or equity stakes during the reporting period[46](index=46&type=chunk)[47](index=47&type=chunk) [Analysis of Major Subsidiaries and Investees](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) Hainan Xingxuan Shidai Network Technology was the top revenue contributor, while nine new subsidiaries were established to expand the game business Financials of Major Subsidiaries (Current Reporting Period) | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Mingchen Daily Chemical Co, Ltd | Subsidiary | Cosmetics Manufacturing | 10,000,000 | 326,441,332.66 | 217,038,721.63 | 164,427,733.99 | -6,441,594.64 | -6,329,090.40 | | Hangzhou Leiyan Network Technology Co, Ltd | Subsidiary | Software and IT Services | 10,000,000 | 364,822,495.66 | 224,732,003.37 | 21,300,894.31 | 12,251,457.34 | 17,022,780.46 | | Hainan Xingji Aoyou Network Technology Co, Ltd | Subsidiary | Software and IT Services | 10,000,000 | 130,802,097.02 | 120,006,710.56 | 31,750,916.60 | 6,442,593.60 | 7,536,746.94 | | Hainan Xingxuan Shidai Network Technology Co, Ltd | Subsidiary | Software and IT Services | 10,000,000 | 566,349,491.17 | 111,583,780.17 | 501,305,149.79 | 32,858,368.73 | 28,194,916.78 | | Kashi Aoshu Network Technology Co, Ltd | Subsidiary | Software and IT Services | 1,000,000 | 98,427,916.95 | -104,885,836.47 | 183,486.24 | -5,903,940.22 | -5,904,346.00 | - During the reporting period, the company established **9 new subsidiaries** (e.g, Guangzhou Xingshi Network Technology Co, Ltd) to enhance its game industry layout and expand business scale[48](index=48&type=chunk)[49](index=49&type=chunk) - Concurrently, the company deregistered **2 subsidiaries** (Kashi Xinglou Network Technology and Kashi Hongyou Network Technology) to adjust its game business and optimize its industrial structure[49](index=49&type=chunk) [Structured Entities Controlled by the Company](index=18&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period [Risks and Countermeasures](index=18&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from intense game industry competition, brand infringement, and uncertain advertising effectiveness - The game industry is highly competitive, with risks including **player retention difficulties, rapid market changes, oligopolistic control of user resources**, and bad debt from accounts receivable[54](index=54&type=chunk) - The company's brand image is at risk from **counterfeiting and malicious attacks**, which could harm its reputation and interests[55](index=55&type=chunk) - The distribution model carries risks of **poor management and strategic misalignment with distributors**, potentially affecting brand image and marketing strategies[55](index=55&type=chunk) - The effectiveness of advertising is uncertain and may not achieve expected results, impacting operating performance[56](index=56&type=chunk) [Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=XI.%20Development%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[58](index=58&type=chunk) - The company has not disclosed a valuation enhancement plan[58](index=58&type=chunk) [Implementation of the "Dual Enhancement of Quality and Returns" Action Plan](index=19&type=section&id=XII.%20Implementation%20of%20the%20%22Dual%20Enhancement%20of%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan[58](index=58&type=chunk) [Corporate Governance, Environment and Society](index=19&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[59](index=59&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=19&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20for%20the%20Reporting%20Period) The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves to share capital for the semi-annual period - The company plans **no cash dividends, no bonus shares, and no capitalization of public reserves** for the semi-annual period[60](index=60&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=19&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentives) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[61](index=61&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not listed as enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[62](index=62&type=chunk) [Social Responsibility](index=19&type=section&id=V.%20Social%20Responsibility) The company is committed to providing high-quality products, protecting stakeholder interests, and actively participating in social welfare - The company's vision is to "Create a National Brand, Build a Centennial Mingchen," guided by principles of consumer orientation, technological innovation, and quality excellence[62](index=62&type=chunk) - The company ensures strict information disclosure to protect shareholder rights and implemented the 2024 annual equity distribution plan[63](index=63&type=chunk) - The company values employee rights, complies with the Labor Law, provides training, and organizes recreational activities[64](index=64&type=chunk) - The company maintains strategic partnerships with suppliers and customers and has been recognized as a "Contract-abiding and Trustworthy Enterprise" for many years[64](index=64&type=chunk) - The company actively participates in social welfare and charitable activities, contributing to public education[64](index=64&type=chunk) [Important Matters](index=21&type=section&id=Section%205%20Important%20Matters) [Fulfillment of Commitments](index=21&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20the%20Company's%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) There were no commitments fulfilled or overdue by the company or its related parties during the reporting period - During the reporting period, there were no commitments fulfilled or overdue by the company's actual controller, shareholders, related parties, acquirers, or the company itself[66](index=66&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=21&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operating occupation of the company's funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of the company's funds by controlling shareholders or other related parties[67](index=67&type=chunk) [Irregular External Guarantees](index=21&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[68](index=68&type=chunk) [Appointment and Dismissal of Accounting Firm](index=21&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[69](index=69&type=chunk) [Explanation by the Board of Directors and Supervisory Committee on the "Non-standard Audit Report"](index=21&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Committee%20on%20the%20%22Non-standard%20Audit%20Report%22%20for%20the%20Reporting%20Period) The company did not receive a non-standard audit report for the reporting period [Explanation by the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=21&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-standard%20Audit%20Report%22%20of%20the%20Previous%20Year) The company did not receive a non-standard audit report for the previous year [Bankruptcy and Reorganization Matters](index=21&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[70](index=70&type=chunk) [Litigation Matters](index=21&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration, with one minor lawsuit involving 1.24 million Yuan pending appeal - The company had no major litigation or arbitration matters during the reporting period[71](index=71&type=chunk) Summary of Other Litigation Matters | Basic Litigation (Arbitration) Information | Amount Involved (10k Yuan) | Provision for Liability | Litigation (Arbitration) Progress | Trial Results and Impact | Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of non-material litigation during the reporting period | 124.23 | No | The plaintiff has appealed; the case is awaiting a second-instance hearing | The amount is small and not expected to have a material impact on the company | N/A | [Penalties and Rectifications](index=22&type=section&id=IX.%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[73](index=73&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=22&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company and its controlling shareholder, Chen Qinfa, maintain a good integrity record with no unfulfilled court judgments - The company and its controlling shareholder and actual controller, Chen Qinfa, have a good integrity status, with no unfulfilled effective court judgments or significant overdue debts[74](index=74&type=chunk) [Major Related-Party Transactions](index=22&type=section&id=XI.%20Major%20Related-Party%20Transactions) No major related-party transactions related to daily operations, asset acquisitions, or joint investments occurred during the reporting period - The company had no related-party transactions related to daily operations, asset or equity acquisitions/sales, or joint investments during the reporting period[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - The company had no related-party credit or debt transactions and no business with related financial companies[78](index=78&type=chunk)[79](index=79&type=chunk) [Major Contracts and Their Performance](index=23&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has several leasing contracts for office space, provides a 160 million Yuan guarantee for a subsidiary, and holds 66.5 million Yuan in wealth management products - The company had no custody or contracting arrangements during the reporting period[82](index=82&type=chunk)[83](index=83&type=chunk) Major Lease Agreements (Lessee) | No | Lessee | Lessor Name | Leased Property Address | Contract Period | Contract Amount (Yuan) | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Mingchen Daily Chemical | Guangzhou Sanliuba Property Management Co, Ltd | Rooms 307-308, 14 Runyun Road, Huangshi Street, Baiyun District, Guangzhou | Aug 13, 2023 to Aug 12, 2025 | 1,232,400.00 | Office | | 2 | Mingchen Daily Chemical | Shantou Jiasheng Printing Co, Ltd | Liannan Industrial Zone, Lianxia Town, Chenghai District, Shantou | Jan 1, 2025 to Dec 31, 2027 | 4,726,719.36 | Business Premises | | 4 | Guangzhou Xingxuan Information | Poly Commercial Real Estate Investment Management Co, Ltd | Unit 01, 11th Floor, Poly Zhongyue Plaza, 23 Xuanyue East Street, Haizhu District, Guangzhou | Aug 1, 2023 to Nov 14, 2025 | 4,723,009.87 | Office | | 8 | Guangzhou Aojiao | Guangzhou Poly Commercial Property Development Co, Ltd | Rooms 4301-4310, 832 Yuejiang Middle Road, Haizhu District, Guangzhou | May 1, 2025 to Dec 31, 2027 | 11,325,678.00 | Office | Guarantees Provided by the Company for Subsidiaries | Guaranteed Party | Guarantee Limit (10k Yuan) | Actual Date of Occurrence | Actual Guarantee Amount (10k Yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Mingchen Daily Chemical Co, Ltd | 16,000 | June 9, 2025 | 3,000 | Joint and several liability | 3 years from the debt maturity date under the main contract | No | Entrusted Wealth Management | Type | Source of Funds | Amount Entrusted (10k Yuan) | Outstanding Balance (10k Yuan) | Overdue Amount (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 7,415.01 | 6,649.69 | 0 | | Total | | 7,415.01 | 6,649.69 | 0 | [Explanation of Other Major Matters](index=26&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) The company implemented its 2024 dividend distribution and initiated a share buyback plan, repurchasing 1.21 million shares for 20 million Yuan - The company's 2024 Annual General Meeting on May 20, 2025, approved the 2024 profit distribution plan, issuing a **cash dividend of 0.5 Yuan (tax inclusive) per 10 shares**[91](index=91&type=chunk) - The company plans to use its own funds to repurchase shares through centralized bidding for an equity incentive or employee stock ownership plan, with a total amount between **30 million and 50 million Yuan**[91](index=91&type=chunk) - Due to the 2024 dividend distribution, the maximum share repurchase price was adjusted from 23.00 Yuan/share to **22.95 Yuan/share**[92](index=92&type=chunk) - During the reporting period, the company repurchased **1,205,300 shares**, representing 0.45% of the total share capital, for a total amount of 19,996,854.00 Yuan[93](index=93&type=chunk) [Major Matters of Company Subsidiaries](index=26&type=section&id=XIV.%20Major%20Matters%20of%20Company%20Subsidiaries) There were no major matters concerning the company's subsidiaries during the reporting period [Share Capital Changes and Shareholders](index=27&type=section&id=Section%206%20Share%20Capital%20Changes%20and%20Shareholders) [Changes in Share Capital](index=27&type=section&id=I.%20Changes%20in%20Share%20Capital) The total number of shares remained unchanged at 266.53 million, while the company repurchased 1.21 million shares for its incentive plan Changes in Share Capital | | Before Change (Shares) | Before Change (%) | Change (+, -) (Shares) | After Change (Shares) | After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,137,896 | 0.80% | 0 | 2,137,896 | 0.80% | | II. Unrestricted Shares | 264,388,170 | 99.20% | 0 | 264,388,170 | 99.20% | | III. Total Shares | 266,526,066 | 100.00% | 0 | 266,526,066 | 100.00% | - The company plans to use its own funds to repurchase shares through centralized bidding for an equity incentive or employee stock ownership plan, with a total amount between **30 million and 50 million Yuan**[98](index=98&type=chunk) - During the reporting period, the company repurchased **1,205,300 shares** through its special repurchase securities account via centralized bidding, representing 0.45% of the total share capital, for a total amount of 19,996,854.00 Yuan[100](index=100&type=chunk) [Securities Issuance and Listing](index=29&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company did not issue or list any securities during the reporting period [Number of Shareholders and Shareholdings](index=29&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) As of the period end, the company had 18,799 common shareholders, with controlling shareholder Chen Qinfa holding a 35.02% stake - At the end of the reporting period, the total number of common shareholders was **18,799**[103](index=103&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End | Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | | Chen Qinfa | Domestic Individual | 35.02% | 93,338,604 | 11,644,000 (Pledged) | | Wu Xinling | Domestic Individual | 5.50% | 14,663,224 | 10,000,000 (Pledged) | | Cai Xu | Domestic Individual | 3.08% | 8,215,916 | 0 | | China Construction Bank - Huaxia Industry Prosperity Mixed Fund | Other | 1.98% | 5,276,476 | 0 | | China Minsheng Bank - Huaxia CSI Animation & Game ETF | Other | 1.43% | 3,805,066 | 0 | - Among the top 10 shareholders, Chen Qinfa, Wu Xinling, Cai Xu, and Peng Xiaoqing have no related-party relationships or concerted action arrangements with other shareholders[104](index=104&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=31&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[106](index=106&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=31&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[107](index=107&type=chunk) - The company's actual controller did not change during the reporting period[107](index=107&type=chunk) [Preference Share Related Matters](index=32&type=section&id=VI.%20Preference%20Share%20Related%20Matters) The company had no preference shares during the reporting period - The company had no preference shares during the reporting period[108](index=108&type=chunk) [Bond-related Matters](index=33&type=section&id=Section%207%20Bond-related%20Matters) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[110](index=110&type=chunk) [Financial Report](index=34&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=34&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[112](index=112&type=chunk) [Financial Statements](index=34&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the semi-annual period ended June 30, 2025 [Consolidated Balance Sheet](index=34&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total consolidated assets were 1.15 billion Yuan, with total liabilities of 324 million Yuan - As of June 30, 2025, the company's total consolidated assets were **1,154,936,808.81 Yuan**, an increase of 4.68% from the beginning of the year[116](index=116&type=chunk) - Total consolidated liabilities were **323,849,002.86 Yuan**, an increase of 15.66% from the beginning of the year[116](index=116&type=chunk) - Total equity attributable to the parent company was **831,095,345.62 Yuan**, an increase of 0.94% from the beginning of the year[116](index=116&type=chunk) [Parent Company Balance Sheet](index=36&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 577 million Yuan, with long-term equity investments accounting for 88.73% - As of June 30, 2025, the parent company's total assets were **577,031,607.67 Yuan**, a decrease of 2.20% from the beginning of the year[120](index=120&type=chunk) - The parent company's total liabilities were **806,829.94 Yuan**, a decrease of 19.52% from the beginning of the year[120](index=120&type=chunk) - The parent company's total equity was **576,224,777.73 Yuan**, a decrease of 2.17% from the beginning of the year[120](index=120&type=chunk) [Consolidated Income Statement](index=38&type=section&id=3.%20Consolidated%20Income%20Statement) For the reporting period, consolidated total operating revenue was 712 million Yuan, while net profit decreased by 31.97% to 41.06 million Yuan - Consolidated total operating revenue for the period was **711,668,800.05 Yuan**, a year-on-year increase of 7.07%[123](index=123&type=chunk) - Consolidated net profit was **41,057,529.38 Yuan**, a year-on-year decrease of 31.97%[124](index=124&type=chunk) - Net profit attributable to parent company shareholders was **41,062,613.12 Yuan**, with basic earnings per share of 0.1541 Yuan[124](index=124&type=chunk) [Parent Company Income Statement](index=40&type=section&id=4.%20Parent%20Company%20Income%20Statement) The parent company achieved a net profit of 20.54 million Yuan, a turnaround from a loss in the prior year, driven by investment income - The parent company's operating revenue for the period was **385,298.55 Yuan**, a year-on-year decrease of 29.73%[126](index=126&type=chunk) - The parent company's net profit was **20,536,521.60 Yuan**, a turnaround from a loss of -4,364,995.44 Yuan in the prior year period[126](index=126&type=chunk) - **Investment income of 20,000,000.00 Yuan** was the main source of profit for the period[126](index=126&type=chunk) [Consolidated Cash Flow Statement](index=42&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities was -0.83 million Yuan, a decrease of 102.54% year-on-year - Net cash flow from operating activities was **-827,752.46 Yuan**, a year-on-year decrease of 102.54%[128](index=128&type=chunk) - Net cash flow from investing activities was **-48,654,619.11 Yuan**, a year-on-year decrease of 84.37%[129](index=129&type=chunk) - Net cash flow from financing activities was **-10,518,491.51 Yuan**, a year-on-year increase of 77.33%[129](index=129&type=chunk) [Parent Company Cash Flow Statement](index=43&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) The parent company's net cash outflow from operating activities narrowed, while investment activities generated a net inflow of 20 million Yuan - Net cash flow from operating activities was **-1,864,076.88 Yuan**, narrowing by 79.41% year-on-year[131](index=131&type=chunk) - Net cash flow from investing activities was **20,000,000.00 Yuan**, a year-on-year decrease of 66.67%[132](index=132&type=chunk) - Net cash flow from financing activities was **-33,295,933.82 Yuan**, remaining stable compared to -33,307,656.08 Yuan in the prior year period[132](index=132&type=chunk) [Consolidated Statement of Changes in Equity](index=44&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total consolidated equity increased by 7.75 million Yuan, influenced by net profit, share repurchases, and dividend distributions - Total comprehensive income attributable to parent company owners for the period was **41,062,613.12 Yuan**[135](index=135&type=chunk) - Treasury stock increased by **19,999,362.02 Yuan** during the period, mainly due to share repurchases[135](index=135&type=chunk) - Distributions to owners (or shareholders) led to a decrease in retained earnings of **13,306,803.30 Yuan**[135](index=135&type=chunk) [Parent Company Statement of Changes in Equity](index=48&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Equity) The parent company's total equity decreased by 12.77 million Yuan, reflecting net profit, share repurchases, and dividend payments - The parent company's total comprehensive income for the period was **20,536,521.60 Yuan**[142](index=142&type=chunk) - Treasury stock increased by **19,999,362.02 Yuan** during the period, mainly due to share repurchases[142](index=142&type=chunk) - Distributions to owners (or shareholders) led to a decrease in retained earnings of **13,306,803.30 Yuan**[142](index=142&type=chunk) [Company Basic Information](index=52&type=section&id=III.%20Company%20Basic%20Information) Mingchen Health, established in 1994 and listed in 2017, operates in the network game and health care product sectors - The company was established on December 14, 1994, and listed on the Shenzhen Stock Exchange on December 18, 2017 (stock code: 002919)[146](index=146&type=chunk)[147](index=147&type=chunk) - As of June 30, 2025, the company's total share capital was **266,526,066 shares** (266.53 million Yuan)[148](index=148&type=chunk) - The company's main businesses include the R&D and operation of network games and internet technology services, as well as the R&D, production, and sales of health care products[150](index=150&type=chunk)[151](index=151&type=chunk) [Basis of Preparation of Financial Statements](index=52&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises on a going concern basis - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and related application guides, interpretations, and other relevant regulations issued by the Ministry of Finance[153](index=153&type=chunk) - The accounting is based on the accrual basis, and financial statements are measured primarily on a historical cost basis, except for certain financial instruments[154](index=154&type=chunk) - These financial statements are presented on a going concern basis[155](index=155&type=chunk) [Significant Accounting Policies and Estimates](index=53&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the specific accounting policies and estimates applied in preparing the financial statements - The company adheres to the Accounting Standards for Business Enterprises, with the accounting period being the calendar year, the operating cycle being 12 months, and the functional currency being RMB[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - Detailed accounting methods for business combinations under common and non-common control are specified, with the scope of consolidation determined based on control[162](index=162&type=chunk)[165](index=165&type=chunk)[168](index=168&type=chunk)[170](index=170&type=chunk) - Financial instruments are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, with detailed methods for impairment (expected credit loss model) and fair value measurement[179](index=179&type=chunk)[181](index=181&type=chunk)[183](index=183&type=chunk)[193](index=193&type=chunk)[209](index=209&type=chunk) - **Revenue from network games** is recognized based on the user's life cycle for self-operated, agency, and licensed models, or upon delivery for development transfers; **revenue from daily chemical products** is recognized upon customer acceptance[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk) - Significant accounting estimates and key assumptions include the life cycle of paying users, classification of financial assets, measurement of expected credit losses on accounts receivable, goodwill impairment, and recognition of deferred tax assets[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk)[302](index=302&type=chunk) [Taxes](index=75&type=section&id=VI.%20Taxes) The company and its subsidiaries are subject to various taxes and benefit from several preferential tax policies, including those for software enterprises and development in western regions Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 5%, 6%, 13% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | High-tech enterprises and others are subject to preferential rates; otherwise, the standard rate is 25% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | - Subsidiaries including Xingji Aoyou (Guangzhou) and Hangzhou Leiyan enjoy the **"two exemptions, three half-reductions"** income tax policy for integrated circuit design and software enterprises[304](index=304&type=chunk) - Subsidiaries Kashi Aoshu and Kashi Chuyang enjoy the **"five exemptions"** income tax policy for new enterprises in the Kashgar Special Economic Development Zone[304](index=304&type=chunk) - Several subsidiaries, including Guangdong Mingchen Daily Chemical, benefit from the **super deduction of R&D expenses**, allowing up to 200% of actual expenses to be amortized before tax[306](index=306&type=chunk) - Subsidiaries in Beihai and Guangxi enjoy the **Western Development preferential corporate income tax rate of 15%** and exemption from the local portion[307](index=307&type=chunk) [Notes to Consolidated Financial Statement Items](index=76&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major items in the consolidated financial statements, including assets, liabilities, and income statement components - The closing balance of cash and bank balances was **112 million Yuan**, of which 2.48 million Yuan was frozen due to litigation[310](index=310&type=chunk)[311](index=311&type=chunk) - The closing gross balance of accounts receivable was **328 million Yuan**, with a bad debt provision of 75.13 million Yuan, resulting in a net value of 253 million Yuan[314](index=314&type=chunk)[317](index=317&type=chunk) - The closing net book value of intangible assets was **291 million Yuan**, an increase of 140 million Yuan from the beginning of the year, mainly due to increases in software and contract rights[381](index=381&type=chunk) - The closing balance of short-term borrowings was **30 million Yuan**, representing a working capital loan for the subsidiary Guangdong Mingchen Daily Chemical Co, Ltd[403](index=403&type=chunk) - Operating revenue was **712 million Yuan** and operating costs were **329 million Yuan**, with network games contributing 547 million Yuan to revenue[439](index=439&type=chunk)[440](index=440&type=chunk) [R&D Expenditures](index=109&type=section&id=VIII.%20R&D%20Expenditures) Total R&D expenditure for the period was 27.81 million Yuan, a decrease of 26.96%, all of which was expensed R&D Expenditure Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Personnel Costs | 18,813,129.62 | 22,226,949.18 | | Design Fees | 4,842,286.84 | 8,045,390.58 | | Depreciation and Amortization | 1,372,349.32 | 4,218,713.50 | | Material Costs | 74,496.06 | 93,280.43 | | Utilities | 49,770.78 | 82,490.36 | | Rental Fees | 0.00 | 593,538.37 | | Others | 2,653,648.23 | 2,808,659.39 | | Total | 27,805,680.85 | 38,069,021.81 | | Of which: Expensed R&D | 27,805,680.85 | 38,069,021.81 | - R&D expenditure for the current period **decreased by 26.96%** year-on-year, and all R&D expenditure was expensed in the current period[32](index=32&type=chunk)[456](index=456&type=chunk)[486](index=486&type=chunk) [Changes in the Scope of Consolidation](index=109&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) The company added nine new subsidiaries to expand its game business and deregistered two to optimize its industrial layout - From January to June 2025, the company added **9 new subsidiaries**, including Guangzhou Xingshi Network Technology Co, Ltd, to enhance its game industry layout and expand business scale[488](index=488&type=chunk) - Concurrently, the company deregistered **2 subsidiaries**, including Kashi Xinglou Network Technology Co, Ltd, to adjust its game business and optimize its industrial structure[488](index=488&type=chunk) [Interests in Other Entities](index=110&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in over 50 wholly-owned or controlled subsidiaries engaged in cosmetics manufacturing and software services - The company has over **50 wholly-owned or controlled subsidiaries**, including Guangdong Mingchen Daily Chemical Co, Ltd and Hangzhou Leiyan Network Technology Co, Ltd[490](index=490&type=chunk)[491](index=491&type=chunk)[492](index=492&type=chunk) - These subsidiaries are primarily engaged in cosmetics manufacturing and software and IT services, with most being 100% owned, except for Guangzhou Xingyu Network Technology Co, Ltd (90%)[490](index=490&type=chunk)[491](index=491&type=chunk)[492](index=492&type=chunk) [Government Grants](index=113&type=section&id=XI.%20Government%20Grants) The company recognized government grants of 4,000 Yuan in the current period, related to a one-time employment expansion subsidy Government Grants Recognized in Current Profit or Loss | Accounting Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | One-time employment expansion subsidy | 4,000.00 | 0.00 | [Risks Related to Financial Instruments](index=113&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit and liquidity risks associated with its financial instruments through credit assessments and maintaining sufficient cash reserves - The company's main financial instruments, including cash, accounts receivable, and other receivables, are exposed to **credit risk and liquidity risk**[494](index=494&type=chunk)[495](index=495&type=chunk) - The company manages risk by assessing customer credit, monitoring credit records, maintaining adequate cash and cash equivalents, and overseeing bank loan usage[500](index=500&type=chunk)[501](index=501&type=chunk) - As of June 30, 2025, the company's **asset-liability ratio was 28.04%**, an increase from 25.38% at the end of 2024[504](index=504&type=chunk) Maturity Analysis of Financial Liabilities and Contingent Liabilities by Undiscounted Remaining Contractual Cash Flows (2025.06.30) | Item | Within 1 Year (10k Yuan) | 1 to 5 Years (10k Yuan) | Over 5 Years (10k Yuan) | Total (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 17,448.45 | | | 17,448.45 | | Other Payables | 1,349.01 | | | 1,349.01 | | Non-current Liabilities Due within 1 Year | 985.87 | | | 985.87 | | Lease Liabilities | | 1,371.27 | | 1,371.27 | | Provisions | | 81.45 | | 81.45 | | Total Financial and Contingent Liabilities | 19,783.32 | 1,452.71 | | 21,236.04 | [Related Parties and Related-Party Transactions](index=115&type=section&id=XIII.%20Related%20Parties%20and%20Related-Party%20Transactions) Related-party transactions included leasing fees paid to an entity controlled by the shareholder and guarantees provided for a subsidiary - The company's related parties include subsidiaries, Shantou Jiasheng Printing Co, Ltd (controlled by the controlling shareholder Chen Qinfa), and key management personnel[505](index=505&type=chunk)[506](index=506&type=chunk) - The company, as a lessee, paid leasing fees of **1,500,545.83 Yuan** to Shantou Jiasheng Printing Co, Ltd[509](index=509&type=chunk) - The company, as a guarantor, provided a maximum guarantee of **160 million Yuan** for its subsidiary Guangdong Mingchen Daily Chemical Co, Ltd, with an actual guaranteed amount of 30 million Yuan[511](index=511&type=chunk)[512](index=512&type=chunk) - Compensation for key management personnel amounted to **1,246,873.84 Yuan**[514](index=514&type=chunk) [Commitments and Contingencies](index=117&type=section&id=XIV.%20Commitments%20and%20Contingencies) The company has no significant commitments to disclose and one pending lawsuit involving 1.24 million Yuan - As of June 30, 2025, the company had no significant commitments to disclose[517](index=517&type=chunk) - A subsidiary, Guangzhou Feiyou Interactive Technology Co, Ltd, is involved in a software copyright license dispute with Shanghai Wansheng Network Technology Co, Ltd, with an amount of **1.24 million Yuan** at stake, currently under second-instance review[518](index=518&type=chunk) [Other Important Matters](index=117&type=section&id=XV.%20Other%20Important%20Matters) The company's operations are divided into a network game segment and a daily chemical products segment for management purposes - The company's business operations are divided into a **network game segment** and a **daily chemical products segment**[520](index=520&type=chunk) Financial Information by Reportable Segment | Item | Network Game Segment (Yuan) | Daily Chemical Segment (Yuan) | Inter-segment Elimination (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 583,678,254.35 | 712,266,628.67 | 141,008,074.21 | 1,154,936,808.81 | | Total Liabilities | 354,651,493.66 | 110,205,583.41 | 141,008,074.21 | 323,849,002.86 | | Revenue from Main Operations | 546,855,767.51 | 164,346,373.50 | | 711,202,141.01 | | Cost of Main Operations | 228,483,192.78 | 100,311,227.84 | | 328,794,420.62 | | Total Profit | 45,139,957.80 | -8,482,206.18 | | 36,657,751.62 | [Notes to Parent Company Financial Statement Items](index=118&type=section&id=XVI.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) The parent company's main assets include other receivables from related parties and long-term equity investments in subsidiaries - The parent company's other receivables at period-end were **50.24 million Yuan**, primarily from related parties[524](index=524&type=chunk)[526](index=526&type=chunk) - The parent company's long-term equity investments had a book value of **511.65 million Yuan** at period-end, mainly consisting of investments in subsidiaries[540](index=540&type=chunk)[543](index=543&type=chunk) - The parent company recognized **investment income of 20 million Yuan** during the period, primarily from long-term equity investments accounted for under the cost method[548](index=548&type=chunk) [Supplementary Information](index=122&type=section&id=XVII.%20Supplementary%20Information) This section provides details on non-recurring profit and loss items and calculations for return on equity and earnings per share Details of Current Non-recurring Profit and Loss | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 233,240.96 | | | Government Grants Recognized in Current Profit or Loss | 130,151.17 | | | Fair Value Changes and Disposal Gains/Losses on Financial Assets and Liabilities Held by Non-financial Enterprises (excluding effective hedging) | 457,641.53 | | | Other Non-operating Income and Expenses | -540,810.80 | | | Less: Income Tax Impact | -18,442.64 | | | Total | 298,665.50 | -- | Return on Equity and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Equity | Basic EPS (Yuan/share) | Diluted EPS (Yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders | 4.88% | 0.1541 | 0.1541 | | Net profit attributable to common shareholders after deducting non-recurring items | 4.84% | 0.1529 | 0.1529 | [Other Submitted Data](index=124&type=section&id=Section%209%20Other%20Submitted%20Data) [Other Major Social Safety Issues](index=124&type=section&id=I.%20Other%20Major%20Social%20Safety%20Issues) The company and its subsidiaries have no other major social safety issues and received no administrative penalties during the period - The listed company and its subsidiaries have no other major social safety issues[554](index=554&type=chunk) - No administrative penalties were received during the reporting period[554](index=554&type=chunk) [Record of Investor Relations Activities](index=124&type=section&id=II.%20Record%20of%20Investor%20Relations%20Activities%20such%20as%20Research%2C%20Communication%2C%20and%20Interviews) The company did not host any research, communication, or interview activities during the reporting period [Fund Transfers between the Listed Company and its Controlling Shareholder and Other Related Parties](index=124&type=section&id=III.%20Fund%20Transfers%20between%20the%20Listed%20Company%20and%20its%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) There were no fund transfers between the listed company and its controlling shareholder or other related parties during the reporting period

证券之星消息，8月28日游戏板块较上一交易日上涨1.34%，冰川网络领涨。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。游戏板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300533 | 冰川网络 | 45.66 | 9.50% | 28.51万 | | 12.35 Z | | 600715 | 文投控股 | 2.73 | 5.41% | 199.21万 | | · 5.35亿 | | 300494 | 盛天网络 | 15.67 | 3.77% | 58.72万 | | 260.6 | | 300043 | 星辉娱乐 | 4.96 | 3.77% | 86.60万 | | 4.18亿 | | 002919 | 名臣健康 | 16.30 | 3.76% | 12.88万 | | 2.08亿 | | 002602 | ST生通 | 14.79 | 2.92% | 136.15万 | | 19.91亿 | | ...

Core Viewpoint - The company, Mingchen Health, has indicated that its gaming business and daily chemical business are currently the main revenue drivers, with gaming revenue exceeding 70% of total revenue [1] Group 1 - The company plans to enhance its investment in the research and development as well as the distribution of its gaming business to strengthen its market position [1]

Group 1 - The core viewpoint of the article highlights that Mingchen Health has been consistently expanding its overseas gaming segment, with a focus on markets such as Japan and South Korea [1] - The company's gaming products have shown a steady increase in revenue, indicating positive growth in its international operations [1] - Currently, overseas revenue accounts for nearly 20% of the total gaming business revenue, reflecting the company's successful international strategy [1]