Group 1 - The core viewpoint of the article is that Tianhe Co., Ltd. reported a decrease in revenue for the first half of 2025 while showing significant growth in net profit [1] Group 2 - The company's operating revenue for the first half of 2025 was 7.703 billion yuan, a year-on-year decrease of 7.14% [1] - The net profit attributable to shareholders of the listed company was 23.0265 million yuan, representing a year-on-year increase of 46.40% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 16.7553 million yuan, with a year-on-year growth of 37.36% [1] - The basic earnings per share were 0.07 yuan [1]

1 附件： | 其他关联资金往来 | 资金往来方名称 | 往来方与上市公司的关联关系 | 上市公司核算 的会计科目 | 2025年初往来资金余 额 | 2025年1-6月往来累 计发生金额(不含利 | 2025年1-6月往 来资金的利息(如 | 2025年1-6月偿还累 计发生金额 | 2025年6月末往来资金余额 | 往来形成原因 | 往来性质(经营性往 来、非经营性往来) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 息) | 有) | | | | | | （续）上市公司的子公司 及其附属企业 | 广东天禾农资英德配送有限公司 | 子公司 | 其他应收款 | 542.25 | 386.33 | - | 844.24 | 84.34 | 资金集中管理 | 非经营性往来 | | | 广东天禾农资揭阳配送有限公司 广东天禾中荣农资汕尾配送有限公司 | 子公司 子公司 | 其他应收款 其他应收款 | 1,120.19 1,390.70 | 1,142.93 2,809.01 | - - | 2,2 ...

证券代码：002999 证券简称：天禾股份 公告编号：2025-045 （二）本次计提资产减值准备的资产范围、金额 根据相关法规及公司制度要求，结合公司运营的实际情况，本着谨慎性原则， 公司及控股子公司 2025 年第二季度计提资产减值准备 3,003.31 万元（人民币， 下同），包括：应收账款计提坏账准备 1,224.01 万元，其他应收款转回坏账准备 88.71 万元，存货计提跌价准备 1,868.01 万元。 单位：万元 | 项目 | 2025 | 年 03 | 月 | 31 | 日 | 本期增加金额 | | 本期减少金额 | | 2025 年 06 月 | 30 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 计提或转回 | 其他 | 核销或转 销 | 其他 | | | | 应收账款坏账 准备 | | | | 2,698.12 | | 1,224.01 | - | 7.87 | - | | 3,914.27 | 广东天禾农资股份有限公司 关于2025年第二季度计提资 ...

广东天禾农资股份有限公司 2025 年半年度财务报告 （未审计） 2025 年 8 月 1 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：广东天禾农资股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 757,373,675.05 | 1,443,421,251.48 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 951,710,961.63 | 465,425,307.26 | | 应收款项融资 | 22,394,546.13 | 32,201,916.10 | | 预付款项 | 1,064,840,833.45 | 1,346,669,005.39 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收 ...

证券代码：002999 证券简称：天禾股份 公告编号：2025-043 广东天禾农资股份有限公司 第五届监事会第二十七次会议决议公告 二、监事会会议审议情况 审议通过《关于公司<2025 年半年度报告>全文及摘要的议案》 经审核，监事会认为：董事会编制和审议《2025 年半年度报告》全文及摘 要的程序符合法律、行政法规及中国证监会、深圳证券交易所的相关规定，报告 内容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏。 具体内容详见公司披露于巨潮资讯网（http://www.cninfo.com.cn）的《2025 年半年度报告全文》《2025 年半年度报告摘要》（公告编号：2025-044）。 表决结果：3 票同意，0 票反对，0 票弃权。 三、备查文件 第五届监事会第二十七次会议决议。 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 广东天禾农资股份有限公司（以下简称"公司"）第五届监事会第二十七次 会议于 2025 年 8 月 22 日（星期五）在公司八楼会议室以现场方式召开。会议通 知已于 20 ...

广东天禾农资股份有限公司（以下简称"公司"）第五届董事会第五十七次 会议于 2025 年 8 月 22 日（星期五）在公司八楼会议室以现场结合通讯的方式召 开。会议通知已于 2025 年 8 月 12 日通过邮件的方式送达各位董事。本次会议应 出席董事 9 人，实际出席董事 9 人。（通讯方式出席董事 1 人，为：郭剑花） 会议由董事长刘艺召集并主持，全体监事、部分高级管理人员列席本次会议。 本次会议召开符合有关法律、行政法规、部门规章和《公司章程》的规定。 二、董事会会议审议情况 证券代码：002999 证券简称：天禾股份 公告编号：2025-042 广东天禾农资股份有限公司 第五届董事会第五十七次会议决议公告 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 表决结果：9 票同意，0 票反对，0 票弃权。 三、备查文件 1、第五届董事会第五十七次会议决议； 广东天禾农资股份有限公司董事会 2025 年 8 月 26 日 审议通过《关于公司〈2025 年半年度报告〉全文及摘要的议案》 公司根据《公开发行证券的公司信息披露内容与格式准则第 ...

[Section 1 Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity and navigation [1.1 Important Notes](index=2&type=section&id=1.1%20Important%20Notes) The board, supervisory board, and senior management guarantee the semi-annual report's accuracy and completeness, including forward-looking statements - Company's board of directors, supervisory board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Company's responsible person, chief accountant, and head of accounting department declare the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[4](index=4&type=chunk) - Forward-looking statements regarding future plans, operating targets, and performance forecasts are preliminary management predictions, do not constitute a substantive commitment, and are subject to uncertainties[4](index=4&type=chunk) [1.2 Profit Distribution Plan](index=2&type=section&id=1.2%20Profit%20Distribution%20Plan) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [1.3 Table of Contents](index=3&type=section&id=1.3%20Table%20of%20Contents) This section lists the structured directory of the semi-annual report, providing quick navigation through its nine main chapters - The report comprises nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[7](index=7&type=chunk) [1.4 List of Reference Documents](index=4&type=section&id=1.4%20List%20of%20Reference%20Documents) This section lists reference documents for the reporting period, including signed financial statements and publicly disclosed company filings - Reference documents include financial statements signed and sealed by the legal representative, chief accountant, and head of the accounting department[9](index=9&type=chunk) - Reference documents also include the original full and summary versions of the 2025 semi-annual report, signed by the legal representative and sealed by the company[10](index=10&type=chunk) - All original company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period are also listed as reference documents[11](index=11&type=chunk) [1.5 Definitions](index=5&type=section&id=1.5%20Definitions) This section defines key terms used throughout the report to ensure clarity and consistency in information disclosure - "Tianhe Co.", "the Company" refers to Guangdong Tianhe Agricultural Means of Production Co., Ltd[13](index=13&type=chunk) - "Actual Controller", "Guangdong Supply and Marketing Cooperative" refers to Guangdong Supply and Marketing Cooperative Federation[13](index=13&type=chunk) - "Reporting Period", "Current Period" refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and a summary of its key financial performance and position [2.1 Company Profile](index=6&type=section&id=2.1%20Company%20Profile) This section provides basic company information, including stock name, code, listing exchange, and legal representative - Company stock abbreviation: Tianhe Co., stock code: **002999**, listed on: Shenzhen Stock Exchange[15](index=15&type=chunk) - Company Chinese name: Guangdong Tianhe Agricultural Means of Production Co., Ltd., legal representative: Liu Yi[15](index=15&type=chunk) [2.2 Contact Persons and Information](index=6&type=section&id=2.2%20Contact%20Persons%20and%20Information) This section lists contact details for the company secretary and securities affairs representative for investor inquiries - Board Secretary is Liu Yongfeng, Securities Affairs Representative is Zeng Ting, both with contact address at 709 Dongfeng East Road, Yuexiu District, Guangzhou[16](index=16&type=chunk) - Contact phone: **020-87766490**, email: **zqbgs@gd-tianhe.com**[16](index=16&type=chunk) [2.3 Other Information](index=6&type=section&id=2.3%20Other%20Information) All company contact details, information disclosure, and document storage locations remained unchanged during the reporting period - Company's registered address, office address, website, and email remained unchanged during the reporting period, refer to the 2024 annual report[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period, refer to the 2024 annual report[18](index=18&type=chunk) [2.4 Key Accounting Data and Financial Indicators](index=7&type=section&id=2.4%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by **7.14%** year-on-year, while net profit attributable to shareholders increased by **46.40%**, with improved operating cash flow Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change in Current Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 7,702,533,602.86 | 8,295,161,735.30 | -7.14% | | Net Profit Attributable to Shareholders of Listed Company | 23,026,538.96 | 15,728,203.27 | 46.40% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 16,755,264.78 | 12,197,709.48 | 37.36% | | Net Cash Flow from Operating Activities | -474,409,737.92 | -1,097,513,728.72 | 56.77% | | Basic Earnings Per Share (Yuan/Share) | 0.07 | 0.05 | 40.00% | | Diluted Earnings Per Share (Yuan/Share) | 0.07 | 0.05 | 40.00% | | Weighted Average Return on Net Assets | 1.88% | 1.28% | 0.60% | | **Period-End Indicators vs. Prior Year-End** | | | | | Total Assets | 7,447,866,231.40 | 8,246,845,360.85 | -9.69% | | Net Assets Attributable to Shareholders of Listed Company | 1,185,237,293.24 | 1,210,857,173.07 | -2.12% | [2.5 Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=2.5%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between Chinese and international or overseas accounting standards - The 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[21](index=21&type=chunk) - The 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[22](index=22&type=chunk) [2.6 Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=2.6%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses amounted to **6.27 million yuan**, primarily from government subsidies and fair value changes Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -48,567.76 | | Government subsidies recognized in current profit or loss | 9,213,613.48 | | Fair value changes and disposal gains/losses from financial assets/liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 1,996,795.31 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 293,049.40 | | Other non-operating income and expenses apart from the above | -989,473.73 | | Less: Income tax impact | 2,616,354.18 | | Impact on minority interests (after tax) | 1,577,788.34 | | Total | 6,271,274.18 | [Section 3 Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section analyzes the company's operational performance, financial position, and future outlook, highlighting key business activities and strategic initiatives [3.1 Main Business Activities During the Reporting Period](index=9&type=section&id=3.1%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) In H1 2025, the company focused on "serving agriculture" through agricultural material distribution and socialized services, achieving significant profit growth and maintaining industry leadership - In H1 2025, the company achieved a total profit of **37.81 million yuan**, a **54.66% year-on-year increase**; net profit attributable to the parent company was **23.03 million yuan**, a **46.40% year-on-year increase**[27](index=27&type=chunk) - The company's business model is "supported by a direct-to-terminal network distribution system, providing a full range of agricultural materials and professional modern agricultural technology services"; as of June 30, 2025, it established **99 distribution centers** in 22 provinces and Beijing, serving over **25,000 terminal customers**[29](index=29&type=chunk)[31](index=31&type=chunk) - The company established **4 regional service centers**, **51 county-level centers**, and **516 town/village crop service centers** in Guangdong Province, covering all major rice-producing areas[30](index=30&type=chunk) - Performance drivers include: direct-to-terminal network distribution system, modern agricultural technology services, product resource expansion, "green agricultural materials" independent industrial system construction, full agricultural product industry chain business, improved internal control management system, and digitalization[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - The company ranked **4th** in the 2024 agricultural material circulation enterprise competitiveness ranking and **332nd** among China's top 500 service enterprises, making it an influential agricultural material circulation service enterprise in China[41](index=41&type=chunk) - The company's total warehousing area exceeds **4 million square meters**, with over **70 national reserve points** and more than **90 agricultural material warehouses** in Guangdong Province, totaling approximately **500,000 square meters**[44](index=44&type=chunk) [3.2 Analysis of Core Competencies](index=12&type=section&id=3.2%20Analysis%20of%20Core%20Competencies) The company's six core competitive advantages, including professional agricultural technology services and an efficient distribution network, underpin its leading position and sustainable development - Agricultural technology service advantage: Possesses a knowledgeable and stable agricultural technology service team, providing comprehensive services, and has built a "4+100+1000" agricultural material and technology service network[45](index=45&type=chunk)[46](index=46&type=chunk) - Product resources and brand advantage: Established long-term strategic partnerships with renowned domestic and international manufacturers, offering a comprehensive range of high-quality agricultural materials to meet diverse crop needs in South China[47](index=47&type=chunk)[48](index=48&type=chunk) - Multi-dimensional distribution advantage: Built a direct-to-terminal network distribution system, achieving **24-hour response** and **2-hour delivery**, effectively reducing circulation costs and enhancing market competitiveness[49](index=49&type=chunk) - Resource advantage in collaboratively building a full industry chain: Leverages the supply and marketing cooperative network, deepens "cooperative-village" collaboration, integrates capital, technology, and services to enhance the value of the entire agricultural product industry chain[50](index=50&type=chunk) - Rich talent reserve and talent pipeline development advantage: Possesses a multidisciplinary talent team proficient in agricultural technology, agricultural products, bulk procurement, and international trade[51](index=51&type=chunk) - Industry-leading digitalization advantage: Continuously strengthens digital and platform thinking, promotes business digitalization applications and the construction of a "digital platform for agricultural services," empowering the transformation and upgrading of business service models[52](index=52&type=chunk) [3.3 Analysis of Main Business](index=14&type=section&id=3.3%20Analysis%20of%20Main%20Business) Operating revenue decreased by **7.14%**, but net profit attributable to shareholders increased by **46.40%**, driven by improved operating cash flow Key Financial Data Year-on-Year Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 7,702,533,602.86 | 8,295,161,735.30 | -7.14% | Not applicable | | Operating Cost | 7,196,585,373.47 | 7,882,087,420.48 | -8.70% | Not applicable | | Selling Expenses | 284,825,324.91 | 239,312,371.05 | 19.02% | Not applicable | | Administrative Expenses | 95,697,763.14 | 80,955,052.53 | 18.21% | Not applicable | | Financial Expenses | 33,558,828.67 | 26,595,037.61 | 26.18% | Not applicable | | R&D Investment | 2,404,006.46 | 1,952,536.09 | 23.12% | Not applicable | | Net Cash Flow from Operating Activities | -474,409,737.92 | -1,097,513,728.72 | 56.77% | Primarily due to the company accelerating inventory turnover, reducing prepayments, and a year-on-year decrease in cash paid for goods purchased | | Net Cash Flow from Investing Activities | -97,938,092.80 | -128,537,454.48 | 23.81% | Not applicable | | Net Cash Flow from Financing Activities | 42,335,894.20 | 1,265,388,256.41 | -96.65% | Primarily due to a year-on-year decrease in the company's short-term borrowing scale | | Net Increase in Cash and Cash Equivalents | -530,591,675.19 | 39,324,257.09 | -1,449.27% | Primarily due to a decrease in cash from financing activities during the reporting period | Operating Revenue Composition (By Product) | Product | Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Fertilizer | 5,606,000,626.81 | 72.77% | -7.98% | | Pesticide | 1,607,157,457.05 | 20.87% | -5.79% | | Chemical | 166,185,244.80 | 2.16% | -29.10% | | Agricultural Technology Services | 230,718,146.32 | 3.00% | 61.55% | | Other | 92,472,127.88 | 1.20% | -22.89% | Operating Revenue Composition (By Region) | Region | Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Domestic - Northeast Region | 1,321,387,113.55 | 17.16% | -12.66% | | Domestic - North China Region | 754,961,575.65 | 9.80% | 3.37% | | Domestic - East China Region | 1,874,613,728.76 | 24.34% | -9.14% | | Domestic - Central South Region | 2,779,578,091.00 | 36.08% | -3.89% | | Domestic - Southwest Region | 692,925,427.37 | 9.00% | -4.97% | | Domestic - Northwest Region | 279,067,666.53 | 3.62% | -24.04% | - Wholesale and retail gross margin was **6.56%**, a year-on-year increase of **1.59%**; fertilizer gross margin was **5.38%**, a year-on-year increase of **2.10%**; pesticide gross margin was **9.54%**, a year-on-year decrease of **0.66%**[58](index=58&type=chunk) [3.4 Analysis of Non-Core Business](index=15&type=section&id=3.4%20Analysis%20of%20Non-Core%20Business) Non-core business significantly impacted total profit, with asset impairment losses being the largest negative contributor, while investment income and non-operating income provided some, but unsustainable, contributions Proportion of Non-Core Business to Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,225,890.89 | 5.89% | Company's hedging, futures closing gains/losses, and investment gains/losses from associates | No | | Fair Value Change Gains and Losses | -198,900.00 | -0.53% | Company's holding gains/losses from futures hedging business | No | | Asset Impairment | -47,137,534.43 | -124.68% | Company's provision for bad debts on accounts receivable and inventory impairment in accordance with accounting policies | No | | Non-Operating Income | 4,487,915.66 | 11.87% | Government subsidies, net income from compensation/penalties, etc. | No | | Non-Operating Expenses | 4,185,654.99 | 11.07% | Donations, compensation payments, tax late payment fees, etc. | No | | Asset Disposal Gains | 9,193.52 | 0.02% | Gains from disposal of company's fixed assets | No | | Taxes and Surcharges | 14,720,589.98 | 38.94% | Stamp duty, property tax, VAT surcharges, etc. arising from company operations | No | | Other Income | 7,864,117.80 | 20.80% | Government subsidies recognized in other income, etc. | No | [3.5 Analysis of Assets and Liabilities](index=16&type=section&id=3.5%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders decreased, with reduced cash and notes payable, while accounts receivable and accounts payable increased, indicating seasonal business patterns and liquidity risks Significant Changes in Asset Composition | Item | Period-End (Yuan) | Proportion of Total Assets | Prior Year-End (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 757,373,675.05 | 10.17% | 1,443,421,251.48 | 17.50% | -7.33% | Primarily due to the company repaying notes payable | | Accounts Receivable | 951,710,961.63 | 12.78% | 465,425,307.26 | 5.64% | 7.14% | Primarily due to the company being in its peak sales season for main business, leading to a corresponding increase in accounts receivable | | Inventories | 2,722,636,407.80 | 36.56% | 3,134,686,548.62 | 38.01% | -1.45% | Not applicable | | Contract Liabilities | 587,598,618.18 | 7.89% | 1,009,868,886.60 | 12.25% | -4.36% | Primarily due to a decrease in advance receipts for goods | | Long-Term Borrowings | 0.00 | 0.00% | 3,117,000.00 | 0.04% | -0.04% | Primarily due to long-term borrowings being repaid | | Notes Payable | 1,467,142,173.06 | 19.70% | 2,221,237,368.06 | 26.93% | -7.23% | Primarily due to a decrease in notes payable to suppliers | | Accounts Payable | 582,894,403.45 | 7.83% | 326,046,787.66 | 3.95% | 3.88% | Primarily due to an increase in accounts payable to suppliers | | Deferred Income | 175,904,369.45 | 2.36% | 123,715,059.93 | 1.50% | 0.86% | Primarily due to an increase in government subsidies received this period | - As of the end of the reporting period, restricted cash and bank balances amounted to **232.51 million yuan**, mainly for bill deposits and letter of credit deposits[65](index=65&type=chunk) - The company's parent company asset-liability ratio was **78.21%**, and the consolidated asset-liability ratio was **77.24%**; current ratio was **1.18**, and quick ratio was **0.61**, indicating certain liquidity risks[83](index=83&type=chunk) [3.6 Analysis of Investment Status](index=17&type=section&id=3.6%20Analysis%20of%20Investment%20Status) Total investment decreased by **27.27%** year-on-year, with ongoing significant non-equity investments in logistics and agricultural projects, and positive results from derivative investments for hedging Investment Amount During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment Amount in Reporting Period | 160,000,000.00 | | Investment Amount in Prior Year Period | 220,000,000.00 | | Change Rate | -27.27% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it Fixed Asset Investment | Industry Involved in Investment Project | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment Amount as of Period-End (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianhe (South China) Agricultural Material Reserve Logistics Base | Self-built | Yes | Warehousing and Logistics | 75,874,370.00 | 995,222,970.00 | 95.49% | | Guangdong Simao Rice Cross-County Cluster Industrial Park (Shanwei City) | Self-built | Yes | Agriculture | 15,962,205.60 | 141,633,508.60 | 99.00% | Derivative Investments for Hedging Purposes | Derivative Investment Type | Initial Investment Amount (10,000 Yuan) | Period-End Amount (10,000 Yuan) | Proportion of Period-End Investment Amount to Company's Period-End Net Assets | | :--- | :--- | :--- | :--- | | Methanol Futures | 1,200 | 505.1 | 0.43% | | Urea Futures | 420 | 0 | 0.00% | | Total | 1,620 | 505.1 | 0.43% | - Cumulative investment income of **1.51 million yuan** was achieved during the reporting period, with hedging activities positively impacting the company by mitigating operational risks[72](index=72&type=chunk) [3.7 Significant Asset and Equity Sales](index=20&type=section&id=3.7%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period, maintaining a stable asset structure - The company did not sell significant assets during the reporting period[76](index=76&type=chunk) - The company did not sell significant equity during the reporting period[77](index=77&type=chunk) [3.8 Analysis of Major Holding and Participating Companies](index=20&type=section&id=3.8%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Key subsidiaries primarily engage in agricultural material sales; the disposal of one and establishment of another had no significant impact on overall operations or performance Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Tianhe Agricultural Materials Co., Ltd. | Subsidiary | Agricultural material sales | 30,000,000.00 | 181,898,646.35 | 6,059,861.09 | | Fujian Tianhe Green Protection Agricultural Materials Co., Ltd. | Subsidiary | Agricultural material sales | 10,000,000.00 | 47,900,337.37 | 9,047,055.89 | | Henan Yuetianhe Agricultural Materials Co., Ltd. | Subsidiary | Agricultural material sales | 3,000,000.00 | 1,373,092.43 | 4,625,125.15 | | Jiangsu Tianhe Jianing Agricultural Materials Co., Ltd. | Subsidiary | Agricultural material sales | 10,000,000.00 | 69,773,447.59 | -3,511,948.40 | | Guangxi Yuetianhe Agricultural Technology Co., Ltd. | Subsidiary | Agricultural material sales | 8,000,000.00 | 92,741,333.76 | 4,687,996.11 | | Shenzhen Tianhe Agricultural Materials Co., Ltd. | Subsidiary | Agricultural material sales | 48,400,000.00 | 80,140,384.65 | 8,552,244.20 | | Yunnan Tianhe Agricultural Materials Co., Ltd. | Subsidiary | Agricultural material sales | 20,000,000.00 | 167,444,163.88 | 7,532,172.11 | | Guangxi Supply and Marketing Agricultural Materials Co., Ltd. | Subsidiary | Agricultural material sales | 100,000,000.00 | 253,635,815.20 | 7,095,194.56 | | Zhanjiang Tianhe Yuelian Agricultural Technology Co., Ltd. | Subsidiary | Agricultural material sales | 10,000,000.00 | 54,403,106.20 | 4,753,727.60 | | Guangdong Jiaye Reserve Logistics Co., Ltd. | Subsidiary | Warehousing and Logistics | 100,000,000.00 | 1,010,039,946.77 | -10,538,273.72 | | Heilongjiang Yuetianhe Jiabao Agricultural Materials Co., Ltd. | Subsidiary | Agricultural material sales | 20,000,000.00 | 455,313,370.59 | 22,208,288.29 | | Guangdong Dafeng Plant Protection Technology Co., Ltd. | Subsidiary | Pesticide sub-packaging | 30,000,000.00 | 48,209,586.82 | -3,169,841.74 | | Beijing Tianhe Xinjinhui Agricultural Technology Co., Ltd. | Subsidiary | Agricultural material sales | 10,000,000.00 | 153,320,964.16 | -6,637,648.71 | | Haifeng Jiafeng Agricultural Technology Service Co., Ltd. | Subsidiary | Agricultural technology services | 10,000,000.00 | 173,126,189.74 | -4,866,464.90 | | Guangdong Tianhe Agricultural Materials Boluo Agrochemical Technology Co., Ltd. | Subsidiary | Agricultural material sales | 50,000,000.00 | 90,817,851.17 | -4,781,544.98 | | Inner Mongolia Heyu Agricultural Materials Co., Ltd. | Subsidiary | Agricultural material sales | 50,000,000.00 | 72,119,348.89 | 3,692,359.91 | - During the reporting period, the company disposed of Enping Tianhe Agricultural Materials Distribution Co., Ltd. through liquidation and established Yingde Yinghe Agricultural Technology Service Co., Ltd. through investment, neither of which had a significant impact[79](index=79&type=chunk) [3.9 Information on Structured Entities Controlled by the Company](index=22&type=section&id=3.9%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period, indicating traditional equity-based operations - The company did not control any structured entities during the reporting period[81](index=81&type=chunk) [3.10 Risks Faced by the Company and Countermeasures](index=22&type=section&id=3.10%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from price volatility, climate change, internal control, and high asset-liability ratios, addressed by market mechanism improvements, strategic partnerships, and diversified financing - The company faces risks from fertilizer price fluctuations, agricultural product price fluctuations, potassium fertilizer import price mechanisms, extreme climate change and other natural disasters, and internal control management[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - The company's asset-liability ratio is high, with the parent company at **78.21%** and consolidated at **77.24%**; current ratio and quick ratio are relatively low, indicating certain liquidity risks[83](index=83&type=chunk) - Countermeasures include: improving product operating platform market operation and decision-making mechanisms, strengthening analysis of macroeconomic policies and industry information, and establishing procurement and sales adjustment mechanisms[84](index=84&type=chunk) - Countermeasures include: closely monitoring international and domestic potassium fertilizer market conditions, consolidating strategic cooperation with core suppliers, and exploring domestic potassium fertilizer supply channels[85](index=85&type=chunk) - Countermeasures include: building and improving a public agricultural socialized service system, vigorously developing smart agriculture and digital agriculture, and innovating agricultural technology service models[85](index=85&type=chunk) - Countermeasures include: strengthening management of controlled subsidiaries, establishing risk prevention and standardized operation mechanisms for newly established subsidiaries, and improving digital internal control management for subsidiaries[85](index=85&type=chunk) - Countermeasures include: broadening financing channels, improving financial operational efficiency and quality, leveraging capital operations, enriching financing methods, and reducing risks associated with a high asset-liability ratio[86](index=86&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=23&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in governance, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [4.1 Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Independent director Yang Biao resigned due to term expiration, and Li Jieqiong was elected as a new independent director - Independent director Yang Biao resigned on March 25, 2025, due to term expiration[88](index=88&type=chunk) - Li Jieqiong was elected as an independent director on March 25, 2025, and serves as the chairperson of the Remuneration and Appraisal Committee, chairperson of the Nomination Committee, and member of the Audit Committee[88](index=88&type=chunk)[124](index=124&type=chunk) [4.2 Profit Distribution and Capital Reserve Conversion in the Current Period](index=23&type=section&id=4.2%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20in%20the%20Current%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period, maintaining capital structure stability - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[89](index=89&type=chunk) [4.3 Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=4.3%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company did not implement any 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 or their implementation during the reporting period[90](index=90&type=chunk) [4.4 Environmental Information Disclosure](index=24&type=section&id=4.4%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of 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[91](index=91&type=chunk) [4.5 Social Responsibility](index=24&type=section&id=4.5%20Social%20Responsibility) The company actively fulfills its "serving agriculture" social responsibility by ensuring agricultural material supply, promoting green agriculture, and aiding rural revitalization - The company actively undertakes its mission of serving agriculture, diligently fulfilling its social responsibility for supply and price stability, with **28 units** selected for the "2025 National Supply and Marketing Cooperative Agricultural Material Supply Key Enterprises" list[92](index=92&type=chunk) - Vigorously promotes the supply of green agricultural materials, continuously building an efficient, low-toxicity, environmentally friendly, and full-category agricultural material core product system covering the entire crop cultivation process[94](index=94&type=chunk) - Fully advances the construction of Guangdong Supply and Marketing Cooperative's specialized agricultural material and technology service network, actively coordinating the establishment of agricultural non-point source pollution control demonstration systems, professional pest and disease control, and customized fertilizer promotion services to support comprehensive rural revitalization[95](index=95&type=chunk) - Explores innovative models for connecting and benefiting farmers, accelerates digitalization, and is committed to promoting the organic integration of small and medium-sized farmers with modern agricultural development[97](index=97&type=chunk) - Deepens the cooperative economic model, leading "cooperative-village" collaboration pilot projects in **12 counties**, effectively promoting the quality improvement and efficiency enhancement of local advantageous agricultural product industries[98](index=98&type=chunk) - Continues to contribute to consolidating and expanding poverty alleviation achievements, donating **974,700 yuan** in the "Guangdong 6·30" rural revitalization activity in H1 2025[99](index=99&type=chunk) [Section 5 Significant Events](index=26&type=section&id=Section%205%20Significant%20Events) This section details the company's significant events, including commitment fulfillment, related party transactions, and legal matters [5.1 Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of Period-End](index=26&type=section&id=5.1%20Fulfillment%20of%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20as%20of%20Period-End) Hengqin Yueke's commitment regarding shareholding intention and reduction during IPO or refinancing has been fulfilled, with no overdue unfulfilled commitments - Hengqin Yueke's commitment regarding shareholding intention and reduction during initial public offering or refinancing has been fulfilled through share reduction[101](index=101&type=chunk) [5.2 Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=27&type=section&id=5.2%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[103](index=103&type=chunk) [5.3 Irregular External Guarantees](index=27&type=section&id=5.3%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period, indicating adherence to relevant regulations - The company had no irregular external guarantees during the reporting period[104](index=104&type=chunk) [5.4 Appointment and Dismissal of Accounting Firm](index=27&type=section&id=5.4%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report was unaudited, consistent with semi-annual reporting requirements - The company's semi-annual report was unaudited[105](index=105&type=chunk) [5.5 Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=27&type=section&id=5.5%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) Not applicable, as the semi-annual report was unaudited - Not applicable[106](index=106&type=chunk) [5.6 Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=27&type=section&id=5.6%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) Not applicable - Not applicable[106](index=106&type=chunk) [5.7 Bankruptcy and Reorganization Matters](index=27&type=section&id=5.7%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the reporting period, indicating stable operations - The company had no bankruptcy or reorganization matters during the reporting period[106](index=106&type=chunk) [5.8 Litigation Matters](index=27&type=section&id=5.8%20Litigation%20Matters) The company had no significant litigation or arbitration matters, with other ongoing cases totaling **46.55 million yuan** not posing a material impact - The company had no significant litigation or arbitration matters during the reporting period[107](index=107&type=chunk) Other Litigation (Arbitration) Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation (arbitration) cases not meeting significant disclosure standards | 2,417.71 | No | Court acceptance, trial stage | In court acceptance and trial stage, not constituting a significant impact on the company | | Summary of other litigation (arbitration) cases not meeting significant disclosure standards | 1,835.31 | No | Execution stage | In litigation execution stage, not constituting a significant impact on the company | | Summary of other litigation (arbitration) cases not meeting significant disclosure standards | 402.24 | No | Completion stage | In completion stage, not constituting a significant impact on the company | [5.9 Penalties and Rectification](index=28&type=section&id=5.9%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period, indicating good compliance - The company had no penalties or rectification situations during the reporting period[109](index=109&type=chunk) [5.10 Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=28&type=section&id=5.10%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) Not applicable - Not applicable[110](index=110&type=chunk) [5.11 Significant Related Party Transactions](index=28&type=section&id=5.11%20Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions for procurement and sales at market prices within approved limits, with no non-operating related party debt or other significant transactions Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Transaction Content | Amount in Current Period (Yuan) | Approved Transaction Limit (Yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Guangxi Chuanhua Tianhe Potassium Fertilizer Co., Ltd. | Purchase of goods | 15,088,651.36 | 100,000,000.00 | No | | Guangxi Chuanhua Tianhe Potassium Fertilizer Co., Ltd. | Sale of goods | 15,088,651.36 | 33,000,000.00 | No | - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[113](index=113&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with related financial companies[114](index=114&type=chunk) - The company had no other significant related party transactions during the reporting period[116](index=116&type=chunk) [5.12 Significant Contracts and Their Performance](index=29&type=section&id=5.12%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, guarantees, or wealth management activities, with existing operating leases for warehouses and offices not materially impacting performance - The company had no entrustment situations during the reporting period[117](index=117&type=chunk) - The company had no contracting situations during the reporting period[118](index=118&type=chunk) - The company had no significant guarantee situations during the reporting period[120](index=120&type=chunk) - The company had no wealth management activities during the reporting period[121](index=121&type=chunk) - During the reporting period, the company leased warehouses for goods storage and related office spaces for staff, which did not constitute significant leases and had no material impact on the company's operating performance[119](index=119&type=chunk) [5.13 Explanation of Other Significant Matters](index=30&type=section&id=5.13%20Explanation%20of%20Other%20Significant%20Matters) The company advanced the establishment of county-level agricultural service companies, elected a new independent director, and completed the 2024 profit distribution plan - As of June 30, 2025, the company had established **39 county-level agricultural service companies**, aiming to strengthen its direct-to-terminal logistics and socialized agricultural service systems[123](index=123&type=chunk) - On March 25, 2025, the company held a shareholders' meeting and elected Ms. Li Jieqiong as an independent director for the fifth board of directors[124](index=124&type=chunk) - The company completed the 2024 profit distribution and other related matters on June 20, 2025[124](index=124&type=chunk) [5.14 Significant Matters of Company Subsidiaries](index=31&type=section&id=5.14%20Significant%20Matters%20of%20Company%20Subsidiaries) No significant matters occurred in the company's subsidiaries during the reporting period, indicating stable subsidiary operations - No significant matters occurred in the company's subsidiaries[126](index=126&type=chunk) [Section 6 Share Changes and Shareholder Information](index=32&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital, shareholder structure, and the holdings of directors, supervisors, and senior management [6.1 Share Change Information](index=32&type=section&id=6.1%20Share%20Change%20Information) Total share capital remained unchanged, while restricted shares decreased by **118,125 shares** due to director, supervisor, and senior management share lock-up and unlocking Share Change Information | Item | Quantity Before Change (Shares) | Proportion Before Change | Net Change (+, -) (Shares) | Quantity After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 3,995,250 | 1.15% | -118,125 | 3,877,125 | 1.12% | | 3. Other Domestic Shares | 3,995,250 | 1.15% | -118,125 | 3,877,125 | 1.12% | | Of which: Domestic Natural Person Shares | 3,995,250 | 1.15% | -118,125 | 3,877,125 | 1.12% | | II. Unrestricted Shares | 343,596,750 | 98.85% | 118,125 | 343,714,875 | 98.88% | | 1. RMB Ordinary Shares | 343,596,750 | 98.85% | 118,125 | 343,714,875 | 98.88% | | III. Total Shares | 347,592,000 | 100.00% | 0 | 347,592,000 | 100.00% | - The reason for share changes is the annual lock-up and unlocking of shares held by directors, supervisors, and senior management at the beginning of each period[130](index=130&type=chunk) Changes in Restricted Shares | Shareholder Name | Number of Restricted Shares at Period-Beginning | Number of Restricted Shares Released in Current Period | Number of Restricted Shares Increased in Current Period | Number of Restricted Shares at Period-End | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Yi | 703,500 | 0 | 0 | 703,500 | Director, Supervisor, Senior Management Locked Shares | | Yao Weiying | 682,500 | 0 | 0 | 682,500 | Director, Supervisor, Senior Management Locked Shares | | Luo Xuanbin | 1,578,750 | 0 | 0 | 1,578,750 | Director, Supervisor, Senior Management Locked Shares | | Qiu Junwei | 513,000 | 0 | 0 | 513,000 | Director, Supervisor, Senior Management Locked Shares | | Ye Jiancai | 45,000 | 0 | 0 | 45,000 | Director, Supervisor, Senior Management Locked Shares | | Liu Yongfeng | 472,500 | 118,125 | 0 | 354,375 | Director, Supervisor, Senior Management Locked Shares | | Total | 3,995,250 | 118,125 | 0 | 3,877,125 | -- | [6.2 Securities Issuance and Listing](index=34&type=section&id=6.2%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing during the reporting period, maintaining a stable share capital structure - The company had no securities issuance or listing during the reporting period[132](index=132&type=chunk) [6.3 Number of Shareholders and Shareholding Information](index=34&type=section&id=6.3%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of period-end, there were **26,567 ordinary shareholders**. Guangdong Supply and Marketing Group Co., Ltd. is the largest shareholder with **34.28%** equity, and the actual controller is Guangdong Supply and Marketing Cooperative Federation - Total number of ordinary shareholders at period-end: **26,567**[133](index=133&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (Shares) | Change in Holdings During Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Supply and Marketing Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 34.28% | 119,140,000 | 0 | 0 | 119,140,000 | | Zhou Yuguang | Domestic Natural Person | 4.02% | 13,982,600 | 13,982,600 | 0 | 13,982,600 | | Guangdong Zhongke Baiyun Emerging Industry Venture Capital Fund Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.26% | 7,867,352 | -130,000 | 0 | 7,867,352 | | Guangdong Xinsupplymkt Tianrun Grain and Oil Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.21% | 4,200,000 | 0 | 0 | 4,200,000 | | Ma Junwei | Domestic Natural Person | 0.82% | 2,856,800 | 353,180 | 0 | 2,856,800 | | Goldman Sachs Co., Ltd. | Overseas Legal Person | 0.64% | 2,240,586 | 1,768,991 | 0 | 2,240,586 | | Luo Xuanbin | Domestic Natural Person | 0.61% | 2,105,000 | 0 | 1,578,750 | 526,250 | | MERRILL LYNCH INTERNATIONAL | Overseas Legal Person | 0.55% | 1,926,423 | 1,884,582 | 0 | 1,926,423 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.53% | 1,832,060 | 1,445,478 | 0 | 1,832,060 | | Zhang An | Domestic Natural Person | 0.45% | 1,552,800 | 1,552,800 | 0 | 1,552,800 | - Among the company's shareholders, Guangdong Supply and Marketing Group Co., Ltd. holds **100%** equity in Guangdong Xinsupplymkt Tianrun Grain and Oil Group Co., Ltd.; Guangdong Supply and Marketing Group Co., Ltd. and Guangdong Xinsupplymkt Tianrun Grain and Oil Group Co., Ltd. are controlled by the same actual controller, Guangdong Supply and Marketing Cooperative Federation[133](index=133&type=chunk) [6.4 Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=6.4%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; refer to the 2024 annual report for details[135](index=135&type=chunk) [6.5 Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=6.5%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period, ensuring stable equity structure - The company's controlling shareholder remained unchanged during the reporting period[136](index=136&type=chunk) - The company's actual controller remained unchanged during the reporting period[136](index=136&type=chunk) [6.6 Preferred Share Information](index=36&type=section&id=6.6%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period, indicating their absence from its capital structure - The company had no preferred shares during the reporting period[137](index=137&type=chunk) [Section 7 Bond Information](index=37&type=section&id=Section%207%20Bond%20Information) This section confirms the absence of any bond-related activities for the company during the reporting period [7.1 Bond Information](index=37&type=section&id=7.1%20Bond%20Information) Not applicable, as the company had no bond-related activities during the reporting period - Not applicable[139](index=139&type=chunk) [Section 8 Financial Report](index=38&type=section&id=Section%208%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [8.1 Audit Report](index=38&type=section&id=8.1%20Audit%20Report) The company's semi-annual financial report was unaudited, consistent with semi-annual reporting requirements - The company's semi-annual financial report was unaudited[141](index=141&type=chunk) [8.2 Financial Statements](index=38&type=section&id=8.2%20Financial%20Statements) This section provides the consolidated and parent company financial statements for H1 2025, detailing financial position, operating results, and cash flows Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (Yuan) | | :--- | :--- | | Total Assets | 7,447,866,231.40 | | Total Liabilities | 5,752,968,941.30 | | Total Owners' Equity | 1,694,897,290.10 | Consolidated Income Statement (Current Period Amount) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 7,702,533,602.86 | | Net Profit | 25,125,168.36 | | Net Profit Attributable to Parent Company Shareholders | 23,026,538.96 | Consolidated Cash Flow Statement (Current Period Amount) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -474,409,737.92 | | Net Cash Flow from Investing Activities | -97,938,092.80 | | Net Cash Flow from Financing Activities | 42,335,894.20 | [8.3 Company Basic Information](index=54&type=section&id=8.3%20Company%20Basic%20Information) Guangdong Tianhe Agricultural Means of Production Co., Ltd., established on March 26, 2009, with a registered capital of **347.59 million yuan**, primarily sells agricultural materials and provides related services - Guangdong Tianhe Agricultural Means of Production Co., Ltd. was established on March 26, 2009, with a share capital change to **347.592 million shares**[174](index=174&type=chunk) - The company's main business activities involve the sale of agricultural materials such as fertilizers and pesticides, and the provision of professional agricultural technology services[176](index=176&type=chunk) - This financial report was approved for issuance by the company's board of directors on August 22, 2025[177](index=177&type=chunk) [8.4 Basis of Financial Statement Preparation](index=55&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant CSRC disclosure rules - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with Enterprise Accounting Standards, their application guidelines, and interpretations[178](index=178&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period, found no issues affecting its going concern ability, and thus considers the preparation of financial statements on a going concern basis to be reasonable[179](index=179&type=chunk) [8.5 Significant Accounting Policies and Estimates](index=55&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for financial instruments, fixed assets, revenue recognition, and other key areas, including significant accounting judgments - The financial statements prepared by the company comply with Enterprise Accounting Standards, accurately and completely reflecting the company's financial position, operating results, changes in owners' equity, and cash flows[182](index=182&type=chunk) Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individually impaired receivables | Amount ≥ 15 million yuan | | Significant receivables written off in current period | Amount ≥ 1 million yuan | | Significant construction in progress | Planned investment amount ≥ 0.5% of total assets | | Significant non-wholly owned subsidiaries | Non-wholly owned subsidiary's total assets or net assets account for 5% or more of consolidated amounts; or operating revenue or total profit accounts for 15% or more of consolidated amounts; or management considers it to have a significant impact on the company's operations and development | - Financial assets are measured at fair value upon initial recognition and classified based on the business model for managing financial assets and their contractual cash flow characteristics[236](index=236&type=chunk) - The company uses the weighted average method for inventory issuance pricing, employs a perpetual inventory system, and conducts physical counts at least once a year[283](index=283&type=chunk)[284](index=284&type=chunk) - The company recognizes revenue when performance obligations in the contract are satisfied, i.e., when the customer obtains control of the related goods[288](index=288&type=chunk)[361](index=361&type=chunk)[362](index=362&type=chunk)[363](index=363&type=chunk) - Significant accounting judgments and estimates include the classification of financial assets, measurement of expected credit losses for accounts receivable, goodwill impairment, deferred income tax assets, and fair value determination of unlisted equity investments[411](index=411&type=chunk)[412](index=412&type=chunk)[414](index=414&type=chunk)[415](index=415&type=chunk)[416](index=416&type=chunk) [8.6 Taxation](index=103&type=section&id=8.6%20Taxation) The company's main taxes include VAT and corporate income tax, with various subsidiaries enjoying tax exemptions and reductions for agricultural activities and small-profit enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales revenue | Exempt, 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 1%, 3%, 5%, 7% | | Corporate Income Tax | Taxable income | Exempt, 8.25%, 20%, 25% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - The company's subsidiary, Guangdong Kenong Vegetable Seed Industry Co., Ltd., engaged in wholesale and retail of agricultural production materials, enjoys VAT exemption tax preferential policies[420](index=420&type=chunk) - Other subsidiaries engaged in pest and disease control services, whose actual operating income related to agricultural mechanization, irrigation, pest and disease control, plant protection, agricultural and animal husbandry insurance, and related technical training, may enjoy VAT exemption tax preferential policies as per regulations[420](index=420&type=chunk) - Income from agricultural, forestry, animal husbandry, and fishery projects is eligible for corporate income tax exemption or reduction policies[422](index=422&type=chunk) - Small-profit enterprises are subject to a corporate income tax rate of **20%** on **25%** of their taxable income, a policy extended until December 31, 2027[422](index=422&type=chunk) [8.7 Notes to Consolidated Financial Statement Items](index=104&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, offering comprehensive data support for understanding the company's financial position and operating results Cash and Bank Balances | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on hand | 629,074.88 | 833,292.81 | | Bank deposits | 510,845,163.38 | 1,048,969,137.25 | | Other cash and bank balances | 245,899,436.79 | 393,618,821.42 | | Total | 757,373,675.05 | 1,443,421,251.48 | | Of which: Total funds deposited overseas | 5,199,279.63 | 2,181,056.72 | - Period-end restricted cash and bank balances amounted to **232.51 million yuan**, mainly for bill deposits and letter of credit deposits[65](index=65&type=chunk)[424](index=424&type=chunk) Accounts Receivable | Category | Period-End Book Value (Yuan) | Period-Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Accounts receivable for which bad debt provisions are individually recognized | 2,413,293.75 | 2,047,105.25 | | Accounts receivable for which bad debt provisions are recognized by portfolio | 949,297,667.88 | 463,378,202.01 | | Total | 951,710,961.63 | 465,425,307.26 | Inventories | Item | Period-End Book Value (Yuan) | Period-Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Raw materials | 62,358,813.22 | 52,745,705.85 | | Work in progress | 20,270,752.70 | 18,952,023.51 | | Merchandise inventory | 2,566,056,567.96 | 2,888,696,585.27 | | Contract fulfillment costs | 73,950,273.92 | 46,735,965.54 | | Goods in transit | 0.00 | 127,556,268.45 | | Total | 2,722,636,407.80 | 3,134,686,548.62 | Fixed Assets | Item | Period-End Book Value (Yuan) | Period-Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Buildings and structures | 578,133,421.81 | 555,728,922.02 | | Machinery and equipment | 44,937,279.67 | 36,221,007.90 | | Transportation equipment | 23,107,927.88 | 25,631,568.01 | | Office equipment | 9,363,656.54 | 10,203,432.94 | | Electronic equipment | 14,091,594.43 | 14,107,479.22 | | Other equipment | 7,046,593.13 | 6,597,469.59 | | Total | 676,680,473.46 | 648,489,879.68 | Construction in Progress | Item | Period-End Book Value (Yuan) | Period-Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Zhanjiang Tianhe (South China) Agricultural Material Reserve Logistics Base | 470,490,970.26 | 350,330,010.87 | | Guangdong Simao Rice Cross-County Cluster Industrial Park (Shanwei) Agricultural Socialized Service Project | 110,809,064.74 | 107,017,184.13 | | Tianhe Agricultural Material Logistics Base Construction Project (Xizhou Phase II) | 38,570,129.53 | 24,929,535.20 | | Supply and Marketing Drying Service Center Construction Project | 19,568,418.50 | 16,351,762.91 | | Total | 660,948,797.65 | 558,657,219.31 | Short-Term Borrowings | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Credit loans | 1,913,651,265.11 | 1,863,466,653.38 | | Pledge loans | 0.00 | 11,500,000.00 | | Accrued interest on short-term borrowings | 1,160,561.51 | 1,371,443.85 | | Total | 1,914,811,826.62 | 1,876,338,097.23 | Notes Payable | Type | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Bank acceptance bills | 1,264,932,530.00 | 2,019,027,725.00 | | Letters of credit | 202,209,643.06 | 202,209,643.06 | | Total | 1,467,142,173.06 | 2,221,237,368.06 | Contract Liabilities | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Advance receipts from sales contracts | 587,598,618.18 | 1,009,868,886.60 | | Total | 587,598,618.18 | 1,009,868,886.60 | Operating Revenue and Operating Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main business | 7,693,989,291.83 | 7,189,020,399.39 | 8,286,929,640.14 | 7,875,369,864.35 | | Other business | 8,544,311.03 | 7,564,974.08 | 8,232,095.16 | 6,717,556.13 | | Total | 7,702,533,602.86 | 7,196,585,373.47 | 8,295,161,735.30 | 7,882,087,420.48 | Supplementary Information to Cash Flow Statement | Supplementary Information | Current Period Amount (Yuan) | | :--- | :--- | | Net Profit | 25,125,168.36 | | Net Cash Flow from Operating Activities | -474,409,737.92 | | Net Increase in Cash and Cash Equivalents | -530,591,675.19 | [8.8 R&D Expenses](index=149&type=section&id=8.8%20R%26D%20Expenses) Total R&D expenditure was **2.91 million yuan**, with **2.40 million yuan** expensed and **0.51 million yuan** capitalized, reflecting ongoing investment in innovation R&D Expenses | Item | Current Period Amount (Yuan) | | :--- | :--- | | Employee compensation | 1,536,366.93 | | Depreciation expenses | 719,689.38 | | Direct input costs | 80,512.10 | | Travel expenses | 51,576.08 | | Other | 524,050.56 | | Total | 2,912,195.05 | | Of which: Expensed R&D expenses | 2,404,006.46 | | Capitalized R&D expenses | 508,188.59 | [8.9 Changes in Consolidation Scope](index=150&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) The company had no non-same-control business combinations or reverse acquisitions; it established one new subsidiary and liquidated another, with no significant impact on overall operations - The company had no non-same-control business combinations during the current period[641](index=641&type=chunk) - The company had no reverse acquisitions during the current period[642](index=642&type=chunk) Changes in Consolidation Scope Due to Other Reasons | No. | Subsidiary Name | Reason for Change | | :--- | :--- | :--- | | 1 | Yingde Yinghe Agricultural Technology Service Co., Ltd. | Newly established in 2025 | | 2 | Enping Tianhe Agricultural Materials Distribution Co., Ltd. | Liquidated in 2025 | [8.10 Interests in Other Entities](index=150&type=section&id=8.10%20Interests%20in%20Other%20Entities) The company holds interests in numerous subsidiaries, primarily in agricultural material sales and services, and has increased its stake in some; investments in insignificant associates are also noted - The company has numerous subsidiaries with registered capital ranging from **2 million yuan** to **100 million yuan**, primarily operating in Guangdong Province and neighboring provinces, engaged in agricultural material sales and agricultural technology services[644](index=644&type=chunk)[645](index=645&type=chunk)[646](index=646&type=chunk)[647](index=647&type=chunk)[648](index=648&type=chunk)[649](index=649&type=chunk)[650](index=650&type=chunk)[651](index=651&type=chunk)[652](index=652&type=chunk) - During the reporting period, the company acquired minority shareholder equity in Jiangsu Hefu Agricultural Materials Co., Ltd., Leshan Tianhe Agricultural Materials Co., Ltd., and Linyi Tianhe Guangsheng Agricultural Technology Co., Ltd., increasing its shareholding proportion[659](index=659&type=chunk) Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Period-End Balance/Current Period Amount (Yuan) | | :--- | :--- | | Associates: Total book value of investments | 4,979,543.19 | | Associates: Net profit | -101,718.09 | | Associates: Total comprehensive income | -101,718.09 | Excess Losses Incurred by Joint Ventures or Associates | Name of Joint Venture or Associate | Cumulative Unrecognized Prior Period Losses (Yuan) | Unrecognized Losses in Current Period (or Share of Net Profit in Current Period) (Yuan) | Cumulative Unrecognized Losses at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Guangxi Chuanhua Tianhe Potassium Fertilizer Co., Ltd. | 25,660,348.33 | 10,280,002.85 | 35,940,351.18 | [8.11 Government Subsidies](index=163&type=section&id=8.11%20Government%20Subsidies) The company received **9.06 million yuan** in government subsidies, with significant deferred income related to assets and income, reflecting government support for its operations Liability Items Involving Government Subsidies | Accounting Account | Period-Beginning Balance (Yuan) | New Subsidies Added in Current Period (Yuan) | Amount Recognized in Non-Operating Income in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Other Changes in Current Period (Yuan) | Period-End Balance (Yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 112,060,991.42 | 60,084,780.53 | 0.00 | 4,768,883.66 | 0.00 | 167,376,888.29 | Related to Assets | | Deferred Income | 11,654,068.51 | 5,557,249.50 | 0.00 | 1,250,516.81 | 7,433,320.04 | 8,527,481.16 | Related to Income | | Total | 123,715,059.93 | 65,642,030.03 | 0.00 | 6,019,400.47 | 7,433,320.04 | 175,904,369.45 | -- | Government Subsidies Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | R&D expenses | 0.00 | 2,102.99 | | Financial expenses | 0.00 | 2,200,000.00 | | Other income | 7,710,095.97 | 3,650,931.88 | | Non-operating income | 1,349,495.68 | 296,489.14 | | Total | 9,059,591.65 | 6,149,524.01 | [8.12 Risks Related to Financial Instruments](index=163&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (foreign exchange and interest rate) through credit policies, cash flow monitoring, and fixed-rate borrowings, maintaining overall controllable risk levels - The company's financial instrument-related risks arise from credit risk, liquidity risk, and market risk (foreign exchange risk, interest rate risk)[670](index=670&type=chunk) - Credit risk management: Assesses customer creditworthiness based on financial condition, collateral possibilities, credit histor

Core Viewpoint - Tianhe Co., Ltd. (002999) reported on August 25 that as of August 20, 2025, the total number of shareholders is 24,649, with institutional investors accounting for 4,074 [1] Summary by Category - **Shareholder Information** - Total number of shareholders is 24,649 [1] - Total number of institutional shareholders is 4,074 [1]

Group 1 - The core point of the article is that Tianhe Co., Ltd. announced that as of the date of the announcement, Leizhou Guangken Dongxiyang Rice Industry Co., Ltd. has not repaid the principal of financial assistance amounting to 243,200 yuan and the corresponding interest [1] - The company stated that its production and operations are normal, and the overdue financial assistance situation will not have a significant adverse impact on its production and operations [1]

Group 1 - Xiamen Tungsten's revenue for the first half of 2025 reached 19.178 billion yuan, an increase of 11.75% year-on-year [1] - Xiamen Tungsten's net profit attributable to shareholders decreased by 4.37% year-on-year to 972 million yuan [1] - Xiamen Tungsten plans to distribute a cash dividend of 1.84 yuan per 10 shares [1] Group 2 - Sinopec's revenue for the first half of 2025 was 1.41 trillion yuan, a decrease of 10.6% year-on-year [1][2] - Sinopec's net profit attributable to shareholders fell by 39.8% year-on-year to 21.483 billion yuan [1][2] - Sinopec's basic earnings per share were 0.177 yuan [1] Group 3 - Xinhua Department Store's revenue for the first half of 2025 was 3.254 billion yuan, a decrease of 0.99% year-on-year [3][4] - Xinhua Department Store's net profit attributable to shareholders decreased by 2.52% year-on-year to 86.08 million yuan [3][4] - Xinhua Department Store plans to distribute a cash dividend of 1 yuan per 10 shares [3] Group 4 - Huaqin Technology's revenue for the first half of 2025 reached 516 million yuan, an increase of 6.44% year-on-year [5][6] - Huaqin Technology's net profit attributable to shareholders decreased by 32.45% year-on-year to 146 million yuan [5][6] - Huaqin Technology plans to distribute a cash dividend of 1.3 yuan per 10 shares [5] Group 5 - Tianhao Energy's revenue for the first half of 2025 was 1.372 billion yuan, a decrease of 32.15% year-on-year [7] - Tianhao Energy's net profit attributable to shareholders decreased by 32.08% year-on-year to 69.01 million yuan [7] - Tianhao Energy's basic earnings per share were 0.0798 yuan [7] Group 6 - Wanliyang's revenue for the first half of 2025 reached 2.812 billion yuan, an increase of 2.69% year-on-year [8][9] - Wanliyang's net profit attributable to shareholders increased by 50.24% year-on-year to 277 million yuan [8][9] - Wanliyang's basic earnings per share were 0.21 yuan [8] Group 7 - Kede CNC's revenue for the first half of 2025 was 295 million yuan, an increase of 15.24% year-on-year [10] - Kede CNC's net profit attributable to shareholders increased by 1.27% year-on-year to 49.06 million yuan [10] - Kede CNC's basic earnings per share were 0.4582 yuan [10] Group 8 - Saifutian's revenue for the first half of 2025 reached 1.06 billion yuan, an increase of 62.41% year-on-year [11] - Saifutian achieved a net profit of 3.08 million yuan, recovering from a loss of 12.49 million yuan in the previous year [11] - Saifutian's basic earnings per share were 0.01 yuan [11] Group 9 - Funeng's revenue for the first half of 2025 was 6.369 billion yuan, a decrease of 4.44% year-on-year [13][14] - Funeng's net profit attributable to shareholders increased by 12.48% year-on-year to 1.337 billion yuan [13][14] - Funeng plans to distribute a cash dividend of 0.73 yuan per 10 shares [13] Group 10 - Ningbo Shipping reported a net loss of 39.23 million yuan for the first half of 2025 [15][16] - Ningbo Shipping's revenue for the first half of 2025 was 1.157 billion yuan, an increase of 11.33% year-on-year [15][16] - Ningbo Shipping's basic earnings per share were a loss of 0.0325 yuan [15] Group 11 - Samsung Medical's revenue for the first half of 2025 reached 7.972 billion yuan, an increase of 13.93% year-on-year [17][18] - Samsung Medical's net profit attributable to shareholders increased by 6.93% year-on-year to 1.23 billion yuan [17][18] - Samsung Medical plans to distribute a cash dividend of 4.85 yuan per 10 shares [17] Group 12 - Huiding Technology's revenue for the first half of 2025 was 2.251 billion yuan, a decrease of 0.20% year-on-year [20] - Huiding Technology's net profit attributable to shareholders increased by 35.74% year-on-year to 431 million yuan [20] - Huiding Technology plans to distribute a cash dividend of 0.15 yuan per share [20] Group 13 - Baihua Pharmaceutical's revenue for the first half of 2025 reached 202 million yuan, an increase of 2.95% year-on-year [21] - Baihua Pharmaceutical's net profit attributable to shareholders increased by 12.45% year-on-year to 25.48 million yuan [21] - Baihua Pharmaceutical's basic earnings per share were 0.0663 yuan [21] Group 14 - Stanley's revenue for the first half of 2025 was 6.391 billion yuan, an increase of 12.66% year-on-year [22][23] - Stanley's net profit attributable to shareholders increased by 18.9% year-on-year to 607 million yuan [22][23] - Stanley plans to distribute a cash dividend of 0.45 yuan per 10 shares [22] Group 15 - Duoli Technology's revenue for the first half of 2025 reached 1.734 billion yuan, an increase of 13.15% year-on-year [24] - Duoli Technology's net profit attributable to shareholders decreased by 28.13% year-on-year to 157 million yuan [24] - Duoli Technology's basic earnings per share were 0.51 yuan [24] Group 16 - Datang Telecom reported a net loss of 81.17 million yuan for the first half of 2025 [25][26] - Datang Telecom's revenue for the first half of 2025 was 275 million yuan, a decrease of 3.32% year-on-year [25][26] - Datang Telecom's basic earnings per share were a loss of 0.0623 yuan [25] Group 17 - Niuwei Co.'s revenue for the first half of 2025 reached 3.404 billion yuan, an increase of 19.96% year-on-year [27][28] - Niuwei Co.'s net profit attributable to shareholders increased by 30.44% year-on-year to 637 million yuan [27][28] - Niuwei Co. plans to distribute a cash dividend of 5.8 yuan per 10 shares [27] Group 18 - ST Zhiyun reported a net loss of 106 million yuan for the first half of 2025 [29][30] - ST Zhiyun's revenue for the first half of 2025 was 89.13 million yuan, a decrease of 63.59% year-on-year [29][30] - ST Zhiyun's basic earnings per share were a loss of 0.37 yuan [29] Group 19 - Huace Testing's revenue for the first half of 2025 reached 2.96 billion yuan, an increase of 6.05% year-on-year [31] - Huace Testing's net profit attributable to shareholders increased by 7.03% year-on-year to 467 million yuan [31] - Huace Testing plans to distribute a cash dividend of 0.5 yuan per 10 shares [31] Group 20 - Taixiang's revenue for the first half of 2025 was 219 million yuan, an increase of 6.57% year-on-year [32] - Taixiang's net profit attributable to shareholders increased by 16.12% year-on-year to 25.30 million yuan [32] - Taixiang's basic earnings per share were 0.2533 yuan [32] Group 21 - Huayi Technology applied for a credit line of up to 165 million yuan from HSBC [33][34] - Huayi Technology will use real estate as collateral for the credit line [33][34] Group 22 - Hengong Precision plans to use up to 70 million yuan of idle raised funds for cash management [35][36] - Hengong Precision will invest in high-security, high-liquidity products with a term not exceeding 12 months [35][36] Group 23 - Tianhe's financial assistance to its associate company has not been repaid [37] - Tianhe provided 243,200 yuan in financial assistance to its associate company [37] Group 24 - Spring and Autumn Electronics' revenue for the first half of 2025 reached 1.926 billion yuan, an increase of 2.62% year-on-year [38] - Spring and Autumn Electronics' net profit attributable to shareholders increased by 248.44% year-on-year to 93.31 million yuan [38] - Spring and Autumn Electronics' basic earnings per share were 0.21 yuan [38] Group 25 - Kingsoft Office's revenue for the first half of 2025 was 2.657 billion yuan, an increase of 10.12% year-on-year [39][40] - Kingsoft Office's net profit attributable to shareholders increased by 3.57% year-on-year to 747 million yuan [39][40] Group 26 - Yanjinpuzi's revenue for the first half of 2025 reached 2.941 billion yuan, an increase of 19.58% year-on-year [41] - Yanjinpuzi's net profit attributable to shareholders increased by 16.70% year-on-year to 373 million yuan [41] Group 27 - Muyuan's revenue for the first half of 2025 was 76.463 billion yuan, an increase of 34.46% year-on-year [43][44] - Muyuan's net profit attributable to shareholders increased by 1169.77% year-on-year to 10.53 billion yuan [43][44] - Muyuan plans to distribute a cash dividend of 9.32 yuan per 10 shares [43][44] Group 28 - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [45][46] Group 29 - Alloy Investment's shareholder plans to reduce their stake by no more than 3% [47] - Alloy Investment's shareholder plans to sell up to 11.5531 million shares [47] Group 30 - Rongzhi Rixin's controlling shareholder plans to reduce their stake by no more than 3% [48] - Rongzhi Rixin's controlling shareholder plans to sell up to 1.2318 million shares [48] Group 31 - Yijiahe's shareholders plan to reduce their stake by no more than 2% [49] - Yijiahe's shareholders plan to sell up to 409.72 million shares [49] Group 32 - Dongfeng Group adjusted the upper limit of its share repurchase price to 6.28 yuan per share [50] Group 33 - Jingu's revenue for the first half of 2025 reached 2.123 billion yuan, an increase of 10.04% year-on-year [51] - Jingu's net profit attributable to shareholders increased by 45.36% year-on-year to 30.27 million yuan [51] Group 34 - Yibai Pharmaceutical reported a net loss of 19.9 million yuan for the first half of 2025 [52] - Yibai Pharmaceutical's revenue for the first half of 2025 was 999 million yuan, a decrease of 14.99% year-on-year [52] Group 35 - Yonghui Supermarket reported a net loss of 241 million yuan for the first half of 2025 [53] - Yonghui Supermarket's revenue for the first half of 2025 was 29.948 billion yuan, a decrease of 20.73% year-on-year [53] Group 36 - Suotong Development's net profit increased by 1568.52% year-on-year to 523 million yuan [54] - Suotong Development's revenue for the first half of 2025 was 8.306 billion yuan, an increase of 28.28% year-on-year [54]