前实控人被动淡出管理层后，陷入无实控人状态的先锋新材（300163）暗流涌动。 贷款到期后，因先锋弘业无力偿还，华夏银行于2025年9月8日从先锋新材账户扣划代偿金额2106.36万 元。 9月8日盘后，先锋新材(300163.SZ，股价3.56元，市值16.87亿元)公告称，公司当日与宁波柏之舟贸易 有限责任公司(以下简称"柏之舟")签署了《债权转让协议》。公司作为债权人，将对债务人的追偿权及 质押权等所有权利以等值于公司承担的代偿金额全部转让给柏之舟，价款合计约2106.36万元。 按约定，柏之舟应于协议生效当日付清全部价款。柏之舟受让债权后，自行向债务人主张债权。目前， 先锋新材已收到全部债权转让价款。 《每日经济新闻》记者注意到，此次接盘上市公司债权者疑为先锋新材的初始发起人之一。此外，该人 此前还疑似拍得先锋新材前实控人所持1000万股股权。关联公司贷款逾期，上市公司代偿超2100万元 先锋新材此次转让的债权，最早可追溯至2016年。 2016年，先锋新材审议通过了为宁波开心投资有限公司(以下简称"开心投资")总额不超过2.2亿澳元或其 等额人民币的银行贷款提供连带责任担保的议案。2019年和202 ...

证券简称：先锋新材 证券代码：300163 公告编号：2025-055 宁波先锋新材料股份有限公司关于关联担保责任终结的公告 《关于关联公司归还担保贷款的公告》（公告编号：2025-051），具体内容详见 公司于 2024 年 7 月 3 日、2024 年 7 月 18 日、2024 年 9 月 19 日、2025 年 2 月 17 日、2025 年 7 月 24 日披露于巨潮资讯网上的相关公告。 二、关联担保贷款还款情况 截至前次公告日，公司提供关联担保的贷款余额为人民币 2100 万元，系先 锋弘业在华夏银行股份有限公司宁波分行（以下简称"华夏银行"）的贷款，其 中 1300 万元在 2025 年 9 月 4 日到期，800 万元在 2025 年 9 月 5 日到期。 贷款到期后先锋弘业无力偿还，华夏银行于 2025 年 9 月 8 日从公司账户扣 划代偿金额 21,063,593.65 元（其中包含本金 2100 万元，利息及相关费用 63,593.65 元）。根据公司与先锋弘业、开心投资、卢先锋签署的《担保协议》《反担保协 议》，公司代偿后，先锋弘业、开心投资、卢先锋（以下合称"债务人"）应向 1 本 ...

Core Viewpoint - The recent financial report of Pioneer New Materials (300163) shows a decline in total revenue but a significant increase in net profit, indicating improved profitability despite challenges in revenue generation [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 129 million yuan, a decrease of 2.78% year-on-year [1]. - Net profit attributable to shareholders reached 63.67 million yuan, an increase of 487.28% year-on-year [1]. - In Q2 2025, total revenue was 43.57 million yuan, down 37.12% year-on-year, while net profit for the quarter was 38.64 million yuan, up 134.01% year-on-year [1]. Profitability Metrics - Gross margin improved to 19.35%, reflecting a year-on-year increase of 29.8% [1]. - Net margin rose to 49.46%, with a substantial year-on-year increase of 504.1% [1]. - Total selling, administrative, and financial expenses amounted to 19.87 million yuan, accounting for 15.43% of revenue, which is a 27.81% increase year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.13 yuan, a remarkable rise of 486.46% year-on-year [1]. - The company's net asset value per share was 1.15 yuan, up 8.36% year-on-year [1]. - Operating cash flow per share decreased to 0.07 yuan, down 10.84% year-on-year [1]. Historical Context - The company has shown poor historical investment returns, with a median Return on Invested Capital (ROIC) of -0.24% over the past decade [1]. - The worst year for ROIC was 2018, with a figure of -26.95%, indicating significant challenges in generating returns [1]. - The company has reported losses in 6 out of 14 annual reports since its listing, suggesting a generally weak financial performance history [1].

公司摊薄每股收益为0.13元，在已披露的同业公司中排名第96。 公司最新资产负债率为15.74%，较上季度资产负债率增加0.08个百分点。 公司最新总资产周转率为0.20次，在已披露的同业公司中排名第110，较去年同期总资产周转率减少0.02次，同比较去年同期下降7.08%。最新存货周转率为 0.72次，在已披露的同业公司中排名第160，较去年同期存货周转率减少0.03次，同比较去年同期下降3.41%。 2025年8月29日，先锋新材(300163.SZ)发布2025年中报。 公司最新毛利率为19.35%，在已披露的同业公司中排名第98，较上季度毛利率减少3.62个百分点。最新ROE为11.63%。 公司营业总收入为1.29亿元，在已披露的同业公司中排名第165，较去年同报告期营业总收入减少368.61万元，同比较去年同期下降2.78%。归母净利润为 6366.63万元。经营活动现金净流入为3264.58万元，在已披露的同业公司中排名第94，较去年同报告期经营活动现金净流入减少396.95万元，同比较去年同 期下降10.84%。 ...

2025年8月29日，先锋新材(300163.SZ)发布2025年中报。 公司营业总收入为1.29亿元。归母净利润为6366.63万元，在已披露的同业公司中排名第64，较去年同报 告期归母净利润增加5282.54万元，实现2年连续上涨，同比较去年同期上涨487.28%。经营活动现金净 流入为3264.58万元。 公司最新毛利率为19.35%，较去年同期毛利率增加4.44个百分点，实现2年连续上涨。最新ROE为 11.63%，在已披露的同业公司中排名第5，较去年同期ROE增加9.49个百分点。 公司摊薄每股收益为0.13元，较去年同报告期摊薄每股收益增加0.11元，实现2年连续上涨，同比较去年 同期上涨486.46%。 公司最新总资产周转率为0.20次。最新存货周转率为0.72次。 公司最新资产负债率为15.74%，在已披露的同业公司中排名第33，较去年同期资产负债率减少0.42个百 分点。 ...

证券之星消息，先锋新材(300163)8月29日公开信息显示，股东郎海涛向陈红艳合计质押1000.0万股，占 总股本2.11%。质押详情见下表： 先锋新材2025年中报显示，公司主营收入1.29亿元，同比下降2.78%；归母净利润6366.63万元，同比上 升487.28%；扣非净利润-313.22万元，同比上升47.71%；其中2025年第二季度，公司单季度主营收入 4357.38万元，同比下降37.12%；单季度归母净利润3863.77万元，同比上升134.01%；单季度扣非净利 润-625.8万元，同比下降426.4%；负债率15.74%，投资收益4090.74万元，财务费用-75.32万元，毛利率 19.35%。 先锋新材(300163)主营业务：高分子复合遮阳材料(阳光面料)产品的研发、生产和销售。 先锋新材财务数据及主营业务： | | | 出质股东 质权方 质押数量(万股) 占持股比% 占总股本比% 质押开始日 | | | | --- | --- | --- | --- | --- | | 郎海涛 | 陈红艳 | 1000.00 | 36.95% | 2.11% 2025-08-27 | ...

证券代码：300163 证券简称：先锋新材 公告编号：2025-054 宁波先锋新材料股份有限公司 关于公司持股5%以上股东部分股份质押的公告 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。 特别风险提示： 截至本公告披露日，公司第一大股东郎海涛先生持有公司股份 27,061,823 股，质押公司股份 2,700 万 股，占其所持公司股份的 99.77%，请投资者注意相关风险。 宁波先锋新材料股份有限公司（以下简称"上市公司""公司"）近日接到公司持股 5% 以上股东郎海涛先生的通知，获悉其所持有本公司部分股份被质押，具体事项如下： 一、股东股份质押基本情况 | 1、本次股份质押的情况 | | --- | | | 是否为控 | 本 | 次 | | | 占 | | 公 | | | 是否 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

公司负责人：熊军 主管会计工作的负责人：叶林玲 会计机构负责人：叶林玲 1 | 控股股东、实 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 际 | 控 | 制 | 人 | 及 | | | | | | | | | 其附属企业 | | | | | | | | | | | | | 嘉兴市丰泰新材 | 子公司经营 | 非经营性往 | 全资子公司 | 其他应收款 | 4,324.79 | 4,324.79 | - | | | | | | 料有限公司 | 需要 | 来 | | | | | | | | | | | 圣泰戈（香港）贸 | 子公司经营 | 非经营性往 | 全资子公司 | 其他应收款 | 上 | 市 | 公 | 司 | 的 | 569.02 | 569.02 | | 易有限公司 | 需要 | 来 | 子 | 公 | 司 | 及 | 其 | | | | | | 浙江圣泰戈新材 | 子公司经营 | 非经营性往 | 附属企业 | 全资子公司 | 其他应收款 | 9,1 ...

证券代码：300163 证券简称：先锋新材 公告编号：2025-053 1.审议通过了《2025 年半年度报告及摘要》的议案 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《2025 年半年度报告》《2025 年半年度报告摘要》。《2025 年半年度报告摘要》 于 2025 年 8 月 29 日刊登在本公司指定信息披露报刊《证券时报》《证券日报》 《上海证券报》《中国证券报》。 表决结果：同意票 5 票，反对票 0 票，弃权票 0 票。本议案获得通过。 本议案已经董事会审计委员会 2025 年第三次会议审议通过。 宁波先锋新材料股份有限公司 第六届董事会第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 宁波先锋新材料股份有限公司（以下简称"公司"）第六届董事会第十七次 会议通知于 2025 年 8 月 18 日以书面形式发出。会议于 2025 年 8 月 28 日在公司 会议室以现场及通讯表决的方式召开。会议应参加董事 5 人，实际参加董事 5 人（其中：以通讯表决方式出 ...

[Part I Important Notice and Risk Factors](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section outlines the company's commitment to report accuracy and details various operational and external risks it currently faces [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee report accuracy and completeness, with all directors attending the review, and forward-looking statements not constituting substantive commitments - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4](index=4&type=chunk) - All directors have attended the board meeting to review this semi-annual report[4](index=4&type=chunk) - Forward-looking statements regarding future plans in the report do not constitute substantive commitments, and investors should maintain risk awareness[4](index=4&type=chunk) [Risk Factors](index=2&type=section&id=Risk%20Factors) The company faces multiple risks including intensified market competition, raw material price fluctuations, high reliance on export revenue, human resource shortages, exchange rate volatility, China-US trade friction, and associated guarantee repayment liabilities - Market competition risk: Intensified competition in the building energy-saving new materials industry requires the company to continuously innovate technology and iterate products to consolidate market share[5](index=5&type=chunk) - Raw material price fluctuation risk: Costs of key raw materials such as polyester fiber, water-based acrylic emulsion, and PVC are significantly affected by international crude oil prices, potentially pressuring gross profit margins[6](index=6&type=chunk)[7](index=7&type=chunk) - High export revenue dependency risk: Export revenue accounted for over **70%** in FY2022-2024, indicating high reliance on overseas markets and vulnerability to international political, economic, and trade policy changes[8](index=8&type=chunk) - Exchange rate fluctuation risk: Over **70%** of the company's products are sold overseas and settled in USD, making operating performance vulnerable to exchange rate fluctuations, with negative net exchange gains/losses from FY2022-2024[10](index=10&type=chunk) - China-US trade friction risk: Escalating trade friction in early 2025 prompts the company to establish a Malaysian production base and expand into Southeast Asian markets to mitigate tariff impacts, but risks of order loss and revenue decline persist[11](index=11&type=chunk)[12](index=12&type=chunk) - Associated guarantee repayment risk: The company provides joint liability guarantees for related parties' bank loans totaling up to **RMB 60 million**, with an outstanding balance of **RMB 51 million** at the end of the reporting period, posing a risk of repayment in extreme circumstances[13](index=13&type=chunk) [Part II Company Profile and Key Financial Indicators](index=8&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information and presents key financial performance metrics, highlighting significant profit growth driven by non-recurring items [Company Profile](index=8&type=section&id=Company%20Profile) Ningbo Pioneer New Material Co., Ltd., stock code 300163, is listed on the Shenzhen Stock Exchange, with Xiong Jun as its legal representative and unchanged contact information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Pioneer New Material | | Stock Code | 300163 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Ningbo Pioneer New Material Co., Ltd. | | Legal Representative | Xiong Jun | - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[25](index=25&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This period saw a slight decrease in operating revenue but a significant **487.28%** increase in net profit attributable to shareholders, primarily driven by non-recurring gains from equity and asset disposals, alongside growth in total assets and net assets Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 128,729,065.55 | 132,415,141.23 | -2.78% | | Net Profit Attributable to Shareholders of Listed Company | 63,666,254.09 | 10,840,866.27 | 487.28% | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains/Losses | -3,132,195.61 | -5,990,145.19 | 47.71% | | Net Cash Flow from Operating Activities | 32,645,830.82 | 36,615,298.28 | -10.84% | | Basic Earnings Per Share (RMB/share) | 0.1343 | 0.0229 | 486.46% | | Diluted Earnings Per Share (RMB/share) | 0.1343 | 0.0229 | 486.46% | | Weighted Average Return on Net Assets | 12.34% | 2.17% | 10.17% | | Indicator | Amount at End of Current Period (RMB) | Amount at End of Prior Year (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 649,581,380.50 | 607,753,433.59 | 6.88% | | Net Assets Attributable to Shareholders of Listed Company | 547,334,578.08 | 484,012,795.72 | 13.08% | - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or foreign accounting standards and Chinese Accounting Standards[29](index=29&type=chunk)[30](index=30&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the period amounted to **RMB 66.80 million**, primarily from non-current asset disposals, government grants, reversal of estimated liabilities from financial guarantee contracts, and reversal of impairment provisions for receivables Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 57,461,998.71 | Mainly investment income from the transfer of Jiaxing Fengtai subsidiary equity and asset disposal gains from Jiaxing Fengtai's transfer of land and buildings | | Government Grants Recognized in Current Profit/Loss | 2,372,205.51 | Mainly subsidies for integrated thermal insulation energy-saving windows and key supporting materials, and VAT super deduction | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 29,727.57 | Income from wealth management products | | Reversal of impairment provisions for receivables subject to individual impairment testing | 2,064,830.92 | Reversal of impairment provisions for accounts receivable subject to individual impairment testing, recovered in the current period | | Gains/Losses from contingent events unrelated to the company's normal business operations | 4,500,000.00 | Reversal of estimated liabilities from financial guarantee contracts | | Other non-operating income and expenses apart from the above | 369,686.99 | Mainly recognized related party guarantee fees | | Total | 66,798,449.70 | | [Part III Management Discussion and Analysis](index=11&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's principal business, core competencies, financial performance drivers, non-operating activities, asset/liability status, investment, significant disposals, subsidiary performance, and risk management strategies [I. Principal Business Engaged in by the Company During the Reporting Period](index=11&type=section&id=I.%20Principal%20Business%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of polymer composite sunshade materials (sunscreen fabrics) and sells finished sunshade products through Australian clients, featuring energy-saving, eco-friendly, durable, and flame-retardant properties - The company's core business is the R&D, production, and sales of polymer composite sunshade materials (sunscreen fabrics), which offer energy-saving, eco-friendly, durable, and flame-retardant advantages[35](index=35&type=chunk) - The company's products are used for architectural shading, providing dual energy-saving effects by significantly reducing electricity consumption for air conditioning and lighting[35](index=35&type=chunk) - Finished sunshade products are primarily sold through Australian clients, offering in-store customization services including roller blinds, curtains, vertical blinds, and awnings[36](index=36&type=chunk)[37](index=37&type=chunk) [II. Analysis of Core Competitiveness](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness stems from its production equipment, process, technological innovation, R&D reserves, capacity, green environmental features, one-stop service, and extensive customer base, continuously enhancing its competitive edge in sunscreen fabrics, finished sunshade products, and integrated windows - The company's standard annual production capacity for sunscreen fabrics reaches **12 million square meters**, with steady progress in building capacity for finished sunshade products and integrated windows[39](index=39&type=chunk) - As of June 30, 2025, the company cumulatively holds **70 domestic patent authorizations** (**54 invention patents**) and **47 foreign patent authorizations** (**25 invention patents**)[40](index=40&type=chunk) - The company possesses several internationally or domestically leading core technologies, such as functional polymer composite coating material formulations, polymer material monofilament coating technology, multi-system co-extrusion monofilament coating technology, and heat setting technology[42](index=42&type=chunk)[43](index=43&type=chunk) - Innovative products include aluminized fabrics, polyester and fiberglass PVC-free foam blackout fabrics, two-tone yarn fabrics, and halogen-free environmentally friendly flame-retardant fabrics, offering superior thermal insulation, softness, visual effects, and environmental performance[44](index=44&type=chunk) - As of June 30, 2025, the company cumulatively holds **26 valid registered trademarks** (**1 international, 25 domestic**)[45](index=45&type=chunk) [III. Analysis of Principal Business](index=13&type=section&id=III.%20Analysis%20of%20Principal%20Business) Operating revenue decreased by **2.78%** year-over-year, but net profit attributable to shareholders significantly increased due to non-recurring gains from equity and asset disposals, while sales and administrative expenses rose, R&D investment decreased, and sunscreen fabric revenue declined as window decoration and finished sunshade product revenue grew Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 128,729,065.55 | 132,415,141.23 | -2.78% | | | Operating Cost | 103,816,033.33 | 112,672,522.16 | -7.86% | | | Selling Expenses | 3,187,143.70 | 2,602,558.98 | 22.46% | Increase in business entertainment, advertising, and employee compensation | | Administrative Expenses | 17,432,870.67 | 15,806,490.03 | 10.29% | Increase in employee compensation, office and business entertainment, and consulting/audit fees | | Financial Expenses | -753,242.02 | -2,420,475.93 | 68.88% | Decrease in exchange gains and interest income | | Income Tax Expense | 3,833.35 | 377,361.17 | -98.98% | Changes in total profit of subsidiaries | | R&D Investment | 3,378,686.86 | 4,075,963.94 | -17.11% | Decrease in R&D investment | | Net Cash Flow from Operating Activities | 32,645,830.82 | 36,615,298.28 | -10.84% | Increase in various taxes and fees paid | | Net Cash Flow from Investing Activities | 6,233,600.23 | -9,293,973.44 | 167.07% | Increase in net cash received from subsidiary equity transfer | | Net Increase in Cash and Cash Equivalents | 39,258,776.09 | 29,162,530.67 | 34.62% | Increase in net cash received from subsidiary equity transfer | - The profit structure for this period significantly changed, primarily due to **RMB 40.88 million** in investment income from the transfer of Jiaxing Fengtai subsidiary equity and **RMB 16.74 million** in asset disposal gains from Jiaxing Fengtai's transfer of land and buildings, totaling an increase of **RMB 57.61 million** in consolidated net profit[47](index=47&type=chunk) Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sunscreen Fabric | 57,431,525.15 | 45,392,713.50 | 20.96% | -14.96% | -13.17% | -1.63% | | Window Decorations and Finished Sunshade Products | 63,577,962.50 | 50,696,877.10 | 20.26% | 10.80% | -3.24% | 11.57% | [IV. Analysis of Non-Principal Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal business activities significantly contributed to total profit this period, with investment income and asset disposal gains being the largest components, though these gains are not sustainable, while non-operating income and other income show some sustainability Impact of Non-Principal Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 40,907,352.75 | 64.25% | Mainly investment income from the transfer of Jiaxing Fengtai subsidiary equity | Not sustainable | | Asset Impairment | -395,807.53 | -0.62% | | Not sustainable | | Non-Operating Income | 645,750.41 | 1.01% | Mainly recognized related party guarantee fee income for the current period | Partially sustainable | | Non-Operating Expenses | 373,464.52 | 0.59% | | Not sustainable | | Other Income | 2,318,581.51 | 3.64% | Mainly government grants and VAT super deduction for the current period | Partially sustainable | | Credit Impairment Losses | 5,328,890.58 | 8.37% | Reversal of estimated liabilities from financial guarantee contracts, and bad debt provisions for accounts receivable and other receivables | Not sustainable | | Gains on Asset Disposal | 16,735,398.63 | 26.28% | Mainly asset disposal gains from Jiaxing Fengtai subsidiary's transfer of land and buildings | Not sustainable | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders increased this period, with significant rises in monetary funds, fixed assets, right-of-use assets, and other receivables due to equity transfer proceeds, construction in progress capitalization, and overseas leased factories, while inventory, accounts receivable, construction in progress, and accounts payable decreased Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 129,350,192.76 | 19.91% | 90,091,416.67 | 14.82% | 5.09% | Mainly equity transfer proceeds received from subsidiary equity transfer | | Accounts Receivable | 42,719,901.60 | 6.58% | 60,226,457.81 | 9.91% | -3.33% | Due to collection of goods payments | | Inventory | 132,952,364.60 | 20.47% | 156,547,555.55 | 25.76% | -5.29% | Due to shipments from prior period inventory | | Fixed Assets | 204,815,971.04 | 31.53% | 162,040,831.25 | 26.66% | 4.87% | Mainly capitalization of construction in progress for Phase II factory of the 3 million square meter integrated thermal insulation energy-saving window and key supporting materials production project | | Construction in Progress | 58,322.61 | 0.01% | 67,045,682.40 | 11.03% | -11.02% | Mainly capitalization of construction in progress for Phase II factory of the 3 million square meter integrated thermal insulation energy-saving window and key supporting materials production project | | Right-of-Use Assets | 10,410,588.53 | 1.60% | 0.00 | 0.00% | 1.60% | Due to overseas subsidiary leasing factory premises | | Contract Liabilities | 12,647,610.49 | 1.95% | 5,129,839.81 | 0.84% | 1.11% | Mainly due to advance receipts for goods | | Lease Liabilities | 7,069,115.96 | 1.09% | 0.00 | 0.00% | 1.09% | Due to overseas subsidiary leasing factory premises | | Other Receivables | 68,101,056.37 | 10.48% | 2,718,819.51 | 0.45% | 10.03% | Mainly receivables from subsidiary equity transfer and asset transfer from subsidiary's land and building disposal | | Estimated Liabilities | 51,000,000.00 | 7.85% | 55,500,000.00 | 9.13% | -1.28% | Due to reversal of estimated liabilities for financial guarantee contracts recognized in the current period | | Undistributed Profits | -89,876,677.84 | -13.84% | -152,612,962.34 | -25.11% | 11.27% | Due to increase in net profit for the current period | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Cumulative Fair Value Changes Recognized in Equity (RMB) | Impairment Provisions for Current Period (RMB) | Purchases for Current Period (RMB) | Sales for Current Period (RMB) | Other Changes (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 0.00 | | | | 21,584,294.78 | 21,614,022.35 | 29,727.57 | 0.00 | | Investments in Other Equity Instruments | 5,120,638.26 | -321,787.60 | -929,969.59 | | | 4,798,850.66 | 0.00 | 0.00 | | Receivables Financing | 3,186,119.68 | | | | | 3,186,119.68 | | 0.00 | | Total Above | 8,306,757.94 | -321,787.60 | -929,969.59 | | 21,584,294.78 | 29,598,992.69 | 29,727.57 | 0.00 | | Financial Liabilities | 0.00 | | | | | | | 0.00 | [VI. Analysis of Investment Status](index=16&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company had no significant equity or non-equity investments, fair value measured financial assets, or use of raised funds. Wealth management primarily involved bank wealth management products purchased with own funds, with **RMB 7.22 million** transacted and no outstanding balance at period-end. The company had no derivative investments or entrusted loans Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Funds for Entrusted Wealth Management | Amount of Entrusted Wealth Management Transacted (RMB 10k) | Outstanding Balance (RMB 10k) | Overdue Unrecovered Amount (RMB 10k) | Impairment Provisions for Overdue Unrecovered Wealth Management (RMB 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 721.85 | 0 | 0 | 0 | | Total | | 721.85 | 0 | 0 | 0 | - The company had no derivative investments or entrusted loans during the reporting period[61](index=61&type=chunk)[62](index=62&type=chunk) [VII. Significant Asset and Equity Disposals](index=17&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) This period, the company completed significant asset and equity disposals, selling land use rights, properties, and attachments in Jiaxing Port for **RMB 34.61 million**, contributing **RMB 16.74 million** to net profit, and divesting 100% equity of its wholly-owned subsidiary Jiaxing Fengtai for **RMB 64.15 million**, contributing **RMB 40.88 million** to net profit, resulting in Jiaxing Fengtai no longer being consolidated Details of Significant Asset Disposals | Counterparty | Asset Disposed | Disposal Date | Transaction Price (RMB 10k) | Net Profit Contributed by the Asset to the Listed Company from Beginning of Period to Disposal Date (RMB 10k) | Impact of Disposal on the Company | Proportion of Net Profit Contributed by Asset Disposal to Total Net Profit of Listed Company | Implemented as Planned | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Dream New Material Co., Ltd. | Land use rights, properties, and other above-ground buildings/attachments at the southeast intersection of Outer Ring West Road and Jingyi Road, Jiaxing Port Area | 2025年03月14日 | 3,460.58 | 1,673.54 | Increased current period net profit by **RMB 16.74 million**, no other impact | 26.29% | Yes | Details of Significant Equity Disposals | Counterparty | Equity Disposed | Disposal Date | Transaction Price (RMB 10k) | Net Profit Contributed by the Equity to the Listed Company from Beginning of Period to Disposal Date (RMB 10k) | Impact of Disposal on the Company | Proportion of Net Profit Contributed by Equity Disposal to Total Net Profit of Listed Company | Implemented as Planned | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Fantasy New Material Co., Ltd. | 100% equity of Jiaxing Fengtai | 2025年06月26日 | 6,414.78 | 4,087.76 | Increased current period net profit by **RMB 40.88 million**, Jiaxing Fengtai is no longer consolidated, no other impact | 64.21% | Yes | [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries include Zhejiang Saint-Gobain and Ningbo Zhexing, engaged in sunshade product manufacturing, trading, and investment. Jiaxing Fengtai is no longer consolidated due to equity transfer, with its asset disposal increasing consolidated net profit by **RMB 16.74 million** Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Pioneer Industrial | Subsidiary | Sunshade product manufacturing and sales | RMB 30 million | 29,735,450.91 | 10,689,632.46 | 40,287,531.34 | -3,025,627.59 | -3,025,646.49 | | Zhejiang Saint-Gobain | Subsidiary | Sunscreen fabric, sunshade product sales | RMB 60 million | 198,116,967.06 | 101,622,333.23 | 48,704,885.70 | -2,847,798.55 | -2,998,804.75 | | Hong Kong Saint-Gobain | Subsidiary | Trading and investment/financing | HKD 10k | 16,582,075.40 | -2,678,732.90 | 0.00 | 153,817.65 | 153,817.65 | | Ningbo Zhexing | Subsidiary | Goods import/export and technology | RMB 2 million | 63,319,658.16 | 14,181,674.42 | 57,411,237.59 | 963,606.83 | 959,773.48 | | Pioneer Singapore | Subsidiary | Equity management | USD 10k | 5,688,873.89 | 33,579.89 | 0.00 | -40,508.12 | -40,508.12 | | Pioneer Malaysia | Subsidiary | Sunshade product manufacturing and sales | MYR 25 million | 18,026,163.88 | -969,081.82 | 0.00 | -935,621.53 | -935,621.53 | - During the reporting period, Jiaxing Fengtai New Material Co., Ltd. was no longer consolidated due to equity transfer, and its asset disposal increased the company's consolidated net profit by **RMB 16.74 million**[67](index=67&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=19&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses seven major risks—market competition, raw material price volatility, high export revenue dependency, human resources, exchange rate fluctuations, China-US trade friction, and associated guarantee repayment liabilities—through strategic adjustments, technological breakthroughs, domestic market consolidation, overseas production base expansion, and urging related parties to repay debts - The company will promptly adjust its strategic layout and accelerate breakthroughs in core technologies to consolidate competitive advantages and enhance market competitiveness, addressing market competition risks[69](index=69&type=chunk) - To counter China-US trade friction risks, the company is establishing a Malaysian production base to reduce tariff impacts and actively expanding into Southeast Asian markets[74](index=74&type=chunk)[75](index=75&type=chunk) - The company has requested related parties to provide proof of repayment capability and urged them to raise funds to avoid overdue guaranteed loans, addressing associated guarantee repayment risks[76](index=76&type=chunk) [Part IV Corporate Governance, Environment and Society](index=22&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers changes in the board and management, profit distribution plans, and the company's commitment to social responsibility across various stakeholders and environmental sustainability [I. Changes in the Company's Directors, Supervisors, and Senior Management](index=22&type=section&id=I.%20Changes%20in%20the%20Company%27s%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Zhu Lin, Chen Shenghong, and Zhong Xianyan resigned from their supervisor positions due to job reassignments Changes in the Company's Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhu Lin | Supervisor | Resignation | 2025年05月20日 | Job reassignment | | Chen Shenghong | Supervisor | Resignation | 2025年05月20日 | Job reassignment | | Zhong Xianyan | Supervisor | Resignation | 2025年05月20日 | Job reassignment | [II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=22&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the semi-annual period[14](index=14&type=chunk)[81](index=81&type=chunk) [V. Social Responsibility](index=22&type=section&id=V.%20Social%20Responsibility) Adhering to values of 'people-oriented, quality-first, service-supreme, customer-satisfied,' the company is committed to protecting shareholder, investor, employee, supplier, and customer rights, environmental protection, sustainable development, and social welfare, aiming for corporate and societal prosperity - The company strictly adheres to laws and regulations, convenes shareholder meetings in accordance with the law, ensures equal rights for all shareholders, especially minority shareholders, and prioritizes investor relations management[83](index=83&type=chunk) - The company strictly complies with labor laws and regulations, establishes a comprehensive compensation and benefits system, safeguards employees' legitimate rights, and provides training programs to foster mutual development between employees and the company[84](index=84&type=chunk)[85](index=85&type=chunk) - The company adheres to principles of 'equality, mutual benefit, and win-win,' establishing long-term cooperative relationships with suppliers and customers, enhancing customer service capabilities, and offering customized products[85](index=85&type=chunk) - The company adopts green energy-saving, low-carbon, and high-efficiency practices as its sustainable development strategy, actively utilizes efficient and environmentally friendly production equipment, optimizes resource usage, and establishes an environmental management system in strict accordance with environmental requirements[85](index=85&type=chunk) - The company actively responds to national and local government calls, strengthens ties with social welfare organizations, and strives to promote co-prosperity between the enterprise and society[86](index=86&type=chunk) [Part V Significant Matters](index=24&type=section&id=Part%20V%20Significant%20Matters) This section details unfulfilled commitments, explanations for the prior year's qualified audit opinion, litigation, related party transactions, significant contracts, and other major corporate events, including changes in controlling shareholder status [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=24&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Former controlling shareholder and actual controller Lu Xianfeng, Pioneer Hongye, and Kaixin Investment's commitment to reduce the company's guarantee amount remains overdue. As of September 15, 2024, **RMB 60 million** was still outstanding, with the company agreeing to extend the guarantee until September 15, 2025, and urging related parties to raise funds Overdue Unfulfilled Commitments | Commitment Event | Promisor | Commitment Type | Summary of Commitment Content | Commitment Date | Commitment Period | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other Commitments | Former controlling shareholder, actual controller Lu Xianfeng, Pioneer Hongye, Kaixin Investment | Other Commitments | Committed to reducing Pioneer New Material's total guaranteed debt balance to below **RMB 320 million** by September 30, 2022, and repaying as planned | 2022年03月10日 | 2024年09月15日 | Overdue Unfulfilled | **Specific Reasons for Non-Fulfillment and Next Steps:** * As of September 15, 2024, **RMB 60 million** was still outstanding * The company approved the proposal to extend guarantees for related companies on July 18, 2024, extending the guarantee period to September 15, 2025 * As of July 2025, **RMB 30 million** has been repaid, with the remaining **RMB 21 million** due in September 2025 * The company has urged Lu Xianfeng and related parties to raise funds as soon as possible, including through asset sales [VI. Board of Directors' Explanation on the Prior Year's 'Non-Standard Audit Report'](index=25&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20on%20the%20Prior%20Year%27s%20%27Non-Standard%20Audit%20Report%27) The company's 2024 audit report received a qualified opinion, primarily concerning related party guarantee balances and accounts receivable. As of the reporting period end, the related guarantee balance decreased to **RMB 51 million**, with previously overdue portions repaid, and accounts receivable of **RMB 37.96 million** were fully settled - The audit opinion for the company's 2024 financial report was a qualified opinion[93](index=93&type=chunk) - Matters covered by the qualified opinion: As of December 31, 2024, the company's guarantee balance for related parties was **RMB 58.5 million** (**RMB 7.5 million** of which was overdue); as of the 2024 annual report issuance date, the balance decreased to **RMB 51 million** (the previously overdue **RMB 7.5 million** was repaid in February 2025); in July 2025, related parties repaid **RMB 30 million** of the loan, with the remaining **RMB 21 million** due in September 2025[94](index=94&type=chunk) - The accounts receivable balance of **RMB 37.96 million** from KRS Company and Lu Xianfeng as of the end of 2024 was fully settled by the end of this reporting period[94](index=94&type=chunk) [VIII. Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters this period. Three other minor litigation cases, including an execution objection lawsuit and two contract disputes, were present; two contract disputes are closed, one is in execution, and one has completed execution - The company had no significant litigation or arbitration matters during the reporting period[96](index=96&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10k) | Whether Estimated Liability Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Execution Objection Lawsuit | 42 | No | Not yet closed | No significant impact | No effective judgment yet | | Contract Dispute | 7.84 | No | Closed | No significant impact | In execution | | Contract Dispute | 29.58 | No | Closed | No significant impact | Execution completed | [XI. Significant Related Party Transactions](index=26&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in daily operating sales transactions with related party KRS Company, totaling **RMB 23.07 million** this period. Non-operating related party receivables and payables primarily involve guarantee fees and equity/asset transfer payments, expected to be settled by the end of 2025 Related Party Transactions Related to Daily Operations | Related Party | Related Party Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Pricing Principle | Amount of Related Party Transaction (RMB 10k) | Proportion of Similar Transactions | Approved Transaction Limit (RMB 10k) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | KRS Company | Former actual controller of the company, Lu Xianfeng | Sales of products to related parties | Sales of finished curtain products and related components, provision of processing and assembly services for finished sunshade products | Market pricing | 2,306.54 | 17.92% | 5,500 | No | Receivables from Related Parties | Related Party | Related Party Relationship | Reason for Formation | Beginning Balance (RMB 10k) | Amount Added in Current Period (RMB 10k) | Amount Recovered in Current Period (RMB 10k) | Ending Balance (RMB 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kaixin Investment | Enterprise controlled by Lu Xianfeng | Guarantee | 0 | 32.5 | 0 | 32.5 | | Pioneer Hongye | Enterprise controlled by Lu Xianfeng | Guarantee | 0 | 21 | 0 | 21 | | Jiaxing Fengtai | Former subsidiary | Formed from equity disposal | 0 | 1,393.1 | 0 | 1,393.1 | - Related party guarantee fees receivable from Kaixin Investment and Pioneer Hongye are expected to be settled by September 15, 2025; receivables from Jiaxing Fengtai are expected to be settled by the end of 2025[102](index=102&type=chunk) [XII. Significant Contracts and Their Fulfillment](index=28&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company had no entrusted management, contracting, or leasing matters during the reporting period. It provided joint liability guarantees for bank loans totaling up to **RMB 60 million** for related parties Kaixin Investment and Pioneer Hongye, with an actual guarantee balance of **RMB 51 million** at period-end, representing **9.32%** of the company's net assets - The company had no entrusted management, contracting, or leasing situations during the reporting period[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees to Subsidiaries) | Name of Guaranteed Party | Guarantee Limit (RMB 10k) | Actual Guarantee Amount (RMB 10k) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kaixin Investment | 3,000 | 3,000 | Joint liability guarantee | 2024年7月24日至2025年9月15日 | No | Yes | | Kaixin Investment | 3,000 | 750 | Joint liability guarantee | 2023年12月7日至2024年9月15日 | Yes | Yes | | Pioneer Hongye | 2,100 | 2,100 | Joint liability guarantee | 2024年9月5日至2025年9月15日 | No | Yes | **Total Guarantee Information:** * Total external guarantee limit approved during the reporting period: **RMB 0** * Total actual external guarantees incurred during the reporting period: **RMB 58.5 million** * Total external guarantee limit approved as of the end of the reporting period: **RMB 60 million** * Total actual external guarantee balance as of the end of the reporting period: **RMB 51 million** * Proportion of total actual guarantee to the company's net assets: **9.32%** * Balance of guarantees provided for shareholders, actual controllers, and their related parties: **RMB 51 million** * Balance of debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding **70%**: **RMB 51 million** [XIII. Explanation of Other Significant Matters](index=30&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company disclosed several significant matters, including 2024 performance forecasts and revisions, subsidiary land use rights and equity disposals, related company loan repayments, application for removal of other risk warnings, amendment of company articles, completion of judicial auction share transfers by the controlling shareholder, and the company's change to having no controlling shareholder or actual controller List of Other Significant Matters Disclosed | Disclosure Date | Content Summary | Disclosure Website | | :--- | :--- | :--- | | 2025年1月17日 | 2024 Annual Performance Forecast | Juchao Information Network | | 2025年2月7日 | Announcement on the Disposal of Land Use Rights and Corresponding Above-Ground Buildings by a Wholly-Owned Subsidiary | Juchao Information Network | | 2025年2月17日 | Announcement on Related Company's Repayment of Guaranteed Loans | Juchao Information Network | | 2025年3月21日 | Announcement on the Disposal of Wholly-Owned Subsidiary Equity | Juchao Information Network | | 2025年3月27日 | Announcement on Revision of 2024 Annual Performance Forecast | Juchao Information Network | | 2025年4月29日 | 2024 Annual Report | Juchao Information Network | | 2025年4月29日 | Announcement on Application for Removal of Other Risk Warnings | Juchao Information Network | | 2025年5月30日 | Announcement on Removal of Other Risk Warnings and Trading Suspension/Resumption | Juchao Information Network | | 2025年6月3日 | Advisory Announcement on the Company Becoming Without a Controlling Shareholder or Actual Controller | Juchao Information Network | [XIV. Significant Matters of Company Subsidiaries](index=30&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) Significant subsidiary matters during the reporting period primarily involved the disposal of land use rights and corresponding above-ground buildings by a wholly-owned subsidiary, as well as the disposal of wholly-owned subsidiary equity List of Significant Matters Disclosed by Company Subsidiaries | Disclosure Date | Content Summary | Disclosure Website | | :--- | :--- | :--- | | 2025年2月7日 | Announcement on the Disposal of Land Use Rights and Corresponding Above-Ground Buildings by a Wholly-Owned Subsidiary | Juchao Information Network | | 2025年3月21日 | Announcement on the Disposal of Wholly-Owned Subsidiary Equity | Juchao Information Network | | 2025年6月26日 | Progress Announcement on the Disposal of Land Use Rights and Corresponding Above-Ground Buildings by a Wholly-Owned Subsidiary | Juchao Information Network | [Part VI Share Changes and Shareholder Information](index=31&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section reports on changes in share capital, restricted shares, shareholder numbers, top shareholders' holdings, and the company's transition to having no controlling shareholder or actual controller [I. Share Change Information](index=31&type=section&id=I.%20Share%20Change%20Information) During the reporting period, restricted shares decreased by **28,330,906 shares** and unrestricted shares increased by **28,330,906 shares**, primarily due to the judicial auction of former director and general manager Lu Xianfeng's shares and share restriction rules for some resigning supervisors Share Change Information | Item | Quantity Before Change (shares) | Proportion Before Change | Net Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 48,540,949 | 10.24% | -28,330,906 | 20,210,043 | 4.26% | | III. Other Domestic Shares | 48,540,949 | 10.24% | -28,330,906 | 20,210,043 | 4.26% | | II. Unrestricted Shares | 425,459,051 | 89.76% | 28,330,906 | 453,789,957 | 95.74% | | 1. RMB Ordinary Shares | 425,459,051 | 89.76% | 28,330,906 | 453,789,957 | 95.74% | | III. Total Shares | 474,000,000 | 100.00% | 0 | 474,000,000 | 100.00% | - Main reasons for share changes: Former director and general manager Lu Xianfeng's shareholding decreased by **45 million shares** due to judicial auction; the company amended its articles to abolish the supervisory board, requiring Zhu Lin and Zhong Xianyan, as resigning supervisors, to comply with the rule prohibiting share reduction within six months of resignation[120](index=120&type=chunk) - Lu Xianfeng's shares, due to judicial auction, have been transferred to Yang Dan, Li Kelei, Zhu Lin, and Ying Huizhou[121](index=121&type=chunk) [2. Changes in Restricted Shares](index=32&type=section&id=2.%20Changes%20in%20Restricted%20Shares) During the reporting period, Lu Xianfeng's restricted shares decreased by **38,637,191 shares**, with an ending balance of **6,178,854 shares**; Zhu Lin and Zhong Xianyan's restricted shares increased due to executive lock-up Changes in Restricted Shares | Shareholder Name | Beginning Restricted Shares (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Ending Restricted Shares (shares) | Reason for Restriction | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lu Xianfeng | 44,816,045 | 38,637,191 | | 6,178,854 | Executive lock-up | End of term | | Zhu Lin | 688,604 | | 10,229,535 | 10,918,139 | Executive lock-up | 25% of restricted shares can be released six months after resignation, originally planned for release six months after the end of term | | Zhong Xianyan | 230,250 | | 76,750 | 307,000 | Executive lock-up | 25% of restricted shares can be released six months after resignation, originally planned for release six months after the end of term | | Total | 45,734,899 | 38,637,191 | 10,306,285 | 17,403,993 | -- | -- | [III. Shareholder Numbers and Shareholding Information](index=33&type=section&id=III.%20Shareholder%20Numbers%20and%20Shareholding%20Information) As of the end of the reporting period, the company had **21,811** ordinary shareholders. Lang Haitao is the largest shareholder with a **5.71%** stake. Among the top ten shareholders, several experienced changes in shareholding and have pledged shares - Total ordinary shareholders at the end of the reporting period were **21,811**[126](index=126&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 End of Reporting Period (shares) | Increase/Decrease During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Pledged, Marked, or Frozen Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lang Haitao | Domestic natural person | 5.71% | 27,061,823 | +9,689,300 | 0 | 27,061,823 | Pledged | 17,000,000 | | Li Kelei | Domestic natural person | 2.64% | 12,500,000 | +12,500,000 | 0 | 12,500,000 | Pledged | 12,500,000 | | Zhu Lin | Domestic natural person | 2.30% | 10,918,139 | +10,000,000 | 10,918,139 | 0 | Pledged | 10,000,000 | | Ying Huizhou | Domestic natural person | 2.11% | 10,000,000 | +10,000,000 | 0 | 10,000,000 | N/A | 0 | | Wo Qiongqun | Domestic natural person | 1.51% | 7,154,500 | -1,805,800 | 0 | 7,154,500 | N/A | 0 | | Yang Quanyu | Domestic natural person | 1.46% | 6,900,000 | -5,400,000 | 0 | 6,900,000 | N/A | 0 | | Lu Xianfeng | Domestic natural person | 1.30% | 6,178,854 | -45,000,000 | 6,178,854 | 0 | Pledged | 6,178,854 | | Lin Zhijun | Domestic natural person | 0.99% | 4,691,600 | +4,691,600 | 0 | 4,691,600 | N/A | 0 | | Chen Yuqing | Domestic natural person | 0.94% | 4,464,200 | -979,900 | 0 | 4,464,200 | N/A | 0 | | Zhang Jianbo | Domestic natural person | 0.92% | 4,362,400 | -537,600 | 0 | 4,362,400 | N/A | 0 | - The company is unaware of any related party relationships among the above shareholders or whether they are acting in concert[126](index=126&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Lu Xianfeng's shareholding decreased by **45,000,000 shares** due to judicial auction, with an ending balance of **6,178,854 shares**. Zhu Lin's shareholding increased by **10,000,000 shares** due to judicial auction, with an ending balance of **10,918,139 shares** Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Beginning Shareholding (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Ending Shareholding (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lu Xianfeng | Director, General Manager | Current | 51,178,854 | 0 | 45,000,000 | 6,178,854 | | Zhu Lin | Supervisor | Resigned | 918,139 | 10,000,000 | 0 | 10,918,139 | | Total | -- | -- | 52,096,993 | 10,000,000 | 45,000,000 | 17,096,993 | [V. Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company changed to having no controlling shareholder or actual controller on June 3, 2025 Changes in Controlling Shareholder During the Reporting Period | New Controlling Shareholder Name | No controlling shareholder | | :--- | :--- | | Nature of New Controlling Shareholder | N/A | | Change Date | 2025年06月03日 | | Designated Website Query Index | Juchao Information Network 'Advisory Announcement on the Company Becoming Without a Controlling Shareholder or Actual Controller' (Announcement No.: 2025-044) | | Designated Website Disclosure Date | 2025年06月03日 | Changes in Actual Controller During the Reporting Period | Original Actual Controller Name | Lu Xianfeng | | :--- | :--- | | New Actual Controller Name | No actual controller | | Nature of New Actual Controller | N/A | | Change Date | 2025年06月03日 | | Designated Website Query Index | Juchao Information Network 'Advisory Announcement on the Company Becoming Without a Controlling Shareholder or Actual Controller' (Announcement No.: 2025-044) | | Designated Website Disclosure Date | 2025年06月03日 | [Part VIII Financial Report](index=38&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies, taxation, and financial risks [I. Audit Report](index=38&type=section&id=I.%20Audit%20Report) The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[136](index=136&type=chunk) [II. Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in shareholders' equity for H1 2025, comprehensively reflecting the financial position at period-end and operating results and cash flows during the period - This section provides the Consolidated Balance Sheet, Consolidated Income Statement, Consolidated Cash Flow Statement, Consolidated Statement of Changes in Shareholders' Equity, Balance Sheet, Income Statement, Cash Flow Statement, and Statement of Changes in Shareholders' Equity[137](index=137&type=chunk)[143](index=143&type=chunk)[146](index=146&type=chunk)[150](index=150&type=chunk)[158](index=158&type=chunk)[163](index=163&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk) [III. Notes to Financial Statements](index=60&type=section&id=III.%20Notes%20to%20Financial%20Statements) The notes detail the company's basic information, financial statement preparation basis, significant accounting policies and estimates, taxation, consolidated financial statement item notes, R&D expenses, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, related parties and transactions, commitments and contingencies, post-balance sheet events, other significant matters, and supplementary information - The company primarily engages in the production and sales of sunscreen fabrics and sunshade products[176](index=176&type=chunk) - Financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and China Securities Regulatory Commission disclosure regulations[178](index=178&type=chunk)[179](index=179&type=chunk) - The company exercises significant accounting judgments and estimates in areas such as revenue recognition, financial asset impairment, inventory write-downs, fair value of financial instruments, long-term asset impairment provisions, depreciation and amortization, deferred income tax assets, and income tax[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk)[306](index=306&type=chunk)[308](index=308&type=chunk)[309](index=309&type=chunk)[311](index=311&type=chunk) - The company enjoys a **15%** preferential income tax rate as a high-tech enterprise and applies VAT super deduction policies for advanced manufacturing enterprises and pre-tax additional deduction policies for R&D expenses[313](index=313&type=chunk)[315](index=315&type=chunk) - The company faces exchange rate risk, credit risk, and liquidity risk, managed through diversified strategies[410](index=410&type=chunk)[415](index=415&type=chunk)[417](index=417&type=chunk) - The company and its former controlling shareholder and actual controller, Lu Xianfeng, received an investigation notice from the China Securities Regulatory Commission on July 24, 2025, for alleged violations of information disclosure regulations[436](index=436&type=chunk) [I. Basic Information of the Company](index=60&type=section&id=I.%20Basic%20Information%20of%20the%20Company) Ningbo Pioneer New Material Co., Ltd., established in March 2003 in Haishu District, Ningbo, primarily focuses on the production and sales of sunscreen fabrics and sunshade products - Ningbo Pioneer New Material Co., Ltd. was registered and established in March 2003 with the Ningbo Administration for Market Regulation[176](index=176&type=chunk) - The company and its subsidiaries primarily engage in the production and sales of sunscreen fabrics and sunshade products[176](index=176&type=chunk) [IV. Significant Accounting Policies and Estimates](index=60&type=section&id=IV.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and significant estimates for accounting periods, operating cycles, functional currency, materiality, business combinations, consolidated financial statements, financial instruments, impairment, inventory, contract assets, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, long-term asset impairment, contract liabilities, employee compensation, estimated liabilities, share-based payments, revenue, contract costs, government grants, deferred income tax, and leases - The company's accounting year follows the calendar year, with a 12-month operating cycle[181](index=181&type=chunk)[182](index=182&type=chunk) - The company classifies financial assets into three categories—measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss—based on the business model for managing financial assets and contractual cash flow characteristics[206](index=206&type=chunk) - The company recognizes impairment provisions for financial assets such as notes receivable, accounts receivable, receivables financing, and other receivables based on expected credit losses[217](index=217&type=chunk) - The company recognizes revenue when customers obtain control of the related goods, determining performance progress using either the input or output method based on the nature of the goods[277](index=277&type=chunk)[278](index=278&type=chunk) - The company classifies government grants used for constructing or forming long-term assets as asset-related government grants, with the remainder classified as income-related government grants, and accounts for them separately[283](index=283&type=chunk) [V. Taxation](index=91&type=section&id=V.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax, benefiting from various tax incentives such as VAT exemptions, deductions, and refunds, VAT super deduction for advanced manufacturing, preferential income tax for small low-profit enterprises, a **15%** income tax rate for high-tech enterprises, and R&D expense super deduction Major Taxes and Tax Rates | Tax Type | Specific Tax Rate Details | | :--- | :--- | | Value-Added Tax (VAT) | Taxable income is subject to output VAT at **3%**, **6%**, **9%**, or **13%**, with VAT payable calculated as the difference after deducting current period deductible input VAT | | Urban Maintenance and Construction Tax | Calculated at **7%** of actual turnover tax paid | | Education Surcharge | Calculated at **3%** of actual turnover tax paid | | Local Education Surcharge | Calculated at **2%** of actual turnover tax paid | | Corporate Income Tax | The company's corporate income tax rate is **15%**, while other domestic subsidiaries have a **25%** rate, and overseas subsidiary Pioneer International Malaysia has a **24%** rate | - The company benefits from VAT exemption, deduction, and refund management policies[313](index=313&type=chunk) - The company benefits from the VAT super deduction policy for advanced manufacturing enterprises, allowing an additional **5%** deduction from current deductible input VAT against payable VAT[313](index=313&type=chunk) - As a high-tech enterprise, the company has enjoyed a **15%** preferential corporate income tax rate from 2009 through 2025[313](index=313&type=chunk) - The company benefits from the pre-tax additional deduction policy for R&D expenses, allowing **100%** additional deduction for R&D expenses not forming intangible assets, and **200%** of cost for those forming intangible assets to be amortized pre-tax[315](index=315&type=chunk) [VI. Notes to Consolidated Financial Statement Items](index=92&type=section&id=VI.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the ending balances, beginning balances, current period amounts, prior period amounts, and changes for each asset, liability, owner's equity, revenue, cost, and expense item in the consolidated financial statements, with explanations for significant changes Monetary Funds | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Bank Deposits | 129,350,192.76 | 82,591,416.67 | | Other Monetary Funds | | 7,500,000.00 | | Total | 129,350,192.76 | 90,091,416.67 | | Of which: Total funds deposited overseas | 13,968,080.09 | 11,250,448.25 | Accounts Receivable | Aging | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Within 1 year | 44,680,011.77 | 62,767,505.49 | | 1 to 2 years | 226,116.84 | 756,616.65 | | 2 to 3 years | 764,902.14 | 810,773.70 | | 3 to 4 years | 365,944.34 | 959,006.71 | | 4 to 5 years | 2,279,851.03 | 3,169,833.60 | | Over 5 years | 6,943,454.51 | 5,326,017.11 | | Subtotal | 55,260,280.63 | 73,789,753.26 | | Less: Impairment provision for bad debts | 12,540,379.03 | 13,563,295.45 | | Total | 42,719,901.60 | 60,226,457.81 | Inventory | Item | Ending Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | 38,226,143.81 | 41,083,476.75 | | Work in Progress | 969,441.48 | 2,555,310.48 | | Finished Goods | 80,727,670.60 | 93,779,535.23 | | Self-made Semi-finished Products | 12,134,554.16 | 11,863,579.28 | | Goods in Transit | 821,512.90 | 7,154,617.41 | | Consigned Processing Materials | 73,041.65 | 111,036.40 | | Total | 132,952,364.60 | 156,547,555.55 | Operating Revenue and Operating Cost | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 121,009,487.65 | 96,089,590.60 | 124,918,315.47 | 104,674,586.85 | | Other Business | 7,719,577.90 | 7,726,442.73 | 7,496,825.76 | 7,997,935.31 | | Total | 128,729,065.55 | 103,816,033.33 | 132,415,141.23 | 112,672,522.16 | Investment Income | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using equity method | | -649,623.78 | | Investment income from disposal of long-term equity investments | 40,877,625.18 | | | Investment income from disposal of trading financial assets | 29,727.57 | 309,090.69 | | Total | 40,907,352.75 | -340,533.09 | [VII. R&D Expenses](index=124&type=section&id=VII.%20R%26D%20Expenses) The company's total R&D expenses for the current period were **RMB 3,378,686.86**, a **17.11%** year-on-year decrease, entirely expensed, primarily comprising employee compensation, material costs, depreciation, and amortization R&D Expenses by Nature of Expense | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 1,456,248.04 | 1,749,937.03 | | Depreciation and Amortization | 389,712.52 | 449,812.32 | | Material Costs | 1,466,658.00 | 1,787,884.58 | | Other | 66,068.30 | 88,330.01 | | Total | 3,378,686.86 | 4,075,963.94 | | Of which: Expensed R&D expenses | 3,378,686.86 | 4,075,963.94 | [VIII. Changes in Consolidation Scope](index=124&type=section&id=VIII.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company lost control over its wholly-owned subsidiary Jiaxing Fengtai New Material Co., Ltd. due to the disposal of 100% equity, thus Jiaxing Fengtai is no longer included in the consolidation scope Transactions or Events Leading to Loss of Control Over Subsidiaries | Subsidiary Name | Date of Loss of Control | Disposal Price at Date of Loss of Control (RMB) | Disposal Proportion at Date of Loss of Control (%) | Disposal Method | Basis for Determining Date of Loss of Control | Difference between Disposal Price and Share of Net Assets of Subsidiary Enjoyed at Consolidated Financial Statement Level Corresponding to Disposal Investment (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Fengtai New Material Co., Ltd. | 2025年6月26日 | 64,147,800.00 | 100.00 | Equity transfer | Transfer of risks and rewards of equity | 40,877,625.18 | [IX. Interests in Other Entities](index=126&type=section&id=IX.%20Interests%20in%20Other%20Entities) This section outlines the composition of the company's major subsidiaries, including their registered location, business nature, registered capital, and shareholding proportions Composition of the Group | Subsidiary Name | Principal Place of Business | Registered Capital | Registered Location | Business Nature | Shareholding Proportion (%) Direct | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Saint-Gobain New Material Co., Ltd. | Jiaxing | RMB 60 million | Jiaxing | Sunscreen fabric production and sales | 100 | Establishment | | Saint-Gobain (Hong Kong) Trading Co., Ltd. | Hong Kong | HKD 10k | Hong Kong | Trading and investment/financing | 100 | Establishment | | Ningbo Pioneer New Material Industrial Co., Ltd. | Ningbo | RMB 30 million | Ningbo | Sunshade product production and sales | 100 | Establishment | | Ningbo Zhexing Trading Co., Ltd. | Ningbo | RMB 2 million | Ningbo | Technology and goods import/export | 100 | Establishment | | Ningbo Pioneer New Material (Thailand) Co., Ltd. | Thailand | THB 30 million | Thailand | Sunshade product production and sales | | Establishment | | Ningbo Pioneer New Material Holding Co., Ltd. | Ningbo | RMB 100 million | Ningbo | Equity management | 100 | Establishment | | Pioneer International Group Co. | Singapore | USD 10k | Singapore | Equity management | 100 | Establishment | | Pioneer International Malaysia Co. | Malaysia | MYR 25 million | Malaysia | Sunshade product production and sales | | Establishment | [X. Government Grants](index=126&type=section&id=X.%20Government%20Grants) The company had no government grants recognized at receivable amounts this period. Deferred income from government grants totaled **RMB 5,759,546.71** at period-end, primarily asset-related. Government grants recognized in profit or loss this period amounted to **RMB 513,590.22**, including both asset-related and income-related grants - The Group had no government grants recognized at receivable amounts at period-end[402](index=402&type=chunk) Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (RMB) | New Grants Added in Current Period (RMB) | Amount Recognized in Non-Operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Other Changes in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 6,149,608.39 | | | 381,496.32 | -8,565.36 | 5,759,546.71 | Asset-related | Government Grants Recognized in Current Period Profit/Loss | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | Amount Recognized as Non-Recurring Gains/Losses in Current Period (RMB) | | :--- | :--- | :--- | :--- | | I. Subtotal of Other Income Related to Assets | 381,496.32 | 381,496.32 | 381,496.32 | | II. Subtotal of Other Income Related to Income | 132,093.90 | 782,073.00 | 132,093.90 | | Total | 513,590.22 | 1,163,569.32 | 513,590.22 | [XI. Risks Related to Financial Instruments](index=128&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (including exchange rate, interest rate, and other price risks), credit risk, and liquidity risk. Exchange rate risk is assessed via sensitivity analysis, while no interest rate risk exists due to the absence of interest-bearing debt. Credit risk from financial assets and guarantees is managed through credit ratings, advance payments, and credit period management. Liquidity risk is managed through cash flow forecasting and diversified financing - The company's main financial instruments include equity investments, receivables, and payables, with risk management aiming to balance risk and return, minimizing negative impacts[409](index=409&type=chunk) - The company's foreign exchange risk is primarily related to the US dollar, using sensitivity analysis to assess the impact of exchange rate changes on net profit and shareholders' equity[411](index=411&type=chunk) Exchange Rate Risk Sensitivity Analysis | Item | Impact on Profit in Current Period (RMB) | Impact on Shareholders' Equity in Current Period (RMB) | Impact on Profit in Prior Period (RMB) | Impact on Shareholders' Equity in Prior Period (RMB) | | :--- | :--- | :--- | :--- | :--- | | RMB appreciation against USD by **25 basis points** | -101,329.52 | -101,329.52 | -126,926.87 | -126,926.87 | | RMB depreciation against USD by **25 basis points** | 101,329.52 | 101,329.52 | 126,926.87 | 126,926.87 | - As of June 30, 2025, the company had no interest-bearing debt and faced no interest rate risk[413](index=413&type=chunk)[414](index=414&type=chunk) - Credit risk primarily arises from financial as