单位：万元 非经营性资金占用 资金占用方名称 占用方与 上市公司 的关联关 系 上市公司 核算的会 计科目 2025 年期初占 用资金余额 2025 年半年度占 用累计发生金额 （不含利息） 2025 年 半年度 占用资 金的利 息（如 有） 2025 年半年度偿 还累计发生金额 2025 年半年度期 末占用资金余额 占用形成原 因 占用性质 控股股东、实际控制 人及其附属企业 非经营性占用 非经营性占用 小计 - - - - 前控股股东、实际控 制人及其附属企业 非经营性占用 非经营性占用 小计 - - - - 其他关联方及附属 企业 非经营性占用 小计 总计 - - - - 其它关联资金往来 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 年期初往 来资金余额 2025 年半年度往 来累计发生金额 （不含利息） 2025 年 半年度 往来资 金的利 息（如 有） 2025 年半年度偿 还累计发生金额 2025 年半年度期 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） 控股股东、实际控制 人及其附属企业 | 上市公司的子公司 | | | ...

证券代码：300225 证券简称：*ST金泰 公告编号：2025-091 上海金力泰化工股份有限公司 关于2025年半年度计提资产减值准备的公告 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。 上海金力泰化工股份有限公司（以下简称"本公司"或"公司"）根据《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深 圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》《企业会计准 则》和公司相关会计政策的规定，现将公司 2025 年半年度计提资产减值准备的 有关情况公告如下： 一、本次计提资产减值准备情况概述 1、本次计提资产减值准备的原因 根据《企业会计准则》和公司相关会计政策的规定，基于谨慎性原则，为真 实准确地反映公司的财务、资产和经营状况，对合并报表范围内截至2025年6月 30日的各类应收账款、应收票据、存货、预付款项、其他应收款、固定资产、无 形资产等资产进行了全面清查。对各项资产减值的可能性进行了充分的评估和分 析，判断存在可能发生减值的迹象，确定了需计提的资产减值准备。 2、本次计提资产减值准备的资产范围和总金额 ...

证券代码：300225 证券简称：*ST金泰 公告编号：2025-090 上海金力泰化工股份有限公司 第八届监事会第三十一次(临时)会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1、上海金力泰化工股份有限公司（以下简称"公司"）于2025年8月22日以 电子邮件的方式发出了召开第八届监事会第三十一次（临时）会议的通知，定于 2025年8月27日召开第八届监事会第三十一次（临时）会议。 2、本次监事会会议于2025年8月27日上午11点以现场方式召开并表决，本次 监事会会议应出席监事3名，实际出席监事3名。 3、本次监事会会议由公司监事会主席沈旭东先生主持，董事会秘书列席了 会议。本次监事会的召开符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 二、监事会会议审议情况 本次会议与会监事经过认真审议，通过如下决议： 1、审议通过《关于<2025 年半年度报告全文及摘要>的议案》 监事会认为：董事会编制和审核 2025 年半年度报告全文及摘要的程序符合 法律、行政法规和中国证监会的规定，报告所披露的信息真实、准 ...

证券代码：300225 证券简称：*ST金泰 公告编号：2025-089 上海金力泰化工股份有限公司 第八届董事会第六十二次（临时）会议决议公告 董事会认为：公司《2025 年半年度报告全文及摘要》的内容公允地反映了 公司的经营状况和经营成果，报告所披露的信息真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏。 本议案已经公司董事会审计委员会审议通过。 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 1、上海金力泰化工股份有限公司（以下简"公司"）于 2025 年 8 月 22 日以 电子邮件的方式发出了召开第八届董事会第六十二次（临时）会议的通知，定于 2025 年 8 月 27 日召开第八届董事会第六十二次（临时）会议。 2、本次董事会会议应出席董事 9 名，实际出席董事 9 名；本次董事会会议 于 2025 年 8 月 27 日上午 10 点以现场结合通讯方式召开并表决。董事罗甸先生、 董事孙策先生、董事刘锐明先生、独立董事马维华先生、独立董事唐光泽先生以 通讯方式出席了会议。 3、本次董事会会议由公司董事长郝大庆先生主持会 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section includes important notices, the table of contents, and definitions of key terms used in the report to ensure clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the accuracy of the semi-annual report, though Director Liu Ruiming dissented and Independent Director Ma Weihua abstained due to concerns over business data, supplier management, asset quality, and unaudited opening balances - Director Liu Ruiming dissented on the company's 2025 semi-annual report and abstract, citing unreasonable business data explanations, supplier management loopholes, outdated equipment, stalled business progress, and risks to revenue authenticity and asset quality[6](index=6&type=chunk)[7](index=7&type=chunk) - Independent Director Ma Weihua abstained from the company's 2025 semi-annual report and abstract because opening balances in the interim report were unaudited and the recoverability of strategic reserve assets was highly uncertain, raising concerns about impairment provision prudence[6](index=6&type=chunk)[7](index=7&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[9](index=9&type=chunk) [Table of Contents](index=4&type=section&id=Table%20of%20Contents) This report's table of contents clearly lists eight main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports [Definitions](index=6&type=section&id=Definitions) This section defines common terms used in the report, including company names, relevant laws, stock exchanges, audit firms, and industry-specific terms like electrophoretic paint, VOC, high-solid coatings, and green pretreatment, to ensure accurate understanding [Part II Company Profile and Key Financial Indicators](index=7&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company, including its basic information, contact details, and a summary of key financial data and indicators for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Shanghai KNT Chemical Co., Ltd. (stock abbreviation: *ST Jintai, stock code: 300225) is a company listed on the Shenzhen Stock Exchange, with Hao Daqing as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | *ST Jintai | | Stock Code | 300225 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shanghai KNT Chemical Co., Ltd. | | Legal Representative | Hao Daqing | [II. Contact Person and Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Wu Chunchao, located at No. 139 Chugong Road, Shanghai Chemical Industrial Park, with provided phone, fax, and email contact details Board Secretary Contact Information | Name | Wu Chunchao | | :--- | :--- | | Contact Address | No. 139 Chugong Road, Shanghai Chemical Industrial Park | | Phone | 021-31156097 | | Fax | 021-31156098 | | Email | knttzxx@knt.cn | [III. Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, document storage locations, or registration, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[19](index=19&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) - The company's registration status remained unchanged during the reporting period[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's semi-annual operating revenue increased by 5.66% to **RMB 366.54 million**, but net profit attributable to shareholders decreased by 32.98% to **RMB 8.71 million**, with non-recurring net profit down 62.47%, and net cash flow from operating activities significantly decreased by 300.47% due to pending refunds from a strategic reserve supplier Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 366,536,153.93 | 346,892,254.72 | 5.66% | | Net Profit Attributable to Shareholders | 8,708,505.62 | 12,994,538.30 | -32.98% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 4,427,253.38 | 11,795,213.45 | -62.47% | | Net Cash Flow from Operating Activities | -75,903,241.73 | 37,862,154.74 | -300.47% | | Basic Earnings Per Share (yuan/share) | 0.0183 | 0.0273 | -32.97% | | Diluted Earnings Per Share (yuan/share) | 0.0183 | 0.0273 | -32.97% | | Weighted Average Return on Net Assets | 1.01% | 1.56% | -0.55% | | **Current Period End vs. Prior Year End** | | | | | Total Assets | 1,451,724,773.63 | 1,417,117,720.04 | 2.44% | | Net Assets Attributable to Shareholders | 863,725,472.89 | 855,247,602.30 | 0.99% | - Net cash flow from operating activities decreased by **300.47%** year-on-year, primarily due to awaiting refunds from a strategic reserve supplier after terminating cooperation[23](index=23&type=chunk) [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements prepared under international accounting standards and Chinese accounting standards during the reporting period[24](index=24&type=chunk) - The company reported no differences in net profit and net assets between financial statements prepared under overseas accounting standards and Chinese accounting standards during the reporting period[25](index=25&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **RMB 4.28 million**, primarily including gains/losses from disposal of non-current assets, government subsidies, and fair value changes and disposal gains/losses of financial assets Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 230,771.01 | | Government Subsidies Included in Current Profit/Loss | 629,486.80 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-financial Enterprises | 4,041,793.44 | | Other Non-operating Income and Expenses Apart from the Above | -555,542.32 | | Less: Income Tax Impact | 62,626.39 | | Impact on Minority Interests (After Tax) | 2,630.30 | | **Total** | **4,281,252.24** | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring items as recurring ones[28](index=28&type=chunk) [Part III Management Discussion and Analysis](index=11&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operations, financial performance, core competencies, investment activities, and risk factors during the reporting period [I. Company's Main Business Activities During the Reporting Period](index=11&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, sales, and service of high-performance industrial coatings, focusing on automotive coatings, particularly OEM paints for commercial and passenger vehicles. During the reporting period, operating revenue increased by 5.66%, but net profit declined. The company expanded its market share in commercial vehicles, actively developed passenger vehicle and industrial coatings markets, established a 3C business unit, and made progress in lithium battery coating integrated solutions and R&D innovation [1. Industry Overview](index=11&type=section&id=1.%20Industry%20Overview) The company specializes in automotive coatings, primarily providing cathodic electrophoretic paint and topcoats for OEM vehicles, operating in a technology-intensive, highly competitive industry influenced by raw material prices and environmental policies, with a trend towards eco-friendly and smart coatings - The company focuses on the automotive coatings sector, primarily supplying cathodic electrophoretic paint and topcoats for automotive OEMs[30](index=30&type=chunk) - The automotive coatings industry is highly technology-intensive, with fierce market competition, high entry barriers, and significant R&D costs[32](index=32&type=chunk) - Eco-friendly and smart coatings are becoming mainstream in the automotive coatings market, driven by national environmental policies and increasing consumer demand[32](index=32&type=chunk) [2. Industry Development](index=12&type=section&id=2.%20Industry%20Development) In the first half of 2025, China's automotive market maintained strong growth, with double-digit increases in both production and sales, driven by commercial vehicles (up 4.7% and 2.6%), passenger vehicles (up 13.8% and 13%), and sustained high market share for new energy vehicles and Chinese brands - From January to June 2025, commercial vehicle production and sales reached **2.099 million units** and **2.122 million units** respectively, increasing by **4.7%** and **2.6%** year-on-year[33](index=33&type=chunk) - From January to June 2025, passenger vehicle production and sales reached **13.522 million units** and **13.531 million units** respectively, increasing by **13.8%** and **13%** year-on-year[34](index=34&type=chunk) - Chinese brand passenger vehicle sales maintained a high market share, reaching **9.27 million units** from January to June 2025, a **25%** year-on-year increase, accounting for **68.5%** of the market[34](index=34&type=chunk) [3. Characteristics of the Company's Industry](index=13&type=section&id=3.%20Characteristics%20of%20the%20Company%27s%20Industry) The automotive coatings industry is characterized by high technological content, strong supply chain synergy, and cyclicality, with innovation focused on low-VOC environmental coatings, tight upstream-downstream integration, and market demand linked to macroeconomic and consumer trends - Automotive coatings are a high-tech field requiring strict performance, decorative, durability, and environmental standards, with low-VOC coatings being the main development direction[36](index=36&type=chunk) - The automotive coatings industry has strong supply chain synergy, where upstream chemical raw material prices and supply impact production costs, and downstream demand is closely tied to automotive vehicle and component production[37](index=37&type=chunk) - The automotive coatings industry exhibits cyclicality, influenced by macroeconomic conditions, consumer spending habits, and income changes[38](index=38&type=chunk) [4. Company's Industry Position](index=13&type=section&id=4.%20Company%27s%20Industry%20Position) With over thirty years of experience, the company holds a leading position in the commercial vehicle automotive coatings industry, recognized as a Shanghai "Specialized, Refined, Unique, and Innovative" enterprise, a "Little Giant" technology enterprise, and a high-tech enterprise, actively participating in the formulation and revision of multiple national standards - The company has cultivated the automotive coatings sector for over thirty years, establishing a leading position in the commercial vehicle automotive coatings industry[39](index=39&type=chunk) - The company is recognized as a Shanghai "Specialized, Refined, Unique, and Innovative" enterprise, a Shanghai "Little Giant" technology enterprise, and a Shanghai high-tech enterprise[40](index=40&type=chunk) - The company participated in the formulation and revision of national standards such as "Paints and Varnishes - Determination of Resistance to Cyclic Corrosion Environments," "Paints and Varnishes - Evaluation of Degradation of Coatings - Designation of Quantity and Size of Defects and of Degree of Uniform Change in Appearance," and the mandatory national standard GB24409 "Limits of Harmful Substances in Vehicle Coatings"[40](index=40&type=chunk) [5. Company's Main Business](index=14&type=section&id=5.%20Company%27s%20Main%20Business) The company is a leading national brand in high-performance industrial coatings, focusing on high-performance eco-friendly automotive OEM body and component coatings, and is one of the few enterprises capable of providing complete coating solutions, with its main products including cathodic electrophoretic paint and topcoats, holding a dominant position in the commercial vehicle market while actively expanding into the passenger vehicle market - The company is a leading national brand in high-performance industrial coatings, integrating R&D, production, sales, and service, focusing on high-performance eco-friendly automotive OEM body and component coatings[43](index=43&type=chunk) - The company is one of the few coating enterprises, besides internationally renowned ones, that can provide customers with complete coating solutions[43](index=43&type=chunk) - The company's cathodic electrophoretic paint and topcoats hold a leading market share in the commercial vehicle market, and it continues to expand into the passenger vehicle body and component coatings market[44](index=44&type=chunk) [6. Company's Main Products](index=15&type=section&id=6.%20Company%27s%20Main%20Products) The company's main products include cathodic electrophoretic paint, topcoats, and ceramic coatings, with electrophoretic paint and topcoats being its flagship offerings. It provides automotive coatings covering the entire painting process, including water-based and high-solid series topcoats, low-temperature plastic part coatings, wheel hub paints, and industrial topcoats, while actively developing eco-friendly high-performance products like ceramic coatings - The company's main products include cathodic electrophoretic paint, topcoats, and ceramic coatings, with cathodic electrophoretic paint and topcoats being its flagship products[48](index=48&type=chunk) - The company has deep technical expertise in water-based topcoat products, being one of the few national coating enterprises in the industry capable of providing mainstream compact primerless B1B2 topcoat products[51](index=51&type=chunk) - The company's developed low-temperature water-based plastic part coatings can meet OEM paint performance requirements at lower temperatures, significantly reducing baking temperatures and achieving energy savings and emission reductions[51](index=51&type=chunk) - The company's wheel hub paint products have passed Volkswagen certification, earning the title of Volkswagen's recommended wheel hub paint supplier, and have also received certifications from Volvo and SAIC Passenger Vehicle[52](index=52&type=chunk) - The company's ceramic coatings utilize a fully water-based, green, and eco-friendly system, featuring A1 fire rating, ultra-high hardness, low VOC emissions, flame retardancy, antibacterial properties, stain resistance, and self-cleaning characteristics, making them widely applicable in construction and public building sectors[52](index=52&type=chunk)[53](index=53&type=chunk) [7. Company's Business Model](index=19&type=section&id=7.%20Company%27s%20Business%20Model) The company's procurement model is driven by sales and production plans, controlling costs through competitive bidding and qualified supplier management, and adopting a strategy of locking in upstream prices for bulk raw materials. Its sales model is primarily direct sales, supplemented by agency sales. The profitability model is transitioning from traditional manufacturing to a "complete coating solution service provider" - Procurement Model: Procurement plans are formulated based on sales and production plans, involving material price comparisons and selection from a list of qualified suppliers, with a strategy of jointly locking in upstream raw material prices for bulk materials to control costs[54](index=54&type=chunk) - Sales Model: Primarily adopts a direct sales model for major automotive OEM clients, supplemented by agency sales to expand distribution channels[55](index=55&type=chunk) - Profitability Model: Actively transitioning from a traditional manufacturing profitability model to a "complete coating solution service provider," promoting integrated coating business[56](index=56&type=chunk) [8. Performance Drivers](index=19&type=section&id=8.%20Performance%20Drivers) The company's performance drivers are detailed in the "Company's Operating Performance and Key Initiatives During the Reporting Period" section, primarily encompassing market expansion, product innovation, R&D investment, and new business development [9. Company's Operating Performance and Key Initiatives During the Reporting Period](index=20&type=section&id=9.%20Company%27s%20Operating%20Performance%20and%20Key%20Initiatives%20During%20the%20Reporting%20Period) During the reporting period, the company achieved operating revenue of **RMB 367 million**, a **5.66%** year-on-year increase, but net profit attributable to the parent company was **RMB 8.7085 million**, a **32.98%** decrease. Key initiatives included increasing commercial vehicle market share, expanding industrial paint markets, steady progress in passenger vehicle OEM coatings, an **85%** sales growth for the 3C business unit, sustained R&D investment, and strategic deployment of lithium battery coating integrated solutions, with associate company ETG Technology turning profitable 2025 Semi-Annual Operating Performance | Indicator | Amount (billion yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 3.67 | 5.66% | | Net Profit Attributable to Shareholders | 0.087085 | -32.98% | | Electrophoretic Coating Business Operating Revenue | 2.09 | - | | Topcoat Business Operating Revenue | 1.51 | - | - Commercial vehicle OEM body paint business market share increased, securing contracts with Scania, Chery Commercial Vehicle, and Xinyuan Auto, and developing a new generation product system with **100%** self-produced raw material alternatives[60](index=60&type=chunk)[61](index=61&type=chunk) - Industrial paint business expanded market share in electric two-wheelers and three-wheelers, acquired new clients, and extended market reach to Hebei, Tianjin, and Guangdong[62](index=62&type=chunk) - Passenger vehicle OEM coating business continued steady progress, officially supplying Leapmotor with stable shipments, gradually expanding color paint share, and conducting technical exchanges and paint validation trials with several leading new energy passenger vehicle companies[63](index=63&type=chunk)[64](index=64&type=chunk) - The 3C business unit's sales increased by **85%** year-on-year, successfully entering the automotive interior sector, with high-temperature coatings applied to automotive magnesium alloy components, and gaining recognition from laptop water-based coating clients[66](index=66&type=chunk) - The company developed polyurea coatings to enhance the anti-aging and anti-corrosion capabilities of vehicle frames and chassis, which have entered mass production and achieved bulk supply[67](index=67&type=chunk) - The company's high-performance ceramic clear coat successfully completed trial runs at a leading new energy OEM, reducing ice adhesion strength by over **40%** and significantly improving ease of cleaning[69](index=69&type=chunk) - The company won a UV spray painting line project from a leading new energy battery enterprise, which was later changed to a UV inkjet printing line, currently being installed and debugged at the client's site, with future plans to provide UV inkjet printing integrated solutions[70](index=70&type=chunk)[71](index=71&type=chunk) - Associate company ETG Technology's operating performance significantly improved from January to June 2025, with increased product gross margin and decreased three expense ratios, achieving a turnaround to profitability[74](index=74&type=chunk) [II. Analysis of Core Competencies](index=24&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies are rooted in its professional management team, technology-oriented R&D system (including a high-caliber R&D team, proprietary resin technology, intelligent coating and CNAS laboratories, and extensive product database with modular design), comprehensive product matrix, and high-quality service team [1. Empowerment by Professional Management Team](index=24&type=section&id=1.%20Empowerment%20by%20Professional%20Management%20Team) The company's core management team, with international vision and deep industry background, integrates refined management concepts from multinational corporations with the domestic market, focusing on "R&D-driven and industrial transformation" strategies to overcome technical challenges, optimize management, and expand new businesses, laying a solid foundation for stable company development - The company's core management team in automotive OEM paints, 3C coatings, and other fields has deep industry background and years of experience[75](index=75&type=chunk) - The management team focuses on a dual strategy of "R&D-driven and industrial transformation," tackling technical challenges such as passenger vehicle OEM paints and core resin self-production, optimizing manufacturing processes, and enhancing lean production management[75](index=75&type=chunk) - The company is systematically expanding its strategic layout into new chemical materials businesses, including light metal surface treatment, battery cell insulation coating materials, and 3C coatings[75](index=75&type=chunk) [2. Technology-Oriented Approach Throughout](index=25&type=section&id=2.%20Technology-Oriented%20Approach%20Throughout) The company consistently adheres to a technology-oriented approach, boasting a high-caliber R&D team, collaborating with Fudan University on industry-academia-research projects, mastering proprietary core resin technology, operating intelligent coating and CNAS-accredited laboratories, and leveraging an extensive product database with modular design to rapidly respond to customer needs - The company possesses a high-caliber R&D team with rich experience and strong independent R&D capabilities, and collaborates with Fudan University on industry-academia-research projects[79](index=79&type=chunk) - The company has mastered core resin self-production technology, breaking through technical barriers in low-temperature anti-sagging resins and high-thixotropic waterborne polyurethane acrylic resins, enhancing the comprehensive performance and competitiveness of its coating products[80](index=80&type=chunk)[81](index=81&type=chunk) - The company's intelligent coating laboratory, operational since April 2020, features electrostatic rotary cup robots and production line temperature, humidity, and airflow controlled laboratory coating robots capable of replicating automotive coating lines[82](index=82&type=chunk) - In July 2022, the company obtained CNAS laboratory accreditation, demonstrating nationally and internationally recognized testing capabilities[83](index=83&type=chunk) - The company has accumulated a multi-dimensional, multi-perspective, and adaptable product database, forming a modular design that enables rapid response to customer demands[85](index=85&type=chunk) [3. Deep Cultivation of "Full-System Electrophoretic Paint + Full-Process Topcoat" Product Matrix](index=27&type=section&id=3.%20Deep%20Cultivation%20of%20%22Full-System%20Electrophoretic%20Paint%20%2B%20Full-Process%20Topcoat%22%20Product%20Matrix) Leveraging deep technical expertise and R&D platforms, the company has built a "full-system electrophoretic paint + full-process topcoat" product matrix, serving passenger vehicles, commercial vehicles, and various mechanical component markets, while continuously optimizing environmentally friendly products to meet diverse customer needs - The company has developed a "full-system electrophoretic paint + full-process topcoat" product matrix to meet increasingly stringent environmental policies and diverse customer demands[86](index=86&type=chunk) - The company is a leading national enterprise in cathodic electrophoretic coatings, with a complete product system applied across multiple target markets[86](index=86&type=chunk) - Topcoat products successfully cover B1B2, 3C2B, 3C1B, 2C1B, and 1C1B full processes, with continuous efforts in water-based coatings, high-solid coatings, and other environmentally friendly products[86](index=86&type=chunk) [4. High-Quality Service Team Advantage](index=27&type=section&id=4.%20High-Quality%20Service%20Team%20Advantage) The company considers its high-quality, agile, and responsive on-site service capability a core competitive advantage, having established standardized technical service workflows and team communication platforms to strengthen on-site service and enhance customer satisfaction - The company regards its high-quality, agile, and responsive on-site service capability as a key differentiator from competitors[88](index=88&type=chunk) - The company has established standardized technical service workflows and an on-site team communication platform to strengthen on-site service capabilities and enhance customer satisfaction[88](index=88&type=chunk) [III. Main Business Analysis](index=28&type=section&id=III.%20Main%20Business%20Analysis) The company's main business revenue increased by **5.66%**, but operating costs grew by **6.98%**, leading to a decrease in gross margin. Income tax expenses decreased by **53.47%** due to reduced taxable income. Net cash flow from operating activities significantly declined by **300.47%**, primarily affected by pending refunds from a strategic reserve supplier [1. Overview](index=28&type=section&id=1.%20Overview) The overview of this main business analysis refers to the relevant content in the "Company's Main Business Activities During the Reporting Period" section and will not be reiterated here [2. Year-on-Year Changes in Key Financial Data](index=28&type=section&id=2.%20Year-on-Year%20Changes%20in%20Key%20Financial%20Data) During the reporting period, the company's operating revenue increased by **5.66%**, but operating costs grew by **6.98%**. Income tax expenses decreased by **53.47%**, and net cash flow from operating activities significantly declined by **300.47%**, with net cash flow from investing and financing activities also showing substantial decreases Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 366,536,153.93 | 346,892,254.72 | 5.66% | - | | Operating Cost | 256,653,315.90 | 239,907,271.36 | 6.98% | - | | Selling Expenses | 34,038,156.27 | 34,531,927.50 | -1.43% | - | | Administrative Expenses | 31,370,967.20 | 29,151,559.91 | 7.61% | - | | Financial Expenses | 2,932,281.01 | 2,549,893.96 | 15.00% | - | | Income Tax Expenses | 1,537,297.00 | 3,303,770.66 | -53.47% | Due to a decrease in the company's taxable income for the current period | | R&D Investment | 24,050,231.96 | 21,226,709.72 | 13.30% | - | | Net Cash Flow from Operating Activities | -75,903,241.73 | 37,862,154.74 | -300.47% | Due to termination of cooperation with a strategic reserve supplier, awaiting their refund as per contract | | Net Cash Flow from Investing Activities | -16,512,382.55 | 102,054,153.08 | -116.18% | The company recovered equity transfer payments in the prior year, no such item in the current period | | Net Cash Flow from Financing Activities | -24,886,619.16 | 23,240,305.08 | -207.08% | Prior year's Bank of Communications Financial Leasing item is absent in the current period | | Net Increase in Cash and Cash Equivalents | -117,302,243.59 | 163,156,613.55 | -171.90% | Comprehensive impact of the above cash flows | [3. Products or Services Accounting for Over 10% of Revenue](index=29&type=section&id=3.%20Products%20or%20Services%20Accounting%20for%20Over%2010%25%20of%20Revenue) Cathodic electrophoretic coatings and topcoats are the company's main products, with topcoat operating revenue increasing by **24.27%**, but gross margin decreasing by **2.56%**. East China is the company's primary revenue source, while Central China saw the largest gross margin increase Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | | | | | | | | Cathodic Electrophoretic Coatings | 209,007,909.59 | 141,519,824.75 | 32.29% | -3.13% | -6.30% | 2.29% | | Topcoats | 151,020,815.54 | 106,121,968.77 | 29.73% | 24.27% | 28.98% | -2.56% | | **By Region** | | | | | | | | East China | 232,357,934.24 | 162,284,128.86 | 30.16% | 2.93% | 3.34% | -0.28% | | Southwest China | 30,559,206.59 | 22,434,866.67 | 26.59% | 2.11% | 9.17% | -4.75% | | Central China | 27,279,692.76 | 14,628,222.51 | 46.38% | 5.24% | -17.06% | 14.42% | | North China | 24,869,047.18 | 15,904,428.33 | 36.05% | 3.92% | -1.33% | 3.41% | [IV. Non-Main Business Analysis](index=29&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main business activities significantly impacted total profit, with investment income accounting for **45.37%** from wealth management products and financial asset disposals. Credit impairment losses were **-169.57%** due to bad debt provisions for accounts receivable, and asset impairment losses were **36.81%** due to inventory depreciation provisions Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,005,199.15 | 45.37% | Investment income from the company's own funds purchasing wealth management products and disposing of trading financial assets | No | | Non-operating Income | 11,567.64 | 0.13% | Primarily compensation for breach of contract received by the company | No | | Non-operating Expenses | 567,109.96 | 6.42% | Primarily external charitable donations and fines | No | | Other Income | 2,272,099.99 | 25.74% | Primarily government subsidies | No | | Credit Impairment Losses | -14,969,922.82 | -169.57% | Primarily bad debt provisions for accounts receivable accrued in the current period | Varies with operating conditions | | Asset Impairment Losses | 3,249,715.18 | 36.81% | Primarily inventory depreciation provisions accrued in the current period | Varies with operating conditions | | Asset Disposal Income | 230,771.01 | 2.61% | Primarily due to the disposal of some unusable fixed assets | No | [V. Analysis of Assets and Liabilities](index=30&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **2.44%** year-on-year. Monetary funds decreased by **8.37%**, other receivables significantly increased by **8.41%**, and contract liabilities increased by **0.86%**. Some of the company's fixed assets and intangible assets are pledged or mortgaged [1. Significant Changes in Asset Composition](index=30&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, monetary funds as a percentage of total assets decreased by **8.37%**, other receivables significantly increased by **8.41%**, trading financial assets increased by **1.28%**, and contract liabilities increased by **0.86%** Significant Changes in Asset Composition | Item | Amount at Period End (yuan) | % of Total Assets | Amount at Prior Year End (yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 56,762,611.87 | 3.91% | 174,064,855.46 | 12.28% | -8.37% | | Accounts Receivable | 307,200,327.30 | 21.16% | 294,924,720.30 | 20.81% | 0.35% | | Inventories | 91,658,590.55 | 6.31% | 85,425,888.56 | 6.03% | 0.28% | | Long-term Equity Investments | 329,447,328.64 | 22.69% | 329,350,626.71 | 23.24% | -0.55% | | Fixed Assets | 183,620,975.45 | 12.65% | 194,392,876.43 | 13.72% | -1.07% | | Construction in Progress | 22,190,078.90 | 1.53% | 17,786,536.10 | 1.26% | 0.27% | | Short-term Borrowings | 128,471,043.92 | 8.85% | 150,854,674.39 | 10.65% | -1.80% | | Contract Liabilities | 15,206,685.69 | 1.05% | 2,690,353.15 | 0.19% | 0.86% | | Trading Financial Assets | 20,373,494.91 | 1.40% | 1,667,914.91 | 0.12% | 1.28% | | Other Receivables | 147,875,180.40 | 10.19% | 25,157,319.62 | 1.78% | 8.41% | [2. Major Overseas Assets](index=31&type=section&id=2.%20Major%20Overseas%20Assets) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[100](index=100&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=31&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value totaled **RMB 25.25 million**, primarily comprising trading financial assets and other equity instrument investments Assets and Liabilities Measured at Fair Value | Item | Opening Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Closing Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | 1. Trading Financial Assets (Excluding Derivative Financial Assets) | 3,607,978.74 | 197,500,000.00 | 179,187,602.86 | 21,920,375.88 | | 4. Other Equity Instrument Investments | 3,331,861.91 | 0.00 | 0.00 | 3,331,861.91 | | **Subtotal of Financial Assets** | **6,939,840.65** | **197,500,000.00** | **179,187,602.86** | **25,252,237.79** | | **Financial Liabilities** | 0.00 | 0.00 | 0.00 | 0.00 | [4. Asset Restrictions as of the End of the Reporting Period](index=32&type=section&id=4.%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company provided mortgage guarantees for a **RMB 200 million** comprehensive credit line using two self-owned factory buildings in Fengxian District, Shanghai, and pledged three intellectual property rights for a **RMB 10 million** credit line for its wholly-owned subsidiary - The company provided mortgage guarantees for a **RMB 200 million** comprehensive credit line from Industrial Bank Shanghai Branch using two self-owned factory buildings located in Fengxian District, Shanghai[102](index=102&type=chunk) - The company provided pledge guarantees using three invention patent intellectual property rights for a **RMB 10 million** credit line applied by its wholly-owned subsidiary, Shanghai KNT Chemical Sales Co., Ltd., at Industrial Bank Shanghai Lujiazui Sub-branch[102](index=102&type=chunk)[103](index=103&type=chunk) [VI. Analysis of Investment Status](index=33&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's entrusted wealth management amounted to **RMB 197.5 million**, with an outstanding balance of **RMB 20.3735 million** at period-end, all consisting of bank wealth management products. The company had no significant equity investments, non-equity investments, use of raised funds, derivative investments, or entrusted loans Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Unexpired Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 19,750 | 2,037.35 | | **Total** | | **19,750** | **2,037.35** | - The company had no derivative investments or entrusted loans during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk) [VII. Significant Asset and Equity Sales](index=34&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[109](index=109&type=chunk) - The company did not sell any significant equity during the reporting period[110](index=110&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=34&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's main subsidiary, Jiaxing Lingrui Investment Partnership (Limited Partnership), had total assets of **RMB 178 million** and net assets of **RMB 178 million**. Associate company Shenzhen ETG Technology Co., Ltd. had total assets of **RMB 558 million** and a net profit of **RMB 962,800** Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Lingrui Investment Partnership (Limited Partnership) | Subsidiary | Industrial Investment, Investment Management | 290,000,000 | 178,581,952.56 | 178,485,050.48 | 0.00 | 0.00 | 0.00 | | Shenzhen ETG Technology Co., Ltd. | Associate Company | Optoelectronic Display New Materials | 45,776,877 | 558,352,508.36 | 346,460,104.86 | 116,389,503.13 | 475,764.54 | 962,755.77 | [IX. Structured Entities Controlled by the Company](index=35&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[113](index=113&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=35&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from raw material price fluctuations, macroeconomic volatility, intensified market competition, accounts receivable and inventory obsolescence, and safety and environmental protection issues. The company actively addresses these through technological R&D, supply chain management, market expansion, internal controls, and environmental investments - Raw material price fluctuation risk: Chemical raw materials constitute a significant portion of production costs, and price fluctuations may impact the company's operating performance[113](index=113&type=chunk) - Macroeconomic volatility risk: The company's main business revenue primarily comes from automotive coatings, and industry development is closely related to macroeconomic conditions and downstream industry prosperity[114](index=114&type=chunk) - Intensified market competition risk: The automotive coatings industry has high technical barriers and fierce market competition, requiring the company to continuously enhance product technology, quality, and service[115](index=115&type=chunk)[116](index=116&type=chunk) - Accounts receivable and inventory obsolescence risk: Tight capital for downstream customers or declining operating performance may increase pressure on cash collection, and market changes may lead to increased obsolete inventory[117](index=117&type=chunk) - Safety production risk: The company engages in chemical R&D, production, and sales, with potential for accidental safety incidents due to improper operations, equipment failures, or natural disasters. Countermeasures include strengthening employee safety education and establishing reward and punishment systems[118](index=118&type=chunk) - Environmental protection risk: Increased national environmental protection efforts may raise the company's environmental investment and expenses, with potential for environmental pollution incidents. Countermeasures include actively improving production processes, increasing the proportion of water-based topcoat products, and increasing environmental protection investments[119](index=119&type=chunk)[120](index=120&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=37&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company did not host any research, communication, interview, or similar activities during the reporting period - The company did not host any research, communication, interview, or similar activities during the reporting period[121](index=121&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=37&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[122](index=122&type=chunk) - The company did not disclose a valuation enhancement plan[123](index=123&type=chunk) [XIII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=37&type=section&id=XIII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[124](index=124&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=38&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, environmental information disclosure, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=38&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Director Tang Yang resigned from his directorship and was dismissed from his Vice President position on April 17, 2025, due to personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Tang Yang | Director | Resignation | April 17, 2025 | Personal Reasons | | Tang Yang | Vice President | Dismissal | April 17, 2025 | Personal Reasons | [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=38&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[128](index=128&type=chunk) [III. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=38&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[129](index=129&type=chunk) [IV. Environmental Information Disclosure](index=38&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law and have publicly disclosed environmental information on the designated website - The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with one such enterprise[130](index=130&type=chunk) - Environmental information disclosure reports can be accessed at https://permit.mee.gov.cn/permitExt/syssb/xxgk/xxgk!list.action[130](index=130&type=chunk) [V. Social Responsibility](index=38&type=section&id=V.%20Social%20Responsibility) The company prioritizes environmental protection as a prerequisite for sustainable development, deepening ISO14001 and ISO45001 management systems, strengthening EHS work and supplier social responsibility management. During the reporting period, the company continuously invested in safety system construction, standardization, technical prevention facility upgrades, safety investments, education and training, and comprehensive drills, while actively fulfilling social responsibilities through charitable activities [1. Safety System Construction](index=38&type=section&id=1.%20Safety%20System%20Construction) The company improved its safety committee operational mechanism, established dedicated and part-time safety officer teams, organized Safety Month activities, updated safety responsibility agreements, implemented "full-staff safety responsibility, one position one responsibility," and continuously conducted self-inspections for hazards and optimized emergency plans - The company improved its safety committee operational mechanism, established dedicated and part-time safety officer teams for various departments, and organized Safety Month activities[133](index=133&type=chunk) - In accordance with the new "Work Safety Law," the company completed the signing of the 2025 annual safety responsibility system, implementing "full-staff safety responsibility, one position one responsibility"[133](index=133&type=chunk) [2. Work Safety Standardization Construction](index=39&type=section&id=2.%20Work%20Safety%20Standardization%20Construction) The company continued to improve its hazardous chemical enterprise (Level II) standardization system, re-evaluated compliance with laws and regulations, and on a regular basis reviewed and refined enterprise safety management systems and operating procedures, and conducted on-site equipment inspections - The company continued to improve its hazardous chemical enterprise (Level II) standardization system, re-evaluating compliance with existing laws and regulations[134](index=134&type=chunk) - The company reviewed, compiled, and refined enterprise safety management systems and operating procedures, and frequently conducted unscheduled inspections, promptly rectifying identified hazards[134](index=134&type=chunk) [3. Technical Prevention Facility Upgrades for Work Safety](index=39&type=section&id=3.%20Technical%20Prevention%20Facility%20Upgrades%20for%20Work%20Safety) In the first half of 2025, the company configured micro fire station visual inspection management functions as required by the district fire brigade, and improved its in-plant combustible gas detection and alarm system and fire IoT system, enhancing emergency response speed and handling capabilities - The company configured micro fire station visual inspection management functions and improved its in-plant combustible gas detection and alarm system and fire IoT system[135](index=135&type=chunk) - Through technical prevention facility upgrades, the company enhanced emergency response speed and handling capabilities, creating a safe working environment for employees[135](index=135&type=chunk) [4. Work Safety Investment](index=39&type=section&id=4.%20Work%20Safety%20Investment) In the first half of 2025, the company continued to ensure work safety investments, covering fire safety equipment, occupational health examinations, safety maintenance of production equipment, and labor protection - In the first half of 2025, the company continuously ensured work safety investments, including enterprise fire safety equipment, occupational health examinations, safety maintenance of production equipment, and labor protection[136](index=136&type=chunk) [5. Work Safety Education and Training](index=39&type=section&id=5.%20Work%20Safety%20Education%20and%20Training) The company conducted various employee on-the-job training, technical level training, all-staff safety education and training, and knowledge competitions, training **31** new employees, **11** contractors from one company, and holding **7** specialized training sessions, achieving **100%** training rate and coverage - In the first half of 2025, the company trained a total of **31** new employees (19 contract workers, 12 temporary workers) and **11** contractors from one company[136](index=136&type=chunk) - **Seven** specialized safety training sessions were conducted, including hazard identification for part-time safety officers, safe operation of Class A workshops, and electrostatic hazards and control in explosive environments, achieving **100%** training rate and coverage[137](index=137&type=chunk) - A safety training and education assessment mechanism was established, and **16** additional volunteer firefighters were recruited, totaling **27**, with regular training organized[137](index=137&type=chunk) [6. Comprehensive Safety Drills](index=40&type=section&id=6.%20Comprehensive%20Safety%20Drills) From March to May 2025, the company conducted multiple specialized emergency drills, including hazardous chemical leaks in Class A workshops, mechanical injuries, and hazardous waste warehouse chemical leaks, to enhance employees' ability to respond to emergencies - On March 27, 2025, the company conducted a specialized drill for hazardous chemical leaks in a Class A workshop[137](index=137&type=chunk) - On April 28, 2025, a specialized drill for mechanical injuries was conducted[137](index=137&type=chunk) - On May 18, 2025, an emergency drill for hazardous chemical leaks in a hazardous waste warehouse was conducted, using a realistic scenario to enhance all employees' emergency rescue capabilities[137](index=137&type=chunk) [7. Safety Inspections by Competent Authorities in H1 2025](index=40&type=section&id=7.%20Safety%20Inspections%20by%20Competent%20Authorities%20in%20H1%202025) In the first half of 2025, the company underwent inspections by multiple competent authorities, including the Hangzhou Bay Economic Development Zone Safety and Environmental Protection Department, Fengxian District Water Affairs Bureau, Fire Brigade, Emergency Management Bureau, Environmental Protection Bureau, Disease Control and Prevention Center, Central Air Quality Department, Hazardous Waste Management Detachment, and Market Supervision Bureau, with no major safety or environmental hazards found - In the first half of 2025, the company underwent **24** unscheduled safety, environmental, and fire inspections by the Hangzhou Bay Economic Development Zone Safety and Environmental Protection Department[138](index=138&type=chunk) - The company also underwent specialized inspections by multiple departments, including the Fengxian District Water Affairs Bureau, Fire Brigade, Emergency Management Bureau, Environmental Protection Bureau, Shanghai Disease Control and Prevention Center, Central Air Quality Department, Fengxian District Hazardous Waste Management Detachment, and Market Supervision Bureau[138](index=138&type=chunk) - Through these inspections by various entities, no major safety or environmental hazards were found at the company[138](index=138&type=chunk) [8. Consolidation and Expansion of Poverty Alleviation Achievements, Rural Revitalization](index=41&type=section&id=8.%20Consolidation%20and%20Expansion%20of%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization) The company actively fulfills its social responsibilities by conducting charitable activities such as donations and assistance annually, based on its operating conditions and government initiatives, to protect the legitimate rights and interests of stakeholders - The company actively fulfills its social responsibilities, annually conducting charitable activities such as donations and assistance based on its actual operating conditions and government initiatives[139](index=139&type=chunk) [Part V Significant Events](index=42&type=section&id=Part%20V%20Significant%20Events) This section details the company's significant events, including commitments by controlling shareholders and related parties, non-operating fund occupation, illegal external guarantees, auditor appointments, non-standard audit reports, bankruptcy reorganization, litigation, penalties, integrity status, major related party transactions, and significant contracts [I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholders, Shareholders, Related Parties, Acquirers, and the Company as of the End of the Reporting Period](index=42&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholders%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's actual controllers, shareholders, and related parties duly fulfilled their commitments to avoid horizontal competition during the reporting period. Additionally, Xiamen Yike Technology Development Co., Ltd.'s performance commitment and compensation arrangement for associate company Shenzhen ETG Technology Co., Ltd. are also being fulfilled as scheduled - Luo Lijuan and Wu Guozheng committed not to directly or indirectly engage in any activities that constitute horizontal competition with the company and its controlled subsidiaries, and ensured that other enterprises they control fulfill the same obligations[141](index=141&type=chunk) - NOROOP&C, NOROO Group, and NOROO Holdings (Hong Kong) Co., Ltd. committed not to engage in any activities that constitute horizontal competition with Shanghai KNT and its controlled subsidiaries within mainland China[141](index=141&type=chunk)[142](index=142&type=chunk) - Xiamen Yike Technology Development Co., Ltd. committed that ETG Technology's audited net profit attributable to the parent company after deducting non-recurring gains and losses for the performance commitment period (2025-2027) shall not be less than **RMB 14 million**, **RMB 43 million**, and **RMB 73 million** respectively, with a cumulative total not less than **RMB 130 million**[143](index=143&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled situations[143](index=143&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=44&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, the company experienced non-operating fund occupation by controlling shareholders and other related parties, primarily involving five suppliers for raw material procurement, with a total outstanding balance of **RMB 140.4048 million** at period-end. The company considers this a hedging operation for strategic reserves and plans to initiate legal action to recover the unpaid amounts Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties (Unit: ten thousand yuan) | Related Party Name | Type of Related Party | Occupation Period | Reason for Occurrence | Opening Balance | Amount of New Occupation in Current Period | % of Latest Audited Net Assets | Total Amount Repaid in Current Period | Balance as of Semi-Annual Report Disclosure Date | Expected Repayment Method | Expected Repayment Amount | Expected Repayment Time | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ruinai Trading (Shanghai) Co., Ltd. | Other | 2025/2/28 | Material Procurement | 970.87 | 4,831.70 | 5.59 | 2,020.23 | 3,782.34 | Cash Repayment | 3,782.34 | Before Aug 31 | | Shanghai Shengyouning Industrial Co., Ltd. | Other | 2025/4/1 | Material Procurement | 0.00 | 2,877.00 | 3.33 | 0.00 | 2,877.00 | Cash Repayment | 2,877.00 | Before Aug 31 | | Shanghai Benhu Trading Co., Ltd. | Other | 2025/4/1 | Material Procurement | 0.00 | 2,618.00 | 3.03 | 0.00 | 2,618.00 | Cash Repayment | 2,618.00 | Before Aug 31 | | Shanghai Kanyue Trading Co., Ltd. | Other | 2025/4/1 | Material Procurement | 0.00 | 2,538.00 | 2.94 | 0.00 | 2,538.00 | Cash Repayment | 2,538.00 | Before Aug 31 | | Shanghai Taikulala Trading Co., Ltd. | Other | 2025/4/1 | Material Procurement | 0.00 | 2,225.10 | 2.58 | 0.00 | 2,225.10 | Cash Repayment | 2,225.10 | Before Aug 31 | | **Total** | | | | **970.87** | **15,089.85** | **17.47** | **2,020.23** | **14,040.48** | | **14,040.48** | | - The company classified these fund occupations as hedging operations for strategic reserves, aiming to lock in low-cost resources, optimize gross margins, and strengthen supply chain resilience[146](index=146&type=chunk) - If suppliers fail to repay as agreed, the company intends to sue for the full remaining amount and reserves the right to report the fund occupation to regulatory authorities[146](index=146&type=chunk) - The company's board of directors believes that the aforementioned situations do not affect the overall fair presentation of the company's financial reports, which are prepared in all material respects in accordance with enterprise accounting standards, reflecting the company's financial position and operating results[147](index=147&type=chunk) [III. Illegal External Guarantees](index=47&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[148](index=148&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=47&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[149](index=149&type=chunk) [V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=48&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company did not receive a "non-standard audit report" from the accounting firm for the current reporting period - The company did not receive a "non-standard audit report" from the accounting firm for the current reporting period[150](index=150&type=chunk) [VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=48&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) In response to Zhongxinghua Certified Public Accountants' disclaimer of opinion on the company's 2024 financial statements and adverse opinion on internal controls, the board has taken measures including improving internal control mechanisms, enhancing legal and regulatory training for directors, supervisors, senior management, and all employees, and urging strategic reserve suppliers to repay occupied funds - Zhongxinghua Certified Public Accountants issued a disclaimer of opinion on the company's 2024 financial statements and an adverse opinion on the company's 2024 internal controls[151](index=151&type=chunk) - The board of directors has taken measures, including improving internal control mechanisms, optimizing procurement process approvals, and formulating new procurement systems[151](index=151&type=chunk) - The company strengthened legal and regulatory training for directors, supervisors, senior management, and all employees to enhance the company's standardized operations[152](index=152&type=chunk) - Regarding the strategic reserve supplier fund issue, the company has signed legally binding repayment agreements and continues to urge the repayment of occupied funds[152](index=152&type=chunk) [VII. Bankruptcy Reorganization Matters](index=48&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[153](index=153&type=chunk) [VIII. Litigation Matters](index=49&type=section&id=VIII.%20Litigation%20Matters) The company is involved in multiple lawsuits, including a shareholder qualification dispute related to its largest shareholder, Hainan Dahe Enterprise Management Co., Ltd., and securities misrepresentation liability disputes filed by **108** investors. Some investor lawsuits have received first-instance judgments, but their impact on the company remains uncertain [1. Major Litigation and Arbitration Matters](index=49&type=section&id=1.%20Major%20Litigation%20and%20Arbitration%20Matters) The shareholder qualification dispute between the company's largest shareholder, Hainan Dahe Enterprise Management Co., Ltd., and Huajin Asset Management Co., Ltd., saw a first-instance judgment dismissing all claims by Huajin Asset, which then appealed and later withdrew the appeal, making the first-instance judgment effective. This case did not have a significant adverse impact on the company's normal production and operations - In the shareholder qualification dispute between the company's largest shareholder, Hainan Dahe Enterprise Management Co., Ltd., and Huajin Asset Management Co., Ltd., the Haikou Intermediate People's Court's retrial first-instance judgment dismissed all claims by the plaintiff, Huajin Asset Management Co., Ltd.[154](index=154&type=chunk) - Huajin Asset appealed the judgment but later requested to withdraw the appeal on June 6, 2025, which the Hainan High People's Court granted, making the first-instance judgment legally effective from the date of the ruling's delivery[154](index=154&type=chunk) - This case did not have a significant adverse impact on the company's normal production and operations[154](index=154&type=chunk) [2. Other Litigation Matters](index=50&type=section&id=2.%20Other%20Litigation%20Matters) As of the report disclosure date, the company received civil lawsuits from a total of **108** investors (8 of whom have withdrawn their lawsuits) alleging securities misrepresentation liability, with a total amount involved of **RMB 50.7077 million**. Some cases have received first-instance judgments, but most are still pending or have not yet been heard, having no impact on current period profit/loss, with future impact remaining uncertain - As of the report disclosure date, the company received civil lawsuits from a total of **108** investors (8 of whom have withdrawn their lawsuits) alleging securities misrepresentation liability against the company or company other defendants[155](index=155&type=chunk) Overview of Investor Litigation Matters | Amount Involved (ten thousand yuan) | Provision for Liabilities Formed | Litigation Progress | Litigation Outcome and Impact | | :--- | :--- | :--- | :--- | | 5,070.77 | No | Some cases with first-instance judgments, some in first-instance trial, others not yet heard | No impact on current period profit/loss, future impact unce

Core Viewpoint - The largest shareholder of *ST Jintai, Hainan Dahe, is seeking support from all shareholders to remove three directors and elect a new one, citing high delisting risks and alleged misappropriation of company funds by the current management [1][3]. Group 1: Shareholder Actions and Company Governance - Hainan Dahe is publicly soliciting votes to dismiss directors Luo Dian, Yu Xugang, and Tang Guangze, and to elect Liu Xiaolong as a new director at the upcoming extraordinary general meeting [1]. - The company is described as being on the brink of delisting, with claims of the current board's involvement in significant financial misconduct [1][3]. Group 2: Financial Disputes and Internal Conflicts - There are ongoing disputes within the company regarding financial transactions and the identification of the actual controller, with a mysterious figure named Pei Jian being pointed out as a potential actual controller [3][9]. - The company has faced scrutiny from regulatory bodies due to allegations of non-operational fund occupation and questionable financial practices, including a lack of clarity on the flow and purpose of funds [4][5][6]. Group 3: Strategic Inventory and Financial Management - The company has been criticized for its "strategic inventory" practices, which have been deemed inconsistent with normal procurement operations, raising concerns about potential non-operational fund occupation [4][5]. - An audit report indicated that the company's strategic inventory actions may not align with legitimate business practices, leading to significant risks regarding fund misappropriation [4][10]. Group 4: Transactions and Allegations of Misconduct - Two significant transactions involving the repayment of funds and subsequent transfers to trading partners have raised red flags, with allegations of these being disguised as normal business operations [7][8]. - The audit committee has expressed concerns that the repayment from Shihezi Yike may be a "false repayment," suggesting that the funds may have returned to the original source after a series of transactions [8][10]. Group 5: Control and Influence - There are allegations that Pei Jian, despite not being officially recognized as the actual controller, has significant influence over the company's operations, with reports of him having preferential treatment within the company [12][13]. - The board has faced internal dissent regarding the management's handling of financial disclosures and the identification of related parties, with some directors questioning the legitimacy of the company's claims about its trading partners [9][10].

Group 1 - The largest shareholder of Jinlitai, Hainan Dahe, is seeking support from all shareholders to remove three directors and elect a new one due to concerns over the company's management and potential delisting risks [1][2][3] - Hainan Dahe has publicly stated that Jinlitai is at high risk of delisting and accused the current board of misappropriating company funds [3][4] - There are ongoing disputes within the company regarding the management's responses to inquiries, with significant disagreements among board members [4][14] Group 2 - Jinlitai's 2024 annual report revealed an audit report with no opinion, indicating internal issues and prompting regulatory scrutiny over potential non-operational fund occupation [7][8] - The company has been accused of transferring funds under the guise of a "strategic reserve," which may involve significant risks of fund misappropriation [10][13] - The audit committee has expressed that the strategic reserve actions do not align with normal procurement practices and should be classified as non-operational fund occupation [15] Group 3 - There are allegations of "false repayments" related to transactions with two entities, raising questions about the legitimacy of the funds' flow [18][20] - The audit committee suspects that repayments from one entity may have returned to the original fund provider, indicating potential financial manipulation [22][24] - Jinlitai's management has denied any wrongdoing, asserting that the transactions were legitimate despite the concerns raised by board members [21][22] Group 4 - The actual control of Jinlitai is under scrutiny, with claims that a mysterious individual, Pei Jian, may be the real controller behind the scenes [25][30] - There are connections between Pei Jian and a trading company accused of fund misappropriation, suggesting a complex web of control and influence [32][41] - Internal sources indicate that Pei Jian has significant influence over the company's operations, despite the official stance that there is no actual controller [41][42]

Core Viewpoint - The largest shareholder of Jinlitai, Hainan Dahe, is seeking to gather voting rights to remove three directors and elect a new one, citing the company's risk of delisting and allegations of fund misappropriation by the board and management [1][2]. Group 1: Shareholder Actions - Hainan Dahe has publicly solicited voting rights from all shareholders to remove directors Luo Dian, Yu Xugang, and Tang Guangze, and to elect Liu Xiaolong as a new director [1][2]. - The company is described as being on the brink of delisting, with the current board accused of misappropriating significant funds [1]. Group 2: Financial and Operational Concerns - Jinlitai has faced scrutiny over its "strategic reserve" practices, which have been questioned as non-operational fund occupation, leading to regulatory investigations [3][4]. - The company reported that it received an audit report with no opinion from Zhongxinghua Accounting Firm, indicating serious internal issues [3][4]. Group 3: Allegations of Misconduct - There are allegations that the actual controller of Jinlitai, Pei Jian, has hidden connections with trade companies involved in significant fund transactions, although the company denies his status as the actual controller [1][2][12]. - The audit committee has raised concerns about the legitimacy of transactions with trade companies, suggesting that funds may have been misappropriated under the guise of strategic reserves [4][8]. Group 4: Internal Disputes - Disagreements among directors regarding the identification of the actual controller and the flow of funds have intensified, with some directors accusing Pei Jian of collusion with management to misappropriate company funds [1][12][14]. - The audit committee has expressed that the strategic reserve actions taken in 2024 do not align with normal procurement practices and should be classified as non-operational fund occupation [7][8]. Group 5: Regulatory Response - The Shanghai Securities Regulatory Bureau has mandated Jinlitai to investigate the nature of its large fund transactions with various trade companies and clarify the authenticity of certain investment transactions [4][8]. - The company has been under investigation by the China Securities Regulatory Commission, with no clear conclusions reached regarding the allegations [15][21].

Core Viewpoint - The largest shareholder of *ST Jintai, Hainan Dahe Enterprise Management Co., is seeking support from all shareholders to remove three directors and elect a new one, citing high delisting risks and alleged misappropriation of company funds by the current management [2][5]. Group 1: Shareholder Actions - Hainan Dahe is publicly soliciting votes to dismiss directors Luo Dian, Yu Xugang, and Tang Guangze, and to elect Liu Xiaolong as a new director at the upcoming extraordinary general meeting [2][3]. - The company emphasizes that Jintai is on the brink of delisting and claims that the current board is involved in serious financial misconduct [2]. Group 2: Internal Disputes and Financial Concerns - Since the disclosure of the annual report in July, disputes within Jintai have intensified, with some directors opposing responses to inquiries, leading to unclear fund flows and usage [5]. - The company has not disclosed the identity of a mysterious individual, Pei Jian, who is alleged to be the actual controller of Jintai, raising concerns about the clarity of fund flows and control [5]. Group 3: Audit and Regulatory Scrutiny - Jintai's 2024 annual report revealed an audit report with no opinion from the auditing firm, indicating significant internal issues [6]. - The Shanghai Securities Regulatory Bureau has mandated Jintai to investigate large fund transactions with several traders to determine if they involve non-operational fund occupation [7]. Group 4: Strategic Inventory and Fund Misuse Allegations - Jintai claims that its strategic inventory practices, initiated in 2022, are aimed at securing raw material supply and pricing, but the audit committee has raised concerns about these practices being non-operational fund occupation [11][12]. - The audit committee has expressed that the strategic inventory behavior does not align with normal procurement practices and should be classified as non-operational fund occupation [11]. Group 5: Transactions and Financial Irregularities - Jintai's transactions with Shihezi Yike and Xiamen Yike have raised suspicions of fund misappropriation, with the audit committee suggesting that repayments may be fictitious [16]. - The company has been criticized for its lack of transparency regarding the flow and ultimate use of funds in these transactions, with significant amounts remaining unaccounted for [15][16]. Group 6: Control and Governance Issues - There are allegations that Pei Jian, despite not being officially recognized as the actual controller, has significant influence over the company, with reports of him being treated as a leader by various executives [26]. - The board has faced challenges in addressing the influence of Pei Jian, with some directors questioning the management's lack of transparency regarding his role [22][26].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603227 | 雪峰科技 | 9.79 | 10.00% | 107.06万 | 10.28亿 | | 300225 | *ST全泰 | 5.15 | 9.11% | 50.17万 | 2.56亿 | | 301617 | 博苑股份 | 48.70 | 8.61% | 12.66万 | 5.98亿 | | 600160 | 巨化股份 | 33.00 | 5.40% | 63.41万 | 20.53亿 | | 688398 | 赛特新材 | 21.74 | 4.72% | 5.90万 | 1.28亿 | | 688269 | 凯立新材 | 39.96 | 4.09% | 3.94万 | 1.56亿 | | 688129 | 东来技术 | 25.59 | 3.73% | 2.71万 | 6969.02万 | | 603110 | 东方材料 | 16.69 | 3.66% | 25.13万 | 4.16亿 | | 605077 | 华康股份 | 18. ...