Group 1 - The core point of the article is that Jizhi Technology (SZ 300566) held its fifth board meeting on August 25, 2025, to review the special report on the use of raised funds for the first half of 2025 [1] - For the first half of 2025, Jizhi Technology's revenue composition was as follows: 62.81% from the optoelectronics industry, 27.55% from the photovoltaic industry, 7.12% from other industries, and 2.52% from the automotive industry [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but it has seen strong demand for high-end composite optical films and growth in high-margin products like DPP, while photovoltaic product demand remains weak [1] Financial Performance - The company achieved operating revenue of 1,073.85 million yuan, a decrease of 4.02% compared to the same period last year [1] - The net profit attributable to the parent company was 116.525 million yuan, down 6.46% year-on-year [1] Product Demand and Market Position - There is strong demand for high-end composite optical films, contributing positively to the company's performance [1] - High-margin products such as DPP have shown good growth [1] - Demand for photovoltaic products, particularly backplanes, is weak; however, the company's photovoltaic gap reflective film has become a standard accessory for photovoltaic modules, being adopted by many leading component manufacturers [1] - The company continues to provide high-power and high-efficiency solutions, indicating a positive product outlook [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月26日消息，激智科技发布半年度报告。 公告显示，公司半年度营业收入1,073,850,977.85元，同比减少4.02%，归属上市公司股东的净利润 116,524,966.31元，同比减少6.46%。 公告显示，十大流通股东中，中国银行股份有限公司－招商量化精选股票型发起式证券投资基金为新进 流通股东。 责任编辑：小浪快报 ...

宁波激智科技股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 公司负责人（法定代表人）：_________ 主管会计工作负责人：________ 会计机构负责人：________ | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的 | 年期初占用 2025 | 年半年度占用累计 2025 | 年半年度占用 2025 | 年半年度偿 2025 | 2025 | 年半年度期 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 会计科目 | 资金余额 | 发生金额（不含利息） | 资金的利息(如有) | 还累计发生金额 | | 末占用资金余额 | 原因 | | | 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 ...

证券代码：300566 证券简称：激智科技 公告编号：2025-050 宁波激智科技股份有限公司 关于对外担保的进展公告 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、担保情况概述 宁波激智科技股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开 第四届董事会第十五次会议，审议通过了《关于 2025 年度向银行申请综合授信 额度及提供担保的议案》，本议案已经公司 2024 年度股东大会审议通过。同意 公司及下属公司（合并报表范围内的公司）为自身及对方的银行贷款提供担保， 担保金额上限为 42.1 亿元人民币。授信及担保授权有效期为自该议案经 2024 年 度股东大会审批通过之日起，至公司 2025 年度股东会召开之日止。具体内容详 见公司 2025 年 4 月 22 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 2025 年度向银行申请综合授信额度及提供担保的公告》（公告编号：2025-015）。 二、担保进展情况 公司因业务发展需要，向中国银行股份有限公司宁波市科技支行申请授信额 度，公司全资子公司宁波江北激智新材 ...

根据中国证券监督管理委员会《上市公司募集资金监管规则》、《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》以及《深圳证券交易所创业板上市 公司自律监管指南第 2 号——公告格式》的相关规定，本公司就 2025 年半年度募集资金存 放与使用情况作如下专项报告： 宁波激智科技股份有限公司 2025年半年度募集资金存放与使用情况的专项报告 宁波激智科技股份有限公司 2025年半年度募集资金存放与使用情况的专项报告 截至 2025 年 6 月 30 日，公司募集资金实际使用情况为： | | | 明细 | | 金额（元） | | --- | --- | --- | --- | --- | | 年 月 2024 12 | 31 | 日募集资金余额 | | 165,783,529.34 | | 加：利息收入 | | | | 188,200.34 | | 理财投资收益 | | | | 531,386.82 | | 减：募集资金支出 | | | | 10,072,220.00 | | 银行手续费等 | | | | 162.26 | | 2025 年 6 月 30 | | 日募集资金余额 | | 156 ...

证券代码：300566 证券简称：激智科技 公告编号：2025-047 宁波激智科技股份有限公司（以下简称"公司"）第五届董事会第二次会议 于 2025 年 8 月 25 日在公司会议室以现场结合通讯方式召开，本次应出席董事 9 人，实际出席董事 9 人。会议由董事长张彦先生主持，公司高管人员列席会议。 本次会议通知已于 2025 年 8 月 15 日以短信及邮件通知的方式向全体董事、高级 管理人员送达。本次董事会会议的召集、召开和表决程序符合《公司法》等法律、 法规及《公司章程》的相关规定，合法有效。经与会董事审议表决，本次会议通 过了以下议案： 一、审议通过《2025 年半年度报告及摘要》 董事会认为，《2025 年半年度报告》及其摘要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。 具体内容详见同日刊登于中国证监会指定的创业板信息披露网站巨潮资讯 网（http://www.cninfo.com.cn）的《2025 年半年度报告》、《2025 年半年度报告摘 要》。 本议案已经公司董事会审计委员会审议通过。 表决结果：赞成 9 票，反对 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements or material omissions - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[3](index=3&type=chunk) - The company's head, chief accountant, and head of the accounting department declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report's clear table of contents lists eight main chapters, covering important notes, company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports - The report comprises eight main chapters, providing comprehensive information on the company's operations, financials, governance, and significant matters[6](index=6&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, subsidiaries, related parties, regulatory bodies, financial units, and reporting periods, ensuring accurate understanding - The report explicitly defines the company, controlling shareholder, and actual controller as Mr. Zhang Yan[12](index=12&type=chunk) - Several subsidiary names are listed, such as Xiangshan Exciton, Jiangbei Exciton, and Anhui Exciton[12](index=12&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Ningbo Exciton Technology Co., Ltd. (stock code: 300566) is listed on the Shenzhen Stock Exchange, with Zhang Yan as its legal representative - The company's stock abbreviation is Exciton Technology, stock code 300566, listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Zhang Yan[16](index=16&type=chunk) [Contact Person and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Jiang Lin, and Securities Affairs Representative is Li Mengyun, both located at No. 9 Jingyuan Road, Ningbo High-tech Zone, with provided phone and email - The Board Secretary is Jiang Lin, and the Securities Affairs Representative is Li Mengyun[17](index=17&type=chunk) - Contact address is No. 9 Jingyuan Road, Ningbo High-tech Zone, phone 0574-87908260-8025, email investor@excitontech.cn[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue and net profit attributable to shareholders both decreased year-on-year, while net cash flow from operating activities significantly reduced 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (元) | Prior Year Period (元) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,073,850,977.85 | 1,118,882,067.07 | -4.02% | | Net Profit Attributable to Shareholders of Listed Company | 116,524,966.31 | 124,574,455.88 | -6.46% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 99,186,063.39 | 101,142,156.38 | -1.93% | | Net Cash Flow from Operating Activities | 61,942,845.82 | 125,778,277.01 | -50.75% | | Basic Earnings Per Share (元/share) | 0.44 | 0.47 | -6.38% | | Diluted Earnings Per Share (元/share) | 0.44 | 0.47 | -6.38% | | Weighted Average Return on Net Assets | 5.68% | 6.60% | -0.92% | | **End of Current Period** | | | | | Total Assets | 3,610,477,875.85 | 3,683,474,820.95 | -1.98% | | Net Assets Attributable to Shareholders of Listed Company | 2,060,087,002.27 | 1,994,092,793.86 | 3.31% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses for the reporting period amounted to **17.34 million CNY**, primarily from government subsidies and non-current asset disposal gains/losses 2025 Semi-Annual Non-Recurring Gains and Losses | Item | Amount (元) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 197,796.86 | | Government Subsidies Included in Current Profit/Loss | 21,529,007.70 | | Other Non-Operating Income and Expenses Apart from the Above | -1,016,617.62 | | Less: Income Tax Impact | 3,026,655.11 | | Impact on Minority Shareholders' Equity (After Tax) | 344,628.91 | | **Total** | **17,338,902.92** | Management Discussion and Analysis [Principal Businesses During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in R&D, production, and sales of optical films and functional films across optoelectronics, photovoltaics, automotive, and battery sectors - The company's main business involves optical films and functional film products, categorized under computer, communication, and other electronic equipment manufacturing, and new material industry's optical film manufacturing[28](index=28&type=chunk) - The company's business is divided into four major segments: optoelectronics, photovoltaics, automotive, and batteries, focusing on accumulating independent coating technology, formulation processes, and enhancing R&D capabilities[35](index=35&type=chunk) - During the reporting period, sales of high-end composite optical film products increased by **20.92%** year-on-year, and photovoltaic encapsulant film sales increased by **170.67%** year-on-year[48](index=48&type=chunk) [Industry Overview](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A) The company operates in the optical film manufacturing sector within the computer, communication, and new materials industries, benefiting from domestic substitution and growth in flat panel display and photovoltaic markets - The company belongs to the computer, communication, and other electronic equipment manufacturing (C39) and new materials industry, specifically optical film manufacturing[28](index=28&type=chunk) - The flat panel display industry benefits from increased domestic market share and national policy support, with LCD TVs maintaining a dominant position[28](index=28&type=chunk) - The photovoltaic industry is rapidly developing under the carbon neutrality goal, with China's new installed capacity reaching **277.57 GW** in 2024, a **28.33%** year-on-year increase[31](index=31&type=chunk) [Company's Main Business Segments](index=11&type=section&id=%E5%85%AC%E5%8F%B8%E7%9B%AE%E5%89%8D%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%88%86%E5%9B%9B%E5%A4%A7%E6%9D%BF%E5%9D%97) The company's four main business segments are optoelectronics, photovoltaics, automotive, and batteries, each focusing on specialized film products and materials - The optoelectronics segment includes products like diffuser films, brightness enhancement films, quantum dot films, and composite films, widely used in various display applications[35](index=35&type=chunk)[38](index=38&type=chunk) - The photovoltaic segment offers double-sided coated backsheets, EVA, EPE (co-extruded POE) encapsulant films, and gap reflective films, with the latter achieving mass production in Q2 2024 and offering high gain characteristics[34](index=34&type=chunk)[41](index=41&type=chunk) - The automotive segment has mass-produced window films, paint protection films, and architectural window films, while the battery segment involves PC flame-retardant films and equity investment in manganese iron phosphate cathode materials through Hengchuang Nano[46](index=46&type=chunk) [Key Performance Drivers and Operating Performance](index=15&type=section&id=%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance is driven by domestic substitution, high-end display trends, technological innovation, and increasing photovoltaic product volumes, despite a slight decline in overall revenue and net profit - Performance drivers include国产替代 (domestic substitution), large-screen/high-end display technology trends, technological innovation, and increased volume of photovoltaic products[47](index=47&type=chunk) 2025 January-June Main Product Sales Data | Product Category | 2025 Jan-Jun Sales (万元) | 2024 Jan-Jun Sales (万元) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Quantum Dot Films, Composite Films, and Other High-End Display Optical Films | 47,762.56 | 39,500.52 | 20.92% | | Brightness Enhancement Films | 10,405.45 | 13,869.01 | -24.97% | | Diffuser Films | 9,284.01 | 10,331.00 | -10.13% | | Solar Backsheets and Gap Reflective Films | 14,352.25 | 35,911.82 | -60.03% | | Window Films | 2,707.38 | 3,885.02 | -30.31% | | Encapsulant Films | 15,229.10 | 5,626.54 | 170.67% | | **Total** | **99,740.75** | **109,123.91** | **-8.60%** | - The company actively reserves products in emerging fields such as wide-viewing-angle films, PS films, automotive quantum dot films, and OBA adhesives, and invested in Yamamoto Optoelectronics in H1 2025[50](index=50&type=chunk)[52](index=52&type=chunk) - As of the end of the reporting period, the company had obtained **201 patents**, including **160 invention patents**[53](index=53&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from seizing domestic substitution opportunities, forward-looking display technology布局, a strong expert team, continuous R&D, equipment optimization, and a highly recognized brand and customer base - The company was an early mover in breaking through technical barriers in display optical films, being one of the few domestic companies to achieve stable mass production and supply of quantum dot films, COP, and composite optical films, with product quality reaching international leading levels[54](index=54&type=chunk)[55](index=55&type=chunk) - The company proactively plans for two-in-one, three-in-one composite optical films, quantum dot films, COP, and OLED light-emitting materials to address trends in lightweight, thin, and Mini-LED high-end display technologies[55](index=55&type=chunk) - The company possesses a core expert team, fosters an open and proactive corporate culture, and has strong capabilities in equipment modification, formulation, process accumulation, and refined management experience, ensuring rapid mass production of new products[56](index=56&type=chunk)[57](index=57&type=chunk) - Through continuous product innovation, excellent quality and service, and rapid supply response, the company's product market recognition is continuously increasing, and its customer base is expanding[58](index=58&type=chunk) [Analysis of Principal Business](index=17&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue decreased by **4.02%** due to reduced photovoltaic backsheet sales, while financial expenses significantly increased by **113.75%** primarily due to lower exchange gains 2025 Semi-Annual Major Financial Data Year-on-Year Changes | Indicator | Current Period (元) | Prior Year Period (元) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,073,850,977.85 | 1,118,882,067.07 | -4.02% | Primarily due to reduced revenue from photovoltaic backsheet products | | Operating Cost | 812,405,106.97 | 846,280,937.84 | -4.00% | Primarily due to reduced shipments of photovoltaic backsheets | | Selling Expenses | 21,899,394.49 | 20,584,295.83 | 6.39% | Primarily due to increased sales commissions | | Administrative Expenses | 42,709,678.08 | 45,571,351.25 | -6.28% | Primarily due to decreased intermediary fees and office expenses | | Financial Expenses | 6,750,374.57 | 3,158,066.84 | 113.75% | Primarily due to decreased exchange gains | | R&D Investment | 61,327,218.01 | 71,685,575.53 | -14.45% | Primarily due to reduced R&D investment in the company's backsheet products | | Net Cash Flow from Operating Activities | 61,942,845.82 | 125,778,277.01 | -50.75% | Primarily due to reduced cash collection from the encapsulant film segment | 2025 Semi-Annual Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (元) | Operating Cost (元) | Gross Margin (%) | YoY Operating Revenue Change (%) | YoY Operating Cost Change (%) | YoY Gross Margin Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Optical Films | 674,520,227.23 | 457,042,166.40 | 32.24% | 5.89% | 5.52% | 0.24% | | Backsheet Films and Reflective Films | 143,522,516.89 | 113,964,863.88 | 20.59% | -60.03% | -62.31% | 4.79% | | Encapsulant Films | 152,291,025.69 | 153,568,326.56 | -0.84% | 170.67% | 133.77% | 15.91% | | Window Films | 27,073,750.08 | 14,841,937.89 | 45.18% | -30.31% | -25.37% | -3.63% | 2025 Semi-Annual Operating Revenue by Industry/Product/Region | Category | Current Period Amount (元) | % of Operating Revenue | Prior Year Period Amount (元) | % of Operating Revenue | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Optoelectronics Industry | 674,520,227.23 | 62.81% | 637,005,326.25 | 56.93% | 5.89% | | Photovoltaic Industry | 295,813,542.58 | 27.55% | 415,383,661.45 | 37.13% | -28.79% | | Automotive Industry | 27,073,750.08 | 2.52% | 38,850,225.85 | 3.47% | -30.31% | | Other Industries | 76,443,457.96 | 7.12% | 27,642,853.52 | 2.47% | 176.54% | | **By Product** | | | | | | | Optical Films | 674,520,227.23 | 62.81% | 637,005,326.25 | 56.93% | 5.89% | | Backsheet and Reflective Films | 143,522,516.89 | 13.37% | 359,118,230.92 | 32.10% | -60.03% | | Encapsulant Films | 152,291,025.69 | 14.18% | 56,265,430.53 | 5.03% | 170.67% | | Window Films | 27,073,750.08 | 2.52% | 38,850,225.85 | 3.47% | -30.31% | | Other | 76,443,457.96 | 7.12% | 27,642,853.52 | 2.47% | 176.54% | | **By Region** | | | | | | | Domestic | 953,596,438.68 | 88.80% | 780,927,438.42 | 69.80% | 22.11% | | International | 120,254,539.17 | 11.20% | 337,954,628.65 | 30.20% | -64.42% | [Analysis of Non-Principal Business](index=19&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal businesses negatively impacted total profit, with investment losses, asset impairment losses, and credit impairment losses, while government subsidies were the sole positive contributor 2025 Semi-Annual Non-Principal Business Profit and Loss | Item | Amount (元) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -4,809,085.66 | -3.66% | Primarily due to equity method accounting for long-term equity investments | No | | Asset Impairment | -2,655,612.21 | -2.02% | Primarily due to provision for inventory depreciation | No | | Non-Operating Expenses | 1,045,009.28 | 0.79% | Primarily due to donation expenses and quality compensation | No | | Other Income | 25,813,139.26 | 19.64% | Primarily due to various government subsidies received | No | | Credit Impairment Losses | -5,873,320.18 | -4.47% | Primarily due to provision for doubtful accounts receivable | No | [Analysis of Assets and Liabilities](index=20&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by **1.98%** from the prior year-end, with notable changes in cash, accounts receivable, inventory, and financial assets, while long-term borrowings increased 2025 Semi-Annual Major Changes in Asset Composition | Item | End of Current Period Amount (元) | % of Total Assets | End of Prior Year Amount (元) | % of Total Assets | % Change in Proportion | Explanation of Major Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 423,273,816.17 | 11.72% | 681,219,191.41 | 18.49% | -6.77% | Primarily due to purchase of wealth management products and repayment of bank loans | | Accounts Receivable | 978,027,278.35 | 27.09% | 812,274,320.62 | 22.05% | 5.04% | Primarily due to increased collection of creditor's rights certificates from photovoltaic customers | | Inventories | 325,250,699.33 | 9.01% | 375,600,229.10 | 10.20% | -1.19% | Primarily due to decreased sales of photovoltaic backsheets leading to reduced inventory | | Trading Financial Assets | 130,000,000.00 | 3.60% | 0.00 | 0.00% | 3.60% | Primarily due to purchase of wealth management products | | Long-Term Borrowings | 161,884,170.67 | 4.48% | 138,160,031.67 | 3.75% | 0.73% | Primarily due to increased bank borrowings | | Non-Current Liabilities Due Within One Year | 32,477,007.62 | 0.90% | 115,837,518.58 | 3.14% | -2.24% | Primarily due to repayment of bank loans | 2025 Semi-Annual End of Period Asset Rights Restriction | Item | Book Value at Period End (元) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 198,030,782.61 | Margin deposits | | Notes Receivable | 64,707,340.69 | Pledged notes/Endorsed commercial acceptance bills not derecognized | | Investment Properties | 7,386,502.37 | Mortgage | | Fixed Assets | 96,066,240.13 | Mortgage | | Intangible Assets | 33,730,406.39 | Mortgage | | **Total** | **399,921,272.19** | | [Analysis of Investment Status](index=22&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investments increased by **191.88%** year-on-year, with significant fair value financial assets and a **80.30%** utilization rate of raised funds, primarily for production bases and working capital 2025 Semi-Annual Overall Investment Amount | Indicator | Investment Amount in Reporting Period (元) | Investment Amount in Prior Year Period (元) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 448,760,000.00 | 153,750,000.00 | 191.88% | 2025 Semi-Annual End of Period Financial Assets Measured at Fair Value | Asset Category | Amount at Period End (元) | | :--- | :--- | | Trading Financial Assets | 130,000,000.00 | | Other Equity Instrument Investments | 269,745,650.45 | | Other Non-Current Financial Assets | 3,000,000.00 | | **Subtotal Financial Assets** | **402,745,650.45** | - As of the end of the reporting period, cumulative raised funds utilized amounted to **552.74 million CNY**, with a utilization rate of **80.30%**[81](index=81&type=chunk) 2025 Semi-Annual Overview of Wealth Management | Specific Type | Wealth Management Amount (万元) | Unexpired Balance (万元) | | :--- | :--- | :--- | | Bank Wealth Management Products | 38,000 | 10,000 | | Brokerage Wealth Management Products | 6,000 | 3,000 | | **Total** | **44,000** | **13,000** | [Analysis of Major Controlled and Invested Companies](index=26&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries include Xiangshan Exciton, Jiangbei Exciton, and Anhui Exciton, with Jiangbei Exciton and Anhui Exciton contributing significantly to revenue, though Anhui Exciton reported a net loss 2025 Semi-Annual Financial Data of Major Subsidiaries | Company Name | Company Type | Principal Business | Registered Capital (元) | Total Assets (元) | Net Assets (元) | Operating Revenue (元) | Operating Profit (元) | Net Profit (元) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiangshan Exciton | Subsidiary | R&D, manufacturing, and wholesale of optical films | 5,000,000 | 201,595,590.29 | 154,994,163.42 | 104,479,014.56 | 13,658,937.60 | 12,190,138.57 | | Jiangbei Exciton | Subsidiary | R&D, manufacturing, wholesale, and retail of optical films, polymer composite materials, and functional film materials | 332,147,200 | 1,197,391,689.70 | 559,781,154.97 | 446,946,888.91 | 41,884,046.36 | 37,924,498.38 | | Anhui Exciton | Subsidiary | R&D, manufacturing, and sales of solar photovoltaic encapsulant films | 200,000,000 | 530,190,301.55 | 57,717,403.98 | 158,328,254.45 | -19,533,818.89 | -19,510,431.66 | | Zhejiang Ziguang | Subsidiary | R&D, development, manufacturing, and processing of window film products | 33,980,000 | 106,182,327.72 | 92,710,025.80 | 27,827,439.37 | 4,917,771.41 | 4,129,955.32 | | Ningbo Exciton Solar | Subsidiary | R&D, production, and sales of solar photovoltaic materials and products | 26,530,000 | 436,253,735.91 | 204,412,427.40 | 161,833,273.23 | 5,743,683.34 | 5,441,573.56 | [Risks Faced by the Company and Countermeasures](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from declining gross margins, intensifying market competition, accounts receivable impairment, and management challenges due to rapid expansion, addressed by cost control, R&D, credit management, and organizational development - **Gross margin decline risk**: Downward price pressure in consumer electronics impacts the upstream optical film industry, which the company addresses through cost control and new product development[93](index=93&type=chunk) - **Intensified market competition risk**: Increased industry investment attracts more competitors, and the company maintains competitiveness through technology and service innovation and product upgrades[94](index=94&type=chunk) - **Accounts receivable impairment risk**: The large scale of accounts receivable poses a risk, which the company mitigates by strengthening credit review, accounts receivable management, and linking it to performance appraisals[95](index=95&type=chunk) - **Management risk**: Rapid company expansion demands higher requirements for strategic planning, resource integration, technology R&D, market development, and internal control, which the company addresses through talent development and improved management systems[95](index=95&type=chunk) [Registration Form for Investor Relations Activities During the Reporting Period](index=27&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) On May 8, 2025, the company held its 2024 annual online performance briefing via "All-View Network" to communicate with investors on key concerns - On May 8, 2025, the company held its 2024 annual online performance briefing via the "All-View Network" platform[96](index=96&type=chunk) - The briefing addressed investor concerns, and relevant information has been disclosed on Juchao Information Network[96](index=96&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has formulated and disclosed its "Market Value Management System," approved by the Board of Directors on April 21, 2025, and published on Juchao Information Network - The company has formulated and disclosed its "Market Value Management System," approved on April 21, 2025[97](index=97&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the Board of Directors and Supervisory Board underwent changes due to re-election, with new independent directors elected and several members departing - Luo Guofang, Yan Qun, and Ma Ji were elected as independent directors on June 24, 2025[99](index=99&type=chunk) - Cui Ping, Chen Weili, Yu Qingqing, Ying Min, Si Yuanming, and Min Chengfeng resigned as independent directors or supervisors due to the expiration of their terms[99](index=99&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=28&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) 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[100](index=100&type=chunk) [Environmental Information Disclosure](index=29&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its four major subsidiaries are included in the list of enterprises required to disclose environmental information, with reports available on the Zhejiang Enterprise Environmental Information Disclosure System - The company and its four major subsidiaries are included in the list of enterprises legally required to disclose environmental information[104](index=104&type=chunk) - Relevant environmental information disclosure reports can be accessed on the Zhejiang Enterprise Environmental Information Disclosure System[104](index=104&type=chunk) [Social Responsibility](index=29&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its corporate social responsibility through timely information disclosure, employee welfare, community service, systematic public welfare initiatives, and rural revitalization efforts - The company actively fulfills its social responsibilities, including information disclosure, employee care, community volunteer services, and public welfare practices[102](index=102&type=chunk) - The company has continuously supported children with autism for **13 consecutive years** and has long donated scholarships to multiple universities, totaling over **5 million CNY**[103](index=103&type=chunk)[104](index=104&type=chunk) - The company signed a **5-year, 3 million CNY** charity agreement with Xiangshan County Charity Federation and a **10-year** long-term cooperation agreement with Ningbo Red Cross Society, focusing on medical assistance, education support, poverty alleviation, disability support, elderly care, and organ donation family assistance[105](index=105&type=chunk) - The company has continuously supported the Liangshan "Buckwheat Flowers Bloom" public education support team for **five years**, contributing to rural education development[105](index=105&type=chunk) Significant Matters [Appointment and Dismissal of Accounting Firms](index=31&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[110](index=110&type=chunk) [Litigation Matters](index=31&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period, with other minor cases totaling **5.43 million CNY**, most of which are ongoing and have no material impact - The company had no significant litigation or arbitration matters during the current reporting period[112](index=112&type=chunk) 2025 Semi-Annual Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (万元) | Provision for Estimated Liabilities | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Enforcement Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigations not meeting the disclosure standard for significant litigation (company as plaintiff) | 543.06 | No | Cases totaling 12.06 million CNY have been concluded; cases involving 531.01 million CNY are ongoing | No significant impact on the company | Some cases are in enforcement | [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=32&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) During the reporting period, neither the company nor its controlling shareholder or actual controller were involved in significant litigation, unfulfilled judgments, large overdue debts, or major illegal activities - During the reporting period, neither the company nor its controlling shareholder or actual controller had any significant litigation or arbitration matters[115](index=115&type=chunk) - There were no unfulfilled effective court judgments, large overdue debts, or major illegal activities[115](index=115&type=chunk) [Significant Related Party Transactions](index=32&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine operational related party transactions with Ningbo Qinbang New Material Technology Co., Ltd. for material procurement, totaling **17.65 million CNY**, within approved limits 2025 Semi-Annual Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Content | Related Transaction Amount (万元) | % of Similar Transactions | Approved Transaction Limit (万元) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Qinbang | Material Procurement | 1,764.53 | 3.31% | 30,000 | No | - The company had no non-operating related party creditor-debtor transactions during the reporting period[119](index=119&type=chunk) - The company did not engage in related party transactions involving asset or equity acquisition/disposal, nor joint external investments during the reporting period[117](index=117&type=chunk)[118](index=118&type=chunk) [Significant Contracts and Their Performance](index=33&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company reported rental income of **1.19 million CNY** and rental expenses of **2.21 million CNY**, with significant guarantees for subsidiaries totaling **18.82%** of net assets, but no other major operating contracts - During the reporting period, the company, as lessor, earned rental income of **1.19 million CNY**, and as lessee, incurred rental expenses of **2.21 million CNY**[126](index=126&type=chunk) - The company and its subsidiaries have multiple joint liability guarantees for subsidiaries, with the total guarantee amount accounting for **18.82%** of the company's net assets[131](index=131&type=chunk) - Debt guarantees provided for guaranteed entities with an asset-liability ratio exceeding **70%** amounted to **16.71 million CNY**[131](index=131&type=chunk) - The company had no significant operating contracts or other major contracts during the reporting period[132](index=132&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=38&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Restricted shares increased by **6,525 shares** and unrestricted shares decreased by the same amount, primarily due to a former supervisor's departure, converting their holdings to restricted shares 2025 Semi-Annual Share Change Status | Share Type | Quantity Before Change (股) | % Before Change | Increase/Decrease in Current Change (股) | Quantity After Change (股) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 35,518,017 | 13.47% | 6,525 | 35,524,542 | 13.47% | | II. Unrestricted Shares | 228,223,533 | 86.53% | -6,525 | 228,217,008 | 86.53% | | **III. Total Shares** | **263,741,550** | **100.00%** | **0** | **263,741,550** | **100.00%** | - The share change was due to the departure of former Supervisory Board Chairman Ying Min, whose company shares became fully restricted within **6 months** after leaving office[137](index=137&type=chunk) 2025 Semi-Annual Restricted Share Change Status | Shareholder Name | Restricted Shares at Period Start (股) | Restricted Shares Increased in Current Period (股) | Restricted Shares at Period End (股) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Zhang Yan | 35,120,442 | 0 | 35,120,442 | Senior Management Lock-up Shares | | Ying Min | 19,575 | 6,525 | 26,100 | Senior Management Lock-up Shares (100% locked after departure) | | **Total** | **35,518,017** | **6,525** | **35,524,542** | | [Number of Shareholders and Shareholding Status](index=40&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **29,632** common shareholders, with the actual controller Zhang Yan holding **17.75%** and the company's buyback account ranking fourth among top shareholders - As of the end of the reporting period, the total number of common shareholders was **29,632**[141](index=141&type=chunk) 2025 Semi-Annual End of Period Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Shares Held at Period End (股) | Restricted Shares Held (股) | Unrestricted Shares Held (股) | Share Status | Quantity (股) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Yan | Domestic Natural Person | 17.75% | 46,827,256 | 35,120,442 | 11,706,814 | Pledged | 6,800,000 | | Yu Genwei | Domestic Natural Person | 4.87% | 12,846,042 | 0 | 12,846,042 | Pledged | 8,540,000 | | Ningbo Exciton Yang Investment Consulting Co., Ltd. | Domestic Non-State-Owned Legal Person | 4.15% | 10,945,420 | 0 | 10,945,420 | Pledged | 1,600,000 | | Liang Xinglu | Domestic Natural Person | 1.52% | 4,000,000 | 0 | 4,000,000 | Not Applicable | 0 | | Weixing Asset Management (Shanghai) Co., Ltd. - Ningbo Meishan Bonded Port Area Xingqidaohe Equity Investment Partnership (Limited Partnership) | Other | 0.64% | 1,699,400 | 0 | 1,699,400 | Not Applicable | 0 | | Wang Wanfeng | Domestic Natural Person | 0.50% | 1,316,400 | 0 | 1,316,400 | Not Applicable | 0 | | Ye Guolin | Domestic Natural Person | 0.42% | 1,107,300 | 0 | 1,107,300 | Not Applicable | 0 | | Bank of China Co., Ltd. - China Merchants Quantitative Selection Stock Fund (Initiated) | Other | 0.41% | 1,077,700 | 0 | 1,077,700 | Not Applicable | 0 | | Zeng Defang | Domestic Natural Person | 0.37% | 982,600 | 0 | 982,600 | Not Applicable | 0 | | Chen Fuhai | Domestic Natural Person | 0.33% | 877,000 | 0 | 877,000 | Not Applicable | 0 | - Zhang Yan directly holds **50.41%** of Ningbo Exciton Yang Investment Consulting Co., Ltd. shares and indirectly controls **6.26%** through Ningbo Jiangbei Chuangzhi Investment Management Partnership (Limited Partnership), thus Zhang Yan and Ningbo Exciton Yang Investment Consulting Co., Ltd. are related shareholders[142](index=142&type=chunk) - The company's share repurchase special securities account holds **4,020,227 shares**, ranking **4th** among the top 10 shareholders[142](index=142&type=chunk) Bond-Related Information [Bond-Related Information](index=44&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[148](index=148&type=chunk) Financial Report [Audit Report](index=45&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[150](index=150&type=chunk) [Financial Statements](index=45&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[151](index=151&type=chunk)[155](index=155&type=chunk)[159](index=159&type=chunk)[163](index=163&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk)[177](index=177&type=chunk) [Consolidated Balance Sheet](index=45&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total assets were **3.61 billion CNY**, with total liabilities of **1.55 billion CNY** and total owners' equity of **2.06 billion CNY** 2025 June 30 Consolidated Balance Sheet Key Data | Item | Period-End Balance (元) | | :--- | :--- | | Total Assets | 3,610,477,875.85 | | Total Current Assets | 2,117,267,070.95 | | Total Non-Current Assets | 1,493,210,804.90 | | Total Liabilities | 1,546,535,848.26 | | Total Owners' Equity | 2,063,942,027.59 | [Parent Company Balance Sheet](index=47&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **2.99 billion CNY**, with total liabilities of **1.16 billion CNY** and total owners' equity of **1.82 billion CNY** 2025 June 30 Parent Company Balance Sheet Key Data | Item | Period-End Balance (元) | | :--- | :--- | | Total Assets | 2,988,793,472.63 | | Total Current Assets | 1,582,621,838.46 | | Total Non-Current Assets | 1,406,171,634.17 | | Total Liabilities | 1,164,915,744.86 | | Total Owners' Equity | 1,823,877,727.77 | [Consolidated Income Statement](index=49&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the 2025 semi-annual period, total operating revenue was **1.07 billion CNY**, a **4.02%** year-on-year decrease, with net profit attributable to parent company shareholders at **116.52 million CNY**, down **6.46%** 2025 Semi-Annual Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (元) | 2024 Semi-Annual (元) | | :--- | :--- | :--- | | Total Operating Revenue | 1,073,850,977.85 | 1,118,882,067.07 | | Total Operating Cost | 954,058,429.93 | 996,308,739.53 | | Operating Profit | 132,465,465.99 | 139,473,294.46 | | Total Profit | 131,448,848.37 | 138,967,175.82 | | Net Profit | 115,659,575.78 | 124,211,565.64 | | Net Profit Attributable to Parent Company Shareholders | 116,524,966.31 | 124,574,455.88 | | Basic Earnings Per Share | 0.44 | 0.47 | | Diluted Earnings Per Share | 0.44 | 0.47 | [Parent Company Income Statement](index=51&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the 2025 semi-annual period, the parent company's operating revenue was **772.59 million CNY**, a **2.85%** year-on-year increase, with net profit at **78.15 million CNY**, up **59.83%** 2025 Semi-Annual Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (元) | 2024 Semi-Annual (元) | | :--- | :--- | :--- | | Operating Revenue | 772,587,851.05 | 751,210,148.14 | | Operating Cost | 635,724,320.99 | 649,684,130.77 | | Operating Profit | 88,911,200.45 | 53,541,451.77 | | Total Profit | 88,617,786.93 | 53,581,020.23 | | Net Profit | 78,145,987.60 | 48,892,737.74 | [Consolidated Cash Flow Statement](index=53&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the 2025 semi-annual period, net cash flow from operating activities was **61.94 million CNY**, a **50.75%** year-on-year decrease, resulting in a net decrease in cash and cash equivalents of **233.93 million CNY** 2025 Semi-Annual Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (元) | 2024 Semi-Annual (元) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 61,942,845.82 | 125,778,277.01 | | Net Cash Flow from Investing Activities | -171,108,322.80 | -175,268,143.45 | | Net Cash Flow from Financing Activities | -126,157,546.42 | -231,430,231.84 | | Net Increase in Cash and Cash Equivalents | -233,933,237.74 | -275,463,459.04 | | Cash and Cash Equivalents at Period End | 225,243,033.56 | 372,215,199.45 | [Parent Company Cash Flow Statement](index=54&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the 2025 semi-annual period, net cash flow from operating activities was **185.99 million CNY**, a **16.69%** year-on-year increase, with a net increase in cash and cash equivalents of **18.85 million CNY** 2025 Semi-Annual Parent Company Cash Flow Statement Key Data | Item | 2025 Semi-Annual (元) | 2024 Semi-Annual (元) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 185,992,507.14 | 159,393,042.62 | | Net Cash Flow from Investing Activities | -11,632,555.24 | -23,275,313.32 | | Net Cash Flow from Financing Activities | -156,017,318.76 | -168,749,637.62 | | Net Increase in Cash and Cash Equivalents | 18,845,677.01 | -31,717,428.95 | | Cash and Cash Equivalents at Period End | 107,899,185.38 | 170,207,359.75 | [Consolidated Statement of Changes in Owners' Equity](index=55&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For the 2025 semi-annual period, total comprehensive income attributable to parent company owners was **117.94 million CNY**, with total owners' equity attributable to parent company at **2.06 billion CNY** at period end 2025 Semi-Annual Consolidated Statement of Changes in Owners' Equity | Item | Total Owners' Equity Attributable to Parent Company (元) | Minority Interests (元) | Total Owners' Equity (元) | | :--- | :--- | :--- | :--- | | I. Balance at End of Prior Year | 1,994,092,793.86 | 4,720,415.85 | 1,998,813,209.71 | | III. Changes in Current Period | 65,994,208.41 | -865,390.53 | 65,128,817.88 | | (I) Total Comprehensive Income | 117,938,473.01 | -865,390.53 | 117,073,082.48 | | (III) Profit Distribution | -51,944,264.60 | 0 | -51,944,264.60 | | IV. Balance at End of Current Period | 2,060,087,002.27 | 3,855,025.32 | 2,063,942,027.59 | [Parent Company Statement of Changes in Owners' Equity](index=59&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For the 2025 semi-annual period, the parent company's total comprehensive income was **78.15 million CNY**, with total owners' equity at **1.82 billion CNY** at period end 2025 Semi-Annual Parent Company Statement of Changes in Owners' Equity | Item | Share Capital (元) | Capital Reserve (元) | Less: Treasury Stock (元) | Other Comprehensive Income (元) | Surplus Reserve (元) | Retained Earnings (元) | Total Owners' Equity (元) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Balance at End of Prior Year | 263,741,550.00 | 948,767,840.15 | 60,934,459.82 | 119,111,052.87 | 71,567,332.39 | 455,422,689.18 | 1,797,676,004.77 | | III. Changes in Current Period | 0 | 0 | 0 | 0 | 0 | 26,201,723.00 | 26,201,723.00 | | (I) Total Comprehensive Income | 0 | 0 | 0 | 0 | 0 | 78,145,987.60 | 78,145,987.60 | | (III) Profit Distribution | 0 | 0 | 0 | 0 | 0 | -51,944,264.60 | -51,944,264.60 | | IV. Balance at End of Current Period | 263,741,550.00 | 948,767,840.15 | 60,934,459.82 | 119,111,052.87 | 71,567,332.39 | 481,624,412.18 | 1,823,877,727.77 | [Company Overview](index=63&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Ningbo Exciton Technology Co., Ltd., listed on the Shenzhen Stock Exchange in November 2016 with **263.74 million CNY** registered capital, specializes in optical films and polymer composite materials, controlled by Zhang Yan - The company was listed on the Shenzhen Stock Exchange in November 2016, with a registered capital of **263.74 million CNY**[185](index=185&type=chunk) - Its main business includes R&D, manufacturing, wholesale, and retail of optical films, polymer composite materials, functional film materials, and chemical products (excluding hazardous chemicals)[186](index=186&type=chunk) - The actual controller is Zhang Yan[187](index=187&type=chunk) - As of June 30, 2025, the scope of consolidated financial statements includes **17 subsidiaries**, such as Xiangshan Exciton, Jiangbei Exciton, and Anhui Exciton[189](index=189&type=chunk)[190](index=190&type=chunk) [Basis of Financial Statement Preparation](index=64&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) These financial statements are prepared in accordance with enterprise accounting standards and CSRC regulations, based on a going concern assumption, with no significant impact on the company's ability to continue operations for the next 12 months - Financial statements are prepared in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission[191](index=191&type=chunk) - These financial statements are prepared on a going concern basis, and the company has the ability to continue as a going concern for **12 months** from the end of the reporting period[192](index=192&type=chunk)[193](index=193&type=chunk) [Significant Accounting Policies and Estimates](index=64&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's adherence to enterprise accounting standards, covering accounting periods, operating cycles, functional currency, business combinations, consolidated financial statements, financial instruments, inventory, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[194](index=194&type=chunk) - Financial instruments are classified as financial assets and liabilities measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk) - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, based on the progress or point in time of performance[278](index=278&type=chunk)[280](index=280&type=chunk) - During the reporting period, the company implemented new accounting standards, including "Interpretation No. 17 of Enterprise Accounting Standards" and "Interim Provisions on Accounting Treatment of Enterprise Data Resources," which had no significant impact on financial position and operating results[309](index=309&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk) [Taxation](index=88&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section outlines the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge, with several subsidiaries enjoying high-tech enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting input tax allowed for the current period, the difference is VAT payable | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 7%, 5%, 1% | | Corporate Income Tax | Calculated based on taxable income | 15%, 16.5%, 17%, 20%, 24%, 25% | | Education Surcharge | Calculated based on actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Calculated based on actual VAT and consumption tax paid | 2% | - The company and Xiangshan Exciton, Jiangbei Exciton, Anhui Exciton, Zhejiang Ziguang, Exciton New Energy, Exciton New Material, and Ningbo Gangzhi, among other subsidiaries, enjoy high-tech enterprise income tax incentives, applying a **15%** tax rate[316](index=316&type=chunk) - Ningbo Tianyuan, Shanghai Exciton, Ningbo Ruixing, Fujian Fuzhi, Zhejiang Xinzh, Ningbo Ziguang, and Ziguang Film Industry, among other subsidiaries, enjoy small and micro enterprise income tax incentives, paying income tax at a **20%** rate[317](index=317&type=chunk) [Notes to Consolidated Financial Statement Items](index=90&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details period-end balances, beginning balances, and current period changes for consolidated financial statement items, highlighting significant movements in cash, accounts receivable, inventory, financial expenses, and net cash flow from operating activities 2025 Semi-Annual Consolidated Financial Statement Major Asset and Liability Item Changes | Item | Period-End Balance (元) | Beginning Balance (元) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 423,273,816.17 | 681,219,191.41 | -37.86% | | Accounts Receivable | 978,027,278.35 | 812,274,320.62 | 20.40% | | Inventories | 325,250,699.33 | 375,600,229.10 | -13.41% | | Short-Term Borrowings | 381,888,137.64 | 390,847,924.70 | -2.30% | | Long-Term Borrowings | 161,884,170.67 | 138,160,031.67 | 17.17% | | Operating Revenue | 1,073,850,977.85 | 1,118,882,067.07 | -4.02% | | Operating Cost | 812,405,106.97 | 846,280,937.84 | -4.00% | | Financial Expenses | 6,750,374.57 | 3,158,066.84 | 113.75% | | R&D Expenses | 61,327,218.01 | 71,685,575.53 | -14.45% | | Net Cash Flow from Operating Activities | 61,942,845.82 | 125,778,277.01 | -50.75% | - Goodwill's book value was **34.93 million CNY**, primarily from the acquisition of Zhejiang Ziguang, with no impairment occurring at period end[466](index=466&type=chunk)[473](index=473&type=chunk) - Deferred income tax assets at period end amounted to **14.86 million CNY**, and deferred income tax liabilities were **13.32 million CNY**[481](index=481&type=chunk) - Total assets with restricted ownership or use rights at period end amounted to **399.92 million CNY**, primarily due to pledges or mortgages of various assets[489](index=489&type=chunk) [R&D Expenses](index=141&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenses for the reporting period were **61.33 million CNY**, entirely expensed, representing a **14.45%** year-on-year decrease, primarily comprising direct materials, employee compensation, depreciation, and energy costs 2025 Semi-Annual R&D Expense Composition | Item | Amount Incurred in Current Period (元) | Amount Incurred in Prior Period (元) | | :--- | :--- | :--- | | Direct Materials | 28,426,860.59 | 38,227,983.25 | | Employee Compensation | 23,102,170.46 | 20,605,901.21 | | Depreciation and Amortization | 3,250,508.89 | 2,814,581.13 | | Fuel and Power | 3,076,736.21 | 3,680,727.75 | | Other | 3,470,941.86 | 6,356,382.19 | | **Total** | **61,327,218.01** | **71,685,575.53** | | Of which: Expensed R&D Expenditures | 61,327,218.01 | 71,685,575.53 | - All R&D expenditures in the current period were expensed, with no capitalized R&D projects[596](index=596&type=chunk)[597](index=597&type=chunk) [Changes in Consolidation Scope](index=141&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control, thus no significant changes in the consolidation scope - During the reporting period, the company had no non-same-control business combinations, same-control business combinations, reverse acquisitions, or transactions involving the disposal of subsidiaries leading to loss of control[600](index=600&type=chunk)[604](index=604&type=chunk)[605](index=605&type=chunk)[608](index=608&type=chunk) [Interests in Other Entities](index=144&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in 17 subsidiaries, mostly wholly-owned, and equity-accounted investments in associates like Ningbo Woyan, Jujia Technology, Boya Juli, and Zhejiang Functional Film - The company owns **17 subsidiaries**, including Xiangshan Exciton, Jiangbei Exciton, and Anhui Exciton, with most having a **100%** shareholding ratio[608](index=608&type=chunk)[609](index=609&type=chunk) 2025 Semi-Annual Minority Interests and Profit/Loss of Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Profit/Loss Attributable to Minority Shareholders in Current Period (元) | Minority Interests Balance at Period End (元) | | :--- | :--- | :--- | :--- | | Ningbo Tianyuan | 46.00% | 1,085,022.33 | 4,462,622.20 | | Ningbo Gangzhi | 49.00% | -598,343.12 | 3,897,609.89 | - The company accounts for its investments in associates such as Ningbo Woyan, Jujia Technology, Boya Juli, and Zhejiang Functional Film using the equity method[616](index=616&type=chunk) [Government Grants](index=150&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Government grants are primarily recognized as deferred income and other income, with deferred income at **66.08 million CNY** at period end, and total grants recognized in current profit or loss amounting to **25.81 million CNY** 2025 Semi-Annual Liability Items Involving Government Grants | Accounting Item | Beginning Balance (元) | Amount Transferred to Other Income in Current Period (元) | Period-End Balance (元) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 71,767,159.96 | 5,684,896.01 | 66,082,263.95 | Asset-related | 2025 Semi-Annual Government Grants Included in Current Profit or Loss | Accounting Item | Amount Incurred in Current Period (元) | Amount Incurred in Prior Period (元) | | :--- | :--- | :--- | | Deferred Income | 5,684,896.01 | 5,910,215.98 | | Other Income | 20,128,243.25 | 16,668,540.88 | [Risks Related to Financial Instruments](index=150&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks (including exchange rate, interest rate, and other price risks) through diversified investments, credit monitoring, cash flow forecasting, and maintaining appropriate fixed/floating rate instrument portfolios - The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk, and other price risks)[627](index=627&type=chunk) - The company manages credit and liquidity risks through diversified investments, assessing customer credit, and monitoring cash balances and cash flow forecasts[628](index=628&type=chunk)[629](index=629&type=chunk)[630](index=630&type=chunk) - The company manages interest rate and exchange rate risks by determining the proportion of fixed and floating rate instruments and monitoring foreign currency transactions, with no forward foreign exchange contracts or currency swap contracts signed during the reporting period[634](index=634&type=chunk) 2025 Semi-Annual End of Period Analysis of Undiscounted Contractual Cash Flows of Financial Liabilities | Item | Immediately Repayable (元) | Within 1 Year (元) | 1 to 2-5 Years (元) | Total Undiscounted Contractual Amount (元) | Book Value (元) | | :--- | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | | 381,888,137.64 | | 381,888,137.64 | 381,888,137.64 | | Notes Payable | | 511,397,335.01 | | 511,397,335.01 | 511,397,335.01 | | Accounts Payable | | 308,728,719.06 | | 308,728,719.06 | 308,728,719.06 | | Other Non-Current Liabilities Due Within One Year | | 32,477,007.62 | | 32,477,007.62 | 32,477,007.62 | | Other Current Liabilities | | 17,869,563.55 | | 17,869,563.55 | 17,869,563.55 | | Long-Term Borrowings | | | 161,884,170.67 | 161,884,170.67 | 161,884,170.67 | | **Total** | | **1,252,360,762.88** | **161,884,170.67** | **1,414,244,933.55** | **1,414,244,933.55** | [Disclosure of Fair Value](index=153&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's fair value measured assets include trading financial assets (Level 1), other equity instrument investments (Level 2), and accounts receivable financing (Level 3), with fair values determined using various valuation techniques 2025 Semi-Annual End of Period Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (元) | Level 2 Fair Value Measurement (元) | Level 3 Fair Value Measurement (元) | Total (元) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 130,000,000.00 | | | 130,000,000.00 | | (III) Other Equity Instrument Investments | | 269,745,650.45 | | 269,745,650.45 | | Accounts Receivable Financing | | | 97,107,804.55 | 97,107,804.55 | | Other Non-Current Financial Assets | | 3,000,000.00 | | 3,000,000.00 | | **Total Assets Continuously Measured at Fair Value** | **130,000,000.00** | **272,745,650.45** | **97,107,804.55** | **499,853,455.00** | - Bank wealth management products use quoted prices in active markets to determine fair value (Level 1)[644](index=644&type=chunk) - External investments refer to recent external investment prices of the investee company to determine fair value (Level 2)[645](index=645&type=chunk) - Accounts receivable financing (bank acceptance bills) uses book value as fair value due to short remaining maturity (Level 3)[646](index=646&type=chunk) [Related Parties and Related Party Transactions](index=154&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The ultimate controlling party is Zhang Yan, holding **21.90%** of voting rights. The company engaged in material procurement with Ningbo Qinbang for **17.65 million CNY** and provided/received various guarantees with related parties - The ultimate controlling party of the enterprise is Zhang Yan, who directly holds **17.75%** of the company's shares and indirectly holds **4.15%** through controlled entities, totaling **21.90%** of voting rights[647](index=647&type=chunk)[648](index=648&type=chunk) 2025 Semi-Annual Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Transaction Content | Amount Incurred in Current Period (元) | Amount Incurred in Prior Period (元) | | :--- | :--- | :--- | :--- | | Ningbo Qinbang | Material Procurement | 17,645,266.12 | 82,306,590.95 | | Ningbo Qinbang | Water Fees | | 1,979.45 | - The company as guarantor provides multiple guarantees for subsidiaries including Exciton New Energy, Anhui Exciton, Jiangbei Exciton, Zhejiang Ziguang, Ningbo Tianyuan, Fujian Fuzhi, Ningbo Gangzhi, and Zhejiang Xinzh[657](index=657&type=chunk)[658](index=658&type=chunk) - The company as guaranteed party receives guarantees from related parties such as Jiangbei Exciton, Zhejiang Ziguang, Xiangshan Exciton, and Zhang Yan[659](index=659&type=chunk) 2025 Semi-Annual Key Management Personnel Remuneration | Item | Amount Incurred in Current Period (元) | Amount Incurred in Prior Period (元) | | :--- | :--- | :--- | | Key Management Personnel Remuneration | 1,352,600.00 | 1,176,640.00 | [Commitments and Contingencies](index=159&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the reporting period end, the company has significant commitments including mortgage guarantees for bank loans, guarantees for bank acceptance bills, letters of credit, and forward foreign exchange transactions, but no material contingent matters requiring disclosure - The company has multiple mortgage guarantees for bank loans, using assets such as buildings and land use rights as collateral[670](index=670&type=chunk) - The company and its subsidiaries provide guarantees for bank acceptance bills, irrevocable letters of credit, and forward foreign exchange settlement and sales, involving significant amounts[670](index=670&type=chunk)[671](index=671&type=chunk)[672](index=672&type=chunk) - The company had no significant contingent matters requiring disclosure during the reporting period[673](index=673&type=chunk) [Supplementary Information](index=173&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides a detailed statement of non-recurring gains and losses totaling **17.34 million CNY**, along with key financial metrics such as weighted average return on net assets at **5.68%** and basic/diluted earnings per share at **0.44 CNY/share** 2025 Semi-Annual Non-Recurring Gains and Losses Detailed Statement | Item | Amount (元) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 197,796.86 | | Government Subsidies Included in Current Profit/Loss | 21,529,007.70 | | Other Non-Operating Income and Expenses Apart from the Above | -1,016,617.62 | | Less: Income Tax Impact | 3,026,655.11 | | Impact on Minority Shareholders' Equity (After Tax) | 344,628.91 | | **Total** | **17,338,902.92** | 2025 Semi-Annual Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (元/股) | Diluted Earnings Per Share (元/股) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 5.68% | 0.44 | 0.44 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 4.83% | 0.38 | 0.38 |

证券日报网讯激智科技（300566）8月25日在互动平台回答投资者提问时表示，公司股东激扬投资减持 公司股票系其经营资金需要。激扬投资看好公司的长期发展，未来进行减持时在时点、方式和价格上会 充分考虑公司股价稳定和中小投资者利益。 ...

Core Viewpoint - The company, Jizhi Technology (300566.SZ), announced that its controlling shareholder, Zhang Yan, through his action group Ningbo Jiyang Investment Consulting Co., Ltd., plans to reduce its shareholding in the company by up to 2,736,355 shares, which represents no more than 1.05% of the total share capital [1][2]. Summary by Relevant Sections - **Shareholding Details** - Ningbo Jiyang Investment Consulting Co., Ltd. holds 10,945,420 shares, accounting for 4.15% of the total shares and 4.21% of the total shares excluding the repurchased shares [1][2]. - Zhang Yan is the controlling shareholder and actual controller of the company, directly holding 50.41% of Jiyang Investment [2]. - **Reduction Plan** - The reduction plan will commence 15 trading days after the announcement, starting from September 8, 2025, and will be executed through block trades and centralized bidding [1]. - **Previous Fundraising Activities** - In December 2021, the company issued 27,920,000 shares at a price of 25.00 CNY per share, raising a total of 698 million CNY, with a net amount of approximately 688.33 million CNY after deducting issuance costs [4]. - The raised funds are intended for the construction of optical film production bases, solar packaging adhesive film production bases, and to supplement working capital [4].