Core Viewpoint - The company has approved a stock incentive plan for 2025 at the 2024 annual shareholders' meeting, aimed at binding core talents and building a stable and efficient management and technical team [1] Group 1: Strategic Considerations - The stock incentive plan is implemented during a critical industry transformation period to bind core talents and create a stable and efficient management and technical team [1] - The incentive scheme includes a multi-dimensional assessment system covering financial indicators, market growth, and R&D innovation, reflecting the management's determination to promote transformation and upgrade [1] - This plan is a significant measure for the company to address industry challenges and achieve sustainable development, highlighting the management's commitment to transformation in adversity and the importance of core competitive elements, particularly talented personnel [1]

Core Insights - The company, Zhongqi Co., Ltd. (300575.SZ), reported a revenue of 1.331 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.59% [1] - The net profit attributable to shareholders turned negative, amounting to a loss of 60.5394 million yuan, indicating a shift from profit to loss compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 61.6416 million yuan, with a basic earnings per share of -0.13 yuan [1]

Group 1 - The core viewpoint is that the pesticide industry is currently at the bottom of its cycle, facing short-term pressures from repeated capacity construction and declining product prices [1] - The company emphasizes its commitment to technological innovation and increased R&D investment, aiming to launch market-promising patented and self-developed products in the future [1] - The company plans to strengthen its core competitiveness through optimizing product structure and expanding domestic and international market share, ensuring steady long-term value growth [1] Group 2 - The company is highly attentive to capital market dynamics and market value management, intending to improve and optimize its market value management work in compliance with legal regulations [1] - Future strategies will be aligned with the company's strategic planning, financial status, and market environment [1]

中旗股份(300575.SZ)发布2025年半年度报告，报告期内，公司实现营业收入13.31亿元，同比增长 10.59%。归属于上市公司股东净亏损6053.94万元。归属于上市公司股东的扣除非经常性损益净亏损 6164.16万元。基本每股亏损0.13元。 ...

Core Viewpoint - The company has successfully launched multiple projects at its Anhui Ningyitai factory, indicating progress in its production capabilities and potential revenue generation [1] Project Details - The projects that have been launched include: - 3000 tons of Acaricide project - 500 tons of Benzolacetone project - 1000 tons of Acetochlor project - 1000 tons of Isoxaflutole project [1]

江苏中旗科技股份有限公司 2025年上半年非经营性资金占用及其他关联资金往来情况汇总表 附件： 公司法定代表人：吴耀军 主管会计工作负责人：吴耀军 会计机构负责人：刘红妮 编制单位：江苏中旗科技股份有限公司 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年初占用资 金余额 2025年上半年占 用累计发生金额 (不含利息) 2025年上半年占 用资金的利息(如 有) 2025年上半年偿 还累计发生金额 2025年6月末占用 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 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 非经营性占用 小计 — — — 其他关联方及其附属企业 非经营性占用 小计 — — — 总计 — — — 其他关联资金往来 资金往来方名称 往来方与上市公 司的关联关系 上市公司核算的 会计科目 2025年初往来资 金余额 2025年上半年往 来累计发生金额 (不含利息) 2025年上半年往 来资金的利息 2025年上半年偿 还累计发生 ...

证券代码：300575 证券简称：中旗股份 公告编号：2025-030 江苏中旗科技股份有限公司 第四届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 《2025 年半年度报告》及其摘要详见公司在中国证监会指定创业板信息披露网站巨 潮资讯网发布的公告。 表决结果：同意票 5 票，反对票 0 票，弃权票 0 票；议案获得通过。 （二）审议通过《关于使用自有资金进行现金管理的议案》 为加强对自有资金的管理，提高资金使用效率和收益水平，在不影响正常经营的情 况下，拟使用闲置自有资金不超过人民币 20,000 万元（含）购买理财产品。在该额度范 围内，资金可以滚动使用。投资期限自获董事会审议通过之日起 1 年内有效。 《关于使用自有资金进行现金管理的公告》详见公司在中国证监会指定创业板信息 披露网站巨潮资讯网发布的公告。 表决结果：同意票 5 票，反对票 0 票，弃权票 0 票；议案获得通过。 一、董事会会议召开情况 江苏中旗科技股份有限公司（以下简称"公司"）第四届董事会第十次会议于 2025 年 8 月 25 日在南京市玄武区徐庄软件园苏 ...

证券代码：300575 证券简称：中旗股份 公告编号：2025-031 江苏中旗科技股份有限公司 第四届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票；议案获得通过。 （二）审议通过《关于使用自有资金进行现金管理的议案》 为加强对自有资金的管理，提高资金使用效率和收益水平，在不影响正常经营的情 况下，拟使用闲置自有资金不超过人民币 20,000 万元（含）购买理财产品。在该额度范 围内，资金可以滚动使用。投资期限自获董事会审议通过之日起 1 年内有效。 《关于使用自有资金进行现金管理的公告》详见公司在中国证监会指定创业板信息 披露网站巨潮资讯网发布的公告。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票；议案获得通过。 一、监事会会议召开情况 江苏中旗科技股份有限公司（以下简称"公司"）第四届监事会第九次会议于 2025 年 8 月 25 日在南京市玄武区徐庄软件园苏园路 6 号 2 栋会议室召开，以现场及通讯表决相 结合的方式召开，会议应出席监事 3 人，实际出席监 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, outlines the report's structure, and defines key terms for clarity and consistent understanding [Important Notes](index=2&type=section&id=Important%20Notes) The board, supervisory board, and senior management guarantee the report's accuracy, with all directors attending the review, and no cash dividends or bonus shares planned for the period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - Wu Yaojun, the company's head, and Liu Hongni, the chief accountant, declare the financial report to be 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=Table%20of%20Contents) This section lists the report's overall structure, comprising eight main chapters covering company profile, financial indicators, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial statements - The report contains eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, and financial statements[6](index=6&type=chunk) [Definitions](index=4&type=section&id=Definitions) This section defines common terms used in the report, including company names, subsidiary names, laws and regulations, product types, and the reporting period, to ensure consistent understanding of the content - This section defines key terms used in the report, such as "Zhongqi Shares," "Flag," and "Guorui Chemical" for company entities[10](index=10&type=chunk) - It explains laws and regulations like the "Company Law" and "Securities Law," as well as major product types including herbicides, fungicides, and insecticides[10](index=10&type=chunk) - The "Reporting Period" is defined as January 1, 2025, to June 30, 2025[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance and position indicators for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) The company's stock abbreviation is "Zhongqi Shares," stock code 300575, listed on the Shenzhen Stock Exchange, with Wu Yaojun as the legal representative and no changes in contact or registration information during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhongqi Shares | | Stock Code | 300575 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Jiangsu Zhongqi Technology Co., Ltd | | Legal Representative | Wu Yaojun | - The company's contact information, information disclosure, designated locations, and registration status remained unchanged during the reporting period, with specific details available in the 2024 annual report[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 10.59% year-on-year, but net profit attributable to shareholders of the listed company significantly decreased by 240.99%, with net cash flow from operating activities also falling sharply by 264.17%, and basic earnings per share turning negative Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,330,878,279.08 | 1,203,459,043.57 | 10.59% | | Net Profit Attributable to Shareholders of Listed Company | -60,539,350.17 | 42,937,629.53 | -240.99% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -61,641,584.56 | 43,307,588.21 | -242.33% | | Net Cash Flow from Operating Activities | -185,161,572.79 | 112,783,306.64 | -264.17% | | Basic Earnings Per Share (CNY/share) | -0.13 | 0.09 | -244.44% | | Weighted Average Return on Net Assets | -2.90% | 1.96% | -4.86% | | **Period-end Indicators** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change (%)** | | Total Assets | 4,698,254,659.03 | 4,412,257,969.81 | 6.48% | | Net Assets Attributable to Shareholders of Listed Company | 2,043,452,809.20 | 2,122,194,536.87 | -3.71% | - The company's financial reports for the reporting period show no differences in net profit and net assets between international accounting standards or overseas accounting standards and Chinese accounting standards[18](index=18&type=chunk)[19](index=19&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 1.10 million**, primarily comprising government grants, gains and losses from disposal of non-current assets, and other non-operating income and expenses, which had an impact on net profit Non-recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -2,447.11 | | Government Grants Recognized in Current Profit/Loss | 1,180,269.56 | | Other Non-operating Income and Expenses Apart from the Above | -75,884.24 | | Less: Income Tax Impact | -3,984.00 | | Impact on Minority Interests (After Tax) | 3,687.82 | | **Total** | **1,102,234.39** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring profit or loss items[22](index=22&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, financial performance, core competitiveness, and risk factors during the reporting period [Main Business Activities During the Reporting Period](index=9&type=section&id=Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business involves the R&D, production, and sales of new, efficient, and low-toxicity pesticides, operating within the chemical raw materials and chemical products manufacturing industry [Industry Development Status](index=9&type=section&id=Industry%20Development%20Status) In the first half of 2025, the global pesticide market is expected to grow steadily, driven by food demand and pest control, while China's pesticide exports show increased volume but decreased prices, with the industry shifting towards green and intelligent transformation - The global pesticide market size was approximately **USD 79.06 billion** in 2024, projected to reach **USD 118.51 billion** by 2031, with a compound annual growth rate of approximately **6.0%** from 2025 to 2031[24](index=24&type=chunk) - In 2024, China's pesticide export volume increased by **28.8%** to **3.18 million tons**, with export value increasing by **11.14%** to **USD 8.99 billion**, continuing a trend of "divergence between volume and price"[26](index=26&type=chunk) - In the first half of 2025, the number of domestic pesticide technical registrations increased by approximately **40%**, with herbicides accounting for **54%**, and cumulative chemical pesticide technical output reaching **2.08 million tons**, a year-on-year increase of **9.7%**[29](index=29&type=chunk)[30](index=30&type=chunk) - Global environmental trends and domestic policies, such as the "14th Five-Year Plan for Pesticide Industry Development" and "One Certificate, One Product" policy, are driving the pesticide industry towards green, efficient, and large-scale transformation[26](index=26&type=chunk)[32](index=32&type=chunk) [Company Overview](index=11&type=section&id=Company%20Overview) The company operates in the C26 chemical raw materials and chemical products manufacturing industry, focusing on the R&D, production, and sales of new, efficient, and low-toxicity pesticides, maintaining a leading position in several niche product markets - The company operates in the C26 chemical raw materials and chemical products manufacturing sector within the manufacturing industry[34](index=34&type=chunk) - The company's main business is the research, development, production, and sales of new, efficient, and low-toxicity pesticides[34](index=34&type=chunk) - The company is in a growth and development stage, with product R&D adhering to a combination of imitation and innovation, focusing on the development of original pesticides and those with expiring patents[34](index=34&type=chunk) - The company holds a leading position in various niche product markets, including **fluroxypyr-meptyl**, **lufenuron**, **thiamethoxam**, **clodinafop-propargyl**, **cyhalofop-butyl**, **methoxyphenone**, **oxadiargyl**, and **isoxaflutole**[35](index=35&type=chunk) Company's Main Products, Uses, and Competitive Advantages | Product Category | Main Products | Uses | Competitive Advantages | | :--- | :--- | :--- | :--- | | Herbicides | Fluroxypyr-meptyl | Controls broadleaf weeds in cereal crops like wheat, barley, and corn | Early market entry, stable sales channels, scale advantage, self-sufficient raw material supply, manufacturing cost advantage | | Herbicides | Cyhalofop-butyl | Rice field herbicide, controls graminaceous weeds like barnyardgrass and junglerice | Early market entry, stable sales channels, scale advantage, advanced technology, high product quality | | Insecticides | Thiamethoxam | Controls aphids, leafhoppers, thrips, and planthoppers on various crops like rice, vegetables, and fruit trees | Early market entry, stable sales channels, scale advantage, advanced technology, high product quality | | Insecticides | Lufenuron | Highly effective against various lepidopteran pests on multiple crops, especially excellent efficacy against noctuid moths | Early market entry, stable sales channels, scale advantage, manufacturing cost advantage | [Key Performance Drivers](index=13&type=section&id=Key%20Performance%20Drivers) During the reporting period, the company's operating revenue increased by 10.59% year-on-year, but net profit attributable to shareholders of the listed company decreased by 240.99%, primarily due to the phase of low pesticide product prices influenced by industry overcapacity - During the reporting period, the company's operating revenue was **CNY 1.33 billion**, a year-on-year increase of **10.59%**[37](index=37&type=chunk) - Net profit attributable to shareholders of the listed company was **CNY -60.54 million**, a year-on-year decrease of **240.99%**[37](index=37&type=chunk) - The decline in net profit was primarily due to product prices being at a temporary low, influenced by industry overcapacity[37](index=37&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its technological innovation, product quality, strategic product selection, market expansion, strong customer relationships, and comprehensive management system [Technological Advantages](index=13&type=section&id=Technological%20Advantages) The company prioritizes technological innovation, possessing a provincial enterprise technology center, postgraduate workstation, and postdoctoral innovation practice base, with 204 pesticide registration certificates, 111 production licenses, and 161 authorized patents as of June 30, 2025 - The company has established a provincial enterprise technology center, a provincial postgraduate workstation, and has been recognized as a key enterprise R&D institution and provincial postdoctoral innovation practice base in Jiangsu Province[39](index=39&type=chunk) - As of June 30, 2025, the company and its subsidiaries have obtained a total of **204** pesticide registration certificates and **111** production licenses in China, holding **161** authorized patents, including **13** authorized foreign invention patents[39](index=39&type=chunk) - The company's R&D focuses on process development for new off-patent drugs and original drug R&D, with the new green rice herbicide FG001 having completed new pesticide registration trials, and the new green non-selective herbicide FG009 and new green fungicide FG201 having completed pilot-scale verification[40](index=40&type=chunk) [Product Quality Advantages](index=14&type=section&id=Product%20Quality%20Advantages) The company maintains high standards for product quality, benchmarking against multinational corporations, and through continuous process improvement and a stringent quality control system, ensures high-quality products that meet the demands of high-end international markets, establishing a strong brand image - The company benchmarks against multinational corporations, ensuring high product quality through improved process technology and strict quality indicators[40](index=40&type=chunk) - The company has established stringent quality control standards and procedures for product enterprise standard setting, supplier evaluation, raw material inspection, production process control, product cross-contamination control, ex-factory inspection, transportation quality control, and technical services[40](index=40&type=chunk) [Product Selection Advantages](index=14&type=section&id=Product%20Selection%20Advantages) The company formulates product upgrade and R&D registration strategies by continuously monitoring domestic and international markets, researching national industrial policies, observing new product trends of leading global pesticide companies, analyzing customer sales varieties, and integrating its own R&D achievements, ensuring market prospects for its product selection - The company's product selection is based on continuous monitoring and in-depth research of domestic and international markets[41](index=41&type=chunk) - Key considerations include close market tracking, research into national industrial policies, dynamics of new products from leading global pesticide companies, analysis of customer sales product varieties, and integrating its own R&D achievements for product upgrades and replacements[41](index=41&type=chunk) [Market Expansion Advantages](index=15&type=section&id=Market%20Expansion%20Advantages) Leveraging extensive technical reserves, forward-looking product planning, and continuous capital investment, the company possesses valuable license resources, including 204 pesticide registration certificates and 111 production licenses, along with multiple overseas registration certificates, enabling flexible production and immediate supply capabilities - The company and its subsidiaries have obtained a total of **204** pesticide registration certificates and **111** production licenses in China, as well as multiple registration certificates in major overseas markets, possessing abundant license resources[42](index=42&type=chunk) - The company has the ability to flexibly switch production between different products, demonstrating strong immediate supply capabilities[42](index=42&type=chunk) - In the coming years, the company plans to intensify market expansion in major global agrochemical markets such as Brazil, Argentina, Australia, and the European Union[42](index=42&type=chunk) [Close Customer Relationships](index=15&type=section&id=Close%20Customer%20Relationships) The company has established stable strategic supplier relationships with multinational agrochemical companies such as Corteva, Bayer, Syngenta, BASF Agro, and Sumitomo Chemical, continuously deepening cooperation from intermediates to technicals, formulations, and new varieties - The company has become a strategic supplier to multinational agrochemical companies such as Corteva, Bayer, Syngenta, BASF Agro, and Sumitomo Chemical, maintaining stable supply relationships[42](index=42&type=chunk) - Cooperation between the parties has continuously expanded and deepened; for example, collaboration with Corteva has extended from intermediates to technicals, formulations, and other new varieties[43](index=43&type=chunk) - Multinational agrochemical enterprises have assisted the company in establishing a comprehensive production management system through training and audits, thereby enhancing its management capabilities[43](index=43&type=chunk) [Comprehensive Management System](index=16&type=section&id=Comprehensive%20Management%20System) The company has established standardized technical production workshops utilizing DCS production lines, enhancing safety, yield, and equipment utilization, while prioritizing environmental protection and safety through ISO management systems and centralized procurement - The company has established multiple standardized technical production workshops, adopting advanced computer-controlled DCS production lines, which have improved yield and equipment utilization[45](index=45&type=chunk) - The company places high importance on safety and environmental protection, implementing ISO9001 (Quality), ISO14001 (Environment), ISO45001 (Occupational Health and Safety) management systems, and introducing the ISO50001 (Energy) management system in 2022[46](index=46&type=chunk) - For general procurement items such as equipment, raw materials, consumables, and services common to all subsidiaries within the group, the company adopts a "centralized procurement" model and reduces procurement costs through bidding processes[46](index=46&type=chunk) - The company continuously implements human resource optimization projects, strengthens employee accountability, and vigorously promotes team building, attracting external talent and enhancing internal talent development[47](index=47&type=chunk) [Main Business Analysis](index=16&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by 10.59%, but a larger increase in operating costs led to a decline in gross profit margin, while sales expenses rose by 31.02% due to overseas expansion and domestic market promotion, and financial expenses surged by 630.36% due to exchange rate fluctuations and increased working capital loans [Year-on-Year Changes in Key Financial Data](index=16&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) During the reporting period, the company's operating revenue grew by 10.59%, but operating costs increased by 20.88%, squeezing profit margins, while sales expenses rose by 31.02% due to market expansion, and financial expenses surged by 630.36% due to reduced net exchange gains and increased interest on working capital loans Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,330,878,279.08 | 1,203,459,043.57 | 10.59% | | | Operating Cost | 1,196,630,163.11 | 989,902,986.96 | 20.88% | | | Selling Expenses | 30,555,548.31 | 23,322,015.56 | 31.02% | Accelerated overseas expansion and domestic market promotion of formulation products, expanded sales team | | Administrative Expenses | 83,150,354.47 | 85,559,824.69 | -2.82% | | | Financial Expenses | 14,616,844.72 | -2,756,024.35 | -630.36% | Exchange rate fluctuations led to reduced net exchange gains, increased interest expenses on working capital loans | | Income Tax Expense | 3,929,875.52 | 4,440,333.29 | -11.50% | | | R&D Investment | 44,030,807.44 | 38,021,425.05 | 15.81% | | | Net Cash Flow from Operating Activities | -185,161,572.79 | 112,783,306.64 | -264.17% | Increase in accounts receivable and decrease in operating profit | | Net Cash Flow from Investing Activities | -105,720,206.42 | -139,156,109.08 | -24.03% | | | Net Cash Flow from Financing Activities | 255,461,185.00 | -7,107,018.46 | -3,694.49% | Increase in working capital loans | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[50](index=50&type=chunk) [Products or Services Accounting for Over 10% of Revenue](index=17&type=section&id=Products%20or%20Services%20Accounting%20for%20Over%2010%25%20of%20Revenue) The pesticide industry remains the company's primary revenue source, with its gross profit margin decreasing by 7.73% year-on-year, while domestic sales revenue increased by 45.33% and overseas sales revenue decreased by 16.94% Operating Revenue, Cost, and Gross Profit Margin by Industry, Product, and Region | Category | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin (%) | Change in Operating Revenue Year-on-Year (%) | Change in Operating Cost Year-on-Year (%) | Change in Gross Profit Margin Year-on-Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Pesticide Industry | 1,316,858,262.56 | 1,182,893,839.86 | 10.17% | 10.48% | 20.88% | -7.73% | | **By Product** | | | | | | | | Pesticide Technical | 944,910,315.15 | 884,165,135.46 | 6.43% | 4.92% | 21.33% | -12.66% | | Pesticide Formulations | 154,032,175.71 | 115,579,714.91 | 24.96% | 12.15% | 11.79% | 0.23% | | Pesticide Intermediates | 72,562,055.11 | 50,989,833.76 | 29.73% | 18.60% | -15.79% | 28.69% | | Trading Revenue | 145,353,716.59 | 132,159,155.73 | 9.08% | 56.68% | 53.75% | 1.73% | | **By Region** | | | | | | | | Domestic Sales | 773,076,956.73 | 745,584,222.97 | 3.56% | 45.33% | 53.25% | -4.98% | | Overseas Sales | 557,801,322.35 | 451,045,940.14 | 19.14% | -16.94% | -10.40% | -5.90% | [Non-Operating Business Analysis](index=18&type=section&id=Non-Operating%20Business%20Analysis) During the reporting period, the company's non-operating businesses negatively impacted total profit, primarily due to credit impairment losses and asset impairment, while investment income was negative due to equity method accounting for associate companies, and other income mainly comprised sustainable government grants related to daily operations Impact of Non-Operating Business on Total Profit | Item | Amount (CNY) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -108,903.87 | 0.19% | Investment losses from associate companies recognized under the equity method | No | | Asset Impairment | -5,453,366.95 | 9.69% | Provision for inventory depreciation | No | | Non-operating Income | 488,523.16 | -0.87% | Gains unrelated to daily operating activities | No | | Non-operating Expenses | 562,207.40 | -1.00% | Losses from disposal of fixed assets and public welfare donations | No | | Credit Impairment Losses | -9,734,648.05 | 17.29% | Provision for bad debts corresponding to increased accounts receivable | No | | Other Income | 4,423,032.63 | -7.86% | Government grants related to daily operating activities | Yes | [Analysis of Assets and Liabilities](index=18&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 6.48%, with significant increases in accounts receivable and short-term borrowings, while assets totaling **CNY 331.04 million** were restricted, primarily for bank acceptance bill deposits, endorsed/discounted but unrecognized notes receivable, and mortgaged fixed and intangible assets [Significant Changes in Asset Composition](index=18&type=section&id=Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, the company's total assets increased by 6.48%, with accounts receivable and short-term borrowings showing significant changes, primarily due to increased sales revenue and a corresponding rise in working capital loans Significant Changes in Asset and Liability Composition | Item | Amount at End of Current Period (CNY) | Percentage of Total Assets (%) | Amount at End of Prior Year (CNY) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 430,525,647.09 | 9.16% | 466,886,013.27 | 10.58% | -1.42% | | | Accounts Receivable | 664,752,339.13 | 14.15% | 473,952,010.55 | 10.74% | 3.41% | Increase in sales revenue in the second quarter of the current reporting period compared to the fourth quarter of the prior year led to a corresponding increase in accounts receivable | | Inventories | 561,689,955.78 | 11.96% | 522,293,104.35 | 11.84% | 0.12% | | | Short-term Borrowings | 790,675,338.81 | 16.83% | 569,875,956.56 | 12.92% | 3.91% | Increase in accounts receivable and inventories at the end of the current reporting period compared to the beginning of the period led to a corresponding increase in working capital loans | | Other Payables | 57,600,117.52 | 1.23% | 17,533,909.99 | 0.40% | 0.83% | Liabilities recognized for restricted stock repurchase obligations in the current reporting period | | Notes Receivable | 190,047,368.09 | 4.05% | 145,794,524.27 | 3.30% | 0.75% | Increase in endorsed but unexpired notes receivable not derecognized | | Receivables Financing | 114,379,018.87 | 2.43% | 57,810,062.02 | 1.31% | 1.12% | Increase in unendorsed and undiscounted notes receivable at the end of the current reporting period | - The company's main asset measurement attributes did not undergo significant changes during the reporting period[59](index=59&type=chunk) [Assets and Liabilities Measured at Fair Value](index=19&type=section&id=Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value totaled **CNY 34.75 million**, primarily comprising trading financial assets and other equity instrument investments, with no fair value changes occurring during the period Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | | Trading Financial Assets (excluding derivative financial assets) | 29,746,542.68 | 29,746,542.68 | | Other Equity Instrument Investments | 5,000,000.00 | 5,000,000.00 | | **Subtotal Financial Assets** | **34,746,542.68** | **34,746,542.68** | | **Total Above** | **34,746,542.68** | **34,746,542.68** | - Fair value change gains and losses for the current period were **CNY 0**, and cumulative fair value changes recognized in equity were **CNY 0**[59](index=59&type=chunk) [Asset Restrictions as of the End of the Reporting Period](index=20&type=section&id=Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had **CNY 331.04 million** in restricted assets, mainly including bank acceptance bill deposits, notes receivable that were endorsed/discounted but not derecognized, and fixed and intangible assets pledged for financing Asset Restrictions | Item | Book Value as of June 30, 2025 (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 92,318,515.45 | Bank acceptance bill deposits | | Notes Receivable | 134,736,210.41 | Notes receivable endorsed/discounted but not derecognized | | Fixed Assets | 29,976,315.74 | Mortgaged for financing | | Intangible Assets | 74,008,189.63 | Mortgaged for financing | | **Total** | **331,039,231.23** | | [Investment Analysis](index=20&type=section&id=Investment%20Analysis) During the reporting period, the company's total investment amounted to **CNY 95.25 million**, a year-on-year decrease of 42.11%, with the "Annual Production of 15,500 Tons of New Pesticide Technical and Related Products Project" being the main investment, having accumulated **CNY 1.10 billion** in capital expenditure from bank loans and self-owned funds [Overall Situation](index=20&type=section&id=Overall%20Situation) During the reporting period, the company's total investment was **CNY 95.25 million**, a decrease of 42.11% compared to the same period last year Investment Amount for the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount for the Reporting Period | 95,247,678.68 | | Investment Amount for the Prior Period | 164,545,736.84 | | Change Rate | -42.11% | [Significant Non-Equity Investments in Progress During the Reporting Period](index=20&type=section&id=Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The company's significant non-equity investment project, "Annual Production of 15,500 Tons of New Pesticide Technical and Related Products," has a total planned investment of **CNY 2.10 billion**, with **CNY 1.10 billion** accumulated as of the end of the reporting period, funded by bank loans and self-owned capital Significant Non-Equity Investment Project Status | Project Name | Investment Method | Industry | Total Project Investment (CNY) | Accumulated Investment as of End of Reporting Period (CNY) | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | | Annual Production of 15,500 Tons of New Pesticide Technical and Related Products Project | Self-built | Chemical | 2,099,265,700.00 | 1,099,013,678.47 | Bank loans, self-owned funds | [Financial Assets Measured at Fair Value](index=21&type=section&id=Financial%20Assets%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value totaled **CNY 34.75 million**, including equity investments and other self-owned fund investments, with no fair value changes occurring during the current period Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Ending Balance (CNY) | Funding Source | | :--- | :--- | :--- | :--- | | Other (Equity Investment) | 29,746,542.68 | 29,746,542.68 | Equity investment | | Other (Self-owned Funds) | 5,000,000.00 | 5,000,000.00 | Self-owned funds | | **Total** | **34,746,542.68** | **34,746,542.68** | | [Analysis of Major Holding and Associate Companies](index=22&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major holding subsidiaries include Huaian Guorui Chemical Co., Ltd., Anhui Ningyitai Technology Co., Ltd., and Jiangsu Zhongqi Crop Protection Technology Co., Ltd., with Huaian Guorui Chemical and Jiangsu Zhongqi Crop Protection being profitable, while Anhui Ningyitai Technology incurred losses, negatively impacting the company's net profit Financial Information of Major Holding and Associate Companies | Company Name | Company Type | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaian Guorui Chemical Co., Ltd. | Subsidiary | 370,000,000 | 893,499,356.80 | 432,922,934.33 | 328,136,275.65 | 16,153,368.01 | 11,578,354.87 | | Anhui Ningyitai Technology Co., Ltd. | Subsidiary | 400,000,000 | 1,468,130,832.63 | 346,345,914.34 | 214,117,915.66 | -66,309,830.49 | -64,344,817.17 | | Jiangsu Zhongqi Crop Protection Technology Co., Ltd. | Subsidiary | 15,000,000 | 141,153,437.80 | 60,128,917.67 | 95,767,871.05 | 12,030,871.70 | 11,398,964.68 | - The company did not acquire or dispose of any subsidiaries during the reporting period[75](index=75&type=chunk) [Company Risks and Countermeasures](index=24&type=section&id=Company%20Risks%20and%20Countermeasures) The company faces risks from overcapacity leading to price declines, environmental protection and safety production, large-scale construction investments impacting profits, and policy and exchange rate fluctuations, which it addresses through cost reduction, market expansion, enhanced safety and environmental management, optimized investment control, and international trade and exchange rate policy research - Risk: Rapid expansion of pesticide industry capacity leads to overcapacity and disorderly low-price competition, causing product prices to continuously decline and eroding enterprise profit margins[75](index=75&type=chunk) - Countermeasures: Reduce manufacturing costs, explore new customers and markets, increase production and sales volume to dilute fixed costs, and improve capacity utilization[75](index=75&type=chunk) - Risk: Pesticide production involves wastewater, waste gas, solid waste, and hazardous chemicals, posing environmental protection and safety production accident risks[76](index=76&type=chunk) - Countermeasures: Prioritize EHS work, improve system regulations, ensure full employee participation, strengthen supervision and inspection, enhance inherent safety levels, and establish sound emergency mechanisms[76](index=76&type=chunk)[77](index=77&type=chunk) - Risk: Large-scale construction investments will lead to increased capital expenditures, rising depreciation, interest, and operating costs, and new projects require time to reach full production and market expansion, potentially affecting short-term performance[78](index=78&type=chunk) - Countermeasures: Optimize process design, control investment costs, strengthen project management, accelerate construction and production processes, and expedite market promotion[78](index=78&type=chunk) - Risk: High proportion of overseas sales revenue means exchange rate fluctuations and deteriorating foreign trade environment (e.g., anti-dumping, increased tariffs) may impact export business and overall performance[79](index=79&type=chunk) - Countermeasures: Strengthen research on international trade and exchange rate policies, reasonably formulate trade terms and settlement methods, and adopt measures such as export trade financing, exchange rate fluctuation adjustment clauses, and foreign exchange derivatives to manage exchange rate risks[79](index=79&type=chunk) [Corporate Governance, Environment, and Society](index=26&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, including personnel adjustments, profit distribution plans, employee incentive programs, and its commitment to environmental protection and social responsibility [Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there was a change in the company's senior management, with Luo Hang's dismissal as Deputy General Manager and Chief Financial Officer on March 1, 2025, due to personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Luo Hang | Deputy General Manager and Chief Financial Officer | Dismissal | March 1, 2025 | Personal reasons | [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=26&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Reporting%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[84](index=84&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company implemented the 2025 Restricted Stock Incentive Plan to establish a long-term incentive mechanism, with 12.24 million shares initially granted at **CNY 3.03 per share** to 322 recipients, listed on June 20, 2025 - The company formulated the "2025 Restricted Stock Incentive Plan (Draft)" and its summary, aiming to establish a long-term incentive mechanism to attract and retain outstanding talent[85](index=85&type=chunk) - This incentive plan was reviewed and approved by the Board's Remuneration and Assessment Committee, the Board of Directors, the Supervisory Board, and the General Meeting of Shareholders[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - On June 17, 2025, the company announced the completion of the initial grant registration for restricted stock, with the grant date being May 28, 2025, and the listing date being June 20, 2025[89](index=89&type=chunk) Initial Grant of 2025 Restricted Stock Incentive Plan | Indicator | Content | | :--- | :--- | | Number of Shares Initially Granted | 12.24 million shares | | Percentage of Total Share Capital Before Initial Grant | 2.63% | | Number of Recipients for Initial Grant | 322 people | | Initial Grant Price | CNY 3.03/share | [Environmental Information Disclosure](index=29&type=section&id=Environmental%20Information%20Disclosure) The company and its three major subsidiaries are listed as enterprises required to disclose environmental information, each maintaining dedicated safety management teams, continuously improving EHS management systems, and investing significantly in safety production, with no major safety accidents reported during the period - The company and its major subsidiaries, Jiangsu Zhongqi Technology Co., Ltd., Huaian Guorui Chemical Co., Ltd., and Anhui Ningyitai Technology Co., Ltd., are all included in the list of enterprises required to disclose environmental information by law[92](index=92&type=chunk) - The parent company's EHS department is staffed with **23** full-time safety management personnel, including **7** national registered safety engineers, with **CNY 3.94 million** invested in safety production in the first half of 2025, and no general or above safety production accidents occurred[94](index=94&type=chunk)[96](index=96&type=chunk) - Guorui Chemical's EHS department is staffed with **13** full-time safety management personnel, including **3** national registered safety engineers, with **CNY 1.47 million** invested in safety production in the first half of 2025, and no general or above safety production accidents occurred[97](index=97&type=chunk)[99](index=99&type=chunk) - Ningyitai's safety department has **8** full-time staff and **16** registered national safety engineers, with **CNY 2.72 million** invested in safety production in the first half of 2025, and no general or above safety production accidents occurred[100](index=100&type=chunk)[102](index=102&type=chunk) - All subsidiaries have established comprehensive safety management systems, including dual prevention mechanisms, safety production responsibility systems, rules and regulations, and emergency response plans, and have installed DCS and SIS systems connected to emergency management departments[95](index=95&type=chunk)[98](index=98&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) [Social Responsibility](index=29&type=section&id=Social%20Responsibility) The company adheres to a "people-oriented" philosophy, prioritizing employee health, safety, and satisfaction through diverse training and cultural activities, while strictly complying with environmental regulations, continuously improving processes, and ensuring transparent governance and investor returns - The company adheres to a "people-oriented" talent philosophy, strictly complies with labor laws and regulations, focuses on employee health, safety, and satisfaction, and provides diverse training including onboarding, on-the-job, and skills training[93](index=93&type=chunk) - The company emphasizes corporate culture development, organizing sports, entertainment, and cultural activities, such as Safety Production Month events, to strengthen all employees' safety awareness and responsibility[93](index=93&type=chunk) - The company strictly complies with national laws and regulations on safety, environmental protection, and occupational health, continuously improves process technology, actively enhances the surrounding environment, and fosters harmonious development with local communities[93](index=93&type=chunk)[94](index=94&type=chunk) - The company ensures timely, accurate, truthful, and complete information disclosure through improved corporate governance and communicates with investors through various channels, prioritizing reasonable returns for investors[94](index=94&type=chunk) [Significant Events](index=33&type=section&id=Significant%20Events) This section details major events affecting the company during the reporting period, including significant contracts, guarantees, and other material matters [Significant Contracts and Their Performance](index=35&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, but provided guarantees totaling **CNY 2.20 billion** for several subsidiaries, with an actual outstanding guarantee balance of **CNY 1.21 billion**, representing 59.24% of the company's net assets, all being joint liability guarantees for related parties [Significant Guarantees](index=35&type=section&id=Significant%20Guarantees) During the reporting period, the company approved a total guarantee limit of **CNY 340.50 million** for subsidiaries, with actual guarantees amounting to **CNY 210.32 million**, and as of the end of the reporting period, the total approved guarantee limit for subsidiaries was **CNY 2.20 billion**, with an actual outstanding guarantee balance of **CNY 1.21 billion**, representing 59.24% of the company's net assets, all being joint liability guarantees for related parties Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (CNY 10,000) | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaian Guorui Chemical Co., Ltd. | 5,000 | 4,998.84 | Joint liability guarantee | Sep 25, 2024 to Sep 24, 2025 | No | Yes | | Huaian Guorui Chemical Co., Ltd. | 5,640 | 1,690.62 | Joint liability guarantee | Nov 12, 2022 to Nov 11, 2028 | No | Yes | | Anhui Ningyitai Technology Co., Ltd. | 54,000 | 39,056 | Joint liability guarantee | Aug 27, 2021 to Aug 26, 2029 | No | Yes | | Anhui Ningyitai Technology Co., Ltd. | 68,870 | 22,942.15 | Joint liability guarantee | Mar 20, 2024 to Mar 19, 2035 | No | Yes | | Jiangsu Flag International Trade Co., Ltd. | 8,000 | 2,577.37 | Joint liability guarantee | Feb 23, 2025 to Feb 23, 2026 | No | Yes | | Shandong Langsheng Technology Co., Ltd. | 7,700 | 2,037.45 | Joint liability guarantee | Nov 25, 2024 to Nov 25, 2032 | No | Yes | Total Guarantee Amount | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Total Approved Guarantee Limit During Reporting Period | 34,050 | | Total Actual Guarantee Amount During Reporting Period | 21,032.12 | | Total Approved Guarantee Limit at End of Reporting Period | 219,760 | | Total Actual Guarantee Balance at End of Reporting Period | 121,062.65 | | Ratio of Total Actual Guarantee Amount to Company's Net Assets | 59.24% | [Share Changes and Shareholder Information](index=39&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital structure and provides information on its shareholders during the reporting period [Share Changes](index=39&type=section&id=Share%20Changes) During the reporting period, the company's total share capital increased by **12.24 million shares** to **476.99 million shares** due to the implementation of the 2025 Restricted Stock Incentive Plan, leading to an increase in restricted shares and a corresponding decrease in unrestricted shares, impacting per-share metrics [Share Changes](index=39&type=section&id=Share%20Changes) The company's total share capital increased by **12.24 million shares** to **476.99 million shares** due to the completion of the initial grant registration for the 2025 Restricted Stock Incentive Plan, with restricted shares increasing from 26.26% to 28.15% of the total share capital, a change approved by the board and shareholders Share Changes | Share Type | Number Before Change (shares) | Percentage Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 122,048,184 | 26.26% | 12,236,000 | 134,284,184 | 28.15% | | II. Unrestricted Shares | 342,708,216 | 73.74% | 0 | 342,708,216 | 71.85% | | **III. Total Shares** | **464,756,400** | **100.00%** | **12,236,000** | **476,992,400** | **100.00%** | - The share change was due to the completion of the initial grant registration for the 2025 Restricted Stock Incentive Plan, with **12.24 million shares** granted at a price of **CNY 3.03/share**[134](index=134&type=chunk) - This share change was approved by the company's Board Remuneration and Assessment Committee, Board of Directors, Supervisory Board, and General Meeting of Shareholders[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) - Following this grant registration, the company's total share capital increased from **464.76 million shares** to **476.99 million shares**, with basic earnings per share for the reporting period at **CNY -0.13**, diluted earnings per share at **CNY -0.13**, and net assets per share attributable to common shareholders at **CNY 4.28**[140](index=140&type=chunk) [Changes in Restricted Shares](index=41&type=section&id=Changes%20in%20Restricted%20Shares) During the reporting period, the company's restricted shares increased by **12.24 million shares**, bringing the total restricted shares to **12.26 million shares** at period-end, primarily due to equity incentive restricted shares and senior management lock-up shares, with several directors and senior executives receiving new restricted shares under the equity incentive plan Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Increase in Restricted Shares This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Lu Yang | 26,250 | 200,000 | 226,250 | Senior management lock-up shares, equity incentive restricted shares | | Liu Shanhe | 0 | 230,000 | 230,000 | Equity incentive restricted shares | | Zhu Decai | 0 | 230,000 | 230,000 | Equity incentive restricted shares | | Cheng Jiuxiang | 0 | 230,000 | 230,000 | Equity incentive restricted shares | | Zhang Pu | 0 | 200,000 | 200,000 | Equity incentive restricted shares | | Wang Fengbin | 0 | 200,000 | 200,000 | Equity incentive restricted shares | | Xie Dong | 0 | 160,000 | 160,000 | Equity incentive restricted shares | | Qian Guozheng | 0 | 150,000 | 150,000 | Equity incentive restricted shares | | Cheng Hengjun | 0 | 140,000 | 140,000 | Equity incentive restricted shares | | Cao Kousen | 0 | 120,000 | 120,000 | Equity incentive restricted shares | | Equity Incentive Recipients Other Than Directors and Senior Management | 0 | 10,376,000 | 10,376,000 | Equity incentive restricted shares | | **Total** | **26,250** | **12,236,000** | **12,262,250** | | [Company Shareholder Numbers and Shareholding Status](index=42&type=section&id=Company%20Shareholder%20Numbers%20and%20Shareholding%20Status) At the end of the reporting period, the company had **27,005** common shareholders, with Wu Yaojun holding the largest stake at 28.49% and, together with Zhang Ji (his spouse), serving as the controlling shareholder and actual controller, while some of Wu Yaojun's shares were pledged - The total number of common shareholders at the end of the reporting period was **27,005**[144](index=144&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Yaojun | Domestic Natural Person | 28.49% | 135,915,312 | 101,936,484 | 33,978,828 | Pledged | 55,500,000 | | Zhang Ji | Domestic Natural Person | 5.60% | 26,730,000 | 20,047,500 | 6,682,500 | Not applicable | 0 | | China Foreign Economy and Trade Trust Co., Ltd. - Foreign Trade Trust - Ruijin 16th Zhongou Ruibo Securities Investment Collective Fund Trust Plan | Other | 0.99% | 4,699,500 | 0 | 4,699,500 | Not applicable | 0 | | Wang Jie | Domestic Natural Person | 0.96% | 4,600,000 | 0 | 4,600,000 | Not applicable | 0 | | Guotai Jiatai Stock Special Pension Product - China Merchants Bank Co., Ltd. | Other | 0.82% | 3,903,817 | 0 | 3,903,817 | Not applicable | 0 | - Wu Yaojun and Zhang Ji are a married couple and are the company's controlling shareholders and actual controllers[146](index=146&type=chunk) Shareholding Status of Top 10 Unrestricted Shareholders | Shareholder Name | Number of Unrestricted Shares Held at End of Reporting Period (shares) | Share Type | Number (shares) | | :--- | :--- | :--- | :--- | | Wu Yaojun | 33,978,828 | RMB Common Stock | 33,978,828 | | Zhang Ji | 6,682,500 | RMB Common Stock | 6,682,500 | | China Foreign Economy and Trade Trust Co., Ltd. - Foreign Trade Trust - Ruijin 16th Zhongou Ruibo Securities Investment Collective Fund Trust Plan | 4,699,500 | RMB Common Stock | 4,699,500 | | Wang Jie | 4,600,000 | RMB Common Stock | 4,600,000 | | Guotai Jiatai Stock Special Pension Product - China Merchants Bank Co., Ltd. | 3,903,817 | RMB Common Stock | 3,903,817 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Board Secretary Lu Yang's shareholding changed, with an initial holding of **35,000 shares**, an increase of **200,000 shares** in the current period, and an end-of-period holding of **235,000 shares**, including **200,000 restricted shares** granted under the equity incentive plan Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased This Period (shares) | Shares Held at End of Period (shares) | Restricted Shares Granted at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lu Yang | Board Secretary | Current | 35,000 | 200,000 | 235,000 | 200,000 | | **Total** | | | **35,000** | **200,000** | **235,000** | **200,000** | [Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[149](index=149&type=chunk) - The company's actual controller did not change during the reporting period[149](index=149&type=chunk) [Bond-Related Matters](index=47&type=section&id=Bond-Related%20Matters) This section addresses any bond-related information pertinent to the company during the reporting period [Bond-Related Matters](index=47&type=section&id=Bond-Related%20Matters) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[152](index=152&type=chunk) [Financial Report](index=48&type=section&id=Financial%20Report) This section presents the company's comprehensive financial statements, including the audit report, balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items [Audit Report](index=48&type=section&id=Audit%20Report) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[154](index=154&type=chunk) [Financial Statements](index=48&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the financial position, operating results, and cash flow at the end of the reporting period - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[155](index=155&type=chunk)[160](index=160&type=chunk)[164](index=164&type=chunk)[168](index=168&type=chunk)[172](index=172&type=chunk)[175](index=175&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) [Company Overview](index=66&type=section&id=Company%20Overview) Jiangsu Zhongqi Technology Co., Ltd. was established through the overall conversion of Jiangsu Zhongqi Chemical Co., Ltd., underwent several equity transfers and capital increases, and completed its initial public offering in 2016, with its name changing in 2017, and its total share capital increasing to **476.99 million shares** during the reporting period due to a restricted stock incentive plan - Jiangsu Zhongqi Technology Co., Ltd. was established through the overall conversion of Jiangsu Zhongqi Chemical Co., Ltd., completing its industrial and commercial registration in 2012[190](index=190&type=chunk) - The company initially issued **18.35 million** RMB common shares to the public in December 2016, changing its registered capital to **CNY 73.35 million**[193](index=193&type=chunk) - The company's name was changed from Jiangsu Zhongqi Crop Protection Co., Ltd. to Jiangsu Zhongqi Technology Co., Ltd. on September 18, 2017[193](index=193&type=chunk) - On May 28 and June 10, 2025, due to the grant and adjustment of the restricted stock incentive plan, the company's total share capital ultimately increased to **476.99 million shares**[197](index=197&type=chunk) - The company's business scope includes pesticide production, wholesale, retail, import and export trade, chemical product sales, and biological pesticide technology R&D[198](index=198&type=chunk) [Basis of Financial Statement Preparation](index=69&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and their interpretations, and discloses financial information following the China Securities Regulatory Commission's disclosure rules, having assessed its ability to continue as a going concern for the next 12 months without identifying any adverse matters - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards and their application guidelines and interpretations[200](index=200&type=chunk) - The company also discloses relevant financial information in accordance with the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)"[200](index=200&type=chunk) - The company has assessed its ability to continue as a going concern for 12 months from the end of the reporting period and has not identified any matters affecting its ability to continue as a going concern[201](index=201&type=chunk) [Significant Accounting Policies and Estimates](index=69&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates used in preparing the financial statements, covering compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, receivables financing, other receivables, contract assets, inventories, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and other important accounting policies and estimates - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, changes in owners' equity, and cash flows[203](index=203&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a normal operating cycle of one year, and the functional currency is RMB[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk) - Materiality criteria determination methods and selection basis include: significant write-offs of receivables, individually provided bad debt provisions for other receivables, write-offs of other receivables, construction in progress, accounts payable, contract liabilities, other payables, and investment activity amounts greater than **CNY 1 million** or **CNY 10 million**; significant joint ventures or associates with book values greater than **CNY 10 million** at period-end; and significant non-wholly owned subsidiaries whose total assets/total revenue/total profit exceed **5%** of the group's total assets/total revenue/total profit[207](index=207&type=chunk) - The company has established detailed accounting policies and estimation methods for key financial items such as financial instruments, accounts receivable, inventories, fixed assets, intangible assets, revenue recognition, and share-based payments[249](index=249&type=chunk)[295](index=295&type=chunk)[300](index=300&type=chunk)[320](index=320&type=chunk)[330](index=330&type=chunk)[368](index=368&type=chunk)[361](index=361&type=chunk) [Taxes](index=119&type=section&id=Taxes) This section discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, and corporate income tax, with the parent company and Sukenonghua enjoying a 15% high-tech enterprise income tax rate, and Hong Kong subsidiaries Qitai Holdings and Qili Holdings benefiting from a reduced 8.25% profits tax rate on the first **HKD 2 million** of onshore profits Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Sales Amount | 13%, 9%, 6%, Exempt | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7%, 5% | | Corporate Income Tax | Taxable Income | 15%, 16.5%, 17%, 25% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Parent Company | 15% | | Sukenonghua | 15% | | QITAI INTERNATIONAL HOLDING LTD. | 16.5% | | QILI INTERNATIONAL HOLDING LTD. | 16.5% | | QIDA INTERNATIONAL HOLDING PTE. LTD. | 17% | | Guorui Chemical | 25% | | Flag | 25% | | Zhongqi Crop Protection | 25% | | Hongfeng Equity Investment | 25% | | Ningyitai | 25% | | Zhongqi Seed Industry | 25% | | Yien Bio | 25% | | Sukenonghua Nanjing | 25% | | Shandong Langsheng | 25% | - The parent company and Sukenonghua, having completed high-tech enterprise registration, enjoy a **15%** corporate income tax rate for three years starting from 2022[413](index=413&type=chunk)[414](index=414&type=chunk) - The profits tax rate for the first **HKD 2 million** of onshore profits for Hong Kong subsidiaries Qitai Holdings and Qili Holdings has been reduced from **16.5%** to **8.25%**[415](index=415&type=chunk) [Notes to Consolidated Financial Statement Items](index=120&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, other receivables, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, short-term borrowings, notes payable, accounts payable, other payables, contract liabilities, employee benefits payable, taxes payable, non-current liabilities due within one year, other current liabilities, long-term borrowings, deferred income, share capital, capital reserves, treasury stock, specific reserves, surplus reserves, undistributed profits, operating revenue and cost, taxes and surcharges, administrative expenses, selling expenses, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset impairment losses, gains from asset disposal, non-operating income, non-operating expenses, income tax expense, and cash flow statement items - Monetary funds at period-end amounted to **CNY 430.53 million**, of which **CNY 92.32 million** was restricted as bank acceptance bill deposits[417](index=417&type=chunk) - Accounts receivable at period-end amounted to **CNY 664.75 million**, with a bad debt provision of **CNY 35.02 million**, primarily accrued on a portfolio basis[434](index=434&type=chunk) - Inventories at period-end had a book value of **CNY 561.69 million**, with an inventory depreciation provision of **CNY 12.38 million**[489](index=489&type=chunk) - Fixed assets at period-end had a book value of **CNY 2.09 billion**, with accumulated depreciation of **CNY 1.12 billion**[530](index=530&type=chunk) - Construction in progress at period-end had a book value of **CNY 224.80 million**, with major projects including the Ningyitai project and Guorui Chemical plant construction[538](index=538&type=chunk) - Short-term borrowings at period-end amounted to **CNY 790.68 million**, an increase of **38.75%** from the beginning of the period, primarily due to increased working capital loans[576](index=576&type=chunk)[577](index=577&type=chunk) - Other payables at period-end amounted to **CNY 57.60 million**, an increase of **228.51%** from the beginning of the period, primarily due to liabilities recognized for restricted stock repurchase obligations[592](index=592&type=chunk)[594](index=594&type=chunk) - Share capital at period-end amounted to **CNY 476.99 million**, with an increase of **CNY 12.24 million** in the current period, primarily due to the grant of the restricted stock incentive plan[624](index=624&type=chunk) - Undistributed profits at period-end amounted to **CNY 1.19 billion**, with net profit attributable to owners of the parent company for the current period being **CNY -60.54 million**[635](index=635&type=chunk) - Operating revenue for the current period was **CNY 1.33 billion**, and operating cost was **CNY 1.20 billion**[637](index=637&type=chunk) - Financial expenses for the current period amounted to **CNY 14.62 million**, an increase of **CNY 17.37 million** from the prior period, primarily due to exchange rate fluctuations and increased working capital loans[646](index=646&type=chunk) [R&D Expenses](index=171&type=section&id=R%26D%20Expenses) During the reporting period, the company's total R&D expenditure was **CNY 44.29 million**, comprising **CNY 44.03 million** in expensed R&D and **CNY 0.26 million** in capitalized R&D, with the latter primarily for the process development of a new green original fungicide R&D Expenditure Composition | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 19,135,645.23 | 16,277,940.99 | | Depreciation and Amortization | 3,497,144.19 | 4,228,587.32 | | Material Costs | 3,079,025.00 | 3,206,837.05 | | Testing Service Fees | 11,964,077.81 | 11,700,99

证券代码：300575 证券简称：中旗股份 公告编号：2025-034 江苏中旗科技股份有限公司 关于使用自有资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （三）投资额度：根据公司及子公司闲置自有资金情况，拟购买理财产品总额度不 超过20,000万元（含）。在该额度内资金可循环使用，即任意时点未到期的理财产品余 额不超过20,000万元（含）。 （四）投资品种：以安全性高、流动性好、低风险的理财产品，不涉及股票及其衍 生产品、证券投资基金、以证券投资为目的的委托理财产品及其他与证券相关的投资品 种。 （五）投资期限及授权：自公司第四届董事会第十次会议审议通过之日起1年内有 效。在额度范围内，董事会授权董事长行使该项投资决策权并签署相关合同与文件，公 司财务负责人组织实施。 （六）资金来源：公司及子公司的闲置自有资金。 江苏中旗科技股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开了第四届 董事会第十次会议，审议通过了《关于使用自有资金进行现金管理的议案》。 为加强对自有资金的管理，提高资金使用效率和收益水平，在不影 ...