格隆汇8月27日丨利安隆(300596.SZ)公布2025年半年度报告，上半年公司实现营业收入29.95亿元，同比 增长6.21%；归属于上市公司股东的净利润2.41亿元，同比增长9.60%；归属于上市公司股东的扣除非经 常性损益的净利润2.36亿元，同比增长11.55%；基本每股收益1.0507元。 ...

证券代码：300596 证券简称：利安隆 公告编号：2025-062 天津利安隆新材料股份有限公司 关于召开 2025 年第三次临时股东会的通知 本公司及全体董事会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。 经天津利安隆新材料股份有限公司（以下简称"公司"）第五届董事会第二 次会议审议通过，公司将于 2025 年 9 月 15 日召开 2025 年第三次临时股东会， 现将有关事项通知如下： 公司股东只能选择现场投票、网络投票方式中的一种表决方式。如同一表决 权出现重复投票的，以第一次投票结果为准。网络投票包含深圳证券交易所交易 系统和深圳证券交易所互联网投票系统两种投票方式，同一股份只能选择其中一 种投票方式。 （1）截止股权登记日 2025 年 9 月 9 日（星期二）下午 15:00 深圳证券交易 所收市时，在中国证券登记结算有限责任公司深圳分公司登记在册的公司全体普 通股股东均有权出席股东会，并可以以书面形式委托代理人出席会议和参加表决， 该股东代理人不必是本公司股东，或在网络投票时间内参加网络投票。 （2）本公司的董事及高级管理人员。 （3）本公司聘请的见证律师及其 ...

证券代码：300596 证券简称：利安隆 公告编号：2025-061 天津利安隆新材料股份有限公司 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。 天津利安隆新材料股份有限公司(以下简称"公司")于 2025 年 8 月 27 日召 开第五届董事会第二次会议，审议通过了《关于拟注册和发行中期票据的议案》。 为进一步拓宽融资渠道、优化融资结构，以及为公司战略布局投入储备资金 通道，根据《中华人民共和国公司法》《银行间债券市场非金融企业债务融资工 具管理办法》等法律、法规的规定，结合公司实际发展需要，公司拟向中国银行 间市场交易商协会（以下简称"交易商协会"）申请注册并发行中期票据，并根 据市场情况以及自身资金需求状况在注册额度内择机一次性或分期发行。 本事项尚需提交公司股东会审议。 一、本次注册发行中期票据的基本方案 或申请一般性用途债务融资工具。本次拟注册及发行不超过人民币 20 亿元（含 书载明的额度及公司实际发行需要为准； 体期限将根据公司的资金需求及市场情况确定； 最终结果确定； 根据市场情况和公司资金需求情况确定； 买者除外）； 二、本次发行中期票据的 ...

Meeting Details - The second meeting of the fifth board of directors of Tianjin Lianlong New Materials Co., Ltd. was held on August 17, 2025, via telephone and email notifications [1] - All 7 directors attended the meeting, which was chaired by Chairman Li Haiping, and the meeting procedures complied with relevant laws and regulations [1] Financial Reporting - The board confirmed that the 2025 semi-annual report and its summary were prepared and reviewed in accordance with legal requirements, accurately reflecting the company's operational status for the first half of 2025 [2] - The voting results for the approval of the semi-annual report were unanimous, with 7 votes in favor and no opposition [2] Corporate Restructuring - The board approved the absorption merger of Tianjin Aoruifu Biopharmaceutical Co., Ltd. with Tianjin Aolifu Biotechnology Co., Ltd., which aims to optimize the company's equity structure and improve management efficiency [2][3] - The investment in Aoruifu will increase from 4 million yuan to 6.5 million yuan, raising the ownership stake to 50.71%, maintaining Aoruifu as a subsidiary [3] Financing Strategy - The board agreed to apply for the registration and issuance of medium-term notes totaling up to 2 billion yuan to enhance financing channels and optimize the financing structure [3][4] - The issuance plan requires approval from the shareholders' meeting and registration with the trading association, with the board authorized to handle related matters [4] Upcoming Shareholder Meeting - A third temporary shareholders' meeting is scheduled for September 15, 2025, to be conducted with both on-site and online voting [4]

Core Viewpoint - The company plans to register and issue medium-term notes with a total scale not exceeding RMB 2 billion, aimed at various financial and operational purposes [1] Group 1 - The company will hold its fifth board meeting on August 27, 2025, to review the proposal for the issuance of medium-term notes [1] - The registration and issuance scale of the medium-term notes will not exceed RMB 2 billion, including the full amount [1] - The term of the medium-term notes will not exceed 5 years, including the 5-year period [1] Group 2 - The funds raised will be used for repaying interest-bearing liabilities, supplementing working capital, project construction in the field of technological innovation, research and development investment, and mergers and acquisitions [1]

利安隆公告，2025年上半年营业收入29.95亿元，同比增长6.21%。净利润2.41亿元，同比增长9.60%。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors and senior management declare the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - Company's responsible person Fan Xiaopeng, chief accountant Yan Wenjia, and head of accounting department Yan Wenjia declare the truthfulness, accuracy, and completeness of the financial report[4](index=4&type=chunk) - The company plans not to distribute semi-annual cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report features a clear directory structure with eight main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports, along with reference documents - The report comprises eight main chapters, from important notices to financial reports, presenting a complete structure[7](index=7&type=chunk) - Reference documents include the semi-annual report summary and full text signed by the legal representative and stamped by the company, financial statements signed by the responsible person, and original announcements of all company documents publicly disclosed during the reporting period[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, including abbreviations for the company and its subsidiaries, the reporting period, and professional terms related to core businesses and products such as polymer material chemical additives, antioxidants, light stabilizers, U-pack, lubricant additives, biological building blocks, and PI - The reporting period is defined as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - Core business-related terms such as polymer material chemical additives, antioxidants, light stabilizers, U-pack, lubricant additives, biological building blocks, and PI are all explained in detail[14](index=14&type=chunk)[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Tianjin Rianlon New Materials Co., Ltd. (stock abbreviation: Rianlon, stock code: 300596) is listed on the Shenzhen Stock Exchange, with Fan Xiaopeng as its legal representative - Company stock abbreviation: **Rianlon**, stock code: **300596**[17](index=17&type=chunk) - The company is listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's legal representative is Fan Xiaopeng[17](index=17&type=chunk) [II. Contact Person and Contact Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The company's Board Secretary is Xie Jintao, and the Securities Affairs Representative is Liu Jia, both located at 4th Floor, Building F, No. 20 Kaihua Road, Huayuan Industrial Zone, Nankai District, Tianjin, with contact details provided - Board Secretary: Xie Jintao, Securities Affairs Representative: Liu Jia[18](index=18&type=chunk) - Contact address: 4th Floor, Building F, No. 20 Kaihua Road, Huayuan Industrial Zone, Nankai District, Tianjin[18](index=18&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure and storage locations, or registration changes, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[19](index=19&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[20](index=20&type=chunk) - The company's registration status remained unchanged during the reporting period[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company achieved operating revenue of **2.995 billion RMB**, a year-on-year increase of **6.21%**; net profit attributable to shareholders of the listed company was **241 million RMB**, a year-on-year increase of **9.60%**; basic earnings per share was **1.0507 RMB**, a year-on-year increase of **9.61%**. Net cash flow from operating activities was **-56.25 million RMB**, a year-on-year decrease of **146.28%** 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,995,045,028.68 | 2,819,944,582.18 | 6.21% | | Net Profit Attributable to Shareholders of the Listed Company | 241,256,421.77 | 220,116,661.19 | 9.60% | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-recurring Gains and Losses | 236,269,070.48 | 211,808,932.15 | 11.55% | | Net Cash Flow from Operating Activities | -56,252,334.97 | 121,552,500.92 | -146.28% | | Basic Earnings Per Share (RMB/share) | 1.0507 | 0.9586 | 9.61% | | Diluted Earnings Per Share (RMB/share) | 1.0507 | 0.9586 | 9.61% | | Weighted Average Return on Net Assets | 5.28% | 5.21% | 0.07% | | Total Assets (End of Period) | 9,720,995,904.19 | 9,134,140,669.49 | 6.42% | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 4,616,106,071.34 | 4,459,356,235.31 | 3.52% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese Accounting Standards - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[24](index=24&type=chunk) [VI. Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **4.987 million RMB**, primarily including government subsidies and gains/losses from entrusted investments, after deducting non-current asset disposal gains/losses and income tax effects 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets (including the reversal of impairment provisions already made) | -1,879,115.50 | | Government subsidies recognized in current profit or loss (excluding government subsidies closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 8,111,791.52 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 470,094.35 | | Gains/losses from entrusted investment or asset management | 2,652,506.17 | | Other non-operating income and expenses apart from the above items | -2,655,657.18 | | Less: Income tax impact | 1,596,094.87 | | Impact on minority interests (after tax) | 116,173.20 | | Total | 4,987,351.29 | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Principal Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=I.%20Principal%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) As a high-tech enterprise, the company strategically plans three business curves: polymer material anti-aging, lubricant additives, and life sciences, while actively expanding into emerging electronic-grade polyimide (PI) materials through independent R&D and M&A for business diversification and technological leadership - The company has strategically planned three business curves: polymer material anti-aging business (First Life Curve), lubricant additives business (Second Life Curve), and life sciences business (Third Life Curve)[29](index=29&type=chunk) - In 2024, the company introduced Korean electronic-grade polyimide (PI) material technology, filling a domestic product and technology gap in electronic-grade PI materials and promoting business diversification[29](index=29&type=chunk) [(I) First Life Curve—Polymer Material Anti-aging Business](index=10&type=section&id=%28I%29%20First%20Life%20Curve%E2%80%94Polymer%20Material%20Anti-aging%20Business) The company has specialized in polymer material anti-aging for over two decades, becoming the only domestic and one of two global platform companies offering a full range of products and application technologies, with products widely used in plastics, coatings, and rubber, maintaining a leading market position amid continuous demand growth - Rianlon has developed into the only domestic and one of two global platform companies for a full range of polymer material anti-aging products and application technologies[31](index=31&type=chunk) - The company products cover antioxidants, light stabilizers, and compounded customized (U-pack®) products, widely used in plastics, coatings, rubber, fibers, adhesives, and other polymer materials[32](index=32&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - The global plastic additives market size is projected to increase from **$43.5 billion in 2023** to **$57.0 billion in 2028**, with a compound annual growth rate of **5.6%**[39](index=39&type=chunk) - The company holds a leading position in the polymer material anti-aging industry, possessing comprehensive advantages including a full product series, dual-base supply assurance, high-quality and stable product quality, a rapid-response global marketing network, and application technology closely aligned with customer needs[41](index=41&type=chunk) [(II) Second Life Curve—Lubricant Additives Business](index=13&type=section&id=%28II%29%20Second%20Life%20Curve%E2%80%94Lubricant%20Additives%20Business) Through the acquisition of Jinzhou Kangtai, the company entered the lubricant additives business, offering a comprehensive product range for transportation and manufacturing sectors; this highly concentrated market is dominated by international giants, but domestic firms are poised for import substitution with policy support and cost advantages - The company strategically acquired Jinzhou Kangtai, initiating its Second Life Curve lubricant additives business, offering over a hundred product types, including functional single additives and compound additives[42](index=42&type=chunk) - The lubricant additives market is highly concentrated, with four international companies holding approximately **85% of the global market share**, while domestic enterprises like Jinzhou Kangtai have gained significant market share in single additive products[46](index=46&type=chunk)[50](index=50&type=chunk) - Global lubricant additives market sales are projected to reach **$18.21 billion by 2030**, with a compound annual growth rate (CAGR) of **1.9%** from 2024 to 2030[46](index=46&type=chunk) - Jinzhou Kangtai is one of only three large-scale privately-owned enterprises in China's lubricant additives industry and participates in the D1 standard formulation for the China Engine Innovation Alliance[48](index=48&type=chunk)[50](index=50&type=chunk) [(III) Third Life Curve—Life Sciences Business](index=15&type=section&id=%28III%29%20Third%20Life%20Curve%E2%80%94Life%20Sciences%20Business) The company established a Life Sciences Division, focusing on biological building blocks and synthetic biology as two strategic emerging industries, with biological building block products covering small nucleic acid drug raw materials, and synthetic biology committed to green chemical production and novel drug development through industry-academia-research collaboration - The company's Life Sciences Division is involved in two industrial directions: biological building blocks and synthetic biology, both of which are national emerging strategic industries[51](index=51&type=chunk) - Biological building block products focus on a series of small nucleic acid drug raw materials such as modified nucleosides, phosphoramidite monomers, synthesis carriers, and delivery carriers[51](index=51&type=chunk) - The synthetic biology market is projected to grow at a strong compound annual growth rate of **20.6%**, reaching **$31.52 billion by 2029**[56](index=56&type=chunk) - The company has established close cooperative relationships with universities and research institutes such as Tianjin University and Nankai University, providing scale-up and industrialization support for early R&D projects of scientific research institutions[58](index=58&type=chunk) [(IV) Emerging Business Expansion Layout - Polyimide (PI) and Other New Materials](index=17&type=section&id=%28IV%29%20Emerging%20Business%20Expansion%20Layout%20-%20Polyimide%20%28PI%29%20and%20Other%20New%20Materials) Through the acquisition of South Korea's IPITECH INC., the company entered the high-end electronic-grade polyimide (PI) materials sector, with products already mass-produced and sold for flexible OLED displays, flexible circuit boards, and chip packaging; this field is primarily controlled by international manufacturers, presenting significant domestic substitution opportunities - In 2024, the company acquired South Korea's IPITECH INC., entering the electronic-grade polyimide (PI) materials business and extending into core material industries such as flexible OLED display screens, flexible printed circuit boards (FPC), and chip packaging[59](index=59&type=chunk)[60](index=60&type=chunk) - The R&D and manufacturing technology for global electronic-grade polyimide films are primarily controlled by American, Japanese, and Korean enterprises, accounting for over **80% of the market share**[63](index=63&type=chunk) - The global polyimide film market value is projected to reach **$1.8 billion by 2028**, with a compound annual growth rate of **8.7%** from 2023 to 2028[62](index=62&type=chunk) - South Korea's IPI company has successfully achieved commercial mass production of TPI (thermoplastic polyimide), and the company plans to establish dual R&D centers and dual production and operation centers in South Korea and China[64](index=64&type=chunk) [II. Analysis of Core Competencies](index=19&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include leading R&D capabilities and a comprehensive intellectual property system, clear business segmentation and a full product range, dual-base production assurance and controllable product quality, an efficient global supply chain and marketing network, an experienced management team with sound incentive mechanisms, and continuous capital operations and efficient post-investment integration - The company possesses a top-tier technical R&D team and a comprehensive intellectual property system, with the New Materials Division holding **273 patents**, the Lubricant Additives Division holding **21 domestic patents**, and the Life Sciences Division holding **9 patents**[65](index=65&type=chunk)[66](index=66&type=chunk) - The company has become the only domestic supplier capable of fully covering polymer material fields such as plastics, rubber, fibers, adhesives, and coatings, and is one of two enterprises globally with the most comprehensive product series[68](index=68&type=chunk) - The company has established six major production bases covering Tianjin, Hebei, Ningxia, Inner Mongolia, Zhejiang, and Guangdong, committed to achieving a dual-base production model for each product series to ensure stable customer supply[69](index=69&type=chunk) - The company has established a dual-core driven network with its China headquarters and Hong Kong international headquarters, complemented by companies in the US, Germany, Japan, Dubai, domestic offices in South China, East China, and Northwest China, and a global distribution network[71](index=71&type=chunk) - The company's 1.0 management team possesses over **20 years of experience** in anti-aging technology R&D, application, and customer service, while the 2.0 management team, primarily composed of post-80s individuals, has fully taken over daily operations and innovation work[72](index=72&type=chunk) - Since its listing, the company has actively expanded into industry-chain-related and cutting-edge businesses through M&A integration, including Rianlon Kerun, Rianlon Kaiya, Jinzhou Kangtai, and the acquisition of South Korea's IPI company[75](index=75&type=chunk) [III. Analysis of Principal Business](index=22&type=section&id=III.%20Analysis%20of%20Principal%20Business) In the first half of 2025, the company achieved double-digit growth in revenue and profit, continuously advancing its 2.0 strategic goals, strengthening the "headquarters + business unit" operating model, actively implementing technological innovation and overseas capacity expansion strategies, focusing on key national industries, leveraging AI technology to enhance operational efficiency, and steadfastly pursuing green development and Party building leadership - In the first half of 2025, the company achieved operating revenue of **2.995 billion RMB**, net profit attributable to shareholders of the listed company of **241 million RMB**, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses of **236 million RMB**, realizing double-digit growth in both revenue and profit[77](index=77&type=chunk) - The company initiated its overseas capacity expansion plan, establishing a wholly-owned subsidiary, RIANLON INTERNATIONAL PTE. LTD. in Singapore, and through it, a wholly-owned company, RIANLON MALAYSIA SDN.BHD., in Malaysia, to invest in building an overseas R&D and production base with a total investment not exceeding **$300 million**[78](index=78&type=chunk) - The First Life Curve (anti-aging additives) generated operating revenue of **2.358 billion RMB**, a year-on-year increase of **3.06%**, with a shipment volume of **65,500 tons**, a year-on-year increase of **4.30%**[80](index=80&type=chunk) - The Second Life Curve (lubricant additives) generated operating revenue of **618 million RMB**, a year-on-year increase of **18.49%**, with a shipment volume of **34,200 tons**, a year-on-year increase of **18.27%**[81](index=81&type=chunk) - For the Third Life Curve (life sciences), the biological building blocks business achieved monthly sales exceeding **1 million RMB**, and three products in biosynthesis have completed pilot-scale production[82](index=82&type=chunk) - For the emerging business of polyimide (PI), a production base and R&D center are being constructed in Yixing, with trial production expected in **2026**, and collaborations established with leading domestic flexible circuit board and flexible display screen enterprises[83](index=83&type=chunk)[84](index=84&type=chunk) - The company extensively utilizes AI technology to build a "Smart Rianlon Digital Platform" for both domestic and international cycles, promoting intelligent enterprise operations and data assetization development[90](index=90&type=chunk) Major Financial Data Year-on-Year Change | Item | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,995,045,028.68 | 2,819,944,582.18 | 6.21% | | | Operating Cost | 2,348,542,058.21 | 2,216,291,977.65 | 5.97% | | | Selling Expenses | 96,276,199.96 | 78,979,798.75 | 21.90% | | | Administrative Expenses | 121,705,647.90 | 115,933,142.14 | 4.98% | | | Financial Expenses | -1,778,967.31 | 16,874,231.32 | -110.54% | Primarily due to exchange rate fluctuations in the current period | | Income Tax Expense | 45,002,897.49 | 45,292,836.06 | -0.64% | | | R&D Investment | 143,556,213.20 | 122,512,326.99 | 17.18% | | | Net Cash Flow from Operating Activities | -56,252,334.97 | 121,552,500.92 | -146.28% | Primarily due to increased payments for goods and increased settlement of maturing notes payable in the current period | | Net Cash Flow from Investing Activities | -26,899,446.94 | -314,288,749.79 | 91.44% | Primarily due to investment in PI project in the prior period | | Net Cash Flow from Financing Activities | 557,753,373.09 | 134,164,375.41 | 315.72% | Primarily due to fundraising for overseas projects in the current period | | Net Increase in Cash and Cash Equivalents | 476,864,034.09 | -47,603,192.28 | 1,101.75% | | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Polymer Material Anti-aging Additives | 2,357,533,487.97 | 1,799,836,602.88 | 23.66% | 3.06% | 3.96% | -0.66% | [IV. Analysis of Non-Principal Business](index=26&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) The company had no non-principal business analysis during the reporting period, indicating its focus on core operations [V. Analysis of Assets and Liabilities](index=26&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were **9.721 billion RMB**, an increase of **6.42%** from the end of the previous year. Significant increases were observed in monetary funds, short-term borrowings, construction in progress, prepayments, and other receivables, mainly due to reserve funds for overseas projects, increased working capital loans, increased project construction investment, and increased export tax rebates Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,571,061,722.48 | 16.16% | 1,067,577,159.35 | 11.69% | 4.47% | Primarily due to reserve funds for overseas projects in the current period | | Accounts Receivable | 1,155,852,958.77 | 11.89% | 1,107,930,588.85 | 12.13% | -0.24% | | | Inventories | 1,389,777,185.33 | 14.30% | 1,329,709,896.65 | 14.56% | -0.26% | | | Fixed Assets | 3,303,885,761.78 | 33.99% | 3,412,835,866.65 | 37.36% | -3.37% | | | Construction in Progress | 221,049,596.07 | 2.27% | 161,979,496.21 | 1.77% | 0.50% | Primarily due to increased construction investment in the current period | | Short-term Borrowings | 1,709,548,543.76 | 17.59% | 859,998,662.50 | 9.42% | 8.17% | Primarily due to increased working capital loans from banks in the current period | | Long-term Borrowings | 1,233,244,315.06 | 12.69% | 1,475,297,765.06 | 16.15% | -3.46% | | | Trading Financial Assets | 64,077,448.30 | 0.66% | 162,727,144.86 | 1.78% | -1.12% | Primarily due to sale of open-end funds in the current period | | Prepayments | 183,267,477.52 | 1.89% | 97,878,929.57 | 1.07% | 0.82% | Primarily due to increased prepayments for goods in the current period | | Other Receivables | 39,718,281.61 | 0.41% | 21,112,284.65 | 0.23% | 0.18% | Primarily due to increased export tax rebates receivable in the current period | | Other Non-current Assets | 81,711,155.07 | 0.84% | 37,783,063.89 | 0.41% | 0.43% | Primarily due to increased prepayments for project construction in the current period | | Notes Payable | 214,079,292.05 | 2.20% | 347,672,117.35 | 3.81% | -1.61% | Primarily due to settlement of maturing notes in the current period | | Long-term Payables | 32,908,179.27 | 0.34% | 22,642,395.25 | 0.25% | 0.09% | Primarily due to increased payables for equity acquisition in the current period | | Special Reserves | 11,488,281.72 | 0.12% | 7,466,261.81 | 0.08% | 0.04% | Primarily due to increased provision for safety production expenses in the current period | - The company's total assets at the end of the reporting period were **9,720,995,904.19 RMB**, an increase of **6.42%** compared to the end of the previous year[22](index=22&type=chunk) - The company's net assets attributable to shareholders of the listed company at the end of the reporting period were **4,616,106,071.34 RMB**, an increase of **3.52%** compared to the end of the previous year[22](index=22&type=chunk) [VI. Analysis of Investment Status](index=27&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total investment was **132 million RMB**, a year-on-year decrease of **73.22%**. The company established new subsidiaries in Singapore and Malaysia and acquired Aegis Beauty Solutions .Ltd to expand overseas markets and technology. Non-equity investments primarily focused on capacity expansion and PI project construction. The balance of entrusted wealth management was **64.0774 million RMB**, with no derivative investments or entrusted loans Overall Investment Situation During the Reporting Period | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | | 132,152,582.95 | 493,563,479.66 | -73.22% | - The company established new subsidiaries RIANLON INTERNATIONAL PTE. LTD. (Singapore) and RIANLON MALAYSIA SDN.BHD. (Malaysia), and acquired Aegis Beauty Solutions .Ltd to expand overseas markets and technology[106](index=106&type=chunk) - Ongoing significant non-equity investments include the first phase of Rianlon Zhuhai's 125,000 tons/year polymer material anti-aging additives project, expanding 60,000 tons to 90,000 tons through technical modification (progress **95.00%**), and the PI project (plant portion) (progress **7.08%**)[109](index=109&type=chunk) Overview of Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (RMB 10,000) | Unmatured Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 11,609.95 | 6,407.74 | - The company had no derivative investments or entrusted loans during the reporting period[115](index=115&type=chunk)[116](index=116&type=chunk) [VII. Significant Asset and Equity Disposals](index=30&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[117](index=117&type=chunk) - The company did not dispose of significant equity during the reporting period[118](index=118&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=30&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major holding subsidiaries include Rianlon Zhongwei, Rianlon Hong Kong, Rianlon Kaiya, Rianlon Kerun, Rianlon Zhuhai, Rianlon Supply Chain, Rianlon Suzhou, Jinzhou Kangtai, Rianlon Chifeng, and Yixing Chuangju, with businesses spanning chemical production, trade, and electronic material manufacturing; Rianlon Zhongwei, Rianlon Hong Kong, Rianlon Kaiya, and Jinzhou Kangtai significantly impact the company's net profit. During the reporting period, Rianlon International Pte.Ltd and Rianlon Malaysia Sdn. Bhd were newly established, Aegis Beauty Solutions .Ltd was acquired, and Jinzhou Kangtai Chemical Co., Ltd. was deregistered Major Subsidiaries and Associate Companies with Net Profit Impact Exceeding 10% | Company Name | Company Type | Principal Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Rianlon Zhongwei | Subsidiary | Chemical product production, sales, etc. | 125,000,000.00 | 1,721,994,788.35 | 903,539,037.14 | 485,017,997.42 | 96,409,663.06 | 82,639,244.72 | | Rianlon Hong Kong | Subsidiary | Import and export trade | 8,137.00 | 1,400,890,821.45 | 384,165,224.60 | 1,427,017,791.21 | 60,139,855.35 | 48,066,087.86 | | Rianlon Kaiya | Subsidiary | Other synthetic material manufacturing, etc. | 36,000,000.00 | 1,317,477,324.55 | 1,188,733,631.82 | 501,061,298.70 | 85,103,722.04 | 73,445,558.20 | | Rianlon Kerun | Subsidiary | Production of hazardous chemicals, etc. | 10,687,500.00 | 322,342,362.60 | 223,679,690.77 | 127,114,453.22 | 13,753,469.65 | 11,709,003.16 | | Rianlon Zhuhai | Subsidiary | Chemical raw materials and chemical product manufacturing, etc. | 360,000,000.00 | 1,733,936,533.95 | 254,970,117.15 | 555,601,812.06 | -2,402,047.93 | -1,922,260.47 | | Rianlon Supply Chain | Subsidiary | Supply chain management, etc. | 50,000,000.00 | 1,395,867,950.84 | 58,436,652.20 | 1,144,603,952.59 | 1,973,474.81 | 742,561.05 | | Rianlon Suzhou | Subsidiary | New material technology promotion services, etc. | 50,000,000.00 | 60,165,496.24 | 27,225,827.94 | 28,539,411.59 | -4,537,973.07 | -4,369,056.12 | | Jinzhou Kangtai | Subsidiary | Production of hazardous chemicals, etc. | 54,690,000.00 | 1,216,618,244.55 | 558,577,234.08 | 639,274,415.46 | 52,686,709.27 | 45,252,354.00 | | Rianlon Chifeng | Subsidiary | New materials, chemical materials production and sales, etc. | 201,170,000.00 | 463,622,880.11 | 184,152,648.86 | 102,994,787.52 | 2,736,352.88 | 2,322,849.94 | | Yixing Chuangju | Subsidiary | Electronic special materials manufacturing, etc. | 5,602,241.00 | 349,721,614.65 | 277,004,506.72 | 5,817,626.73 | -9,770,187.00 | -9,478,696.85 | - During the reporting period, Rianlon International Pte.Ltd and Rianlon Malaysia Sdn. Bhd were newly established, Aegis Beauty Solutions .Ltd was acquired, and Jinzhou Kangtai Chemical Co., Ltd. was deregistered[123](index=123&type=chunk) [IX. Structured Entities Controlled by the Company](index=34&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[123](index=123&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=34&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks including international policy changes, rapid expansion management, underperforming new capacity, goodwill impairment from investments and acquisitions, and environmental and safety production issues; it actively addresses these through strengthened internal management, technological innovation, flexible operating strategies, risk impairment testing, and improved EHS management systems - The company faces risks from international policy changes, which may lead to additional tariffs or technical trade barriers, affecting international market sales. Countermeasures include continuous monitoring of policy changes, prudent risk assessment, strengthening internal management, and promoting technological innovation[123](index=123&type=chunk)[124](index=124&type=chunk) - The company faces management risks from rapid expansion, including M&A integration, production technology management, financial control, and human resource management challenges. Countermeasures include strengthening corporate culture, upgrading organizational structure, talent development, and improving incentive mechanisms[125](index=125&type=chunk)[126](index=126&type=chunk) - Underperforming new capacity may increase depreciation and amortization and operating costs, impacting net profit. Countermeasures include overall planning, improving operational efficiency, technical transformation for cost reduction and efficiency improvement, and intensifying customer development efforts[127](index=127&type=chunk) - Investment and acquisitions may face goodwill impairment risks if acquired subsidiaries do not perform as expected. Countermeasures include strengthening post-investment financial and internal control management, conducting annual risk impairment tests, standardizing governance, and leveraging synergistic effects[128](index=128&type=chunk) - Environmental and safety production risks may lead to penalties or impact production development. Countermeasures include establishing a comprehensive safety management system, setting up an EHS office, assigning dedicated safety management personnel, and implementing the EHS dual-essence concept[129](index=129&type=chunk)[130](index=130&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=36&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) On May 7, 2025, the company conducted an online exchange via Panorama Network's "Investor Relations Interactive Platform," primarily discussing investors' concerns regarding daily production and operations, product development and sales, trade policies, and future development directions - On May 7, 2025, the company conducted an online exchange via Panorama Network's "Investor Relations Interactive Platform"[131](index=131&type=chunk) - The exchange primarily addressed investors' concerns regarding the company's daily production and operations, product development and sales, trade policies, and future development directions[131](index=131&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=36&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company formulated its "Market Value Management System" in February 2025, approved by the eighteenth meeting of the Fourth Board of Directors, outlining responsibilities for market value management departments, directors, and senior executives, as well as key methods, monitoring and early warning mechanisms, and emergency measures, aiming to enhance the company's investment value - The company formulated its "Market Value Management System" in February 2025, which was reviewed and approved at the eighteenth meeting of the Fourth Board of Directors[134](index=134&type=chunk) - The system clarifies the responsibilities of market value management departments, directors, and senior management, and specifies key methods, monitoring and early warning mechanisms, and emergency measures for market value management[134](index=134&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=36&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) On January 3, 2025, the company disclosed its "Announcement on the 'Quality and Return Dual Enhancement' Action Plan," aiming to focus on core business, strengthen technological innovation, improve information disclosure quality, perfect corporate governance, and prioritize investor returns to promote high-quality sustainable development - On January 3, 2025, the company disclosed the "Announcement on the 'Quality and Return Dual Enhancement' Action Plan"[137](index=137&type=chunk) - Key initiatives include focusing on core business, expanding new business growth points, strengthening technological innovation, fulfilling social responsibilities, improving information disclosure quality, enhancing investor relations management, perfecting corporate governance, elevating operational compliance, and implementing a stable dividend policy[137](index=137&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=37&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Company Directors and Senior Management](index=37&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, the company's board of directors completed its re-election, with Fan Xiaopeng and Ding Huan appointed as directors, Feng Cuiling, Zeng Xueming, and Li Shengnan elected as independent directors, and Sun Chunguang, Ye Qiang, Xie Jintao, and Xiong Changwu appointed as vice presidents. Directors and senior executives including Bi Zuopeng, Sun Aitian, Han Borui, Wei Lixing, Li Hongmei, Hou Weiman, and He Yongjun left due to the expiration of their terms - Fan Xiaopeng and Ding Huan were appointed as directors; Feng Cuiling, Zeng Xueming, and Li Shengnan were elected as independent directors[139](index=139&type=chunk) - Sun Chunguang, Ye Qiang, Xie Jintao, and Xiong Changwu were appointed as vice presidents[139](index=139&type=chunk) - Bi Zuopeng, Sun Aitian, Han Borui, Wei Lixing, Li Hongmei, Hou Weiman, and He Yongjun left due to the expiration of their terms[139](index=139&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=37&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute semi-annual cash dividends, bonus shares, or convert capital reserves into share capital - The company plans not to distribute semi-annual cash dividends, bonus shares, or convert capital reserves into share capital[141](index=141&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=38&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's third employee stock ownership plan covers **598 employees**, holding a total of **4,052,367 shares**, accounting for **1.76%** of the total share capital. The lock-up period for this plan expired on June 15, 2024, and has been extended by **12 months** to January 18, 2026, to maintain core employee stability and attract talent Employee Stock Ownership Plan Status During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Proportion of Total Share Capital of Listed Company | Source of Funds for Implementation Plan | | :--- | :--- | :--- | :--- | :--- | | Company directors (excluding independent directors), supervisors, senior management, managers, business and technical backbone personnel employed by the company and its controlled subsidiaries, and other employees recognized by the company's board of directors as having made significant contributions | 598 | 4,052,367 | 1.76% | Employees' legal remuneration and other self-raised funds permitted by laws and administrative regulations, and financing through securities margin trading, with the ratio of financing funds to self-raised funds not exceeding 1:1. The company's controlling shareholder, Rianlon Technology Group Co., Ltd., as guarantor, fulfills the obligation to provide additional collateral on behalf of the employee stock ownership plan by pledging shares and submitting margin, and provides an irrevocable joint and several liability guarantee. Relevant individual income tax payable by holders due to the implementation of the employee stock ownership plan shall be borne by the individual holders. | - The lock-up period for shares subscribed under the company's third employee stock ownership plan expired on June 15, 2024, and has been extended by **12 months** to January 18, 2026[143](index=143&type=chunk) - The implementation of the employee stock ownership plan aims to enhance the enthusiasm and sense of responsibility of participants, attract more talent, and maintain the stability of core employees[73](index=73&type=chunk) [IV. Environmental Information Disclosure](index=40&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its eight major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and have publicly disclosed environmental information through the ecological environment department systems of various provinces and cities - The listed company and its **8 major subsidiaries** have been included in the list of enterprises required to disclose environmental information by law[145](index=145&type=chunk) - Environmental information disclosure reports for each enterprise can be queried through the respective provincial and municipal ecological environment department systems[145](index=145&type=chunk) [V. Social Responsibility](index=40&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by establishing investor protection systems, strengthening information disclosure, and ensuring cash dividends to safeguard shareholder rights; maintaining customer rights through high-quality products, dual-base production, and a global logistics network; complying with labor laws, providing career development platforms, and diverse benefits to protect employee rights; steadfastly pursuing green and low-carbon development, implementing dual-carbon policies, and actively participating in social welfare initiatives - The company has established an investor protection system to ensure shareholders' rights to information, participation, proposal, and voting, and strictly fulfills information disclosure obligations[146](index=146&type=chunk) - In May 2025, the company implemented its 2024 annual equity distribution, distributing a cash dividend of **3.70 RMB (tax inclusive)** per 10 shares to all shareholders, totaling **84,959,276.79 RMB (tax inclusive)**[146](index=146&type=chunk) - The company safeguards customer rights through high-quality products, dual-base production assurance, a global 72-hour logistics network, and a professional integrated service system[148](index=148&type=chunk) - The company strictly complies with labor laws and regulations, improves employment systems, strengthens incentive mechanisms, builds talent pipelines, and pays social insurance and housing provident funds on time and in full[149](index=149&type=chunk) - The company actively responds to national ecological environmental protection policies, implements pollutant discharge permit requirements, conducts environmental risk investigations and remediation, continuously improves its dual-carbon system, and implements multiple energy-saving measures[150](index=150&type=chunk)[151](index=151&type=chunk) - In the first half of 2025, the company continued to promote public welfare projects such as blood donation, poverty alleviation, education support, elderly care, and village-enterprise co-construction[151](index=151&type=chunk) - In the first half of 2025, the company's production bases collectively underwent **83 safety and environmental inspections** by competent authorities, all passing successfully, with **17.93 million RMB** invested in safety production and **121 safety and environmental education and training sessions** conducted[152](index=152&type=chunk) [Section V Significant Matters](index=43&type=section&id=Section%20V%20Significant%20Matters) [I. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=43&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) During the reporting period, the company reported no commitments fulfilled or overdue by its actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, the company reported no commitments fulfilled or overdue by its actual controller, shareholders, related parties, acquirers, or the company itself[155](index=155&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties of the Listed Company](index=43&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, the company reported no non-operating funds occupied by its controlling shareholder and other related parties - During the reporting period, the listed company reported no non-operating funds occupied by its controlling shareholder and other related parties[156](index=156&type=chunk) [III. Irregular External Guarantees](index=43&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[157](index=157&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=43&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[158](index=158&type=chunk) [V. Explanation by the Board of Directors and Audit Committee on "Non-Standard Audit Report" for the Current Reporting Period](index=43&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Audit%20Committee%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) The company had no non-standard audit report during the reporting period [VI. Explanation by the Board of Directors on "Non-Standard Audit Report" for the Prior Year](index=43&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The company had no explanation regarding a non-standard audit report for the prior year during the reporting period [VII. Matters Related to Bankruptcy and Reorganization](index=43&type=section&id=VII.%20Matters%20Related%20to%20Bankruptcy%20and%20Reorganization) The company had no matters related to bankruptcy and reorganization during the reporting period - The company had no matters related to bankruptcy and reorganization during the reporting period[159](index=159&type=chunk) [VIII. Litigation Matters](index=43&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation, arbitration, or other litigation matters during the current reporting period - The company had no significant litigation or arbitration matters during the current reporting period[160](index=160&type=chunk) - The company had no other litigation matters during the current reporting period[160](index=160&type=chunk) [IX. Penalties and Rectification](index=44&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[161](index=161&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=44&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period - The company reported no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period[162](index=162&type=chunk) [XI. Significant Related Party Transactions](index=44&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily related party transactions, primarily for raw material procurement, totaling **41.8373 million RMB**, which did not exceed the approved limit. Transaction pricing followed market fair value principles, without harming the interests of the company or its minority shareholders. The company did not engage in other significant related party transactions such as asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships Related Party Transactions for Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount in Current Period (RMB 10,000) | Approved Transaction Limit (RMB 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Hebei Kaide Biomaterials Co., Ltd. | Procurement of raw materials | 2,283.62 | 15,020.21 | No | | Xinji Yunde Trading Co., Ltd. | Procurement of raw materials | 1,894.34 | 5,096.28 | No | | Beiyang Enzyme (Tianjin) Biotechnology Co., Ltd. | Procurement of raw materials | 2.53 | 30.00 | No | | Beiyang Tianxing (Tianjin) Media Co., Ltd. | Procurement of raw materials | 3.24 | 20.00 | No | | Total | | 4,183.73 | 20,166.49 | | - The company's actual daily related party transactions were based on normal business operations, priced at market rates, and determined on an equal and mutually beneficial basis, with no instances of transferring benefits or encroaching on the interests of the listed company through related party relationships[163](index=163&type=chunk) - During the reporting period, the company did not engage in related party transactions involving asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with related financial companies[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk) [XII. Significant Contracts and Their Performance](index=46&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company and its subsidiaries primarily engaged in leasing activities required for daily operations, with no entrustment or contracting situations. The company provided guarantees totaling **70 million RMB** to its subsidiaries, representing **15.16%** of its net assets, with **70 million RMB** of this amount provided to guaranteed entities with a debt-to-asset ratio exceeding **70%**. The company had no other significant daily operating contracts or other major contracts - During the reporting period, leasing activities by the company and its subsidiaries were primarily for daily operational needs[173](index=173&type=chunk) - The company had no entrustment or contracting situations during the reporting period[170](index=170&type=chunk)[171](index=171&type=chunk) Company Guarantees to Subsidiaries | Name of Guaranteed Entity | Announcement Date of Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Collateral (if any) | Counter-guarantee (if any) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Rianlon Zhuhai | July 30, 2019 | 100,000 | December 19, 2019 | 70,000 | Joint and several liability guarantee | None | None | December 19, 2019 to December 21, 2031 | No | No | | Yixing Chuangju Electronic Materials Co., Ltd. | May 16, 2025 | 50,000 | | 0 | | None | None | Not applicable | | No | | Tianjin Aurif Bio-Pharmaceutical Co., Ltd. | May 16, 2025 | 10,000 | | 0 | | None | None | Not applicable | | No | | RIANLON MALAYSIA SDN.BHD. | May 16, 2025 | 120,000 | | 0 | | None | None | Not applicable | | No | | Total approved guarantee limit for subsidiaries in reporting period (B1) | | 180,000 | Total actual guarantee amount for subsidiaries in reporting period (B2) | 0 | | | | | | | | Total approved guarantee limit for subsidiaries at end of reporting period (B3) | | 280,000 | Total actual guarantee balance for subsidiaries at end of reporting period (B4) | 70,000 | | | | | | | | Proportion of total actual guarantee amount (i.e., A4+B4+C4) to company's net assets | | | | | | | | | 15.16% | | | Debt guarantee balance provided directly or indirectly to guaranteed entities with debt-to-asset ratio exceeding 70% (E) | | | | | | | | | 70,000 | | | Total of the above three guarantee amounts (D+E+F) | | | | | | | | | 70,000 | | - The company had no significant daily operating contracts or other major contracts during the reporting period[177](index=177&type=chunk)[178](index=178&type=chunk) [XIII. Explanation of Other Significant Matters](index=49&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[179](index=179&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=49&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[180](index=180&type=chunk) [Section VI Share Changes and Shareholder Information](index=50&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Share Changes](index=50&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital remained unchanged at **229,619,667 shares**. Restricted shares increased by **1,643,719 shares**, primarily due to the departure of Mr. Han Borui, a director and vice president of the fourth board, whose **100%** of shares became locked for **6 months**. Unrestricted shares decreased accordingly Share Change Status | | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (＋,－) Other (shares) | Subtotal Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 4,931,157 | 2.15% | 1,643,719 | 1,643,719 | 6,574,876 | 2.86% | | Of which: Shares held by domestic natural persons | 4,931,157 | 2.15% | 1,643,719 | 1,643,719 | 6,574,876 | 2.86% | | II. Unrestricted Shares | 224,688,510 | 97.85% | -1,643,719 | -1,643,719 | 223,044,791 | 97.14% | | Of which: RMB ordinary shares | 224,688,510 | 97.85% | -1,643,719 | -1,643,719 | 223,044,791 | 97.14% | | III. Total Shares | 229,619,667 | 100.00% | 0 | 0 | 229,619,667 | 100.00% | - During the reporting period, Mr. Han Borui, a director and vice president of the fourth board, left due to the expiration of his term, and **100%** of his shares became locked for **6 months**[183](index=183&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Unrestricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Han Borui | 4,931,157 | 0 | 1,643,719 | 6,574,876 | Senior management lock-up shares | To be executed according to relevant management regulations for directors and senior management | | Total | 4,931,157 | 0 | 1,643,719 | 6,574,876 | -- | -- | [II. Securities Issuance and Listing](index=51&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing during the reporting period [III. Company Shareholder Count and Shareholding Status](index=51&type=section&id=III.%20Company%20Shareholder%20Count%20and%20Shareholding%20Status) At the end of the reporting period, the total number of ordinary shareholders was **17,720**. Among the top ten shareholders, Tianjin Rianlon Technology Group Co., Ltd. held **14.14%** and Rianlon International Group Co., Ltd. held **10.91%**, both acting in concert. Han Borui held **6,574,876 restricted shares** - At the end of the reporting period, the total number of ordinary shareholders was **17,720**[188](index=188&type=chunk) Top 10 Shareholders' Shareholding Status | 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Rianlon Technology Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 14.14% | 32,461,290 | 0 | 32,461,290 | Pledged | 16,086,200 | | Rianlon International Group Co., Ltd. | Overseas Legal Person | 10.91% | 25,059,240 | 0 | 25,059,240 | Not applicable | 0 | | Tianjin Juxinlong Equity Investment Fund Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.87% | 15,784,409 | 0 | 15,784,409 | Not applicable | 0 | | Han Borui | Domestic Natural Person | 2.86% | 6,574,876 | 6,574,876 | 0 | Not applicable | 0 | | Tianjin Shengjinlong Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.72% | 6,244,556 | 0 | 6,244,556 | Not applicable | 0 | | Han Houyi | Domestic Natural Person | 2.03% | 4,670,000 | 0 | 4,670,000 | Not applicable | 0 | | Tianjin Rianlon New Materials Co., Ltd. - Third Employee Stock Ownership Plan | Other | 1.76% | 4,052,367 | 0 | 4,052,367 | Not applicable | 0 | | Sequoia Jin Cheng (Xiamen) Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.45% | 3,339,767 | 0 | 3,339,767 | Not applicable | 0 | | Han Qian | Domestic Natural Person | 1.42% | 3,270,000 | 0 | 3,270,000 | Not applicable | 0 | | Tianjin Rongchuang Private Equity Investment Fund Management Co., Ltd. - Tianjin Haihe Rongchuang Jin-Jing-Ji Smart Industry Fund Partnership (Limited Partnership) | Other | 1.00% | 2,295,684 | 0 | 2,295,684 | Not applicable | 0 | - The company's controlling shareholders, Tianjin Rianlon Technology Group Co., Ltd. and Rianlon International Group Co., Ltd., are parties acting in concert[189](index=189&type=chunk) [IV. Changes in Shareholdings of Directors and Senior Management](index=53&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%20and%20Senior%20Management) The shareholdings of the company's directors and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors and senior management remained unchanged during the reporting period[191](index=191&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=53&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[192](index=192&type=chunk) - The company's actual controller remained unchanged during the reporting period[192](index=192&type=chunk) [VI. Preferred Shares Related Information](index=54&type=section&id=VI.%20Preferred%20Shares%20Related%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[193](index=193&type=chunk) [Section VII Bond-Related Information](index=55&type=section&id=Section%20VII%20Bond-Related%20Information) [Bond-Related Information](index=55&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[195](index=195&type=chunk) [Section VIII Financial Report](index=56&type=section&id=Section%20VIII%20Financial%20Report) [I. Audit Report](index=56&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[197](index=197&type=chunk) [II. Financial Statements](index=56&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating the company's financial position, operating results, and cash flow Consolidated Balance Sheet (Summary) | Item | End of Period Balance (RMB) | Beginning of Period Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 9,720,995,904.19 | 9,134,140,669.49 | | Total Liabilities | 4,821,706,855.06 | 4,408,027,296.29 | | Total Owners' Equity | 4,899,289,049.13 | 4,726,113,373.20 | Consolidated Income Statement (Summary) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 2,995,045,028.68 | 2,819,944,582.18 | | Operating Profit | 283,351,481.40 | 265,474,077.69 | | Total Profit | 278,991,378.22 | 261,980,054.32 | | Net Profit | 233,988,480.73 | 216,687,218.26 | | Net Profit Attributable to Parent Company Shareholders | 241,256,421.77 | 220,116,661.19 | | Basic Earnings Per Share | 1.0507 | 0.9586 | Consolidated Cash Flow Statement (Summary) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -56,252,334.97 | 121,552,500.92 | | Net Cash Flow from Investing Activities | -26,899,446.94 | -314,288,749.79 | | Net Cash Flow from Financing Activities | 557,753,373.09 | 134,164,375.41 | | Net Increase in Cash and Cash Equivalents | 476,864,034.09 | -47,603,192.28 | [III. Company Basic Information](index=74&type=section&id=III.%20Company%20Basic%20Information) Tianjin Rianlon New Materials Co., Ltd., formerly Rianlon (Tianjin) Chemical Co., Ltd., was established on August 8, 2003, and listed on the Shenzhen Stock Exchange on January 19, 2017. With a registered capital of **229,619,667 RMB** and Fan Xiaopeng as its legal representative, the company primarily operates in the chemical raw materials and chemical products manufacturing industry, specializing in chemical reagents and additives, with main products including antioxidants, light stabilizers, lubricant additives, and U-PACK products - The company, formerly Rianlon (Tianjin) Chemical Co., Ltd., was established on August 8, 2003[232](index=232&type=chunk) - The company was listed on the Shenzhen Stock Exchange on January 19, 2017, with stock code "**300596**"[233](index=233&type=chunk) - The company's registered capital is **229,619,667 RMB**, and its legal representative is Fan Xiaopeng[237](index=237&type=chunk)[238](index=238&type=chunk) - The company operates in the chemical raw materials and chemical products manufacturing industry, with main products being antioxidants, light stabilizers, lubricant additives, and U-PACK products[239](index=239&type=chunk) [IV. Basis of Financial Statement Preparation](index=76&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations, and the company's ability to continue as a going concern for 12 months from the end of the reporting period has been assessed and deemed reasonable - These financial statements are prepared on a going concern basis, in accordance with relevant provisions of enterpris

Core Viewpoint - Lianlong is a leading supplier of polymer material aging resistance additives, transitioning from industrial additives to health consumer products, and is recognized as a pioneer in the anti-aging sector [2][3]. Group 1: Company Overview - Lianlong is the first A-share listed company in China's polymer material industry and has developed a comprehensive range of anti-aging products, including antioxidants and light stabilizers [2]. - Lianlong Zhongwei, a subsidiary, has become a major profit contributor, generating over 1 billion yuan in sales from antioxidants and UV absorbers last year [3]. Group 2: Innovation and Market Expansion - The company is expanding its product applications from traditional industrial sectors to emerging fields such as food, pharmaceuticals, cosmetics, and new energy vehicles [3][4]. - Lianlong has established a technology center in Zhongwei to develop anti-aging products for pharmaceuticals and cosmetics, addressing new market demands [3]. Group 3: Automation and Safety - Lianlong Zhongwei has invested over 50 million yuan in automation, significantly reducing labor needs and enhancing operational safety [6][7]. - The factory employs a centralized control system for automated operations, improving safety and product quality while minimizing human intervention [6][7]. Group 4: Environmental Responsibility - Lianlong Zhongwei has implemented comprehensive environmental protection facilities, exceeding actual discharge needs, and invests 30-40 million yuan annually in waste treatment [8]. - The company emphasizes green development, aligning its safety and environmental standards with international benchmarks, and aims to enhance resource utilization and reduce emissions [8][9]. Group 5: Industry Trends - The polymer material anti-aging industry is evolving towards high-end, green, and composite products, with Lianlong focusing on technological innovation to meet domestic and international market demands [9].

Core Viewpoint - The light stabilizer industry in China is experiencing significant growth due to the increasing demand from various sectors such as plastics, coatings, and rubber, driven by the country's robust manufacturing base. The market is projected to expand further in the coming years, with a notable increase in both demand and market size [1][4][7]. Industry Definition and Characteristics - Light stabilizers are chemical substances that inhibit or reduce the degradation of polymer materials caused by light exposure, enhancing their light resistance. They can be categorized based on their mechanisms of action, including radical scavengers (mainly hindered amine light stabilizers, HALS), ultraviolet absorbers (UVA), and quenchers [1]. Current Development Status - The global market for light stabilizers has shown steady growth, with the market size increasing from $2.021 billion in 2016 to $2.640 billion in 2020, and reaching $3.755 billion in 2022. However, it decreased to $2.987 billion in 2023 before rebounding to $3.363 billion in 2024. Asia remains the largest consumer region, accounting for 55.07% of the global market in 2024 [5][9]. Market Size and Demand - In China, the demand for light stabilizers is expected to reach 162,400 tons in 2024, with a market size of 7.925 billion yuan. The demand is projected to grow to 173,000 tons and a market size of 8.148 billion yuan by 2025. The plastic sector is the largest consumer, followed by coatings and chemical fibers [9][18]. Industry Chain - The light stabilizer industry chain consists of upstream raw materials, including alkyl phenols, fatty ketones, and aromatic amines, which directly affect the performance and quality of light stabilizers. The midstream involves manufacturers, while the downstream applications primarily include plastics, chemical fibers, rubber, and coatings [11]. Development History - The light stabilizer industry in China began in the 1970s and has evolved through various stages, including technological accumulation, industrial breakthroughs, and structural optimization, forming a complete industrial system driven by technological innovation and market demand [13]. Competitive Landscape - The Chinese light stabilizer industry is characterized by a relatively fragmented competitive landscape, with no dominant players. Major companies include Suqian Liansheng, Yuanli Technology, and Lianlong, with Suqian Liansheng leading in production capacity at 37,100 tons [15][16][18]. Future Trends - The research and development of new, efficient light stabilizers are gaining attention, with trends focusing on high molecular weight, composite materials, and reactivity. The continuous demand from downstream industries and ongoing technological innovations are expected to drive the growth of the light stabilizer industry in China [23].

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].