Core Viewpoint - The company reported a revenue of 565 million yuan and a net loss of 180 million yuan for the first half of 2025, but showed signs of operational recovery with a 24.38% revenue growth and a 38.10% reduction in net loss in the second quarter compared to the first quarter [1][2]. Group 1: Strategic Adjustments and Operational Improvements - The company has proactively initiated strategic adjustments since 2023, focusing on core businesses and optimizing internal structures across food, environment, and medical laboratory sectors [2]. - The company has improved cash flow by 57.35% year-on-year, indicating enhanced capital turnover efficiency and overall operational capability [2]. - The company is actively managing accounts receivable, implementing tailored collection strategies for major clients based on their specific circumstances [2]. Group 2: Expansion into High-Growth Sectors - The company has accelerated its focus on high-growth sectors such as biomedicine, cosmetics, medical devices, and new energy vehicles, establishing a foundation for sustainable development [3]. - The company achieved significant certifications in the biomedicine testing sector, becoming one of the few institutions in China with both AAALAC and GLP certifications [3]. - The company has expanded its testing capabilities in the new energy vehicle sector, gaining recognition from major automotive manufacturers [3]. Group 3: Contributions to Industry Standards and National Strategies - The company is involved in drafting national and industry standards in food, agriculture, and environmental sectors, supporting the "Healthy China" initiative [3]. - The company has been a key player in the national marine environment monitoring system, successfully completing its monitoring tasks for the 2025 spring voyage [3][4]. - The company is continuously upgrading its laboratories and enhancing testing capabilities, which is expected to further accelerate its profitability recovery [4].

Group 1 - The company reported a half-year revenue of 564,804,005.22 yuan, representing a year-on-year decrease of 22.42% [1] - The net profit attributable to shareholders of the listed company was -179,658,490.11 yuan [1] - New circulating shareholders include BARCLAYS BANK PLC, Liu Yufu, Jin Linbin, and Su Cuiyu [1]

证券代码：300887 证券简称：谱尼测试 公告编号：2025-060 谱尼测试集团股份有限公司 2025年半年度募集资金存放与使用情况专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》以及《深圳证券交易所创业板上市公司 自律监管指南第 2 号——公告格式》的相关规定，本公司就 2025 年半年度募集 资金存放与使用情况作如下专项报告： 一、 募集资金基本情况 （一）募集资金到位情况 1、2022 年向特定对象发行股票募集资金到位情况 经中国证券监督管理委员会《关于谱尼测试集团股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2022〕210 号）同意，谱尼测试向特定对象发 行不超过 41,106,171 股新股募集资金用于谱尼测试集团山东总部大厦暨研发检 测中心项目、谱尼西北总部大厦（西安）项目和补充流动资金项目。公司本次实 际发行人民币普通股 22,418,670 股，每股发行价格 55.30 元，共募集资金人民 币 1,239,752 ...

证券代码：300887 证券简称：谱尼测试 公告编号：2025-061 特此公告。 谱尼测试集团股份有限公司 谱尼测试集团股份有限公司 关于举行2025年半年度业绩说明会公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 谱尼测试集团股份有限公司(以下简称"公司")《2025年半年度报告》于20 25年8月26日（星期二）披露，为使投资者进一步了解公司的财务状况、经营情 况及公司发展规划，公司将于2025年9月2日(星期二)15：00-17：00在全景网举 行2025年半年度业绩说明会，本次业绩说明会将采用网络远程方式举行，投资者 可登录全景网"投资者关系互动平台"(https://ir.p5w.net/)参与本次说明会。 出席本次业绩说明会的人员有：董事长宋薇女士、独立董事朱玉杰先生、独 立董事胡文祥先生、董事、总经理张英杰先生、董事、董事会秘书李小冬先生、 副总经理、财务负责人吕琦先生。 为充分尊重投资者并提升交流的针对性，现就公司2025年半年度业绩说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2025年 9月2日(星期)12 ...

谱尼测试集团股份有限公司 2025 年半年度 | 上市公司的子公 | 天津鼎泰检测科技有限公司 | 全资子公司 | 应收账款 | | 1.53 | 1.53 | 经营往来 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 司及其附属企业 | | | | | | | | | | 上市公司的子公 | 北京量卓计量有限公司 | 全资子公司 | 应收账款 | | 0.71 | 0.71 | 经营往来 | 经营性往来 | | 司及其附属企业 | | | | | | | | | | 上市公司的子公 | 谱尼测试集团北京检验认证科 | 全资子公司 | 其他应收款 | 47,642.03 | 364.00 | 6.28 | 47,999.75经营往来 | 经营性往来 | | 司及其附属企业 | 学研究院有限公司 | | | | | | | | | 上市公司的子公 | 谱尼测试集团山东有限公司 | 全资子公司 | 其他应收款 | 46,464.72 | 10.12 | 10.12 | 46,464.72经营往来 | 经营性往来 | | 司及其 ...

证券代码：300887 证券简称：谱尼测试 公告编号：2025-057 谱尼测试集团股份有限公司 第五届监事会第二十次会议决议公告 一、监事会会议召开情况 谱尼测试集团股份有限公司（以下简称"公司"）第五届监事会第二十次会 议通知以专人送达的方式于2025年8月15日发出，会议于2025年8月25日下午14： 00在北京市海淀区中关村环保科技示范园锦带路66号院1楼谱尼测试大厦207会 议室以现场表决的方式召开，会议由监事会主席吴俊霞女士主持，会议应出席监 事3人，实际出席监事3人。本次会议的召集、召开符合《公司法》和《公司章程》 的有关规定。与会监事对各项议案进行了认真审议，表决形成如下决议： 二、监事会会议审议情况 （一）审议通过《关于<2025年半年度报告>全文及其摘要的议案》 根据中国证监会和深圳证券交易所的有关规定，公司编制了《2025年半年度 报告》全文及摘要。 监事会经核查认为：公司《2025年半年度报告》的编制、审核程序符合相关 规定，报告内容从各个方面能真实地反映出公司2025年上半年度的经营管理和财 务状况等事项，公司《2025年半年度报告》所披露的信息真实、准确、完整，不 存在任何虚假记 ...

证券代码：300887 证券简称：谱尼测试 公告编号：2025-056 谱尼测试集团股份有限公司 第五届董事会第二十二次会议决议公告 （二）审议通过《关于<2025 年半年度募集资金存放与使用情况的专项报告> 的议案》 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 谱尼测试集团股份有限公司（以下简称"公司"）第五届董事会第二十二 次会议通知以专人送达的方式于 2025 年 8 月 15 日发出，会议于 2025 年 8 月 25 日下午 13:00 在北京市海淀区中关村环保科技示范园锦带路 66 号院 1 号楼谱尼 测试大厦 207 会议室以现场表决的方式召开，会议由董事长宋薇女士召集和主持， 会议应出席董事 6 人，实际出席董事 6 人。公司全体监事和高级管理人员列席会 议。本次会议的召集、召开符合《公司法》和《公司章程》的有关规定。与会董 事对各项议案进行了认真审议，表决形成如下决议： 二、董事会会议审议情况 （一）审议通过《关于<2025 年半年度报告>全文及其摘要的议案》 根据中国证监会和深圳证券交易所的有关规定，公司编制了《 ...

[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) This section provides crucial disclaimers, a detailed report structure, and definitions of key terms used throughout the document [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility; no cash dividends, bonus shares, or capital reserve conversions are planned for this period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, free from false records, misleading statements, or major omissions, and bear individual and joint legal responsibility[4](index=4&type=chunk) - Company head Zhang Yingjie, chief accountant Lü Qi, and head of accounting department Song Fengmin declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for this reporting period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's eight main chapters and their starting page numbers, covering company operations, finance, governance, and significant matters - The report comprises eight main chapters, covering company operations, finance, governance, and significant matters[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company abbreviations, institutional names, business types, professional terms, and financial time units - "Pony Testing/Company/Issuer/Group" refers to Pony Testing Group Co., Ltd[12](index=12&type=chunk) - "Life Sciences and Health & Environmental Protection" refers to testing for food, beverages, alcohol, agricultural products, health products, biomedical CRO/CDMO, medical testing, medical devices, and environmental safety testing[12](index=12&type=chunk) - "Reporting Period/Within the Reporting Period" refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and its key financial performance metrics for the reporting period [Company Profile](index=7&type=section&id=I.%20Company%20Profile) Pony Testing Group Co., Ltd. (stock code 300887) is listed on the Shenzhen Stock Exchange, with Zhang Yingjie as its legal representative - Company stock abbreviation: Pony Testing, stock code: **300887**[16](index=16&type=chunk) - Company stock exchange: Shenzhen Stock Exchange[16](index=16&type=chunk) - Company legal representative: Zhang Yingjie[16](index=16&type=chunk) [Contact Person and Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Li Xiaodong, with contact details including address, phone, fax, and email - Board Secretary: Li Xiaodong[17](index=17&type=chunk) - Contact number: **010-83055180**[17](index=17&type=chunk) - Email: IR@ponytest.com[17](index=17&type=chunk) [Other Information](index=7&type=section&id=III.%20Other%20Information) No changes in company contact information, disclosure, or registration status during the reporting period; refer to the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[19](index=19&type=chunk) - The company's registration status remained unchanged during the reporting period[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's operating revenue decreased by 22.42% year-on-year, net loss attributable to shareholders widened by 4.83%, and total assets and net assets declined, while net cash flow from operating activities significantly improved by 57.35% but remained negative Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Current Period End (CNY) | Prior Year End (CNY) | Period-End vs. Prior Year-End Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 564,804,005.22 | 728,074,335.53 | -22.42% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company | -179,658,490.11 | -171,373,267.55 | -4.83% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -180,736,803.12 | -178,954,185.77 | -1.00% | - | - | - | | Net Cash Flow from Operating Activities | -36,795,122.17 | -86,273,322.94 | 57.35% | - | - | - | | Basic Earnings Per Share (CNY/share) | -0.3292 | -0.3138 | -4.91% | - | - | - | | Diluted Earnings Per Share (CNY/share) | -0.3292 | -0.3138 | -4.91% | - | - | - | | Weighted Average Return on Net Assets | -6.03% | -5.08% | -0.95% | - | - | - | | Total Assets | - | - | - | 3,493,484,221.04 | 3,843,611,963.41 | -9.11% | | Net Assets Attributable to Shareholders of Listed Company | - | - | - | 2,889,093,660.52 | 3,068,574,853.06 | -5.85% | [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) No differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards for the reporting period - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards[22](index=22&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards[23](index=23&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses for the period amounted to CNY 1.08 million, primarily from asset disposal, government grants, and wealth management income Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -3,445,758.27 | Disposal gains/losses of fixed assets | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on company profit or loss) | 3,393,590.10 | Government grants | | Gains or losses from entrusted investments or asset management | 4,498,635.46 | Wealth management income | | Gains or losses from debt restructuring | -1,909,161.06 | Debt restructuring | | Other non-operating income and expenses apart from the above | -1,510,281.91 | - | | Less: Income tax impact | -59,118.37 | - | | Impact on minority interests (after tax) | 7,829.68 | - | | Total | 1,078,313.01 | - | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operations, financial performance, and future outlook, including key business activities, core competencies, and risk management strategies [Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) Pony Testing Group, a comprehensive testing institution, maintained its core business in life sciences, health, environmental protection, automotive, consumer goods, safety, and electronics, offering one-stop technical solutions - The company's main business remained unchanged, providing comprehensive testing, metrology calibration, inspection, and certification as professional one-stop technical solutions[28](index=28&type=chunk) - Business scope covers life sciences and health & environmental protection, automotive and other consumer products, safety and security, and electronic and electrical sectors[28](index=28&type=chunk) - The company adopts a direct sales model, offering testing and related technical consulting services through its nationwide sales network[64](index=64&type=chunk) [(I) Company's Main Business](index=10&type=section&id=(I)%20Company's%20Main%20Business) Pony Testing Group, a state-owned research institute spin-off, offers comprehensive testing, calibration, inspection, and certification services across diverse sectors with extensive qualifications and a global presence - Pony Testing Group, founded in 2002, is a state-owned research institute spin-off with **over 30 large experimental bases**, nearly **6,000 employees**, and **over 100 subsidiaries**[28](index=28&type=chunk) - The company holds CMA, CNAS, National Food Re-inspection Agency, CATL, CCC, metrology, and certification qualifications, along with medical institution practice licenses and drug GLP certification, and has achieved international AAALAC full accreditation[28](index=28&type=chunk) - Its business scope encompasses life sciences and health & environmental protection, automotive and other consumer products, safety and security, electronic and electrical, and metrology calibration, providing professional one-stop technical solutions for comprehensive testing, metrology calibration, inspection, and certification[28](index=28&type=chunk)[61](index=61&type=chunk) [1. Life Sciences and Health & Environmental Protection](index=10&type=section&id=1.%20Life%20Sciences%20and%20Health%20%26%20Environmental%20Protection) Growing demand in this sector covers CRO/CDMO, toxicology, radiation, medical testing, food, agriculture, healthcare products, environmental monitoring, and carbon services - Demand for life sciences and health & environmental protection testing is increasing with society's growing emphasis on life health and environmental issues[29](index=29&type=chunk) - Pony Group is committed to building a global one-stop drug development service platform in the biomedical CRO/CDMO field, holding drug GLP certification and international AAALAC accreditation[30](index=30&type=chunk) - In ecological environmental monitoring, the company is an accredited social environmental monitoring institution by national and provincial ecological environment departments, and in March 2023, it obtained Designated Operational Entity (DOE) qualification for the UN Clean Development Mechanism (CDM), promoting dual carbon business development[42](index=42&type=chunk)[43](index=43&type=chunk) [2. Automotive and Other Consumer Products](index=13&type=section&id=2.%20Automotive%20and%20Other%20Consumer%20Products) The company provides comprehensive testing for traditional and new energy vehicles, components, power batteries, cosmetics, and daily consumer goods, holding multiple qualifications and participating in national standard setting - Pony Group holds multiple qualifications in automotive testing and participates in the formulation of several national automotive standards, including China's "Requirements for Prohibited Substances in Road Vehicles"[44](index=44&type=chunk) - The company continuously upgrades its testing capabilities for new energy vehicle power batteries, motors, electronic controls, and energy storage batteries, equipped with specialized laboratories and large-scale instruments[46](index=46&type=chunk) - Pony Group is a cosmetic registration and filing inspection agency recognized by the National Medical Products Administration, capable of conducting product registration and filing tests, risk substance detection, and human efficacy evaluations[47](index=47&type=chunk)[48](index=48&type=chunk) [3. Safety and Security](index=14&type=section&id=3.%20Safety%20and%20Security) This segment serves industrial clients with testing for lithium battery safety, hazardous goods transport, environmental and reliability, EMC, software, cybersecurity, and special equipment, expanding into robotics - Safety and security testing primarily provides mechanical, physical, and safety performance testing for industrial product manufacturers and users[50](index=50&type=chunk) - Pony Group's lithium battery laboratory became a UN38.3 testing and hazardous goods transport condition identification laboratory designated by the former Civil Aviation Administration of China in 2007, and participates in the revision of multiple important domestic and international battery standards[51](index=51&type=chunk) - The company offers one-stop integrated services in special industry and civil environmental and reliability testing, electromagnetic compatibility (EMC) testing, and software/network security evaluation, also expanding into robot and humanoid robot testing services[53](index=53&type=chunk)[54](index=54&type=chunk) [4. Electronic and Electrical Testing](index=15&type=section&id=4.%20Electronic%20and%20Electrical%20Testing) The company is a key participant in RoHS standards, offering compliance and performance testing for various controlled substances and 5G communication products - Pony Group, as the Chinese representative unit participating in the drafting of the RoHS directive and its testing standard IEC62321, participated in the drafting, formulation, and revision of China's RoHS national standards[57](index=57&type=chunk) - The company provides compliance testing for various directives such as RoHS and REACH, as well as detection of controlled substances like halogens, PAHs, PFAS, asbestos, TSCA, TPCH, bisphenol A, phthalates, HBCDD, and metal component analysis, along with reliability and safety performance testing services[57](index=57&type=chunk) - Subsidiary Tongce Testing Laboratory officially completed construction and began operation of its 5G communication laboratory in 2022, obtaining 5GNR (new generation communication product) testing qualifications and dual accreditation from CNAS and A2LA[58](index=58&type=chunk) [5. Metrology and Calibration Services](index=16&type=section&id=5.%20Metrology%20and%20Calibration%20Services) Pony Group's accredited laboratories provide precise calibration and testing for instruments across diverse industries, with certificates recognized globally - Pony Group's metrology and calibration laboratory is CNAS accredited, strictly calibrating and testing instruments according to national verification regulations, calibration specifications, national standards, or other technical specifications[60](index=60&type=chunk) - Service areas cover food, environment, medicine, metallurgy, petrochemical, construction, machinery manufacturing, aerospace, power engineering, electronic and electrical, satellite navigation, and intelligent transportation[60](index=60&type=chunk) - Calibration certificates issued are mutually recognized in numerous countries and regions, including the United States, United Kingdom, France, and Japan[60](index=60&type=chunk) [(II) Company's Main Services and Products](index=16&type=section&id=(II)%20Company's%20Main%20Services%20and%20Products) Pony Group offers comprehensive one-stop technical solutions including testing, calibration, inspection, and certification across various sectors like CRO/CDMO, medical, food, environmental, automotive, cosmetics, and 5G communication - Pony Group provides professional, comprehensive, one-stop technical solutions integrating testing, metrology calibration, inspection, and certification[61](index=61&type=chunk) - Business areas fully cover CRO/CDMO drug gene impurity analysis, medical testing, medical device testing, food safety testing, ecological environmental monitoring, dual carbon services, automotive and new energy vehicle testing, cosmetic testing, daily consumer product testing, electrical equipment testing, and 5G new generation communication product testing[61](index=61&type=chunk) [(III) Company's Main Business Model](index=16&type=section&id=(III)%20Company's%20Main%20Business%20Model) The company generates revenue by providing testing services to clients in life sciences, automotive, safety, and electronics, utilizing a direct sales model and a nationwide network built on brand influence - The company generates revenue by providing testing services to manufacturers, traders, and regulatory bodies in life sciences and health & environmental protection, automotive and other consumer products, safety and security, and electronic and electrical sectors[62](index=62&type=chunk) - The company adopts a direct sales model, providing testing and related technical consulting services through its nationwide sales network[64](index=64&type=chunk) - The company provides high-quality, efficient, and convenient testing services to clients through its nationwide operational network, built on brand influence and public trust[64](index=64&type=chunk) [(IV) Key Performance Drivers](index=17&type=section&id=(IV)%20Key%20Performance%20Drivers) Performance is driven by mandatory regulatory testing, rising consumer demand for quality, and the rapid growth of emerging industries like new energy, AI, and biomedicine, supported by strategic investments and qualifications - Mandatory testing requirements from policies and regulations are a crucial driver of stable demand in the inspection and testing industry, especially in the pharmaceutical sector[65](index=65&type=chunk) - Rising living standards have significantly increased consumer demands for product quality, safety, and performance, driving growth in testing services for fast-moving consumer goods like food and cosmetics[65](index=65&type=chunk) - The booming development of emerging industries such as new energy, artificial intelligence, biomedicine, robotics, and the Internet of Things has created new testing demands, such as for new energy vehicle batteries and low-altitude aircraft performance and safety[66](index=66&type=chunk) - During the reporting period, Pony Group focused on its core inspection and testing business, empowering high-quality development through technology, making continuous efforts in biomedical testing, and obtaining GLP supplementary inspection and international AAALAC full accreditation[67](index=67&type=chunk) [Analysis of Core Competencies](index=18&type=section&id=II.%20Analysis%20of%20Core%20Competencies) Pony Group's core strengths include its established brand and public trust, robust R&D capabilities, broad service scope, nationwide network, and extensive experience in national-level testing tasks - Pony Group, as one of the earliest third-party testing institutions in China, has accumulated **over two decades of development**, establishing a strong brand reputation and public trust, and is one of the national "Food Re-inspection Institutions"[68](index=68&type=chunk) - The company is a national-level enterprise technology center jointly recognized by five ministries and commissions (National Development and Reform Commission, Ministry of Science and Technology, Ministry of Finance, General Administration of Customs, State Taxation Administration), participating in the formulation and revision of **over 200 international, national, and industry standards**, and holding nearly **600 authorized patents**[69](index=69&type=chunk) - The group possesses multiple qualifications such as CMA, CNAS, and GLP, with business covering numerous industries including life sciences and health & environmental protection, automotive and other consumer products, safety and security, and electronic and electrical, providing one-stop technical solutions[70](index=70&type=chunk)[71](index=71&type=chunk) - The company has built a vast and dense sales and service network nationwide, with **over 30 large experimental bases** and nearly **100 branches and subsidiaries**, achieving a **300-kilometer service radius** and **24-hour mission delivery**[72](index=72&type=chunk) - Pony Group has long undertaken high-standard, large-volume, important, and urgent testing tasks for numerous major domestic and international events and competitions, and participates in several national scientific research projects such as the National 863 Program and the National Natural Science Foundation[73](index=73&type=chunk)[74](index=74&type=chunk) [Main Business Analysis](index=20&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue decreased by 22.42% due to credit management and structural adjustments, while management expenses fell by 30.52% and operating cash flow improved by 57.35%; life sciences revenue declined by 27.05% with reduced gross margin Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 564,804,005.22 | 728,074,335.53 | -22.42% | Strengthened customer credit management, adjusted customer structure, increased investment in emerging sectors with capacity still being released | | Operating Cost | 427,229,589.39 | 518,638,244.34 | -17.62% | - | | Selling Expenses | 120,664,369.84 | 157,494,971.20 | -23.39% | - | | Administrative Expenses | 88,375,320.49 | 127,200,845.74 | -30.52% | Enhanced management, improved quality and efficiency, reduced related labor and other expenses | | Financial Expenses | 2,525,252.73 | 1,832,403.20 | 37.81% | Decrease in interest income due to lower deposit rates | | R&D Investment | 68,543,067.00 | 85,110,921.08 | -19.47% | - | | Net Cash Flow from Operating Activities | -36,795,122.17 | -86,273,322.94 | 57.35% | Strengthened accounts receivable collection, reduced costs and increased efficiency, lower material and labor costs | | Net Cash Flow from Investing Activities | -296,610,855.38 | -82,706,469.14 | -258.63% | Increased purchase of bank wealth management products | | Net Cash Flow from Financing Activities | -87,047,877.67 | -3,233,866.04 | -2,591.76% | Repayment of bank loans | | Net Increase in Cash and Cash Equivalents | -420,466,218.71 | -172,210,978.10 | -144.16% | Changes in net cash flow from operating, investing, and financing activities | Product or Service Categories Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Life Sciences and Health & Environmental Protection | 366,739,388.31 | 302,695,037.07 | 17.46% | -27.05% | -24.22% | -3.08% | | Automotive and Other Consumer Products | 106,424,226.38 | 73,111,139.69 | 31.30% | -17.85% | 23.12% | -22.86% | | Safety and Security | 58,258,411.19 | 31,361,999.42 | 46.17% | 10.02% | -12.28% | 13.69% | [Non-Core Business Analysis](index=21&type=section&id=IV.%20Non-Core%20Business%20Analysis) No non-core business analysis content for the reporting period [Analysis of Assets and Liabilities](index=21&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 9.11%, and net assets attributable to shareholders declined by 5.85%; cash significantly reduced due to increased wealth management, while construction in progress decreased due to asset transfer Significant Changes in Asset Composition | Item | Amount at Period End (CNY) | % of Total Assets | Amount at Prior Year End (CNY) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 278,629,622.14 | 7.98% | 700,202,650.87 | 18.22% | -10.24% | Increased purchase of bank wealth management products | | Total Assets | 3,493,484,221.04 | 100.00% | 3,843,611,963.41 | 100.00% | -9.11% | - | | Construction in Progress | 30,448,253.24 | 0.87% | 73,253,688.01 | 1.91% | -1.04% | Northwest Headquarters Building completed and transferred to fixed assets | | Long-term Borrowings | 10,146,037.94 | 0.29% | 0.00 | 0.00% | 0.29% | Increase in borrowings for Jiangsu Pony Building project | | Financial Assets Held for Trading | 620,000,000.00 | 17.75% | 275,000,000.00 | 7.15% | 10.60% | Increased purchase of bank wealth management products | | Intangible Assets | 142,187,754.44 | 4.07% | 257,066,508.76 | 6.69% | -2.62% | Return of land use rights | | Taxes Payable | 13,187,658.44 | 0.38% | 35,545,563.35 | 0.92% | -0.54% | Payment of VAT and corporate income tax for annual settlement | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading (excluding derivative financial assets) | 275,000,000.00 | 1,695,000,000.00 | 1,350,000,000.00 | 620,000,000.00 | | Notes Receivable Financing | 5,641,413.59 | 21,128,792.48 | 21,058,582.39 | 5,711,623.68 | | Total | 280,641,413.59 | 1,716,128,792.48 | 1,371,058,582.39 | 625,711,623.68 | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (CNY) | Carrying Amount (CNY) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 4,266,361.05 | 4,266,361.05 | Deposit | Performance guarantee, credit guarantee, letter of guarantee deposit | | Fixed Assets | 51,325,761.76 | 40,522,081.05 | Mortgage | Jiangsu Pony Building project loan | | Intangible Assets | 8,435,700.00 | 6,003,406.50 | Pledge | Jiangsu Pony Building project loan | | Total | 64,027,822.81 | 50,791,848.60 | - | - | [Analysis of Investment Status](index=22&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investment decreased by 54.46% year-on-year, with major non-equity investments in headquarters buildings still under construction; overall raised capital utilization was 63.03%, with idle funds used for cash management Investment Amount for the Reporting Period | Indicator | Investment Amount for Reporting Period (CNY) | Investment Amount for Prior Year Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 39,140,277.77 | 85,943,897.50 | -54.46% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Industry Involved | Amount Invested in Current Period (CNY) | Cumulative Actual Investment as of Period End (CNY) | Funding Source | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Pony Testing Group Shandong Headquarters Building and R&D Testing Center Project | Self-built | Testing Industry | 9,805,622.00 | 226,573,492.19 | Raised Funds | 44.55% | | Pony Northwest Headquarters Building (Xi'an) Project | Self-built | Testing Industry | 20,638,038.40 | 287,179,971.66 | Raised Funds | 62.28% | | Jiangsu Pony Building Project | Self-built | Testing Industry | 8,696,617.37 | 22,205,692.60 | Own Funds | 11.78% | | Total | - | - | 39,140,277.77 | 535,959,156.45 | - | - | Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (CNY ten thousand) | Net Raised Funds (CNY ten thousand) | Total Raised Funds Used in Current Period (CNY ten thousand) | Cumulative Total Raised Funds Used (CNY ten thousand) | Utilization Rate of Raised Funds at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | Issuance of Shares to Specific Objects | 122,784.40 | 122,784.40 | 3,044.36 | 77,393.33 | 63.03% | - As of June 30, 2025, the balance of raised funds was **CNY 504,956,856.51**, including **CNY 154,956,856.51** in dedicated bank accounts and **CNY 350,000,000.00** used for cash management of idle raised funds[91](index=91&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (CNY ten thousand) | Unmatured Balance (CNY ten thousand) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 102,000 | 35,000 | | Bank Wealth Management Products | Own Funds | 67,500 | 27,000 | | Total | - | 169,500 | 62,000 | [Significant Asset and Equity Disposals](index=27&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) No significant asset or equity disposals occurred during the reporting period - The company did not dispose of significant assets during the reporting period[100](index=100&type=chunk) - The company did not dispose of significant equity during the reporting period[101](index=101&type=chunk) [Analysis of Major Holding and Participating Companies](index=27&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Key subsidiaries Pony Bio-Pharmaceutical Technology (Shanghai) Co., Ltd. and Pony Testing Group Shanghai Co., Ltd. reported losses, while a newly established US subsidiary had no significant impact Major Subsidiaries and Participating Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY ten thousand) | Total Assets (CNY ten thousand) | Net Assets (CNY ten thousand) | Operating Revenue (CNY ten thousand) | Operating Profit (CNY ten thousand) | Net Profit (CNY ten thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Pony Bio-Pharmaceutical Technology (Shanghai) Co., Ltd. | Subsidiary | Biomedical | 10,000 | 6,115.36 | -6,811.83 | 1,517.57 | -2,846.05 | -2,844.48 | | Pony Testing Group Shanghai Co., Ltd. | Subsidiary | Testing Business | 4,000 | 43,581.88 | 30,760.77 | 12,230.77 | -2,266.12 | -2,224.73 | - During the reporting period, the company established a new wholly-owned subsidiary, Pony Testing Technology International Group U.S. LLC, which had no significant impact[103](index=103&type=chunk) [Structured Entities Controlled by the Company](index=28&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[104](index=104&type=chunk) [Risks Faced by the Company and Countermeasures](index=28&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from brand damage, market competition, performance volatility, new business expansion, M&A integration, and policy changes, addressed by quality management, R&D, and strategic adjustments - The company faces the risk of brand and public trust being negatively affected by adverse events, which it addresses by systematically establishing and strictly implementing management procedures for risk identification and preventive measures[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The inspection and testing industry faces intensifying market competition, which the company addresses by leveraging its **over 20 years of accumulated brand recognition**, technical advantages, and customer responsiveness to enhance market competitiveness[107](index=107&type=chunk)[108](index=108&type=chunk) - The company's operating performance carries volatility risks, particularly due to the seasonal nature of the life sciences and health & environmental protection segment, which the company addresses by expanding its business portfolio, increasing the proportion of emerging industry businesses, and improving its customer structure[109](index=109&type=chunk)[110](index=110&type=chunk) - New business expansion may not meet expectations, a risk the company mitigates by actively communicating with customers, continuously monitoring market demand, increasing R&D investment, and prudent budget management[111](index=111&type=chunk) - Mergers and acquisitions involve decision-making and integration risks, which the company's investment and M&A committee will address by strengthening due diligence, engaging professional institutions, conducting investment return analysis, and intensifying post-acquisition integration efforts[112](index=112&type=chunk)[113](index=113&type=chunk) - Changes in industrial policies may affect the company's operations and development, which the company will continuously monitor and respond to promptly[114](index=114&type=chunk)[115](index=115&type=chunk) [Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=30&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) On April 22, 2025, the company hosted a conference call and online briefing for 62 institutions and investors, discussing 2024 annual and Q1 2025 performance and 2025 operations - Reception time: April 22, 2025[116](index=116&type=chunk) - Reception methods: Conference call, online performance briefing, online communication[116](index=116&type=chunk) - Main topics discussed: The company's 2024 annual and Q1 2025 performance, and related operational work for 2025[116](index=116&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company adopted a Market Value Management System in April 2025 but has not yet disclosed a valuation enhancement plan - The company formulated the "Market Value Management System" in April 2025, which was reviewed and approved by the 19th meeting of the Fifth Board of Directors on April 21, 2025[117](index=117&type=chunk) - The company has not yet disclosed a valuation enhancement plan[117](index=117&type=chunk) [Implementation of the "Dual Enhancement of Quality and Returns" Action Plan](index=30&type=section&id=XIII.%20Implementation%20of%20the%20%22Dual%20Enhancement%20of%20Quality%20and%20Returns%22%20Action%20Plan) The company disclosed its "Dual Enhancement of Quality and Returns" action plan on April 23, 2024, focusing on core business, R&D, continuous dividends, enhanced disclosure, and improved governance - The company disclosed the "Announcement on the 'Dual Enhancement of Quality and Returns' Action Plan" on April 23, 2024[119](index=119&type=chunk) - The plan aims to implement the guiding principles of "activating the capital market and boosting investor confidence" proposed by the Central Political Bureau meeting and "significantly improving the quality and investment value of listed companies" proposed by the State Council executive meeting[119](index=119&type=chunk) - The main contents of the plan include deepening core business, fostering R&D innovation, continuous dividend distribution, strengthening information disclosure, and improving governance structure[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=31&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental protection efforts, and social responsibility initiatives, reflecting its commitment to sustainable and ethical operations [Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes in the company's directors, supervisors, or senior management occurred during the reporting period; refer to the 2024 annual report for details - The company's directors, supervisors, and senior management experienced no changes during the reporting period[123](index=123&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=31&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period[124](index=124&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company continued its 2021 restricted stock incentive plan, with various release from restrictions, vesting, and repurchase and cancellation operations, and no employee stock ownership or other incentive plans - The company continued to implement the 2021 restricted stock incentive plan, with multiple operations for release from restrictions, vesting, and repurchase and cancellation during the reporting period[137](index=137&type=chunk)[138](index=138&type=chunk) 2021 Restricted Stock Incentive Plan Grant Price/Repurchase Price Adjustment | Category | Price Before Adjustment (CNY/share) | Price After Adjustment (CNY/share) | | :--- | :--- | :--- | | Repurchase price for first tranche of restricted shares granted but not yet released from restrictions | 10.15 | 10.09 | | Grant price for first tranche of restricted shares granted but not yet vested | 10.15 | 10.09 | | Repurchase price for reserved tranche of restricted shares granted but not yet released from restrictions | 10.48 | 10.42 | | Grant price for reserved tranche of restricted shares granted but not yet vested | 10.48 | 10.42 | - The company had no employee stock ownership plan implementation during the reporting period[139](index=139&type=chunk) - The company had no other employee incentive measures during the reporting period[139](index=139&type=chunk) [Environmental Information Disclosure](index=34&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its key subsidiary, Hubei Zhongjia Synthetic Pharmaceutical Co., Ltd., are listed as legally required environmental information disclosure enterprises, with reports accessible via a specified link - The listed company and its major subsidiary, Hubei Zhongjia Synthetic Pharmaceutical Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[139](index=139&type=chunk) - The environmental information disclosure report of Hubei Zhongjia Synthetic Pharmaceutical Co., Ltd. can be accessed via https://www.tianmen.gov.cn/zwgk/bmhxzxxgkml/bm/ssthjj/zfxxgk/zc/qt%20zdgkwj/t_5597285.shtml[139](index=139&type=chunk) [Social Responsibility](index=34&type=section&id=V.%20Social%20Responsibility) Pony Group actively fulfills its social responsibilities by upholding "development and contribution," protecting stakeholder rights, promoting environmental sustainability, engaging in public welfare, and publishing ESG reports - Pony Group consistently upholds its commitment to social responsibility, actively promotes sustainable development, and has regularly published its "Environmental, Social, and Governance (ESG) Report" for **three consecutive years**[140](index=140&type=chunk) - The company's mission is "Certifying Excellent Quality," adhering to core values of integrity, responsibility, dedication, and contribution, actively fulfilling social responsibilities while achieving sustainable enterprise development[141](index=141&type=chunk) - The company strictly adheres to laws and regulations to protect the legitimate rights and interests of shareholders and creditors, maintaining market information symmetry through diversified communication channels and stringent information disclosure[142](index=142&type=chunk)[143](index=143&type=chunk) - The company has established a comprehensive human resource management system, strictly adheres to equal employment principles, provides fair opportunities and career development paths for employees, and promptly pays various social insurances and housing provident funds[144](index=144&type=chunk)[145](index=145&type=chunk) - The company places high importance on environmental protection and sustainable development, integrating green development concepts throughout its production and operation processes, establishing an environmental management system, and implementing multiple measures to promote energy conservation and emission reduction[147](index=147&type=chunk) - In the first half of 2025, the company engaged in public welfare initiatives in food safety, technology sharing, and environmental protection monitoring, and donated food and supplies to social welfare institutions[149](index=149&type=chunk)[150](index=150&type=chunk) [Section V Significant Matters](index=38&type=section&id=Section%20V%20Significant%20Matters) This section outlines important events and commitments related to the company, its shareholders, and management, including compliance, transactions, and other material developments [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=38&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) All commitments by the company, controlling shareholder, and related parties were fulfilled as scheduled, with no overdue unfulfilled items as of the reporting period end - The company and relevant commitment parties fulfilled all commitments normally during the reporting period[152](index=152&type=chunk)[156](index=156&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk)[167](index=167&type=chunk)[170](index=170&type=chunk) - Commitment types include dividend commitments, share reduction commitments, commitments to avoid horizontal competition, related party transaction commitments, fund occupation commitments, share repurchase commitments for fraudulent issuance, and commitments to compensate for diluted immediate returns[152](index=152&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk)[167](index=167&type=chunk)[170](index=170&type=chunk) - As of the end of the reporting period, there were no overdue unfulfilled commitments[172](index=172&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=53&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) No non-operating funds were occupied by the controlling shareholder or other related parties from the listed company during the reporting period - The company's reporting period shows no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[173](index=173&type=chunk) [Irregular External Guarantees](index=53&type=section&id=III.%20Irregular%20External%20Guarantees) No irregular external guarantees were provided by the company during the reporting period - The company had no irregular external guarantees during the reporting period[174](index=174&type=chunk) [Appointment and Dismissal of Accounting Firms](index=53&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's half-year financial report was not audited - The company's half-year financial report was not audited[175](index=175&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Reporting Period](index=53&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) No non-standard audit report for the current reporting period, thus no explanation is required [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=53&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) No non-standard audit report for the previous year, thus no explanation is required [Bankruptcy Reorganization Matters](index=53&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) No bankruptcy reorganization matters occurred during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[176](index=176&type=chunk) [Litigation Matters](index=53&type=section&id=VIII.%20Litigation%20Matters) No significant litigation, arbitration, or other litigation matters for the company during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[177](index=177&type=chunk) - The company had no other litigation matters during the reporting period[177](index=177&type=chunk) [Penalties and Rectification](index=53&type=section&id=IX.%20Penalties%20and%20Rectification) No significant penalties or rectification situations for the company during the reporting period - The company had no significant penalties or rectification situations during the reporting period[177](index=177&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=53&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period, with no applicable adverse situations - The integrity status of the company, its controlling shareholder, and actual controller had no inapplicable situations[178](index=178&type=chunk) [Significant Related Party Transactions](index=54&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) No significant related party transactions, including routine operations, asset/equity acquisitions/disposals, joint investments, related party debt/credit, or financial company dealings, occurred during the reporting period - The company had no related party transactions related to daily operations during the reporting period[179](index=179&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[180](index=180&type=chunk) - The company had no related party debt or credit transactions during the reporting period[182](index=182&type=chunk) - The company had no other significant related party transactions during the reporting period[185](index=185&type=chunk) [Significant Contracts and Their Performance](index=54&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment or contracting situations but engaged in property leases for operations; it provided a CNY 200 million comprehensive credit guarantee for a wholly-owned subsidiary, which is currently being performed - The company had no entrustment situations during the reporting period[186](index=186&type=chunk) - The company had no contracting situations during the reporting period[188](index=188&type=chunk) - The company's leasing activities during the reporting period involved office, laboratory, and storage space leases required for the daily operations of its subsidiaries, which did not have a significant impact on the company's profit for the reporting period[189](index=189&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (CNY ten thousand) | Actual Occurrence Date | Actual Guarantee Amount (CNY ten thousand) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Pony Testing Group Jiangsu Co., Ltd. | 20,000 | July 15, 2024 | 20,000 | Joint and several liability guarantee | 3 years | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **CNY 200 million**, and the total actual guarantee balance for subsidiaries was **CNY 15.146 million**[192](index=192&type=chunk) [Explanation of Other Significant Matters](index=56&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) No other significant matters requiring explanation for the company during the reporting period - The company had no other significant matters requiring explanation during the reporting period[194](index=194&type=chunk) [Significant Matters of Company Subsidiaries](index=56&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) Pony Testing Group Shaanxi Co., Ltd. obtained a property ownership certificate, and Pony Bio-Pharmaceutical (Beijing) Co., Ltd. returned land use rights during the reporting period - Pony Testing Group Shaanxi Co., Ltd., a wholly-owned subsidiary of Pony Group, obtained a "Real Estate Title Certificate" during the reporting period[195](index=195&type=chunk) - Pony Bio-Pharmaceutical (Beijing) Co., Ltd., a wholly-owned subsidiary of Pony Group, returned its land use rights in Beijing during the reporting period[195](index=195&type=chunk) [Section VI Share Changes and Shareholder Information](index=57&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, the number of shareholders, and the shareholding structure of major shareholders and management [Share Capital Changes](index=57&type=section&id=I.%20Share%20Capital%20Changes) Total share capital remained unchanged, but restricted shares decreased by 17,864 and unrestricted shares increased by 17,864 due to restricted stock incentive plan operations and repurchases Share Capital Changes | Category | Number Before Change (shares) | Proportion Before Change | Net Increase/Decrease in Current Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 183,579,020 | 33.64% | -17,864 | 183,561,156 | 33.63% | | II. Unrestricted Shares | 362,179,356 | 66.36% | 17,864 | 362,197,220 | 66.37% | | III. Total Shares | 545,758,376 | 100.00% | 0 | 545,758,376 | 100.00% | - Share capital changes primarily resulted from the second release from restrictions for the second category of incentive recipients under the 2021 restricted stock incentive plan, vesting for the first vesting period of the reserved grant, cancellation of some granted but unvested restricted shares, and repurchase and cancellation of some granted but unvested restricted shares[198](index=198&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Song Wei | 183,478,725.00 | 0.00 | 5,472.00 | 183,484,197.00 | Senior Management Lock-up Shares | | Liu Yongmei | 32,319.00 | 8,025.00 | 0.00 | 24,294.00 | Senior Management Lock-up Shares (resigned in Jan 2024) | | Li Xiaodong | 25,650.00 | 0.00 | 2,052.00 | 27,702.00 | Senior Management Lock-up Shares | | Other Equity Incentive Recipients | 42,326.00 | 17,363.00 | 0.00 | 24,963.00 | Equity Incentive Restricted Shares | | Total | 183,579,020.00 | 25,388.00 | 7,524.00 | 183,561,156.00 | - | [Securities Issuance and Listing](index=59&type=section&id=II.%20Securities%20Issuance%20and%20Listing) No securities issuance or listing occurred during the reporting period [Number of Shareholders and Shareholding Structure](index=59&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Structure) As of the reporting period end, the company had 25,401 common shareholders; controlling shareholder Song Wei held 44.83%, and actual controller Li Yanggu held 11.59%, with their mother-son relationship and Song Wei's control over other entities noted - Total number of common shareholders at the end of the reporting period: **25,401**[204](index=204&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Song Wei | Domestic Natural Person | 44.83% | 244,645,596 | 183,484,197 | 61,161,399 | | Li Yanggu | Domestic Natural Person | 11.59% | 63,252,900 | 0 | 63,252,900 | | Beijing Puruihengxiang Technology Development Co., Ltd. | Other | 3.83% | 20,921,107 | 0 | 20,921,107 | | Beijing Putai Zhongrui Technology Development Co., Ltd. | Other | 3.83% | 20,921,107 | 0 | 20,921,107 | - Among the top ten shareholders, Ms. Song Wei and Mr. Li Yanggu are mother and son; Ms. Song Wei holds **40.56%** of Beijing Puruihengxiang Technology Development Co., Ltd., making her its controlling shareholder; Ms. Song Wei holds **63.27%** of Beijing Putai Zhongrui Technology Development Co., Ltd., making her its controlling shareholder[205](index=205&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=61&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes in shareholdings of the company's directors, supervisors, and senior management occurred during the reporting period; refer to the 2024 annual report for details - The company's directors, supervisors, and senior management experienced no changes in shareholdings during the reporting period[207](index=207&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=61&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) No changes in the company's controlling shareholder or actual controller occurred during the reporting period - The company's controlling shareholder did not change during the reporting period[208](index=208&type=chunk) - The company's actual controller did not change during the reporting period[208](index=208&type=chunk) [Preferred Share Information](index=61&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[209](index=209&type=chunk) [Section VII Bond-Related Information](index=62&type=section&id=Section%20VII%20Bond-Related%20Information) No bond-related information for the company during the reporting period - The company had no bond-related information during the reporting period[211](index=211&type=chunk) [Section VIII Financial Report](index=63&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes and supplementary information [Audit Report](index=63&type=section&id=I.%20Audit%20Report) The company's half-year financial report was not audited - The company's half-year financial report was not audited[213](index=213&type=chunk) [Financial Statements](index=63&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 [1. Consolidated Balance Sheet](index=63&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were CNY 3.49 billion, a 9.11% decrease from the beginning of the period, with reduced cash and construction in progress, and increased financial assets and long-term borrowings Consolidated Balance Sheet Key Data | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 3,493,484,221.04 | 3,843,611,963.41 | | Total Current Assets | 1,727,023,294.11 | 1,922,621,206.13 | | Total Non-Current Assets | 1,766,460,926.93 | 1,920,990,757.28 | | Total Liabilities | 593,173,656.30 | 762,185,610.03 | | Total Owners' Equity | 2,900,310,564.74 | 3,081,426,353.38 | | Cash and Cash Equivalents | 278,629,622.14 | 700,202,650.87 | | Financial Assets Held for Trading | 620,000,000.00 | 275,000,000.00 | | Construction in Progress | 30,448,253.24 | 73,253,688.01 | | Long-term Borrowings | 10,146,037.94 | 0.00 | [2. Parent Company Balance Sheet](index=65&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were CNY 3.24 billion, a slight increase from the beginning of the period, with significantly reduced cash and increased financial assets Parent Company Balance Sheet Key Data | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 3,235,025,074.45 | 3,204,372,443.81 | | Total Current Assets | 2,650,334,793.53 | 2,621,970,329.63 | | Total Non-Current Assets | 584,690,280.92 | 582,402,114.18 | | Total Liabilities | 684,427,518.19 | 630,370,593.57 | | Total Owners' Equity | 2,550,597,556.26 | 2,574,001,850.24 | | Cash and Cash Equivalents | 48,904,900.74 | 335,258,927.75 | | Financial Assets Held for Trading | 270,000,000.00 | 0.00 | [3. Consolidated Income Statement](index=67&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, consolidated operating revenue was CNY 564.80 million, a 22.42% year-on-year decrease, with net loss widening to CNY 179.19 million, while management and selling expenses declined Consolidated Income Statement Key Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 564,804,005.22 | 728,074,335.53 | | II. Total Operating Costs | 713,604,742.69 | 895,090,993.03 | | Selling Expenses | 120,664,369.84 | 157,494,971.20 | | Administrative Expenses | 88,375,320.49 | 127,200,845.74 | | R&D Expenses | 68,543,067.00 | 85,110,921.08 | | III. Operating Profit (Loss indicated by "—") | -180,999,272.50 | -175,946,454.45 | | V. Net Profit (Net Loss indicated by "—") | -179,193,086.21 | -171,531,818.60 | | Net Profit Attributable to Parent Company Shareholders | -179,658,490.11 | -171,373,267.55 | | Basic Earnings Per Share (CNY/share) | -0.3292 | -0.3138 | [4. Parent Company Income Statement](index=69&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, parent company operating revenue was CNY 110 million, an 18.00% year-on-year decrease, with net loss widening to CNY 23.58 million, and reductions in operating costs and various expenses Parent Company Income Statement Key Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Operating Revenue | 109,844,533.66 | 133,931,916.87 | | Less: Operating Costs | 77,718,861.85 | 91,686,109.55 | | Selling Expenses | 19,465,843.71 | 23,684,196.56 | | Administrative Expenses | 26,812,428.87 | 37,221,020.11 | | R&D Expenses | 12,451,744.47 | 15,465,763.15 | | II. Operating Profit (Loss indicated by "—") | -23,746,438.07 | -26,759,994.82 | | IV. Net Profit (Net Loss indicated by "—") | -23,581,994.65 | -21,811,307.30 | [5. Consolidated Cash Flow Statement](index=71&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities improved by 57.35% to CNY -36.80 million, while net cash flow from investing activities significantly decreased by 258.63% due to increased wealth management, and financing activities decreased by 2591.76% due to loan repayments Consolidated Cash Flow Statement Key Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -36,795,122.17 | -86,273,322.94 | | Net Cash Flow from Investing Activities | -296,610,855.38 | -82,706,469.14 | | Net Cash Flow from Financing Activities | -87,047,877.67 | -3,233,866.04 | | Net Increase in Cash and Cash Equivalents | -420,466,218.71 | -172,210,978.10 | | Cash and Cash Equivalents at End of Period | 274,363,261.09 | 419,595,158.41 | [6. Parent Company Cash Flow Statement](index=72&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities turned negative at CNY -41.59 million, while net cash flow from investing activities was CNY -275.17 million, and financing activities generated CNY 30.40 million Parent Company Cash Flow Statement Key Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -41,587,238.73 | 101,954,598.30 | | Net Cash Flow from Investing Activities | -275,165,744.62 | -63,833,723.34 | | Net Cash Flow from Financing Activities | 30,398,956.34 | -97,585,125.84 | | Net Increase in Cash and Cash Equivalents | -286,354,027.01 | -59,464,250.88 | | Cash and Cash Equivalents at End of Period | 48,397,280.74 | 228,332,156.54 | [7. Consolidated Statement of Changes in Owners' Equity](index=73&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) For the first half of 2025, consolidated owners' equity totaled CNY 2.90 billion, a decrease of CNY 181.12 million from the beginning of the period, primarily due to a net loss attributable to parent company shareholders Consolidated Statement of Changes in Owners' Equity Key Data | Item | Beginning Balance (CNY) | Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 3,081,426,353.38 | -181,115,788.64 | 2,900,310,564.74 | | Total Comprehensive Income Attributable to Parent Company Owners | - | -179,658,893.21 | - | | Minority Interests | 12,851,500.32 | -1,634,596.10 | 11,216,904.22 | | Less: Treasury Stock | 730,345.27 | -177,700.67 | 552,644.60 | [8. Parent Company Statement of Changes in Owners' Equity](index=78&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) For the first half of 2025, parent company owners' equity totaled CNY 2.55 billion, a decrease of CNY 23.40 million from the beginning of the period, mainly due to a comprehensive loss Parent Company Statement of Changes in Owners' Equity Key Data | Item | Beginning Balance (CNY) | Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 2,574,001,850.24 | -23,404,293.98 | 2,550,597,556.26 | | Total Comprehensive Income | - | -23,581,994.65 | - | | Less: Treasury Stock | 730,345.27 | -177,700.67 | 552,644.60 | [Company Basic Information](index=82&type=section&id=III.%20Company%20Basic%20Information) Pony Testing Group Co., Ltd., established in 2002 and listed on SZSE in 2020, has a registered capital of CNY 545.76 million, with Zhang Yingjie as legal representative, focusing on testing, metrology, and certification services - Pony Testing Group Co., Ltd. was formerly Beijing Pony Physical and Chemical Analysis and Testing Center, established on June 10, 2002[248](index=248&type=chunk) - The company was listed on the Shenzhen Stock Exchange on September 16, 2020, stock code **300887**, belonging to the professional technical services industry[248](index=248&type=chunk) - Company registered capital: **CNY 545.758376 million**, legal representative: Zhang Yingjie[249](index=249&type=chunk) - The company's main business activities are inspection and testing, metrology, certification, and related technical services, with a business scope covering life sciences and health & environmental protection, automotive and other consumer products, safety and security, and electronic and electrical sectors[249](index=249&type=chunk) [Basis of Financial Statement Preparation](index=82&type=section&id=IV.%20B

Group 1 - The core viewpoint of the article is that Puni Testing (300887) has been officially approved as a quality safety inspection agency for "vegetable basket" products in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The Guangdong-Hong Kong-Macao Greater Bay Area "vegetable basket" office is an important coordinating management institution established to oversee and promote the safety supply of agricultural products in the region [1]

Core Insights - The financing net purchase of Puni Testing (300887) on August 21 amounted to 1.0986 million yuan, with a financing balance of 131 million yuan, indicating a continuous net purchase trend over recent trading days [1][4]. Financing Activity Summary - On August 21, the financing net purchase was 1.0986 million yuan, with a financing balance of 131 million yuan, representing 4.00% of the circulating market value [2]. - Over the past three trading days, the cumulative net purchase reached 3.9093 million yuan, with 12 out of the last 20 trading days showing net purchases [1][2]. - The financing balance increased by 0.85% from the previous day, reflecting a positive trend in financing activities [4]. Margin Trading Summary - On August 21, there were 500 shares sold short, with a total short balance of 22,500 shares [3]. - The cumulative net short sale over the last three trading days was 3,800 shares, with 13 out of the last 20 trading days showing net short sales [2][3].