Core Viewpoint - Shuangle Co., Ltd. reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first half of 2025 was 748 million yuan, a year-on-year decrease of 8.44% [1] - The net profit attributable to shareholders of the listed company was 44.76 million yuan, reflecting a year-on-year decrease of 32.95% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 44.57 million yuan, down 27.17% year-on-year [1] - Basic earnings per share were reported at 0.45 yuan [1]

Core Viewpoint - Shuangle Co., Ltd. reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 748 million yuan, representing a year-on-year decrease of 8.44% [2] - The net profit attributable to shareholders was around 44.76 million yuan, down 32.95% compared to the previous year [2] - Basic earnings per share were reported at 0.45 yuan, reflecting a decrease of 32.84% year-on-year [2]

Core Viewpoint - The audit report for Shuangle Pigment Co., Ltd. indicates that the financial statements for the year 2022 fairly reflect the company's financial position and operating results in accordance with accounting standards [1][2]. Audit Opinion - The audit opinion states that the financial statements are prepared in accordance with accounting standards and provide a fair view of the company's financial status as of December 31, 2022 [1]. - The audit was conducted following the Chinese Certified Public Accountant auditing standards, ensuring independence and ethical compliance [1][3]. Key Audit Matters - **Revenue Recognition**: The audit focused on the recognition of domestic sales revenue, assessing the effectiveness of internal controls and the appropriateness of accounting policies [1][2]. - **Recoverability of Accounts Receivable**: The audit evaluated the methods used to estimate the recoverability of accounts receivable, with a specific focus on the adequacy of provisions for bad debts [1][2]. - **Existence and Valuation of Fixed Assets**: The audit examined the existence, accuracy, and valuation of fixed assets, including the assessment of depreciation policies [2][3]. Financial Statements Overview - **Consolidated Balance Sheet**: As of December 31, 2022, total assets amounted to RMB 1,915,186,656.57, a decrease from RMB 1,939,936,093.31 in the previous year [6][7]. - **Consolidated Income Statement**: Total operating revenue for 2022 was RMB 1,270,705,476.24, down from RMB 1,336,104,395.88 in 2021, while total operating costs increased to RMB 1,260,125,550.73 from RMB 1,232,931,110.46 [8][9]. - **Consolidated Cash Flow Statement**: The net cash flow from operating activities was RMB 10,035,236.33, compared to a negative cash flow of RMB -106,388,842.98 in the previous year [10]. Management Responsibilities - The management is responsible for preparing financial statements that fairly reflect the company's financial position and for maintaining effective internal controls to prevent material misstatements [3][4]. Auditor Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error [4][5].

Group 1 - The article discusses non-operating fund occupation and related financial transactions involving listed companies and their controlling shareholders or actual controllers [1] - It highlights the amounts involved in non-operating fund occupation, including the cumulative amount and the remaining balance at the end of the reporting period [1] - The report includes details on the nature of the occupation, the accounting subjects involved, and the relationships with related parties [1] Group 2 - The article also covers the inter-company financial transactions, specifying the amounts related to operating and non-operating transactions [1] - It provides a breakdown of accounts receivable and the total amounts involved in these transactions [1] - The report emphasizes the importance of transparency in financial dealings between listed companies and their related parties [1]

Core Viewpoint - The company has disclosed its 2025 semi-annual report and summary, ensuring transparency and accuracy in its financial reporting [1] Group 1 - The company held its 12th meeting of the 3rd Board of Directors on August 15, 2025, where the semi-annual report was approved [1] - The semi-annual report and its summary were made available on August 18, 2025, on the designated information disclosure website [1] - The company emphasizes the completeness and truthfulness of the disclosed information, assuring no misleading statements or significant omissions [1]

Group 1 - The company, Shuangle Pigment Co., Ltd., has received an inquiry letter from the Shenzhen Stock Exchange regarding its application to issue convertible bonds to unspecified objects [1][2] - The company has updated its financial data to the first half of 2025 in response to the inquiry and has made necessary modifications to its application documents [1] - The inquiry letter and the company's response will be disclosed on the Giant Tide Information Network [1] Group 2 - The issuance of convertible bonds is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2] - The company will fulfill its information disclosure obligations based on the progress of this matter [2]

Core Viewpoint - The company is seeking to issue convertible bonds to unspecified objects to fund the development of high-performance yellow-red pigments and blue-green pigments, which align with its existing business and market demands [1][2]. Group 1: Legal Opinions and Compliance - The law firm has been engaged as a special legal advisor for the company's application to issue convertible bonds, ensuring compliance with relevant laws and regulations [2]. - The company has made necessary modifications to its prospectus and other application documents in response to inquiries from the Shenzhen Stock Exchange [2][3]. Group 2: Project Feasibility and Market Analysis - The high-performance yellow-red pigment project is based on a feasibility study, with significant differences in raw materials and synthesis processes compared to existing products [3][4]. - The company’s existing products include phthalocyanine and chromium pigments, while the new yellow-red pigments are organic and represent a strategic expansion into a growing market [4][5]. - The company has a dedicated R&D team for yellow-red pigments, which has been active since 2017, ensuring a solid foundation for the new product line [6][7]. Group 3: Industry Standards and Environmental Compliance - The company has participated in the formulation of industry standards for organic yellow-red pigments, demonstrating its commitment to quality and compliance [7]. - The new products are classified as environmentally friendly and high-performance, meeting stringent safety and environmental regulations [19][20]. Group 4: Financial and Investment Considerations - The total investment for the blue-green pigment project is estimated at 185 million yuan, with specific allocations for phthalocyanine blue, phthalocyanine green, and environmental projects [11]. - The company has confirmed that the projects have obtained necessary approvals and environmental assessments, ensuring compliance with local regulations [12][13][26]. Group 5: Risk Management and Future Outlook - The company acknowledges potential uncertainties in the implementation of the high-performance yellow-red pigment project but believes that the existing market demand and product alignment mitigate these risks [10][17]. - The company plans to leverage its existing customer base and product synergies to ensure successful market entry for the new pigments [9][10].

Core Viewpoint - The company plans to issue convertible bonds to raise up to 800 million yuan for various projects, including high-performance blue-green pigments, high-performance yellow-red pigments, and a research and development center, along with supplementing working capital [3][4][5]. Group 1: Project Details - The blue-green pigment project includes the functional upgrade and capacity expansion of existing phthalocyanine pigments, with expected first-year sales revenue of 206.55 million yuan and net profit of 19.76 million yuan [3]. - The yellow-red pigment project aims to produce 4,000 tons of high-performance organic yellow-red pigments, with anticipated first-year sales revenue of 432.52 million yuan and net profit of 52.38 million yuan [3]. - The R&D center project will support the company's research needs, enhancing its innovation capabilities [3]. Group 2: Financial Projections - The company expects the blue-green pigment project to generate sales revenue of 206.55 million yuan and net profit of 19.76 million yuan in its first year of operation [3]. - The yellow-red pigment project is projected to achieve sales revenue of 432.52 million yuan and net profit of 52.38 million yuan upon reaching full production [3]. - The total expected revenue from the projects is estimated at 800 million yuan, with a focus on enhancing product offerings and market competitiveness [3][4]. Group 3: Market Position and Competition - The company holds a leading position in the domestic market for phthalocyanine pigments, with a market share exceeding 30% from 2021 to 2023 [8]. - The company is also the top player in the inorganic yellow-red pigment market, with a market share of 31.67% in 2024 [8]. - The competitive landscape includes companies like Shilanhua, which has a production capacity of 10,000 tons for phthalocyanine blue, indicating a strong competitive environment [9][10]. Group 4: Funding Necessity - The company has identified a funding gap of 897.73 million yuan over the next three years, necessitating the issuance of convertible bonds to support its growth and project funding [26][27]. - The total amount to be raised through the bond issuance aligns with the projected funding needs, ensuring that the financing is reasonable and necessary for the company's development [26][27].

| | | | | | | | 末增减 | | --- | --- | --- | --- | --- | --- | --- | --- | | 总资产（元） 1,629,689,233.12 | 归属于上市公司股东的净资产（元） | 1.44% | 1,857,226,702.54 | 1,847,204,423.07 1,653,159,080.20 | | | 0.54% | | | | | | 双乐颜料股份有限公司 | | 2025 | 年半年度报告 | | 摘要 | | | | | | | | | 报告期 | | | | | | 单位：股 | | | | | 报告期末表决权恢 | | 持有特别表决权股 | | | | | 末普通 | | | | | | | | | 股股东 | | | | | | | | | | | 数（如有） | | | 有） | | | | 总数 | | | | | | | | | | | 前 10 | | 名股东持股情况（不含通过转融通出借股份） | | | | | 股东名 | 股东性 | 持股比 | | 持有有限售条件的 | | | 质押、标记或 | | 冻结情况 | | ...

Group 1 - The third meeting of the board of directors of Shuangle Pigment Co., Ltd. was held on August 2, 2025, with all 9 directors present, and the meeting was chaired by Chairman Yang Hanzhou [1] - The board reviewed the 2025 semi-annual general manager's work report, which was deemed to reflect the effective execution of board and shareholder resolutions, indicating stable development for the company [1] - The board unanimously approved the 2025 semi-annual general manager's work report with a voting result of 9 in favor, 0 against, and 0 abstentions [2][3] Group 2 - The board confirmed that the preparation and review procedures for the 2025 semi-annual report complied with relevant laws and regulations, and the report accurately reflects the company's operational status without any false statements or omissions [3]