法定代表人：吴政杰 主管会计工作负责人：潘朝阳 会计机构负责人（会计主管人员）：潘朝阳 浙江本立科技股份有限公司 2025 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金占用 | 资金占用方名称 | | 占用方与上市公 | 上市公司核算 | 年期初占 2025 | 2025 年 1-6 月占用累 计发生金额（不含利 | 2025 | 年 月占用 1-6 | 年 月偿 2025 1-6 | 2025年6 月末 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 司的关联关系 | 的会计科目 | 用资金余额 | 息） | | 资金的利息(如有) | 还累计发生金额 | 占用资金余额 | 原因 | | | 控股股东、实际控制人及 | | | | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | | | | | | 非经营性占用 | | 小计 | | - | - | - | | | ...

证券代码：301065 证券简称：本立科技 公告编号：2025-031 浙江本立科技股份有限公司 关于召开公司 2025 年第一次临时股东大会通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2025 年第一次临时股东大会 2、召集人：公司董事会 3、会议召开的合法、合规性： （1）公司第四届董事会第八次会议于 2025 年 8 月 28 日召开，审议通过了 《关于召开公司 2025 年第一次临时股东大会的议案》。 （2）本次股东大会的召集、召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》等相关规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2025 年 9 月 15 日（星期一）14:30。 （2）网络投票时间：2025 年 9 月 15 日（星期一） ①通过深圳证券交 易所交易系统进行网络投票时 间为 9:15-9:25 ， 9:30-11:30 和 13:00-15:00； ②通过深圳证券交易所互联网投票系统平台投票的具体时间为 9:15 至 15:00 期间的任意时间。 5 ...

证券代码：301065 证券简称：本立科技 公告编号：2025-030 具体内容详见公司于同日披露在巨潮资讯网（http://www.cninfo.co m.cn）上的《2025 年半年度报告》和《2025 年半年度报告摘要》。 浙江本立科技股份有限公司 第四届监事会第八次会议决议公告 本公司及监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、监事会会议召开情况 浙江本立科技股份有限公司（以下简称"公司"）第四届监事会第八 次会议于 2025 年 8 月 28 日在公司三楼会议室以现场的方式召开。本次会 议通知已于 2025 年 8 月 18 日以邮件方式向公司全体监事发出。本次会议 由公司监事会主席钱沛良先生主持,会议应到监事 3 人，实到监事 3 人，公 司部分高级管理人员列席会议。会议的召集、召开和表决程序符合《公司 法》和《公司章程》的有关规定，形成的决议合法有效。 二、监事会会议审议情况 经与会监事认真审议，形成以下决议： （一）审议通过了《关于<2025 年半年度报告>及其摘要的议案》 经审议，监事会认为：公司董事会负责编制和审核《2025 年半年度报 ...

证券代码：301065 证券简称：本立科技 公告编号：2025-029 浙江本立科技股份有限公司 第四届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 浙江本立科技股份有限公司（以下简称"公司"）第四届董事会第八 次会议于 2025 年 8 月 28 日在公司三楼会议室以现场结合通讯的方式召开。 本次会议通知已于 2025 年 8 月 18 日以邮件方式向公司全体董事发出。本 次会议由公司董事长吴政杰先生主持,会议应到董事 7 人，实到董事 7 人， 公司监事、高级管理人员列席会议。会议的召集、召开和表决程序符合《公 司法》和《公司章程》等相关法律法规、规章及其他规范性文件的规定， 形成的决议合法有效。 二、董事会会议审议情况 经与会董事认真审议，形成以下决议： （一）审议通过了《关于<2025 年半年度报告>及其摘要的议案》 经审议，董事会认为：公司《2025 年半年度报告》及其摘要内容真实、 准确、完整地反映了公司 2025 年半年度财务状况和经营情况，不存在虚假 记载、误导性陈述或重大遗漏。 具体内容详见 ...

证券代码：301065 证券简称：本立科技 公告编号：2025-027 浙江本立科技股份有限公司 关于吸收合并全资子公司 暨变更部分募投项目实施主体的公告 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。 浙江本立科技股份有限公司（以下简称"公司"或"本立科技"）于2025年8月 28日召开了第四届董事会第八次会议和第四届监事会第八次会议，审议通过了《关 于吸收合并全资子公司暨变更部分募投项目实施主体的议案》，为了进一步优化公 司管理架构，充分发挥资产整合的经济效益，降低管理成本，公司拟吸收合并全资 子公司临海本立科技有限公司（以下简称"临海本立"）。吸收合并完成后，临 海本立的独立法人资格将被注销，其所有资产、负债及其他一切权利和义务均由 公司依法承继。公司首次公开发行股票的募投项目"研发中心建设项目"和"全 资子公司购买土地使用权及前期基础设施建设"目前实施主体为临海本立，因本 次吸收合并事宜的实施，上述募投项目的实施主体由临海本立变更为本立科技， 上述项目的投资金额、用途、实施地点等其他事项不变。 依据《深圳证券交易所创业板股票上市规则》等相关法律、法规及 ...

证券代码：301065 证券简称：本立科技 公告编号：2025-028 浙江本立科技股份有限公司 关于作废 2024 年限制性股票激励计划部分已授予 尚未归属的限制性股票的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 浙江本立科技股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开 第四届董事会第八次会议和第四届监事会第八次会议，审议通过了《关于作废 2024 年限制性股票激励计划部分已授予尚未归属的限制性股票的议案》，根据 《浙江本立科技股份有限公司 2024 年限制性股票激励计划（草案）》（以下简 称"《激励计划》"）的规定及公司 2024 年第二次临时股东大会的授权，公司 董事会同意作废 2024 年限制性股票激励计划（以下简称"本次激励计划"）部 分已授予但尚未归属的限制性股票共 3.00 万股。现将有关事项说明如下： 一、已履行的相关审批程序 （一）2024年8月28日，公司召开第四届董事会第二次会议，审议通过了《关 于<浙江本立科技股份有限公司2024年限制性股票激励计划（草案）>及其摘要 的议案》《关于<浙江本立科技股 ...

长城证券股份有限公司 关于浙江本立科技股份有限公司 吸收合并全资子公司暨变更部分募集资金投资项目实施主 体的核查意见 长城证券股份有限公司（以下简称"长城证券"或"保荐机构"）作为浙江 本立科技股份有限公司（以下简称"本立科技"或"公司"）首次公开发行股票 并在创业板上市之保荐机构，根据《证券发行上市保荐业务管理办法》《上市公 司募集资金监管规则》《深圳证券交易所创业板股票上市规则》《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》等相关规定，长城 证券对本立科技本次拟吸收合并全资子公司临海本立科技有限公司（以下简称 "临海本立"）暨变更部分募投项目实施主体事项进行了核查，核查的具体情况 如下： 一、合并双方基本情况 （一）吸收合并方基本情况 1、基本情况 公司名称：浙江本立科技股份有限公司 统一社会信用代码：913310005753258189 企业类型：股份有限公司（上市、自然人投资或控股） 成立日期：2011 年 05 月 13 日 注册资本：壹亿零陆佰零贰万元整 注册地址：浙江省临海头门港新区东海第六大道 15 号 法定代表人：吴政杰 经营范围：一般项目：技术服务、技术开发、 ...

上海市锦天城律师事务所 关于浙江本立科技股份有限公司 2024 年限制性股票激励计划 作废部分已授予尚未归属的限制性股票相关事项的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江本立科技股份有限公司 2024 年限制性股票激励计划 作废部分已授予尚未归属的限制性股票相关事项的 1、本所及经办律师依据《公司法》《证券法》《管理办法》《监管指南》《律 师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则（试 1 上海市锦天城律师事务所 法律意见书 法律意见书 致：浙江本立科技股份有限公司 上海市锦天城律师事务所（以下简称"锦天城"或"本所"）接受浙江本立 科技股份有限公司（以下简称"公司"或"本立科技"）的委托，担任公司"2024 年限制性股票激励计划"（以下简称"本次激励计划"）的法律顾问，根据《中 华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以 下简称"《证券法》")、《上市公司股 ...

[Section 1 Important Notice, Table of Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides an important notice, the table of contents, and definitions of key terms used throughout the report. [Important Notice](index=2&type=section&id=Important%20Notice) The company's board and management assure the report's accuracy and completeness, while also stating no semi-annual cash dividends or bonus shares will be distributed. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, abbreviations, company products, and technology platforms to ensure clear understanding of the report's content. - The reporting period is defined as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - The company's main products include 801 product (N,N-dimethylaminoacrylate), 1201 product (2,4-dichloro-5-fluorobenzoyl chloride), 1501 product (ethyl 2-(2,4-dichloro-5-fluorobenzoyl)-3-cyclopropylaminoacrylate), 1701 product (norfloxacin advanced intermediate), and 1801 product (2,4-dichlorofluorobenzene), primarily used in pharmaceutical and pesticide intermediates[14](index=14&type=chunk)[16](index=16&type=chunk) - The company has established three major technology platforms: carbon monoxide carbonylation reaction technology platform, carbon tetrachloride Friedel-Crafts reaction technology platform, and quinolone API green synthesis technology platform[14](index=14&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance indicators for the reporting period. [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Zhejiang Benli Technology Co., Ltd. (stock code: 301065) is listed on the Shenzhen Stock Exchange, with Wu Zhengjie as its legal representative. - The company's stock abbreviation is “Benli Technology”, stock code “301065”, listed on the Shenzhen Stock Exchange[18](index=18&type=chunk) - The company's legal representative is Wu Zhengjie[18](index=18&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Wang Jiajia, and Securities Affairs Representative is Cai Lili, with contact details provided. - The Board Secretary is Wang Jiajia, and the Securities Affairs Representative is Cai Lili[19](index=19&type=chunk) - The company's contact address is No. 15, Donghai Sixth Avenue, Toumen Port New Area, Linhai, Zhejiang Province[19](index=19&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) No changes occurred in the company's contact information, disclosure locations, or registration during the reporting period. - The company's registered address, office address, website, and email address remained unchanged during the reporting period[20](index=20&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[21](index=21&type=chunk) - The company's registration status remained unchanged during the reporting period[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by **9.67%**, while net profit attributable to shareholders increased by **7.64%**, and operating cash flow significantly declined by **56.04%**. 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | This Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 342,267,164.16 | 378,906,562.22 | -9.67% | | Net Profit Attributable to Shareholders of Listed Company | 44,662,516.94 | 41,491,608.40 | 7.64% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 42,244,373.63 | 40,596,518.45 | 4.06% | | Net Cash Flow from Operating Activities | 75,240,160.15 | 171,162,983.40 | -56.04% | | Basic Earnings Per Share (Yuan/share) | 0.43 | 0.40 | 7.50% | | Diluted Earnings Per Share (Yuan/share) | 0.43 | 0.40 | 7.50% | | Weighted Average Return on Net Assets | 3.37% | 3.21% | 0.16% | | **Indicator (Period-end)** | **This Reporting Period-end (Yuan)** | **Prior Year-end (Yuan)** | **Period-end vs. Prior Year-end Change (%)** | | Total Assets | 1,645,174,861.49 | 1,619,459,478.19 | 1.59% | | Net Assets Attributable to Shareholders of Listed Company | 1,328,143,330.68 | 1,302,095,263.03 | 2.00% | [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) No differences exist in net profit and net assets between financial reports prepared under domestic and international accounting standards. - During the reporting period, there were no differences in net profit and net assets in the financial reports disclosed by the company under International Accounting Standards compared to Chinese Accounting Standards[24](index=24&type=chunk) - During the reporting period, there were no differences in net profit and net assets in the financial reports disclosed by the company under overseas accounting standards compared to Chinese Accounting Standards[25](index=25&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) Total non-recurring gains and losses amounted to **2.4181 million yuan**, mainly from government subsidies and fair value changes in financial assets. 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -748,137.07 | | Government grants recognized in current profit or loss (excluding those continuously affecting) | 2,614,041.55 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains/losses of financial assets and liabilities (excluding hedging activities) | 1,549,772.82 | | Other non-operating income and expenses apart from the above | -477,902.40 | | Less: Income tax impact | 519,631.59 | | Total | 2,418,143.31 | [Section 3 Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's main businesses, core competencies, financial performance, investment activities, and risk management strategies. [I. Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of pharmaceutical, pesticide, and new material intermediates, operating within the chemical manufacturing industry. - The company operates in “C26 Chemical Raw Materials and Chemical Products Manufacturing”[30](index=30&type=chunk) - In the first half of 2025, operating revenue for industrial enterprises above designated size in the chemical raw materials and chemical products manufacturing industry increased by **1.4%** year-on-year, while total profit decreased by **9%** year-on-year[30](index=30&type=chunk) - The company's main business is the R&D, production, and sales of pharmaceutical intermediates, pesticide intermediates, and new material intermediates[30](index=30&type=chunk) [1. Industry Development Status](index=10&type=section&id=1.%20Industry%20Development%20Status) The chemical manufacturing industry saw a **1.4% revenue growth** but a **9% profit decline** in H1 2025, while pharmaceutical and pesticide sectors show sustained demand. - The company operates in “C26 Chemical Raw Materials and Chemical Products Manufacturing” within “C Manufacturing”[30](index=30&type=chunk) - In the first half of 2025, operating revenue for industrial enterprises above designated size in the chemical raw materials and chemical products manufacturing industry increased by **1.4%** year-on-year, while total profit decreased by **9%** year-on-year[30](index=30&type=chunk) - The pharmaceutical industry's demand continues to grow driven by an aging population and increased health awareness, with China dominating **60%** of global antibiotic and vitamin intermediate supply[31](index=31&type=chunk) - The pesticide industry is influenced by increased global food security priorities, with China, as the world's largest pesticide exporter, transitioning towards high-quality and green development[32](index=32&type=chunk) [2. Company's Main Products and Uses](index=10&type=section&id=2.%20Company%27s%20Main%20Products%20and%20Uses) The company's main products are pharmaceutical and pesticide intermediates, including 801, 1201, 1501, 1701, and 1801, used in synthesizing quinolone APIs or fourth-generation fungicides. Company's Main Products and Uses | No. | Product Code or Abbreviation | Chemical Name | Main Uses | Application Category | | :--- | :--- | :--- | :--- | :--- | | 1 | 801 Product | N,N-dimethylaminoacrylate | Synthesis of quinolone APIs such as levofloxacin, ofloxacin, ciprofloxacin, enrofloxacin, norfloxacin; synthesis of fourth-generation fungicides such as bixafen, fluopyram, isoflucypram | Pharmaceutical Intermediate, Pesticide Intermediate | | 2 | 1201 Product | 2,4-dichloro-5-fluorobenzoyl chloride | Synthesis of quinolone APIs such as ciprofloxacin, enrofloxacin, norfloxacin | Pharmaceutical Intermediate | | 3 | 1501 Product | Ethyl 2-(2,4-dichloro-5-fluorobenzoyl)-3-cyclopropylaminoacrylate | Synthesis of quinolone APIs such as ciprofloxacin, enrofloxacin, clinofloxacin, besifloxacin | Pharmaceutical Intermediate | | 4 | 1701 Product | 1-ethyl-7-(1-piperazinyl)-6-fluoro-1,4-dihydro-4-oxo-3-quinolinecarboxylic acid hydrochloride | Synthesis of quinolone APIs such as norfloxacin, pefloxacin | Pharmaceutical Intermediate | | 5 | 1801 Product | 2,4-dichlorofluorobenzene | Raw material for the company's 1201 product | Pharmaceutical Intermediate | [3. Upstream and Downstream Industrial Chains of Main Products](index=11&type=section&id=3.%20Upstream%20and%20Downstream%20Industrial%20Chains%20of%20Main%20Products) The company's products connect basic chemical raw materials upstream with pharmaceutical, pesticide, and new material industries downstream. - The upstream industrial chain of the company's main products consists of basic chemical raw materials, while the downstream industrial chain extends to application industries such as pharmaceuticals, pesticides, and new materials[37](index=37&type=chunk) [4. Main Business Models](index=11&type=section&id=4.%20Main%20Business%20Models) The company employs market-oriented R&D, production-driven procurement, planned production, and a sales model combining domestic direct sales with international exports. - R&D Model: Adhering to the “innovation, substitution, and cost” philosophy, the company insists on independent R&D and industry-university-research cooperation[39](index=39&type=chunk) - Procurement Model: Implements “production-driven procurement, reasonable inventory,” combining centralized and local procurement, while monitoring raw material price trends[40](index=40&type=chunk)[41](index=41&type=chunk) - Production Model: Production plans are formulated based on monthly sales forecasts, with full-process supervision and control by the Safety, Environmental Protection, and Quality Departments[42](index=42&type=chunk) - Sales Model: Primarily domestic direct sales, supplemented by self-operated exports, developing new customers and application areas through flexible strategies[43](index=43&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include continuous technological innovation, a comprehensive quality management system, stable supply chains, a professional team, certified management systems, and a favorable geographical location. - The company has established three major technology platforms: carbon monoxide carbonylation reaction, carbon tetrachloride Friedel-Crafts reaction, and quinolone API green synthesis, holding **25 invention patents**, **6 utility model patents**, and **12 software copyrights**[44](index=44&type=chunk) - The company has established a comprehensive quality management system covering the entire procurement, production, and sales process, building brand influence through strict quality control[45](index=45&type=chunk) - The company has established long-term cooperation with core suppliers to ensure stable raw material supply and maintains long-term stable relationships with customers[46](index=46&type=chunk) - The company possesses a professional and pragmatic core team with over ten years of experience in the chemical intermediate field[47](index=47&type=chunk) - The company has passed ISO9001:2015 Quality Management System, ISO14001:2015 Environmental Management System, and ISO45001:2018 Occupational Health and Safety Management System certifications[49](index=49&type=chunk) - The company is located in Taizhou Bay Economic and Technological Development Zone, a national-level economic and technological development zone, enjoying complete park facilities and transportation conditions[50](index=50&type=chunk) [III. Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue decreased by **9.67%** due to lower sales, while sales expenses surged by **101.94%**, and operating cash flow significantly dropped by **56.04%**. Major Financial Data Year-on-Year Changes | Indicator | This Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 342,267,164.16 | 378,906,562.22 | -9.67% | Primarily due to a decrease in sales volume of main products in this period | | Operating Cost | 265,456,205.87 | 307,060,649.57 | -13.55% | Primarily due to a decrease in sales volume of main products in this period, leading to a corresponding decrease in costs | | Selling Expenses | 1,610,424.98 | 797,484.64 | 101.94% | Primarily due to an increase in sales personnel and corresponding increase in employee compensation in this period | | Financial Expenses | -8,944,067.46 | -8,207,159.60 | -8.98% | Primarily due to an increase in exchange gains in this period | | Income Tax Expenses | 7,774,631.29 | 5,840,609.14 | 33.11% | Primarily due to an increase in deferred income tax expenses in this period | | R&D Investment | 13,525,025.05 | 13,232,422.88 | 2.21% | | | Net Cash Flow from Operating Activities | 75,240,160.15 | 171,162,983.40 | -56.04% | Primarily due to an increase in cash paid for purchases and labor in this period | | Net Cash Flow from Investing Activities | -152,641,164.30 | -223,504,673.68 | 31.94% | Primarily due to a decrease in net investment in financial assets held for trading and a decrease in fixed asset investment in this period | | Net Cash Flow from Financing Activities | -10,462,564.98 | -59,654,505.94 | 82.46% | Primarily due to no share repurchase occurring in this period compared to the same period last year | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | 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 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 801 Product | 49,991,985.00 | 33,857,337.90 | 32.27% | -13.54% | -14.51% | 0.76% | | 1201 Product | 40,679,646.02 | 33,073,703.47 | 18.70% | -3.74% | -14.47% | 10.20% | | 1501 Product | 138,106,487.73 | 115,862,642.93 | 16.11% | -6.64% | -16.23% | 9.60% | | 1701 Product | 56,880,291.56 | 43,586,772.98 | 23.37% | -23.31% | -15.40% | -7.17% | [IV. Non-Main Business Analysis](index=14&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main businesses contributed minimally to total profit, with investment income from structured deposits and sustainable credit impairment losses from bad debt recovery. Non-Main Business Profit and Loss | Item | Amount (Yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 789,287.72 | 1.51% | Primarily due to income from matured structured deposits | No | | Asset Impairment | 113,604.77 | 0.22% | | No | | Non-operating Income | 6,000.00 | 0.01% | | No | | Non-operating Expenses | 483,902.40 | 0.92% | | No | | Credit Impairment Losses | 1,503,230.55 | 2.87% | Primarily due to recovery or reversal of bad debt provisions for accounts receivable in this period | Yes | | Asset Disposal Income | -748,137.07 | -1.43% | Primarily due to losses from disposal of non-current assets in this period | No | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew by **1.59%**, while monetary funds decreased due to investments and dividends, and financial assets measured at fair value primarily include structured deposits. Significant Changes in Asset Composition | Item | Period-end Amount (Yuan) | Proportion of Total Assets (%) | Year-end Amount (Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 458,262,198.92 | 27.85% | 542,933,486.22 | 33.53% | -5.68% | Primarily due to increased investment in structured deposits and increased cash dividend distribution in this period | | Accounts Receivable | 112,227,385.64 | 6.82% | 142,855,428.03 | 8.82% | -2.00% | | | Inventories | 120,796,475.56 | 7.34% | 117,968,907.48 | 7.28% | 0.06% | | | Fixed Assets | 421,110,408.99 | 25.60% | 389,305,508.12 | 24.04% | 1.56% | | | Construction in Progress | 116,393,095.00 | 7.07% | 150,346,250.41 | 9.28% | -2.21% | | | Long-term Borrowings | 20,670,000.00 | 1.26% | 10,000,000.00 | 0.62% | 0.64% | | - The company had no major overseas assets during the reporting period[59](index=59&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Period-end Amount (Yuan) | | :--- | :--- | | Financial assets held for trading | 230,000,000.00 | | Investments in other equity instruments | 500,000.00 | | Notes receivable financing | 54,657,753.05 | | Total above | 285,157,753.05 | | Financial liabilities | 0.00 | Asset Rights Restricted as of the End of the Reporting Period | Item | Period-end Book Balance (Yuan) | Period-end Book Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,402,000.00 | 7,402,000.00 | Deposit | Letter of guarantee, ETC deposit | | Intangible Assets | 95,172,000.00 | 89,620,300.00 | Mortgage | Mortgage loan | | Construction in Progress | 23,810,976.60 | 23,810,976.60 | Mortgage | Mortgage loan | | Total | 126,384,976.60 | 120,833,276.60 | | | [VI. Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Investment increased by **78.93%** due to structured deposits, with no major equity or non-equity investments, while several raised fund projects faced delays and underperformance. - Total investment for the reporting period was **343.9353 million yuan**, a **78.93% increase** year-on-year, primarily due to increased purchases of structured deposits[62](index=62&type=chunk)[63](index=63&type=chunk) - The company had no significant equity investments or significant non-equity investments in progress during the reporting period[64](index=64&type=chunk) [1. Overall Situation](index=15&type=section&id=1.%20Overall%20Situation) Total investment reached **344 million yuan**, a **78.93% increase** year-on-year, mainly due to increased structured deposit purchases. Reporting Period Investment Amount | Reporting Period Investment Amount (Yuan) | Prior Year Period Investment Amount (Yuan) | Change (%) | | :--- | :--- | :--- | | 343,935,308.34 | 192,217,778.87 | 78.93% | - Investment amount increased significantly due to increased purchases of structured deposits during the reporting period[63](index=63&type=chunk) [2. Significant Equity Investments Acquired During the Reporting Period](index=16&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the reporting period. - The company did not acquire any significant equity investments during the reporting period[64](index=64&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=16&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) No significant non-equity investment projects were in progress during the reporting period. - The company had no significant non-equity investments in progress during the reporting period[64](index=64&type=chunk) [4. Financial Assets Measured at Fair Value](index=16&type=section&id=4.%20Financial%20Assets%20Measured%20at%20Fair%20Value) Total financial assets measured at fair value reached **285 million yuan**, primarily comprising **230 million yuan** in structured deposits and **54.6578 million yuan** in notes receivable financing. Financial Assets Measured at Fair Value | Asset Category | Period-end Amount (Yuan) | Funding Source | | :--- | :--- | :--- | | Financial assets held for trading | 230,000,000.00 | Self-owned funds, Raised funds | | Investments in other equity instruments | 500,000.00 | Self-owned funds | | Notes receivable financing | 54,657,753.05 | Self-owned funds | | Total | 285,157,753.05 | | [5. Use of Raised Funds](index=16&type=section&id=5.%20Use%20of%20Raised%20Funds) The company's IPO raised **683 million yuan**, with **17.0244 million yuan** used this period; several projects are delayed and underperforming due to market and construction factors. - The net proceeds from the company's initial public offering amounted to **RMB 683 million**[68](index=68&type=chunk) - During the reporting period, the company actually used **17.0244 million yuan** of raised funds[68](index=68&type=chunk) - As of June 30, 2025, the company's unused raised funds amounted to **302 million yuan**, of which **112 million yuan** was held in special accounts for raised funds, and **190 million yuan** was in unexpired cash management products[71](index=71&type=chunk) - Several committed raised fund projects (such as the acrylic ester product technical upgrade and new 2,4-dichloro-5-fluorobenzoyl chloride project based on CO carbonylation reaction, 2,4-dichloro-5-fluorobenzoyl chloride technical upgrade and expansion, and new norfloxacin and uracil projects, and R&D center construction project) have not met planned progress or expected benefits[70](index=70&type=chunk)[71](index=71&type=chunk) - Reasons for not meeting planned progress include changes in market demand, delays in shutdown for renovation, adjustments in project construction philosophy, and complex foundations[70](index=70&type=chunk)[71](index=71&type=chunk) - The main reason for not achieving expected benefits is the decline in product selling prices, resulting in gross profit margins lower than originally forecasted[71](index=71&type=chunk) - The company has approved proposals to change the use of some raised funds, adjust the total investment amount, and postpone some raised investment projects to adapt to market changes and optimize project implementation[71](index=71&type=chunk)[76](index=76&type=chunk) [VII. Wealth Management, Derivative Investments, and Entrusted Loans](index=22&type=section&id=VII.%20Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) The company engaged in wealth management totaling **450 million yuan**, with **370 million yuan** outstanding, and no derivative investments or entrusted loans. Overview of Wealth Management During the Reporting Period | Specific Type | Funding Source for Wealth Management | Amount of Wealth Management Transactions (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Other | Self-owned funds | 26,000 | 18,000 | 0 | | Other | Raised funds | 19,000 | 19,000 | 0 | | Total | | 45,000 | 37,000 | 0 | - The company had no derivative investments during the reporting period[79](index=79&type=chunk) - The company had no entrusted loans during the reporting period[80](index=80&type=chunk) [VIII. Significant Asset and Equity Sales](index=22&type=section&id=VIII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period. - The company did not sell any significant assets during the reporting period[81](index=81&type=chunk) - The company did not sell any significant equity during the reporting period[82](index=82&type=chunk) [IX. Analysis of Major Holding and Participating Companies](index=23&type=section&id=IX.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries, Hangzhou Xinbenli and Linhai Benli, both reported negative operating and net profits, with Linhai Benli having no operating revenue. Financial Status of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Xinbenli Pharmaceutical Co., Ltd. | Subsidiary | Technology development, pharmaceutical chemical product sales, etc. | 300.00 | 903.23 | 305.79 | 432.34 | -9.69 | -9.02 | | Linhai Benli Technology Co., Ltd. | Subsidiary | Pharmaceutical production, etc. | 30,000.00 | 37,382.52 | 30,059.20 | 0.00 | -199.64 | -199.20 | - The company did not acquire or dispose of any subsidiaries during the reporting period[84](index=84&type=chunk) [X. Structured Entities Controlled by the Company](index=23&type=section&id=X.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the reporting period. - The company had no controlled structured entities during the reporting period[85](index=85&type=chunk) [XI. Risks Faced by the Company and Countermeasures](index=23&type=section&id=XI.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses risks like macroeconomic volatility, R&D innovation, talent retention, raw material prices, and environmental protection through diversified operations, increased R&D, and enhanced management. - Risk of macroeconomic fluctuations: The company responds by deeply understanding industry trends, optimizing product structure, expanding domestic markets, and optimizing export regional structure[84](index=84&type=chunk) - Risk of insufficient R&D innovation and technological iteration: The company adheres to market demand orientation, increases R&D investment and industry-university-research cooperation, and improves talent mechanisms to ensure product upgrades and diversified business structure[85](index=85&type=chunk) - Risk of loss of core technical personnel and technology leakage: The company attracts, retains, and cultivates talent by providing good incentive mechanisms, research environments, and development opportunities, maintaining team stability[85](index=85&type=chunk)[86](index=86&type=chunk) - Risk of major raw material price fluctuations: The company mitigates risk by strengthening cost accounting, establishing strict procurement procedures, building long-term cooperative relationships with major suppliers, and enhancing bargaining power[86](index=86&type=chunk) - Risk of safety production: The company highly values safety production, strictly enforces laws and regulations, improves the safety production standardization system, and increases safety investment and employee training[87](index=87&type=chunk) - Risk of environmental protection: The company actively responds to environmental policies, increases environmental protection investment, and reduces environmental risks through "three wastes" treatment research and process improvements[87](index=87&type=chunk) [XII. Registration Form for Investor Relations Activities During the Reporting Period](index=24&type=section&id=XII.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) On May 13, 2025, the company participated in an online earnings briefing to discuss operations and development strategy with investors. - On May 13, 2025, the company participated online in the 2024 Annual and Q1 2025 Earnings Briefing via the Value Online network platform, discussing operations and development strategy with investors[88](index=88&type=chunk) [XIII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=XIII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not disclose a market value management system or a valuation enhancement plan during the reporting period. - The company has not formulated a market value management system[89](index=89&type=chunk) - The company has not disclosed a valuation enhancement plan[90](index=90&type=chunk) [XIV. Implementation of “Quality and Return Dual Improvement” Action Plan](index=25&type=section&id=XIV.%20Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Improvement%E2%80%9D%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan. - The company has not disclosed an announcement regarding the “Quality and Return Dual Improvement” action plan[90](index=90&type=chunk) [Section 4 Corporate Governance, Environment and Society](index=25&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers changes in governance, profit distribution, employee incentives, environmental disclosures, and the company's social responsibility initiatives. [I. Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, or senior management during the reporting period. - There were no changes in the company's directors, supervisors, and senior management during the reporting period[91](index=91&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=25&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[92](index=92&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company canceled **962,500 restricted shares** from its 2024 incentive plan and implemented no other employee stock ownership or incentive measures. - On May 21, 2025, the company canceled **962,500 restricted shares** from the 2024 Restricted Stock Incentive Plan that had been granted but not yet vested[93](index=93&type=chunk) - The company did not implement any employee stock ownership plans or other employee incentive measures during the reporting period[94](index=94&type=chunk) [IV. Environmental Information Disclosure](index=25&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiary are listed as enterprises required to disclose environmental information by law. - The company and its main subsidiary, Zhejiang Benli Technology Co., Ltd., have been included in the list of enterprises required to disclose environmental information by law[94](index=94&type=chunk)[95](index=95&type=chunk) [V. Social Responsibility](index=26&type=section&id=V.%20Social%20Responsibility) The company actively fulfills social responsibilities, including protecting shareholder rights, ensuring employee welfare, maintaining partnerships, promoting environmental protection, and engaging in philanthropy. - The company's vision is “to become a technologically leading, employee-trusted, and socially respected green chemical enterprise,” and its mission is “to contribute green chemical concepts and products to society and create a harmonious and beautiful future for humanity”[96](index=96&type=chunk) - The company implemented the 2024 profit distribution plan, distributing a cash dividend of **2.00 yuan** (tax inclusive) per 10 shares to all shareholders, based on 103,172,638 shares, totaling **20,634,527.60 yuan**[97](index=97&type=chunk) - The company strictly adheres to labor laws and regulations, has established human resource management and employee social insurance systems, and provides compensation incentives, training, and labor protection[97](index=97&type=chunk) - The company has established a supplier evaluation system, values customer relationship maintenance, and is committed to win-win cooperation[98](index=98&type=chunk) - The company actively responds to environmental policies, increases environmental protection investment, carries out clean production activities, and promotes green development[99](index=99&type=chunk) - The company focuses on attracting and stabilizing employee employment, pays taxes honestly and lawfully, and donates to local education and charitable activities[99](index=99&type=chunk) [Section 5 Significant Matters](index=28&type=section&id=Section%205%20Significant%20Matters) This section details significant matters including commitments, fund occupation, guarantees, audit reports, litigation, penalties, integrity, related party transactions, and major contracts. [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No commitments by the actual controller, shareholders, related parties, or the company were fulfilled or overdue unfulfilled during the reporting period. - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself[101](index=101&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=28&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) No non-operating fund occupation by controlling shareholders or other related parties occurred during the reporting period. - During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties[102](index=102&type=chunk) [III. Illegal External Guarantees](index=28&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period. - The company had no illegal external guarantees during the reporting period[103](index=103&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=28&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited. - The company's semi-annual report was not audited[104](index=104&type=chunk) [V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the “Non-Standard Audit Report” for This Reporting Period](index=28&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20This%20Reporting%20Period) No non-standard audit report was issued for this period, thus no explanation from the board, supervisory board, or audit committee is required. - The company had no non-standard audit report during the reporting period[105](index=105&type=chunk) [VI. Explanation by the Board of Directors on the “Non-Standard Audit Report” for the Previous Year](index=28&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%20for%20the%20Previous%20Year) No non-standard audit report was issued for the previous year, thus no explanation from the board is required. - The company had no non-standard audit report for the previous year during the reporting period[105](index=105&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=28&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period. - The company had no bankruptcy and reorganization matters during the reporting period[105](index=105&type=chunk) [VIII. Litigation Matters](index=28&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation, arbitration, or other legal matters during the reporting period. - The company had no significant litigation or arbitration matters during this reporting period[106](index=106&type=chunk) - The company had no other litigation matters during the reporting period[106](index=106&type=chunk) [IX. Penalties and Rectification Status](index=29&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company had no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[107](index=107&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder and Actual Controller](index=29&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%20and%20Actual%20Controller) No integrity issues concerning the company, its controlling shareholder, or actual controller were reported. - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[108](index=108&type=chunk) [XI. Significant Related Party Transactions](index=29&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) No significant related party transactions, including those related to operations, asset deals, investments, or debt, occurred during the reporting period. - The company had no related party transactions related to daily operations during the reporting period[108](index=108&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[109](index=109&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[110](index=110&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[111](index=111&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated finance companies, or between the company's controlled finance companies and related parties[112](index=112&type=chunk)[113](index=113&type=chunk) - The company had no other significant related party transactions during the reporting period[114](index=114&type=chunk) [XII. Significant Contracts and Their Performance](index=30&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no trusteeship or contracting, but engaged in several operating leases; a **100 million yuan** guarantee limit for a subsidiary had no actual usage. - The company had no trusteeship or contracting situations during the reporting period[115](index=115&type=chunk)[116](index=116&type=chunk) - During the reporting period, the company had several ordinary course of business leases, primarily involving its subsidiary Hangzhou Xinbenli leasing offices and laboratories, with lease terms extending to 2027 or 2028, and total annual rent of approximately **800,000 yuan**[117](index=117&type=chunk)[118](index=118&type=chunk) - The company had no lease projects that generated profit or loss exceeding **10%** of the company's total profit for the reporting period[119](index=119&type=chunk) Company's Guarantee Status for Subsidiaries | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Linhai Benli Technology Co., Ltd. | April 24, 2025 | 10,000 | | 0 | | | No | No | - The total approved guarantee limit for subsidiaries during the reporting period was **100 million yuan**, with a total actual amount incurred of **0 yuan**[121](index=121&type=chunk) - The company had no significant ordinary course of business contracts or other significant contracts during the reporting period[124](index=124&type=chunk) [XIII. Explanation of Other Significant Matters](index=32&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company completed its 2024 profit distribution on June 13, 2025, paying a **2.00 yuan** cash dividend per 10 shares, totaling **20.6345 million yuan**. - The company completed the implementation of its 2024 annual profit distribution plan on June 13, 2025, distributing a cash dividend of **RMB 2.00** (tax inclusive) per 10 shares to all shareholders, totaling **RMB 20,634,527.60**[125](index=125&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=32&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant subsidiary matters during the reporting period. - The company had no significant subsidiary matters during the reporting period[126](index=126&type=chunk) [Section 6 Share Changes and Shareholder Information](index=33&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, securities issuance, shareholder structure, and changes in controlling shareholders or actual controllers. [I. Share Change Status](index=33&type=section&id=I.%20Share%20Change%20Status) The company's total share capital remained at **106 million shares** with no changes in restricted or unrestricted share proportions. Share Change Status | Item | Quantity Before Change (shares) | Proportion Before Change (%) | Net Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 19,732,500 | 18.61% | 0 | 19,732,500 | 18.61% | | II. Unrestricted Shares | 86,287,500 | 81.39% | 0 | 86,287,500 | 81.39% | | III. Total Shares | 106,020,000 | 100.00% | 0 | 106,020,000 | 100.00% | - The company disclosed the “Announcement on Repurchase Results and Share Changes” on January 22, 2025[130](index=130&type=chunk) - There were no changes in the company's unrestricted shares during the reporting period[131](index=131&type=chunk) [II. Securities Issuance and Listing Status](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) The company had no securities issuance or listing during the reporting period. - The company had no securities issuance or listing during the reporting period[131](index=131&type=chunk) [III. Number of Shareholders and Shareholding Status](index=34&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) The company had **10,366 common shareholders**, with Wu Zhengjie holding **24.18%** and Chen Jianjun **10.10%** among the top ten. - At the end of the reporting period, the total number of common shareholders was **10,366**[132](index=132&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Zhengjie | Domestic Natural Person | 24.18% | 25,635,000 | 19,226,250 | 6,408,750 | | Chen Jianjun | Domestic Natural Person | 10.10% | 10,710,000 | 0 | 10,710,000 | | Hangzhou Shaosi Investment Partnership (Limited Partnership) | Other | 7.43% | 7,875,000 | 0 | 7,875,000 | | Gu Haining | Domestic Natural Person | 6.04% | 6,405,000 | 0 | 6,405,000 | | Jiang Huajiang | Domestic Natural Person | 5.05% | 5,355,000 | 0 | 5,355,000 | - Individual shareholder Wu Zhengjie and Liu Cuirong, the executive partner of Hangzhou Shaosi Investment Partnership (Limited Partnership), are married; individual shareholders Wu Zhengjie, Chen Jianjun, and Gu Haining are limited partners of Hangzhou Shaosi Investment Partnership (Limited Partnership)[133](index=133&type=chunk) - The company has no differential voting rights arrangements, and the top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[134](index=134&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[135](index=135&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=36&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[136](index=136&type=chunk) - The company's actual controller remained unchanged during the reporting period[136](index=136&type=chunk) [VI. Preferred Share Information](index=36&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[137](index=137&type=chunk) [Section 7 Bond Information](index=37&type=section&id=Section%207%20Bond%20Information) This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period. [Bond Information](index=37&type=section&id=Bond%20Information) The company had no bond-related information during the reporting period. - The company had no bond-related information during the reporting period[139](index=139&type=chunk) [Section 8 Financial Report](index=38&type=section&id=Section%208%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items. [I. Audit Report](index=38&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[141](index=141&type=chunk) [II. Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for H1 2025, detailing financial position, operating results, and cash flows. [1. Consolidated Balance Sheet](index=38&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **1.645 billion yuan**, liabilities **317 million yuan**, and owners' equity **1.328 billion yuan**. Consolidated Balance Sheet Key Data (Period-end) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 1,645,174,861.49 | | Total Liabilities | 317,031,530.81 | | Total Owners' Equity | 1,328,143,330.68 | | Monetary Funds | 458,262,198.92 | | Financial Assets Held for Trading | 230,000,000.00 | | Accounts Receivable | 112,227,385.64 | | Inventories | 120,796,475.56 | | Fixed Assets | 421,110,408.99 | | Construction in Progress | 116,393,095.00 | | Notes Payable | 139,689,184.00 | | Accounts Payable | 96,029,965.72 | | Long-term Borrowings | 20,670,000.00 | [2. Parent Company Balance Sheet](index=40&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **1.617 billion yuan**, liabilities **290 million yuan**, and owners' equity **1.328 billion yuan**. Parent Company Balance Sheet Key Data (Period-end) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 1,617,321,239.47 | | Total Liabilities | 289,710,306.82 | | Total Owners' Equity | 1,327,610,932.65 | | Monetary Funds | 276,358,287.13 | | Financial Assets Held for Trading | 230,000,000.00 | | Accounts Receivable | 111,669,349.94 | | Long-term Equity Investments | 303,304,914.49 | | Fixed Assets | 420,375,216.23 | | Construction in Progress | 19,737,103.18 | | Notes Payable | 139,689,184.00 | | Accounts Payable | 93,089,385.22 | [3. Consolidated Income Statement](index=42&type=section&id=3.%20Consolidated%20Income%20Statement) H1 2025 total operating revenue was **342 million yuan** (down **9.67%**), with net profit of **44.6625 million yuan** (up **7.64%**), and basic EPS of **0.43 yuan**. Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 342,267,164.16 | 378,906,562.22 | | Total Operating Costs | 295,147,183.31 | 335,122,602.92 | | Operating Profit | 52,915,050.63 | 47,329,219.58 | | Total Profit | 52,437,148.23 | 47,332,217.54 | | Net Profit | 44,662,516.94 | 41,491,608.40 | | Net Profit Attributable to Parent Company Shareholders | 44,662,516.94 | 41,491,608.40 | | Basic Earnings Per Share | 0.43 | 0.40 | | Diluted Earnings Per Share | 0.43 | 0.40 | [4. Parent Company Income Statement](index=44&type=section&id=4.%20Parent%20Company%20Income%20Statement) H1 2025 parent company operating revenue was **340 million yuan** (down **9.70%**), with net profit of **46.7459 million yuan** (up **11.81%**), and basic EPS of **0.45 yuan**. Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 340,393,780.96 | 376,958,314.43 | | Operating Cost | 264,265,365.74 | 306,071,997.19 | | Operating Profit | 55,009,433.07 | 47,335,330.22 | | Total Profit | 54,531,530.67 | 47,338,328.18 | | Net Profit | 46,745,850.79 | 41,807,268.50 | | Basic Earnings Per Share | 0.45 | 0.40 | | Diluted Earnings Per Share | 0.45 | 0.40 | [5. Consolidated Cash Flow Statement](index=46&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) H1 2025 net operating cash flow significantly decreased by **56.04%** to **75.2402 million yuan**, with net investing cash flow at **-153 million yuan**. Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 75,240,160.15 | 171,162,983.40 | | Net Cash Flow from Investing Activities | -152,641,164.30 | -223,504,673.68 | | Net Cash Flow from Financing Activities | -10,462,564.98 | -59,654,505.94 | | Net Increase in Cash and Cash Equivalents | -84,671,287.30 | -110,794,373.50 | | Period-end Cash and Cash Equivalents Balance | 450,860,198.92 | 451,353,132.50 | [6. Parent Company Cash Flow Statement](index=47&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) H1 2025 parent company net operating cash flow decreased by **54.89%** to **76.6548 million yuan**, with net investing cash flow at **-143 million yuan**. Parent Company Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 76,654,767.09 | 169,972,798.17 | | Net Cash Flow from Investing Activities | -143,248,478.58 | -202,850,615.97 | | Net Cash Flow from Financing Activities | -20,634,527.60 | -59,325,534.42 | | Net Increase in Cash and Cash Equivalents | -84,035,957.26 | -91,001,529.50 | | Period-end Cash and Cash Equivalents Balance | 276,348,287.13 | 277,919,082.23 | [7. Consolidated Statement of Changes in Owners' Equity](index=48&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) H1 2025 consolidated owners' equity increased by **26.0481 million yuan** to **1.328 billion yuan**, driven by **44.6625 million yuan** net profit and **2.0201 million yuan** share-based payments. Consolidated Statement of Changes in Owners' Equity | Item | Beginning Balance (Yuan) | Amount of Change in This Period (Yuan) | Period-end Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 1,302,095,263.03 | 26,048,067.65 | 1,328,143,330.68 | | Share Capital | 106,020,000.00 | 0.00 | 106,020,000.00 | | Capital Reserve | 734,240,722.71 | 2,020,078.31 | 736,260,801.02 | | Undistributed Profits | 464,236,509.15 | 24,027,989.34 | 488,264,498.49 | - Total comprehensive income for the period was **44,662,516.94 yuan**[164](index=164&type=chunk) - Distributions to owners (or shareholders) for the period amounted to **20,634,527.60 yuan**[164](index=164&type=chunk) [8. Parent Company Statement of Changes in Owners' Equity](index=52&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) H1 2025 parent company owners' equity increased by **28.1305 million yuan** to **1.328 billion yuan**, with **46.7459 million yuan** net profit and **2.0191 million yuan** share-based payments. Parent Company Statement of Changes in Owners' Equity | Item | Beginning Balance (Yuan) | Amount of Change in This Period (Yuan) | Period-end Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 1,299,480,480.15 | 28,130,452.50 | 1,327,610,932.65 | | Share Capital | 106,020,000.00 | 0.00 | 106,020,000.00 | | Capital Reserve | 734,239,647.16 | 2,019,129.31 | 736,258,776.47 | | Undistributed Profits | 461,622,801.82 | 26,111,323.19 | 487,734,125.01 | - Total comprehensive income for the period was **46,745,850.79 yuan**[171](index=171&type=chunk) - Distributions to owners (or shareholders) for the period amounted to **20,634,527.60 yuan**[171](index=171&type=chunk) [III. Company Basic Information](index=56&type=section&id=III.%20Company%20Basic%20Information) Zhejiang Benli Technology Co., Ltd., listed on ChiNext in September 2021, has a **106 million yuan** registered capital, focusing on chemical manufacturing and sales, controlled by Wu Zhengjie and Liu Cuirong. - Zhejiang Benli Technology Co., Ltd. was listed on the ChiNext board of the Shenzhen Stock Exchange in September 2021[176](index=176&type=chunk) - As of June 30, 2025, the company's total issued share capital was **106 million shares**, with a registered capital of **106 million yuan**[176](index=176&type=chunk) - The company's main business activities include the manufacturing and sales of basic chemical raw materials and specialized chemical products[176](index=176&type=chunk) - The company's actual controllers are Wu Zhengjie and Liu Cuirong[176](index=176&type=chunk) - The subsidiaries directly or indirectly controlled by the company include Hangzhou Xinbenli Pharmaceutical Co., Ltd. and Linhai Benli Technology Co., Ltd[176](index=176&type=chunk) [IV. Basis of Financial Statement Preparation](index=56&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared under Chinese accounting standards and CSRC regulations, based on a going concern assumption for at least 12 months. - These financial statements are prepared in accordance with the “Accounting Standards for Business Enterprises” issued by the Ministry of Finance and relevant provisions of the China Securities Regulatory Commission's “Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public No. 15 - General Provisions on Financial Reports”[177](index=177&type=chunk) - These financial statements are prepared on a going concern basis, and the company has the ability to continue as a going concern for at least 12 months from the end of this reporting period[178](index=178&type=chunk)[179](index=179&type=chunk) [V. Significant Accounting Policies and Estimates](index=57&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates across various financial items, ensuring accuracy and compliance in financial reporting. - The company adheres to enterprise accounting standards to truthfully and completely reflect its financial position, operating results, and cash flows[181](index=181&type=chunk) - The company identifies individual construction in progress projects with amounts exceeding **0.5%** of total assets as significant[185](index=185&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[196](index=196&type=chunk)[197](index=197&type=chunk) - Inventories are classified as raw materials, revolving materials, semi-finished goods, finished goods, work-in-progress, goods in transit, etc., valued at weighted average cost upon issuance, and measured at the lower of cost and net realizable value[211](index=211&type=chunk)[212](index=212&type=chunk)[216](index=216&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings and structures depreciated over **20 years**, and machinery and equipment over **5-10 years**[226](index=226&type=chunk) - R&D expenditures are divided into research and development phases; research phase expenditures are expensed in the current period, while development phase expenditures are recognized as intangible assets when specific conditions are met[237](index=237&type=chunk) - Revenue is recognized when performance obligations in a contract are satisfied, i.e., when the customer obtains control of the related goods or services[252](index=252&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants reduce the carrying amount of the asset or are recognized as deferred income, while income-related grants are recognized directly in profit or loss[262](index=262&type=chunk)[264](index=264&type=chunk) [VI. Taxation](index=80&type=section&id=VI.%20Taxation) The company's main taxes include VAT (**13%**), Urban Maintenance and Construction Tax (**5%, 7%**), and Enterprise Income Tax (**15%, 20%, 25%**), with tax preferences for high-tech and small-profit enterprises. Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on sales of goods and taxable services as stipulated by tax law, after deducting deductible input VAT for the current period, the difference is the VAT payable | 13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 5%, 7% | | Enterprise Income Tax | Calculated based on taxable income | 15%, 20%, 25% | | Education Surcharge | Calculated based on actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Calculated based on actual VAT and consumption tax paid | 2% | - The company's enterprise income tax is paid at a rate of **15%** (high-tech enterprise)[277](index=277&type=chunk) - Hangzhou Xinbenli met the small-profit enterprise standard for 2024 and pays enterprise income tax at a rate of **20%**[277](index=277&type=chunk) - For 2025, the company benefits from the advanced manufacturing enterprise VAT additional deduction policy, allowing an additional **5%** deduction from the current period's deductible input VAT amount against payable VAT[277](index=277&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=81&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details period-end balances, changes, and explanations for consolidated financial statement items, including assets, liabilities, equity, and profit/loss. Monetary Funds Composition and Restricted Status | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 1,501.03 | 1,501.03 | | Bank Deposits | 450,854,516.39 | 535,525,803.69 | | Other Monetary Funds | 7,406,181.50 | 7,406,181.50 | | Total | 458,262,198.92 | 542,933,486.22 | | Of which: Total Restricted Monetary Funds | 7,402,000.00 | 7,402,000.00 | Financial Assets Held for Trading | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 230,000,000.00 | 110,516,089.26 | | Of which: Structured deposits | 230,000,000.00 | 110,516,089.26 | - Accounts receivable period-end book balance was **118 million yuan**, bad debt provision was **5.9067 million yuan**, and book value was **112 million yuan**[283](index=283&type=chunk)[284](index=284&type=chunk) - Notes receivable financing period-end balance was **54.6578 million yuan**, primarily bank acceptance bills[293](index=293&type=chunk) - Fixed assets period-end book value was **421 million yuan**, including **112 million yuan** for buildings and structures, and **297 million yuan** for machinery and equipment[330](index=330&type=chunk) - Construction in progress period-end book value was **116 million yuan**, primarily including the acrylic ester product technical upgrade and new 2,4-dichloro-5-fluorobenzoyl chloride project based on CO carbonylation reaction, 2,4-dichloro-5-fluorobenzoyl chloride technical upgrade and expansion, and new norfloxacin and uracil projects, R&D center construction project, and other construction and installation equipment[336](index=336&type=chunk) - Intangible assets period-end book value was **115 million yuan**, primarily **114 million yuan** for land use rights[343](index=343&type=chunk) - Deferred income period-end balance was **27.1565 million yuan**, all of which were asset-related government grants[388](index=388&type=chunk) Operating Revenue and Operating Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 326,843,257.72 | 257,821,551.13 | 366,156,951.41 | 298,092,573.06 | | Other Businesses | 15,423,906.44 | 7,634,654.74 | 12,749,610.81 | 8,968,076.51 | | Total | 342,267,164.16 | 265,456,205.87 | 378,906,562.22 | 307,060,649.57 | Various Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Taxes and Surcharges | 3,378,070.71 | 3,085,855.33

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of Benli Technology, indicating a decrease in net financing and a high level of financing balance relative to market capitalization [1][2]. - As of August 25, Benli Technology's financing balance reached 82.5 million yuan, accounting for 3.23% of its circulating market value, which is above the 90th percentile level over the past year [1]. - The company reported a decrease in revenue and net profit for the first quarter of 2025, with revenue of 162 million yuan, down 13.95% year-on-year, and a net profit of 15.25 million yuan, down 8.07% year-on-year [2]. Group 2 - Benli Technology has cumulatively distributed dividends of 66.29 million yuan since its A-share listing, with 41.55 million yuan distributed over the past three years [3]. - The number of shareholders increased to 11,700 as of August 8, reflecting a 0.45% rise, while the average circulating shares per person decreased by 0.44% to 7,382 shares [2].