附件: 公司法定代表人:唐圣卫 主管会计工作的负责人:周志, 会计机构负责人: 安徽森泰木塑集团股份有限公司 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 编制单位: 安徽發表大明集 | 编制单位:安徽森泰木塑集团股份有限公司 一 | | | | | | | | | | 单位:元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 1431 资金占用方名称 | 占用方与上市公 | 上市公司核算的会 | 2025年初占用资金余 | 2025年半年度占 用累计发生金额 用资金的利息(如 | 2025年半年度占 | 2025年半年度偿 | 2025年半年末占用资金 | 占用形成原因 | 占用性质 | | | 11:50 | 司的关联关系 | 计科目 | 额 | (不含利息) | 有) | 还累计发生金额 | 余额 | | | | 2 控股股东、实际控制人及 | A ------------- | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | ...

证券代码：301429 证券简称：森泰股份 公告编号：2025－063 安徽森泰木塑集团股份有限公司 关于第四届董事会第二次会议决议的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 安徽森泰木塑集团股份有限公司（简称"公司"）第四届董事会第二次会议于 2025 年 8 月 21 日在公司以现场会议和通讯方式召开。会议通知已于 2025 年 8 月 11 日送达全体董事，各位董事已知悉与所审议事项相关的必要信息。本次会 议由公司董事长唐圣卫先生主持，会议应到董事 9 名，实到董事 9 名。本次董事 会会议的召集、召开符合《中华人民共和国公司法》（简称"《公司法》"）等法 律法规及《安徽森泰木塑集团股份有限公司章程》（简称"《公司章程》"）有关 规定，表决形成的决议合法、有效。 经与会董事审议，以记名投票表决方式，通过如下决议： 一、《关于 2025 年半年度报告及其摘要的议案》 三、备查文件 公司的董事、高级管理人员均对报告出具了书面确认意见。 表决结果：9 票同意，0 票反对，0 票弃权；获全体董事一致通过。 具体内容详见公司同日在巨潮资讯网 ...

Group 1 - The company reported a revenue of 503 million yuan for the first half of 2025, representing a year-on-year increase of 20.96% [1] - The net profit for the same period was 31.1848 million yuan, showing a year-on-year decline of 19.97% [1] - The company announced plans not to distribute cash dividends, issue bonus shares, or increase capital through reserves [1]

[Important Notes, Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Contents%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which highlights risks from high export revenue, adverse international market changes, and currency fluctuations, with no planned dividend distribution - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - The company faces risks of exchange losses and declining operating performance due to **a high proportion of export revenue**, adverse changes in the international market, and currency fluctuations[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents is clearly structured into eight main sections covering key corporate and financial information - The report's table of contents includes eight clearly structured main sections[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including company names, investment institutions, regulations, and core products - The definitions section clarifies the names of the company and its subsidiaries, such as Anhui Sentai WPC Group Co, Ltd, Wuhu Ruijian, and Xiangfeng Investment[11](index=11&type=chunk) - Core products 'WPC' and 'SPVC/Stone-Plastic Composite' are defined as new eco-friendly composite materials made from biomass fiber/calcium carbonate powder and polymer resin[11](index=11&type=chunk)[12](index=12&type=chunk) - The reporting period is defined as January-June 2025, with the period-end being the end of June 2025[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=7&type=section&id=I.%20Company%20Profile) Anhui Sentai WPC Group Co, Ltd (Stock Name: Sentai Stock, Stock Code: 301429) is listed on the Shenzhen Stock Exchange with Tang Shengwei as the legal representative - Company stock name: Sentai Stock, stock code: 301429, listed on the Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's legal representative is Tang Shengwei[14](index=14&type=chunk) [Contacts and Contact Methods](index=7&type=section&id=II.%20Contacts%20and%20Contact%20Methods) The company's Board Secretary is Zhou Zhiguang and the Securities Affairs Representative is Yang Junjie, both located at Guohua Road, Guangde Economic Development Zone, Xuancheng City, Anhui Province - The Board Secretary is Zhou Zhiguang, and the Securities Affairs Representative is Yang Junjie[15](index=15&type=chunk) - Contact address: Guohua Road, Guangde Economic Development Zone, Xuancheng City, Anhui Province; Phone/Fax: 0563-6988092[15](index=15&type=chunk) [Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes to the company's registered address, office address, website, email, information disclosure locations, or registration details - The company's contact information, information disclosure and filing locations, and registration details remained unchanged during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew 20.96% to ¥503 million, but net profit attributable to shareholders fell 19.97% to ¥31.18 million, while operating cash flow significantly increased by 352.83% Key Accounting Data and Financial Indicators (H1 2025 vs H1 2024) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 503,454,563.12 | 416,230,771.12 | 20.96% | | Net profit attributable to shareholders of the listed company | 31,184,828.05 | 38,968,605.93 | -19.97% | | Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses | 26,661,737.53 | 33,336,769.04 | -20.02% | | Net cash flow from operating activities | 40,925,831.94 | -16,186,882.03 | 352.83% | | Basic earnings per share (CNY/share) | 0.2698 | 0.3299 | -18.22% | | Diluted earnings per share (CNY/share) | 0.2698 | 0.3299 | -18.22% | | Weighted average return on equity | 2.31% | 2.88% | -0.57% | | **Indicator** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change from Prior Year-End** | | Total Assets | 1,685,677,686.82 | 1,739,946,979.67 | -3.12% | | Net assets attributable to shareholders of the listed company | 1,346,384,709.20 | 1,341,631,163.88 | 0.35% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese accounting standards and those under international or foreign accounting standards - The company had no differences in accounting data under domestic and foreign accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled ¥4.52 million, primarily from government grants, fair value changes of financial assets, and disposal of non-current assets, net of tax and minority interest effects Non-recurring Profit and Loss Items and Amounts (Unit: CNY) | Item | Amount | Description | | :--- | :--- | :--- | | Gain or loss on disposal of non-current assets | 6,042.54 | Mainly gains from the disposal of fixed assets | | Government grants recognized in current profit or loss | 1,508,068.30 | Mainly government grants received by the company | | Fair value gains/losses from financial assets and liabilities, and disposal gains/losses | 3,852,307.46 | Mainly income from wealth management products | | Other non-operating income and expenses | -32,442.80 | Mainly due to an increase in compensation payments this period | | Less: Income tax effect | 862,463.10 | | | Minority interest effect (after tax) | -51,578.12 | | | Total | 4,523,090.52 | | [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities during the Reporting Period](index=10&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company's main business is the R&D, design, production, and sale of high-performance WPC and new SPVC composite materials, with plans to expand into new sectors - The company's main business is the R&D, design, production, and sale of high-performance WPC and new SPVC composite materials and their products[26](index=26&type=chunk) - Products are primarily used in outdoor facilities, building decoration, interior home furnishings, municipal landscaping, and tourism facilities[27](index=27&type=chunk) - Future expansion is planned into agriculture, environmental protection, packaging logistics, transportation infrastructure, automotive, toys, and shipbuilding[27](index=27&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its independent technology, R&D investment, superior product performance, active role in standard-setting, and global sales network - The company possesses independent core technologies, offering a comprehensive range of high-performance WPC products and self-developed new SPVC composite products[28](index=28&type=chunk) - As of June 2025, the company holds **132 domestic patents**, including **85 invention patents**[29](index=29&type=chunk) - Products are certified by international authorities like EPH, SGS, and Intertek, comply with EU CE and North American ETL standards, and are sold in over sixty countries and regions[30](index=30&type=chunk) [Analysis of Main Business Operations](index=11&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Revenue grew 20.96%, but a 21.04% rise in costs slightly reduced gross margin, while sales and administrative expenses increased significantly due to overseas subsidiary operations Year-on-Year Changes in Key Financial Data (Unit: CNY) | Indicator | Current Period | Prior Year Period | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 503,454,563.12 | 416,230,771.12 | 20.96% | | | Operating Costs | 361,450,890.64 | 298,629,763.74 | 21.04% | Primarily due to significant growth in sales revenue | | Selling Expenses | 78,573,678.91 | 54,344,478.65 | 44.58% | Growth in sales revenue and the overseas subsidiary NATURPLAS AMERICAS entering full operation | | Administrative Expenses | 27,690,486.26 | 18,977,454.68 | 45.91% | Increased administrative expenses due to overseas subsidiary operations | | Financial Expenses | 1,028,978.37 | -3,717,748.88 | 127.68% | Combined effect of interest income, interest expense, and exchange gains/losses | | R&D Investment | 14,232,008.27 | 12,559,871.33 | 13.31% | | | Net cash flow from operating activities | 40,925,831.94 | -16,186,882.03 | 352.83% | Higher cash receipts from sales and export tax rebates | | Net cash flow from investing activities | -28,607,432.86 | 13,658,695.96 | -309.44% | Decrease in cash received from matured wealth management products | | Net cash flow from financing activities | 8,656,185.84 | -36,383,944.56 | 123.79% | Received borrowings from domestic letter of credit discounting | | Net increase in cash and cash equivalents | 19,267,842.89 | -33,501,355.39 | 157.51% | Increase in net cash from operating and financing activities | Products or Services Accounting for Over 10% of Revenue (Unit: CNY) | By Product or Service | Operating Revenue | Operating Costs | Gross Margin | YoY Change in Revenue | YoY Change in Costs | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | High-performance WPC products | 304,915,394.92 | 209,257,980.76 | 31.37% | 21.32% | 19.89% | 0.82% | | New SPVC composite products | 174,958,905.31 | 134,983,703.67 | 22.85% | 20.56% | 21.98% | -0.90% | | **By Region** | | | | | | | | Overseas | 459,913,123.53 | 325,672,929.49 | 29.19% | 18.39% | 17.42% | 0.59% | [Analysis of Non-Core Business](index=12&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) Non-core business contributed 11.75% to total profit from fair value changes and 6.06% from investment income, while asset impairment had a negative impact of -9.38% Impact of Non-Core Business on Total Profit (Unit: CNY) | Item | Amount | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,310,452.87 | 6.06% | Mainly from forward foreign exchange contracts and wealth management products | No | | Fair Value Gains/Losses | 2,541,854.59 | 11.75% | Mainly from fair value measurement of financial assets and bond investments | No | | Asset Impairment | -2,030,734.53 | -9.38% | Mainly provision for inventory write-down | No | | Non-operating Income | 123,574.34 | 0.57% | Mainly external compensation received | No | | Non-operating Expenses | 160,119.70 | 0.74% | Mainly claims paid during the period | No | [Analysis of Assets and Liabilities](index=12&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 3.12%, with fixed assets increasing its share by 5.91% due to investments, while short-term borrowings rose to meet working capital needs Significant Changes in Asset Composition (Unit: CNY) | Item | End of Current Period Amount | % of Total Assets | Prior Year-End Amount | % of Total Assets | Change in Share | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 286,941,035.22 | 17.02% | 270,496,477.10 | 15.55% | 1.47% | | | Accounts Receivable | 144,583,188.81 | 8.58% | 172,183,516.99 | 9.90% | -1.32% | | | Inventory | 272,934,814.56 | 16.19% | 296,371,240.96 | 17.03% | -0.84% | | | Fixed Assets | 484,170,420.85 | 28.72% | 396,803,797.54 | 22.81% | 5.91% | | | Construction in Progress | 123,406,872.64 | 7.32% | 140,506,562.45 | 8.08% | -0.76% | | | Short-term Borrowings | 160,002,221.52 | 9.49% | 109,312,111.11 | 6.28% | 3.21% | Increased domestic letter of credit discounting to meet working capital needs | | Accounts Payable | 93,577,739.96 | 5.55% | 147,628,949.62 | 8.48% | -2.93% | Larger payments for purchases made during the period | | Other Payables | 13,314,317.20 | 0.79% | 23,730,774.55 | 1.36% | -0.57% | Larger payments for the acquisition of overseas subsidiary equity | | Other Comprehensive Income | 12,884,104.26 | 0.76% | 3,946,968.33 | 0.23% | 0.53% | Significant translation differences from investments in Thailand | | Minority Interest | -39,586,180.31 | -2.35% | -24,576,728.34 | -1.41% | -0.94% | Significant net loss from NATURPLAS AMERICAS | Major Overseas Assets (Unit: CNY) | Asset Description | Reason for Formation | Asset Size | Location | Operating Model | Profitability | Overseas Assets as % of Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 60% equity in NATURPLAS HK | Investment | 178,174,776.18 | Hong Kong | Sales of group products | Average | 13.23% | | 100% equity in SENTAI VIETNAM | Investment | 237,024,646.93 | Vietnam | Self-production and sales | Good | 17.60% | | 100% equity in SENTAI THAILAND | Investment | 512,770,457.26 | Thailand | Self-production and sales | Construction phase | 38.08% | Assets and Liabilities Measured at Fair Value (Unit: CNY) | Item | Opening Balance | Current Period Fair Value Change | Purchases | Sales | Closing Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 231,642,244.80 | 1,812,754.19 | 582,000,000.00 | 645,000,000.00 | 167,724,282.52 | | Derivative Financial Assets | - | 543,399.88 | 35,746,800.00 | 160,860,418.00 | 27,887.35 | | Other Non-current Financial Assets | 2,705,976.91 | 90,418.08 | - | - | 2,796,394.99 | | Financial Liabilities | 5,720,106.30 | - | - | 5,720,106.30 | 0.00 | Restricted Assets as of the Reporting Period End (Unit: CNY) | Item | Book Balance | Book Value | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 15,756,686.37 | 15,756,686.37 | Deposit | Bill deposit, customs deposit | | Fixed Assets | 142,714,873.32 | 71,711,969.25 | Pledge, Guarantee | Pledge for bank acceptance bills, guarantee for bank credit facilities | | Intangible Assets | 24,617,758.74 | 18,823,990.90 | Pledge, Guarantee | Pledge for bank acceptance bills, guarantee for bank credit facilities | | Total | 183,089,318.43 | 106,292,646.52 | -- | -- | [Investment Analysis](index=15&type=section&id=VI.%20Investment%20Analysis) Investment amount decreased by 55.65% YoY, with raised funds primarily allocated to capacity expansion, technology upgrades, and marketing, though some projects were delayed or relocated Investment Amount during the Reporting Period (Unit: CNY) | Investment in Reporting Period | Investment in Prior Year Period | Change | | :--- | :--- | :--- | | 404,753,900.00 | 912,593,678.68 | -55.65% | Overall Use of Raised Funds (Unit: CNY 10,000) | Total Raised Funds (1) | Net Raised Funds | Total Accumulated Used Funds (2) | Fund Utilization Ratio (3)=(2)/(1) | Unused Funds | | :--- | :--- | :--- | :--- | :--- | | 84,985.00 | 74,961.77 | 39,624.74 | 52.86% | 37,631.46 | - The "20,000-ton lightweight co-extruded WPC expansion project" and "6 million sqm new SPVC digital printing production line upgrade project" have been relocated to Chonburi, Thailand, with SENTAI THAILAND as the new implementing entity to support global market layout[54](index=54&type=chunk)[55](index=55&type=chunk) - The "Domestic Marketing System Construction Project" has been taken over by Sentai Stock and its completion date is postponed to December 31, 2026, due to large investment, long payback period, and market factors[55](index=55&type=chunk)[59](index=59&type=chunk) - The "R&D Center Construction Project" completion date is postponed to December 31, 2025, due to large investment, long duration, and market factors[55](index=55&type=chunk) Entrusted Wealth Management Overview (Unit: CNY 10,000) | Type | Source of Funds | Amount Entrusted | Outstanding Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 3,400 | 2,400 | | Bank Wealth Management Products | Raised Funds | 24,700 | 14,300 | | Total | | 28,100 | 16,700 | Derivative Investments for Hedging Purposes (Unit: CNY 10,000) | Derivative Type | Opening Amount | Purchases during Period | Sales during Period | Closing Amount | Closing Amount as % of Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Forward Foreign Exchange Contracts | 16,209.04 | 3,574.68 | 16,086.04 | 2.79 | 2.75% | - Derivative investments are primarily forward foreign exchange contracts aimed at mitigating currency fluctuation risks, with a controlled scale and no speculative trading[68](index=68&type=chunk) [Sale of Major Assets and Equity](index=26&type=section&id=VII.%20Sale%20of%20Major%20Assets%20and%20Equity) The company did not engage in the sale of major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[72](index=72&type=chunk) - The company did not sell any major equity stakes during the reporting period[73](index=73&type=chunk) [Analysis of Major Holding and Participating Companies](index=26&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Subsidiaries showed mixed performance: Sentai Technology and SENTAI VIETNAM were profitable, while NATURPLAS HK and SENTAI THAILAND incurred losses, with NATURPLAS HK's loss driven by US market expansion costs Major Subsidiaries and Associates with >10% Impact on Net Profit (Unit: CNY 10,000) | Company Name | Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sentai Technology | Subsidiary | R&D, design, production, sales of WPC and SPVC materials | 8800 | 61,453.53 | 43,320.28 | 16,897.17 | 2,408.91 | 2,177.35 | | SENTAI VIETNAM | Subsidiary | R&D, design, production, sales of WPC and SPVC materials | 5703.25 | 23,702.46 | 7,875.76 | 8,348.63 | 550.11 | 599.34 | | Sentai Trading | Subsidiary | Sales of WPC and SPVC materials | 8000 | 16,967.92 | 7,685.35 | 35,114.53 | 6,656.94 | 400.35 | | NATURPLAS HK | Subsidiary | Sales of WPC and SPVC materials | 133.79 | 17,817.48 | -8,512.64 | 13,632.66 | -3,245.10 | -3,258.24 | | SENTAI THAILAND | Subsidiary | R&D, design, production, sales of WPC and SPVC materials | 35000 | 51,277.05 | 36,559.86 | 63.60 | -365.85 | -365.85 | - **NATURPLAS HK incurred a significant loss**, primarily due to high expenses related to expanding into the US market[75](index=75&type=chunk) [Structured Entities Controlled by the Company](index=27&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[76](index=76&type=chunk) [Risks and Countermeasures](index=27&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from its high reliance on export revenue and currency fluctuations, which it plans to mitigate through innovation, diversification, and financial hedging - The company faces risks of declining performance due to **a high proportion of export revenue** and adverse changes in the international market environment[76](index=76&type=chunk) - Countermeasures include monitoring economic policies, accelerating innovation, optimizing product structure, building overseas factories, and expanding the domestic market[77](index=77&type=chunk) - The company faces risks of exchange losses and declining performance from currency fluctuations, especially as export revenue grows[78](index=78&type=chunk) - Countermeasures include monitoring geopolitical and economic conditions, exploring marketing network construction, using appropriate settlement methods, and actively using financial products to reduce exchange losses[78](index=78&type=chunk) [Record of Investor Relations Activities](index=28&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities) The company hosted an online institutional survey with China Post Securities on March 7, 2025, to discuss sales, production, and overseas base construction - On March 7, 2025, the company hosted an institutional survey with China Post Securities via an online meeting[79](index=79&type=chunk) - The main topics included the company's sales and production status and the construction of overseas production bases[79](index=79&type=chunk) [Status of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=XII.%20Status%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[80](index=80&type=chunk) - The company has not disclosed a valuation enhancement plan[80](index=80&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=28&type=section&id=XIII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[81](index=81&type=chunk) [Corporate Governance, Environment, and Society](index=29&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[82](index=82&type=chunk) [Profit Distribution and Capitalization of Capital Reserves](index=29&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period - The company plans **not to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[83](index=83&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=29&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentives) The company initiated a 2024 restricted stock incentive plan, granting 2.11 million shares to employees at a price of ¥8.15 per share as of June 30, 2025 - The company approved the "2024 Restricted Stock Incentive Plan (Draft)" on September 2, 2024, planning to grant **2,338,332 restricted shares**[84](index=84&type=chunk) - The plan includes an initial grant of 1,870,732 shares and a reserve of 467,600 shares, with a grant price of **¥8.15 per share**[84](index=84&type=chunk) - As of June 30, 2025, an initial grant of 1,870,732 shares was made to 91 participants, and a reserved grant of 243,902 shares was made to one participant[87](index=87&type=chunk) [Environmental Information Disclosure](index=31&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[89](index=89&type=chunk) [Social Responsibility](index=31&type=section&id=V.%20Social%20Responsibility) Information regarding social responsibility is not applicable for this reporting period - Social responsibility information is not applicable[89](index=89&type=chunk) [Significant Matters](index=32&type=section&id=Section%205%20Significant%20Matters) [Commitments by Controlling Shareholders, Related Parties, and the Company](index=32&type=section&id=I.%20Commitments%20by%20Controlling%20Shareholders%2C%20Related%20Parties%2C%20and%20the%20Company) All commitments made during the IPO regarding share lock-ups, share repurchases, profit distribution, and non-competition were being duly fulfilled during the reporting period - Commitments on share lock-ups by the actual controller, major shareholders, and senior management are being fulfilled, with terms of 36 or 42 months[91](index=91&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[97](index=97&type=chunk)[99](index=99&type=chunk) - Long-term commitments by the company and its actual controller regarding share repurchases (in case of fraudulent issuance) are being fulfilled[101](index=101&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) - The company's commitment to profit distribution is being fulfilled, promising annual cash dividends of **no less than 20% of distributable profit**[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) - Long-term commitments to avoid competition from the controlling shareholder, actual controller, major shareholders, and senior management are being fulfilled[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - The company's commitment to stabilize its stock price, including share repurchases and share purchases by the controlling shareholder and senior management, is being fulfilled[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - The company's commitment not to provide financial assistance for its equity incentive plan is being fulfilled[121](index=121&type=chunk) [Non-operational Use of Funds by Controlling Shareholders and Other Related Parties](index=62&type=section&id=II.%20Non-operational%20Use%20of%20Funds%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operational use of the company's funds by controlling shareholders or other related parties during the reporting period - There was no non-operational use of the company's funds by controlling shareholders or other related parties during the reporting period[122](index=122&type=chunk) [Irregular External Guarantees](index=62&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[123](index=123&type=chunk) [Appointment and Dismissal of Accounting Firm](index=62&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[124](index=124&type=chunk) [Explanation of "Non-standard Audit Report" by the Board, Supervisory Committee, and Audit Committee](index=62&type=section&id=V.%20Explanation%20of%20%22Non-standard%20Audit%20Report%22%20by%20the%20Board%2C%20Supervisory%20Committee%2C%20and%20Audit%20Committee) This section is not applicable as there was no non-standard audit report for the period - Not applicable, as there was no non-standard audit report for the period[125](index=125&type=chunk) [Board's Explanation of Last Year's "Non-standard Audit Report"](index=62&type=section&id=VI.%20Board's%20Explanation%20of%20Last%20Year's%20%22Non-standard%20Audit%20Report%22) This section is not applicable as there was no non-standard audit report for the previous year - Not applicable, as there was no non-standard audit report for the previous year[125](index=125&type=chunk) [Bankruptcy and Reorganization Matters](index=62&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company was not involved in any bankruptcy or reorganization matters during the reporting period - The company was not involved in any bankruptcy or reorganization matters during the reporting period[125](index=125&type=chunk) [Litigation Matters](index=62&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration, except for a minor patent infringement case involving a subsidiary that has been resolved without significant financial impact - The company had no major litigation or arbitration matters during the reporting period[127](index=127&type=chunk) Other Litigation Matters (Unit: CNY 10,000) | Litigation (Arbitration) Details | Amount Involved | Provision Formed | Progress | Outcome and Impact | Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Company sues defendant for patent infringement | 68.48 | No | Case closed | No significant impact on current or future profits | Enforced | [Penalties and Rectifications](index=63&type=section&id=IX.%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[128](index=128&type=chunk) [Integrity of the Company, its Controlling Shareholders, and Actual Controller](index=63&type=section&id=X.%20Integrity%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controller) There were no issues concerning the integrity of the company, its controlling shareholders, or its actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholders, or its actual controller during the reporting period[129](index=129&type=chunk) [Major Related-Party Transactions](index=63&type=section&id=XI.%20Major%20Related-Party%20Transactions) No major related-party transactions related to daily operations, asset acquisitions or sales, joint investments, or related-party debts occurred during the reporting period - No related-party transactions related to daily operations occurred during the reporting period[129](index=129&type=chunk) - No related-party transactions involving the acquisition or sale of assets or equity occurred during the reporting period[130](index=130&type=chunk) - No related-party transactions involving joint external investments occurred during the reporting period[131](index=131&type=chunk) - There were no related-party credit or debt transactions during the reporting period[132](index=132&type=chunk) - There were no other major related-party transactions during the reporting period[135](index=135&type=chunk) [Major Contracts and Their Performance](index=64&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company had no托管 or contracting arrangements but held several leasing contracts and provided guarantees totaling ¥135 million for its subsidiaries - The company had no托管 arrangements during the reporting period[136](index=136&type=chunk) - The company had no contracting arrangements during the reporting period[137](index=137&type=chunk) Leasing Information (Partial, Unit: CNY) | No | Lessee | Lessor | Area (sqm) | Lease Term | Currency | Total Lease Amount | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Guangzhou Weitai | Guangzhou Qifu Business Center Management Co, Ltd | 153.15 | 2024/8/22-2026/8/21 | CNY | 301,404.00 | | 2 | SENTAI VIETNAM | CONG TY TNHH MODERN SHINE VIET NAM | 10,881.30 | 2023/10/1-2026/9/30 | VND | 39,737,867,398.80 | | 4 | EL Americas | Primera 121 Commerce Center I & II, LLC | 607.59 | 2024/5/1-2027/6/30 | USD | 667,080.00 | Guarantees for Subsidiaries (Unit: CNY 10,000) | Guaranteed Party | Actual Guarantee Amount | Disclosure Date | Guarantee Limit | Actual Date | Guarantee Type | Guarantee Period | Completed | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Sentai Trading Co, Ltd | 3,500 | 2025/04/18 | 30,000 | 2025/06/05 | Joint liability | 2025.01.21-2026.05.20 | No | | Anhui Sentai Trading Co, Ltd | 10,000 | 2025/04/18 | 30,000 | 2025/02/06 | Joint liability | 2025.02.06-2028.02.06 | No | | Anhui Sentai WPC Technology Flooring Co, Ltd | 0 | 2025/04/18 | 10,000 | Not occurred | | | No | | **Total actual guarantee balance for subsidiaries at period-end** | **13,500** | | | | | | | | **Total actual guarantee as % of company's net assets** | **10.03%** | | | | | | | - The company had no major contracts related to daily operations during the reporting period[143](index=143&type=chunk) - The company had no other major contracts during the reporting period[144](index=144&type=chunk) [Other Significant Matters](index=66&type=section&id=XIII.%20Other%20Significant%20Matters) There were no other significant matters requiring disclosure during the reporting period - There were no other significant matters requiring disclosure during the reporting period[145](index=145&type=chunk) [Significant Matters of Subsidiaries](index=66&type=section&id=XIV.%20Significant%20Matters%20of%20Subsidiaries) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[146](index=146&type=chunk) [Share Capital Changes and Shareholder Information](index=67&type=section&id=Section%206%20Share%20Capital%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=67&type=section&id=I.%20Changes%20in%20Share%20Capital) The total number of shares remained unchanged at 118,220,000, with 62.75% being restricted shares, and no share repurchases or reductions occurred during the period Share Capital Changes (Unit: shares) | Item | Pre-Change Quantity | Proportion | Change (+, -) | Post-Change Quantity | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 74,178,867 | 62.75% | 0 | 74,178,867 | 62.75% | | Of which: Domestic individual holdings | 69,532,519 | 58.82% | 0 | 69,532,519 | 58.82% | | II. Unrestricted Shares | 44,041,133 | 37.25% | 0 | 44,041,133 | 37.25% | | Of which: RMB ordinary shares | 44,041,133 | 37.25% | 0 | 44,041,133 | 37.25% | | III. Total Shares | 118,220,000 | 100.00% | 0 | 118,220,000 | 100.00% | - There were no changes in share capital, share repurchases, or progress on share repurchases via centralized bidding during the reporting period[150](index=150&type=chunk) [Securities Issuance and Listing](index=68&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[150](index=150&type=chunk) [Number of Shareholders and Shareholdings](index=68&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) The company had 8,540 ordinary shareholders at period-end, with the top three shareholders, who are parties acting in concert, collectively holding 54.75% of the shares - At the end of the reporting period, the total number of ordinary shareholders was **8,540**[151](index=151&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders (Unit: shares) | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End | Number of Restricted Shares | Number of Unrestricted Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | Tang Daoyuan | Domestic individual | 35.25% | 41,670,200 | 41,670,200 | 0 | | Wang Bin | Domestic individual | 9.75% | 11,525,800 | 11,525,800 | 0 | | Zhang Yong | Domestic individual | 9.75% | 11,525,800 | 11,525,800 | 0 | | Wuhu Ruijian Automobile Industry Venture Capital Co, Ltd | Domestic non-state-owned legal entity | 7.50% | 8,866,000 | 0 | 8,866,000 | | Tang Shengwei | Domestic individual | 4.07% | 4,810,719 | 4,810,719 | 0 | | Anhui Xiangfeng Investment Center (Limited Partnership) | Domestic non-state-owned legal entity | 3.93% | 4,646,348 | 4,646,348 | 0 | - Tang Daoyuan, Zhang Yong, Wang Bin, and Tang Shengwei are parties acting in concert; Tang Shengwei is the father of Tang Daoyuan and the father-in-law of Zhang Yong and Wang Bin[152](index=152&type=chunk) - As of June 30, 2025, the company had repurchased **2,621,900 shares** through its special securities account for share buybacks, representing **2.22% of the total share capital**[153](index=153&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=70&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes 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, or senior management during the reporting period[154](index=154&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=70&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[155](index=155&type=chunk) - The company's actual controller did not change during the reporting period[155](index=155&type=chunk) [Information on Preferred Shares](index=71&type=section&id=VI.%20Information%20on%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[156](index=156&type=chunk) [Bond-related Matters](index=72&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=72&type=section&id=Bond-related%20Matters) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[158](index=158&type=chunk) [Financial Report](index=73&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=73&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[160](index=160&type=chunk) [Financial Statements](index=73&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for H1 2025, detailing the company's financial position, operating results, and cash flows Key Data from Consolidated Balance Sheet (Unit: CNY) | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Total Assets | 1,685,677,686.82 | 1,739,946,979.67 | | Total Liabilities | 378,879,157.93 | 422,892,544.13 | | Total equity attributable to parent company | 1,346,384,709.20 | 1,341,631,163.88 | | Minority Interest | -39,586,180.31 | -24,576,728.34 | | Total Equity | 1,306,798,528.89 | 1,317,054,435.54 | Key Data from Consolidated Income Statement (Unit: CNY) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 503,454,563.12 | 416,230,771.12 | | Operating Profit | 21,675,053.60 | 39,386,556.38 | | Total Profit | 21,638,508.24 | 38,914,816.08 | | Net Profit | 16,016,963.12 | 31,073,696.28 | | Net profit attributable to parent company shareholders | 31,184,828.05 | 38,968,605.93 | | Minority interest loss | -15,167,864.93 | -7,894,909.65 | | Total Comprehensive Income | 25,057,060.61 | 29,791,888.83 | | Basic Earnings Per Share (CNY/share) | 0.2698 | 0.3299 | Key Data from Consolidated Cash Flow Statement (Unit: CNY) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash flow from operating activities | 40,925,831.94 | -16,186,882.03 | | Net cash flow from investing activities | -28,607,432.86 | 13,658,695.96 | | Net cash flow from financing activities | 8,656,185.84 | -36,383,944.56 | | Net increase in cash and cash equivalents | 19,267,842.89 | -33,501,355.39 | | Closing balance of cash and cash equivalents | 271,184,348.85 | 138,145,223.24 | [Company Basic Information](index=91&type=section&id=III.%20Company%20Basic%20Information) Anhui Sentai WPC Group Co, Ltd, established in 2006 and listed in 2023, operates in the synthetic material manufacturing industry, focusing on composite material R&D and production - The company was established on December 15, 2006, and listed on the Shenzhen Stock Exchange in April 2023[194](index=194&type=chunk) - The company operates in the "C26 Chemical Raw Materials and Chemical Products Manufacturing" industry, specifically "265 Synthetic Material Manufacturing"[194](index=194&type=chunk) - Its business scope includes the R&D, design, production, sales, and installation of WPC, bamboo-plastic, and stone-plastic composite materials and products[194](index=194&type=chunk) [Basis of Preparation for Financial Statements](index=91&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared on a going concern basis in accordance with China's Accounting Standards for Business Enterprises and relevant regulatory disclosure rules - The company prepares its financial statements on a going concern basis, with no identified threats to its continued operation[195](index=195&type=chunk)[196](index=196&type=chunk) - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises and relevant CSRC disclosure regulations[195](index=195&type=chunk) [Significant Accounting Policies and Estimates](index=91&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details accounting policies for key areas like business combinations, financial instruments, revenue recognition, and government grants, with recent standard updates having no material impact - The company follows the Enterprise Accounting Standards, with a fiscal year from January 1 to December 31 and RMB as the functional currency[198](index=198&type=chunk)[199](index=199&type=chunk)[201](index=201&type=chunk) - Business combinations under common control are measured at book value, while those not under common control are measured at fair value[203](index=203&type=chunk)[205](index=205&type=chunk) - Financial assets are classified as measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income[250](index=250&type=chunk) - Revenue is recognized when control of goods is transferred to the customer, with specific methods for domestic sales (with/without installation, engineering, e-commerce) and export sales[373](index=373&type=chunk)[374](index=374&type=chunk)[376](index=376&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk)[379](index=379&type=chunk)[380](index=380&type=chunk) - The company adopted new accounting guidelines regarding warranty cost reclassification and other interpretations, with **no material impact** on the financial statements[420](index=420&type=chunk)[421](index=421&type=chunk)[425](index=425&type=chunk)[426](index=426&type=chunk) [Taxes](index=142&type=section&id=VI.%20Taxes) The company is subject to various taxes including VAT and corporate income tax, and benefits from several tax incentives such as export rebates and a reduced 15% rate for high-tech enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 13%, 9%, 6%, 15%, 21%, 7% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15%, 16.50%, 21%, 28% | | Education Surcharge | Payable turnover tax | 3% | | Local Education Surcharge | Payable turnover tax | 2% | - The company and its subsidiary Sentai Technology, as advanced manufacturing enterprises, are eligible for a **5% additional VAT deduction**[429](index=429&type=chunk) - Sentai Stock and Sentai Technology are recognized as high-tech enterprises, qualifying for a reduced **15% corporate income tax rate**[430](index=430&type=chunk) - SENTAI VIETNAM benefits from a corporate income tax holiday of **two years of exemption followed by four years of 50% reduction**[432](index=432&type=chunk) - Some subsidiaries qualify as small and micro-enterprises, enjoying a reduced **20% corporate income tax rate**[432](index=432&type=chunk) [Notes to Consolidated Financial Statement Items](index=144&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) Short-term borrowings rose 46.37% for working capital, accounts payable fell 36.61% due to payments, and other comprehensive income grew 226.43% from currency translation differences - The period-end balance of cash and cash equivalents was **¥286,941,035.22**, of which **¥169,714,164.04** was held overseas[435](index=435&type=chunk) - **Short-term borrowings increased by 46.37%** from the beginning of the year, mainly due to increased domestic letter of credit discounting for working capital needs[607](index=607&type=chunk) - **Trading financial liabilities decreased** from the beginning of the year, mainly due to a reduction in fair value losses on outstanding forward foreign exchange contracts[610](index=610&type=chunk) - **Accounts payable decreased by 36.61%** from the beginning of the year, mainly due to larger payments for purchases made during the period[616](index=616&type=chunk) - **Long-term deferred expenses increased by 48.73%** from the beginning of the period, mainly due to new factory renovation expenses at SENTAI VIETNAM[593](index=593&type=chunk) - **Other comprehensive income increased by 226.43%** from the beginning of the year, mainly due to significant foreign currency translation differences for SENTAI THAILAND[662](index=662&type=chunk) [R&D Expenses](index=199&type=section&id=VIII.%20R&D%20Expenses) Total R&D expenditure for the period was ¥14.23 million, a 13.31% year-on-year increase, with all expenses being fully expensed R&D Expenditure Details (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | 6,568,713.83 | 5,632,991.69 | | Material Costs | 6,084,550.08 | 5,035,047.41 | | Depreciation and Amortization | 606,922.33 | 845,758.51 | | Utilities | 639,904.92 | 420,249.09 | | Mold and Low-value Consumables | 33,557.36 | 145,201.96 | | Others | 298,359.75 | 480,622.67 | | Total | 14,232,008.27 | 12,559,871.33 | | Of which: Expensed R&D | 14,232,008.27 | 12,559,871.33 | - All R&D expenditures in the current period were expensed, with no R&D projects meeting capitalization criteria[730](index=730&type=chunk)[731](index=731&type=chunk) [Changes in Consolidation Scope](index=200&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) There were no changes in the scope of consolidation due to business combinations or disposal of subsidiaries during the reporting period - No business combinations under non-common control occurred during the period[733](index=733&type=chunk) - No business combinations under common control occurred during the period[738](index=738&type=chunk) - There were no transactions or events leading to a loss of control over subsidiaries during the period[741](index=741&type=chunk) [Interests in Other Entities](index=204&type=section&id=X.%20Interests%20in%20Other%20Entities) The company has multiple subsidiaries, with NATURPLAS HK being a significant non-wholly-owned subsidiary where minority shareholders hold a 40% stake and incurred a loss of ¥14.81 million Composition of the Corporate Group (Partial) | Subsidiary Name | Registered Capital | Main Place of Business | Business Nature | Direct Holding (%) | Indirect Holding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Sentai | 19,220,000.00 | Sichuan Province | Manufacturing | 100.00% | | Business combination not under common control | | Sentai Technology | 88,000,000.00 | Anhui Province | Manufacturing | 100.00% | | Establishment | | NATURPLAS HK | 1,337,900.00 | Hong Kong | Trading | 60.00% | | Establishment | | SENTAI VIETNAM | 57,032,513.20 | Vietnam | Manufacturing | 100.00% | | Establishment | | SENTAI THAILAND | 106,756,106.62 | Chonburi Province | Manufacturing | 60.00% | 40.00% | Establishment | Significant Non-wholly-owned Subsidiaries (Unit: CNY) | Subsidiary Name | Minority Shareholding Ratio | Profit/Loss Attributable to Minority Shareholders | Period-End Minority Equity Balance | | :--- | :--- | :--- | :--- | | NATURPLAS HK | 40.00% | -14,810,906.50 | -39,369,354.96 | - There were no transactions during the reporting period that changed the ownership interests in subsidiaries while retaining control[748](index=748&type=chunk) - The company had no significant joint ventures or associates during the reporting period[749](index=749&type=chunk)[751](index=751&type=chunk) [Government Grants](index=209&type=section&id=XI.%20Government%20Grants) Government grants recognized in current profit or loss totaled ¥2.09 million, a 2.1-fold increase from the prior year, comprising both deferred and direct grants Liability Items Related to Government Grants (Unit: CNY) | Account | Opening Balance | New Grants | Recognized in Non-operating Income | Recognized in Other Income | Closing Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 6,937,703.19 | | | 586,475.34 | 6,351,227.85 | Asset-related | Government Grants Recognized in Current Profit or Loss (Unit: CNY) | Account | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Other Income | 2,094,543.64 | 645,342.52 | | Non-operating Income | | 30,000.00 | | Total | 2,094,543.64 | 675,342.52 | - Government grants increased by **2.1 times** compared to the same period last year, mainly due to a higher amount of grants received this period[757](index=757&type=chunk) [Risks Related to Financial Instruments](index=210&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (primarily foreign exchange risk) through credit assessments, liquidity monitoring, and the use of hedging instruments - The company's risks related to financial instruments stem from credit risk, liquidity risk, and market risk (foreign exchange risk)[758](index=758&type=chunk) - **Credit risk**, arising from cash, financial assets, and receivables, is managed by assessing customer creditworthiness, setting credit terms, and regular monitoring[759](index=759&type=chunk) - **Liquidity risk** is managed through integrated cash management and regular monitoring of short-term and long-term funding needs[768](index=768&type=chunk) - **Foreign exchange risk**, mainly from assets and liabilities denominated in HKD and USD, is managed using forward foreign exchange contracts[769](index=769&type=chunk)[771](index=771&type=chunk) [Fair Value Disclosure](index=213&type=section&id=XIII.%20Fair%20Value%20Disclosure) Assets measured at fair value, primarily trading and other non-current financial assets, totaled ¥170.55 million, with derivatives valued at Level 1 and other investments at Level 3 Period-End Fair Value of Assets and Liabilities Measured at Fair Value (Unit: CNY) | Item | Level 1 Fair Value | Level 3 Fair Value | Total | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 27,887.35 | 170,520,677.51 | 170,548,564.86 | | Of which: Equity instrument investments | | 167,724,282.52 | 167,724,282.52 | | Of which: Derivative financial assets | 27,887.35 | | 27,887.35 | | Other Non-current Financial Assets | | 2,796,394.99 | 2,796,394.99 | | **Total assets continuously measured at fair value** | **27,887.35** | **170,520,677.51** | **170,548,564.86** | - The fair value of the company's wealth management products is determined based on the principal plus expected returns as of the balance sheet date[777](index=777&type=chunk) - The company's Level 3 equity instrument investments are unlisted equities valued using the net asset value method[778](index=778&type=chunk) [Related Parties and Transactions](index=214&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) The company's ultimate controllers are Tang Daoyuan, Zhang Yong, Wang Bin, and Tang Shengwei, with minor procurement transactions and significant guarantee arrangements with related parties - The company's ultimate controllers are Tang Daoyuan, Zhang Yong, Wang Bin, and Tang Shengwei, who collectively hold **58.82%** of the shares and act in concert[781](index=781&type=chunk) Purchases of Goods/Services (Unit: CNY) | Related Party | Transaction Content | Current Period Amount | Approved Credit Limit | Exceeded Limit | Prior Period Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Lego Environmental Technology Co, Ltd | Molded pallets, cover plates | 139,013.28 | 2,000,000.00 | No | 283,520.31 | Company as the Guaranteed Party (Unit: CNY) | Guarantor | Guarantee Amount | Start Date | End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Tang Daoyuan, Li Xiaoxiang | 50,000,000.00 | 2025/04/10 | 2030/04/10 | No | | Tang Shengwei, Gu Cuifeng | 30,000,000.00 | 2024/01/12 | 2027/01/12 | No | | Tang Daoyuan, Li Xiaoxiang | 57,600,000.00 | 2025/01/21 | 2026/05/20 | No | - Key management personnel compensation for the current period was **¥2,028,670.05**, compared to ¥1,716,877.35 in the prior period[798](index=798&type=chunk) [Share-based Payments](index=218&type=section&id=XV.%20Share-based%20Payments) The company recognized ¥4.24 million in expenses for its equity-settled share-based payment plan, while 39,024 restricted shares lapsed during the period Share-based Payment Overview (Unit: CNY) | Grantee Category | Granted this Period (shares) | Granted this Period (value) | Exercised this Period (shares) | Exercised this Period (value) | Vested this Period (shares) | Vested this Period (value) | Lapsed this Period (shares) | Lapsed this Period (value) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Core staff and other personnel | | | | | | | 39,024 | 236,383.64 | | Total | | | | | | | 39,024 | 236,383.64 | - The total expense recognized for equity-settled share-based payments in the current period was **¥4,241,352.72**[808](index=808&type=chunk)[809](index=809&type=chunk) [Commitments and Contingencies](index=219&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company has no significant commitments to disclose but has provided ¥135 million in guarantees for a subsidiary and has ¥140 million in outstanding discounted letters of credit - As of June 30, 2025, the company had no significant commitments to disclose[809](index=809&type=chunk) Significant Contingencies at the Balance Sheet Date (Unit: CNY 10,000) | Guaranteed Entity | Guarantee Item | Amount | Term | | :--- | :--- | :--- | :--- | | Sentai Trading | Comprehensive credit facility guarantee | 3,500.00 | 2025/1/21—2026/5/20 | | Sentai Trading | Comprehensive credit facility guarantee | 10,000.00 | 2025/2/6—2028/2/6 | - As of June 30, 2025, the company had **¥140.00 million** in discounted letters of credit that had not yet matured[811](index=811&type=chunk) - Apart from the above, the company has no other significant contingencies to disclose[812](index=812&type=chunk)[813](index=813&type=chunk) [Post-Balance Sheet Events](index=220&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) There were no significant non-adjusting events, profit distributions, or sales returns after the balance sheet date - The company had no significant non-adjusting events during the reporting period[815](index=815&type=chunk) - The company had no profit distribution plans during the reporting period[816](index=816&type=chunk) - The company had no sales returns during the reporting period[816](index=816&type=chunk) [Other Significant Matters](index=221&type=section&id=XVIII.%20Other%20Significant%20Matters) The company had no other significant transactions or events, such as prior period error corrections, debt restructuring, or asset swaps, that would affect investor decisions - The company had no prior period accounting error corrections during the reporting period[817](index=817&type=chunk) - The company had no debt restructuring, asset swaps, annuity plans, discontinued operations, or segment information to report[819](index=819&type=chunk)[820](index=820&type=chunk)[821](index=821&type=chunk)[822](index=822&type=chunk) [Notes to Parent Company Financial Statement Items](index=222&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) The parent company's accounts receivable decreased significantly, while other receivables from related parties grew, and its long-term equity investments in subsidiaries reached ¥620 million Parent Company Accounts Receivable by Aging (Unit: CNY) | Aging | Period-End Book Balance | Opening Book Balance | | :--- | :--- | :--- | | Within 1 year (inclusive) | 5,492,412.22 | 31,580,233.75 | | Total | 6,208,405.09 | 31,909,104.49 | Parent Company Other Receivables by Nature (Unit: CNY) | Nature of Receivable | Period-End Book Balance | Opening Book Balance | | :--- | :--- | :--- | | Related-party balances | 215,331,867.10 | 204,799,913.88 | | Total | 216,778,416.52 | 205,990,277.69 | Parent Company Long-Term Equity Investments (Unit: CNY) | Item | Period-End Book Value | Opening Book Value | | :--- | :--- | :--- | | Investments in subsidiaries | 620,287,727.98 | 522,458,044.21 | | Total | 620,287,727.98 | 522,458,044.21 | Parent Company Operating Revenue and Costs (Unit: CNY) | Item | Current Period Revenue | Current Period Costs | Prior Period Revenue | Prior Period Costs | | :--- | :--- | :--- | :--- | :--- | | Main Business | 152,554,472.11 | 115,445,358.46 | 164,121,444.47 | 125,491,921.13 | | Other Business | 9,961,433.43 | 9,169,230.88 | 2,343,091.98 | 1,216,187.15 | | Total | 162,515,905.54 | 124,614,589.34 | 166,464,536.45 | 126,708,108.28 | Parent Company Investment Income (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Interest income from debt investments | 335,342.42 | 1,525,808.25 | | Investment income from forward foreign exchange contracts | 753,295.53 | -401,758.83 | | Investment income from bank wealth management products | 221,814.92 | 851,400.90 | | Total | 1,310,452.87 | 1,385,053.38 | [Supplementary Information](index=233&type=section&id=XX.%20Supplementary%20Information) Non-recurring profit and loss totaled ¥4.52 million, the weighted average ROE was 2.32%, and basic EPS was ¥0.2698, with no accounting differences under domestic and foreign standards Details of Current Non-recurring Profit and Loss (Unit: CNY) | Item | Amount | Description | | :--- | :--- | :--- | | Gain or loss on disposal of non-current assets | 6,042.54 | Mainly gains from the disposal of fixed assets | | Government grants recognized in current profit or loss | 1,508,068.30 | Mainly government grants received by the company | | Fair value gains/losses from financial assets and liabilities, and disposal gains/losses | 3,852,307.46 | Mainly income from wealth management products | | Other non-operating income and expenses | -32,442.80 | Mainly due to an increase in compensation payments this period | | Less: Income tax effect | 862,463.10 | | | Minority interest effect (after tax) | -51,578.12 | | | Total | 4,523,090.52 | -- | Return on Equity and Earnings Per Share | Profit for the Period | Weighted Average ROE | Basic EPS (CNY/share) | Diluted EPS (CNY/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders | 2.32% | 0.2698 | 0.2698 | | Net profit attributable to ordinary shareholders after deducting non-recurring items | 1.98% | 0.2306 | 0.2306 | - The company has no discrepancies in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[879](index=879&type=chunk)

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of August 18, there are 981 stocks with a circulating market value below 3 billion yuan, and 410 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,641 stocks have a total market value below 5 billion yuan, with 582 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Zitian at 440 million yuan, Liren Technology at 584 million yuan, and Bofei Electric at 639 million yuan [1] - The three stocks with the smallest total market values are *ST Zitian at 444 million yuan, *ST Suwu at 697 million yuan, and *ST Yuancheng at 752 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as media, household appliances, and basic chemicals, with notable examples like *ST Zitian and Liren Technology [1][2]

证券代码：301429 证券简称：森泰股份 公告编号：2025－062 安徽森泰木塑集团股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假 记载、误导性陈述或者重大遗漏负连带责任。 安徽森泰木塑集团股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日 召开了第三届董事会第二十六次会议及第三届监事会第十八次会议，于 2025 年 5 月 13 日召开了 2024 年年度股东大会，审议通过了《关于使用部分暂时闲置募 集资金和自有资金进行现金管理的议案》，同意公司及子公司使用部分暂时闲置 募集资金进行现金管理及自有闲置资金购买安全性高、流动性好、中低风险的投 资理财产品，公司及子公司拟使用不超过人民币 50,000 万元闲置募集资金（含 超募资金）进行现金管理。上述额度自公司 2024 年年度股东大会审议通过后至 下一年度股东大会召开之日止，在上述额度内资金可以循环滚动使用，现金管理 的募集资金余额不超过 50,000 万元。暂时闲置募集资金现金管理到期后将及时 归还至募集资金专户。以上具体内容详见公司于 2025 年 ...

Group 1 - Shanghai Stock Exchange has decided to terminate the review of Anhui Sentai Wood-Plastic Group Co., Ltd.'s initial public offering and listing on the Sci-Tech Innovation Board [1] - Sentai Group submitted an application to withdraw its IPO and listing application on February 23, 2021, along with its sponsor, Minsheng Securities [1] - The listing committee meeting originally scheduled for February 25, 2021, to review Sentai Group's application has been canceled due to the withdrawal [1] Group 2 - Sentai Group specializes in the research, design, production, and sales of high-performance wood-plastic composite materials and new stone-wood plastic composite materials [2] - The company intended to publicly issue no less than 29.55 million shares, accounting for at least 25% of the total shares after the issuance [2] - The planned fundraising amount was 365 million yuan, allocated for various projects including the expansion of production capacity and the establishment of a research and development center [2] Group 3 - The sponsoring institution for Sentai Group's IPO was Minsheng Securities, with representatives Zhang Haidong and Tang Ying [3]

内容概要：木塑板是一种由木质纤维材料与热塑性塑料混合制成的环保型复合材料。木塑板产品规格 多、用途广、物理力学性能优良、机械加工性能好，是一种优良的"无缺陷木材"。由于塑木良好的性能 和绿色环保的特点，目前各类木塑制品在欧美等发达国家形成了比较成熟规范的产业和市场，得到较为 广泛的应用。木塑板行业的我国虽然发展较晚，但在我国循环经济政策的鼓励和企业潜在效益需求的双 重推动下，全国性"木塑材料"热逐渐兴起。近年来，我国塑木复合材料行业发展异常迅猛。在崇尚环保 的今天，"零"甲醛释放量使木塑复合板一经面世即得到了广大用户的青睐。随着我经济的快速发展，人 们生活水平不断提高，木塑复合板应用范围越来越广。预计2025我国塑木复合材料产量约550万吨，销 量约为535万吨。随着贴面技术的日趋完善，木塑复合板市场应用前景更加广阔。 上市企业：美新科技(301588.SZ)、森泰股份(301429.SZ) 相关企业：江苏福瑞森塑木科技有限公司、山东绿森塑木复合材料有限公司、安徽国风新材料股份有限 公司、佛山市木新代科技有限公司、广州金发绿可木塑科技有限公司、江苏嘉景复合材料有限公司、东 莞太洋橡塑制品有限公司（大洋集团）、 ...

证券代码：301429 证券简称：森泰股份 公告编号：2025－060 安徽森泰木塑集团股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假 记载、误导性陈述或者重大遗漏负连带责任。 安徽森泰木塑集团股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日 召开了第三届董事会第二十六次会议及第三届监事会第十八次会议，于 2025 年 5 月 13 日召开了 2024 年年度股东大会，审议通过了《关于使用部分暂时闲置募 集资金和自有资金进行现金管理的议案》，同意公司及子公司使用部分暂时闲置 募集资金进行现金管理及自有闲置资金购买安全性高、流动性好、中低风险的投 资理财产品，公司及子公司拟使用不超过人民币 50,000 万元闲置募集资金（含 超募资金）进行现金管理。上述额度自公司 2024 年年度股东大会审议通过后至 下一年度股东大会召开之日止，在上述额度内资金可以循环滚动使用，现金管理 的募集资金余额不超过 50,000 万元。暂时闲置募集资金现金管理到期后将及时 归还至募集资金专户。以上具体内容详见公司于 2025 年 ...

Core Viewpoint - The company has completed the election of its fourth board of directors and the appointment of senior management personnel, marking a significant governance transition [1][2][3] Group 1: Board Composition - The fourth board of directors consists of 9 members, including 6 non-independent directors (one being a representative director) and 3 independent directors [2][3] - The non-independent directors include Tang Shengwei (Chairman), Tang Daoyuan (Vice Chairman), Zhang Yong, Wang Bin, Zhou Zhiguang, and Ou Yuansheng (employee representative director) [2] - The independent directors are Chen Jian, Wang Jun, and Yang Xuechao, all of whom meet the qualifications required for independent directors [2][3] Group 2: Committees Composition - The board has established various specialized committees, including the Strategy and ESG Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee, with independent directors holding a majority in key committees [3] - The Audit Committee is chaired by Chen Jian, a professional accountant, ensuring compliance with relevant regulations [3] Group 3: Senior Management Appointments - The board has appointed Tang Daoyuan as General Manager, Zhang Yong as Deputy General Manager, Zhou Zhiguang as Chief Financial Officer and Board Secretary, Huang Donghui as Technical Director, and Zhao Wenshu as Human Resources Director [4] - The term for these senior management personnel is aligned with the board's term, lasting until the end of the fourth board's tenure [4] Group 4: Departure of Previous Personnel - Several previous directors and supervisors have completed their terms and will no longer hold positions within the company, including Liu Jia and Deng Liqun, who do not hold any shares in the company [5][6] - The company has decided to abolish the supervisory board, transferring its powers to the Audit Committee [5]