w u F A N G Z H A 股票代码 603237 五芳斋2025年半年度报告 浙江五芳斋实业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人厉建平、主管会计工作负责人陈传亮及会计机构负责人（会计主管人员）林耆 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本公司2025年半年度报告中涉及的公司未来计划、发展战略等前瞻性陈述，因存在不确定性， 不构成公司对投资者的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险 ...

南京莱斯信息技术股份有限公司2025 年半年度报告 南京莱斯信息技术股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司代码：688631 公司简称：莱斯信息 南京莱斯信息技术股份有限公司 2025 年半年度报告 1 / 187 二、 重大风险提示 公司已在本报告中描述可能存在的风险，敬请查阅"第三节管理层讨论与分析"之"四、风 险因素"部分，请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人程先峰、主管会计工作负责人王旭及会计机构负责人（会计主管人员）杨广辉 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 九、 是否存在被控股股 ...

重要提示 上海泰坦科技股份有限公司2025 年半年度报告 公司代码：688133 公司简称：泰坦科技 上海泰坦科技股份有限公司 2025 年半年度报告 1 / 231 上海泰坦科技股份有限公司2025 年半年度报告 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内不存在对公司生产经营产生实质性影响的重大风险，公司已在报告中详细描述可能 存在的相关风险，敬请查阅第三节管理层讨论与分析"四、风险因素"部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人张庆、主管会计工作负责人周智洪及会计机构负责人（会计主管人员）周智洪 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 九、 ...

湖南南新制药股份有限公司2025 年半年度报告 公司代码：688189 公司简称：南新制药 湖南南新制药股份有限公司 2025 年半年度报告 1 / 186 湖南南新制药股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 敬请参阅本报告"第三节 管理层讨论与分析"之"四、风险因素"相关内容，提请投资者注 意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人张世喜、主管会计工作负责人李亮及会计机构负责人（会计主管人员）陈小宁 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用。 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 敬请投资者注意投资风险。 九、 是否存在被控股股东及其他关 ...

爱柯迪股份有限公司2025 年半年度报告 公司代码：600933 公司简称：爱柯迪 转债代码：110090 转债简称：爱迪转债 爱柯迪股份有限公司 2025 年半年度报告 1 / 185 爱柯迪股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张建成、主管会计工作负责人谢地及会计机构负责人（会计主管人员）谢地声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 ...

浙江建业化工股份有限公司 2025 年半年度报告 公司代码：603948 公司简称：建业股份 浙江建业化工股份有限公司 2025 年半年度报告 2025 年 8 月 1 / 130 浙江建业化工股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙斌、主管会计工作负责人章忠及会计机构负责人（会计主管人员）张琦声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划等前瞻性陈述，不构成公司对任何投资者及相关人士的实质承诺， 敬请广大投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证 ...

河南豫光金铅股份有限公司2025 年半年度报告 公司代码：600531 公司简称：豫光金铅 债券代码：110096 债券简称：豫光转债 河南豫光金铅股份有限公司 2025 年半年度报告 1 / 165 河南豫光金铅股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人赵金刚、主管会计工作负责人李新战及会计机构负责人（会计主管人员）苗红 强声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性 ...

北京金橙子科技股份有限公司2025 年半年度报告 公司代码：688291 公司简称：金橙子 北京金橙子科技股份有限公司 2025 年半年度报告 1 / 179 北京金橙子科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 详情请参阅本报告第三节"管理层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人吕文杰、主管会计工作负责人崔银巧及会计机构负责人（会计主管人员）崔银 巧声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司 2025 年半年度拟以实施权益分派股权登记日登记的总股本扣减公司回购专用证券账户 中的股份为基数分配利润，向全体股东每 10 股派发现金红利 1.00 元（含税）。截至本报告披露 日，公司总股本扣减公司回购专用证券账户中的股份后为 102,491,900 股，以此计算合计拟派发 现金红利 1 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which remains unaudited, and proposes a cash dividend of **RMB 2** per **10** shares (including tax) to all shareholders, totaling an estimated **RMB 68,383,874.60** (including tax), while noting the report contains forward-looking statements that do not constitute substantive commitments - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report; the report is unaudited[3](index=3&type=chunk)[5](index=5&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Dividend per 10 shares (yuan, incl. tax) | 2 | | Estimated cash dividend (yuan, incl. tax) | 68,383,874.60 | [Section I: Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company abbreviations, reporting period, major subsidiary names, and professional terms for various veterinary products and R&D stages, ensuring clear understanding of the report content - The reporting period refers to the first half of 2025 (January 1 to June 30)[14](index=14&type=chunk) - Detailed definitions are provided for the company and its major subsidiaries, such as Pulike, Huizhong Veterinary, Huizhong Bio, etc[14](index=14&type=chunk) - Industry-specific terms such as Veterinary GMP, clinical trial stage, and new veterinary drug registration stage are explained[14](index=14&type=chunk) [Section II: Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section lists basic company information including its Chinese name, abbreviation, foreign name and abbreviation, and legal representative - The company's Chinese name is Pulike Biological Engineering Co., Ltd., its Chinese abbreviation is Pulike, and its legal representative is Hu Wei[16](index=16&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email - The Board Secretary is Zhao Rui, and the Securities Affairs Representative is Tian Xiaolong; both can be reached at **0379-63282386**, and the email is ir@pulike.com.cn[17](index=17&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section describes the company's registered address, office address, postal code, and website, noting no changes during the reporting period - The company's registered address is Lingbo Road, High-tech Development Zone, Luoyang Area, China (Henan) Pilot Free Trade Zone, and its website is http://www.pulike.com.cn[18](index=18&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section discloses the company's selected newspapers for information disclosure, the website for semi-annual reports, and the storage location for the reports, noting no changes during the reporting period - The company's selected newspapers for information disclosure are Shanghai Securities News and Securities Times, and the website for semi-annual reports is www.sse.com.cn[19](index=19&type=chunk) [V. Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section briefly introduces the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation “Pulike” and stock code **603566**[20](index=20&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the first half of 2025, including operating revenue, total profit, net profit, earnings per share, and return on net assets, with comparisons to the same period last year [(1) Key Accounting Data](index=5&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) This section details the company's key accounting data for the first half of 2025, including operating revenue, total profit, net profit attributable to shareholders of listed company, and net cash flow from operating activities, showing significant year-on-year growth 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 559,429,605.94 yuan | 483,151,593.70 yuan | 15.79 | | Total Profit | 130,819,386.40 yuan | 81,866,443.16 yuan | 59.80 | | Net Profit Attributable to Shareholders of Listed Company | 116,181,892.11 yuan | 73,946,259.88 yuan | 57.12 | | Net Cash Flow from Operating Activities | 195,066,040.70 yuan | 48,153,979.01 yuan | 305.09 | - Net assets attributable to shareholders of the listed company at period-end were **2,605,506,047.77 yuan**, and total assets at period-end were **3,056,696,099.11 yuan**, a slight decrease from the end of the previous year[23](index=23&type=chunk) [(2) Key Financial Indicators](index=6&type=section&id=%28%E4%BA%8C%29%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key financial indicators for the first half of 2025, including basic earnings per share, diluted earnings per share, and weighted average return on net assets, all showing significant growth 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.34 | 0.21 | 61.90 | | Diluted Earnings Per Share (yuan/share) | 0.34 | 0.21 | 61.90 | | Basic EPS after deducting non-recurring gains and losses (yuan/share) | 0.29 | 0.19 | 52.63 | | Weighted Average Return on Net Assets (%) | 4.37 | 2.72 | increase of 1.65 percentage points | [IX. Non-recurring Gains and Losses and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the company's non-recurring gains and losses for the first half of 2025, totaling **16,050,327.40 yuan**, primarily including government subsidies, fair value changes in financial assets, and reversal of impairment provisions for receivables Non-recurring Gains and Losses for H1 2025 | Non-recurring Gain/Loss Item | Amount (yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | -600,047.22 | | Government subsidies recognized in current profit/loss | 4,299,682.67 | | Gains/losses from changes in fair value and disposal of financial assets and liabilities | 4,087,383.34 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 8,203,562.17 | | Other non-operating income and expenses apart from the above | 1,917,540.72 | | Other gain/loss items meeting the definition of non-recurring | 689,453.32 | | Less: Income tax impact | 2,547,247.60 | | **Total** | **16,050,327.40** | [Section III: Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Explanation of the Company's Industry and Main Business during the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the veterinary medicine manufacturing industry, including its size, competitive landscape, development trends, and regulatory policies, analyzing the downstream livestock, poultry, and companion animal markets, and outlining the company's main business, market position, performance drivers, and operating model [(1) Industry Situation during the Reporting Period](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) This section elaborates on the overall size, competitive landscape, future development trends, and latest regulatory policies of the veterinary medicine manufacturing industry, which is generally growing but highly competitive and fragmented, with technology innovation and comprehensive service capabilities being key [1. Industry Overview](index=8&type=section&id=1%E3%80%81%E6%9C%AC%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) This section introduces the scale, competitive landscape, and development trends of the veterinary drug industry, which saw **69.651 billion yuan** in sales for manufacturing enterprises in 2023, showing an upward trend but with low concentration and severe product homogeneity, necessitating a focus on technological innovation and comprehensive service capabilities 2023 Veterinary Drug Industry Scale | Indicator | Amount (billion yuan) | | :--- | :--- | | Sales of Veterinary Drug Manufacturing Enterprises | 69.651 | | Gross Profit of Veterinary Drug Manufacturing Enterprises | 21.297 | | Sales of Veterinary Biological Product Enterprises | 16.276 | | Sales of Veterinary Chemical Drug Enterprises | 53.375 | - Large enterprises account for **73.36%** of sales in veterinary biological product enterprises, maintaining stable industry concentration; large enterprises account for **54.22%** of sales in veterinary chemical drug enterprises, indicating low industry concentration and severe market homogeneity[30](index=30&type=chunk) - The future development trend of the animal health industry is that technological innovation, product quality, market expansion, and comprehensive service capabilities will become core competencies[31](index=31&type=chunk) [2. Downstream Industry Situation](index=9&type=section&id=2%E3%80%81%E4%B8%8B%E6%B8%B8%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) This section analyzes the livestock, poultry, and companion animal downstream industries, noting slight increases in pig inventory and slaughter with marginal profits, and growth in poultry inventory and slaughter but with low prices, while the companion animal market continues to grow, driven by pet food and medical services, with management trending towards standardization and refinement - As of the end of Q2 2025, national pig inventory was **424.47 million heads**, a **2.2%** year-on-year increase; breeding sow inventory was **40.43 million heads**, a **0.1%** year-on-year increase[34](index=34&type=chunk) - The urban pet (dog and cat) consumption market reached **300.2 billion yuan** in 2024, a **7.5%** increase from 2023, and is projected to reach **404.2 billion yuan** by 2027[37](index=37&type=chunk) - Pet food remains the primary consumption market for pet owners (**52.8%**), followed by pet medical services (**28.0%**), with significant increases in penetration rates for pet diagnosis, training, insurance, and travel[37](index=37&type=chunk) [(2) Company's Main Business during the Reporting Period](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company primarily engages in R&D, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine, covering livestock, poultry, and pets, boasting multiple national-level innovation platforms, leading technological innovation, and comprehensive strength, driven by new product development for swine diseases, resolving poultry vaccine capacity bottlenecks, comprehensive pet vaccine and drug market expansion, and building an excellent operational system, utilizing an R&D model primarily based on independent research with supplementary joint research, a production model based on sales orders, and a sales model combining direct and distribution channels [1. Main Business](index=9&type=section&id=1%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in the R&D, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine, mainly for the prevention and treatment of diseases in livestock, poultry, and pets, possessing over **60** production lines capable of producing more than **80** biological products, **200** chemical drugs, and hundreds of pet health products, offering a comprehensive product range - The company primarily engages in the R&D, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine, mainly for the prevention and treatment of diseases in livestock, poultry, and pets[38](index=38&type=chunk) - The company possesses over **60** production lines, capable of producing more than **80** biological products, **200** chemical drugs, and hundreds of pet health products, offering a comprehensive product range[38](index=38&type=chunk)[39](index=39&type=chunk) - The company's main products include swine vaccines and drugs (e.g., Porcine Circovirus and Mycoplasma Hyopneumoniae Inactivated Vaccine), poultry vaccines and drugs (e.g., Newcastle Disease, Infectious Bronchitis, Avian Influenza, Infectious Laryngotracheitis, and Adenovirus Five-in-one Inactivated Vaccine), ruminant vaccines and drugs (e.g., Foot-and-Mouth Disease O-type and A-type Bivalent Inactivated Vaccine), and pet vaccines and drugs (e.g., Feline Triple Vaccine Inactivated)[40](index=40&type=chunk)[41](index=41&type=chunk) [2. Market Position](index=11&type=section&id=2%E3%80%81%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) The company aims to build a world-class brand in China's animal health industry, recognized as a National Torch Plan Key High-tech Enterprise and National Technology Innovation Demonstration Enterprise, with multiple national-level innovation platforms, positioning its technological innovation capabilities and comprehensive strength among the industry leaders - The company is a National Torch Plan Key High-tech Enterprise, National Technology Innovation Demonstration Enterprise, and one of the first innovative leading enterprises in Henan Province[42](index=42&type=chunk)[43](index=43&type=chunk) - The company possesses multiple innovation platforms, including the National Engineering Research Center for Veterinary Drugs and a National Enterprise Technology Center, with its technological innovation capabilities and comprehensive strength ranking among the industry leaders[43](index=43&type=chunk) [3. Key Performance Drivers](index=12&type=section&id=3%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) The company's performance is primarily driven by developing new iterative products addressing pain points in swine disease prevention and control, resolving poultry vaccine capacity bottlenecks to regain market leadership, comprehensively expanding into pet vaccines and drugs to usher in a new era of domestic brands, and building an excellent operational system to enhance comprehensive customer service capabilities - For swine vaccines, the company is actively exploring R&D pathways for products preventing Porcine Epidemic Diarrhea and Blue Ear Disease, which are expected to expand the market[44](index=44&type=chunk) - For poultry vaccines, Pulike (Nanjing)'s new production base has been completed and passed Veterinary GMP acceptance, resolving the capacity bottleneck for highly pathogenic avian influenza vaccines[45](index=45&type=chunk) - For pet vaccines and chemical drugs, the Feline Triple Inactivated Vaccine is leading import substitution, with more pet products expected to be launched in the future[46](index=46&type=chunk) [4. Operating Model](index=12&type=section&id=4%E3%80%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's operating model includes an R&D approach primarily based on independent research with supplementary joint research, a procurement model with a robust supply management system, a production model driven by sales orders and focused on quality, and a sales model combining direct sales and distribution - The company has established a fast and efficient product R&D system based on market demand and competitive analysis, primarily through independent R&D supplemented by collaborative R&D[48](index=48&type=chunk)[49](index=49&type=chunk) - The procurement management department coordinates raw material demands across production bases, leveraging centralized procurement advantages to establish long-term partnerships with quality suppliers and flexibly applying procurement strategies to reduce costs[50](index=50&type=chunk) - The company adopts a production model based on sales orders and centered on quality, having established a comprehensive and systematic Veterinary GMP management system with high standards[51](index=51&type=chunk) - The sales model primarily combines direct sales and distribution, with direct sales targeting large and medium-sized customers, and distribution for small and medium-sized farmers[52](index=52&type=chunk) [II. Discussion and Analysis of Operations](index=13&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, despite a sluggish farming market and intense competition, the company achieved significant growth in operating revenue and net profit by focusing on marketing system reforms, strengthening management, and controlling expenses, with innovative products like Porcine Pseudorabies Live Vaccine and Adenovirus series poultry combined vaccines contributing new growth, the Pulike (Nanjing) new base releasing avian influenza vaccine capacity, pet product sales maintaining high growth, and online sales increasing by over **300%**, while also obtaining **8** new veterinary drug registration certificates and multiple clinical trial approvals H1 2025 Operating Performance | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 559 million yuan | 15.79% | | Net Profit Attributable to Shareholders of Listed Company | 116 million yuan | 57.12% | - The company's main business revenue increased by **15.58%** year-on-year, with innovative products such as Porcine Pseudorabies Live Vaccine and Adenovirus series poultry combined vaccines contributing new performance growth points[53](index=53&type=chunk)[54](index=54&type=chunk) - Following the full operation of Pulike (Nanjing)'s new production base, sales revenue of highly pathogenic avian influenza vaccines increased by nearly **60%** year-on-year[54](index=54&type=chunk) - Sales revenue of pet-related products continued to maintain high growth, with online sales increasing by over **300%** year-on-year[54](index=54&type=chunk) - The company obtained **8** national new veterinary drug registration certificates, including the internationally pioneering Class I new veterinary drug "Newcastle Disease, Infectious Bronchitis, Avian Influenza, Infectious Laryngotracheitis, and Adenovirus Five-in-one Inactivated Vaccine" and the domestically pioneering Class II new veterinary drug "Fluralaner and its Solution"[55](index=55&type=chunk) [III. Analysis of Core Competencies during the Reporting Period](index=14&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies lie in technological innovation, a rich product portfolio, strong market brand, and excellent product quality, supported by multiple national-level innovation platforms and advanced technology platforms, with **77** new veterinary drug registration certificates and **334** invention patents, offering a comprehensive range of livestock, poultry, and pet vaccines, chemical drugs, and functional health products, with a nationwide sales network and high customer recognition for its "Golden Quality, Benefiting Humanity" corporate mission [1. Technological Innovation Advantage](index=14&type=section&id=1%E3%80%81%E6%8A%80%E6%9C%AF%E5%88%9B%E6%96%B0%E4%BC%98%E5%8A%BF) The company prioritizes independent and integrated innovation as its driving force, possessing multiple national-level innovation platforms and a Biosafety Level 3 (P3) laboratory, and through years of technological accumulation, has built comprehensive technology platforms such as reverse genetics and prokaryotic expression, enabling the development of various genetic engineering vaccines, while also establishing industry-academia-research collaborations with multiple institutions - The company possesses multiple national-level innovation platforms, including the National Engineering Research Center for Veterinary Drugs and a National Enterprise Technology Center, with a Biosafety Level 3 (P3) laboratory already in operation[56](index=56&type=chunk) - The company has built comprehensive technology platforms such as reverse genetics, prokaryotic expression, and multi-valent vaccine technology, enabling the development of a series of genetic engineering vaccines, including subunit vaccines and nucleic acid vaccines[56](index=56&type=chunk)[57](index=57&type=chunk) - As of the end of the reporting period, the company and its subsidiaries had cumulatively obtained **77** national new veterinary drug registration certificates and **334** authorized invention patents (including **38** international invention patents)[57](index=57&type=chunk) [2. Product Category Advantage](index=15&type=section&id=2%E3%80%81%E4%BA%A7%E5%93%81%E5%93%81%E7%B1%BB%E4%BC%98%E5%8A%BF) The company boasts a comprehensive product range, covering multiple series of livestock, poultry, and pet vaccines, chemical drugs, and functional health products, featuring industry-leading genetic engineering vaccines and multi-valent vaccines for food animals, and for pets, including Feline Triple Inactivated Vaccine and Rabies Inactivated Vaccine, as well as chemical drugs for deworming and anti-inflammation, and dozens of health products - The company offers a comprehensive range of products, covering multiple series of livestock, poultry, and pet vaccines, chemical drugs, and functional health products[58](index=58&type=chunk) - The company has further enriched and improved its product structure by entering the Foot-and-Mouth Disease vaccine and highly pathogenic avian influenza vaccine fields through external investments and mergers and acquisitions[58](index=58&type=chunk) - The company utilizes advanced processes such as bacterial high-density fermentation technology, protein purification technology, and virus-like particle assembly technology to increase effective antigen content, enhance immune efficacy, and reduce side effects[58](index=58&type=chunk) [3. Market Brand Advantage](index=15&type=section&id=3%E3%80%81%E5%B8%82%E5%9C%BA%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) The company has established a product sales network covering most regions nationwide, forming close strategic partnerships with direct sales customers and distributors, empowering distributors with technological, product, and service innovations to jointly drive market sales, and has built a brand advantage in livestock, poultry, and pet vaccines and chemical drugs with its mission of "Golden Quality, Benefiting Humanity," earning widespread industry recognition for its technological innovation capabilities - The company has established a product sales network covering most regions nationwide, forming close strategic partnerships with direct sales customers and distributors[59](index=59&type=chunk) - The company empowers distributors with technological innovation, product innovation, and service innovation, strengthening technical training and customer service awareness to foster excellent synergy[59](index=59&type=chunk) - The company has innovated and developed in livestock, poultry, and pet vaccines and chemical drugs, building a brand advantage, with product sales ranking among the industry leaders[59](index=59&type=chunk) [4. Product Quality Advantage](index=15&type=section&id=4%E3%80%81%E4%BA%A7%E5%93%81%E8%B4%A8%E9%87%8F%E4%BC%98%E5%8A%BF) The company has established a quality management objective of "creating value for customers while achieving sustainable high-quality enterprise development," building a reliable comprehensive quality control system, and continuously improving product quality through process technology team project tackling and process management, earning high recognition from industry authorities, farming customers, and pet owners - The company has established a quality management objective of "creating value for customers while achieving sustainable high-quality enterprise development"[60](index=60&type=chunk) - The company focuses on achieving refined production, lean management, and high-quality service, forming a reliable comprehensive quality control system[61](index=61&type=chunk) - The company's product quality has received high recognition from industry authorities, farming customers, and pet owners[61](index=61&type=chunk) [IV. Key Operating Performance during the Reporting Period](index=16&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's key operating performance during the reporting period, including changes in financial statement items for its main business, asset and liability status, and investment status, noting significant growth in operating revenue and net cash flow from operating activities, but a substantial decrease in net cash flow from investing activities, while the asset and liability structure remained stable, with an increase in trading financial assets and a decrease in monetary funds [(1) Main Business Analysis](index=16&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section details the year-on-year changes and reasons for the company's main business financial statement items, including operating revenue, operating costs, selling expenses, administrative expenses, financial expenses, and R&D expenses, noting that increased poultry product sales drove revenue, but market competition led to reduced gross profit for livestock and chemical drug products 2025 Semi-Annual Key Accounting Data Changes | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 559,429,605.94 | 483,151,593.70 | 15.79 | | Operating Cost | 225,100,131.54 | 177,884,070.81 | 26.54 | | Selling Expenses | 124,261,262.06 | 134,367,404.58 | -7.52 | | Net Cash Flow from Operating Activities | 195,066,040.70 | 48,153,979.01 | 305.09 | | Net Cash Flow from Investing Activities | -150,520,280.41 | 160,872,367.81 | -193.57 | - The change in operating revenue was primarily due to increased sales orders for poultry products; the change in operating cost was mainly due to increased sales orders for poultry products, coupled with reduced gross profit for livestock and chemical drug products due to market competition[62](index=62&type=chunk) 2025 Semi-Annual Sales Revenue by Product Category | Product Category | Revenue for Reporting Period (yuan) | Revenue for Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Biological Products | 401,460,863.45 | 354,756,182.23 | 13.17 | | Of which: Swine | 130,521,049.20 | 147,459,958.42 | -11.49 | | Poultry | 259,185,369.48 | 199,360,968.90 | 30.01 | | Pet | 10,072,202.02 | 6,730,388.36 | 49.65 | | Chemical Drugs | 123,587,499.74 | 102,190,994.44 | 20.94 | | Functional Health Products, etc. (Pet) | 12,813,469.57 | 5,708,261.14 | 124.47 | | **Total** | **553,322,117.34** | **478,751,320.83** | **15.58** | [(3) Analysis of Assets and Liabilities](index=17&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes the changes in the company's assets and liabilities at period-end, noting a **41.75%** decrease in monetary funds due to dividend payments and wealth management product purchases, and a **26.01%** increase in trading financial assets due to wealth management product purchases, while employee compensation decreased by **45.07%** due to year-end bonus payments Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Proportion of Total Assets at Current Period-End (%) | Prior Year-End Amount (yuan) | Proportion of Total Assets at Prior Year-End (%) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 119,571,621.33 | 3.91 | 205,256,440.02 | 6.63 | -41.75 | | Trading Financial Assets | 605,252,970.11 | 19.80 | 480,333,268.54 | 15.51 | 26.01 | | Employee Compensation Payable | 32,930,257.19 | 1.08 | 59,945,213.54 | 1.94 | -45.07 | - The decrease in monetary funds was primarily due to dividend payments and increased purchases of wealth management products[67](index=67&type=chunk) - The increase in trading financial assets was primarily due to increased purchases of wealth management products during the current year[67](index=67&type=chunk) [(4) Investment Status Analysis](index=17&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes the company's investment status, noting that as of the end of the reporting period, the long-term equity investment balance was **203.824 million yuan**, a decrease of **7.8912 million yuan** from the end of the previous year, and the company held financial assets measured at fair value totaling **709.0439 million yuan**, of which trading financial assets at period-end were **605.253 million yuan** and other non-current financial assets were **92.517 million yuan** - As of the end of the reporting period, the company's long-term equity investment balance was **203.824 million yuan**, a decrease of **7.8912 million yuan** from the end of the previous year[69](index=69&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 480,333,268.54 | 771,801,166.69 | 645,214,166.67 | 605,252,970.11 | | Other Non-current Financial Assets | 92,911,518.48 | 2,000,000.00 | 1,764,252.76 | 92,516,962.79 | | **Total** | **582,407,021.22** | **773,801,166.69** | **646,978,419.43** | **709,043,913.74** | - The company holds shares in "Zhengbang Technology" (stock code 002157), with an ending book value of **868,088.13 yuan** and a fair value change loss of **-60,416.39 yuan** for the current period[72](index=72&type=chunk) [(5) Significant Asset and Equity Disposals](index=20&type=section&id=%28%E4%BA%94%29%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) This section states that the company had no significant asset or equity disposal matters during the reporting period - During the reporting period, the company had no significant asset or equity disposal matters[74](index=74&type=chunk) [(6) Analysis of Major Holding and Participating Companies](index=20&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the financial performance of the company's major holding subsidiaries and participating companies with a **10%** or more impact on the company's net profit, identifying Huizhong Bio, Huizhong Veterinary, and Pulike (Nanjing) as key subsidiaries, with Huizhong Bio having the highest net profit at **27.6171 million yuan** Financial Performance of Major Holding and Participating Companies (H1 2025) | Company Name | Company Type | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huizhong Bio | Subsidiary | 21,000.00 | 36,924.21 | 29,434.46 | 10,745.99 | 2,761.71 | | Huizhong Veterinary | Subsidiary | 5,000.00 | 23,387.73 | 16,643.18 | 7,591.52 | 1,086.64 | | Pulike (Nanjing) | Subsidiary | 40,000.00 | 43,876.52 | 40,516.98 | 5,225.89 | 581.43 | | Xinzhenghao | Subsidiary | 5,000.00 | 4,196.15 | 3,786.80 | 805.31 | 26.84 | [(7) Information on Structured Entities Controlled by the Company](index=20&type=section&id=%28%E4%B8%83%29%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) This section states that the company had no structured entities under its control during the reporting period - During the reporting period, the company had no structured entities under its control[76](index=76&type=chunk) [V. Other Disclosures](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section discloses potential risks faced by the company, including animal epidemic risks, policy and regulatory risks, intensified market competition risks, product R&D risks, and product quality risks, which the company addresses through a full-category strategic layout, compliant operations, technological innovation, and strict quality management [(1) Potential Risks](index=20&type=section&id=%28%E4%B8%80%29%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces animal epidemic risks, mitigated by a full-category strategic layout and diversified product range; increasingly stringent policies and regulations, potentially leading to intensified competition and increased costs, are addressed through compliant operations and technological innovation; intensified market competition is countered by product innovation, technological upgrades, lean management, and enhanced comprehensive service capabilities; product R&D carries risks of not meeting expectations or failure, which the company mitigates through market research, project initiation, and standardized R&D processes; and product quality risks are managed by strictly adhering to Veterinary GMP regulations and quality management systems - The company faces animal epidemic risks, which are mitigated through a "full-category" strategic layout and diversified product range[76](index=76&type=chunk) - Increasingly stringent industry regulatory policies may lead to intensified competition and increased costs, which the company addresses through compliant operations and technological innovation[77](index=77&type=chunk)[78](index=78&type=chunk) - Intensified market competition is addressed by the company through product innovation, technological upgrades, lean management, and enhanced comprehensive service capabilities[79](index=79&type=chunk) - Veterinary drug product R&D carries risks of not meeting expectations or failure, which the company mitigates by focusing on market research, project initiation, and standardized R&D processes[80](index=80&type=chunk) - Product quality risks are ensured by strictly adhering to national Veterinary GMP regulations for production and quality management[81](index=81&type=chunk) [Section IV: Corporate Governance, Environment, and Society](index=22&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section states that there were no changes in the company's directors, supervisors, or senior management during the reporting period - During the reporting period, the changes in the company's directors, supervisors, and senior management were "not applicable"[84](index=84&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) This section discloses the company's proposed semi-annual profit distribution plan, which involves distributing a cash dividend of **RMB 2** per **10** shares (including tax) to all shareholders, with no bonus shares or capital reserve conversions, and an estimated total cash dividend of **RMB 68,383,874.60** (including tax) Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Distribution or Conversion | Yes | | Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (yuan, incl. tax) | 2 | | Conversion Shares per 10 Shares (shares) | 0 | | Estimated Cash Dividend (yuan, incl. tax) | 68,383,874.60 | [III. Information and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%81%AF%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) This section states that the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their impacts during the reporting period - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures[85](index=85&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=22&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) This section discloses that the company and its major subsidiaries, totaling **5** entities (Pulike Cuiwei Road Plant, Pulike Binhe Road Plant, Huizhong Veterinary, Huizhong Bio, Pulike (Nanjing)), are included in the list of enterprises required to disclose environmental information by law, and provides corresponding inquiry indexes - The company and **4** major subsidiaries (Pulike Cuiwei Road Plant, Pulike Binhe Road Plant, Huizhong Veterinary, Huizhong Bio, Pulike Nanjing) are included in the list of enterprises required to disclose environmental information by law[85](index=85&type=chunk)[86](index=86&type=chunk) - Inquiry indexes for environmental information disclosure reports of each enterprise are provided[85](index=85&type=chunk)[86](index=86&type=chunk) [V. Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=23&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) This section states that the company had no specific information on consolidating and expanding poverty alleviation achievements, rural revitalization, or other related work during the reporting period - During the reporting period, the company had no specific information on consolidating and expanding poverty alleviation achievements, rural revitalization, or other related work[87](index=87&type=chunk) [Section V: Significant Matters](index=24&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [I. Fulfillment of Commitments](index=24&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the fulfillment of commitments by the company's actual controller, shareholders, related parties, and the company itself during or continuing into the reporting period, primarily concerning resolving horizontal competition, ensuring truthfulness of information disclosure, and implementing return-filling measures, with all commitments strictly fulfilled - Controlling shareholder and actual controller Zhang Xuke committed not to engage in any business activities that are the same, similar, or competitive with Pulike's existing business or products, and strictly fulfilled this commitment[89](index=89&type=chunk)[94](index=94&type=chunk) - The company's directors, supervisors, and senior management committed to faithfully and diligently perform their duties, not to harm the company's interests, and strictly fulfilled commitments related to the initial public offering and refinancing[90](index=90&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) - The company committed that its prospectus contains no false records, misleading statements, or major omissions, and will bear legal responsibility, repurchasing shares and compensating investors for losses if such issues occur[91](index=91&type=chunk)[92](index=92&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties during the Reporting Period](index=30&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) This section states that there was no non-operating fund occupation by controlling shareholders and other related parties during the reporting period - During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties[8](index=8&type=chunk) [III. Irregular Guarantees](index=30&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) This section states that the company had no irregular external guarantees provided without proper decision-making procedures during the reporting period - During the reporting period, the company had no irregular external guarantees provided without proper decision-making procedures[8](index=8&type=chunk) [IV. Semi-Annual Report Audit Status](index=31&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This section states that the company's semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report](index=31&type=section&id=%E4%BA%94%E3%80%81%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%B6%89%E5%8F%8A%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) This section states that there were no changes or handling of matters related to non-standard audit opinions in the company's previous year's annual report - There were no changes or handling of matters related to non-standard audit opinions in the company's previous year's annual report[97](index=97&type=chunk) [VI. Bankruptcy Reorganization Matters](index=31&type=section&id=%E5%85%AD%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) This section states that the company had no bankruptcy reorganization matters during the reporting period - During the reporting period, the company had no bankruptcy reorganization matters[97](index=97&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=31&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) This section states that the company had no significant litigation or arbitration matters during the reporting period - During the reporting period, the company had no significant litigation or arbitration matters[97](index=97&type=chunk) [VIII. Information on Suspected Violations, Penalties, and Rectification of Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=31&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) This section states that information on suspected violations, penalties, and rectification of the listed company, its directors, supervisors, senior management, controlling shareholders, and actual controllers is "not applicable" - Information on suspected violations, penalties, and rectification of the company, its directors, supervisors, senior management, controlling shareholders, and actual controllers is "not applicable"[97](index=97&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers during the Reporting Period](index=31&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section states that during the reporting period, Mr. Zhang Xuke, the company's controlling shareholder and actual controller, had no unfulfilled effective court judgments or large overdue debts, maintaining a good integrity status - During the reporting period, Mr. Zhang Xuke, the company's controlling shareholder and actual controller, had no unfulfilled effective court judgments or large overdue debts[97](index=97&type=chunk) [X. Significant Related Party Transactions](index=31&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses the company's related party transactions related to ordinary operations during the reporting period, primarily involving receiving entrusted testing services and purchasing/selling goods, with transaction prices being fair and reasonable, and relevant approval procedures fulfilled Related Party Transactions Related to Ordinary Operations (Receiving Services) | Related Party | Related Transaction Content | Related Transaction Amount (yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | Liaoning Zhongke Gene | Entrusted testing services | 89,922.84 | 1.54 | | Zhongke Gene | Entrusted testing services | 46,022.00 | 0.79 | | Harbin Zhongke Gene | Entrusted testing services | 4,497.00 | 0.08 | Related Party Transactions Related to Ordinary Operations (Purchasing/Selling Goods) | Related Party | Related Transaction Content | Related Transaction Amount (yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | Luoyang Huide Bioengineering Co., Ltd. | Purchasing drugs | 73,451.33 | 32.41 | | Luoyang Huide Bioengineering Co., Ltd. | Selling raw materials | 11,246.61 | 0.69 | - The aforementioned related party transactions are necessary for the company's normal operations, with fair and reasonable transaction prices, and relevant approval procedures have been fulfilled[99](index=99&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=33&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section states that the company had no trusteeship, contracting, or leasing matters, no significant guarantees, and no other significant contracts during the reporting period - During the reporting period, the company had no trusteeship, contracting, or leasing matters[103](index=103&type=chunk) - During the reporting period, the company had no significant guarantees[104](index=104&type=chunk) - During the reporting period, the company had no other significant contracts[104](index=104&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=34&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) This section details the overall use of the company's raised funds and the progress of investment projects, noting that as of the end of the reporting period, the cumulative investment progress of raised funds was **73.33%**, with some projects completed and surplus funds permanently transferred to working capital, and some projects extended, while the company also managed idle raised funds through cash management Overall Use of Raised Funds | Indicator | Net Raised Funds (1) | Total Investment Pledged in Prospectus or Offering Document (2) | Cumulative Raised Funds Invested as of Period-End (4) | Cumulative Investment Progress of Raised Funds as of Period-End (%) (4)/(1) | Amount Invested in Current Year (8) | Proportion of Amount Invested in Current Year (%) (8)/(1) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Amount (yuan) | 885,820,523.22 | 885,820,523.22 | 649,557,835.58 | 73.33 | 3,884,676.19 | 0.44 | - The company has completed the "Veterinary Inactivated Vaccine Production Project" and "Product Quality Inspection Workshop Project", and will permanently transfer the surplus raised funds to working capital[108](index=108&type=chunk) - The scheduled completion date for the "Biological Product Workshop and Supporting Facilities Expansion Project" has been extended from June 30, 2025, to December 31, 2026[108](index=108&type=chunk) Cash Management of Idle Raised Funds | Approved Limit for Cash Management of Raised Funds (ten thousand yuan) | Period-End Balance (ten thousand yuan) | | :--- | :--- | | 26,500.00 | 20,000.00 | [XIII. Explanation of Other Significant Matters](index=37&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) This section states that the company had no other significant matters during the reporting period - During the reporting period, the company had no other significant matters[112](index=112&type=chunk) [Section VI: Share Changes and Shareholder Information](index=38&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [I. Share Capital Changes](index=38&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section states that there were no changes in the company's total share capital or share structure during the reporting period - During the reporting period, there were no changes in the company's total share capital or share structure[114](index=114&type=chunk) [II. Shareholder Information](index=38&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of common shareholders and the top ten shareholders' holdings as of the end of the reporting period, noting **17,992** common shareholders, with Zhang Xuke holding **31.58%** and Sun Jinzhong holding **4.92%** among the top ten, and the company's repurchase account holding **4,142,900** shares, accounting for **1.20%** of the total share capital Total Number of Common Shareholders as of Period-End | Indicator | Number (households) | | :--- | :--- | | Total Number of Common Shareholders | 17,992 | Top Ten Shareholders' Holdings as of Period-End | Shareholder Name | Number of Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhang Xuke | 109,299,168 | 31.58 | Domestic Natural Person | | Sun Jinzhong | 17,027,218 | 4.92 | Domestic Natural Person | | CITIC Agriculture Technology Co., Ltd. | 9,427,915 | 2.72 | State-owned Legal Person | | China State Farms Industry Development Fund (Limited Partnership) | 6,997,900 | 2.02 | Domestic Non-state-owned Legal Person | | Shanghai Zendai Asset Management Co., Ltd. - Zendai Shanghai Wuyuan No. 1 Private Securities Investment Fund | 5,553,000 | 1.60 | Other | | Xiao Qing | 5,285,000 | 1.53 | Domestic Natural Person | | Zheshang Bank Co., Ltd. - Guotai CSI Livestock Breeding ETF | 3,449,900 | 1.00 | Other | | Hu Wei | 3,386,720 | 0.98 | Domestic Natural Person | | Guangxi State Farms Capital Management Group Co., Ltd. | 3,149,055 | 0.91 | State-owned Legal Person | | Song Yongjun | 3,000,000 | 0.87 | Domestic Natural Person | - As of the end of the reporting period, the company's repurchase account held **4,142,900 shares**, accounting for **1.20%** of the company's total share capital[118](index=118&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=40&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) This section discloses the shareholding changes of current and resigned directors, supervisors, and senior management during the reporting period, noting that Director and General Manager Hu Wei reduced his shareholding by **800,000 shares** due to personal funding needs Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares during Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Hu Wei | Director, General Manager | 4,186,720 | 3,386,720 | -800,000 | Personal funding needs | [IV. Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[121](index=121&type=chunk) [V. Information on Preferred Shares](index=40&type=section&id=%E4%BA%94%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section states that the company had no preferred share-related matters during the reporting period - During the reporting period, the company had no preferred share-related matters[121](index=121&type=chunk) [Section VII: Bond-Related Information](index=41&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=41&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[123](index=123&type=chunk) [II. Convertible Corporate Bonds](index=41&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%86%B5) This section states that the company had no convertible corporate bonds during the reporting period - During the reporting period, the company had no convertible corporate bonds[123](index=123&type=chunk) [Section VIII: Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [I. Audit Report](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This section states that the company's semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk)[125](index=125&type=chunk) [II. Financial Statements](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=42&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **3,056,696,099.11 yuan**, total liabilities were **451,190,051.34 yuan**, and total owners' equity was **2,605,506,047.77 yuan** - As of June 30, 2025, the company's total assets were **3,056,696,099.11 yuan**, total liabilities were **451,190,051.34 yuan**, and total owners' equity was **2,605,506,047.77 yuan**[127](index=127&type=chunk) - Total current assets were **1,276,203,850.27 yuan**, and total non-current assets were **1,780,492,248.84 yuan**[125](index=125&type=chunk)[126](index=126&type=chunk) - Total current liabilities were **398,212,361.20 yuan**, and total non-current liabilities were **52,977,690.14 yuan**[126](index=126&type=chunk)[127](index=127&type=chunk) [Parent Company Balance Sheet](index=44&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **2,725,113,477.68 yuan**, total liabilities were **263,122,173.42 yuan**, and total owners' equity was **2,461,991,304.26 yuan** - As of June 30, 2025, the parent company's total assets were **2,725,113,477.68 yuan**, total liabilities were **263,122,173.42 yuan**, and total owners' equity was **2,461,991,304.26 yuan**[131](index=131&type=chunk) - Parent company's total current assets were **824,614,754.63 yuan**, and total non-current assets were **1,900,498,723.05 yuan**[130](index=130&type=chunk)[131](index=131&type=chunk) - Parent company's total current liabilities were **228,389,447.07 yuan**, and total non-current liabilities were **34,732,726.35 yuan**[130](index=130&type=chunk)[131](index=131&type=chunk) [Consolidated Income Statement](index=46&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the company's consolidated total operating revenue was **559,429,605.94 yuan**, total operating costs were **438,898,836.24 yuan**, net profit was **116,181,892.11 yuan**, and basic earnings per share were **0.34 yuan/share** - In the first half of 2025, the company's consolidated total operating revenue was **559,429,605.94 yuan**, a year-on-year increase of **15.79%**[133](index=133&type=chunk) - Consolidated net profit was **116,181,892.11 yuan**, a year-on-year increase of **57.12%**[135](index=135&type=chunk) - Basic earnings per share and diluted earnings per share were both **0.34 yuan/share**, a year-on-year increase of **61.90%**[135](index=135&type=chunk) [Parent Company Income Statement](index=48&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the parent company's operating revenue was **313,450,787.27 yuan**, net profit was **103,760,654.18 yuan**, and basic earnings per share were **0.30 yuan/share** - In the first half of 2025, the parent company's operating revenue was **313,450,787.27 yuan**, a year-on-year increase of **20.29%**[137](index=137&type=chunk) - Parent company's net profit was **103,760,654.18 yuan**, a year-on-year increase of **18.21%**[138](index=138&type=chunk) - Parent company's basic earnings per share and diluted earnings per share were both **0.30 yuan/share**[138](index=138&type=chunk) [Consolidated Cash Flow Statement](index=50&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the company's consolidated net cash flow from operating activities was **195,066,040.70 yuan**, net cash flow from investing activities was **-150,520,280.41 yuan**, and net cash flow from financing activities was **-136,836,078.90 yuan** - Net cash flow from operating activities was **195,066,040.70 yuan**, a year-on-year increase of **305.09%**[140](index=140&type=chunk) - Net cash flow from investing activities was **-150,520,280.41 yuan**, a year-on-year decrease of **193.57%**[141](index=141&type=chunk) - Net cash flow from financing activities was **-136,836,078.90 yuan**, a year-on-year decrease of **19.94%**[141](index=141&type=chunk) [Parent Company Cash Flow Statement](index=51&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the parent company's net cash flow from operating activities was **116,134,858.78 yuan**, net cash flow from investing activities was **-30,981,461.99 yuan**, and net cash flow from financing activities was **-136,836,078.90 yuan** - Parent company's net cash flow from operating activities was **116,134,858.78 yuan**, a year-on-year increase of **1683.65%**[143](index=143&type=chunk) - Parent company's net cash flow from investing activities was **-30,981,461.99 yuan**, a year-on-year decrease of **112.18%**[143](index=143&type=chunk) - Parent company's net cash flow from financing activities was **-136,836,078.90 yuan**, a year-on-year decrease of **19.94%**[145](index=145&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=54&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, the company's consolidated total owners' equity was **2,605,506,047.77 yuan**, a decrease of **20,585,857.09 yuan** from the beginning of the period, primarily due to profit distribution reducing undistributed profits - As of June 30, 2025, consolidated total owners' equity was **2,605,506,047.77 yuan**[150](index=150&type=chunk) - Total comprehensive income attributable to parent company owners for the current period was **116,181,892.11 yuan**[147](index=147&type=chunk) - Distributions to owners (or shareholders) for the current period totaled **136,767,749.20 yuan**[148](index=148&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=59&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, the parent company's total owners' equity was **2,461,991,304.26 yuan**, a decrease of **33,007,095.02 yuan** from the beginning of the period, primarily due to profit distribution reducing undistributed profits - As of June 30, 2025, parent company's total owners' equity was **2,461,991,304.26 yuan**[156](index=156&type=chunk) - Total comprehensive income of the parent company for the current period was **103,760,654.18 yuan**[155](index=155&type=chunk) - Distributions to owners (or shareholders) of the parent company for the current period totaled **136,767,749.20 yuan**[155](index=155&type=chunk) [III. Company Basic Information](index=62&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces Pulike Biological Engineering Co., Ltd.'s history, share capital changes, registered capital, registered address, headquarters address, legal representative, and business scope, noting that since its establishment on June 22, 2002, the company has undergone multiple share capital changes, with a total share capital

Section I Important Notice, Table of Contents and Definitions This section provides important notices, the report's structured table of contents, and definitions of key terms for clear understanding [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content; the company has approved a profit distribution plan and advises investors to pay attention to the risks detailed in the report - The company's board of directors, supervisory board, and senior management declare the semi-annual report content is **true, accurate, and complete**[4](index=4&type=chunk) - Company head Liu Yi, chief accountant Jiang Renjian, and head of accounting department Chen Yunhui declare the financial report is **true, accurate, and complete**[4](index=4&type=chunk) - The profit distribution plan approved by the board of directors is to distribute a cash dividend of **CNY 0.25 (tax inclusive) per 10 shares** to all shareholders, based on **78,740,300 shares**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's structured table of contents, including eight main chapters and their corresponding page numbers, facilitating quick navigation for readers [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms, the company and its main subsidiaries, related parties, and industry-specific professional terms to ensure clear understanding of the report's content - The report defines "ActBlue", "Joint Stock Company", "Company", "This Company", and "Issuer" as Anhui ActBlue Environmental Protection Co., Ltd[14](index=14&type=chunk) - Detailed listings include names and references for multiple subsidiaries and related parties such as Chizhou Nanxin, ActBlue Research Institute, and Zhonghailanhang[14](index=14&type=chunk) - Explanation of professional terms related to the engine exhaust after-treatment industry, such as SCR, DOC, DPF, TWC, ASC, VOCs, and various emission standards (National VI, Non-road National IV, Marine National II, IMO Tier II)[15](index=15&type=chunk) Section II Company Profile and Key Financial Indicators This section presents the company's fundamental information, including its profile, contact details, and key financial performance indicators for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) This section provides the company's basic information, including its stock abbreviation, code, listing exchange, Chinese and English names, and legal representative - The company's stock abbreviation is "ActBlue", stock code "**300816**", listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's Chinese name is Anhui ActBlue Environmental Protection Co., Ltd., and its legal representative is Liu Yi[17](index=17&type=chunk) [II. Contact Person and Contact Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides the contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, telephone, fax, and email, to facilitate investor communication - The Board Secretary is Jiang Renjian, and the Securities Affairs Representative is Pan Yanhong[18](index=18&type=chunk) - Contact address is No. **12** Yujing Road, High-tech Zone, Chizhou City, Anhui Province, telephone **0566-5255528**, email akl@act-blue.com[18](index=18&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) This section states that the company's contact information, information disclosure and storage locations, and registration changes remained unchanged during the reporting period, and specifies the official channels for information disclosure - The company's registered address, office address, website, and email address remained unchanged during the reporting period[19](index=19&type=chunk) - The company's semi-annual report is disclosed on the Shenzhen Stock Exchange website (http://www.szse.cn/) and through media outlets such as Securities Daily, Shanghai Securities News, and Juchao Information Network (www.cninfo.com.cn)[20](index=20&type=chunk) - The company's registration status remained unchanged during the reporting period[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the current and prior periods, showing year-on-year growth in operating revenue, net profit, non-recurring net profit, net cash flow from operating activities, basic and diluted earnings per share, as well as increases in total assets and net assets attributable to shareholders of the listed company Main Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 518,945,896.25 | 494,454,948.01 | 4.95% | | Net Profit Attributable to Shareholders of Listed Company | 44,266,072.33 | 35,751,117.35 | 23.82% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 34,321,694.11 | 26,108,847.68 | 31.46% | | Net Cash Flow from Operating Activities | 49,661,001.80 | -73,321,125.45 | 167.73% | | Basic Earnings Per Share (Yuan/Share) | 0.56 | 0.45 | 24.44% | | Diluted Earnings Per Share (Yuan/Share) | 0.56 | 0.45 | 24.44% | | Weighted Average Return on Net Assets | 5.24% | 4.30% | 0.94% | | **Period-End Indicator** | **Current Period-End (Yuan)** | **Prior Year-End (Yuan)** | **YoY Change at Period-End (%)** | | Total Assets | 2,380,622,836.34 | 2,050,912,466.99 | 16.08% | | Net Assets Attributable to Shareholders of Listed Company | 876,467,116.14 | 827,939,265.41 | 5.86% | - Net profit after deducting the impact of share-based payments was **CNY 46,226,886.90**[22](index=22&type=chunk) [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) This section states that the company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards or overseas accounting standards versus Chinese Accounting Standards during the reporting period - The company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards versus Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) - The company had no differences in net profit and net assets in financial reports disclosed under overseas accounting standards versus Chinese Accounting Standards during the reporting period[24](index=24&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts for the reporting period, totaling **CNY 9,944,378.22**, primarily including government grants and fair value change gains and losses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | 42,190.72 | | Government grants recognized in current profit or loss (excluding those with continuous impact) | 6,716,942.75 | | Fair value change gains and losses and disposal gains and losses from financial assets and financial liabilities held by non-financial enterprises | 5,976,382.64 | | Other non-operating income and expenses apart from the above | -239,398.31 | | Less: Income tax impact | 1,770,081.48 | | Impact on minority interests (after tax) | 781,658.10 | | **Total** | **9,944,378.22** | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[27](index=27&type=chunk) - The company does not classify non-recurring gains and losses items listed in "Interpretive Announcement No. **1** on Information Disclosure by Companies Issuing Securities to the Public – Non-Recurring Gains and Losses" as recurring gains and losses items[27](index=27&type=chunk) Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's main business, core competencies, financial performance, investment activities, and risk management strategies [I. Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business involves the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products, benefiting from rapid industry development and record-high automobile production and sales; its products cover road motor vehicles, non-road mobile machinery, and marine sectors, with active expansion into green and smart-themed industries [(I) Industry Development During the Reporting Period](index=10&type=section&id=(I)%20Industry%20Development%20During%20the%20Reporting%20Period) The engine exhaust after-treatment industry is rapidly developing due to increased environmental awareness; in the first half of **2025**, China's automobile production and sales reached record highs of **15.621 million units** and **15.653 million units** respectively, growing by **12.50%** and **11.40%**, with new energy vehicle exports increasing by **75.20%** - The engine exhaust after-treatment industry is rapidly developing, primarily applied in road motor vehicles, non-road mobile machinery, stationary sources, and marine vessels[29](index=29&type=chunk) - From January to June **2025**, China's automobile production and sales **exceeded 15 million units** for the first time, reaching **15.621 million units** and **15.653 million units** respectively, with year-on-year growth of **12.50%** and **11.40%**[30](index=30&type=chunk) - Total automobile exports in the first half of the year reached **3.083 million units**, a year-on-year increase of **10.40%**, with new energy vehicle exports reaching **1.06 million units**, up **75.20%** year-on-year[30](index=30&type=chunk) [ (II) Company's Main Business](index=10&type=section&id=(II)%20Company%27s%20Main%20Business) The company's main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products, with products complying with National VI, Non-road National IV, Marine National II, and IMO Tier III emission standards; the company possesses four core technologies: catalyst formulation and coating, electronic control, matching and calibration, and system integration, and is expanding its industry presence around green and smart themes - The company's main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products[31](index=31&type=chunk) - Main products include exhaust purification products compliant with **National VI** motor vehicle, **Non-road National IV** mobile machinery, and **Marine National II** emission standards[31](index=31&type=chunk) - The company's core technologies are exhaust after-treatment catalyst formulation and coating technology, electronic control technology, matching and calibration technology, and system integration technology[31](index=31&type=chunk) [（III）Business Model](index=10&type=section&id=(III)%20Business%20Model) The company primarily employs a "make-to-order" direct sales model, supplying products to engine and vehicle manufacturers and undertaking exhaust treatment retrofits for in-use vehicles and vessels; its procurement model focuses on raw material price fluctuations and supplier management, while its production model flexibly utilizes outsourcing to enhance efficiency - The company's products are primarily supplied to engine manufacturers and vehicle manufacturers, and used for exhaust treatment retrofits of in-use vehicles and vessels, adopting a **direct sales model**[33](index=33&type=chunk)[38](index=38&type=chunk) - The production model is "**make-to-order**", scheduling production based on customer orders, and flexibly utilizing **outsourcing**[37](index=37&type=chunk) - The procurement model considers orders, production plans, and safety stock; for volatile raw materials like precious metals, procurement volume is increased based on market trends, and a comprehensive supplier selection and management system has been established[36](index=36&type=chunk) [（IV）Company's Industry Position](index=11&type=section&id=(IV)%20Company%27s%20Industry%20Position) The company has achieved multi-dimensional expansion in the engine exhaust after-treatment sector, serving numerous renowned enterprises; by participating in multiple national-level cutting-edge technology development and demonstration projects, the company has achieved key technological breakthroughs in relevant fields, gaining national recognition for its R&D capabilities and establishing a leading industry position - The company's product application areas have expanded horizontally from light-duty diesel to heavy-duty diesel, from road to non-road, from land transport to marine, and from traditional internal combustion engines to hybrid systems[39](index=39&type=chunk) - Customers include numerous well-known enterprises such as Quanchai Power, Yuchai Machinery, China National Heavy Duty Truck, Jiangxi Isuzu, Changfa Agricultural Equipment, Guangchai Shares, Anqing CSSC, and Ningbo Zhongce[39](index=39&type=chunk) - As one of the core units, the company participated in multiple national key R&D programs, such as the "National New Material Key Platform - Energy-Saving and Low-Carbon Material Production and Application Demonstration Platform Project", achieving key technological breakthroughs in related fields[39](index=39&type=chunk)[40](index=40&type=chunk) [（V）Key Performance Drivers](index=12&type=section&id=(V)%20Key%20Performance%20Drivers) During the reporting period, the company's performance growth was primarily driven by sufficient orders for exhaust purification products, incremental revenue contributions from marine exhaust purification and high-performance computing server trading businesses, and improved gross margins resulting from cost reduction, efficiency enhancement, and product structure optimization in traditional vehicle exhaust purification products - The company achieved operating revenue of **CNY 518.9459 million**, a year-on-year increase of **4.95%**; net profit attributable to shareholders of listed companies was **CNY 44.2661 million**, a year-on-year increase of **23.82%**[41](index=41&type=chunk) - Operating revenue growth was primarily due to **sufficient orders for exhaust purification products**, and incremental revenue contributions from **marine exhaust purification business** and **high-performance computing server trading business**[41](index=41&type=chunk) - Gross margin growth was mainly due to **cost reduction and efficiency improvement** in traditional vehicle exhaust purification products, changes in product structure, and the higher gross margin and increased proportion of marine after-treatment business and high-performance computing server trading business[41](index=41&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies are reflected in its strong R&D and technological advantages, positive brand image, extensive customer resources, and robust production and quality management system, collectively supporting its market leadership and sustainable development [（1）R&D and Technological Advantages](index=12&type=section&id=(1)%20R%26D%20and%20Technological%20Advantages) The company is a national high-tech enterprise and a specialized, refined, unique, and new "little giant" enterprise, possessing multiple national and provincial-level technology centers and laboratories; through independent R&D, it has developed four core technologies, holds **280 authorized patents** and **47 software copyrights**, and has achieved batch supply in the National VI emission standard product sector, demonstrating its leading technological position in the industry - The company is a **high-tech enterprise**, a **national intellectual property demonstration enterprise**, one of the first batch of **specialized, refined, unique, and new "little giant" enterprises** by the Ministry of Industry and Information Technology, and an **eighth batch manufacturing single champion enterprise**[42](index=42&type=chunk) - The company holds **280 authorized patents**, **47 software copyrights**, and **over 70 categories of catalyst formulation technologies**[43](index=43&type=chunk) - The company has achieved **batch supply** in both **National VI gasoline engine** and **National VI diesel engine** fields, indicating its technological level is at the industry forefront[43](index=43&type=chunk) [（2）Brand Advantages](index=12&type=section&id=(2)%20Brand%20Advantages) As one of the earliest enterprises in China engaged in the R&D and industrialization of diesel engine exhaust after-treatment, the company has established a strong brand image and accumulated extensive customer resources through its powerful technological development capabilities and high-quality product services, fostering cooperative relationships with numerous renowned industry enterprises - The company is one of the earliest enterprises in China engaged in R&D and industrialization of diesel engine exhaust after-treatment, establishing a **strong brand image**[44](index=44&type=chunk) - The company has accumulated extensive customer resources, including well-known enterprises in the industry such as Quanchai Power, Yuchai Machinery, Foton Motor, Dongfeng Motor, and China National Heavy Duty Truck[44](index=44&type=chunk)[45](index=45&type=chunk) [（3）Production and Quality Management Advantages](index=13&type=section&id=(3)%20Production%20and%20Quality%20Management%20Advantages) The company has established a comprehensive supply chain management system, enabling it to rapidly respond to market demands and deliver qualified products; through IATF16949 quality management system certification, the company continuously enhances product quality, ensuring the suitability, adequacy, and effectiveness of its system - The company has established a **comprehensive supply chain management system**, capable of rapidly responding to market demands and delivering qualified products[46](index=46&type=chunk) - The company has passed **IATF16949 quality management system certification**, continuously improving product quality in strict accordance with requirements[46](index=46&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) This section provides a year-on-year comparison of the company's key financial data, showing significant increases in operating revenue, administrative expenses, financial expenses, and income tax expenses, while sales expenses and R&D investment decreased; net cash flow from operating activities significantly turned positive Main Financial Data YoY Change | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 518,945,896.25 | 494,454,948.01 | 4.95% | | | Operating Cost | 370,458,436.16 | 380,962,243.66 | -2.76% | | | Sales Expenses | 13,159,108.05 | 20,911,689.75 | -37.07% | No new material insurance purchased in current period | | Administrative Expenses | 31,286,316.02 | 22,202,693.43 | 40.91% | Increase in share-based payments, employee compensation, and consulting service fees | | Financial Expenses | 14,194,072.51 | 7,856,773.58 | 80.66% | Increase in interest expenses and exchange losses | | Income Tax Expenses | 9,540,909.72 | 2,385,622.98 | 299.93% | Increase in profit for current period | | R&D Investment | 22,858,052.32 | 24,634,422.49 | -7.21% | | | Net Cash Flow from Operating Activities | 49,661,001.80 | -73,321,125.45 | 167.73% | Increase in operating payables | | Net Cash Flow from Investing Activities | -238,318,901.40 | 67,819,311.22 | -451.40% | Decrease in net redemption of wealth management products | | Net Cash Flow from Financing Activities | 196,705,652.92 | 106,391,583.88 | 84.89% | Increase in cash received from borrowings | | Net Increase in Cash and Cash Equivalents | 8,400,668.09 | 101,461,129.94 | -91.72% | Decrease in net cash flow from investing activities | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[48](index=48&type=chunk) [IV. Analysis of Non-Main Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) This section analyzes the impact of the company's non-main business on total profit, where asset impairment losses had a negative effect, while other income (government grants) and fair value change gains and losses contributed positively Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | Share of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 420,071.66 | 0.66% | Wealth management income | No | | Fair Value Change Gains and Losses | 5,179,311.74 | 8.13% | Fair value changes of financial assets held for trading | No | | Asset Impairment | -16,787,826.92 | -26.36% | Provision for inventory impairment | No | | Non-Operating Income | 125,105.59 | 0.20% | Government grants | No | | Non-Operating Expenses | 364,503.90 | 0.57% | Expenses unrelated to revenue | No | | Other Income | 11,233,520.28 | 17.64% | Government grants | No | | Credit Impairment | 1,087,896.13 | 1.71% | Provision for bad debt losses | No | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the composition and significant changes in the company's assets and liabilities; at the end of the reporting period, both total assets and net assets attributable to shareholders of the listed company increased; the proportion of short-term borrowings and inventories increased, and the overseas asset ABF is substantial in scale but incurring losses Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Share of Total Assets (%) | Prior Year-End Amount (Yuan) | Share of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 421,994,593.77 | 17.73% | 416,340,810.87 | 20.30% | -2.57% | No significant change | | Accounts Receivable | 213,701,971.12 | 8.98% | 174,240,996.56 | 8.50% | 0.48% | No significant change | | Inventories | 367,856,842.57 | 15.45% | 270,873,537.14 | 13.21% | 2.24% | No significant change | | Fixed Assets | 214,178,505.16 | 9.00% | 167,102,291.94 | 8.15% | 0.85% | No significant change | | Construction in Progress | 244,195,802.11 | 10.26% | 225,859,040.34 | 11.01% | -0.75% | No significant change | | Short-Term Borrowings | 758,023,172.78 | 31.84% | 572,695,900.56 | 27.92% | 3.92% | No significant change | | Long-Term Borrowings | 183,829,291.59 | 7.72% | 146,834,372.64 | 7.16% | 0.56% | No significant change | Main Overseas Assets | Asset Details | Reason for Formation | Asset Scale (Converted to CNY) | Location | Operating Model | Control Measures for Asset Security | Profitability (Converted to CNY) | Proportion of Overseas Assets to Company's Net Assets (%) | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | ABF | Acquisition | 13,700.07 10,000 Yuan | France | Independent operation | Monthly financial statements provided, audited annually by overseas accounting firms to ensure fund security | -697.55 10,000 Yuan | 15.11% | No | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Purchases for Current Period (Yuan) | Sales for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 252,978,150.39 | 5,179,311.74 | 140,000,000.00 | 18,978,568.61 | 379,178,893.52 | | 1. Financial Assets Measured at Fair Value Through Profit or Loss | 252,978,150.39 | 5,179,311.74 | 140,000,000.00 | 18,978,568.61 | 379,178,893.52 | | (1) Wealth Management Products | 252,978,150.39 | 5,179,311.74 | 140,000,000.00 | 18,978,568.61 | 379,178,893.52 | | (II) Receivables Financing | | | | | 188,094,389.30 | | (III) Other Non-Current Financial Assets | 113,654,753.73 | | | 531,223.06 | 113,123,530.67 | | **Subtotal of financial assets** | **366,632,904.12** | **5,179,311.74** | **140,000,000.00** | **19,509,791.67** | **492,302,424.19** | | Financial Liabilities | 0.00 | | | | 0.00 | [VI. Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amount increased by **51.95%** year-on-year, primarily through investments in brokerage wealth management products using its own funds, with no significant equity or non-equity investments, nor any use of raised funds or derivative investments - Investment amount for the reporting period was **CNY 65,412,974.99**, an increase of **51.95%** compared to **CNY 43,050,000.00** in the prior period[57](index=57&type=chunk) Entrusted Wealth Management Overview | Type | Source of Entrusted Funds | Entrusted Wealth Management Amount (CNY 10,000) | Outstanding Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | | Brokerage wealth management products | Own funds | 35,688.06 | 33,688.06 | | **Total** | | **35,688.06** | **33,688.06** | - The company had no significant equity investments, significant non-equity investments, use of raised funds, derivative investments, or entrusted loans during the reporting period[58](index=58&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [VII. Significant Asset and Equity Disposals](index=17&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) This section states that the company did not dispose of significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[62](index=62&type=chunk) - The company did not dispose of significant equity during the reporting period[63](index=63&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=17&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section analyzes the financial status and operating results of the company's major holding subsidiaries, Zhonghailanhang, ABH, and ActBlue Research Institute, and lists the acquisition and disposal of subsidiaries during the reporting period Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhonghailanhang | Subsidiary | R&D, design, manufacturing, and sales of exhaust treatment devices for marine vessels and non-road mobile sources | 10,000,000.00 | 98,243,379.06 | 48,284,986.98 | 45,123,105.33 | 16,934,163.52 | 14,716,116.58 | | ABH | Subsidiary | Overseas investment, vehicle urea dosing pumps, and integrated urea injection systems | 648,540.00 | 166,555,402.64 | -29,177,683.63 | 53,216,768.57 | -21,182,618.42 | -20,760,562.05 | | ActBlue Research Institute | Subsidiary | Technology R&D, AI hardware sales, information system operation and maintenance services, etc | 100,000,000.00 | 440,084,056.02 | 87,803,444.18 | 26,298,459.92 | 7,238,608.38 | 4,585,366.29 | - During the reporting period, the company deregistered Aidexinneng (Huazhou) Technology Co., Ltd., Ailanxinneng (Guiyang) Technology Co., Ltd., and Ailanxinneng (Chongqing) Technology Co., Ltd., and established Qingyang Zhaoxu New Energy Technology Co., Ltd., Ailan New Energy (Huzhou) Co., Ltd., and Chizhou Aijia New Energy Co., Ltd., with no significant impact on overall production, operations, and performance[64](index=64&type=chunk) [IX. Structured Entities Controlled by the Company](index=18&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[65](index=65&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=18&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks, including raw material price fluctuations, downstream industry volatility, product quality, operational management, accounts receivable bad debts, foreign exchange, and goodwill impairment, and has developed corresponding countermeasures to mitigate potential impacts - Raw material price fluctuation risk: Precious metals account for a high proportion of the company's product costs, and price fluctuations affect profitability. Countermeasures include optimizing inventory management, communicating with suppliers, and negotiating product price adjustments with customers[65](index=65&type=chunk) - Downstream industry fluctuation risk: The company's products are mainly for automotive matching, and changes in automobile production and sales directly affect demand. Countermeasures include enhancing product competitiveness, expanding market share, and developing non-road mobile machinery and marine after-treatment markets[66](index=66&type=chunk) - Accounts receivable bad debt risk: Accounts receivable accounted for **8.98%** of total assets at the end of the reporting period. Countermeasures include regularly analyzing receivables, promptly following up on collections, and continuously monitoring the operating status of debtor entities[69](index=69&type=chunk)[70](index=70&type=chunk) - Goodwill impairment risk: The book value of goodwill at the end of the reporting period was **CNY 5,089,419.89**, and there is still impairment risk if ABF's operating conditions do not improve. Countermeasures include assisting ABF in market development, strengthening cost control, and improving quality and efficiency[72](index=72&type=chunk) [XI. Registration Form for Research, Communication, Interview Activities During the Reporting Period](index=19&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%20Activities%20During%20the%20Reporting%20Period) This section records the company's investor research, communication, and interview activities during the reporting period, including time, location, method, object type, discussion content, and index - On May **16**, **2025**, the company conducted an online exchange via the Value Online network platform, hosting investors who participated in the company's **2024** annual online performance briefing[73](index=73&type=chunk) - Details of related activities can be found in the "Investor Relations Activity Record Form" disclosed by the company on Juchao Information Network on May **16**, **2025**[73](index=73&type=chunk) [XII. Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=XII.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has formulated a "Market Value Management System" to standardize market value management and protect investors' legitimate rights, but has not disclosed a valuation enhancement plan; this system clarifies the responsibilities of market value management departments, personnel, directors, and senior management, as well as response measures for abnormal stock price fluctuations - The company has formulated a "**Market Value Management System**" aimed at strengthening market value management, standardizing market value management behavior, and safeguarding the legitimate rights and interests of the company and investors[74](index=74&type=chunk) - The system clarifies the specific departments and personnel responsible for market value management, the responsibilities of directors and senior management, and countermeasures for abnormal stock price fluctuations[74](index=74&type=chunk) - The company has not disclosed a valuation enhancement plan[74](index=74&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=20&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company has disclosed and actively implemented its "Quality and Return Dual Enhancement" action plan, which includes focusing on its main business, standardized operations, improving information disclosure quality, emphasizing shareholder returns, and strengthening the responsibilities of "key minorities"; during the reporting period, the company successfully implemented its **2024** annual equity distribution plan - The company disclosed the "Announcement on the 'Quality and Return Dual Enhancement' Action Plan" on April **26**, **2025**, with specific measures covering five aspects[75](index=75&type=chunk) - The company focuses on its main business, maintains its advantages in exhaust gas treatment, and expands and deploys industries around green and smart themes[75](index=75&type=chunk) - The company successfully implemented the **2024** annual equity distribution plan, distributing a cash dividend of **CNY 0.52 (tax inclusive) per 10 shares** to all shareholders, with a total dividend amount of **CNY 4,094,495.60**[76](index=76&type=chunk) Section IV Corporate Governance, Environment and Society This section details the company's corporate governance structure, changes in key personnel, profit distribution plans, and its environmental and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the **2024** annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[78](index=78&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=21&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company's board of directors approved the **2025** semi-annual profit distribution plan, proposing to distribute a cash dividend of **CNY 0.25 (tax inclusive) per 10 shares** to all shareholders, with no bonus shares or conversion of capital reserves into share capital, totaling **CNY 1,968,507.50** in cash dividends Profit Distribution for the Current Period | Indicator | Amount | | :--- | :--- | | Bonus Shares per 10 Shares (Shares) | 0 | | Cash Dividend per 10 Shares (Yuan, tax incl.) | 0.25 | | Share Capital Base for Distribution Plan (Shares) | 78,740,300 | | Cash Dividend Amount (Yuan, tax incl.) | 1,968,507.50 | | Cash Dividend Amount by Other Means (e.g., Share Repurchase) (Yuan) | 0.00 | | Total Cash Dividend (incl. other means) (Yuan) | 1,968,507.50 | | Distributable Profit (Yuan) | 399,318,210.47 | | Proportion of Total Cash Dividend (incl. other means) to Total Profit Distribution | 100.00% | - This profit distribution does not involve bonus shares or conversion of capital reserves into share capital[81](index=81&type=chunk) - This profit distribution plan has been approved by the board of directors and still requires approval from the **2025** first extraordinary general meeting of shareholders[82](index=82&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) To improve its medium- and long-term incentive mechanism, the company formulated the **2025** Restricted Stock Incentive Plan, proposing to grant **1.2597 million restricted shares** to **7 incentive recipients** at a grant price of **CNY 14.17 per share**; this plan has been approved by the board of directors, supervisory board, and general meeting of shareholders, and the grant date has been determined - The company formulated the **2025** Restricted Stock Incentive Plan, proposing to grant **1.2597 million restricted shares** to incentive recipients, accounting for **1.57%** of the total share capital[83](index=83&type=chunk) - The plan was approved by the general meeting of shareholders on May **19**, **2025**, and the board of directors was authorized to handle related matters[85](index=85&type=chunk) - On May **23**, **2025**, the company decided to grant **1.2597 million restricted shares** to **7 incentive recipients** at a price of **CNY 14.17 per share**[85](index=85&type=chunk) [IV. Environmental Information Disclosure](index=22&type=section&id=IV.%20Environmental%20Information%20Disclosure) This section states that the listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[86](index=86&type=chunk) [V. Social Responsibility](index=22&type=section&id=V.%20Social%20Responsibility) This section states that the company has not yet carried out poverty alleviation and rural revitalization work during the reporting period - The company has not yet carried out poverty alleviation and rural revitalization work during the reporting period[86](index=86&type=chunk) Section V Significant Matters This section covers significant events, including commitments, related party transactions, guarantees, litigation, and other material matters affecting the company [I. Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=23&type=section&id=I.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) This section discloses that the share reduction commitment made by the company's actual controller Liu Yi during the initial public offering was fulfilled within the reporting period, with the commitment performed on time and no overdue unfulfilled situations - The share reduction commitment made by the company's actual controller Liu Yi during the initial public offering was **fulfilled on February 9, 2025**[88](index=88&type=chunk) - The commitment includes not reducing shares during the lock-up period, ensuring the reduction price is not lower than the offering price within two years after the lock-up period expires, and notifying the company and making an announcement **3 trading days in advance**[88](index=88&type=chunk) - The commitment was fulfilled on time, with no overdue unfulfilled situations[88](index=88&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=23&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) This section states that the company had no non-operating funds occupied by controlling shareholders and other related parties during the reporting period - The company had no non-operating funds occupied by controlling shareholders and other related parties during the reporting period[89](index=89&type=chunk) [III. Irregular External Guarantees](index=24&type=section&id=III.%20Irregular%20External%20Guarantees) This section states that the company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[90](index=90&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) This section states that the company's semi-annual financial report is unaudited - The company's semi-annual report is unaudited[91](index=91&type=chunk) [V. Board of Directors, Supervisory Board, and Audit Committee's Explanation on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=24&type=section&id=V.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) This section states that the company had no non-standard audit report during the reporting period [VI. Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year](index=24&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section states that the company had no non-standard audit report during the reporting period [VII. Bankruptcy and Reorganization Matters](index=24&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) This section states that the company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[92](index=92&type=chunk) [VIII. Litigation Matters](index=24&type=section&id=VIII.%20Litigation%20Matters) This section states that the company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[93](index=93&type=chunk) [IX. Penalties and Rectification](index=24&type=section&id=IX.%20Penalties%20and%20Rectification) This section states that the company had no penalties or rectification during the reporting period - The company had no penalties or rectification during the reporting period[93](index=93&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) This section states that during the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts, indicating a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[94](index=94&type=chunk) [XI. Significant Related Party Transactions](index=25&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) This section states that the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies during the reporting period - The company had no related party transactions related to daily operations during the reporting period[95](index=95&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[96](index=96&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[98](index=98&type=chunk) [XII. Significant Contracts and Their Performance](index=25&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's significant guarantees for its subsidiaries, with an actual guarantee balance of **CNY 500 million** at the end of the reporting period, accounting for **57.05%** of the company's net assets, including **CNY 500 million** in debt guarantees provided to guaranteed parties with an asset-liability ratio exceeding **70%** - The company had no trusteeship, contracting, or leasing situations during the reporting period[102](index=102&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Party Name | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (CNY 10,000) | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui ActBlue Research Institute Co., Ltd. | December **19**, **2022** | 50,000 | 50,000 | Joint and several liability guarantee | **14** years | No | No | | **Total Approved Guarantee Limit for Subsidiaries During Reporting Period (B1)** | | **150,000** | | | | | | | **Total Actual Guarantee Amount for Subsidiaries During Reporting Period (B2)** | | | **50,000** | | | | | | **Total Approved Guarantee Limit for Subsidiaries at Period-End (B3)** | | **200,000** | | | | | | | **Total Actual Guarantee Balance for Subsidiaries at Period-End (B4)** | | | **50,000** | | | | | | **Proportion of Total Actual Guarantee (A4+B4+C4) to Company's Net Assets** | | | **57.05%** | | | | | | **Debt Guarantee Balance Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (E)** | | | **50,000** | | | | | | **Amount of Guarantee Exceeding 50% of Net Assets (F)** | | | **6,176.64** | | | | | | **Total of Above Three Guarantee Amounts (D+E+F)** | | | **56,176.64** | | | | | - The company had no other significant contracts during the reporting period[108](index=108&type=chunk) [XIII. Explanation of Other Significant Matters](index=27&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section states that the company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[109](index=109&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=27&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) This section states that the company had no significant matters concerning subsidiaries during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[110](index=110&type=chunk) Section VI Share Changes and Shareholder Information This section outlines changes in the company's share capital, shareholder structure, and the shareholdings of directors, supervisors, and senior management [I. Share Change Status](index=28&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's restricted shares decreased by **11,072,024 shares**, while unrestricted shares increased by the same amount, primarily due to the expiration of the lock-up period for shares held by resigning directors and supervisors; the company's total share capital remained unchanged Share Change Status | Category | Quantity Before Change (Shares) | Proportion Before Change (%) | Change in Quantity (Shares) | Quantity After Change (Shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 34,403,453 | 43.00% | -11,072,024 | 23,331,429 | 29.16% | | 3. Other Domestic Shares | 23,335,529 | 29.17% | -4,100 | 23,331,429 | 29.16% | | 4. Foreign Shares | 11,067,924 | 13.83% | -11,067,924 | 0 | 0.00% | | II. Unrestricted Shares | 45,596,547 | 57.00% | 11,072,024 | 56,668,571 | 70.84% | | 1. RMB Ordinary Shares | 45,596,547 | 57.00% | 11,072,024 | 56,668,571 | 70.84% | | III. Total Shares | 80,000,000 | 100.00% | 0 | 80,000,000 | 100.00% | - Shareholders Mr. ZHU QING, Mr. Qin Liang, and Mr. Cao Shu, due to their resignation from director/supervisor positions, had their lock-up period expire, and a total of **11,072,024 shares** were fully unlocked[114](index=114&type=chunk)[116](index=116&type=chunk) - The company had no approval status for share changes, transfer status, or progress on share repurchase implementation during the reporting period[115](index=115&type=chunk) [II. Securities Issuance and Listing Status](index=29&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) This section states that the company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[117](index=117&type=chunk) [III. Number of Shareholders and Shareholding Status](index=30&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the company had a total of **11,569** ordinary shareholders; this section details the shareholding of shareholders holding **5%** or more, or the top **10** shareholders, including their shareholding proportion, quantity, restricted shares, and pledge status - The total number of ordinary shareholders at the end of the reporting period was **11,569**[119](index=119&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Shares Held at Period-End (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | Share Status | Pledged Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Yi | Domestic Natural Person | 38.89% | 31,108,572 | 23,331,429 | 7,777,143 | Pledged | 7,900,000 | | ZHU QING | Overseas Natural Person | 13.83% | 11,067,924 | 0 | 11,067,924 | N/A | 0 | | Chizhou Nanxin Business Consulting Enterprise (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.62% | 2,096,620 | 0 | 2,096,620 | N/A | 0 | | Guangdong Nanchuan Private Equity Fund Management Co., Ltd. - Nanchuan Fenghuo No. 2 Private Securities Investment Fund | Other | 0.94% | 750,000 | 0 | 750,000 | N/A | 0 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.64% | 513,785 | 0 | 513,785 | N/A | 0 | | China Construction Bank Corporation - Huashang Credit Enhanced Bond Fund | Other | 0.53% | 424,700 | 0 | 424,700 | N/A | 0 | | Shanghai Fengying Investment Center (Limited Partnership) - Fengying Wealth No. 1 Private Securities Investment Fund | Other | 0.52% | 419,700 | 0 | 419,700 | N/A | 0 | | UBS AG | Overseas Legal Person | 0.47% | 379,077 | 0 | 379,077 | N/A | 0 | | Shanghai Fengying Investment Center (Limited Partnership) - Gongzheng Wealth Quant Fengying No. 1 Private Investment Fund | Other | 0.47% | 377,900 | 0 | 377,900 | N/A | 0 | | Shanghai Fengying Investment Center (Limited Partnership) - Fengying No. 9 Private Securities Investment Fund | Other | 0.45% | 358,800 | 0 | 358,800 | N/A | 0 | - Among the company's top ten shareholders, Anhui ActBlue Environmental Protection Co., Ltd.'s special repurchase securities account held **1,259,700 shares**, accounting for **1.57%**, and is not listed among the top **10** shareholders[119](index=119&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=31&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the **2024** annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[121](index=121&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=31&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that the company's controlling shareholder or actual controller did not change during the reporting period - The company's controlling shareholder did not change during the reporting period[122](index=122&type=chunk) - The company's actual controller did not change during the reporting period[122](index=122&type=chunk) [VI. Preferred Share Related Information](index=31&type=section&id=VI.%20Preferred%20Share%20Related%20Information) This section states that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[123](index=123&type=chunk) Section VII Bond Related Information This section confirms the absence of any bond-related information for the company during the reporting period [Bond Related Information](index=32&type=section&id=Bond%20Related%20Information) This section states that the company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[125](index=125&type=chunk) Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items [I. Audit Report](index=33&type=section&id=I.%20Audit%20Report) This section states that the company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[127](index=127&type=chunk) [II. Financial Statements](index=33&type=section&id=II.%20Financial%20Statements) This section provides the company's **2025** semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the financial position, operating results, and cash flows at the end of the reporting period - The consolidated balance sheet shows total assets at period-end were **CNY 2,380,622,836.34**, an increase of **16.08%** from the beginning of the period; total liabilities were **CNY 1,474,487,731.44**, an increase of **22.55%** from the beginning of the period[131](index=131&type=chunk) - The consolidated income statement shows total operating revenue for the current period was **CNY 518,945,896.25**, a year-on-year increase of **4.95%**; net profit attributable to parent company shareholders was **CNY 44,266,072.33**, a year-on-year increase of **23.82%**[136](index=136&type=chunk)[137](index=137&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities was **CNY 49,661,001.80**, a significant improvement from **CNY -73,321,125.45** in the prior period[142](index=142&type=chunk) [III. Company Basic Information](index=50&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's establishment, share capital changes, registration information, and business scope; the company was listed on the ChiNext Board of the Shenzhen Stock Exchange on February **10**, **2020**, and its main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products - The company was listed and traded on the ChiNext Board of the Shenzhen Stock Exchange on **February 10, 2020**, with stock abbreviation "ActBlue" and stock code "**300816**"[160](index=160&type=chunk) - As of June **30**, **2025**, the company's registered capital and share capital were both **CNY 80 million**[161](index=161&type=chunk) - The company's main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products, with main products complying with **National VI**, **Non-road National IV**, and **Marine National II** emission standards[164](index=164&type=chunk) [IV. Basis for Preparation of Financial Statements](index=50&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) This section states that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards, their application guidelines, and interpretations, and comply with the information disclosure requirements of the China Securities Regulatory Commission - The company prepares its financial statements on a **going concern basis**, in accordance with actual transactions and events, and the provisions of enterprise accounting standards, their application guidelines, and interpretations[166](index=166&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no matters affecting its going concern ability[167](index=167&type=chunk) [V. Significant Accounting Policies and Estimates](index=50&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering aspects such as business combinations, financial instruments, inventories, fixed assets, revenue recognition, employee compensation, and deferred income tax, and discloses the impact of changes in accounting estimates on warranty repair expense accounting for the current period - The company's financial statements comply with enterprise accounting standards and truly and completely reflect financial position, operating results, and other information[170](index=170&type=chunk) - The company changed its accounting estimate for **warranty repair expenses**, from a previous **2% provision** of sales revenue regardless of product type, to a categorized provision based on different product types (with electronic systems, diesel engines without electronic systems, gasoline engines without electronic systems) at **2%**, **1.5%**, and **0.5%** respectively[401](index=401&type=chunk)[402](index=402&type=chunk)[403](index=403&type=chunk) - This change in accounting estimate adopts the **prospective application method** and will not affect the financial position, operating results, or cash flows of prior years[404](index=404&type=chunk) [VI. Taxation](index=89&type=section&id=VI.%20Taxation) This section discloses the main tax types and rates for the company and its subsidiaries, and details the tax preferential policies enjoyed, including corporate income tax incentives for high-tech enterprises and small and micro-profit enterprises Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | VAT | Sales of Goods, Taxable Labor Services, and Taxable Service Income | 20%, 13%, 6%, 3% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7% | | Corporate Income Tax | Taxable Income | 25%, 20% | | Education Surcharge | Amount of Turnover Tax Payable | 5% | - The company passed the high-tech enterprise re-evaluation, and the **15% preferential corporate income tax rate** applies for the **2025 fiscal year**[406](index=406&type=chunk) - Subsidiaries Zhonghailanhang, Changjiang Delta, and Anhui Aibote also obtained high-tech enterprise certification, and the **15% preferential income tax rate** applies for the **2025 fiscal year**[406](index=406&type=chunk) - Subsidiaries Lanwalker, Changjiang Delta, Wuxi Aibote, Xihe Chaozhi, Aikeding, Apollo New Energy (Chizhou), Aiyi New Energy, etc., applied the **20% preferential corporate income tax rate** for small and micro-profit enterprises during the reporting period[407](index=407&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=90&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including cash and cash equivalents, financial assets, accounts receivable, inventories, fixed assets, borrowings, accounts payable, employee compensation, taxes and fees, and owners' equity, and discloses the period-end balances, beginning balances, and changes for each asset and liability item - Cash and cash equivalents at period-end totaled **CNY 421,994,593.77**, of which **CNY 23,742,371.40** was deposited overseas[410](index=410&type=chunk) - Financial assets held for trading at period-end totaled **CNY 379,178,893.52**, primarily wealth management products, representing a **50% increase** from the beginning of the period[413](index=413&type=chunk) - Accounts receivable at period-end totaled **CNY 213,701,971.12**, an increase of **22.64%** from the beginning of the period, with a high proportion of balances within **1 year**[424](index=424&type=chunk)[426](index=426&type=chunk) - Inventories at period-end totaled **CNY 367,856,842.57**, an increase of **35.73%** from the beginning of the period, with total inventory impairment provisions of **CNY 39,414,025.61**[467](index=467&type=chunk)[469](index=469&type=chunk) - Short-term borrowings at period-end totaled **CNY 758,023,172.78**, an increase of **32.37%** from the beginning of the period, primarily **credit borrowings**[518](index=518&type=chunk) - Operating revenue for the current period was **CNY 518,945,896.25**, and operating cost was **CNY 370,458,436.16**[569](index=569&type=chunk) [VIII. Research and Development Expenses](index=123&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section lists the composition of the company's R&D expenses for the reporting period, including employee compensation, direct materials, technical services, and testing fees, totaling **CNY 22,858,052.32**, all of which were expensed R&D expenses R&D Expense Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 14,743,667.75 | 15,184,272.65 | | Direct Materials | 4,886,940.84 | 5,251,249.23 | | Technical Services and Testing Fees | 517,544.69 | 1,099,951.40 | | Depreciation and Amortization | 1,415,254.85 | 1,444,006.13 | | Travel Expenses | 748,378.68 | 707,239.49 | | Other | 546,265.51 | 947,703.59 | | **Total** | **22,858,052.32** | **24,634,422.49** | | Of which: Expensed R&D Expenses | 22,858,052.32 | 24,634,422.49 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[617](index=617&type=chunk) [IX. Changes in Consolidation Scope](index=123&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that the company's consolidation scope changed during the reporting period due to the establishment of **3 new subsidiaries** and the deregistration of **3 subsidiaries** - The consolidation scope changed due to the establishment of **3 new subsidiaries** and the deregistration of **3 subsidiaries** during the current period[618](index=618&type=chunk) [X. Interests in Other Entities](index=123&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including each subsidiary's registered capital, operating location, business nature, shareholding proportion, and acquisition method, and lists the main financial information of important non-wholly-owned subsidiaries Composition of the Enterprise Group (Partial) | Subsidiary Name | Registered Capital (Yuan) | Main Operating Location | Registered Location | Business Nature | Shareholding Proportion (Direct) | Shareholding Proportion (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | ActBlue Research Institute | 100,000,000.00 | Hefei, Anhui | Hefei, Anhui | Manufacturing | 100.00% | 0.00% | Investment Establishment | | Zhonghailanhang | 10,000,000.00 | Hefei, Anhui | Hefei, Anhui | Manufacturing | 51.00% | 0.00% | Investment Establishment | | Changjiang Delta | 10,000,000.00 | Tongling, Anhui | Tongling, Anhui | Manufacturing | 45.90% | 0.00% | Investment Establishment | | ABH | 648,540.00 | Hong Kong, China | Hong Kong, China | Overseas Investment | 100.00%