[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section includes important notices, the table of contents, and definitions of key terms used in the report to ensure clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the accuracy of the semi-annual report, though Director Liu Ruiming dissented and Independent Director Ma Weihua abstained due to concerns over business data, supplier management, asset quality, and unaudited opening balances - Director Liu Ruiming dissented on the company's 2025 semi-annual report and abstract, citing unreasonable business data explanations, supplier management loopholes, outdated equipment, stalled business progress, and risks to revenue authenticity and asset quality[6](index=6&type=chunk)[7](index=7&type=chunk) - Independent Director Ma Weihua abstained from the company's 2025 semi-annual report and abstract because opening balances in the interim report were unaudited and the recoverability of strategic reserve assets was highly uncertain, raising concerns about impairment provision prudence[6](index=6&type=chunk)[7](index=7&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[9](index=9&type=chunk) [Table of Contents](index=4&type=section&id=Table%20of%20Contents) This report's table of contents clearly lists eight main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports [Definitions](index=6&type=section&id=Definitions) This section defines common terms used in the report, including company names, relevant laws, stock exchanges, audit firms, and industry-specific terms like electrophoretic paint, VOC, high-solid coatings, and green pretreatment, to ensure accurate understanding [Part II Company Profile and Key Financial Indicators](index=7&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company, including its basic information, contact details, and a summary of key financial data and indicators for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Shanghai KNT Chemical Co., Ltd. (stock abbreviation: *ST Jintai, stock code: 300225) is a company listed on the Shenzhen Stock Exchange, with Hao Daqing as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | *ST Jintai | | Stock Code | 300225 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shanghai KNT Chemical Co., Ltd. | | Legal Representative | Hao Daqing | [II. Contact Person and Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Wu Chunchao, located at No. 139 Chugong Road, Shanghai Chemical Industrial Park, with provided phone, fax, and email contact details Board Secretary Contact Information | Name | Wu Chunchao | | :--- | :--- | | Contact Address | No. 139 Chugong Road, Shanghai Chemical Industrial Park | | Phone | 021-31156097 | | Fax | 021-31156098 | | Email | knttzxx@knt.cn | [III. Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, document storage locations, or registration, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[19](index=19&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) - The company's registration status remained unchanged during the reporting period[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's semi-annual operating revenue increased by 5.66% to **RMB 366.54 million**, but net profit attributable to shareholders decreased by 32.98% to **RMB 8.71 million**, with non-recurring net profit down 62.47%, and net cash flow from operating activities significantly decreased by 300.47% due to pending refunds from a strategic reserve supplier Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 366,536,153.93 | 346,892,254.72 | 5.66% | | Net Profit Attributable to Shareholders | 8,708,505.62 | 12,994,538.30 | -32.98% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 4,427,253.38 | 11,795,213.45 | -62.47% | | Net Cash Flow from Operating Activities | -75,903,241.73 | 37,862,154.74 | -300.47% | | Basic Earnings Per Share (yuan/share) | 0.0183 | 0.0273 | -32.97% | | Diluted Earnings Per Share (yuan/share) | 0.0183 | 0.0273 | -32.97% | | Weighted Average Return on Net Assets | 1.01% | 1.56% | -0.55% | | **Current Period End vs. Prior Year End** | | | | | Total Assets | 1,451,724,773.63 | 1,417,117,720.04 | 2.44% | | Net Assets Attributable to Shareholders | 863,725,472.89 | 855,247,602.30 | 0.99% | - Net cash flow from operating activities decreased by **300.47%** year-on-year, primarily due to awaiting refunds from a strategic reserve supplier after terminating cooperation[23](index=23&type=chunk) [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements prepared under international accounting standards and Chinese accounting standards during the reporting period[24](index=24&type=chunk) - The company reported no differences in net profit and net assets between financial statements prepared under overseas accounting standards and Chinese accounting standards during the reporting period[25](index=25&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **RMB 4.28 million**, primarily including gains/losses from disposal of non-current assets, government subsidies, and fair value changes and disposal gains/losses of financial assets Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 230,771.01 | | Government Subsidies Included in Current Profit/Loss | 629,486.80 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-financial Enterprises | 4,041,793.44 | | Other Non-operating Income and Expenses Apart from the Above | -555,542.32 | | Less: Income Tax Impact | 62,626.39 | | Impact on Minority Interests (After Tax) | 2,630.30 | | **Total** | **4,281,252.24** | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring items as recurring ones[28](index=28&type=chunk) [Part III Management Discussion and Analysis](index=11&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operations, financial performance, core competencies, investment activities, and risk factors during the reporting period [I. Company's Main Business Activities During the Reporting Period](index=11&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, sales, and service of high-performance industrial coatings, focusing on automotive coatings, particularly OEM paints for commercial and passenger vehicles. During the reporting period, operating revenue increased by 5.66%, but net profit declined. The company expanded its market share in commercial vehicles, actively developed passenger vehicle and industrial coatings markets, established a 3C business unit, and made progress in lithium battery coating integrated solutions and R&D innovation [1. Industry Overview](index=11&type=section&id=1.%20Industry%20Overview) The company specializes in automotive coatings, primarily providing cathodic electrophoretic paint and topcoats for OEM vehicles, operating in a technology-intensive, highly competitive industry influenced by raw material prices and environmental policies, with a trend towards eco-friendly and smart coatings - The company focuses on the automotive coatings sector, primarily supplying cathodic electrophoretic paint and topcoats for automotive OEMs[30](index=30&type=chunk) - The automotive coatings industry is highly technology-intensive, with fierce market competition, high entry barriers, and significant R&D costs[32](index=32&type=chunk) - Eco-friendly and smart coatings are becoming mainstream in the automotive coatings market, driven by national environmental policies and increasing consumer demand[32](index=32&type=chunk) [2. Industry Development](index=12&type=section&id=2.%20Industry%20Development) In the first half of 2025, China's automotive market maintained strong growth, with double-digit increases in both production and sales, driven by commercial vehicles (up 4.7% and 2.6%), passenger vehicles (up 13.8% and 13%), and sustained high market share for new energy vehicles and Chinese brands - From January to June 2025, commercial vehicle production and sales reached **2.099 million units** and **2.122 million units** respectively, increasing by **4.7%** and **2.6%** year-on-year[33](index=33&type=chunk) - From January to June 2025, passenger vehicle production and sales reached **13.522 million units** and **13.531 million units** respectively, increasing by **13.8%** and **13%** year-on-year[34](index=34&type=chunk) - Chinese brand passenger vehicle sales maintained a high market share, reaching **9.27 million units** from January to June 2025, a **25%** year-on-year increase, accounting for **68.5%** of the market[34](index=34&type=chunk) [3. Characteristics of the Company's Industry](index=13&type=section&id=3.%20Characteristics%20of%20the%20Company%27s%20Industry) The automotive coatings industry is characterized by high technological content, strong supply chain synergy, and cyclicality, with innovation focused on low-VOC environmental coatings, tight upstream-downstream integration, and market demand linked to macroeconomic and consumer trends - Automotive coatings are a high-tech field requiring strict performance, decorative, durability, and environmental standards, with low-VOC coatings being the main development direction[36](index=36&type=chunk) - The automotive coatings industry has strong supply chain synergy, where upstream chemical raw material prices and supply impact production costs, and downstream demand is closely tied to automotive vehicle and component production[37](index=37&type=chunk) - The automotive coatings industry exhibits cyclicality, influenced by macroeconomic conditions, consumer spending habits, and income changes[38](index=38&type=chunk) [4. Company's Industry Position](index=13&type=section&id=4.%20Company%27s%20Industry%20Position) With over thirty years of experience, the company holds a leading position in the commercial vehicle automotive coatings industry, recognized as a Shanghai "Specialized, Refined, Unique, and Innovative" enterprise, a "Little Giant" technology enterprise, and a high-tech enterprise, actively participating in the formulation and revision of multiple national standards - The company has cultivated the automotive coatings sector for over thirty years, establishing a leading position in the commercial vehicle automotive coatings industry[39](index=39&type=chunk) - The company is recognized as a Shanghai "Specialized, Refined, Unique, and Innovative" enterprise, a Shanghai "Little Giant" technology enterprise, and a Shanghai high-tech enterprise[40](index=40&type=chunk) - The company participated in the formulation and revision of national standards such as "Paints and Varnishes - Determination of Resistance to Cyclic Corrosion Environments," "Paints and Varnishes - Evaluation of Degradation of Coatings - Designation of Quantity and Size of Defects and of Degree of Uniform Change in Appearance," and the mandatory national standard GB24409 "Limits of Harmful Substances in Vehicle Coatings"[40](index=40&type=chunk) [5. Company's Main Business](index=14&type=section&id=5.%20Company%27s%20Main%20Business) The company is a leading national brand in high-performance industrial coatings, focusing on high-performance eco-friendly automotive OEM body and component coatings, and is one of the few enterprises capable of providing complete coating solutions, with its main products including cathodic electrophoretic paint and topcoats, holding a dominant position in the commercial vehicle market while actively expanding into the passenger vehicle market - The company is a leading national brand in high-performance industrial coatings, integrating R&D, production, sales, and service, focusing on high-performance eco-friendly automotive OEM body and component coatings[43](index=43&type=chunk) - The company is one of the few coating enterprises, besides internationally renowned ones, that can provide customers with complete coating solutions[43](index=43&type=chunk) - The company's cathodic electrophoretic paint and topcoats hold a leading market share in the commercial vehicle market, and it continues to expand into the passenger vehicle body and component coatings market[44](index=44&type=chunk) [6. Company's Main Products](index=15&type=section&id=6.%20Company%27s%20Main%20Products) The company's main products include cathodic electrophoretic paint, topcoats, and ceramic coatings, with electrophoretic paint and topcoats being its flagship offerings. It provides automotive coatings covering the entire painting process, including water-based and high-solid series topcoats, low-temperature plastic part coatings, wheel hub paints, and industrial topcoats, while actively developing eco-friendly high-performance products like ceramic coatings - The company's main products include cathodic electrophoretic paint, topcoats, and ceramic coatings, with cathodic electrophoretic paint and topcoats being its flagship products[48](index=48&type=chunk) - The company has deep technical expertise in water-based topcoat products, being one of the few national coating enterprises in the industry capable of providing mainstream compact primerless B1B2 topcoat products[51](index=51&type=chunk) - The company's developed low-temperature water-based plastic part coatings can meet OEM paint performance requirements at lower temperatures, significantly reducing baking temperatures and achieving energy savings and emission reductions[51](index=51&type=chunk) - The company's wheel hub paint products have passed Volkswagen certification, earning the title of Volkswagen's recommended wheel hub paint supplier, and have also received certifications from Volvo and SAIC Passenger Vehicle[52](index=52&type=chunk) - The company's ceramic coatings utilize a fully water-based, green, and eco-friendly system, featuring A1 fire rating, ultra-high hardness, low VOC emissions, flame retardancy, antibacterial properties, stain resistance, and self-cleaning characteristics, making them widely applicable in construction and public building sectors[52](index=52&type=chunk)[53](index=53&type=chunk) [7. Company's Business Model](index=19&type=section&id=7.%20Company%27s%20Business%20Model) The company's procurement model is driven by sales and production plans, controlling costs through competitive bidding and qualified supplier management, and adopting a strategy of locking in upstream prices for bulk raw materials. Its sales model is primarily direct sales, supplemented by agency sales. The profitability model is transitioning from traditional manufacturing to a "complete coating solution service provider" - Procurement Model: Procurement plans are formulated based on sales and production plans, involving material price comparisons and selection from a list of qualified suppliers, with a strategy of jointly locking in upstream raw material prices for bulk materials to control costs[54](index=54&type=chunk) - Sales Model: Primarily adopts a direct sales model for major automotive OEM clients, supplemented by agency sales to expand distribution channels[55](index=55&type=chunk) - Profitability Model: Actively transitioning from a traditional manufacturing profitability model to a "complete coating solution service provider," promoting integrated coating business[56](index=56&type=chunk) [8. Performance Drivers](index=19&type=section&id=8.%20Performance%20Drivers) The company's performance drivers are detailed in the "Company's Operating Performance and Key Initiatives During the Reporting Period" section, primarily encompassing market expansion, product innovation, R&D investment, and new business development [9. Company's Operating Performance and Key Initiatives During the Reporting Period](index=20&type=section&id=9.%20Company%27s%20Operating%20Performance%20and%20Key%20Initiatives%20During%20the%20Reporting%20Period) During the reporting period, the company achieved operating revenue of **RMB 367 million**, a **5.66%** year-on-year increase, but net profit attributable to the parent company was **RMB 8.7085 million**, a **32.98%** decrease. Key initiatives included increasing commercial vehicle market share, expanding industrial paint markets, steady progress in passenger vehicle OEM coatings, an **85%** sales growth for the 3C business unit, sustained R&D investment, and strategic deployment of lithium battery coating integrated solutions, with associate company ETG Technology turning profitable 2025 Semi-Annual Operating Performance | Indicator | Amount (billion yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 3.67 | 5.66% | | Net Profit Attributable to Shareholders | 0.087085 | -32.98% | | Electrophoretic Coating Business Operating Revenue | 2.09 | - | | Topcoat Business Operating Revenue | 1.51 | - | - Commercial vehicle OEM body paint business market share increased, securing contracts with Scania, Chery Commercial Vehicle, and Xinyuan Auto, and developing a new generation product system with **100%** self-produced raw material alternatives[60](index=60&type=chunk)[61](index=61&type=chunk) - Industrial paint business expanded market share in electric two-wheelers and three-wheelers, acquired new clients, and extended market reach to Hebei, Tianjin, and Guangdong[62](index=62&type=chunk) - Passenger vehicle OEM coating business continued steady progress, officially supplying Leapmotor with stable shipments, gradually expanding color paint share, and conducting technical exchanges and paint validation trials with several leading new energy passenger vehicle companies[63](index=63&type=chunk)[64](index=64&type=chunk) - The 3C business unit's sales increased by **85%** year-on-year, successfully entering the automotive interior sector, with high-temperature coatings applied to automotive magnesium alloy components, and gaining recognition from laptop water-based coating clients[66](index=66&type=chunk) - The company developed polyurea coatings to enhance the anti-aging and anti-corrosion capabilities of vehicle frames and chassis, which have entered mass production and achieved bulk supply[67](index=67&type=chunk) - The company's high-performance ceramic clear coat successfully completed trial runs at a leading new energy OEM, reducing ice adhesion strength by over **40%** and significantly improving ease of cleaning[69](index=69&type=chunk) - The company won a UV spray painting line project from a leading new energy battery enterprise, which was later changed to a UV inkjet printing line, currently being installed and debugged at the client's site, with future plans to provide UV inkjet printing integrated solutions[70](index=70&type=chunk)[71](index=71&type=chunk) - Associate company ETG Technology's operating performance significantly improved from January to June 2025, with increased product gross margin and decreased three expense ratios, achieving a turnaround to profitability[74](index=74&type=chunk) [II. Analysis of Core Competencies](index=24&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies are rooted in its professional management team, technology-oriented R&D system (including a high-caliber R&D team, proprietary resin technology, intelligent coating and CNAS laboratories, and extensive product database with modular design), comprehensive product matrix, and high-quality service team [1. Empowerment by Professional Management Team](index=24&type=section&id=1.%20Empowerment%20by%20Professional%20Management%20Team) The company's core management team, with international vision and deep industry background, integrates refined management concepts from multinational corporations with the domestic market, focusing on "R&D-driven and industrial transformation" strategies to overcome technical challenges, optimize management, and expand new businesses, laying a solid foundation for stable company development - The company's core management team in automotive OEM paints, 3C coatings, and other fields has deep industry background and years of experience[75](index=75&type=chunk) - The management team focuses on a dual strategy of "R&D-driven and industrial transformation," tackling technical challenges such as passenger vehicle OEM paints and core resin self-production, optimizing manufacturing processes, and enhancing lean production management[75](index=75&type=chunk) - The company is systematically expanding its strategic layout into new chemical materials businesses, including light metal surface treatment, battery cell insulation coating materials, and 3C coatings[75](index=75&type=chunk) [2. Technology-Oriented Approach Throughout](index=25&type=section&id=2.%20Technology-Oriented%20Approach%20Throughout) The company consistently adheres to a technology-oriented approach, boasting a high-caliber R&D team, collaborating with Fudan University on industry-academia-research projects, mastering proprietary core resin technology, operating intelligent coating and CNAS-accredited laboratories, and leveraging an extensive product database with modular design to rapidly respond to customer needs - The company possesses a high-caliber R&D team with rich experience and strong independent R&D capabilities, and collaborates with Fudan University on industry-academia-research projects[79](index=79&type=chunk) - The company has mastered core resin self-production technology, breaking through technical barriers in low-temperature anti-sagging resins and high-thixotropic waterborne polyurethane acrylic resins, enhancing the comprehensive performance and competitiveness of its coating products[80](index=80&type=chunk)[81](index=81&type=chunk) - The company's intelligent coating laboratory, operational since April 2020, features electrostatic rotary cup robots and production line temperature, humidity, and airflow controlled laboratory coating robots capable of replicating automotive coating lines[82](index=82&type=chunk) - In July 2022, the company obtained CNAS laboratory accreditation, demonstrating nationally and internationally recognized testing capabilities[83](index=83&type=chunk) - The company has accumulated a multi-dimensional, multi-perspective, and adaptable product database, forming a modular design that enables rapid response to customer demands[85](index=85&type=chunk) [3. Deep Cultivation of "Full-System Electrophoretic Paint + Full-Process Topcoat" Product Matrix](index=27&type=section&id=3.%20Deep%20Cultivation%20of%20%22Full-System%20Electrophoretic%20Paint%20%2B%20Full-Process%20Topcoat%22%20Product%20Matrix) Leveraging deep technical expertise and R&D platforms, the company has built a "full-system electrophoretic paint + full-process topcoat" product matrix, serving passenger vehicles, commercial vehicles, and various mechanical component markets, while continuously optimizing environmentally friendly products to meet diverse customer needs - The company has developed a "full-system electrophoretic paint + full-process topcoat" product matrix to meet increasingly stringent environmental policies and diverse customer demands[86](index=86&type=chunk) - The company is a leading national enterprise in cathodic electrophoretic coatings, with a complete product system applied across multiple target markets[86](index=86&type=chunk) - Topcoat products successfully cover B1B2, 3C2B, 3C1B, 2C1B, and 1C1B full processes, with continuous efforts in water-based coatings, high-solid coatings, and other environmentally friendly products[86](index=86&type=chunk) [4. High-Quality Service Team Advantage](index=27&type=section&id=4.%20High-Quality%20Service%20Team%20Advantage) The company considers its high-quality, agile, and responsive on-site service capability a core competitive advantage, having established standardized technical service workflows and team communication platforms to strengthen on-site service and enhance customer satisfaction - The company regards its high-quality, agile, and responsive on-site service capability as a key differentiator from competitors[88](index=88&type=chunk) - The company has established standardized technical service workflows and an on-site team communication platform to strengthen on-site service capabilities and enhance customer satisfaction[88](index=88&type=chunk) [III. Main Business Analysis](index=28&type=section&id=III.%20Main%20Business%20Analysis) The company's main business revenue increased by **5.66%**, but operating costs grew by **6.98%**, leading to a decrease in gross margin. Income tax expenses decreased by **53.47%** due to reduced taxable income. Net cash flow from operating activities significantly declined by **300.47%**, primarily affected by pending refunds from a strategic reserve supplier [1. Overview](index=28&type=section&id=1.%20Overview) The overview of this main business analysis refers to the relevant content in the "Company's Main Business Activities During the Reporting Period" section and will not be reiterated here [2. Year-on-Year Changes in Key Financial Data](index=28&type=section&id=2.%20Year-on-Year%20Changes%20in%20Key%20Financial%20Data) During the reporting period, the company's operating revenue increased by **5.66%**, but operating costs grew by **6.98%**. Income tax expenses decreased by **53.47%**, and net cash flow from operating activities significantly declined by **300.47%**, with net cash flow from investing and financing activities also showing substantial decreases Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 366,536,153.93 | 346,892,254.72 | 5.66% | - | | Operating Cost | 256,653,315.90 | 239,907,271.36 | 6.98% | - | | Selling Expenses | 34,038,156.27 | 34,531,927.50 | -1.43% | - | | Administrative Expenses | 31,370,967.20 | 29,151,559.91 | 7.61% | - | | Financial Expenses | 2,932,281.01 | 2,549,893.96 | 15.00% | - | | Income Tax Expenses | 1,537,297.00 | 3,303,770.66 | -53.47% | Due to a decrease in the company's taxable income for the current period | | R&D Investment | 24,050,231.96 | 21,226,709.72 | 13.30% | - | | Net Cash Flow from Operating Activities | -75,903,241.73 | 37,862,154.74 | -300.47% | Due to termination of cooperation with a strategic reserve supplier, awaiting their refund as per contract | | Net Cash Flow from Investing Activities | -16,512,382.55 | 102,054,153.08 | -116.18% | The company recovered equity transfer payments in the prior year, no such item in the current period | | Net Cash Flow from Financing Activities | -24,886,619.16 | 23,240,305.08 | -207.08% | Prior year's Bank of Communications Financial Leasing item is absent in the current period | | Net Increase in Cash and Cash Equivalents | -117,302,243.59 | 163,156,613.55 | -171.90% | Comprehensive impact of the above cash flows | [3. Products or Services Accounting for Over 10% of Revenue](index=29&type=section&id=3.%20Products%20or%20Services%20Accounting%20for%20Over%2010%25%20of%20Revenue) Cathodic electrophoretic coatings and topcoats are the company's main products, with topcoat operating revenue increasing by **24.27%**, but gross margin decreasing by **2.56%**. East China is the company's primary revenue source, while Central China saw the largest gross margin increase Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | | | | | | | | Cathodic Electrophoretic Coatings | 209,007,909.59 | 141,519,824.75 | 32.29% | -3.13% | -6.30% | 2.29% | | Topcoats | 151,020,815.54 | 106,121,968.77 | 29.73% | 24.27% | 28.98% | -2.56% | | **By Region** | | | | | | | | East China | 232,357,934.24 | 162,284,128.86 | 30.16% | 2.93% | 3.34% | -0.28% | | Southwest China | 30,559,206.59 | 22,434,866.67 | 26.59% | 2.11% | 9.17% | -4.75% | | Central China | 27,279,692.76 | 14,628,222.51 | 46.38% | 5.24% | -17.06% | 14.42% | | North China | 24,869,047.18 | 15,904,428.33 | 36.05% | 3.92% | -1.33% | 3.41% | [IV. Non-Main Business Analysis](index=29&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main business activities significantly impacted total profit, with investment income accounting for **45.37%** from wealth management products and financial asset disposals. Credit impairment losses were **-169.57%** due to bad debt provisions for accounts receivable, and asset impairment losses were **36.81%** due to inventory depreciation provisions Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,005,199.15 | 45.37% | Investment income from the company's own funds purchasing wealth management products and disposing of trading financial assets | No | | Non-operating Income | 11,567.64 | 0.13% | Primarily compensation for breach of contract received by the company | No | | Non-operating Expenses | 567,109.96 | 6.42% | Primarily external charitable donations and fines | No | | Other Income | 2,272,099.99 | 25.74% | Primarily government subsidies | No | | Credit Impairment Losses | -14,969,922.82 | -169.57% | Primarily bad debt provisions for accounts receivable accrued in the current period | Varies with operating conditions | | Asset Impairment Losses | 3,249,715.18 | 36.81% | Primarily inventory depreciation provisions accrued in the current period | Varies with operating conditions | | Asset Disposal Income | 230,771.01 | 2.61% | Primarily due to the disposal of some unusable fixed assets | No | [V. Analysis of Assets and Liabilities](index=30&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **2.44%** year-on-year. Monetary funds decreased by **8.37%**, other receivables significantly increased by **8.41%**, and contract liabilities increased by **0.86%**. Some of the company's fixed assets and intangible assets are pledged or mortgaged [1. Significant Changes in Asset Composition](index=30&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, monetary funds as a percentage of total assets decreased by **8.37%**, other receivables significantly increased by **8.41%**, trading financial assets increased by **1.28%**, and contract liabilities increased by **0.86%** Significant Changes in Asset Composition | Item | Amount at Period End (yuan) | % of Total Assets | Amount at Prior Year End (yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 56,762,611.87 | 3.91% | 174,064,855.46 | 12.28% | -8.37% | | Accounts Receivable | 307,200,327.30 | 21.16% | 294,924,720.30 | 20.81% | 0.35% | | Inventories | 91,658,590.55 | 6.31% | 85,425,888.56 | 6.03% | 0.28% | | Long-term Equity Investments | 329,447,328.64 | 22.69% | 329,350,626.71 | 23.24% | -0.55% | | Fixed Assets | 183,620,975.45 | 12.65% | 194,392,876.43 | 13.72% | -1.07% | | Construction in Progress | 22,190,078.90 | 1.53% | 17,786,536.10 | 1.26% | 0.27% | | Short-term Borrowings | 128,471,043.92 | 8.85% | 150,854,674.39 | 10.65% | -1.80% | | Contract Liabilities | 15,206,685.69 | 1.05% | 2,690,353.15 | 0.19% | 0.86% | | Trading Financial Assets | 20,373,494.91 | 1.40% | 1,667,914.91 | 0.12% | 1.28% | | Other Receivables | 147,875,180.40 | 10.19% | 25,157,319.62 | 1.78% | 8.41% | [2. Major Overseas Assets](index=31&type=section&id=2.%20Major%20Overseas%20Assets) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[100](index=100&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=31&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value totaled **RMB 25.25 million**, primarily comprising trading financial assets and other equity instrument investments Assets and Liabilities Measured at Fair Value | Item | Opening Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Closing Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | 1. Trading Financial Assets (Excluding Derivative Financial Assets) | 3,607,978.74 | 197,500,000.00 | 179,187,602.86 | 21,920,375.88 | | 4. Other Equity Instrument Investments | 3,331,861.91 | 0.00 | 0.00 | 3,331,861.91 | | **Subtotal of Financial Assets** | **6,939,840.65** | **197,500,000.00** | **179,187,602.86** | **25,252,237.79** | | **Financial Liabilities** | 0.00 | 0.00 | 0.00 | 0.00 | [4. Asset Restrictions as of the End of the Reporting Period](index=32&type=section&id=4.%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company provided mortgage guarantees for a **RMB 200 million** comprehensive credit line using two self-owned factory buildings in Fengxian District, Shanghai, and pledged three intellectual property rights for a **RMB 10 million** credit line for its wholly-owned subsidiary - The company provided mortgage guarantees for a **RMB 200 million** comprehensive credit line from Industrial Bank Shanghai Branch using two self-owned factory buildings located in Fengxian District, Shanghai[102](index=102&type=chunk) - The company provided pledge guarantees using three invention patent intellectual property rights for a **RMB 10 million** credit line applied by its wholly-owned subsidiary, Shanghai KNT Chemical Sales Co., Ltd., at Industrial Bank Shanghai Lujiazui Sub-branch[102](index=102&type=chunk)[103](index=103&type=chunk) [VI. Analysis of Investment Status](index=33&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's entrusted wealth management amounted to **RMB 197.5 million**, with an outstanding balance of **RMB 20.3735 million** at period-end, all consisting of bank wealth management products. The company had no significant equity investments, non-equity investments, use of raised funds, derivative investments, or entrusted loans Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Unexpired Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 19,750 | 2,037.35 | | **Total** | | **19,750** | **2,037.35** | - The company had no derivative investments or entrusted loans during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk) [VII. Significant Asset and Equity Sales](index=34&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[109](index=109&type=chunk) - The company did not sell any significant equity during the reporting period[110](index=110&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=34&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's main subsidiary, Jiaxing Lingrui Investment Partnership (Limited Partnership), had total assets of **RMB 178 million** and net assets of **RMB 178 million**. Associate company Shenzhen ETG Technology Co., Ltd. had total assets of **RMB 558 million** and a net profit of **RMB 962,800** Major Subsidiaries and Associate 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Lingrui Investment Partnership (Limited Partnership) | Subsidiary | Industrial Investment, Investment Management | 290,000,000 | 178,581,952.56 | 178,485,050.48 | 0.00 | 0.00 | 0.00 | | Shenzhen ETG Technology Co., Ltd. | Associate Company | Optoelectronic Display New Materials | 45,776,877 | 558,352,508.36 | 346,460,104.86 | 116,389,503.13 | 475,764.54 | 962,755.77 | [IX. Structured Entities Controlled by the Company](index=35&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[113](index=113&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=35&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from raw material price fluctuations, macroeconomic volatility, intensified market competition, accounts receivable and inventory obsolescence, and safety and environmental protection issues. The company actively addresses these through technological R&D, supply chain management, market expansion, internal controls, and environmental investments - Raw material price fluctuation risk: Chemical raw materials constitute a significant portion of production costs, and price fluctuations may impact the company's operating performance[113](index=113&type=chunk) - Macroeconomic volatility risk: The company's main business revenue primarily comes from automotive coatings, and industry development is closely related to macroeconomic conditions and downstream industry prosperity[114](index=114&type=chunk) - Intensified market competition risk: The automotive coatings industry has high technical barriers and fierce market competition, requiring the company to continuously enhance product technology, quality, and service[115](index=115&type=chunk)[116](index=116&type=chunk) - Accounts receivable and inventory obsolescence risk: Tight capital for downstream customers or declining operating performance may increase pressure on cash collection, and market changes may lead to increased obsolete inventory[117](index=117&type=chunk) - Safety production risk: The company engages in chemical R&D, production, and sales, with potential for accidental safety incidents due to improper operations, equipment failures, or natural disasters. Countermeasures include strengthening employee safety education and establishing reward and punishment systems[118](index=118&type=chunk) - Environmental protection risk: Increased national environmental protection efforts may raise the company's environmental investment and expenses, with potential for environmental pollution incidents. Countermeasures include actively improving production processes, increasing the proportion of water-based topcoat products, and increasing environmental protection investments[119](index=119&type=chunk)[120](index=120&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=37&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company did not host any research, communication, interview, or similar activities during the reporting period - The company did not host any research, communication, interview, or similar activities during the reporting period[121](index=121&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=37&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[122](index=122&type=chunk) - The company did not disclose a valuation enhancement plan[123](index=123&type=chunk) [XIII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=37&type=section&id=XIII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[124](index=124&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=38&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, environmental information disclosure, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=38&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Director Tang Yang resigned from his directorship and was dismissed from his Vice President position on April 17, 2025, due to personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Tang Yang | Director | Resignation | April 17, 2025 | Personal Reasons | | Tang Yang | Vice President | Dismissal | April 17, 2025 | Personal Reasons | [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=38&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[128](index=128&type=chunk) [III. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=38&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[129](index=129&type=chunk) [IV. Environmental Information Disclosure](index=38&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law and have publicly disclosed environmental information on the designated website - The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with one such enterprise[130](index=130&type=chunk) - Environmental information disclosure reports can be accessed at https://permit.mee.gov.cn/permitExt/syssb/xxgk/xxgk!list.action[130](index=130&type=chunk) [V. Social Responsibility](index=38&type=section&id=V.%20Social%20Responsibility) The company prioritizes environmental protection as a prerequisite for sustainable development, deepening ISO14001 and ISO45001 management systems, strengthening EHS work and supplier social responsibility management. During the reporting period, the company continuously invested in safety system construction, standardization, technical prevention facility upgrades, safety investments, education and training, and comprehensive drills, while actively fulfilling social responsibilities through charitable activities [1. Safety System Construction](index=38&type=section&id=1.%20Safety%20System%20Construction) The company improved its safety committee operational mechanism, established dedicated and part-time safety officer teams, organized Safety Month activities, updated safety responsibility agreements, implemented "full-staff safety responsibility, one position one responsibility," and continuously conducted self-inspections for hazards and optimized emergency plans - The company improved its safety committee operational mechanism, established dedicated and part-time safety officer teams for various departments, and organized Safety Month activities[133](index=133&type=chunk) - In accordance with the new "Work Safety Law," the company completed the signing of the 2025 annual safety responsibility system, implementing "full-staff safety responsibility, one position one responsibility"[133](index=133&type=chunk) [2. Work Safety Standardization Construction](index=39&type=section&id=2.%20Work%20Safety%20Standardization%20Construction) The company continued to improve its hazardous chemical enterprise (Level II) standardization system, re-evaluated compliance with laws and regulations, and on a regular basis reviewed and refined enterprise safety management systems and operating procedures, and conducted on-site equipment inspections - The company continued to improve its hazardous chemical enterprise (Level II) standardization system, re-evaluating compliance with existing laws and regulations[134](index=134&type=chunk) - The company reviewed, compiled, and refined enterprise safety management systems and operating procedures, and frequently conducted unscheduled inspections, promptly rectifying identified hazards[134](index=134&type=chunk) [3. Technical Prevention Facility Upgrades for Work Safety](index=39&type=section&id=3.%20Technical%20Prevention%20Facility%20Upgrades%20for%20Work%20Safety) In the first half of 2025, the company configured micro fire station visual inspection management functions as required by the district fire brigade, and improved its in-plant combustible gas detection and alarm system and fire IoT system, enhancing emergency response speed and handling capabilities - The company configured micro fire station visual inspection management functions and improved its in-plant combustible gas detection and alarm system and fire IoT system[135](index=135&type=chunk) - Through technical prevention facility upgrades, the company enhanced emergency response speed and handling capabilities, creating a safe working environment for employees[135](index=135&type=chunk) [4. Work Safety Investment](index=39&type=section&id=4.%20Work%20Safety%20Investment) In the first half of 2025, the company continued to ensure work safety investments, covering fire safety equipment, occupational health examinations, safety maintenance of production equipment, and labor protection - In the first half of 2025, the company continuously ensured work safety investments, including enterprise fire safety equipment, occupational health examinations, safety maintenance of production equipment, and labor protection[136](index=136&type=chunk) [5. Work Safety Education and Training](index=39&type=section&id=5.%20Work%20Safety%20Education%20and%20Training) The company conducted various employee on-the-job training, technical level training, all-staff safety education and training, and knowledge competitions, training **31** new employees, **11** contractors from one company, and holding **7** specialized training sessions, achieving **100%** training rate and coverage - In the first half of 2025, the company trained a total of **31** new employees (19 contract workers, 12 temporary workers) and **11** contractors from one company[136](index=136&type=chunk) - **Seven** specialized safety training sessions were conducted, including hazard identification for part-time safety officers, safe operation of Class A workshops, and electrostatic hazards and control in explosive environments, achieving **100%** training rate and coverage[137](index=137&type=chunk) - A safety training and education assessment mechanism was established, and **16** additional volunteer firefighters were recruited, totaling **27**, with regular training organized[137](index=137&type=chunk) [6. Comprehensive Safety Drills](index=40&type=section&id=6.%20Comprehensive%20Safety%20Drills) From March to May 2025, the company conducted multiple specialized emergency drills, including hazardous chemical leaks in Class A workshops, mechanical injuries, and hazardous waste warehouse chemical leaks, to enhance employees' ability to respond to emergencies - On March 27, 2025, the company conducted a specialized drill for hazardous chemical leaks in a Class A workshop[137](index=137&type=chunk) - On April 28, 2025, a specialized drill for mechanical injuries was conducted[137](index=137&type=chunk) - On May 18, 2025, an emergency drill for hazardous chemical leaks in a hazardous waste warehouse was conducted, using a realistic scenario to enhance all employees' emergency rescue capabilities[137](index=137&type=chunk) [7. Safety Inspections by Competent Authorities in H1 2025](index=40&type=section&id=7.%20Safety%20Inspections%20by%20Competent%20Authorities%20in%20H1%202025) In the first half of 2025, the company underwent inspections by multiple competent authorities, including the Hangzhou Bay Economic Development Zone Safety and Environmental Protection Department, Fengxian District Water Affairs Bureau, Fire Brigade, Emergency Management Bureau, Environmental Protection Bureau, Disease Control and Prevention Center, Central Air Quality Department, Hazardous Waste Management Detachment, and Market Supervision Bureau, with no major safety or environmental hazards found - In the first half of 2025, the company underwent **24** unscheduled safety, environmental, and fire inspections by the Hangzhou Bay Economic Development Zone Safety and Environmental Protection Department[138](index=138&type=chunk) - The company also underwent specialized inspections by multiple departments, including the Fengxian District Water Affairs Bureau, Fire Brigade, Emergency Management Bureau, Environmental Protection Bureau, Shanghai Disease Control and Prevention Center, Central Air Quality Department, Fengxian District Hazardous Waste Management Detachment, and Market Supervision Bureau[138](index=138&type=chunk) - Through these inspections by various entities, no major safety or environmental hazards were found at the company[138](index=138&type=chunk) [8. Consolidation and Expansion of Poverty Alleviation Achievements, Rural Revitalization](index=41&type=section&id=8.%20Consolidation%20and%20Expansion%20of%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization) The company actively fulfills its social responsibilities by conducting charitable activities such as donations and assistance annually, based on its operating conditions and government initiatives, to protect the legitimate rights and interests of stakeholders - The company actively fulfills its social responsibilities, annually conducting charitable activities such as donations and assistance based on its actual operating conditions and government initiatives[139](index=139&type=chunk) [Part V Significant Events](index=42&type=section&id=Part%20V%20Significant%20Events) This section details the company's significant events, including commitments by controlling shareholders and related parties, non-operating fund occupation, illegal external guarantees, auditor appointments, non-standard audit reports, bankruptcy reorganization, litigation, penalties, integrity status, major related party transactions, and significant contracts [I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholders, Shareholders, Related Parties, Acquirers, and the Company as of the End of the Reporting Period](index=42&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholders%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's actual controllers, shareholders, and related parties duly fulfilled their commitments to avoid horizontal competition during the reporting period. Additionally, Xiamen Yike Technology Development Co., Ltd.'s performance commitment and compensation arrangement for associate company Shenzhen ETG Technology Co., Ltd. are also being fulfilled as scheduled - Luo Lijuan and Wu Guozheng committed not to directly or indirectly engage in any activities that constitute horizontal competition with the company and its controlled subsidiaries, and ensured that other enterprises they control fulfill the same obligations[141](index=141&type=chunk) - NOROOP&C, NOROO Group, and NOROO Holdings (Hong Kong) Co., Ltd. committed not to engage in any activities that constitute horizontal competition with Shanghai KNT and its controlled subsidiaries within mainland China[141](index=141&type=chunk)[142](index=142&type=chunk) - Xiamen Yike Technology Development Co., Ltd. committed that ETG Technology's audited net profit attributable to the parent company after deducting non-recurring gains and losses for the performance commitment period (2025-2027) shall not be less than **RMB 14 million**, **RMB 43 million**, and **RMB 73 million** respectively, with a cumulative total not less than **RMB 130 million**[143](index=143&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled situations[143](index=143&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=44&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, the company experienced non-operating fund occupation by controlling shareholders and other related parties, primarily involving five suppliers for raw material procurement, with a total outstanding balance of **RMB 140.4048 million** at period-end. The company considers this a hedging operation for strategic reserves and plans to initiate legal action to recover the unpaid amounts Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties (Unit: ten thousand yuan) | Related Party Name | Type of Related Party | Occupation Period | Reason for Occurrence | Opening Balance | Amount of New Occupation in Current Period | % of Latest Audited Net Assets | Total Amount Repaid in Current Period | Balance as of Semi-Annual Report Disclosure Date | Expected Repayment Method | Expected Repayment Amount | Expected Repayment Time | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ruinai Trading (Shanghai) Co., Ltd. | Other | 2025/2/28 | Material Procurement | 970.87 | 4,831.70 | 5.59 | 2,020.23 | 3,782.34 | Cash Repayment | 3,782.34 | Before Aug 31 | | Shanghai Shengyouning Industrial Co., Ltd. | Other | 2025/4/1 | Material Procurement | 0.00 | 2,877.00 | 3.33 | 0.00 | 2,877.00 | Cash Repayment | 2,877.00 | Before Aug 31 | | Shanghai Benhu Trading Co., Ltd. | Other | 2025/4/1 | Material Procurement | 0.00 | 2,618.00 | 3.03 | 0.00 | 2,618.00 | Cash Repayment | 2,618.00 | Before Aug 31 | | Shanghai Kanyue Trading Co., Ltd. | Other | 2025/4/1 | Material Procurement | 0.00 | 2,538.00 | 2.94 | 0.00 | 2,538.00 | Cash Repayment | 2,538.00 | Before Aug 31 | | Shanghai Taikulala Trading Co., Ltd. | Other | 2025/4/1 | Material Procurement | 0.00 | 2,225.10 | 2.58 | 0.00 | 2,225.10 | Cash Repayment | 2,225.10 | Before Aug 31 | | **Total** | | | | **970.87** | **15,089.85** | **17.47** | **2,020.23** | **14,040.48** | | **14,040.48** | | - The company classified these fund occupations as hedging operations for strategic reserves, aiming to lock in low-cost resources, optimize gross margins, and strengthen supply chain resilience[146](index=146&type=chunk) - If suppliers fail to repay as agreed, the company intends to sue for the full remaining amount and reserves the right to report the fund occupation to regulatory authorities[146](index=146&type=chunk) - The company's board of directors believes that the aforementioned situations do not affect the overall fair presentation of the company's financial reports, which are prepared in all material respects in accordance with enterprise accounting standards, reflecting the company's financial position and operating results[147](index=147&type=chunk) [III. Illegal External Guarantees](index=47&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[148](index=148&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=47&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[149](index=149&type=chunk) [V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=48&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company did not receive a "non-standard audit report" from the accounting firm for the current reporting period - The company did not receive a "non-standard audit report" from the accounting firm for the current reporting period[150](index=150&type=chunk) [VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=48&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) In response to Zhongxinghua Certified Public Accountants' disclaimer of opinion on the company's 2024 financial statements and adverse opinion on internal controls, the board has taken measures including improving internal control mechanisms, enhancing legal and regulatory training for directors, supervisors, senior management, and all employees, and urging strategic reserve suppliers to repay occupied funds - Zhongxinghua Certified Public Accountants issued a disclaimer of opinion on the company's 2024 financial statements and an adverse opinion on the company's 2024 internal controls[151](index=151&type=chunk) - The board of directors has taken measures, including improving internal control mechanisms, optimizing procurement process approvals, and formulating new procurement systems[151](index=151&type=chunk) - The company strengthened legal and regulatory training for directors, supervisors, senior management, and all employees to enhance the company's standardized operations[152](index=152&type=chunk) - Regarding the strategic reserve supplier fund issue, the company has signed legally binding repayment agreements and continues to urge the repayment of occupied funds[152](index=152&type=chunk) [VII. Bankruptcy Reorganization Matters](index=48&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[153](index=153&type=chunk) [VIII. Litigation Matters](index=49&type=section&id=VIII.%20Litigation%20Matters) The company is involved in multiple lawsuits, including a shareholder qualification dispute related to its largest shareholder, Hainan Dahe Enterprise Management Co., Ltd., and securities misrepresentation liability disputes filed by **108** investors. Some investor lawsuits have received first-instance judgments, but their impact on the company remains uncertain [1. Major Litigation and Arbitration Matters](index=49&type=section&id=1.%20Major%20Litigation%20and%20Arbitration%20Matters) The shareholder qualification dispute between the company's largest shareholder, Hainan Dahe Enterprise Management Co., Ltd., and Huajin Asset Management Co., Ltd., saw a first-instance judgment dismissing all claims by Huajin Asset, which then appealed and later withdrew the appeal, making the first-instance judgment effective. This case did not have a significant adverse impact on the company's normal production and operations - In the shareholder qualification dispute between the company's largest shareholder, Hainan Dahe Enterprise Management Co., Ltd., and Huajin Asset Management Co., Ltd., the Haikou Intermediate People's Court's retrial first-instance judgment dismissed all claims by the plaintiff, Huajin Asset Management Co., Ltd.[154](index=154&type=chunk) - Huajin Asset appealed the judgment but later requested to withdraw the appeal on June 6, 2025, which the Hainan High People's Court granted, making the first-instance judgment legally effective from the date of the ruling's delivery[154](index=154&type=chunk) - This case did not have a significant adverse impact on the company's normal production and operations[154](index=154&type=chunk) [2. Other Litigation Matters](index=50&type=section&id=2.%20Other%20Litigation%20Matters) As of the report disclosure date, the company received civil lawsuits from a total of **108** investors (8 of whom have withdrawn their lawsuits) alleging securities misrepresentation liability, with a total amount involved of **RMB 50.7077 million**. Some cases have received first-instance judgments, but most are still pending or have not yet been heard, having no impact on current period profit/loss, with future impact remaining uncertain - As of the report disclosure date, the company received civil lawsuits from a total of **108** investors (8 of whom have withdrawn their lawsuits) alleging securities misrepresentation liability against the company or company other defendants[155](index=155&type=chunk) Overview of Investor Litigation Matters | Amount Involved (ten thousand yuan) | Provision for Liabilities Formed | Litigation Progress | Litigation Outcome and Impact | | :--- | :--- | :--- | :--- | | 5,070.77 | No | Some cases with first-instance judgments, some in first-instance trial, others not yet heard | No impact on current period profit/loss, future impact unce

上海肇民新材料科技股份有限公司 2025 年半年度报告全文 上海肇民新材料科技股份有限公司 2025 年半年度报告 公告编号：（2025-070） 2025 年 8 月 1 上海肇民新材料科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人邵雄辉、主管会计工作负责人李长燕及会计机构负责人(会计 主管人员)李长燕声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划，发展战略、经营业绩的预计等前瞻性描述 不构成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异，敬请投资者注意投 资风险。 本公司提请投资者认真阅读本半年度报告全文，并特别关注本报告第三 节"管理层讨论与分析"之第十小节"公司面临的风险和应对措施"中描述 了公司在经营中可能存在的风险及应对措施。 公司计划不派发现金红利，不送红股，不以公积金转增股 ...

博纳影业集团股份有限公司 2025 年半年度报告全文 公司负责人于冬、主管会计工作负责人何英及会计机构负责人(会计主管 人员)何英声明：保证本半年度报告中财务报告的真实、准确、完整。 博纳影业集团股份有限公司 2025 年半年度报告 二零二五年八月 1 博纳影业集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 博纳影业集团股份有限公司 2025 年半年度报告全文 备查文件目录 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资 者的实质性承诺，请投资者予以关注。 公司业务经营面临的各种风险因素已在本年度报告"第三节 管理层讨论与 分析""十、公司面临的风险和应对措施"进行了说明，请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第 ...

烟台张裕葡萄酿酒股份有限公司 2025 年半年度报告 烟台张裕葡萄酿酒股份有限公司 2025 年半年度报告 定全 2025-03 2025 年 8 月 28 日 1 烟台张裕葡萄酿酒股份有限公司 2025 年半年度报告 第一节 重要提示、目录和释义 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、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人周洪江、主管会计工作负责人郭翠梅及会计机构负责人(会计 主管人员)郭翠梅声明：保证本半年度报告中财务报告的真实、准确、完 整。 所有董事均已出席了审议本次半年报的董事会会议。 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，敬请广大投资者注意投资风险。 关于公司生产经营过程中可能面临的重大风险，请参见本报告第三节"管 理层讨论与分析"中之"十 、公司面临的风险和应对措施"部分，建议 投资者仔细阅读，注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- ...

三友联众集团股份有限公司 2025 年半年度报告全文 2025 年半年度报告 2025-032 2025 年 08 月 1 三友联众集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人宋朝阳、主管会计工作负责人高晓莉及会计机构负责人(会计 主管人员)高晓莉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 三友联众集团股份有限公司 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测 与承诺之间的差异。 公司目前不存在影响公司正常经营的重大风险。公司日常经营中可能面临 的风险因素详见"第三节管理层讨论与分析"之"十、公司面临的风险和应 对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | ...

山西焦煤能源集团股份有限公司 2025 年半年度报告全文 山西焦煤能源集团股份有限公司 2025 年半年度报告 2025 年 8 月 27 日 1 山西焦煤能源集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人樊大宏、主管会计工作负责人樊大宏及会计机构负责人(会计 主管人员)李贵林声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司已在本报告中详细描述可能存在的风险，敬请查阅本报告"第三节 管理层讨论与分析"中"公司面临的风险和应对措施"部分的内容。 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，敬请投资者对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异，注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 5,677,101,059 股为 基数，向全体股东每 10 股派发现金红利 0.36 元（含税），送红股 ...

广州凡拓数字创意科技股份有限公司 2025 年半年度报告全文 广州凡拓数字创意科技股份有限公司 2025 年半年度报告 2025 年 8 月 28 日 广州凡拓数字创意科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人伍穗颖、主管会计工作负责人叶丽卿及会计机构负责人(会计 主管人员)叶丽卿声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节管理层讨论分析十、"公司面临的风险和应对措施" 中，描述了公司经营中可能存在的风险及应对措施，敬请投资者关注相关内 容。 1 本报告如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司对 任何投资者及相关人士的承诺，投资者及相关人士应对此保持足够的风险认 识，并且应当理解计划、预测与承诺之间的差异。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 重要提示、目录和释义 2 | | ...

浙江开创电气股份有限公司 2025 年半年度报告全文 浙江开创电气股份有限公司 2025 年半年度报告 2025-048 2025 年 8 月 28 日 浙江开创电气股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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、准 确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 公司负责人吴宁、主管会计工作负责人裘学初及会计机构负责人 （会计主管人员）裘学初声明：保证本半年度报告中财务报告的真实、 准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成 本公司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保 持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 本公司敬请投资者认真阅读本报告全文，并特别注意公司面临的风 险因素，详见本报告第三节"管理层讨论与分析之十、公司面临的风险 和应对措施"相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | | | 浙江开创电气股份有限公司 2025 年半年度报告全文 备 ...

Section I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The company's board, supervisory board, and senior management guarantee report accuracy and completeness, with the company planning no cash dividends, bonus shares, or capital reserve conversions - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3](index=3&type=chunk) - Company head Wu Peifu, chief accountant Zou Xuemei, and head of accounting department Hu Liqun declare: the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, providing comprehensive information navigation for investors - The report contains nine main chapters, from company profile to financial reports, with a complete structure[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, including company details, legal entities, currency, and core products like polyester film, PTA, and MEG, ensuring accurate report understanding - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Polyester film is a film made from polyester chips as the main raw material, through drying, melting, extrusion, casting, and stretching, possessing excellent industrial characteristics[12](index=12&type=chunk) - PTA (Purified Terephthalic Acid) and MEG (Monoethylene Glycol) are the main raw materials for polyester chips[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. (stock code: 002585) is listed on the Shenzhen Stock Exchange, with Wu Peifu as its legal representative - Company stock abbreviation: **Shuangxing New Materials**, stock code: **002585**, listed on the Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's legal representative is **Wu Peifu**[14](index=14&type=chunk) [2. Contact Person and Information](index=6&type=section&id=2.%20Contact%20Person%20and%20Information) The company's board secretary is Wu Di, and the securities affairs representative is Hua Lei, with contact details provided for inquiries - Board Secretary is **Wu Di**, Securities Affairs Representative is **Hua Lei**[15](index=15&type=chunk) - Contact address: No. 1 Jingtou Street, Caisu Industrial Park, Suqian City, telephone: **0527-84252088**[15](index=15&type=chunk) [3. Other Information](index=6&type=section&id=3.%20Other%20Information) During the reporting period, the company's registered address, office address, website, email, and information disclosure locations remained unchanged, as detailed in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period, with details available in the 2024 annual report[17](index=17&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, operating revenue decreased by 7.09%, net loss attributable to shareholders narrowed by 9.97%, but operating cash flow significantly declined, with total assets and net assets also decreasing 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Period (CNY) | Change from Prior Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,626,491,238.39 | 2,826,985,153.05 | -7.09% | | Net Profit Attributable to Shareholders of Listed Company | -149,465,314.76 | -166,015,270.22 | 9.97% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -172,768,822.57 | -187,087,259.58 | 7.65% | | Net Cash Flow from Operating Activities | -279,652,897.10 | -129,258,650.09 | -116.35% | | Basic Earnings Per Share (CNY/share) | -0.131 | -0.145 | 9.66% | | Diluted Earnings Per Share (CNY/share) | -0.131 | -0.145 | 9.66% | | Weighted Average Return on Net Assets | -1.70% | -1.81% | 0.11% | | **Period-End Indicators** | **Current Period-End (CNY)** | **Previous Year-End (CNY)** | **Change from Previous Year-End** | | Total Assets | 12,660,255,761.40 | 13,305,018,268.96 | -4.85% | | Net Assets Attributable to Shareholders of Listed Company | 8,698,302,781.69 | 8,882,007,774.81 | -2.07% | [5. Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under Chinese and international or foreign accounting standards during the reporting period - During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards and those prepared under Chinese Accounting Standards[20](index=20&type=chunk) - During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under foreign accounting standards and those prepared under Chinese Accounting Standards[21](index=21&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the first half of 2025 amounted to **CNY 23,303,507.81**, primarily from government subsidies and fair value changes in non-current financial assets 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Government subsidies recognized in current profit and loss (excluding those with continuous impact) | 2,787,083.24 | Government subsidies | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 27,000,000.00 | Fair value change gains/losses of non-current financial assets | | Other non-operating income and expenses apart from the above items | -2,371,191.70 | | | Less: Income tax impact | 4,112,383.73 | | | Total | 23,303,507.81 | | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring profit and loss items[24](index=24&type=chunk) Section III Management Discussion and Analysis [1. Company's Main Business Activities During the Reporting Period](index=9&type=section&id=1.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of polyester films and high-performance polymer materials, navigating industry overcapacity and price volatility through innovation in high-end and new energy materials [(I) Industry Development Overview](index=9&type=section&id=%28I%29%20Industry%20Development%20Overview) The BOPET film industry continues to expand but faced overcapacity, supply-demand imbalances, and price volatility in H1 2025, with long-term trends towards application expansion and high-value product development - In the first half of 2025, the total capacity of the BOPET industry was **7.1956 million tons**, an increase of **3.54%** from the end of 2024, with a slowdown in capacity growth rate[27](index=27&type=chunk) - In the first half of 2025, BOPET industry output was **2.1728 million tons**, a year-on-year increase of **333,800 tons**, with an average operating rate of **65.60%**, up **2.31 percentage points** from the same period last year[27](index=27&type=chunk) - From January to June 2025, China's BOPET export volume was **387,300 tons**, a year-on-year increase of **14.31%**; import volume was **126,000 tons**, a year-on-year decrease of **3.92%**[31](index=31&type=chunk) - BOPET industry development trends include continuous expansion of application fields, accelerating R&D of high-value-added products to achieve domestic substitution, and promoting full-产业链 development to enhance product added value[33](index=33&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [(II) Company's Main Business, Products, and Their Uses](index=14&type=section&id=%28II%29%20Company%27s%20Main%20Business%2C%20Products%2C%20and%20Their%20Uses) As a leader in polyester film, the company offers diverse functional and optical films for AI, smart devices, new energy vehicles, and construction, covering over 60 series and 500 specifications - The company offers a rich variety of products, including over **60 series**, **100 types**, and **500 specifications**, covering five major areas: optical materials, energy-saving window film materials, new energy materials, variable information materials, and heat shrinkable materials[38](index=38&type=chunk) - The optical materials segment includes optical substrates and optical-grade films, primarily used in the manufacturing of LCD panels, touch display screens, and MLCCs, with end markets including consumer electronics, automotive, and construction[38](index=38&type=chunk) - The new energy materials segment's products include backsheet substrates, reinforced PET, photovoltaic backsheets, and composite current collectors, primarily used in photovoltaic module manufacturing and lithium battery production[45](index=45&type=chunk) - The variable information materials segment's products include TTR carbon ribbon film and high-end TTR film, primarily used in printing carbon ribbons, barcodes, and banners[50](index=50&type=chunk) - The heat shrinkable materials segment's products include PVC and PETG, primarily used in food and beverage, pharmaceutical, and daily necessities packaging[51](index=51&type=chunk) - Polyester functional films are mainly used in daily consumer areas such as bag making, food packaging, daily chemical packaging, pharmaceutical packaging, printing, decoration, and agriculture[53](index=53&type=chunk) [(III) Company's Business Model](index=17&type=section&id=%28III%29%20Company%27s%20Business%20Model) The company employs a 'benchmark procurement' model, continuous automated production for large orders, and a 'three-pronged' sales strategy to deepen market penetration and customer engagement - Procurement model: At the end of each year, an annual production plan is formulated based on sales forecasts, customer orders, and inventory, with the procurement department executing benchmark procurement and preparing monthly procurement plans for approval[56](index=56&type=chunk) - Production model: Annual, semi-annual, quarterly, and monthly production plans are formulated based on capacity, sales plans, and orders, with large orders utilizing continuous automated production to ensure product quality stability[56](index=56&type=chunk) - Sales model: Centered on the 'three-pronged' marketing strategy, the company deeply implements market marketing, improves its national marketing system layout, and focuses on tapping key customers and expanding end markets[56](index=56&type=chunk) [(IV) Operating Performance During the Reporting Period](index=17&type=section&id=%28IV%29%20Operating%20Performance%20During%20the%20Reporting%20Period) Despite industry challenges, the company achieved **CNY 2.626 billion** in revenue, narrowed its net loss, and saw significant growth in MLCC release film sales, breaking foreign monopolies - During the reporting period, the company achieved operating revenue of **CNY 2,626.4912 million**, and net profit attributable to shareholders of the listed company was **-CNY 149.4653 million**, with the loss narrowing year-on-year[58](index=58&type=chunk) - MLCC release film business sales volume increased by **118.6%** year-on-year, and sales revenue increased by **144.4%** year-on-year[60](index=60&type=chunk) - The company's high-smoothness release film products have been successfully introduced at Micro-Capacitor Technology, breaking the Japanese and Korean monopoly and are now mass-replacing imported products[61](index=61&type=chunk) - During the reporting period, the company filed **39 new patent applications**, including **20 invention patents**; **15 patents were granted**, including **5 invention patents**[59](index=59&type=chunk) [2. Analysis of Core Competencies](index=19&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company's core strengths include scale, R&D, full industrial chain integration, extensive marketing, and a stable management team, reinforcing its leading position and driving innovation - The company's five major business segments are all in leading positions within their respective sub-industries, capable of large-scale, high-specification product manufacturing, and achieving cost reduction through economies of scale[63](index=63&type=chunk) - The company highly values new technology development, proactively planning in 5G, new materials, and other fields, building its own optical substrate production line and achieving mass production, breaking foreign monopolies[64](index=64&type=chunk)[66](index=66&type=chunk) - The company possesses a complete set of process technologies, from raw material development, extrusion stretching, precision coating, magnetron sputtering, micro-forming, to electronic photolithography molds, giving it a full industrial chain technology product development advantage[67](index=67&type=chunk) - The company has established a nationwide marketing service network, serving numerous domestic and international brand customers such as Samsung, LG, Hisense, TCL, Xiaomi, Huawei, and Fortune 500 clients[68](index=68&type=chunk) - The company's core management team is stable, its business strategies are consistent, it has cultivated a group of technical and sales backbone talents, and it focuses on introducing high-end management talents[69](index=69&type=chunk) [3. Analysis of Main Business](index=21&type=section&id=3.%20Analysis%20of%20Main%20Business) The company's main film manufacturing business saw a **7.09%** revenue decline due to market adjustments and competition, with optical materials remaining dominant, while new energy materials revenue significantly decreased Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,626,491,238.39 | 2,826,985,153.05 | -7.09% | Deep market adjustments, industry capacity release, intensified competition, leading to decreased product sales volume and selling prices | | Operating Cost | 2,591,777,504.98 | 2,807,109,664.43 | -7.67% | Decrease in operating revenue led to a corresponding decrease in operating cost | | Financial Expenses | 4,649,611.35 | 10,036,905.87 | -53.67% | Increase in exchange gains | | Net Cash Flow from Operating Activities | -279,652,897.10 | -129,258,650.09 | -116.35% | Increase in operating payments | | Net Cash Flow from Investing Activities | -107,498,250.97 | -476,844,414.81 | 77.46% | Decrease in fixed asset investment expenditures | | Net Cash Flow from Financing Activities | 342,540,085.52 | 272,254,463.43 | 25.82% | Increase in borrowings | Operating Revenue Composition (by Product) | Product | Current Period Amount (CNY) | Proportion of Operating Revenue | Prior Period Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Optical Material Film | 1,183,429,830.91 | 45.06% | 1,288,188,984.31 | 45.57% | -8.13% | | New Energy Material Film | 4,331,478.39 | 0.17% | 237,223,821.36 | 8.39% | -98.17% | | Variable Information Material Film | 204,262,013.46 | 7.78% | 141,784,762.40 | 5.01% | 44.06% | | Heat Shrinkable Material Film | 212,868,879.74 | 8.10% | 223,658,703.83 | 7.91% | -4.82% | | Polyester Functional Film | 1,007,582,177.43 | 38.36% | 913,597,516.69 | 32.32% | 10.29% | Operating Revenue Composition (by Region) | Region | Current Period Amount (CNY) | Proportion of Operating Revenue | Prior Period Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 2,115,897,611.04 | 80.56% | 2,275,138,376.35 | 80.48% | -7.00% | | International | 510,593,627.35 | 19.44% | 551,846,776.70 | 19.52% | -7.48% | [4. Analysis of Non-Main Business](index=22&type=section&id=4.%20Analysis%20of%20Non-Main%20Business) During the reporting period, the company had no non-main business activities requiring disclosure - The company had no non-main business activities during the reporting period[76](index=76&type=chunk) [5. Analysis of Assets and Liabilities](index=22&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets and net assets decreased, with monetary funds, notes receivable, notes payable, and long-term borrowings declining, while construction in progress and short-term borrowings increased Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | Proportion of Total Assets | Previous Year-End Amount (CNY) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 419,512,849.80 | 3.31% | 492,040,783.20 | 3.70% | -0.39% | Increase in operating payments | | Inventories | 2,307,333,300.78 | 18.23% | 2,407,247,682.12 | 18.09% | 0.14% | Reduction in material inventory | | Fixed Assets | 5,302,264,983.36 | 41.88% | 5,631,050,954.39 | 42.32% | -0.44% | Increase in fixed asset depreciation | | Construction in Progress | 1,193,292,430.90 | 9.43% | 1,086,375,651.63 | 8.17% | 1.26% | Increase in new project investments | | Short-term Borrowings | 732,954,425.59 | 5.79% | 300,980,453.58 | 2.26% | 3.53% | Increase in current borrowings | | Long-term Borrowings | 411,688,855.12 | 3.25% | 883,238,872.69 | 6.64% | -3.39% | Partial reclassification of long-term borrowings to non-current liabilities due within one year | | Notes Payable | 1,136,936,152.86 | 8.98% | 1,703,716,961.00 | 12.81% | -3.83% | Increase in notes due and paid | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Other Non-current Financial Assets | 782,500,000.00 | 27,000,000.00 | 809,500,000.00 | | Financing Receivables | 86,513,449.08 | - | 58,344,049.13 | | Total | 869,013,449.08 | 27,000,000.00 | 867,844,049.13 | - At the end of the reporting period, the company had **CNY 77.6555 million** in bank acceptance bill deposits, **CNY 5.055 million** in equipment letter of credit deposits, and **CNY 2 million** in working capital loan performance deposits, with no other asset rights restrictions[82](index=82&type=chunk) [6. Analysis of Investment Status](index=24&type=section&id=6.%20Analysis%20of%20Investment%20Status) The company had no significant equity, non-equity, securities, or derivative investments, and several raised fund projects underperformed due to market downturns and intense competition - The company had no securities investments or derivative investments during the reporting period[83](index=83&type=chunk)[84](index=84&type=chunk) Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (CNY 10,000) | Net Raised Funds (CNY 10,000) | Total Raised Funds Cumulatively Used (CNY 10,000) | Cumulative Use Ratio of Total Raised Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | 2011 | IPO | 28,600 | 27,066.097 | 27,599.915 | 100.00% | | 2014 | Private Placement | 14,000 | 13,679.394 | 13,829.803 | 100.00% | | 2017 | Private Placement | 20,000 | 19,675.729 | 21,284.199 | 100.00% | | Total | -- | 62,600 | 60,421.22 | 62,712.917 | 100.00% | - Multiple raised fund commitment projects did not achieve expected benefits, primarily due to the sustained global economic downturn, intense market competition leading to product price fluctuations, and new production lines still being in the break-in period with capacity not yet fully released[91](index=91&type=chunk)[92](index=92&type=chunk)[96](index=96&type=chunk) - The company has repeatedly used idle raised funds to temporarily supplement working capital, all of which have been repaid on schedule[93](index=93&type=chunk) [7. Significant Asset and Equity Sales](index=29&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[97](index=97&type=chunk) - The company did not engage in significant equity sales during the reporting period[98](index=98&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=29&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company had no important holding or participating company information that required disclosure - During the reporting period, the company had no important holding or participating company information that required disclosure[98](index=98&type=chunk) [9. Information on Structured Entities Controlled by the Company](index=29&type=section&id=9.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[99](index=99&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=29&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from intensified competition, raw material price volatility, and underperforming projects, addressed through innovation, product optimization, lean management, and market expansion - The company faces the risk of decreased profit margins due to intense market competition in the polyester film industry[99](index=99&type=chunk) - Prices of major raw materials, PTA and MEG, fluctuate with the oil market, potentially affecting the company's gross profit margin and profitability[100](index=100&type=chunk) - The company's investment projects may experience decreased product unit prices or insufficient capacity utilization due to market environment, international trade disputes, technological levels, or macroeconomic downturns, affecting expected profitability[100](index=100&type=chunk) - Countermeasures include: technological innovation, expanding development paths in polymer materials, optimizing product structure, strengthening production organization, promoting cost reduction and efficiency improvement, strictly implementing benchmark procurement, reducing inventory, and adhering to the 'three-pronged' strategy to deepen market expansion[100](index=100&type=chunk)[101](index=101&type=chunk) [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=11.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has a plan to enhance investment value and shareholder returns through operational improvements, shareholder rewards, external communication, long-term incentives, and robust information disclosure - The company has formulated and disclosed a valuation enhancement plan to improve investment value and shareholder returns[102](index=102&type=chunk) - The plan includes: strengthening operational quality and efficiency, emphasizing shareholder returns (continuous cash dividends, active implementation of share repurchases), enhancing external communication, establishing long-term incentive mechanisms (equity incentives, employee stock ownership plans), and strengthening information disclosure[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - Since its listing, the company has cumulatively conducted **two share repurchases**, and plans to implement another share repurchase program when appropriate in the future[104](index=104&type=chunk) [12. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=32&type=section&id=12.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company did not disclose any "Quality and Return Dual Enhancement" action plan announcements during the reporting period - The company did not disclose any "Quality and Return Dual Enhancement" action plan announcements during the reporting period[106](index=106&type=chunk) Section IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=32&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) On June 5, 2025, the company experienced multiple changes in its board, supervisory board, and senior management due to re-election, including new appointments for independent director, general manager, and deputy general managers Changes in Directors, Supervisors, and Senior Management on June 5, 2025 | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Chen Qiang | Independent Director | Term Expired, Left Office | 2025年06月05日 | Re-election | | Jin Ye | Chairman of Supervisory Board | Term Expired, Left Office | 2025年06月05日 | Re-election | | Zheng Wei | Supervisor | Term Expired, Left Office | 2025年06月05日 | Re-election | | Chi Wei | Supervisor | Term Expired, Left Office | 2025年06月05日 | Re-election | | Wu Peifu | General Manager | Term Expired, Left Office | 2025年06月05日 | Re-election | | Lu Jingquan | Deputy General Manager | Term Expired, Left Office | 2025年06月05日 | Re-election | | Sun Huabin | Deputy General Manager | Term Expired, Left Office | 2025年06月05日 | Re-election | | Cheng Yinchun | Independent Director | Elected | 2025年06月05日 | Re-election | | Wu Di | General Manager | Appointed | 2025年06月05日 | Re-election | | Chi Wei | Deputy General Manager | Appointed | 2025年06月05日 | Re-election | | Qian Xiangfei | Deputy General Manager | Appointed | 2025年06月05日 | Re-election | | Wang Qi | Deputy General Manager | Appointed | 2025年06月05日 | Re-election | [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=32&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[108](index=108&type=chunk) [3. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=3.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation[109](index=109&type=chunk) [4. Environmental Information Disclosure](index=32&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[110](index=110&type=chunk) [5. Social Responsibility](index=33&type=section&id=5.%20Social%20Responsibility) The company actively fulfills social responsibilities by protecting stakeholders' rights, improving governance, ensuring transparent information, providing employee training, and fostering healthy relationships with suppliers and customers - The company ensures shareholders' right to know, participate, and vote on major matters by improving governance structure, strictly disclosing information, and strengthening investor relations management[111](index=111&type=chunk) - The company establishes human resource management systems and compensation structures in accordance with the Labor Law, implements a full-staff labor contract system, and organizes employee job knowledge and skill training to achieve common development for employees and the enterprise[112](index=112&type=chunk) - The company maintains healthy and stable cooperation with suppliers through benchmark procurement, improved procurement processes, and fair evaluation systems; it earns customer recognition through excellent R&D, stable quality, fast delivery, and high-quality service[113](index=113&type=chunk) Section V Significant Events [1. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties as of the End of the Reporting Period](index=34&type=section&id=1.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20Other%20Committed%20Parties%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the company reported no fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or other committed parties - During the reporting period, the company reported no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or other committed parties as of the end of the reporting period[115](index=115&type=chunk) [2. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=34&type=section&id=2.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, the company reported no non-operating fund occupation by controlling shareholders and other related parties of the listed company - During the reporting period, the company reported no non-operating fund occupation by controlling shareholders and other related parties of the listed company[116](index=116&type=chunk) [3. Irregular External Guarantees](index=34&type=section&id=3.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[117](index=117&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=34&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[118](index=118&type=chunk) [5. Board of Directors' and Supervisory Board's Explanation on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=34&type=section&id=5.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) During the reporting period, the company had no non-standard audit reports - The company had no non-standard audit reports during the reporting period[119](index=119&type=chunk) [6. Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year](index=34&type=section&id=6.%20Board%20of%20Directors%27%20Explanation%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) During the reporting period, the company had no non-standard audit reports - The company had no non-standard audit reports during the reporting period[119](index=119&type=chunk) [7. Bankruptcy and Reorganization Matters](index=34&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[119](index=119&type=chunk) [8. Litigation Matters](index=34&type=section&id=8.%20Litigation%20Matters) During the current reporting period, the company had no significant litigation or arbitration matters - During the current reporting period, the company had no significant litigation or arbitration matters[120](index=120&type=chunk) [9. Penalties and Rectification Status](index=35&type=section&id=9.%20Penalties%20and%20Rectification%20Status) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[121](index=121&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=35&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[122](index=122&type=chunk) [11. Significant Related Party Transactions](index=35&type=section&id=11.%20Significant%20Related%20Party%20Transactions) The company engaged in daily related party transactions for services and product sales, but no other significant related party transactions like asset transfers or debt restructuring occurred during the reporting period Related Party Transactions Related to Daily Operations | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (CNY 10,000) | Approved Transaction Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Suqian Shuangxing International Hotel Co., Ltd. | General Services | Conference and Entertainment Fees | 130.45 | 300 | | Jiangsu Jinghong New Material Technology Co., Ltd. | Product Sales | Sale of Products | 815.28 | 2,000 | | Total | -- | -- | 945.73 | 2,300 | - During the reporting period, the company did not engage in related party transactions involving asset or equity acquisitions/disposals[124](index=124&type=chunk) - During the reporting period, the company did not engage in related party transactions involving joint external investments[125](index=125&type=chunk) - During the reporting period, the company had no related party creditor-debtor relationships[126](index=126&type=chunk) [12. Significant Contracts and Their Performance](index=37&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no significant contracts related to trusteeship, contracting, leasing, major guarantees, wealth management, or other significant contracts - The company had no trusteeship situations during the reporting period[130](index=130&type=chunk) - The company had no contracting situations during the reporting period[131](index=131&type=chunk) - The company had no leasing situations during the reporting period[132](index=132&type=chunk) - The company had no significant guarantee situations during the reporting period[133](index=133&type=chunk) - The company had no wealth management activities during the reporting period[134](index=134&type=chunk) - The company had no other significant contracts during the reporting period[135](index=135&type=chunk) [13. Explanation of Other Significant Matters](index=37&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[137](index=137&type=chunk) [14. Significant Matters of Company Subsidiaries](index=38&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company had no significant matters concerning its subsidiaries - The company had no significant matters concerning its subsidiaries during the reporting period[138](index=138&type=chunk) Section VI Share Changes and Shareholder Information [1. Share Change Status](index=39&type=section&id=1.%20Share%20Change%20Status) During the reporting period, restricted shares increased by **194,946**, unrestricted shares decreased by the same amount, and total share capital remained unchanged, primarily due to other variations Share Change Status | Share Type | Number Before This Change (shares) | Increase/Decrease in This Change (+, -) (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 254,565,878 | 194,946 | 254,760,824 | | Of which: Shares held by domestic natural persons | 254,565,878 | 194,946 | 254,760,824 | | II. Unrestricted Shares | 892,862,834 | -194,946 | 892,667,888 | | Of which: RMB ordinary shares | 892,862,834 | -194,946 | 892,667,888 | | III. Total Shares | 1,147,428,712 | 0 | 1,147,428,712 | - Share changes were due to "other" variations, with no new share issuance, bonus shares, or capital reserve conversions[141](index=141&type=chunk)[142](index=142&type=chunk) [2. Securities Issuance and Listing](index=40&type=section&id=2.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[142](index=142&type=chunk) [3. Number of Shareholders and Shareholding Status](index=40&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of period-end, the company had **61,694** ordinary shareholders, with Wu Peifu holding **26.27%** and the repurchase account holding **0.53%** of shares - At the end of the reporting period, the total number of ordinary shareholders was **61,694**[143](index=143&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Peifu | Domestic Natural Person | 26.27% | 301,388,029 | 226,041,022 | 75,347,007 | | Suqian Dizhicheng Investment Consulting Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.30% | 60,840,000 | 0 | 60,840,000 | | Suqian Qiheng Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.30% | 60,840,000 | 0 | 60,840,000 | | Wu Di | Domestic Natural Person | 3.30% | 37,872,180 | 28,404,135 | 9,468,045 | | Hong Kong Securities Clearing Company Limited | Foreign Legal Person | 2.07% | 23,777,258 | 0 | 23,777,258 | - Wu Peifu is the controlling shareholder of Suqian Dizhicheng Investment Consulting Co., Ltd. and Suqian Qiheng Investment Co., Ltd. Wu Di is Wu Peifu's son and is considered a party acting in concert[145](index=145&type=chunk) - The company's special repurchase securities account held **6,106,100 shares**, accounting for **0.53%**[145](index=145&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, as detailed in the 2024 annual report - During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report[146](index=146&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[147](index=147&type=chunk) - The company's actual controller did not change during the reporting period[147](index=147&type=chunk) [6. Preferred Share Information](index=42&type=section&id=6.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[148](index=148&type=chunk) Section VII Bond-Related Information [Bond-Related Information](index=43&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[150](index=150&type=chunk) Section VIII Financial Report [1. Audit Report](index=44&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[152](index=152&type=chunk) [2. Financial Statements](index=44&type=section&id=2.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 - Financial statements include consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[153](index=153&type=chunk)[156](index=156&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk)[164](index=164&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk)[176](index=176&type=chunk) [3. Company Basic Information](index=62&type=section&id=3.%20Company%20Basic%20Information) The company's registered capital is **CNY 1,147,428,712**, with its main business being R&D, production, and sales of polymer composite materials and various functional films - Company registered address: No. 1 Jingtou Street, Caisu Industrial Park, Suyu District, Suqian City, Jiangsu Province[182](index=182&type=chunk) - Registered capital: **CNY 1,147,428,712**[182](index=182&type=chunk) - Main products include polyester functional films, optical material films, variable information material films, new energy material films, and heat shrinkable material films[182](index=182&type=chunk) [4. Basis of Financial Statement Preparation](index=62&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and CSRC disclosure rules, with its going concern ability assessed as good - The company prepares its financial statements on a going concern basis, in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the China Securities Regulatory Commission's 'Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports'[184](index=184&type=chunk) - After assessment, there are no significant doubts about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[185](index=185&type=chunk) [5. Significant Accounting Policies and Accounting Estimates](index=62&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's comprehensive accounting policies and estimates, covering areas from financial instruments to revenue recognition, ensuring financial report standardization and comparability - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards and truly and completely reflect the company's financial position, operating results, cash flows, and other relevant information during the reporting period[186](index=186&type=chunk) - Materiality standards include: accounts receivable bad debt provision, recovery, or write-off of **CNY 5 million** or more for a single item; construction in progress of **CNY 10 million** or more for a single item[190](index=190&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, or measured at fair value through profit or loss[205](index=205&type=chunk) - The company presents inventories at the lower of cost and net realizable value, with issued inventories accounted for using the weighted average method, and provisions for inventory depreciation are made[229](index=229&type=chunk)[230](index=230&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20 years** for buildings, **5-10 years** for machinery and equipment, and **5 years** for transportation equipment and office and other equipment[244](index=244&type=chunk) - Revenue recognition principle: identify single performance obligations, determine whether they are fulfilled over time or at a point in time, and recognize revenue based on the progress of performance or when the customer obtains control[268](index=268&type=chunk) [6. Taxation](index=89&type=section&id=6.%20Taxation) The company's main taxes include Value-Added Tax (**13%**), Urban Maintenance and Construction Tax (**7%**), Education Surcharge (**3%**), and Local Education Surcharge (**2%**). The company and its subsidiary, Jiangxi Kewei Film New Material Co., Ltd., both enjoy high-tech enterprise income tax incentives, applying an income tax rate of **15%** Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13% | | Urban Maintenance and Construction Tax | 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | Corporate Income Tax Rates for Taxable Entities | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. | 15% | | Jiangxi Kewei Film New Material Co., Ltd. | 15% | - The company and its subsidiary, Jiangxi Kewei Film New Material Co., Ltd., both passed the high-tech enterprise re-evaluation and apply an income tax rate of **15%** for the current period[289](index=289&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=89&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end and beginning balances, current period changes, and related explanations for each item in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, short-term borrowings, notes payable, accounts payable, long-term borrowings, operating revenue, and operating costs, providing specific data support for understanding the company's financial position and operating results Monetary Funds Composition | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 61,272.86 | 74,603.89 | | Bank Deposits | 334,741,074.31 | 373,823,572.09 | | Other Monetary Funds | 84,710,502.63 | 118,142,607.22 | | Total | 419,512,849.80 | 492,040,783.20 | - Other monetary funds at the beginning and end of the period are performance deposits for acceptance bills, letters of credit, etc., which are recoverable upon maturity[291](index=291&type=chunk) Notes Receivable Classification | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Acceptance Bills | 217,212,000.28 | 401,986,464.09 | | Commercial Acceptance Bills | 3,659.39 | 12,161,533.45 | | Total | 217,215,659.67 | 414,147,997.54 | Accounts Receivable Aging Distribution | Aging | Period-End Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 815,832,558.66 | 818,610,936.52 | | 1 to 2 years | 19,472,256.04 | 13,653,670.70 | | 2 to 3 years | 879,259.86 | 13,137,988.36 | | Over 3 years | 158,218,136.27 | 159,471,353.15 | | Total | 994,402,210.83 | 1,004,873,948.73 | Inventory Classification | Item | Period-End Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Raw Materials | 1,150,607,775.13 | 1,295,016,870.29 | | Merchandise Inventory | 1,004,392,568.99 | 904,800,972.57 | | Goods in Transit | 1,290,224.66 | 72,903.03 | | Goods in Transit (Materials) | 151,042,732.00 | 207,356,936.23 | | Total | 2,307,333,300.78 | 2,407,247,682.12 | Fixed Assets Status | Item | Period-End Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Buildings | 1,520,319,620.74 | 1,571,532,645.95 | | Machinery and Equipment | 3,777,699,176.62 | 4,054,458,783.75 | | Transportation Equipment | 2,308,284.54 | 2,927,305.68 | | Office Equipment | 1,937,901.46 | 2,132,219.01 | | Total | 5,302,264,983.36 | 5,631,050,954.39 | Construction in Progress Status | Item | Period-End Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Employee Service Center | 4,753,267.34 | 4,753,267.34 | | Other Building Renovation Projects | 13,748,869.24 | 13,748,869.24 | | D Area Phase III | 497,439,845.85 | 484,888,337.21 | | MLCC Release | 31,919,695.11 | 3,540,555.33 | | Optical Film Phase II | 52,051,989.16 | 26,417,219.71 | | Solar Backsheet Phase II | 74,292,685.87 | 68,210,035.86 | | Composite Copper Foil | 43,073,445.56 | 33,515,923.43 | | F Area | 37,974,393.92 | 26,660,977.15 | | E Area Phase II | 423,139,199.84 | 413,546,079.72 | | Total | 1,193,292,430.90 | 1,086,375,651.63 | Operating Revenue and Operating Cost | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 2,612,474,379.93 | 2,591,777,504.98 | 2,804,453,788.59 | 2,807,109,664.43 | | Other Business | 14,016,858.46 | - | 22,531,364.46 | - | | Total | 2,626,491,238.39 | 2,591,777,504.98 | 2,826,985,153.05 | 2,807,109,664.43 | [8. Research and Development Expenses](index=138&type=section&id=8.%20Research%20and%20Development%20Expenses) During the current period, all R&D expenditures were expensed, as no projects met capitalization criteria, with specific capitalization conditions emphasized - During the current period, there were no R&D projects that met the capitalization criteria[138](index=138&type=chunk) - R&D expenditures capitalization requires meeting conditions such as technical feasibility, management's intention, generation of economic benefits, resource support, and reliable measurement[250](index=250&type=chunk) [9. Changes in Consolidation Scope](index=139&type=section&id=9.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company experienced no business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control, nor any other changes in consolidation scope - During the reporting period, the company did not experience business combinations involving entities not under common control[139](index=139&type=chunk) - During the reporting period, the company did not experience business combinations involving entities under common control[140](index=140&type=chunk) - During the reporting period, the company did not experience reverse acquisitions[142](index=142&type=chunk) - During the reporting period, the company did not experience transactions or events leading to the loss of control over subsidiaries[142](index=142&type=chunk) [10. Interests in Other Entities](index=142&type=section&id=10.%20Interests%20in%20Other%20Entities) The company's interests primarily include **100%** direct shareholding in Jiangxi Kewei Film New Material Co., Ltd., with no significant non-wholly owned subsidiaries, joint ventures, or changes in ownership interest affecting control Composition of the Enterprise Group | Subsidiary Name | Registered Capital (CNY) | Nature of Business | Shareholding Proportion (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Kewei Film New Material Co., Ltd. | 100,000,000.00 | Window Film Production and Sales | 100.00% | Business Combination Not Under Common Control | - During the reporting period, the company had no significant non-wholly owned subsidiaries[142](index=142&type=chunk) - During the reporting period, the company had no significant joint ventures or associates[144](index=144&type=chunk) - During the reporting period, the company had no transactions where its ownership interest in a subsidiary changed while still retaining control[143](index=143&type=chunk) [11. Government Grants](index=147&type=section&id=11.%20Government%20Grants) Government grants recognized as liabilities primarily relate to asset-related grants totaling **CNY 23,044,583.33** at period-end, with **CNY 1,394,000.00** recognized in current profit or loss - The company did not disclose government grants recognized at period-end based on receivable amounts[147](index=147&type=chunk) Liability Items Involving Government Grants | Accounting Account | Beginning Balance (CNY) | Amount of New Grants for the Period (CNY) | Period-End Balance (CNY) | Asset-Related/Income-Related | | :--- | :--- | :--- | :--- | :--- | | Other Non-current Liabilities | 13,652,083.33 | 10,700,000.00 | 23,044,583.33 | Asset-Related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount for the Current Period (CNY) | Amount for the Prior Period (CNY) | | :--- | :--- | :--- | | Non-operating Income - Government Grants | 86,500.00 | - | | Other Income - Government Grants | 1,307,500.00 | 2,370,398.43 | [12. Risks Related to Financial Instruments](index=147&type=section&id=12.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (exchange rate, interest rate, other price risks) through a structured framework, hedging, and operational adjustments, with low sensitivity to interest rate fluctuations - The company faces credit risk (primarily from customer receivables), liquidity risk (shortage of funds), and market risk (exchange rate risk, interest rate risk, and other price risks)[582](index=582&type=chunk)[583](index=583&type=chunk)[584](index=584&type=chunk) - The company manages exchange rate risks by reasonably arranging foreign exchange settlement and purchase cycles, directly using export receipts to purchase raw materials, settling part of imported equipment in RMB, and using forward foreign exchange hedging[585](index=585&type=chunk) Sensitivity Analysis of Exchange Rate Fluctuations on Total Profit and Owners' Equity | Item | Exchange Rate Change | Impact on Total Profit (CNY) | Impact on Owners' Equity (CNY) | | :--- | :--- | :--- | :--- | | USD | Increase 5% | 12,237,330.65 | 10,401,731.05 | | USD | Decrease 5% | -12,237,330.65 | -10,401,731.05 | | EUR | Increase 3% | 825,473.65 | 701,652.60 | | EUR | Decrease 3% | -825,473.65 | -701,652.60 | | JPY | Increase 10% | -168,201.60 | -142,971.36 | | JPY | Decrease 10% | 168,201.60 | 142,971.36 | - The company is not highly sensitive to interest rate fluctuations and does not have significant interest rate risk[586](index=586&type=chunk) [13. Disclosure of Fair Value](index=149&type=section&id=13.%20Disclosure%20of%20Fair%20Value) At period-end, total assets measured at fair value were **CNY 867,844,049.13**, primarily non-current financial assets and financing receivables, valued using Level 3 fair value methods Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Equity Instrument Investments | 809,500,000.00 | 809,500,000.00 | | Financing Receivables | 58,344,049.13 | 58,344,049.13 | | Total Assets Continuously Measured at Fair Value | 867,844,049.13 | 867,844,049.13 | - Financial assets measured at fair value through profit or loss are investments in non-listed company equities, with valuation techniques including market comparison method and the net assets of the target company[592](index=592&type=chunk) - Financing receivables are bank acceptance bills with short remaining maturities, where the carrying amount approximates fair value, thus the carrying amount is used as fair value[592](index=592&type=chunk) [14. Related Parties and Related Party Transactions](index=150&type=section&id=14.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's related parties include entities under common control and those controlled by senior management's relatives, with daily transactions for services and product sales, but no other significant related party transactions - The parent company is Jiangsu Shuangxing Color Plastic New Materials Co., Ltd., with a registered capital of **CNY 1,147,428,712**, and a shareholding and voting rights proportion of **100.00%**[593](index=593&type=chunk) - Other related parties include Suqian Shuangxing International Hotel Co., Ltd. (under common control) and Jiangsu Jinghong New Material Technology Co., Ltd. (an entity controlled by close relatives of the company's senior management)[595](index=595&type=chunk) Related Party Transactions for Sales and Purchases of Goods, Provision and Acceptance of Services | Related Party | Content of Related Party Transaction | Amount for the Current Period (CNY) | Amount for the Prior Period (CNY) | | :--- | :--- | :--- | :--- | | Suqian Shuangxing International Hotel Co., Ltd. | Conference and Entertainment Fees | 1,304,511.35 | - | | Jiangsu Jinghong New Material Technology Co., Ltd. | Finished Products | 8,152,806.50 | 2,795,039.99 | - During the reporting period, the company had no related party entrusted management/contracting or entrusted management/subcontracting situations, related party leasing situations, related party guarantee situations, related party fund transfers, related party asset transfers, or debt restructuring situations[599](index=599&type=chunk)[600](index=600&type=chunk)[601](index=601&type=chunk)[603](index=603&type=chunk)[604](index=604&type=chunk)[606](index=606&type=chunk) [15. Share-Based Payment](index=155&type=section&id=15.%20Share-Based%20Payment) During the reporting period, the company had no overall share-based payment situations, equity-settled share-based payments, cash-settled share-based payments, current period share-based payment expenses, or modifications/terminations of share-based payments - The company had no overall share-based payment situations during the reporting period[613](index=613&type=chunk) - The company had no equity-settled share-based payment situations during the reporting period[613](index=613&type=chunk) - The company had no cash-settled share-based payment situations during the reporting period[613](index=613&type=chunk) - The company had no current period share-based payment expenses during the reporting period[613](index=613&type=chunk) [16. Commitments and Contingencies](index=155&type=section&id=16.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had outstanding equipment letters of credit totaling **CNY 48.1369 million**, of which **CNY 5.0549 million** was deposited as margin, with the remaining portion secured by bank credit lines. Other than this, the company had no other significant commitments affecting the reading and understanding of the financial statements, nor any important contingencies requiring disclosure - As of June 30, 2025, the company had outstanding equipment letters of credit totaling **CNY 48.1369 million**, with **CNY 5.0549 million** deposited as margin, and the remaining portion secured by bank credit lines[615](index=615&type=chunk) - The company had no other significant commitments affecting the reading and understanding of these financial statements[614](index=614&type=chunk) - The company had no important contingencies requiring disclosure[616](index=616&type=chunk) [17. Events After the Balance Sheet Date](index=155&type=section&id=17.%20Events%20After%20the%20Balance%20Sheet%20Date) The company's board of directors resolved to change the purpose of the **6,106,100** repurchased shares in the special repurchase securities account to cancellation and reduction of the company's registered capital; this matter still requires approval by the shareholders' meeting. During the reporting period, there were no significant non-adjusting events, profit distribution situations, or sales returns - The company's board of directors resolved to change the purpose of the **6,106,100** repurchased shares in the special repurchase securities account from "for employee stock ownership plans or equity incentives" to "for cancellation and reduction of the company's registered capital"[617](index=617&type=chunk) - This share cancellation matter still requires approval by the company's shareholders' meeting[617](index=617&type=chunk) [18. Other Significant Matters](index=156&type=section&id=18.%20Other%20Significant%20Matters) During the reporting period, the company had no prior period accounting error corrections, debt restructuring, asset exchanges, annuity plans, discontinued operations, or segment information, or other significant transactions and matters affecting investor decisions - During the reporting period, the company had no prior period accounting error corrections[618](index=618&type=chunk) - During the reporting period, the company had no debt restructuring[621](index=621&type=chunk) - During the reporting period, the company had no asset exchanges[621](index=621&type=chunk) - During the reporting period, the company had no discontinued operations[623](index=623&type=chunk) - The company has no reportable segments, or cannot disclose total assets and total liabilities for each reportable segment[625](index=625&type=chunk) [19. Notes to Parent Company Financial Statement Main Items](index=157&type=section&id=19.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Main%20Items) This section provides detailed notes on the parent company's accounts receivable, other receivables, long-term equity investments, and operating results, offering specific data for its independent financial understanding Parent Company Accounts Receivable Aging Distribution | Aging | Period-End Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 820,591,055.10 | 821,964,001.55 | | 1 to 2 years | 19,267,125.74 | 13,441,115.79 | | 2 to 3 years | 659,157.36 | 13,013,739.53 | | Over 3 years | 138,930,603.12 | 140,222,198.02 | | Total | 979,447,941.32 | 988,641,054.89 | Parent Company Long-term Equity Investments | Item | Period-End Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Investments in Subsidiaries | 95,100,955.61 | 95,100,955.61 | | Total | 95,100,955.61 | 95,100,955.61 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 2,567,081,913.17 | 2,554,754,707.29 | 2,765,486,214.51 | 2,776,348,376.07 | | Other Business | 14,011,198.28 |

三羊马（重庆）物流股份有限公司 2025 年半年度报告全文 三羊马（重庆）物流股份有限公司 2025 年半年度报告 2025-065 2025 年 08 月 1 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、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人任敏、主管会计工作负责人祝竞鹏及会计机构负责人(会计主 管人员)罗纯敏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 三羊马（重庆）物流股份有限公司 2025 年半年度报告全文 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺。投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 公司未来发展将面临的主要困难和主要风险具体请见本报告"第三节 管 理层讨论与分析"之"十 公司面临的风险和应对措施"中的内容描述。敬请 广大投资者关注，并注意投资风险。 公司是否需要遵守特殊行业的披露要求：否。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 第一节 重要提示、目录和释义 三羊马（重庆）物流 ...