中国神华能源股份有限公司 2025 年半年度报告 公司代码：601088 公司简称：中国神华 中国神华能源股份有限公司 2025 年半年度报告 重要提示 1 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、本报告已经公司第六届董事会第十三次会议批准，会议应出席董事 7 人，亲自出席董事 5 人。非执行董事康凤伟、李新华因公请假，均委托执行董事张长岩代为出席会议并投票。 三、 本报告的中期财务报表未经审计。毕马威华振会计师事务所（特殊普通合伙）对本公司按 照中国企业会计准则编制的 2025 年中期财务报表出具了审阅报告。 四、本公司负责人张长岩、总会计师宋静刚及会计机构负责人余燕玲声明：保证本报告中财务 报告的真实、准确、完整。 五、董事会建议，以实施权益分派股权登记日登记的总股本为基数，派发 2025 年中期股息每股 人民币 0.98 元（含税），该利润分配方案尚待公司股东会批准。按本公司 2025 年 6 月 30 日总股本 19,868,519,955 股计算，共派发股息人民币 19,471 百万元。 六、 ...

盛和资源控股股份有限公司2025 年半年度报告 公司代码：600392 公司简称：盛和资源 盛和资源控股股份有限公司 2025 年半年度报告 1/202 盛和资源控股股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 三、 本半年度报告未经审计。 四、 公司负责人谢兵、主管会计工作负责人黄平及会计机构负责人（会计主管人员）李抗声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟向全体股东每股派发现金红利0.05元(含税)。截至2025年6月30日，公司总股本 1,752,826,570股，以此计算合计拟派发现金红利87,641,328.50元(含税)。本次中期现金分红比 例约为公司2025年半年度归属于上市公司股东净利润的23.25%。本预案尚需提交公司股东会审议 通过后方可实施。 六、 前瞻性陈述的风险声明 √适用 □不适用 二、 公司全体董事出席董事会会议。 本报告中所涉及的未来计划、发展战 ...

公司代码：688062 公司简称：迈威生物 迈威（上海）生物科技股份有限公司 2025 年半年度报告 1 / 264 迈威（上海）生物科技股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 迈威（上海）生物科技股份有限公司 2025 年半年度报告 公司已于 2025 年 1 月向国家药品监督管理局药品审评中心提交了 9MW0813 的药品上市许可 申请前（pre-NDA）沟通交流会议申请，即将正式提交上市许可申请（NDA）。如上述品种未能 公司已在本报告中详细阐述公司核心竞争力风险、经营风险及行业风险等因素，敬请查阅本 报告第三节"管理层讨论与分析"之"四、风险因素"。并提请投资者特别关注如下风险： (一) 尚未盈利的风险 公司作为一家创新型生物医药企业，随着新药研发管线持续推进，多个创新药物处于关键临 床试验研究阶段，整体研发投入仍维持在较高水平。截至本报告披露日，公司拥有 14 个处于临床 前、临床或上市阶段的重点品种，包括 ...

上海城地香江数据科技股份有限公司2025 年半年度报告 公司代码：603887 公司简称：城地香江 上海城地香江数据科技股份有限公司 2025 年半年度报告 1 / 182 上海城地香江数据科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张杨、主管会计工作负责人杨子江及会计机构负责人（会计主管人员）何伟博 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 ...

Part I [Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, while also highlighting key risks and dividend policy - 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[4](index=4&type=chunk) - Investors are advised to pay attention to risks such as exchange rate fluctuations, industry policies, raw material price volatility, and market competition[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the structured table of contents, including major chapters like important notes, company profile, management discussion and analysis, and other submitted data - The report includes Part I Important Notes, Table of Contents, and Definitions, Part II Company Profile and Key Financial Indicators, Part III Management Discussion and Analysis, and Part IX Other Submitted Data[7](index=7&type=chunk) [List of Documents for Inspection](index=4&type=section&id=List%20of%20Documents%20for%20Inspection) This section provides a list of the company's documents available for inspection during the reporting period, including financial statements and public disclosure files, specifying the location as the company's securities affairs department - Documents for inspection include financial statements bearing the signatures and seals of the company's legal representative, chief financial officer, and head of accounting department[9](index=9&type=chunk) - The list also includes originals and announcement drafts of all company documents publicly disclosed during the reporting period[10](index=10&type=chunk) - Documents for inspection are available at the company's Securities Affairs Department[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and abbreviations used throughout the report, ensuring clear and consistent understanding of the content - "Company", "the Company", "Parent Company", and "Xiaosong Shares" all refer to Guangdong Xiaosong Technology Co., Ltd[13](index=13&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) Part II [Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key accounting data and financial indicators for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) This section provides the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Xiaosong Shares | | Stock Code | 002723 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 广东小崧科技股份有限公司 | | Legal Representative | Lu Baoshan | [Contact Persons and Information](index=6&type=section&id=Contact%20Persons%20and%20Information) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liang Huiling | No. 21 Jintong Road, Tangxia Town, Pengjiang District, Jiangmen City, Guangdong Province | 0750-3167074 | 0750-3167075 | kn_anyby@kennede.com | | Securities Affairs Representative | Hu Xianwen | No. 21 Jintong Road, Tangxia Town, Pengjiang District, Jiangmen City, Guangdong Province | 0750-3167074 | 0750-3167075 | kn_anyby@kennede.com | [Other Information](index=6&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or document storage locations, with details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 29.04% year-on-year, net profit attributable to shareholders turned from profit to loss, declining by 984.31%, and net cash flow from operating activities also significantly decreased by 118.19%, indicating significant operational pressure Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 563,515,952.62 | 794,082,629.29 | -29.04% | | Net Profit Attributable to Listed Company Shareholders | -34,926,369.98 | 3,949,560.52 | -984.31% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -40,727,076.42 | 3,540,991.20 | -1,250.16% | | Net Cash Flow from Operating Activities | -28,941,703.04 | 159,134,394.69 | -118.19% | | Basic Earnings Per Share (yuan/share) | -0.1098 | 0.0124 | -985.48% | | Diluted Earnings Per Share (yuan/share) | -0.1098 | 0.0124 | -985.48% | | Weighted Average Return on Net Assets | -3.53% | 0.32% | -3.85% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End** | | Total Assets | 2,548,812,412.77 | 2,715,640,470.36 | -6.14% | | Net Assets Attributable to Listed Company Shareholders | 972,673,997.98 | 1,007,366,671.07 | -3.44% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **5.80 million yuan**, primarily from government subsidies, reversal of impairment provisions for receivables, and other non-operating income and expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -104,249.40 | | Government grants recognized in current profit or loss | 1,480,404.75 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 2,843,913.25 | | Other non-operating income and expenses apart from the above | 1,580,637.84 | | **Total** | **5,800,706.44** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) Part III [Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, financial condition, and future outlook, including key business segments, core competencies, and risk factors [Company's Main Businesses During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company's main businesses include home appliance manufacturing and engineering construction, both experiencing significant revenue and profit declines due to market competition and industry downturns, though heat pump products showed growth 2025 First Half Company Main Business Revenue and Year-on-Year Change | Business Segment | Revenue (ten thousand yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Total Operating Revenue | 56,351.60 | -29.04% | | Net Profit Attributable to Listed Company Shareholders | -3,492.64 | -984.31% | | Net Cash Flow from Operating Activities | -2,894.17 | -118.19% | | Home Appliance Business | 44,671.46 | -13.02% | | Engineering Construction Business | 11,680.13 | -58.36% | [Industry Overview of Main Businesses](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The home appliance sector saw slowed export growth, the e-cigarette industry faced export declines due to tariffs, the heat pump sector experienced rapid global growth, and the engineering construction industry suffered from a real estate downturn - In the first half of 2025, China's home appliance exports reached **352.46 billion yuan**, a year-on-year increase of **1.4%**, slowing compared to the previous year, with exports to North America decreasing while emerging markets like Latin America and ASEAN saw increases[28](index=28&type=chunk) - From January to June 2025, China's e-cigarette export value was approximately **4.727 billion US dollars**, a year-on-year decrease of **12.15%**, mainly due to US tariffs and compliance issues, while market shares in Southeast Asia and the Middle East increased[29](index=29&type=chunk) - The heat pump industry is gaining global attention in the green transition, with China's total heat pump output accounting for over **50%** globally, and policies promoting energy efficiency and wider application[30](index=30&type=chunk) - In the first half of 2025, the national construction industry's total output value was **13.6745 trillion yuan**, a year-on-year decrease of **1.13%**; new housing construction area decreased by **17.56%** year-on-year, indicating downward pressure on the industry[31](index=31&type=chunk) [Business Performance](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) In the first half of 2025, the company's total operating revenue decreased by 29.04%, net profit attributable to shareholders declined by 984.31%, and net cash flow from operating activities fell by 118.19%, with both home appliance and engineering construction segments experiencing revenue and gross margin reductions 2025 First Half Company Overall and Main Business Segment Financial Performance | Indicator | Amount (ten thousand yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Total Operating Revenue | 56,351.60 | -29.04% | | Net Profit Attributable to Listed Company Shareholders | -3,492.64 | -984.31% | | Net Cash Flow from Operating Activities | -2,894.17 | -118.19% | | Home Appliance Business Revenue | 44,671.46 | -13.02% | | Home Appliance Business Gross Margin Year-on-Year Decrease | - | 5.25% | | Engineering Construction Business Revenue | 11,680.13 | -58.36% | | Engineering Construction Business Gross Margin Year-on-Year Decrease | - | 16.33% | [Home Appliance Business](index=10&type=section&id=%E4%B8%80%E3%80%81%E5%AE%B6%E7%94%B5%E4%B8%9A%E5%8A%A1) The home appliance business revenue decreased by 13.02%, with declines in emergency lighting, fans, health appliances, and e-cigarettes due to market competition and regulatory pressures, while heat pump products grew by 29.68% through M&A, leveraging the company's full-chain manufacturing and global sales network 2025 First Half Home Appliance Business Product Line Revenue and Year-on-Year Change | Product Line | Revenue (ten thousand yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Rechargeable Emergency Lighting | 10,501.93 | -11.21% | | Rechargeable AC/DC Dual-Use Fans | 22,891.76 | -10.73% | | Health Home Appliance Business | 3,013.19 | -43.00% | | Heat Pump Product Business | 2,374.29 | 29.68% | | E-cigarette Business | 2,620.68 | -54.57% | - The company's home appliance business possesses full industry chain manufacturing capabilities, from design, circuit board, mold manufacturing, injection molding to assembly, all completed in-house[39](index=39&type=chunk)[40](index=40&type=chunk) - The company adopts a sales model combining "own brands" and "ODM", with products covering over **120** countries and regions worldwide[40](index=40&type=chunk) [Engineering Construction Business](index=12&type=section&id=%E4%BA%8C%E3%80%81%E5%B7%A5%E7%A8%8B%E6%96%BD%E5%B7%A5%E4%B8%9A%E5%8A%A1) The engineering construction business, primarily conducted by Guohai Construction, saw a 58.36% revenue decrease and continued profit decline due to the real estate downturn, leading to scaled-back operations and a focus on cash collection, while maintaining a robust quality management system 2025 First Half Engineering Construction Business Financial Performance | Indicator | Amount (ten thousand yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | 11,680.13 | -58.36% | | Gross Margin Year-on-Year Decrease | - | 16.33% | - The engineering construction business primarily adopts the general contracting model and PPP model[41](index=41&type=chunk) - As of the end of the reporting period, Guohai Construction's bank loan balance was **207 million yuan**, and non-bank loan balance was **230 million yuan**, totaling **437 million yuan**, with financing terms mainly within one year[41](index=41&type=chunk) - Guohai Construction has established a comprehensive quality management system to ensure safe production, with no major safety accidents occurring during the reporting period[42](index=42&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include its integrated full-industry chain advantage, leading R&D technology, stable global marketing channels, and efficient information management and talent development strategies - The company possesses a full industry chain advantage integrating R&D, production, and sales, including product design, mold injection, circuit board design, and production, achieving cost control and improved production efficiency[44](index=44&type=chunk)[45](index=45&type=chunk) - The company owns engineering technology research and development centers in Jiangmen City and Guangdong Province, is recognized as a National High-Tech Enterprise, and as of the end of the reporting period, holds **640** valid patents, including **59** invention patents[46](index=46&type=chunk) - The company has established a global marketing network covering over **120** countries and regions, with extensive experience in "Belt and Road" countries and active expansion into European, American, and domestic leading channels[47](index=47&type=chunk) - The company has built digital platforms such as a customer-centric CRM marketing management system and a PLM R&D management system, and emphasizes the cultivation of excellent management teams and high-end talents[48](index=48&type=chunk) [Analysis of Main Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue decreased by 29.04% year-on-year, driven by reduced revenue in both home appliance and engineering construction segments, with home appliance revenue declining by 13.02% and engineering construction by 58.36%, while sales and financial expenses significantly decreased Key Financial Data Year-on-Year Changes | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 563,515,952.62 | 794,082,629.29 | -29.04% | - | | Operating Cost | 506,106,115.55 | 651,405,764.73 | -22.31% | - | | Selling Expenses | 13,904,675.48 | 32,816,597.50 | -57.63% | Reduced product promotion expenses and fewer sales personnel | | Financial Expenses | 15,514,970.74 | 29,203,800.01 | -46.87% | Poyang project PPP calculation did not achieve financing income | | Net Cash Flow from Operating Activities | -28,941,703.04 | 159,134,394.69 | -118.19% | Decreased collections, increased payment for goods | | Net Cash Flow from Investing Activities | 13,929,406.67 | -40,559,658.49 | 134.34% | Recovery of prior investment funds and reduced investment | | Net Cash Flow from Financing Activities | -48,334,024.40 | -102,822,542.17 | 52.99% | Reduced repayment of maturing loans compared to prior period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Home Appliance Business | 446,714,613.25 | 79.27% | 513,600,059.40 | 64.68% | -13.02% | | | Engineering Construction Business | 116,801,339.37 | 20.73% | 280,482,569.89 | 35.32% | -58.36% | | **By Product** | Rechargeable Emergency Lighting | 105,019,273.96 | 18.64% | 118,283,827.40 | 14.90% | -11.21% | | | Rechargeable AC/DC Dual-Use Fans | 228,917,593.34 | 40.62% | 256,441,996.07 | 32.29% | -10.73% | | | Health Home Appliance Products | 30,131,899.52 | 5.35% | 52,865,530.18 | 6.66% | -43.00% | | | E-cigarettes | 26,206,788.99 | 4.65% | 57,688,067.14 | 7.26% | -54.57% | | | Heat Pumps | 23,742,913.40 | 4.21% | 18,308,667.68 | 2.31% | 29.68% | | **By Region** | Overseas - Home Appliance Business | 308,955,089.06 | 54.83% | 405,699,413.52 | 51.09% | -23.85% | | | Domestic - Home Appliance Business | 137,759,524.19 | 24.45% | 107,900,645.88 | 13.59% | 27.67% | | | Domestic - Engineering Construction Business | 116,801,339.37 | 20.73% | 280,482,569.89 | 35.32% | -58.36% | Industries, Products, or Regions Accounting for Over 10% of Operating Revenue or Operating Profit | Category | Item | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Home Appliance Business | 446,714,613.25 | 392,424,679.33 | 12.15% | -13.02% | -7.49% | -5.25% | | | Engineering Construction Business | 116,801,339.37 | 113,681,436.21 | 2.67% | -58.36% | -49.96% | -16.33% | | **By Product** | Rechargeable Emergency Lighting | 105,019,273.96 | 94,247,968.39 | 10.26% | -11.21% | -3.22% | -7.41% | | | Rechargeable AC/DC Dual-Use Fans | 228,917,593.34 | 195,302,826.26 | 14.68% | -10.73% | -6.28% | -4.06% | | | Construction Business | 115,340,465.92 | 111,807,525.87 | 3.06% | -58.65% | -50.32% | -16.25% | | **By Region** | Overseas - Home Appliance | 308,955,089.06 | 269,412,254.30 | 12.80% | -23.85% | -17.27% | -6.93% | | | Domestic - Home Appliance | 137,759,524.19 | 123,012,425.03 | 10.70% | 27.67% | 24.80% | 2.05% | | | Domestic - Engineering Construction Business | 116,801,339.37 | 113,681,436.21 | 2.67% | -58.36% | -49.96% | -16.33% | [Analysis of Non-Main Businesses](index=15&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-main businesses had a minor impact on total profit, with negative investment income, reduced asset and credit impairment losses, and non-recurring operating and government subsidies Non-Main Business Items and Proportion of Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -500,530.55 | 1.57% | Investment losses recognized under equity method for associates | Yes | | Asset Impairment | 13,193.15 | -0.04% | Decrease in contract assets, corresponding reduction in impairment losses | Yes | | Non-Operating Income | 2,035,051.33 | -6.37% | - | No | | Non-Operating Expenses | 454,413.49 | -1.42% | - | No | | Other Income | 1,521,212.18 | -4.76% | Government grants related to income received | No | | Credit Impairment Losses | 959,780.20 | -3.01% | Reversal of bad debt provisions for receivables | Yes | | Gains/Losses from Asset Disposal | -104,249.40 | 0.33% | Losses from disposal of idle equipment | No | [Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, both total assets and net assets attributable to shareholders decreased, with reductions in monetary funds, accounts receivable, and other payables, while short-term and long-term borrowings increased, and a significant portion of assets totaling **741.64 million yuan** remained restricted Significant Changes in Asset Composition | Item | Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 87,725,225.21 | 3.44% | 161,023,806.99 | 5.93% | -2.49% | Increased payment for goods | | Accounts Receivable | 491,608,466.17 | 19.29% | 549,846,733.58 | 20.25% | -0.96% | Intensified collection of payments | | Long-Term Equity Investments | 45,951,771.32 | 1.80% | 53,110,720.37 | 1.96% | -0.16% | Fund investment project exit and repayment | | Short-Term Borrowings | 339,280,989.38 | 13.31% | 296,310,000.81 | 10.91% | 2.40% | Increased short-term bank loans | | Other Receivables | 73,407,460.81 | 2.88% | 98,987,540.50 | 3.65% | -0.77% | Recovery of Ganghua Bio equity exit funds | | Accounts Payable | 558,575,026.33 | 21.92% | 646,908,228.24 | 23.82% | -1.90% | Increased payment for goods | | Other Payables | 74,439,339.60 | 2.92% | 148,815,117.81 | 5.48% | -2.56% | Repayment of some intercompany balances | Asset Rights Restricted as of the End of the Reporting Period | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 47,562,679.85 | Acceptance deposit/frozen funds | | Fixed Assets | 313,547,981.48 | Mortgage | | Intangible Assets | 43,534,479.36 | Mortgage | | Accounts Receivable/Contract Assets | 336,996,472.83 | Pledge | | **Total** | **741,641,613.52** | - | [Analysis of Investment Status](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment was **24.69 million yuan**, a **48.37%** year-on-year decrease, with no significant equity, non-equity, securities, or derivative investments, and no use of raised funds Reporting Period Investment Amount and Change | Indicator | Amount (yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Reporting Period Investment Amount | 24,688,400.00 | -48.37% | | Prior Year Period Investment Amount | 47,822,050.00 | - | - The company had no securities investments or derivative investments during the reporting period[64](index=64&type=chunk)[65](index=65&type=chunk) [Significant Asset and Equity Sales](index=18&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not undertake any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[67](index=67&type=chunk) - The company did not sell significant equity during the reporting period[68](index=68&type=chunk) [Analysis of Major Holding and Participating Companies](index=18&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries like Kenlede Intelligent and Guohai Construction reported operating and net losses, while the company established two new subsidiaries and deregistered one during the period Major Subsidiaries and Associates with Over 10% Impact on Company 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kenlede Intelligent | Subsidiary | R&D, production, processing, sales of electrical products | 300,000,000 | 1,630,345,626.84 | 914,375,622.46 | 429,422,934.09 | -15,113,401.91 | -15,414,792.90 | | Guohai Construction | Subsidiary | Engineering construction | 260,000,000 | 1,038,922,791.11 | 292,000,908.26 | 116,801,339.37 | -21,001,113.81 | -20,425,213.70 | | Ganpo High-Speed Rail Project Company | Subsidiary | Engineering project management | 10,000,000 | 269,482,759.68 | 93,027,860.54 | 0.00 | 4,888,481.94 | 4,888,481.94 | | Qikang Trading | Subsidiary | Sales of health products | 10,000,000 | 28,932,116.83 | -2,070,665.21 | 6,951,837.89 | 3,103,296.62 | 3,246,360.84 | - During the reporting period, the company invested in and established Guangdong Ruichuang Modian Technology Co., Ltd. and Guangdong Borui Technology Co., Ltd., and deregistered Anhui Xiaosong Aviation Technology Co., Ltd., which was not actually operating[69](index=69&type=chunk) [Structured Entities Controlled by the Company](index=18&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[70](index=70&type=chunk) [Risks Faced by the Company and Countermeasures](index=19&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from market competition, industry policies, exchange rate fluctuations, raw material price volatility, rising labor costs, and asset impairment, which it addresses through innovation, policy monitoring, financial tools, supply chain optimization, automation, and risk management - The company faces market competition risks from unfair competition in the home appliance industry and stricter regulations in the e-cigarette industry, requiring enhanced brand effect and expanded sales channels[71](index=71&type=chunk) - The e-cigarette business is affected by policy changes in various countries, and the engineering construction business is influenced by macroeconomic conditions and fixed asset investment, necessitating close monitoring of policies and strategic adjustments[71](index=71&type=chunk)[72](index=72&type=chunk) - The company's export business primarily uses USD for settlement, exposing it to exchange rate fluctuation risks, which will be mitigated by increasing collection efforts, utilizing forward foreign exchange contracts, and other financial tools[72](index=72&type=chunk) - Raw material price fluctuations impact cost control, and the company will respond through strategic inventory management, supply chain management, and adjusting procurement rhythms[72](index=72&type=chunk) - To counter rising labor costs, the company will increase investment in technology, product design innovation, refined production management, and automation projects[73](index=73&type=chunk) - The company has a significant amount of accounts receivable, posing credit impairment risk; the acquisition of heat pump business target Puxi Electric resulted in goodwill, carrying goodwill impairment risk, requiring strengthened internal control and operational cooperation[73](index=73&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose any market value management system or valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[74](index=74&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[75](index=75&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=20&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose any "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[75](index=75&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=21&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Liu Hui was appointed as Deputy General Manager due to a work transfer, marking a change in the company's senior management - Liu Hui was appointed as the company's Deputy General Manager on March 28, 2025, due to a work transfer[77](index=77&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=21&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[78](index=78&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company approved its 2025 Restricted Stock Incentive Plan during the reporting period, granting **14.343 million** restricted shares to 82 grantees at **3.69 yuan/share** on August 12, 2025, with no other employee incentive measures - The company reviewed and approved the "2025 Restricted Stock Incentive Plan (Draft)" and its summary on May 21, 2025[79](index=79&type=chunk) - On August 12, 2025, the company granted **14.343 million** restricted shares to **82** initial grantees at a grant price of **3.69 yuan/share**, with a listing date of August 13, 2025[81](index=81&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[82](index=82&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[82](index=82&type=chunk) [Social Responsibility](index=22&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by safeguarding shareholder, creditor, and employee rights, providing development opportunities, and maintaining a robust safety production management system with no major accidents - The company ensures shareholders' right to participate and vote through online voting and adheres to the principles of truthful, accurate, timely, complete, and fair information disclosure[82](index=82&type=chunk) - The company legally signs labor contracts with employees, purchases insurance, provides equal development opportunities and vocational training, and cares for employees' health and well-being[83](index=83&type=chunk) - The company has established a safety production management system including target management, implementation, education and training, monitoring and inspection, assessment and evaluation, and emergency accident handling, with no major safety production accidents during the reporting period[83](index=83&type=chunk) Part V [Significant Matters](index=23&type=section&id=Part%20V%20Significant%20Matters) This section covers significant events, including commitments, related party transactions, litigation, and the integrity status of the company and its controlling shareholders [Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9B%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company reported no commitments that were fulfilled or overdue by its controlling shareholder, shareholders, related parties, acquirers, or the company itself during or as of the end of the reporting period - The company reported no commitments that were fulfilled or overdue by its controlling shareholder, shareholders, related parties, acquirers, or the company itself during or as of the end of the reporting period[85](index=85&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=23&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period[86](index=86&type=chunk) [Irregular External Guarantees](index=23&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[87](index=87&type=chunk) [Appointment and Dismissal of Accounting Firms](index=23&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was unaudited[88](index=88&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for This Reporting Period](index=23&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[89](index=89&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=23&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not provide an explanation regarding a non-standard audit report for the previous year during the reporting period - The company did not provide an explanation regarding a non-standard audit report for the previous year during the reporting period[89](index=89&type=chunk) [Bankruptcy Reorganization Matters](index=23&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[89](index=89&type=chunk) [Litigation Matters](index=23&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in multiple litigation and arbitration cases, including construction contract disputes where subsidiary Guohai Construction is both plaintiff and defendant, with some cases settled and others ongoing Major Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (ten thousand yuan) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Plaintiff Guohai Construction v. Defendant Wuhan Kaixing Real Estate Co., Ltd. construction subcontract dispute | 1,817.99 | No | Received "Civil Mediation Document", case settled by mediation | A total of **18.34 million yuan** was recovered | Fully enforced, case closed | | Plaintiff Guohai Construction v. Defendant Nanchang Hongchen Real Estate Development Co., Ltd. construction contract dispute | 4,433.67 | No | Accepted, not yet heard | Not applicable | Not applicable | | Plaintiff Guohai Construction v. Defendant Jiangxi Haiping Industrial Park Development Co., Ltd. et al. construction contract dispute | 1,569.62 | No | Received "Civil Mediation Document", case settled by mediation | Defendant confirmed owing Guohai Construction a total of **10.80 million yuan** in project funds and **4.90 million yuan** in losses, to be paid in two installments | Enforced according to "Civil Mediation Document" | Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (ten thousand yuan) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Plaintiff Nanchang Hongchen Real Estate Development Co., Ltd. v. Defendant Guohai Construction construction contract dispute | 6,277.56 | No | Heard, awaiting judgment | Not applicable | Not applicable | | Plaintiff Jiangxi Shenhong New Material Co., Ltd. v. Defendant Guohai Construction construction contract dispute | 1,161.68 | No | Settled by mediation | No significant impact | Enforced according to "Civil Mediation Document" | | Cases with amounts below **10 million yuan** that are closed (total **76** cases) | 6,246.07 | No | Judgment/mediation document issued | No significant impact | Judgments with legal effect are enforced according to the judgment document | | Cases with amounts below **10 million yuan** that are not closed (total **19** cases) | 2,840.7 | No | Awaiting hearing/mediation | Not applicable | Not applicable | [Penalties and Rectification](index=25&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[93](index=93&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company's controlling shareholder, Huaxin Chuangli, holds **9.25%** of shares, with **10.35%** frozen and **96.90%** pledged, while the actual controller, Cai Xiaoru, is listed as a dishonest judgment debtor for a **15.22 million yuan** contract dispute - The company's controlling shareholder, Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd., holds **30,737,862** shares, accounting for **9.25%** of the company's total share capital[94](index=94&type=chunk) - Huaxin Chuangli's cumulative judicially frozen shares amount to **3,180,000** shares, representing **0.96%** of the company's total share capital and **10.35%** of its total shares held[94](index=94&type=chunk) - Huaxin Chuangli's cumulative pledged shares amount to **29,784,862** shares, representing **8.96%** of the company's total share capital and **96.90%** of its total shares held[94](index=94&type=chunk) - The actual controller, Cai Xiaoru, has been listed as a dishonest judgment debtor due to a contract dispute with Guangdong Guangxin Junda (Zhongshan) Law Firm, involving an amount of **15.22 million yuan**[94](index=94&type=chunk) [Significant Related Party Transactions](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in routine related party transactions, including sales and purchases with Jiangxi Yuming Smart Optoelectronics and production/leasing services with Guangdong Xiaosong New Energy Technology, all within approved annual limits and at fair market prices Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Transaction Content | Amount Incurred in Current Period (yuan) | Approved Transaction Limit (yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Yuming Smart Optoelectronics Co., Ltd. | Purchase of home appliances, raw materials | 4,050,597.37 | 200,000,000.00 | No | | Guangdong Xiaosong New Energy Technology Co., Ltd. | Purchase of home appliances, raw materials | 9,149,438.65 | 16,000,000.00 | No | | Jiangxi Yuming Smart Optoelectronics Co., Ltd. | Sale of home appliances, raw materials | 2,192,652.34 | - | - | | Guangdong Xiaosong New Energy Technology Co., Ltd. | Utilities, management services | 585,633.43 | - | - | Related Party Leasing (Company as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (yuan) | | :--- | :--- | :--- | | Guangdong Xiaosong New Energy Technology Co., Ltd. | Factory building | 836,697.24 | - The company had no related party transactions involving asset or equity acquisition/disposal, no joint external investment related party transactions, no related party creditor-debtor relationships, and no dealings with affiliated financial companies during the reporting period[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) [Significant Contracts and Their Performance](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company and its subsidiaries incurred **0.99 million yuan** in property and factory lease expenses and generated **3.57 million yuan** in rental income. The company provided several joint liability guarantees for subsidiaries, with an outstanding balance of **835.60 million yuan**, representing **85.91%** of net assets, including **72 million yuan** for entities with a debt-to-asset ratio exceeding 70% - During the reporting period, the company and its subsidiaries incurred a total of **0.9937 million yuan** in property and factory lease expenses and generated a total of **3.5735 million yuan** in property rental income and construction equipment lease income[107](index=107&type=chunk) Company Guarantees for Subsidiaries (Partial) | Guarantor Name | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Kenlede Intelligent | 30,000 | 4,500 | Joint and several liability guarantee | Three years after the expiration of the debt performance period | No | | Guohai Construction | 80,000 | 3,000 | Joint and several liability guarantee | Three years after the expiration of the debt performance period | Yes | | Jiangxi Xiaosong | 2,000 | 1,500 | Joint and several liability guarantee | Three years after the expiration of the debt performance period | Yes | - As of the end of the reporting period, the total actual guarantee balance was **835.60 million yuan**, accounting for **85.91%** of the company's net assets[112](index=112&type=chunk)[113](index=113&type=chunk) - The debt guarantee balance provided for guaranteed entities with a debt-to-asset ratio exceeding **70%** was **72 million yuan**[113](index=113&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[113](index=113&type=chunk)[114](index=114&type=chunk) [Explanation of Other Significant Matters](index=32&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[115](index=115&type=chunk) [Significant Matters of Company Subsidiaries](index=32&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[116](index=116&type=chunk) Part VI [Share Changes and Shareholder Information](index=33&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, shareholder structure, and the holdings of directors, supervisors, and senior management, as well as any changes in controlling shareholders or actual controllers [Share Change Status](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's restricted shares decreased by **300**, unrestricted shares increased by **300**, and total share capital remained unchanged, primarily due to recalculations based on year-end holdings of directors, supervisors, and senior management Share Change Status | Item | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 893,493 | 0.28% | -300 | 893,193 | 0.28% | | III. Total Shares | 318,006,876 | 100.00% | 0 | 318,006,876 | 100.00% | - The share changes were primarily due to the recalculation of transferable shares based on the total number of shares held by the company's directors, supervisors, and senior management at the end of the previous year[120](index=120&type=chunk) [Securities Issuance and Listing](index=34&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[122](index=122&type=chunk) [Number of Shareholders and Shareholding Status](index=34&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **16,184** common shareholders. Controlling shareholder Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. held **9.67%** of shares, mostly pledged and frozen. The top ten shareholders include Jiang Xiaorong and her concerted parties, who collectively hold **20.97%** but have waived voting rights - As of the end of the reporting period, the total number of common shareholders was **16,184**[123](index=123&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Pledge, Mark, or Freeze Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 9.67% | 30,737,862 | Pledged | 29,784,862 | | | | | | Frozen | 3,180,000 | | Tian Tian | Domestic Natural Person | 5.00% | 15,909,957 | Not applicable | 0 | | Tian Ye Yang Guang | Domestic Natural Person | 5.00% | 15,909,957 | Not applicable | 0 | | Tian Yi Le | Overseas Natural Person | 5.00% | 15,909,957 | Not applicable | 0 | - Jiang Xiaorong, Tian Tian, Tian Ye Yang Guang, and Tian Yi Le are close relatives; Jiang Xiaorong is the controlling shareholder and actual controller of Xiangrikui Investment, and Jiang Xiaorong and her concerted parties collectively hold **20.97%** of the company's equity[123](index=123&type=chunk) - Jiang Xiaorong and her controlled entity, Xiangrikui Investment, have made a permanent, unconditional, and irrevocable commitment to waive their right to exercise any voting rights or nominate director candidates for the company[123](index=123&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[125](index=125&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[126](index=126&type=chunk) - The company's actual controller remained unchanged during the reporting period[126](index=126&type=chunk) Part VII [Bond-Related Information](index=38&type=section&id=Part%20VII%20Bond-Related%20Information) This section provides information regarding the company's bond-related activities [Bond-Related Information](index=38&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[129](index=129&type=chunk) Part VIII [Financial Report](index=39&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and financial items [Audit Report](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was unaudited[131](index=131&type=chunk) [Financial Statements](index=39&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the financial position, operating results, and cash flows - Financial statements include the 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[132](index=132&type=chunk) [Company Basic Information](index=56&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Established in 2007 and listed in 2014, the company has a registered capital of **318.006876 million yuan**, headquartered in Jiangmen, Guangdong, primarily engaged in home appliance manufacturing and engineering construction, with **20** subsidiaries consolidated in the reporting period - Guangdong Xiaosong Technology Co., Ltd. was established in November 2007 and listed on the Shenzhen Stock Exchange on January 29, 2014[160](index=160&type=chunk) - As of June 30, 2025, the company's total issued share capital was **318.006876 million** shares, and its registered capital was **318.006876 million yuan**[160](index=160&type=chunk) - The company's current main businesses are home appliance manufacturing and engineering construction, with main products including emergency appliances, health and environmental appliances, other household appliances, e-cigarettes, and engineering construction[161](index=161&type=chunk) - The company consolidated **20** subsidiaries (including sub-subsidiaries) in its 2025 financial statements[163](index=163&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 29, 2025[162](index=162&type=chunk) [Basis of Financial Statement Preparation](index=56&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC regulations, using the accrual basis and historical cost measurement, and confirming its ability to continue as a going concern for at least 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" (Revised 2023) issued by the China Securities Regulatory Commission[164](index=164&type=chunk) - The company's accounting is based on the accrual basis, and except for certain financial instruments and investment properties, these financial statements are measured at historical cost[164](index=164&type=chunk) - The company has the ability to continue as a going concern for at least **12** months from the end of the reporting period[165](index=165&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates, including enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, financial instrument classification and impairment, revenue recognition, contract costs, government grants, deferred income tax, and leases - 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, and cash flows[167](index=167&type=chunk) - The company classifies financial assets as those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[188](index=188&type=chunk) - The company makes impairment provisions for notes receivable, accounts receivable, other receivables, contract assets, etc., based on expected credit losses[196](index=196&type=chunk) - The company recognizes revenue when the customer obtains control of the related goods and recognizes revenue based on the progress or point in time of performance[255](index=255&type=chunk)[256](index=256&type=chunk)[257](index=257&type=chunk) - The company depreciates and amortizes investment properties, fixed assets, right-of-use assets, and intangible assets using the straight-line method over their useful lives[278](index=278&type=chunk) [Taxation](index=81&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, consumption tax, urban maintenance and construction tax, and corporate income tax, with varying rates based on business nature and region, and some subsidiaries benefiting from high-tech enterprise or small-profit enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Exemption, offset, and refund policy | 6%, 9%, 13% | | Consumption Tax | Exemption, offset, and refund policy | 36% | | Urban Maintenance and Construction Tax | Calculated based on current period's payable turnover tax | 5%, 7% | | Corporate Income Tax | Calculated based on current period's taxable income | 8.25%, 15%, 16.5%, 20%, 25% | - Guangdong Kenlede Intelligent Technology Co., Ltd. and Jiangmen Puxi Intelligent Appliance Co., Ltd. are recognized as high-tech enterprises and enjoy a **15%** corporate income tax preferential rate[282](index=282&type=chunk) - Kenlede International Co., Ltd. and Xiaosong International Co., Ltd. can apply a two-tiered tax rate, with taxable income not exceeding **2 million Hong Kong dollars** taxed at **8.25%**, and the excess taxed at **16.5%**[283](index=283&type=chunk) - Some subsidiaries, under the small-profit enterprise policy, have the portion of annual taxable income not exceeding **3 million yuan** reduced by **25%** into taxable income, and pay corporate income tax at a **20%** rate[283](index=283&type=chunk) [Notes to Consolidated Financial Statement Items](index=82&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the consolidated financial statement items, including period-end and period-beginning balances and changes for monetary funds, accounts receivable, inventories, fixed assets, short-term borrowings, accounts payable, operating revenue, and operating costs Monetary Funds Composition | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 56,179.04 | 116,988.04 | | Bank Deposits | 44,984,936.83 | 109,345,164.43 | | Other Monetary Funds | 42,684,109.34 | 51,561,654.52 | | **Total** | **87,725,225.21** | **161,023,806.99** | | Of which: Funds deposited overseas | 1,846,371.02 | 2,677,168.84 | - The book balance of accounts receivable at period-end was **547,760,394.42 yuan**, with **71.19%** being within 1 year (inclusive)[291](index=291&type=chunk) - The book value of inventory at period-end was **208,831,959.91 yuan**, primarily comprising raw materials, work-in-progress, finished goods, and goods in transit[326](index=326&type=chunk) - The total book value of assets whose ownership or right of use was restricted at period-end was **741,641,613.52 yuan**, mainly consisting of monetary funds, fixed assets, intangible assets, and accounts receivable/contract assets[372](index=372&type=chunk) - Current period operating revenue was **563,515,952.62 yuan**, operating cost was **506,106,115.55 yuan**, with main business revenue accounting for **94%**[417](index=417&type=chunk) [R&D Expenses](index=116&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's expensed R&D expenditure was **17.75 million yuan**, showing a slight decrease year-on-year R&D Expenditure Status | Item | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Expensed R&D Expenditure | 17,754,125.07 | 19,904,960.61 | | **Total** | **17,754,125.07** | **19,904,960.61** | [Changes in Consolidation Scope](index=116&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company disposed of Anhui Xiaosong Aviation Technology Co., Ltd. and established Guangdong Borui Technology Co., Ltd. and Guangdong Ruichuang Modian Technology Co., Ltd., resulting in changes to the consolidation scope - The company disposed of Anhui Xiaosong Aviation Technology Co., Ltd., which has been deregistered[461](index=461&type=chunk) - The company established Guangdong Borui Technology Co., Ltd. and Guangdong Ruichuang Modian Technology Co., Ltd., with a **100%** shareholding in both[462](index=462&type=chunk) [Interests in Other Entities](index=117&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in **20** subsidiaries, including Poyang County Ganpo High-Speed Rail Project Management Co., Ltd. as a significant non-wholly owned subsidiary with a **50%** minority interest, and equity interests in associates like Huzhou Jinqian Equity Investment Partnership and Guangdong Xiaosong New Energy Technology Co., Ltd - The company owns **20** subsidiaries, including Guangdong Kenlede Intelligent Technology Co., Ltd. and Guohai Construction Co., Ltd[163](index=163&type=chunk)[464](index=464&type=chunk)[465](index=465&type=chunk) Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Period-End Minority Interest Balance (yuan) | | :--- | :--- | :--- | :--- | | Poyang County Ganpo High-Speed Rail Project Management Co., Ltd. | 50.00% | 2,172,441.37 | 45,617,460.30 | - The company holds **48.00%** equity in Huzhou Jinqian Equity Investment Partnership (Limited Partnership) and **40.00%** equity in Guangdong Xiaosong New Energy Technology Co., Ltd., both accounted for using the equity method[472](index=472&type=chunk)[473](index=473&type=chunk) [Government Grants](index=121&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, government grants recognized in profit or loss amounted to **1.48 million yuan**, primarily through the othe

上海宏英智能科技股份有限公司 2025 年半年度报告全文 上海宏英智能科技股份有限公司 2025 年半年度报告 2025-055 2025 年 8 月 1 上海宏英智能科技股份有限公司 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。 公司负责人张化宏、主管会计工作负责人高蕊及会计机构负责人(会计主 管人员)陈秀明声明：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。 本半年度报告涉及发展计划等前瞻性陈述，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。敬请广大投资者注意投资风险。 本公司请投资者认真阅读本半年度报告全文，公司已在本报告"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"中描述了可能面 对的风险因素及应对措施，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 ...

圣湘生物科技股份有限公司2025 年半年度报告 公司代码：688289 公司简称：圣湘生物 圣湘生物科技股份有限公司 2025 年半年度报告 1 / 222 圣湘生物科技股份有限公司2025 年半年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、重大风险提示 为持续践行"以投资者为本"的发展理念，与投资者共享经营发展成果，公司拟定 2025 年半 年度利润分配方案如下： 公司拟以实施权益分派的股权登记日登记的公司总股本扣减公司回购专用证券账户中股份为 基数，向全体股东每 10 股派发现金红利 2.62 元（含税），不进行资本公积转增股本，不送红股。 截至本次董事会召开之日，公司总股本为 579,388,006 股，扣除回购专用证券账户中股份数 5,209,401 股，以此计算合计拟派发现金红利 150,434,794.51 元（含税）。 七、是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、前瞻性陈述的风险声明 √适用 □不适用 公司已在本报告中详细阐述公司在经营过程中可能面临的 ...

[Important Notice](index=2&type=section&id=重要提示) Board and management affirm report integrity, caution on forward-looking statement risks; report is unaudited, no illegal financial activities - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, ensuring no false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - Forward-looking statements regarding development strategies and operating plans are subject to various factors, including market condition changes, and do not constitute a substantial commitment to investors, who are advised to be aware of investment risks[6](index=6&type=chunk) [Section I Definitions](index=4&type=section&id=第一节%20释义) This section defines key terms and abbreviations for the company, its subsidiaries, and related parties, ensuring report clarity - This section provides definitions for common terms used in the report, including the company itself, major subsidiaries (e.g., Bengbu Zhongheng, Triumph Application Materials, Shenzhen Guoxian), and related parties (e.g., China Academy of Building Materials Science, Triumph Science & Technology Group, China National Building Material Group)[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) Company profile and H1 2025 key financial indicators show revenue and net profit growth, with significant improvement in operating cash flow [Company Information](index=4&type=section&id=一、%20公司信息) Triumph Science & Technology Co., Ltd., abbreviated as Triumph Science & Technology, has Xia Ning as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 凯盛科技股份有限公司 | | Chinese Abbreviation | 凯盛科技 | | English Name | TRIUMPH SCIENCE&TECHNOLOGY CO.,LTD | | English Abbreviation | TSTC | | Legal Representative | Xia Ning | [Contact Person and Contact Information](index=4&type=section&id=二、%20联系人和联系方式) Board Secretary Chen Xing and Securities Affairs Representative Niu Jingya are located at 8009 Huangshan Avenue, Bengbu City, Anhui Province Contact Persons and Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Chen Xing | 8009 Huangshan Avenue, Bengbu City, Anhui Province | 0552-4968015 | 0552-4077780 | chx12345@sina.com | | Securities Affairs Representative | Niu Jingya | 8009 Huangshan Avenue, Bengbu City, Anhui Province | 0552-4968015 | 0552-4077780 | niujingya@ctiec.net | [Brief Introduction to Changes in Basic Information](index=5&type=section&id=三、%20基本情况变更简介) Company's registered and office addresses are 8009 Huangshan Avenue, Bengbu, Anhui; disclosures are made through major securities newspapers and the SSE website - The company's registered address and office address are both 8009 Huangshan Avenue, Bengbu City, Anhui Province, postal code 233010[16](index=16&type=chunk) - The company's designated information disclosure newspapers are 'Shanghai Securities News', 'Securities Daily', 'China Securities Journal', and 'Securities Times', with the semi-annual report available on http://www.sse.com.cn[17](index=17&type=chunk) [Company Stock Overview](index=5&type=section&id=四、%20公司股票简况) Company A-shares are listed on the Shanghai Stock Exchange as Triumph Science & Technology (600552), formerly Fangxing Technology Company Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 凯盛科技 | 600552 | 方兴科技 | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=六、%20公司主要会计数据和财务指标) H1 2025 saw significant growth in operating revenue and net profit, with substantial improvement in operating cash flow, reflecting positive financial performance Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,764,548,816.91 | 2,217,013,056.51 | 24.70 | | Total Profit | 81,601,252.91 | 80,808,262.24 | 0.98 | | Net Profit Attributable to Listed Company Shareholders | 51,507,360.03 | 41,637,948.36 | 23.70 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 28,842,705.43 | -29,970,319.99 | Not Applicable | | Net Cash Flow from Operating Activities | 258,475,743.58 | 28,637,360.43 | 802.58 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 4,173,928,903.03 | 4,169,651,887.70 | 0.10 | | Total Assets (Period-End) | 11,984,440,416.82 | 11,268,994,422.83 | 6.35 | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.0545 | 0.0441 | 23.58 | | Diluted Earnings Per Share (CNY/share) | 0.0545 | 0.0441 | 23.58 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (CNY/share) | 0.0305 | -0.0317 | Not Applicable | | Weighted Average Return on Net Assets (%) | 1.23 | 1.02 | Increased by 0.21 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 0.69 | -0.74 | Not Applicable | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=八、%20非经常性损益项目和金额) Non-recurring gains and losses totaled **CNY 22.6647 million**, primarily from government subsidies, positively impacting net profit Non-Recurring Gains and Losses Items (January-June 2025) | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -60,501.38 | | Government Subsidies Included in Current Profit/Loss | 27,883,854.23 | | Gains/Losses from Entrusted Investment or Asset Management | 1,342,941.34 | | Other Non-Operating Income and Expenses Apart from the Above | -1,156,182.77 | | Less: Income Tax Impact | 1,901,731.39 | | Impact on Minority Interests (After Tax) | 3,443,725.43 | | Total | 22,664,654.59 | [Section III Management Discussion and Analysis](index=6&type=section&id=第三节%20管理层讨论与分析) This section analyzes industry, core business, performance, and competitiveness, focusing on display and application materials, driven by innovation and market expansion, while addressing macroeconomic, FX, tech, and management risks [Explanation of the Company's Industry and Main Business During the Reporting Period](index=6&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company's business spans display and application materials, both key emerging industries, with products ranging from UTG to zirconium, silicon, and titanium-based materials for high-tech sectors [Company's Industry](index=6&type=section&id=（一）公司所属行业) The company operates in "Computer, Communication and Other Electronic Equipment Manufacturing" (display materials) and "Non-metallic Mineral Products Industry" (application materials), both strategic national emerging industries - The company has two major business segments: display materials (classified under "Computer, Communication and Other Electronic Equipment Manufacturing", code C39) and application materials (classified under "Non-metallic Mineral Products Industry", code C30)[24](index=24&type=chunk) - Both major businesses are strategic and fundamental emerging industries prioritized for national development[24](index=24&type=chunk) [Explanation of Main Business Operations](index=7&type=section&id=（二）主营业务情况说明) The display materials segment includes UTG and ultra-thin electronic glass, with 30-micron UTG achieving full domestic production; the application materials segment focuses on zirconium, silicon, and titanium elements, expanding into spherical powder materials and high-purity quartz sand for high-tech applications - Display materials business primarily includes flexible foldable glass (UTG), ultra-thin electronic glass, ITO conductive film glass, flexible touch, panel thinning, and integrated display touch modules, possessing a relatively complete display industry chain[25](index=25&type=chunk) - The company, in collaboration with China Academy of Building Materials Science, independently developed 30-micron ultra-thin flexible glass (UTG), establishing the only fully localized ultra-thin flexible glass industry chain in China covering "high-strength glass—extreme thinning—high-precision post-processing", with leading product performance[25](index=25&type=chunk) - Application materials products primarily revolve around zirconium, silicon, and titanium elements, focusing on zirconium-based products (e.g., fused zirconia, stabilized zirconia) and expanding product lines (e.g., spherical powder materials, high-purity quartz sand, nano barium titanate, rare earth polishing powders)[26](index=26&type=chunk) - Zirconium series products are the leading products in the company's application materials segment; fused zirconia is recognized as a national manufacturing single champion product, and nano-composite zirconia has application potential in the new energy sector[27](index=27&type=chunk) [Discussion and Analysis of Operating Conditions](index=8&type=section&id=一、经营情况的讨论与分析) During the reporting period, the company focused on improving cash flow, reducing costs, and addressing losses, achieving dual growth in revenue and net profit, driven by display materials, UTG customer collaborations, and new application material introductions, while enhancing competitiveness through innovation, digitalization, and international expansion, with plans for continued market potential and management optimization in H2 [Operating Performance](index=8&type=section&id=一、经营业绩情况) In H1, the company achieved operating revenue of **CNY 2.765 billion**, a **24.7%** increase, and net profit attributable to listed company shareholders of **CNY 51.5074 million**, up **23.7%**, primarily due to the positive development of the display materials business 2025 H1 Operating Performance | Indicator | Amount (CNY) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 2,764,548,800 | 24.7 | | Net Profit Attributable to Listed Company Shareholders | 51,507,400 | 23.7 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 28,842,700 | Not Applicable | - The increase in key operating indicators is primarily due to the positive development trend in the display materials business in H1 2025, leading to improved profitability[30](index=30&type=chunk) [Completion of Key Tasks](index=8&type=section&id=二、重点工作完成情况) The company deepened UTG collaborations with leading clients, secured large-size orders for in-car display and 3A businesses, and entered Samsung Display's thinning supply chain; in application materials, zirconia products entered new industries, nano-zirconia gained new energy clients, and spherical powder material projects began trial operation, while international revenue grew **38.05%** through innovation and digitalization - Display Materials Segment: UTG continued to strengthen deep cooperation with leading domestic terminal customers; in-car display, 3A, and other businesses secured multiple large-size project orders; thinning business successfully entered Samsung Display's supply chain system[31](index=31&type=chunk)[32](index=32&type=chunk) - Application Materials Segment: Zirconia products successfully entered the ceramic filter and automotive brake pad industries; nano-zirconia gained new energy cathode material customers; the spherical powder materials project for electronic packaging commenced trial operation[32](index=32&type=chunk) - Technological Innovation: Accelerated breakthroughs in key core technologies such as UTG and yellow light AG; ultra-thin flexible glass (UTG) was selected as a landmark product in Anhui Province's key industrial chain; 11 new invention patents were authorized[33](index=33&type=chunk) - Digital Transformation: Promoted deep integration of digital technology with enterprise elements, with 4 advanced intelligent factories certified and the UTG digital enhancement project recognized as a typical demonstration project for digital transformation of SMEs in Anhui Province[33](index=33&type=chunk) - International Business Expansion: International business accelerated comprehensively, with international revenue growing by **38.05%**[33](index=33&type=chunk) [H2 Operating Plan](index=9&type=section&id=下半年，公司将持续推进科技创新和产业创新深度融合) In H2, the company will continue to integrate technological and industrial innovation, focusing on "display materials + application materials" as dual core businesses, exploring market potential, accelerating in-car display and UTG product iterations, and expanding the application materials product matrix, while advancing cash flow improvement, cost reduction, and loss management through comprehensive accounts receivable control, strict budget management, and accountability for losses to optimize key indicators and enhance management efficiency - In the second half of the year, the company will continue to promote the deep integration of technological innovation and industrial innovation, focusing on driving both "display materials + application materials" core businesses[34](index=34&type=chunk) - Display Materials Segment: Accelerate customer verification processes for in-car display and 3A cover plates; UTG will focus on product iteration and new application scenario development[34](index=34&type=chunk) - Application Materials Segment: Stabilize prices and expand volume, while actively broadening the product matrix and seizing emerging market opportunities[34](index=34&type=chunk) - Focus on three major initiatives: cash flow improvement (full-cycle management of accounts receivable, increasing inventory turnover), cost reduction (strict control of expense budgets, lowering BOM proportion, improving production first-pass yield), and loss management (implementing responsibility at all levels)[34](index=34&type=chunk) - Accelerate management penetration, leveraging both institutional guarantees and management penetration to enhance management efficiency[35](index=35&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=二、报告期内核心竞争力分析) The company's core competitiveness stems from its industrial innovation capabilities, talent pool, internal supply chain synergy, customer resources, and digital empowerment, supported by national innovation platforms, high R&D investment, 582 authorized patents, a 600-person R&D team, extensive marketing networks, and smart manufacturing initiatives - Industrial Innovation Capability Advantage: Relying on national innovation platforms such as the China Academy of Building Materials Science and national key laboratories, the company maintains high-intensity R&D investment, possesses 23 national and provincial innovation platforms, and has accumulated 582 authorized patents (including 167 invention patents)[36](index=36&type=chunk) - Talent Team Advantage: The company has an R&D team of approximately **600 people**, including 20 provincial-level or higher talent teams, and employs influential technical leaders and experts in the industry[38](index=38&type=chunk) - Internal Supply Chain Synergy Advantage: The display materials segment has formed a complete industry chain layout from glass substrates to integrated modules; the application materials segment is transitioning from traditional fields to high-value-added electronic application materials for chips, integrated circuit packaging, photovoltaics, semiconductors, and biomedical applications[39](index=39&type=chunk)[40](index=40&type=chunk) - Customer Resource Advantage: The company has established a marketing network covering multiple countries and regions domestically and internationally, providing services to renowned international and domestic brands such as LGD, Amazon, Samsung, and Kyocera, demonstrating strong customer loyalty[41](index=41&type=chunk) - Digital Empowerment Advantage: Actively building smart manufacturing capabilities and digital smart factories, with 4 advanced intelligent factories certified and 5 provincial-level digital demonstration projects[42](index=42&type=chunk) [Key Operating Conditions During the Reporting Period](index=11&type=section&id=三、报告期内主要经营情况) This section analyzes the company's financial statement changes, asset-liability status, and investment during the reporting period, noting increased revenue and costs due to the display segment, a **25.76%** rise in R&D investment, a **115.87%** surge in monetary funds, and a **47.56%** increase in short-term borrowings, with ongoing construction projects including UTG Phase II, semiconductor silicon dioxide, and spherical powder materials, some of which are in trial production [Main Business Analysis](index=11&type=section&id=(一)%20主营业务分析) During the reporting period, the company's operating revenue increased by **24.70%** to **CNY 2.765 billion**, and operating costs rose by **23.83%**; R&D expenses grew by **25.76%**, primarily due to increased investment in new product development; net cash flow from operating activities significantly increased by **802.58%**, mainly driven by higher cash receipts from sales of goods Financial Statement Item Variation Analysis (January-June 2025) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,764,548,816.91 | 2,217,013,056.51 | 24.70 | Increase in display segment revenue | | Operating Cost | 2,312,220,408.19 | 1,867,226,314.96 | 23.83 | Increase in display segment revenue | | Selling Expenses | 53,788,000.23 | 53,354,284.71 | 0.81 | Expansion of display segment business, increase in personnel | | Administrative Expenses | 129,164,207.38 | 126,755,986.90 | 1.90 | Increase in display segment revenue | | Financial Expenses | 53,230,530.36 | 42,357,833.91 | 25.67 | Increase in interest expenses | | R&D Expenses | 145,459,218.71 | 115,668,239.46 | 25.76 | Increase in new product R&D investment | | Net Cash Flow from Operating Activities | 258,475,743.58 | 28,637,360.43 | 802.58 | Increase in cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -99,421,982.62 | -452,689,461.54 | 78.04 | Due to cash paid for the acquisition of fixed assets, intangible assets, and other long-term investments | | Net Cash Flow from Financing Activities | 201,507,449.87 | 466,865,068.76 | -56.84 | Increase in cash paid for debt repayment | | Other Income | 27,883,854.23 | 83,010,952.13 | -66.41 | Decrease in government subsidies received | | Investment Income | 864,773.13 | 2,137,563.26 | -59.54 | Decrease in wealth management income | | Net Increase in Cash and Cash Equivalents | 294,920,892.29 | 50,785,960.60 | 480.71 | Increase in net cash flow from operating activities | [Analysis of Assets and Liabilities](index=12&type=section&id=(三)%20资产、负债情况分析) As of the end of the reporting period, monetary funds increased by **115.87%** to **CNY 647.63 million**, primarily due to increased cash receipts; short-term borrowings rose by **47.56%** to **CNY 2.763 billion**, and notes payable increased by **51.45%** to **CNY 474.89 million**; total assets grew by **6.35%** to **CNY 11.984 billion**, with restricted assets (monetary funds, fixed assets, intangible assets) totaling **CNY 434.85 million** Asset and Liability Status Changes (Period-End vs. Prior Year-End) | Item Name | Current Period-End Amount (CNY) | Current Period-End % of Total Assets | Prior Year-End Amount (CNY) | Prior Year-End % of Total Assets | Current Period-End Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 647,627,377.00 | 5.40 | 300,003,025.40 | 2.66 | 115.87 | Increase in cash received this period | | Financial Assets Held for Trading | 190,933,598.76 | 1.59 | 301,978,152.81 | 2.68 | -36.77 | Decrease in rolling purchases of wealth management products this period | | Notes Receivable | 203,771,447.29 | 1.70 | 355,691,118.49 | 3.16 | -42.71 | Reclassification of bank acceptance bills this period | | Receivables Financing | 149,778,627.47 | 1.25 | 52,532,786.72 | 0.47 | 185.11 | Reclassification of bank acceptance bills this period | | Long-Term Prepaid Expenses | 11,622,562.67 | 0.10 | 2,740,494.62 | 0.02 | 324.10 | Increase in decoration expenses this period | | Short-Term Borrowings | 2,762,703,195.74 | 23.05 | 1,872,274,629.73 | 16.61 | 47.56 | Increase in short-term borrowings this period | | Notes Payable | 474,890,708.14 | 3.96 | 313,557,469.66 | 2.78 | 51.45 | Increase in bank acceptance bills issued this period | | Contract Liabilities | 72,136,621.57 | 0.60 | 47,065,732.50 | 0.42 | 53.27 | Increase in contract liabilities related to sales of goods this period | | Taxes Payable | 22,094,614.65 | 0.18 | 41,202,596.92 | 0.37 | -46.38 | Decrease in income tax payable this period | | Other Current Liabilities | 22,881,784.99 | 0.19 | 77,426,262.81 | 0.69 | -70.45 | Decrease in notes receivable not derecognized this period | Major Restricted Assets (Period-End) | Item | Book Balance (CNY) | Book Value (CNY) | Type of Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 52,703,789.93 | 52,703,789.93 | Bank acceptance bill deposits, etc | | Fixed Assets | 367,789,923.10 | 367,789,923.10 | Mortgage loan | | Intangible Assets | 14,351,828.41 | 14,351,828.41 | Mortgage loan | | Total | 434,845,541.44 | 434,845,541.44 | / | [Investment Status Analysis](index=13&type=section&id=(四)%20投资状况分析) The company had no significant equity investments during the reporting period but is advancing four major non-equity investment projects: UTG Phase II, a 5,000-ton/year semiconductor silicon dioxide production line, an electronic packaging spherical powder materials project, and Information Display Ultra-thin Substrate Production Line Phase II, with some already in trial production - The main production line for the Ultra-Thin Flexible Glass (UTG) Phase II project has been completed, with some auxiliary works still under construction, expected to reach its intended usable state by October 2025, with a cumulative investment of **CNY 749.69 million**[50](index=50&type=chunk) - The 5,000-ton/year Semiconductor Silicon Dioxide Production Line project has been completed and is in trial production, currently undergoing technical debugging for the synthesis of trimethoxysilane and tetramethoxysilane products, with a cumulative investment of **CNY 194.48 million**[50](index=50&type=chunk) - The Electronic Packaging Spherical Powder Materials project has completed the construction of 2 spherical silicon and 2 spherical aluminum production lines and commenced trial production, with a cumulative investment of **CNY 61.76 million**[50](index=50&type=chunk) - The Information Display Ultra-Thin Substrate Production Line Phase II project's production line was commissioned in August 2025 and is currently in trial production, with a cumulative investment of **CNY 483.79 million**[50](index=50&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=(六)%20主要控股参股公司分析) The company's main subsidiaries include Bengbu Zhongheng, Triumph Application Materials, and Guoxian Technology; Bengbu Zhongheng, primarily engaged in fused zirconia, reported H1 net profit of **CNY 31.3307 million**; Triumph Application Materials, focusing on nano barium titanate, had H1 net profit of **CNY 16.4382 million**; and Guoxian Technology, specializing in LCD modules, achieved H1 net profit of **CNY 76.1316 million** Major Holding and Participating Company Financial Performance (2025 H1) | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 蚌埠中恒 | Subsidiary | Fused zirconia, zirconium silicate, etc | 356,427,217.00 | 1,752,252,226.00 | 788,956,723.67 | 424,608,030.93 | 35,378,198.11 | 31,330,676.64 | | 凯盛应材 | Subsidiary | Nano barium titanate, rare earth polishing powder, high-purity quartz sand, etc | 55,940,600.00 | 1,284,518,496.70 | 444,323,751.34 | 241,092,055.01 | 21,935,314.73 | 16,438,219.37 | | 国显科技 | Subsidiary | LCD display modules | 90,000,000.00 | 4,270,225,214.02 | 1,210,488,295.84 | 1,885,786,859.35 | 78,525,269.12 | 76,131,639.59 | [Other Disclosure Matters](index=16&type=section&id=四、其他披露事项) The company faces macroeconomic, exchange rate, technological iteration, and management risks, which it plans to address through product structure adjustments, foreign exchange hedging, technology reserves, and improved management practices [Potential Risks](index=16&type=section&id=(一)%20可能面对的风险) The company may face macroeconomic uncertainties, exchange rate fluctuations, frequent technological iterations in the electronics industry, and management challenges from expanding asset and business scale, planning to respond through product structure adjustments, foreign exchange hedging, technology reserves, and management upgrades - Macroeconomic Risk: International economic uncertainties and escalating trade frictions may adversely affect exports and raw material imports; the company will adjust its product structure and implement flexible procurement and sales strategies[53](index=53&type=chunk) - Exchange Rate Risk: Foreign sales are settled in USD, and exchange rate fluctuations may lead to exchange losses; the company will monitor foreign exchange market trends, match foreign currency receipts and payments, settle foreign exchange promptly, and engage in foreign exchange hedging when necessary[53](index=53&type=chunk) - Technological Iteration Risk: The electronics industry experiences frequent technological upgrades and rapid product obsolescence; the company will leverage its R&D capabilities, monitor industry trends, build technological reserves, and introduce new technologies and equipment[53](index=53&type=chunk) - Management Risk: Expanding asset and business scale demands higher operational management capabilities; the company will improve management methods, enhance management levels, and upgrade adjustments in resource integration and internal control[54](index=54&type=chunk) [Section IV Corporate Governance, Environmental and Social Responsibility](index=17&type=section&id=第四节%20公司治理、环境和社会责任) This section covers board and management changes, no profit distribution, implemented equity incentives, and environmental disclosure status for eight subsidiaries [Changes in Company Directors and Senior Management](index=17&type=section&id=一、公司董事、高级管理人员变动情况) During the reporting period, the company's board of directors underwent re-election, with Xia Ning elected as Chairman, Liu Yuquan as Director and General Manager, and Chen Xing as CFO and Board Secretary; Xie Changqing, Wang Wei, and Wang Guoqiang, among others, resigned Changes in Directors and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Xia Ning | Chairman | Election | | Liu Yuquan | Director, General Manager | Election | | Wu Dan | Director | Election | | Li Beibei | Director, Deputy Party Secretary | Election | | Sheng Mingquan | Independent Director | Election | | An Guangshi | Independent Director | Election | | Zhang Lin | Independent Director | Election | | Zhang Shaobo | Deputy General Manager | Appointment | | Chen Xing | CFO, Board Secretary | Appointment | | Sun Nali | Deputy General Manager | Appointment | | Xie Changqing | Director | Resignation | | Wang Wei | Executive Deputy General Manager, Board Secretary | Resignation | | Wang Guoqiang | Deputy General Manager | Resignation | - The company convened a board meeting on January 16, 2025, to approve the re-election of the ninth board of directors and appoint new senior management; a shareholders' meeting was held on June 13, 2025, to abolish the supervisory board[57](index=57&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=二、利润分配或资本公积金转增预案) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none," meaning no distribution or conversion Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Distribution or Conversion | No | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (CNY) (Tax Included) | 0 | | Number of Capitalized Shares per 10 Shares (shares) | 0 | | Explanation of Profit Distribution or Capital Reserve Conversion Plan | None | [Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=17&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的情况及其影响) The company's 2024 stock option incentive plan has been approved and implemented, with the initial grant registration of stock options completed on July 30, 2025 - The company held a board meeting on June 13, 2024, to review and approve the proposal to adjust the exercise price of the initial grant of stock options under the 2024 stock option incentive plan, as well as the proposal to grant stock options to incentive recipients for the first time[59](index=59&type=chunk) - Pursuant to the authorization, the company's board of directors completed the initial grant registration of stock options on July 30, 2025[60](index=60&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=18&type=section&id=四、纳入环境信息依法披露企业名单的上市公司及其主要子公司的环境信息情况) Eight of the company's subsidiaries, including Triumph Science & Technology Co., Ltd. Bengbu Huayi Branch and Bengbu Zhongheng New Materials Technology Co., Ltd., are listed as legally required environmental information disclosure enterprises, with corresponding inquiry indexes provided Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No | Enterprise Name | Inquiry Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | 凯盛科技股份有限公司蚌埠华益分公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 2 | 蚌埠中恒新材料科技有限责任公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 3 | 安徽凯盛应用材料有限公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 4 | 蚌埠中建材信息显示材料有限公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 5 | 中建材（蚌埠）光电材料有限公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 6 | 蚌埠国显科技有限公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 7 | 深圳市国显科技有限公司 | https://www.ipe.org.cn/ | | 8 | 洛玻集团洛阳龙海电子玻璃有限公司 | http://222.143.24.250:8249/qyfwmh/ | [Section V Significant Matters](index=19&type=section&id=第五节%20重要事项) This section details major litigation, related party transactions, significant contracts, and **86.81%** utilization of raised funds for key projects like UTG Phase II and Shenzhen Guoxian R&D base [Fulfillment of Commitments](index=19&type=section&id=六、承诺事项履行情况) During the reporting period, the company's actual controller, shareholders, related parties, and the company itself had no ongoing commitments extending into the reporting period - Commitments during or extending into the reporting period are "not applicable"[64](index=64&type=chunk) [Major Litigation and Arbitration Matters](index=19&type=section&id=十二、重大诉讼、仲裁事项) The company's wholly-owned subsidiary, Bengbu Zhongheng New Materials Technology Co., Ltd., and its 62.57% owned subsidiary, Anhui Triumph Application Materials Co., Ltd., received a "Bill of Indictment" from the Nanjing Municipal People's Procuratorate, with the lawsuit currently undergoing court proceedings - The company's wholly-owned subsidiary, Bengbu Zhongheng New Materials Technology Co., Ltd., and its 62.57% owned subsidiary, Anhui Triumph Application Materials Co., Ltd., received a "Bill of Indictment" from the Nanjing Municipal People's Procuratorate, and the lawsuit is currently undergoing court proceedings[64](index=64&type=chunk) [Major Related Party Transactions](index=20&type=section&id=十五、重大关联交易) During the reporting period, the company engaged in related party transactions related to ordinary operations, including receiving services, purchasing goods and services, and providing products and services; additionally, the company had financial dealings such as deposits, loans, and credit lines with China Building Materials Group Finance Co., Ltd - The company has daily operating related party transactions, including receiving services and purchasing goods and services, with related parties such as China Building Materials Inspection and Certification Group Anhui Co., Ltd. and China Building Materials (Hefei) Powder Technology Equipment Co., Ltd[66](index=66&type=chunk) - The company provides products and services to related parties such as China Building Materials Triumph Mineral Resources Group Co., Ltd. and Taishan Fiberglass Co., Ltd[66](index=66&type=chunk) Financial Dealings with China Building Materials Group Finance Co., Ltd. (2025 H1) | Business Type | Related Party Relationship | Daily Maximum Deposit Limit (CNY) | Deposit Interest Rate Range | Beginning Balance (CNY) | Total Deposits This Period (CNY) | Total Withdrawals This Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deposit Business | Same ultimate controlling party | 700,000,000.00 | 0.55%-5.5% | 213,398,454.88 | 50,728,563,325.37 | 50,535,878,645.83 | 406,083,134.42 | | Loan Business | Same ultimate controlling party | 650,000,000.00 | 2.90% | 0 | 1,087,344.42 | 0 | 1,087,344.42 | | Credit Line Business | Same ultimate controlling party | 650,000,000.00 | Not Applicable | Not Applicable | 1,087,344.42 | Not Applicable | Not Applicable | [Major Contracts and Their Performance](index=22&type=section&id=十六、重大合同及其履行情况) The company has a trusteeship arrangement where Triumph Resources entrusts 70% equity of Bengbu Optoelectronics to Bengbu Zhongxian for management; the total guarantee amount for subsidiaries is **CNY 49.828 billion**, representing **11.94%** of the company's net assets, with **CNY 35.631 billion** provided for guaranteed entities with an asset-liability ratio exceeding **70%** - China Building Materials Triumph Mineral Resources Group Co., Ltd. entrusted 70% equity of China Building Materials (Bengbu) Optoelectronic Materials Co., Ltd. to Bengbu China Building Materials Information Display Materials Co., Ltd. for management, with minor trusteeship income[75](index=75&type=chunk)[76](index=76&type=chunk) Company's Total Guarantee Amount (2025 H1) | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries During Reporting Period | 73,045.04 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 49,828.36 | | Total Guarantee Amount (A+B) | 49,828.36 | | Total Guarantee Amount as % of Company's Net Assets | 11.94% | | Of which: Debt Guarantee Amount Provided Directly or Indirectly for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 35,630.78 | | Total of the Above Three Guarantee Amounts (C+D+E) | 35,630.78 | [Explanation of Progress in Use of Raised Funds](index=24&type=section&id=十七、募集资金使用进展说明) The company's total raised funds were **CNY 1.499 billion**, with a net amount of **CNY 1.488 billion**; as of the end of the reporting period, cumulative investment reached **CNY 1.292 billion**, representing **86.81%** progress; major projects include UTG Phase II, Shenzhen Guoxian New Display R&D and Production Base, and repayment of interest-bearing debt and working capital replenishment, with UTG Phase II progressing in line with market demand, Shenzhen Guoxian completed, and debt repayment largely finished Overall Use of Raised Funds (2025 H1) | Source of Raised Funds | Total Raised Funds (CNY) | Net Raised Funds (CNY) | Total Committed Investment in Prospectus/Offering Document (CNY) | Cumulative Investment of Raised Funds at Period-End (CNY) | Cumulative Investment Progress of Raised Funds at Period-End (%) | Amount Invested This Year (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 1,499,999,995.30 | 1,487,999,995.34 | 1,487,999,995.34 | 1,291,746,291.39 | 86.81 | 85,160,454.74 | | Total | 1,499,999,995.30 | 1,487,999,995.34 | 1,487,999,995.34 | 1,291,746,291.39 | / | 85,160,454.74 | Detailed Use of Raised Fund Investment Projects (2025 H1) | Project Name | Planned Investment of Raised Funds (CNY) | Cumulative Investment of Raised Funds at Period-End (CNY) | Investment Progress (%) | Date Project Reached Intended Usable State | Specific Reasons for Investment Progress Not Meeting Plan | | :--- | :--- | :--- | :--- | :--- | :--- | | Ultra-Thin Flexible Glass UTG Phase II Project | 758,000,000.00 | 563,367,139.82 | 74.32 | October 2025 | To avoid low utilization rate after full capacity completion, project progress is aligned with market demand | | Shenzhen Guoxian New Display R&D and Production Base Project | 292,000,000.00 | 292,099,151.57 | 100.03 | October 2024 | Not Applicable | | Repayment of Interest-Bearing Debt and Replenishment of Working Capital | 437,999,995.34 | 436,280,000.00 | 99.61 | / | Not Applicable | - The company manages idle raised funds through cash management, with a board-approved limit of **CNY 400 million**; the cash management balance at the end of the reporting period was **CNY 190 million**, not exceeding the authorized limit[88](index=88&type=chunk) [Section VI Share Changes and Shareholder Information](index=26&type=section&id=第六节%20股份变动及股东情况) This section confirms no change in share capital structure, details shareholder numbers, top ten holders, and identifies Triumph Science & Technology Group as the **29.28%** controlling shareholder [Share Capital Changes](index=26&type=section&id=一、股本变动情况) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[90](index=90&type=chunk) [Shareholder Information](index=27&type=section&id=二、股东情况) As of the end of the reporting period, the company had **64,286** ordinary shareholders; among the top ten shareholders, Triumph Science & Technology Group Co., Ltd. is the controlling shareholder, holding **29.28%** of the shares Total Number of Shareholders | Indicator | Quantity | | :--- | :--- | | Total Number of Ordinary Shareholders at Period-End (accounts) | 64,286 | | Total Number of Preferred Shareholders with Restored Voting Rights at Period-End (accounts) | 0 | Top Ten Shareholders' Shareholding (End of 2025 H1) | Shareholder Name | Change During Reporting Period | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares Held | Share Status | Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 凯盛科技集团有限公司 | 0 | 276,573,336 | 29.28 | 0 | Unrestricted | 0 | State-owned Legal Person | | 深创投红土私募股权投资基金管理（深圳）有限公司－深创投制造业转型升级新材料基金（有限合伙） | 0 | 45,783,132 | 4.85 | 0 | Unrestricted | 0 | State-owned Legal Person | | 郑天云 | 1,336,500 | 11,580,000 | 1.23 | 0 | Unrestricted | 0 | Domestic Natural Person | | 欧木兰 | 0 | 10,459,433 | 1.11 | 0 | Unrestricted | 0 | Domestic Natural Person | | 香港中央结算有限公司 | -6,130,558 | 9,177,214 | 0.97 | 0 | Unrestricted | 0 | Unknown | | 陈雷 | 0 | 8,095,036 | 0.86 | 0 | Unrestricted | 0 | Domestic Natural Person | | 招商银行股份有限公司－南方中证1000交易型开放式指数证券投资基金 | 718,700 | 6,967,400 | 0.74 | 0 | Unrestricted | 0 | Domestic Non-State-owned Legal Person | | 中国建设银行股份有限公司－国寿安保智慧生活股票型证券投资基金 | 720,000 | 4,531,257 | 0.48 | 0 | Unrestricted | 0 | Domestic Non-State-owned Legal Person | | 招商银行股份有限公司－华夏中证1000交易型开放式指数证券投资基金 | 765,900 | 4,113,500 | 0.44 | 0 | Unrestricted | 0 | Domestic Non-State-owned Legal Person | | 何伟芳 | 50,000 | 4,073,900 | 0.43 | 0 | Unrestricted | 0 | Domestic Natural Person | - Triumph Science & Technology Group Co., Ltd. is the controlling shareholder of the company[95](index=95&type=chunk) [Section VII Bond-Related Information](index=29&type=section&id=第七节%20债券相关情况) The company had no corporate bonds, non-financial debt instruments, or convertible bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[97](index=97&type=chunk) - The company has no convertible corporate bonds[97](index=97&type=chunk) [Section VIII Financial Report](index=30&type=section&id=第八节%20财务报告) This section presents unaudited consolidated and parent financial statements, detailing assets, liabilities, profit, cash flow, and equity, with notes on accounting policies, taxes, and financial risks [Audit Report](index=30&type=section&id=一、审计报告) This semi-annual report is unaudited - This semi-annual report is unaudited[99](index=99&type=chunk) [Financial Statements](index=30&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements for January-June 2025, consolidated and parent company cash flow statements, and consolidated and parent company statements of changes in owners' equity - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **CNY 11,984,440,416.82**, total liabilities were **CNY 7,328,156,583.02**, and total owners' equity was **CNY 4,656,283,833.80**[100](index=100&type=chunk)[101](index=101&type=chunk) - The consolidated income statement shows that for the first half of 2025, total operating revenue was **CNY 2,764,548,816.91**, net profit was **CNY 71,250,365.65**, and net profit attributable to parent company shareholders was **CNY 51,507,360.03**[103](index=103&type=chunk)[104](index=104&type=chunk) - The consolidated cash flow statement shows that for the first half of 2025, net cash flow from operating activities was **CNY 258,475,743.58**, net cash flow from investing activities was **-CNY 99,421,982.62**, and net cash flow from financing activities was **CNY 201,507,449.87**[109](index=109&type=chunk)[110](index=110&type=chunk) [Company Basic Information](index=40&type=section&id=三、公司基本情况) Triumph Science & Technology Co., Ltd., established on September 30, 2000, and listed on the Shanghai Stock Exchange on November 8, 2002, primarily operates in display materials and application materials, including ultra-thin electronic glass, flexible foldable glass (UTG), and zirconium, silicon, and titanium-based products; the financial statements were approved by the board of directors on August 30, 2025 - Triumph Science & Technology Co., Ltd. was established on September 30, 2000, and listed on the Shanghai Stock Exchange on November 8, 2002[119](index=119&type=chunk)[120](index=120&type=chunk) - The company has two major business segments: display materials (including ultra-thin electronic glass, flexible foldable glass UTG, etc.) and application materials (revolving around zirconium, silicon, and titanium elements, such as fused zirconia, spherical quartz powder, etc.)[120](index=120&type=chunk) - These financial statements and notes were approved by the company's Ninth Board of Directors at its second meeting on August 30, 2025[121](index=121&type=chunk) [Basis of Financial Statement Preparation](index=41&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, with no events or circumstances that could raise significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[124](index=124&type=chunk) - There are no events or circumstances that could raise significant doubt about the company's ability to continue as a going concern within 12 months from the end of the reporting period[125](index=125&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=41&type=section&id=五、重要会计政策及会计

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Board Statement and Responsibility](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A0%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility. - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility[3](index=3&type=chunk) - All company directors attended the board meeting, and this semi-annual report is unaudited[3](index=3&type=chunk) [Forward-Looking Statements and Risk Disclosure](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements regarding future plans and strategies are not substantive commitments, cautioning investors about investment risks, with no significant adverse risks identified during the reporting period. - Forward-looking descriptions of future plans and development strategies in this report do not constitute substantive commitments by the company to investors, who should be aware of investment risks[3](index=3&type=chunk) - During the reporting period, the company found no significant risks that would adversely affect its future development strategy or ongoing operations[4](index=4&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including abbreviations for the company, its controlling shareholder, major subsidiaries, and various funds, ensuring accurate understanding. - This section primarily lists common terms and their corresponding full names or meanings, such as "Luxin Venture" referring to "Luxin Venture Capital Group Co., Ltd." and "Luxin Group" referring to "Shandong Luxin Investment Holdings Group Co., Ltd."[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the company's Chinese name, abbreviation, foreign name, and legal representative. - The company's Chinese name is Luxin Venture Capital Group Co., Ltd., abbreviated as Luxin Venture, with Wang Xudong as the legal representative[12](index=12&type=chunk) [Contact Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email. - Han Jun is the Board Secretary, He Yanan is the Securities Affairs Representative, both located at Tower A, No. 2788 Aoti West Road, Jinan City, Shandong Province[13](index=13&type=chunk) [Registered and Office Address](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address is in Zibo City, and its office address is in Jinan City, with no changes during the reporting period. - The company's registered address is No. 129 Yumin Road, High-tech Industrial Development Zone, Zibo City, and its office address is Tower A, No. 2788 Aoti West Road, Jinan City, Shandong Province[14](index=14&type=chunk) [Information Disclosure Channels](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates "Shanghai Securities News" and other newspapers for information disclosure, publishes reports on the SSE website, and keeps them at the Board Secretary's office. - The company designates "Shanghai Securities News," "China Securities Journal," and "Securities Times" for information disclosure, with reports published on www.sse.com.cn[15](index=15&type=chunk) [Stock Information](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Luxin Venture" and code 600783. - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Luxin Venture and stock code 600783[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, operating revenue increased by 3.67% year-on-year, but total profit and net profit attributable to parent company decreased by 21.29% and 7.97% respectively, mainly due to the combined impact of investment income and fair value changes. Major Accounting Data (Jan-Jun 2025 vs. Prior Year) | Indicator | Current Period (Jan-Jun) (Yuan) | Prior Year (Yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 41,043,487.87 | 39,590,483.16 | 3.67 | | Total Profit | 243,430,901.62 | 309,283,357.18 | -21.29 | | Investment Income | 251,721,113.76 | 50,242,658.76 | 401.01 | | Fair Value Change Income | 63,534,957.42 | 350,584,788.30 | -81.88 | | Net Profit Attributable to Listed Company Shareholders | 217,405,040.88 | 236,241,400.91 | -7.97 | | Net Cash Flow from Operating Activities | -16,449,725.15 | -1,521,525.39 | Not Applicable | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 4,552,870,386.26 | 4,697,377,654.42 | -3.08 | | Total Assets (Period-End) | 9,140,437,299.53 | 8,974,147,453.89 | 1.85 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year) | Indicator | Current Period (Jan-Jun) | Prior Year | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.29 | 0.32 | -9.38 | | Diluted Earnings Per Share (Yuan/share) | 0.29 | 0.32 | -9.38 | | Basic EPS After Non-Recurring Gains and Losses (Yuan/share) | 0.28 | 0.32 | -12.50 | | Weighted Average Return on Net Assets (%) | 4.68 | 5.01 | Decrease of 0.33 percentage points | | Weighted Average ROE After Non-Recurring Gains and Losses (%) | 4.52 | 5.00 | Decrease of 0.48 percentage points | - Investment income increased by **401.01%** this period compared to the prior period, primarily due to gains from the termination of Longli Bio equity measurement and increased fund distribution income[18](index=18&type=chunk) - Fair value change income decreased by **81.88%** this period compared to the prior period, mainly due to reduced project valuation gains and secondary market fluctuations[18](index=18&type=chunk) [Analysis of Non-Recurring Gains and Losses](index=8&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company disclosed non-recurring gains and losses totaling 7,646,534.34 Yuan, while classifying equity investment disposal gains and fair value changes as normal operating income. Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 8,194,611.40 | | Government grants recognized in current profit or loss | 88,821.56 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 1,676,533.21 | | Other non-operating income and expenses | -14,663.91 | | Other items meeting the definition of non-recurring gains and losses | 70,921.33 | | Less: Income tax impact | 2,356,588.65 | | Impact on minority interests (after tax) | 13,100.60 | | **Total** | **7,646,534.34** | - The company classifies gains from equity investment disposal, fair value changes, and entrusted asset management as normal operating income, not non-recurring gains and losses[21](index=21&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Main Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main businesses are venture capital and abrasive manufacturing, with venture capital being the primary profit driver, while the abrasive industry's revenue and profit continue to decline. - The company's main businesses are venture capital and abrasive manufacturing, with venture capital being the primary source of profit[24](index=24&type=chunk) - The venture capital business model involves equity investment through self-owned funds or by initiating private equity investment funds, aiming for capital appreciation through equity transfer[25](index=25&type=chunk) - In the first half of 2025, China's equity investment market saw a **12.1%** increase in new funds raised and **12.0%** in scale year-on-year, with investment cases up **21.9%**, and hard technology sectors (IT, semiconductors, biomedicine, etc.) were market hotspots[26](index=26&type=chunk) - In the first half of 2025, the abrasive industry's operating revenue and total profit continued to decline, with cumulative imports of **$360 million** and cumulative exports of **$1.58 billion**[25](index=25&type=chunk) [Operating Performance Analysis](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company's equity investment business募资规模达222.02亿元, completed 14 primary investments totaling 514 million Yuan, with 2 IPOs and 20 planned IPO projects, while the abrasive business revenue grew to 27.2626 million Yuan. - As of the end of the reporting period, the company, as a lead initiator, had established **59** funds and investment platforms, with a total subscribed capital of **22.202 billion Yuan** and paid-in capital of **15.073 billion Yuan**[27](index=27&type=chunk) - During the reporting period, the company completed **14** primary investment projects with a total investment of **514 million Yuan**, primarily in biomedicine, medical equipment, and high-end equipment manufacturing industries[27](index=27&type=chunk) Funded Projects During the Reporting Period (Partial) | No. | Industry | Project Name | Region | Fund Investment Amount (100 million Yuan) | | :--- | :--- | :--- | :--- | :--- | | 3 | Biomedicine and Medical Equipment | Beijing Weimai Medical Technology Co., Ltd. | Beijing | 0.30 | | 5 | High-end Chemicals | Xinyuan Chemical (Shandong) Co., Ltd. | Weihai | 0.26 | | 7 | High-end Equipment Manufacturing | Lingong Heavy Machinery Co., Ltd. | Jinan | 2.88 | | 13 | Information Technology Hardware and Equipment | Chengdu Hongke Electronic Technology Co., Ltd. | Chengdu | 0.60 | | 14 | Transportation and Storage | Shandong Baogang International Port Co., Ltd. | Dongying | 1.00 | | **Total** | | | | **5.14** | - During the reporting period, two of the company's invested projects, Baize Medical and Jiaoda TIEFA, successfully completed their initial public offerings[29](index=29&type=chunk) - As of the end of the reporting period, funds or investment platforms initiated by the company have **20** planned IPO projects, with **3** projects accepted by exchanges and **17** projects in the coaching period[31](index=31&type=chunk) - From January to June 2025, the company and its controlled subsidiaries recovered **222 million Yuan** from exits, including **54 million Yuan** from primary market transfers, **4 million Yuan** from secondary market reductions, and **164 million Yuan** from participating funds[33](index=33&type=chunk) - The abrasive segment achieved operating revenue of **27.2626 million Yuan** in the first half of 2025, an increase of **1.7998 million Yuan** year-on-year[33](index=33&type=chunk) [Core Competencies](index=12&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include 25 years of industry experience, a strong brand, robust investment management and risk control, a highly qualified team, strategic regional layout, and the resource advantages of its controlling shareholder. - The company possesses **25 years** of venture capital business experience, accumulating rich investment expertise and a strong reputation, earning honors such as "Annual State-owned Investment Institution" and "Outstanding Investment Institution in Semiconductor Industry"[34](index=34&type=chunk) - The company has established standardized and rigorous investment decision-making procedures and internal management systems to effectively control investment risks[34](index=34&type=chunk) - The venture capital division has **108** employees, over **89%** with master's degrees or higher, **40%** holding professional qualifications like CFA and ACCA, and **60%** of the investment team members having over ten years of venture capital experience[35](index=35&type=chunk) - The company is based in Shandong, operates nationwide, and has established regional funds and wholly-owned/controlled subsidiaries in the Yangtze River Delta, Greater Bay Area, Southwest, and Central regions, forming a nationwide business layout[35](index=35&type=chunk) - Controlling shareholder Luxin Group, as a key investment and financing entity and asset management platform in Shandong Province, provides synergistic advantages for the company to expand project resources and enhance negotiation power[36](index=36&type=chunk) [Key Operating Performance](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes financial statement changes, asset-liability status, and investment activities, noting a 3.67% revenue increase, a 401.01% rise in investment income, an 81.88% drop in fair value change income, and a 473 million Yuan increase in external equity investments. [Financial Statement Item Fluctuation Analysis](index=12&type=section&id=1%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E7%A7%91%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90%E8%A1%A8) Operating revenue increased by 3.67% due to higher abrasive sales, while investment income surged 401.01% and fair value change income dropped 81.88%, leading to a 21.29% decrease in total profit. Financial Statement Item Changes (Jan-Jun 2025 vs. Prior Year) | Item | Current Period (Yuan) | Prior Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 41,043,487.87 | 39,590,483.16 | 3.67 | | Operating Cost | 24,047,964.55 | 22,877,155.69 | 5.12 | | Selling Expenses | 2,079,624.82 | 1,584,023.65 | 31.29 | | Administrative Expenses | 37,023,984.14 | 40,654,053.38 | -8.93 | | R&D Expenses | 1,701,961.83 | 1,317,126.32 | 29.22 | | Financial Expenses | 51,183,826.20 | 63,262,963.49 | -19.09 | | Investment Income | 251,721,113.76 | 50,242,658.76 | 401.01 | | Fair Value Change Income | 63,534,957.42 | 350,584,788.30 | -81.88 | | Net Cash Flow from Operating Activities | -16,449,725.15 | -1,521,525.39 | Not Applicable | | Net Cash Flow from Investing Activities | -192,636,097.34 | -263,817,257.63 | Not Applicable | | Net Cash Flow from Financing Activities | 313,153,045.78 | -82,647,130.11 | Not Applicable | - Operating revenue increased by **3.67%**, mainly due to increased abrasive sales[39](index=39&type=chunk) - Financial expenses decreased by **19.09%**, primarily due to partial bond repurchases and resales in the current and prior year, leading to lower average financing interest rates[39](index=39&type=chunk) - Net cash flow from financing activities increased, mainly due to the issuance of **500 million Yuan** in sci-tech innovation bonds this period[39](index=39&type=chunk) [Asset and Liability Status Analysis](index=13&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) Cash increased by 40.38% to 513 million Yuan due to sci-tech innovation bond issuance, while accounts payable and other receivables rose significantly, and taxes payable surged 454.59% due to corporate income tax accrual. Asset and Liability Status Changes (End of Period vs. End of Prior Year) | Item Name | Current Period-End (Yuan) | Current Period-End % of Total Assets | Prior Year-End (Yuan) | Prior Year-End % of Total Assets | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 513,340,488.76 | 5.62 | 365,681,232.54 | 4.07 | 40.38 | | Accounts Receivable | 23,323,465.37 | 0.26 | 17,825,916.96 | 0.20 | 30.84 | | Other Receivables | 24,580,760.16 | 0.27 | 12,734,604.20 | 0.14 | 93.02 | | Non-Current Assets Due Within One Year | 111,221,128.74 | 1.22 | 36,879,643.84 | 0.41 | 201.58 | | Debt Investments | - | - | 60,161,906.84 | 0.67 | -100.00 | | Taxes Payable | 16,077,059.71 | 0.18 | 2,898,922.35 | 0.03 | 454.59 | | Long-Term Borrowings | 223,569,027.63 | 2.45 | 330,863,168.64 | 3.69 | -32.43 | | Provisions | - | - | 2,293,967.57 | 0.03 | -100.00 | - Cash and cash equivalents at period-end increased by **40.38%** compared to prior year-end, mainly due to the issuance of **500 million Yuan** in sci-tech innovation bonds this period[40](index=40&type=chunk) - Taxes payable at period-end increased by **454.59%** compared to prior year-end, mainly due to the accrual of corporate income tax this period[41](index=41&type=chunk) - Long-term borrowings at period-end decreased by **32.43%** compared to prior year-end, mainly due to repayment of bank loans[41](index=41&type=chunk) [Overseas Asset Status](index=14&type=section&id=2%E3%80%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company's overseas assets total 438 million Yuan, accounting for 4.79% of total assets. - The company's overseas assets amount to **437,976,461.49 Yuan**, representing **4.79%** of total assets[42](index=42&type=chunk) [Overall Analysis of External Equity Investments](index=14&type=section&id=1%E3%80%81%E5%AF%B9%E5%A4%96%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%80%BB%E4%BD%93%E5%88%86%E6%9E%90) From January to June 2025, external investments increased by 473 million Yuan, including direct equity, private equity/venture capital funds, and private securities investment funds, with significant investments in specific projects and a large portfolio of financial assets measured at fair value. - From January to June 2025, the company increased external investments by **472,551,032.35 Yuan**, including direct equity investments, private equity/venture capital funds, and private securities investment funds[44](index=44&type=chunk) Major Equity Investments (Partial) | Investee Company Name | Investment Amount (Yuan) | Shareholding Ratio | Impact on Current Period Profit/Loss (Yuan) | | :--- | :--- | :--- | :--- | | Anhui Luxin Wanneng Green Kinetic Energy Equity Investment Fund Partnership (Limited Partnership) | 59,100,000.00 | 46.64% | 11,157,892.66 | | Chengdu Hongke Electronic Technology Co., Ltd. | 60,000,000.00 | 2.00% | - | | Chengdu Luxin Jingrong Phase II Venture Capital Center (Limited Partnership) | 30,007,032.35 | 47.83% | 48,208,799.20 | | Shandong Baogang International Port Co., Ltd. | 80,000,000.00 | 3.82% | 2,082,992.88 | | Shandong Luxin Industrial High-Quality Development Fund Partnership (Limited Partnership) | 70,000,000.00 | 35.00% | 3,469,309.36 | Financial Assets Measured at Fair Value (End of Period) | Asset Category | Period-End Amount (Yuan) | | :--- | :--- | | Stocks | 1,176,075,431.66 | | Private Equity Funds | 3,820,893,821.63 | | Other | 696,711,788.50 | | **Total** | **5,693,681,041.79** | - The company's venture capital business primarily operates by initiating private equity investment funds or investment platforms for equity investments[52](index=52&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%AF%B9%E5%85%AC%E5%8F%B8%E5%87%80%E5%88%A9%E6%B6%A6%E5%BD%B1%E5%93%8D%E8%BE%BE%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E6%83%85%E5%86%B5) Gaoxin Investment, a subsidiary, contributed significantly to net profit with 200.496 million Yuan, while Luxin Gaoxin's net profit was 3.4377 million Yuan. Qingdao Luxin Jingshi Private Equity Investment Fund was deregistered without major impact. Major Subsidiary Financial Data (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gaoxin Investment | Subsidiary | Investment and Management | 117,572.00 | 549,905.00 | 275,114.05 | 1,302.06 | 21,384.90 | 20,049.60 | | Luxin Gaoxin | Subsidiary | Manufacturing | 18,174.56 | 26,732.31 | 24,050.50 | 3,096.98 | 336.98 | 343.77 | - Qingdao Luxin Jingshi Private Equity Investment Fund Partnership (Limited Partnership) has been deregistered, with no significant impact on overall operations and performance[54](index=54&type=chunk) [Other Disclosures](index=19&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from macroeconomic changes, venture capital project management, and earnings volatility, with market fluctuations potentially impacting operating performance. - The company's main operating business is venture capital, facing risks from macroeconomic environment changes that may affect funding, project selection, and investment returns[54](index=54&type=chunk) - Venture capital project management involves execution risks, as invested projects' operations are influenced by policy, market, and technological factors, potentially underperforming expectations[54](index=54&type=chunk) - The company's operating performance is highly correlated with stock market price fluctuations, and secondary market volatility may impact its operating results[55](index=55&type=chunk)[56](index=56&type=chunk) [Section IV Corporate Governance, Environment and Social](index=20&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors and Senior Management](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Mr. Rong Hui was appointed as Chief Risk and Compliance Officer, with his term consistent with the current board of directors. - On June 30, 2025, Mr. Rong Hui was appointed as Chief Risk and Compliance Officer, with his term consistent with the current board of directors[58](index=58&type=chunk) [Profit Distribution Plan](index=20&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's semi-annual profit distribution or capital reserve capitalization plan is not applicable. - The company's proposed semi-annual profit distribution plan or capital reserve capitalization plan is "No," indicating no distribution or capitalization will occur[59](index=59&type=chunk) [Section V Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=21&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The controlling shareholder fulfilled multiple commitments during the reporting period, including asset value guarantees, property defect resolution, avoiding competition, and managing related-party transactions. - The controlling shareholder committed that if the transfer price of equity in Renkang Pharmaceutical and three other companies by Gaoxin Investment is lower than the approved floor price, the difference will be compensated in cash[62](index=62&type=chunk) - The controlling shareholder committed to resolving land and other property title defects, bearing any expenses or losses arising from incomplete titles[62](index=62&type=chunk) - The controlling shareholder committed to resolving horizontal competition, ensuring no use of knowledge about the listed company to assist third parties in competitive businesses[62](index=62&type=chunk) - The controlling shareholder committed to resolving related-party transactions, reducing and avoiding them, ensuring fairness and impartiality, and preventing non-operating occupation of listed company funds[62](index=62&type=chunk)[63](index=63&type=chunk) [Explanation of Integrity Status](index=23&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled major debts, commitments, court judgments, or regulatory penalties. - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled major debts, unfulfilled commitments, unfulfilled effective court judgments, or penalties from securities regulatory agencies[65](index=65&type=chunk) [Significant Related-Party Transactions](index=23&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in several significant related-party transactions, including proposed transfers of fund shares and equity, and a loan to an associate, with some transactions completed during the period. - The company and its subsidiaries plan to acquire **18.20%** of Luxin New and Old Kinetic Energy Venture Capital Mother Fund and **8%** of Anhui Luxin Wanhe Technology Innovation Venture Capital Fund, with transactions incomplete as of June 30, 2025[66](index=66&type=chunk) - The company plans to transfer its **10.0581%** equity in Shandong Luxin Huijin Holdings Co., Ltd. to Shandong Investment Co., Ltd. for **203.0274 million Yuan**, with the transaction incomplete as of June 30, 2025[66](index=66&type=chunk) - The company's wholly-owned subsidiary Gaoxin Investment transferred the income rights of its **9.79%** stake in Longli Bio to Shandong Financial Asset Management Co., Ltd., a subsidiary of the controlling shareholder Luxin Group, and entrusted voting rights; this transaction has been completed[67](index=67&type=chunk) - The company, through its wholly-owned subsidiary Sichuan Luxin and controlled subsidiary Shenzhen Huaxin, plans to acquire a total of **3%** equity in Chengdu Hongke Electronic Technology Co., Ltd. from participating funds, with **2%** already acquired as of June 30, 2025[67](index=67&type=chunk)[68](index=68&type=chunk) - In May 2025, Gaoxin Investment, a wholly-owned subsidiary, provided an interest-free loan of **50 million Yuan** to its associate Shanghai Longyi Investment Management Co., Ltd. for a term not exceeding six months[69](index=69&type=chunk) [Section VI Share Changes and Shareholder Information](index=25&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=25&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share capital structure. - During the reporting period, there were no changes in the company's total share capital or share capital structure[72](index=72&type=chunk) [Shareholder Information](index=25&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 29,508 common shareholders, with Shandong Luxin Investment Holdings Group Co., Ltd. holding 69.57% as the controlling shareholder. - As of the end of the reporting period, the total number of common shareholders was **29,508**[73](index=73&type=chunk) Top Ten Shareholders' Holdings (As of End of Reporting Period) | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shandong Luxin Investment Holdings Group Co., Ltd. | 517,861,877 | 69.57 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 5,152,795 | 0.69 | Overseas Legal Person | | Yao Yonghai | 4,060,789 | 0.55 | Domestic Natural Person | | Zhuang Jingping | 3,576,228 | 0.48 | Domestic Natural Person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 2,748,175 | 0.37 | Other | - Shandong Luxin Investment Holdings Group Co., Ltd. directly holds **69.41%** of the company's shares and **0.16%** through a targeted asset management plan, totaling **69.57%**, making it the controlling shareholder[76](index=76&type=chunk) [Section VII Bond-Related Information](index=28&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds and Debt Financing Instruments](index=28&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company issued multiple corporate bonds and medium-term notes, totaling 3.50 billion Yuan, with some undergoing interest rate adjustments and resale, and sci-tech innovation bonds primarily investing in hard technology startups. Basic Information on Corporate Bonds (Partial) | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (100 million Yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Luxin Venture Capital Group Co., Ltd. 2019 Public Issuance of Corporate Bonds to Qualified Investors (Tranche 1) | 19 Luxin 01 | 155271 | 2019.4.3 | 2029.4.3 | 5.00 | 3.13 | | Luxin Venture Capital Group Co., Ltd. 2020 Public Issuance of Innovation and Entrepreneurship Corporate Bonds to Qualified Investors (Tranche 1) | 20 Luxin 01 | 163115 | 2020.1.17 | 2027.1.17 | 5.00 | 2.28 | | Luxin Venture Capital Group Co., Ltd. 2022 Public Issuance of Sci-Tech Innovation Corporate Bonds to Professional Investors (Tranche 1) | 22 Luxin K1 | 137784 | 2022.9.9 | 2032.9.9 | 6.00 | 3.39 | | Luxin Venture Capital Group Co., Ltd. 2024 Public Issuance of Sci-Tech Innovation Corporate Bonds to Professional Investors (Tranche 1) | 24 Luxin K1 | 240884 | 2024.4.18 | 2034.4.18 | 4.00 | 2.70 | - The "19 Luxin 01" corporate bond's coupon rate was adjusted to **3.13%** in February 2024, with **185 million Yuan** in repurchased and resold bonds[110](index=110&type=chunk) - The "20 Luxin 01" innovation and entrepreneurship corporate bond's coupon rate was adjusted to **2.28%** in December 2024, with **165 million Yuan** in resold bonds[110](index=110&type=chunk)[111](index=111&type=chunk) - The company issued the first tranche of 2025 sci-tech innovation bonds (25 Luxin Investment MTN001) with an issuance size of **500 million Yuan** and a coupon rate of **2.60%**[111](index=111&type=chunk) - Sci-tech innovation corporate bond proceeds are primarily invested in equity of seed-stage, early-stage, and growth-stage innovative and entrepreneurial companies in hard technology fields such as SiC semiconductor devices, special electronic information equipment, new-generation information technology, high-end equipment, new energy, advanced materials, and biomedicine[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) [Interbank Debt Financing Instruments](index=35&type=section&id=(%E4%BA%94)%20%E9%93%B6%E8%A1%8C%E9%97%B4%E5%80%BA%E5%88%B8%E5%B8%82%E5%9C%BA%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company issued medium-term notes in the interbank market, including "Luxin Venture 19 MTN001," "Luxin Investment 21 MTN001," and "Luxin Investment 25 MTN001 (Sci-tech Innovation Bond)," totaling 1.50 billion Yuan, all with annual simple interest and principal repayment at maturity. Basic Information on Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (100 million Yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Luxin Venture Capital Group Co., Ltd. 2019 First Tranche Medium-Term Note | Luxin Venture 19 MTN001 | 101901170 | 2019.8.27-2019.8.28 | 2029.8.29 | 6.00 | 2.30 | | Luxin Venture Capital Group Co., Ltd. 2021 First Tranche Medium-Term Note | Luxin Investment 21 MTN001 | 102100002 | 2021.1.4-2021.1.5 | 2028.1.6 | 4.00 | 4.45 | | Luxin Venture Capital Group Co., Ltd. 2025 First Tranche Sci-Tech Innovation Bond | Luxin Investment 25 MTN001 (Sci-tech Innovation Bond) | 102501362 | 2025.5.12 | 2030.5.13 | 5.00 | 2.60 | - All interbank debt financing instruments accrue simple interest annually, with interest paid once a year and principal repaid at maturity[96](index=96&type=chunk) [Bond-Related Financial Indicators](index=36&type=section&id=(%E4%B8%83)%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) At period-end, liquidity and quick ratios increased due to sci-tech innovation bond issuance, while the asset-liability ratio rose to 49.66%, and net profit after non-recurring items, EBITDA to total debt, and cash interest coverage ratio all declined. Key Financial Indicator Changes (End of Period/Current Period vs. End of Prior Year/Prior Period) | Key Indicator | Current Period-End/Current Period (Jan-Jun) | Prior Year-End/Prior Period | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 8.12 | 7.87 | 3.18 | Increase in current assets due to sci-tech innovation bond issuance exceeded increase in current liabilities | | Quick Ratio | 8.04 | 7.78 | 3.34 | Increase in quick assets due to sci-tech innovation bond issuance exceeded increase in current liabilities | | Asset-Liability Ratio (%) | 49.66 | 47.14 | 2.52 | Increase in liabilities due to sci-tech innovation bond issuance exceeded increase in assets | | Net Profit After Non-Recurring Gains and Losses | 209,758,506.54 | 235,876,285.05 | -11.07 | Combined impact of reduced project valuation gains, increased project disposal gains, and reduced income tax expenses | | EBITDA to Total Debt | 0.0689 | 0.0939 | -26.62 | Combined impact of reduced EBITDA and increased total debt | | Cash Interest Coverage Ratio | 0.79 | 1.00 | -21.00 | Impact of decreased net cash flow from operating activities | [Section VIII Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, providing a comprehensive view of its financial position, operating results, and cash flows. - The consolidated balance sheet shows total assets of **9,140,437,299.53 Yuan**, total liabilities of **4,539,545,273.42 Yuan**, and total owners' equity of **4,600,892,026.11 Yuan** as of June 30, 2025[103](index=103&type=chunk) - The consolidated income statement shows total operating revenue of **41,043,487.87 Yuan**, total profit of **243,430,901.62 Yuan**, and net profit attributable to parent company shareholders of **217,405,040.88 Yuan** for January-June 2025[108](index=108&type=chunk)[109](index=109&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-16,449,725.15 Yuan**, from investing activities of **-192,636,097.34 Yuan**, and from financing activities of **313,153,045.78 Yuan** for January-June 2025[115](index=115&type=chunk)[116](index=116&type=chunk) [Company Basic Information](index=57&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, formerly "Shandong Taishan Abrasives Co., Ltd.," was listed on the Shanghai Stock Exchange in 1996 and renamed "Luxin Venture Capital Group Co., Ltd." in 2011, primarily engaging in venture capital and abrasive manufacturing. - The company was approved by the China Securities Regulatory Commission and listed on the Shanghai Stock Exchange on December 25, 1996[133](index=133&type=chunk) - On March 15, 2011, the company's registered name changed to "Luxin Venture Capital Group Co., Ltd.," with abbreviation "Luxin Venture" and stock code: 600783[134](index=134&type=chunk) - The company primarily engages in venture capital, with a business scope including venture capital, investment management and consulting, and the production and sales of abrasives and coated abrasives[135](index=135&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The group's financial statements are prepared in accordance with "Enterprise Accounting Standards" and CSRC regulations, presented on a going concern basis, with no significant doubts about its ability to continue as a going concern. - The group's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations[136](index=136&type=chunk) - These financial statements are presented on a going concern basis, with no significant doubts or circumstances identified regarding the ability to continue as a going concern[137](index=137&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates for financial statement preparation, covering accounting standards, periods, cycles, currency, materiality, business combinations, financial instruments, long-term equity investments, fixed assets, intangible assets, revenue recognition, and government grants. - The company identifies individual accounts receivable exceeding **500,000 Yuan** as significant accounts receivable[143](index=143&type=chunk) - The company's financial assets are classified as financial assets measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[154](index=154&type=chunk) - The company performs impairment testing and recognizes loss provisions for financial assets measured at amortized cost, debt investments measured at fair value through other comprehensive income, and contract assets, using the expected credit loss model[159](index=159&type=chunk) - The company recognizes revenue when customers obtain control of related goods or services, based on the nature of the performance obligation (over time or at a point in time)[202](index=202&type=chunk)[203](index=203&type=chunk) - The company determines the fair value of unlisted equity investments and fund investments using valuation techniques such as the recent financing price method, comparable company method, and discounted cash flow method[143](index=143&type=chunk) [Taxation](index=75&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with varying rates based on business nature and region, and it benefits from several tax incentives. Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Income | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7% | | Corporate Income Tax | Taxable Income | See table below | Corporate Income Tax Rates for Different Taxable Entities | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | The Company | 25% | | Kechuangtou | 20% | | Qilu Investment | 8.25%/16.50% | | Blue Economy Investment | Tax Exempt | - The company and its subsidiaries are eligible for a tax incentive allowing a **70%** deduction from taxable income for corporate partners in limited partnership venture capital enterprises investing in unlisted small and medium-sized high-tech enterprises[226](index=226&type=chunk) - Some subsidiaries enjoy preferential corporate income tax policies for small and micro-enterprises, where taxable income is calculated at **25%** and taxed at **20%**, extended until December 31, 2027[227](index=227&type=chunk) - Some subsidiaries benefit from VAT exemption policies for small-scale VAT taxpayers, exempting VAT for quarterly sales not exceeding **300,000 Yuan** and reducing the 3% collection rate to **1%**[228](index=228&type=chunk) [Notes to Consolidated Financial Statement Items](index=77&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section detailed consolidated financial statement items and their changes, including cash, financial assets, receivables/payables, long-term equity investments, fixed assets, intangible assets, deferred taxes, liabilities, revenue, costs, and gains/losses. - Cash and cash equivalents at period-end totaled **513 million Yuan**, with **120 million Yuan** held overseas[235](index=235&type=chunk) - Trading financial assets at period-end totaled **1.056 billion Yuan**, including **180 million Yuan** in equity instrument investments and **876 million Yuan** in other assets[233](index=233&type=chunk) - Accounts receivable at period-end had a book balance of **84.2064 million Yuan**, bad debt provision of **60.8829 million Yuan**, and book value of **23.3235 million Yuan**[242](index=242&type=chunk) - Long-term equity investments at period-end had a book value of **2.229 billion Yuan**, increasing by **124 million Yuan** this period due to additional investments and investment income recognized under the equity method[286](index=286&type=chunk) - Other non-current financial assets at period-end totaled **3.642 billion Yuan**, primarily comprising **352 million Yuan** in direct equity investment projects and **3.29 billion Yuan** in equity investment funds[288](index=288&type=chunk) - Bonds payable at period-end totaled **3.544 billion Yuan**, an increase of **481 million Yuan** from the beginning of the period, mainly due to the issuance of **500 million Yuan** in sci-tech innovation bonds this period[333](index=333&type=chunk) - Investment income for the current period was **252 million Yuan**, a significant increase from the prior period, mainly due to the disposal of Longli Bio equity and increased fund distribution income[364](index=364&type=chunk) - Fair value change income for the current period was **63.535 million Yuan**, a significant decrease from the prior period, mainly due to reduced project valuation gains and secondary market fluctuations[366](index=366&type=chunk) [Research and Development Expenses](index=126&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenses for the reporting period were 1.702 million Yuan, a 29.22% increase, primarily for abrasive product and process development, such as elastic modulus method for hardness testing and grinding wheel development. R&D Expenses by Nature of Expense | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 757,456.36 | 622,512.58 | | Amortization and Depreciation | 79,798.52 | 74,195.11 | | Energy and Power Costs | 150,843.61 | 116,799.95 | | Labor Costs | 18,600.00 | 37,200.00 | | Direct Materials | 653,750.49 | 464,368.67 | | Other | 41,512.85 | 2,050.01 | | **Total** | **1,701,961.83** | **1,317,126.32** | - Current period R&D expenses were mainly for projects such as research on the elastic modulus method for testing abrasive hardness and development of grinding wheels for bearing rollers[360](index=360&type=chunk) [Changes in Consolidation Scope](index=126&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) Qingdao Luxin Jingshi Private Equity Investment Fund Partnership (Limited Partnership) was deregistered during the reporting period and is no longer included in the consolidation scope. - Qingdao Luxin Jingshi Private Equity Investment Fund Partnership (Limited Partnership) completed its industrial and commercial deregistration on June 4, 2025, and is no longer included in the consolidation scope[395](index=395&type=chunk) [Interests in Other Entities](index=127&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in various subsidiaries (e.g., Luxin Gaoxin, Shenzhen Huaxin, Gaoxin Investment) and significant associates (e.g., New Kinetic Energy Venture Capital Mother Fund, Shanghai Longyi, Tiandiren), with some associates having accumulated unrecognized excess losses. Major Subsidiary Composition | Subsidiary Name | Registered Place | Business Nature | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Luxin Gaoxin | Zibo, Shandong | Manufacturing | 100.00 | | Shenzhen Huaxin | Shenzhen, Guangdong | Investment and Management | 70.00 | | Gaoxin Investment | Jinan, Shandong | Investment and Management | 100.00 | | Qilu Investment | Hong Kong | Investment and Management | 100.00 (Indirect) | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit/Loss Attributable to Minority Shareholders (Yuan) | Period-End Minority Interest Balance (Yuan) | | :--- | :--- | :--- | :--- | | Shenzhen Huaxin | 30.00 | 1,250,902.18 | 45,008,046.05 | | Abrasive Company | 14.50 | 25,954.97 | 3,013,593.80 | Significant Associates (Partial) | Associate Name | Registered Place | Business Nature | Shareholding Ratio (%) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | | Luxin Huijin | Jinan | External Investment and Management | 10.06 | Equity Method | | Shanghai Longyi | Shanghai | Investment Management, Investment Consulting | 50.00 | Equity Method | | New Kinetic Energy Venture Capital Mother Fund | Jinan | Equity Investment | 47.00 (Direct) / 2.00 (Indirect) | Equity Method | | Tiandiren | Hefei | Technical Services, Technology Development, etc. | 26.80 | Equity Method | - The company has appointed directors to the investees and holds substantive decision-making power, thereby exerting significant influence over them[404](index=404&type=chunk) - Some associates, such as Yantai Gaoying, Ouhua Egg Industry, and Beijing Chalian, have accumulated unrecognized excess losses[415](index=415&type=chunk) [Government Grants](index=137&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, government grants recognized in profit or loss amounted to 88,821.56 Yuan, primarily from the amortization of asset-related deferred income. Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (Yuan) | Amount Recognized in Other Income This Period (Yuan) | Ending Balance (Yuan) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 1,121,874.61 | 88,821.56 | 1,033,053.05 | Asset-related | - Government grants recognized in profit or loss for the current period amounted to **88,821.56 Yuan**[420](index=420&type=chunk) [Financial Instrument Risk Management](index=138&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages market risks (exchange rate, interest rate, price), credit risk, and liquidity risk through various strategies, including monitoring currency fluctuations, balancing debt, diversifying investments, credit approvals, and cash flow management. - The company faces exchange rate risk (primarily related to USD, HKD), interest rate risk (bank borrowings and bonds payable), and equity instrument investment price risk[420](index=420&type=chunk)[421](index=421&type=chunk)[423](index=423&type=chunk) - The company manages credit risk by establishing credit limits, approving credit, monitoring procedures, and reviewing receivables recovery and accruing bad debt provisions at each balance sheet date[424](index=424&type=chunk) - The company manages liquidity risk by ensuring sufficient funding, regularly analyzing liability structure and maturity, and monitoring bank borrowings and financing negotiations[426](index=426&type=chunk) - During the reporting period, the company transferred **4,249,280.48 Yuan** of accounts receivable financing through bill endorsement and derecognized them, based on the judgment that substantially all risks and rewards were transferred[433](index=433&type=chunk) [Fair Value Disclosure](index=142&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value total 5.694 billion Yuan, primarily trading financial assets, other non-current financial assets, and other equity instruments, using Level 1, 2, and 3 valuation techniques, with no inter-level transfers during the period. Fair Value of Assets Measured at Fair Value (End of Period) | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 180,363,452.46 | 875,668,737.20 | - | 1,056,032,189.66 | | Other Non-Current Financial Assets | - | - | 3,641,936,872.93 | 3,641,936,872.93 | | Other Equity Instruments Investment | - | 995,711,979.20 | - | 995,711,979.20 | | **Total Assets Continuously Measured at Fair Value** | **180,363,452.46** | **1,871,380,716.40** | **3,641,936,872.93** | **5,693,681,041.79** | - Level 1 fair value measurements are for listed tradable stocks, using publicly traded market prices[437](index=437&type=chunk) - Restricted tradable stocks, asset management plans, private equity funds, and trust plan investments are measured using Level 2 fair value[438](index=438&type=chunk) - Unlisted equity investments and fund investments are measured using Level 3 fair value techniques, such as the recent financing price method, comparable company method, and discounted cash flow method[439](index=439&type=chunk) - No transfers between fair value hierarchy levels occurred during the reporting period[441](index=441&type=chunk) [Related Parties and Related-Party Transactions](index=143&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's controlling shareholder is Shandong Luxin Investment Holdings Group Co., Ltd., with the ultimate control by Shandong Provincial People's Government. The company engaged in various related-party transactions, including sales, services, leases, and guarantees. - The company's controlling shareholder is Shandong Luxin Investment Holdings Group Co., Ltd., holding **69.57%** of shares, with the ultimate controlling party being the Shandong Provincial People's Government[444](index=444&type=chunk)[445](index=445&type=chunk) Related-Party Transactions for Sales of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | New Kinetic Energy Venture Capital Mother Fund | Management Fee Income | 4,074,360.66 | | Industrial High-Quality Development Fund | Management Fee Income | 3,934,272.42 | | Shanghai Longyi | Interest Income | 1,676,533.21 | Related-Party Leases (Company as Lessee) | Lessor Name | Type of Leased Asset | Rent Paid (Yuan) | Interest Expense on Lease Liabilities (Yuan) | | :--- | :--- | :--- | :--- | | Luxin Assets | Office Building | 4,819,397.61 | 1,478,666.96 | | Luxin Assets | Parking Lot | 842,201.83 | 258,400.77 | - Controlling shareholder Luxin Group provides full, unconditional, and irrevocable joint and several liability guarantees for multiple corporate bonds and medium-term notes, including "19 Luxin 01," "20 Luxin 01," "22 Luxin K1," and "24 Luxin K1"[452](index=452&type=chunk)[453](index=453&type=chunk)[454](index=454&type=chunk)[455](index=455&type=chunk)[456](index=456&type=chunk) [Commitments and Contingencies](index=148&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure. - The company has no significant commitments requiring disclosure[148](index=148&type=chunk) - The company has no significant contingencies requiring disclosure[148](index=148&type=chunk) [Events After the Balance Sheet Date](index=148&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) From the reporting period-end to the report disclosure date, the company had no significant non-adjusting events, profit distribution, or sales returns requiring disclosure. - The company has no significant non-adjusting events requiring disclosure[148](index=148&type=chunk) - The company has no profit distribution information requiring disclosure[148](index=148&type=chunk) - The company has no sales returns requiring disclosure[148](index=148&type=chunk) [Other Significant Matters](index=148&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company's operations are divided into investment and abrasive segments for management and performance evaluation, with segment reporting consistent with financial statement accounting. - The company's operating businesses are divided into investment and abrasive segments, with management regularly evaluating their operating results[465](index=465&type=chunk) Segment Reporting Financial Information (H1 2025) | Item | Investment Segment (Yuan) | Abrasive Segment (Yuan) | Inter-Segment Eliminations (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 11,592,602.01 | 27,272,929.32 | - | 38,865,531.33 | | Main Business Cost | - | 20,990,462.81 | - | 20,990,462.81 | | Investment Income | 251,455,275.59 | 265,838.17 | - | 251,721,113.76 | | Fair Value Change Income | 63,534,957.42 | - | - | 63,534,957.42 | | Total Assets | 9,236,207,390.30 | 267,323,111.68 | -363,093,202.45 | 9,140,437,299.53 | | Total Liabilities | 4,694,727,161.30 | 26,818,112.12 | -182,000,000.00 | 4,539,545,273.42 | [Notes to Parent Company Financial Statement Items](index=149&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the parent company's key financial statement items, including other receivables, long-term equity investments, operating revenue, operating costs, and investment income, with significant intercompany balances. - The parent company's other receivables at period-end totaled **1,781,630,457.11 Yuan**, including **100 million Yuan** in dividends receivable and **1.682 billion Yuan** in other receivables[471](index=471&type=chunk) - The parent company's long-term equity investments at period-end had a book value of **3,301,448,349.80 Yuan**, comprising **1.882 billion Yuan** in investments in subsidiaries and **1.420 billion Yuan** in investments in associates and joint ventures[483](index=483&type=chunk) - The parent company's operating revenue for the current period was **25,440,666.56 Yuan**, primarily from internal enterprises[486](index=486&type=chunk) - The parent company's investment income for the current period was **165,543,377.20 Yuan**, mainly including **100 million Yuan** from long-term equity investments accounted for using the cost method and **-7.1714 million Yuan** from those accounted for using the equity method[487](index=487&type=chunk) [Supplementary Information](index=157&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring gains and losses, totaling 7.6465 million Yuan, and clarifies that certain investment-related gains are considered normal operating income. Details of Non-Recurring Gains and Losses for the Current Period | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 8,194,611.40 | | Government grants recognized in current profit or loss | 88,821.56 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 1,676,533.21 | | Other non-operating income and expenses | -14,663.91 | | Other items meeting the definition of non-recurring gains and losses | 70,921.33 | | Less: Income tax impact | 2,356,588.65 | | Minority interests impact (after tax) | 13,100.60 | | **Total** | **7,646,534.34** | - The company classifies gains from equity, wealth management investments, and fair value changes as normal operating income, not non-recurring gains and losses[491](index=491&type=chunk) Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 4.68 | 0.29 | 0.29 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 4.52 | 0.28 | 0.28 |

中国航发航空科技股份有限公司2025 年半年度报告 公司代码：600391 公司简称：航发科技 中国航发航空科技股份有限公司 2025 年半年度报告 1 / 145 中国航发航空科技股份有限公司2025 年半年度报告 无 六、 前瞻性陈述的风险声明 √适用 □不适用 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 独立董事 | 吴宝海 | 工作冲突 | 毛中根 | 三、 本半年度报告未经审计。 四、 公司负责人丛春义、主管会计工作负责人郑玲及会计机构负责人（会计主管人员）张丹声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其 ...