[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and senior management declare the semi-annual report is true, accurate, and complete, assuming legal responsibility, with no plans for cash dividends, bonus shares, or capital reserve conversion - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[5](index=5&type=chunk) - The company's head, chief accountant, and head of the accounting department declare and guarantee the truthfulness, accuracy, and completeness of the financial report[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's nine main chapters and their starting page numbers, covering company operations, finance, governance, and significant matters, along with reference documents - The report comprises nine main chapters, covering comprehensive information on company operations, finance, governance, and significant matters[8](index=8&type=chunk) - Reference documents include financial statements signed by the legal representative and chief accountant, original audit reports, and all publicly disclosed company documents and announcements[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms and company-related entities used in the report, including regulatory bodies, company names, subsidiaries, aviation professional terms, and the reporting period, ensuring clear understanding - The report defines abbreviations for the CSRC, SZSE, the company, and its major subsidiaries, such as Yamei Power, Shenyang Feian, and Huaxin Technology[11](index=11&type=chunk) - Aviation professional terms are explained, including APU (Auxiliary Power Unit), MRO (Maintenance, Repair, Overhaul), eVTOL (Electric Vertical Take-Off and Landing aircraft), and STC (Supplemental Type Certificate)[12](index=12&type=chunk) - The reporting period is explicitly defined as January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Part II Company Profile and Key Financial Indicators](index=7&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 Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Sichuan Haite High-Tech Co., Ltd. (Stock Abbreviation: Haite High-Tech, Stock Code: 002023) is listed on the Shenzhen Stock Exchange, with Deng Zhenrong as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Haite High-Tech | | Stock Code | 002023 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 四川海特高新技术股份有限公司 | | Legal Representative | Deng Zhenrong | [Contact Persons and Information](index=7&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) The company's Board Secretary is Zhang Chen, and Securities Affairs Representative is Liu Heng, both located at No. 9 Keyuan South Road 1, Chengdu, Sichuan, with contact numbers and email provided Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Chen | No. 9 Keyuan South Road 1, Chengdu, Sichuan | 028-85921029 | 028-85921029 | board@haitegroup.com | | Securities Affairs Representative | Liu Heng | No. 9 Keyuan South Road 1, Chengdu, Sichuan | 028-85921029 | 028-85921029 | board@haitegroup.com | [Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, email, and information disclosure/storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's contact information, information disclosure, and storage locations remained unchanged during the reporting period, as referenced in the 2024 annual report[16](index=16&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%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, the company's operating revenue increased by 14.08%, net profit attributable to shareholders increased by 35.31%, and net cash flow from operating activities significantly grew by 120.47%, with total assets slightly decreasing and net assets attributable to shareholders increasing Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 705,053,189.98 | 618,016,380.14 | 14.08% | | Net Profit Attributable to Shareholders of Listed Company | 63,704,068.86 | 47,079,457.35 | 35.31% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 47,101,254.69 | 37,175,426.46 | 26.70% | | Net Cash Flow from Operating Activities | 259,029,496.64 | 117,492,103.73 | 120.47% | | Basic Earnings Per Share (CNY/share) | 0.0861 | 0.0635 | 35.59% | | Diluted Earnings Per Share (CNY/share) | 0.0861 | 0.0635 | 35.59% | | Weighted Average Return on Net Assets | 1.48% | 1.10% | 0.38% | | **Period-End Indicators** | **Current Period-End (CNY)** | **Prior Year-End (CNY)** | **Change from Prior Year-End** | | Total Assets | 7,054,785,866.99 | 7,091,187,459.33 | -0.51% | | Net Assets Attributable to Shareholders of Listed Company | 4,346,384,446.41 | 4,277,978,364.43 | 1.60% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets under domestic and international accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%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%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses for the reporting period amounted to CNY 16.60 million, primarily including government grants, fair value changes of financial assets, debt restructuring gains/losses, and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 31,302.75 | | Government grants recognized in current profit or loss | 10,668,656.19 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | 6,152,200.20 | | Gains/losses from entrusted investments or asset management | 150,012.93 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 166,120.75 | | Gains/losses from debt restructuring | 1,368,298.25 | | Other non-operating income and expenses apart from the above | 1,383,036.94 | | Less: Income tax impact | 2,736,576.98 | | Minority interest impact (after tax) | 580,236.86 | | **Total** | **16,602,814.17** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring gains and losses as recurring gains and losses[24](index=24&type=chunk) [Part III Management Discussion and Analysis](index=10&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) [Company's Main Businesses During the Reporting Period](index=10&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%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) As a comprehensive aviation technology service provider, the company's businesses span high-end core equipment R&D and support, aviation engineering technology and services, low-altitude economy technology R&D and application, and high-performance integrated circuit design and manufacturing, aligning strategically with national industrial development and holding a leading position in each field [Industry Overview and Position](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E5%8F%8A%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) The company's business aligns with national strategic emerging industries, holding a leading position in high-end core equipment R&D, aviation engineering services, low-altitude economy, and high-performance integrated circuit design and manufacturing, facing significant development opportunities - The company's strategy aligns closely with national efforts to vigorously develop strategic emerging industries such as aerospace and low-altitude economy, presenting immense development opportunities[26](index=26&type=chunk) - In high-end core equipment R&D and support, the company is a national ministry-designated maintenance and support base for small and medium-sized aero-engines, capable of R&D and manufacturing products like flight simulators and oxygen systems[27](index=27&type=chunk) - In aviation engineering technology and services, the company is China's largest private enterprise for aviation component repair, aircraft overhaul, and passenger-to-freighter conversions, and the largest third-party flight training institution in the Asia-Pacific region[30](index=30&type=chunk) - In low-altitude economy technology R&D and application, the company is a pioneer in promoting the commercialization of China's low-altitude economy, having established a full-chain capability from "technology-product-service" and strategically invested in the industrial UAV leader "AOSSCI"[31](index=31&type=chunk)[32](index=32&type=chunk) - In high-performance integrated circuit design and manufacturing, the associated company Huaxin Technology has built the first 6-inch compound semiconductor production line in China, achieving domestic leading performance in 5G base station power amplifier chips, GaN fast charging chips, and SiC charging pile chips[33](index=33&type=chunk) [Company's Main Business Operations](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's main businesses are segmented into high-end core equipment R&D and support, aviation engineering technology and services, low-altitude economy technology R&D and application, and high-performance integrated circuit design and manufacturing - High-end core equipment R&D and support business includes D-level full-flight simulators, domestic commercial aircraft cabin oxygen systems, pilot oxygen systems, major aero-engine components, electromechanical integration systems, aero-engine automatic control systems, aviation instrument R&D and manufacturing, and aero-engine maintenance support[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Aviation engineering technology and services business covers aircraft remanufacturing (B737NG and A321 passenger-to-freighter conversion), aircraft overhaul (civil transport aircraft, business jets), flight training (largest third-party institution in Asia-Pacific), aircraft dismantling, aviation component repair, aviation testing equipment manufacturing, ground support tooling R&D and manufacturing, and full aircraft painting[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[43](index=43&type=chunk) - Low-altitude economy technology R&D and application business includes eVTOL simulators and related simulation solutions, low-altitude system R&D (such as 600 kW turboshaft UAV engine control systems, UAV rescue systems), and strategic investment in "AOSSCI"[44](index=44&type=chunk) - High-performance second/third-generation integrated circuit design and manufacturing business is managed by associated company Huaxin Technology, which operates the first 6-inch compound semiconductor production line in China, with products applied in 5G communication, new energy vehicles, and photovoltaics[45](index=45&type=chunk) [Company's Business Model](index=15&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) Adhering to a "customer-centric, market-oriented" philosophy, the company monetizes its four major business segments by providing products, technical services, training, aviation finance, and chip manufacturing - High-end core equipment R&D and support business generates revenue through providing products, technology, and scientific research project services[48](index=48&type=chunk) - Aviation engineering technology and services business generates revenue through providing comprehensive one-stop aviation engineering technology and services, pilot and cabin crew training services, and aircraft asset management services[49](index=49&type=chunk) - Low-altitude economy technology R&D and application business generates revenue through providing standardized and customized products, technology, and services[50](index=50&type=chunk) - High-performance integrated circuit design and manufacturing business generates revenue by providing second and third-generation compound semiconductor chip manufacturing for customers[52](index=52&type=chunk) [Core Competitiveness Analysis](index=17&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 competitiveness stems from strong R&D advantages, significant scale and resource advantages, precise industry development insights, robust management and team, and the "Made in China, Created by Haite" brand influence [Core Technology R&D Advantages](index=17&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) The company boasts national-level technical centers and key laboratories, leading in aviation engine control, rescue hoists, oxygen systems, D-level full-flight simulators, eVTOL simulators, and passenger-to-freighter conversion technologies, filling domestic gaps, with 955 patent applications and sustained high R&D investment - The company is a "National Enterprise Technology Center," possesses the Sichuan Provincial Key Laboratory for Advanced Aero-Engine Control Technology, and has been selected as a "National Technology Innovation Demonstration Enterprise" by the Ministry of Industry and Information Technology[53](index=53&type=chunk) - Self-developed multi-model aero-engine electronic controllers, helicopter electric rescue hoists, oxygen systems, and other products fill domestic gaps and have achieved mass production and delivery[54](index=54&type=chunk) - The company possesses R&D technological advantages in D-level full-flight simulators, successfully developing and delivering the first domestic A320CEO/NEO and B737NG, B737MAX D-level full-flight simulators, and the first domestic eVTOL simulator[55](index=55&type=chunk)[56](index=56&type=chunk) - Associated company Huaxin Technology has achieved technological breakthroughs in GaN, GaAs, and SiC chip manufacturing, with a leading number of patents in China[57](index=57&type=chunk) - As of now, the company has applied for a total of **955 patents**, including **334 invention patents** and **602 utility model patents**, with **699 valid authorized patents** obtained[57](index=57&type=chunk) [Scale and Resource Advantages](index=18&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%A7%84%E6%A8%A1%E5%92%8C%E8%B5%84%E6%BA%90%E4%BC%98%E5%8A%BF) The company has rich project reserves and batch product deliveries in high-end core equipment R&D and support; multiple maintenance bases and Asia-Pacific's largest third-party flight training institution in aviation engineering technology and services; and strategic partnerships with leading eVTOL manufacturers in the low-altitude economy, indicating vast market potential - In the high-end core equipment R&D and support sector, the company has rich project reserves, mature and stable product technology, and is in the stage of batch production and delivery[58](index=58&type=chunk) - In the aviation engineering technology and services sector, the company has maintenance bases in Beijing, Chengdu, Tianjin, Guiyang, and other locations, having established one-stop services for trunk aircraft overhaul, modification, and passenger-to-freighter conversion in Tianjin, and operates five major training bases, making it the largest third-party flight training institution in the Asia-Pacific region[60](index=60&type=chunk) - The company has established strategic partnerships with leading eVTOL manufacturers, and it is projected that China's low-altitude economy market size will reach **CNY 2.9 trillion by 2030** and potentially exceed **CNY 6 trillion by 2035**, generating a demand for over **15,000 eVTOL pilot training**[61](index=61&type=chunk) [Precise Grasp of Industry Development Advantages](index=19&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%B2%BE%E5%87%86%E6%8A%8A%E6%8F%A1%E4%BA%A7%E4%B8%9A%E5%8F%91%E5%B1%95%E4%BC%98%E5%8A%BF) Leveraging over 30 years of technical and market experience, the company holds a significant position across various aviation sectors, fostering extensive collaborations with upstream and downstream partners, accurately understanding customer needs and industry trends, actively participating in industry standard setting, and strategically investing in forward-looking areas like aerospace and low-altitude economy - The company holds an important position in high-end core equipment R&D and support, aviation engineering technology and services, and low-altitude economy technology R&D and application, having established extensive business collaborations with upstream and downstream enterprises[62](index=62&type=chunk) - The company closely follows industry development trends, conducts forward-looking industry development research, strategically positions itself in aerospace and low-altitude economy, and has participated in the formulation of numerous industry standards[62](index=62&type=chunk) [Management and Team Advantages](index=19&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E7%AE%A1%E7%90%86%E5%8F%8A%E5%9B%A2%E9%98%9F%E4%BC%98%E5%8A%BF) The company has established a "customer-centric, value-creator-oriented" corporate culture, featuring a robust control system and a well-structured core management team, complemented by multi-level incentive and talent development mechanisms to foster a positive corporate culture, enhance operational efficiency, and strengthen market competitiveness - The company has established corporate values centered on "customer-centricity and value creation through hard work," and has built a comprehensive control system[63](index=63&type=chunk) - The company's core management team is rationally structured, covering all aspects of operations management, technology R&D, and marketing, ensuring scientific and effective decision-making[64](index=64&type=chunk) - The company has established multi-level, comprehensive incentive mechanisms and a complete talent development system, fostering a vibrant corporate culture[64](index=64&type=chunk) [Brand Advantages](index=20&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) The company continuously builds its "Made in China, Created by Haite" core brand influence, with its subsidiaries enjoying strong reputations in flight training, core equipment, passenger-to-freighter conversions, simulation products, and business jet services, steadily expanding its brand reach - The company continuously builds its core brand influence of "Made in China, Created by Haite," enjoying a renowned reputation in the aviation sector[65](index=65&type=chunk) - Its subsidiary "Haite Feian" is the most influential third-party flight training service provider in the Asia-Pacific region, while "Yamei Power" is a strong brand in high-end core equipment R&D and support[65](index=65&type=chunk) - "Tianjin Aircraft Engineering" leads in aircraft passenger-to-freighter conversions domestically and enjoys international renown; "Anshun" provides high-end simulation products such as D-level full-flight simulators and eVTOL simulators[65](index=65&type=chunk) [Main Business Analysis](index=20&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) During the reporting period, the company's operating revenue increased by 14.08% to CNY 705.05 million, and net profit attributable to parent company increased by 35.31% to CNY 63.70 million, with significant growth in high-end core equipment R&D and support, and aviation engineering technology and services, driven by increased customer collections Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 705,053,189.98 | 618,016,380.14 | 14.08% | | | Operating Cost | 457,659,000.60 | 406,283,422.06 | 12.65% | | | Selling Expenses | 12,905,377.73 | 10,145,776.83 | 27.20% | | | Administrative Expenses | 81,718,630.72 | 77,633,685.91 | 5.26% | | | Financial Expenses | 32,036,588.53 | 44,228,636.34 | -27.57% | | | Income Tax Expense | 24,724,649.61 | 20,715,857.60 | 19.35% | | | R&D Investment | 25,404,145.90 | 25,536,529.80 | -0.52% | | | Net Cash Flow from Operating Activities | 259,029,496.64 | 117,492,103.73 | 120.47% | Primarily due to increased customer collections in the current period compared to the prior year | | Net Cash Flow from Investing Activities | 30,348,389.08 | 65,359,759.67 | -53.57% | Primarily due to a decrease in net inflow from purchasing and redeeming structured deposits in the current period compared to the prior year | | Net Cash Flow from Financing Activities | -268,265,430.72 | -139,769,974.76 | -91.93% | Primarily due to a decrease in net inflow from bank borrowings in the current period compared to the prior year | | Net Increase in Cash and Cash Equivalents | 18,780,992.79 | 43,842,895.09 | -57.16% | | Operating Revenue Composition (by Industry) | Segment | Current Period Amount (CNY) | % of Operating Revenue | Prior Year Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | High-end Core Equipment R&D and Support | 181,809,371.28 | 25.79% | 125,503,838.54 | 20.31% | 44.86% | | Aviation Engineering Technology and Services | 491,138,645.54 | 69.66% | 462,505,138.96 | 74.84% | 6.19% | | Other Businesses | 32,105,173.16 | 4.55% | 30,007,402.64 | 4.85% | 6.99% | | **Total Operating Revenue** | **705,053,189.98** | **100%** | **618,016,380.14** | **100%** | **14.08%** | Operating Revenue Composition (by Region) | Region | Current Period Amount (CNY) | % of Operating Revenue | Prior Year Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 608,752,471.88 | 86.34% | 508,437,445.43 | 82.27% | 19.73% | | Overseas | 96,300,718.10 | 13.66% | 109,578,934.71 | 17.73% | -12.12% | - During the reporting period, the company's R&D and manufacturing capabilities in engine control, rescue and life support, environmental control, and integrated protection continued to expand, with products developing into a series, and multiple models completing review and appraisal for batch delivery[66](index=66&type=chunk) - Significant achievements were made in aero-engine component R&D, with mass application in model maintenance, resolving key issues of supply chain localization, and a substantial increase in annual delivery volume[67](index=67&type=chunk) [Non-Core Business Analysis](index=22&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-core businesses negatively impacted total profit during the reporting period, mainly due to negative investment income and asset impairment, while fair value change gains were positive Non-Core Business Gains and Losses | Item | Amount (CNY) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -10,644,889.63 | -12.08% | Primarily due to changes in investment income from long-term equity investments accounted for using the equity method | No | | Fair Value Change Gains/Losses | 6,152,200.20 | 6.98% | Primarily due to fair value changes in held Guiyang Bank shares | No | | Asset Impairment | -7,771,044.38 | -8.82% | Primarily due to provision for inventory depreciation | No | | Non-Operating Income | 1,571,565.59 | 1.78% | | No | | Non-Operating Expenses | 167,261.60 | 0.19% | | No | [Asset and Liability Status Analysis](index=22&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, the company's total assets slightly decreased, while net assets attributable to shareholders increased, with changes in inventory, fixed assets, construction in progress, and long-term borrowings, and overseas assets primarily in Singapore AST and Huaxin Leasing Ireland Significant Changes in Asset Composition | Item | Current Period-End (CNY) | % of Total Assets | Prior Year-End (CNY) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 480,277,673.03 | 6.81% | 463,855,109.60 | 6.54% | 0.27% | | | Accounts Receivable | 653,823,852.72 | 9.27% | 695,483,191.70 | 9.81% | -0.54% | | | Inventories | 574,653,410.60 | 8.15% | 478,761,704.64 | 6.75% | 1.40% | Primarily due to an increase in work-in-progress from a simulator sales contract signed with a customer in the current period | | Investment Properties | 247,393,584.75 | 3.51% | 251,115,470.49 | 3.54% | -0.03% | | | Long-Term Equity Investments | 1,356,512,019.45 | 19.23% | 1,371,990,220.26 | 19.35% | -0.12% | | | Fixed Assets | 2,621,290,442.88 | 37.16% | 2,589,542,021.89 | 36.52% | 0.64% | Primarily due to the third-phase maintenance base construction project reaching its intended usable state and being transferred to fixed assets in the current period | | Construction in Progress | 5,104,113.09 | 0.07% | 114,798,054.25 | 1.62% | -1.55% | Primarily due to the third-phase maintenance base construction project reaching its intended usable state and being transferred to fixed assets in the current period | | Right-of-Use Assets | 96,969,094.77 | 1.37% | 104,232,258.58 | 1.47% | -0.10% | | | Short-Term Borrowings | 50,032,222.22 | 0.71% | 60,050,722.22 | 0.85% | -0.14% | | | Contract Liabilities | 149,166,968.51 | 2.11% | 148,704,701.74 | 2.10% | 0.01% | | | Long-Term Borrowings | 766,110,018.09 | 10.86% | 1,163,734,114.01 | 16.41% | -5.55% | Primarily due to repayment of long-term bank borrowings in the current period | | Lease Liabilities | 83,152,526.59 | 1.18% | 83,150,075.30 | 1.17% | 0.01% | | Major Overseas Assets | Specific Asset Content | Reason for Formation | Asset Scale (CNY 10,000) | Location | Operating Model | Control Measures to Ensure Asset Safety | Profit/Loss (CNY 10,000) | % of Overseas Assets to Company Net Assets | Major Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Singapore AST | Investment Establishment | 39,929 | Singapore | Provides training and safety training services for pilots, cabin crew, and other aviation personnel using aircraft simulators, charging service fees | Purchase sufficient property insurance; safeguard asset rights through the Cape Town Convention | -1,476.91 | 9.20% | No | | Huaxin Leasing Ireland | Investment Establishment | 27,304 | Ireland | Collects rent by leasing aircraft assets | Safeguard asset rights through the Cape Town Convention; lessee purchases sufficient property insurance; signs relevant airframe and engine warranty agreements with manufacturers; collects overhaul reserves monthly from lessee; has collected lease security deposits | 329.78 | 6.29% | No | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for Current Period (CNY) | Cumulative Fair Value Changes Included in Equity (CNY) | Period-End Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | **Subtotal of Financial Assets** | **382,368,644.23** | **6,152,200.20** | **131,629,328.93** | **388,520,844.43** | | 1. Trading Financial Assets (excluding derivative financial assets) | 168,918,573.10 | 6,152,200.20 | 131,629,328.93 | 175,070,773.30 | | 5. Other Non-Current Financial Assets | 213,450,071.13 | | | 213,450,071.13 | | **Financial Liabilities** | **0.00** | | | **0.00** | Restricted Asset Rights | Item | Book Value as of H1 2025 (CNY) | Type of Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 5,878,122.39 | Margin Deposit | | Accounts Receivable | 666,741.02 | Pledged for Bank Loan | | Investment Properties | 75,170,518.03 | Mortgaged for Bank Loan | | Fixed Assets | 1,005,617,548.98 | Mortgaged for Bank Loan | | Intangible Assets | 41,336,933.79 | Mortgaged for Bank Loan | | **Total** | **1,128,669,864.21** | - | [Investment Status Analysis](index=25&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 had no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds - The company reported no securities investments, derivative investments, or use of raised funds during the reporting period[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) [Significant Asset and Equity Sales](index=25&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) During the reporting period, the company did not sell any significant assets or equity - The company did not sell any significant assets or equity during the reporting period[87](index=87&type=chunk)[88](index=88&type=chunk) [Analysis of Major Holding and Participating Companies](index=25&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) This section lists the financial data of the company's major holding subsidiaries and participating companies with a net profit impact exceeding 10%, including subsidiaries like Autt Accessories, Yamei Power, and Huaxin Leasing Tianjin, as well as the participating company Huaxin Technology, with the company also investing in and establishing Haite Tengyun during the reporting period Major Holding and Participating Company Information | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Autt Accessories (Consolidated) | Subsidiary | Aviation maintenance, testing | 137,720,000.00 | 369,969,491.14 | 265,323,928.99 | 66,251,419.11 | 14,203,968.53 | 12,619,764.87 | | Tianjin Feian | Subsidiary | Aviation training | 400,000,000.00 | 410,017,065.06 | 388,912,419.64 | 7,601,111.72 | -8,720,738.88 | -9,048,617.12 | | Yamei Power (Consolidated) | Subsidiary | Testing, calibration, development, repair of aviation power equipment and related aviation technical services | 310,815,700.00 | 1,025,291,282.72 | 539,988,696.32 | 178,070,395.74 | 47,135,780.48 | 40,517,349.77 | | Kunming Feian (Consolidated) | Subsidiary | Aviation training | 347,252,500.00 | 546,664,730.03 | 398,602,630.40 | 66,079,362.98 | 9,335,643.68 | 7,790,306.62 | | Singapore AST | Subsidiary | Aviation training | SGD 91.40 million | 399,292,688.17 | 294,498,013.50 | 15,211,204.81 | -14,882,015.89 | -14,769,084.38 | | Huaxin Leasing Tianjin (Consolidated) | Subsidiary | Aviation leasing | 300,000,000.00 | 1,855,378,489.62 | 446,035,746.79 | 81,799,284.67 | 35,351,912.27 | 26,583,408.35 | | Haite High-Tech (Shanghai) | Subsidiary | Aviation maintenance communication equipment, electronic equipment and products, electrical | 60,000,000.00 | 90,260,318.13 | 20,837,396.14 | 102,278,499.29 | 24,255,914.56 | 19,375,928.10 | | Huaxin Technology | Associate | Electronic chip design, production, sales, and technical consulting services | 1,957,788,600.00 | 2,571,953,760.11 | 2,211,107,763.99 | 80,424,102.04 | -41,560,343.98 | -41,617,084.50 | - During the reporting period, the company invested in and established Haite Tengyun, which did not generate operating profit or loss[90](index=90&type=chunk) [Structured Entities Controlled by the Company](index=26&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) During the reporting period, the company had no controlled structured entities - The company reported no controlled structured entities during the reporting period[91](index=91&type=chunk) [Risks Faced by the Company and Countermeasures](index=27&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 market competition, rapid aviation technology updates, expanding management scale, and long investment cycles, which it addresses through strategic adjustments, continuous R&D, strengthened management, internal controls, and cost discipline - **Market Risk**: Intensified competition in the aviation industry; the company will adjust its development plan, continuously innovate in technology R&D, and explore new growth points[92](index=92&type=chunk) - **Technology Risk**: Shortened update cycles for new aviation technologies; the company will strengthen technical team management, enhance employee innovation awareness, and consolidate its technological leadership[92](index=92&type=chunk) - **Management Risk**: Expanding asset and operational scale brings management challenges; the company will improve management team capabilities, strengthen internal control systems, and enhance market response speed[92](index=92&type=chunk) - **Industry Risk**: The aviation industry is technology and capital-intensive with long investment cycles; the company will refine its strategic planning, anticipate industry risks, strengthen project management, improve capital efficiency, and strictly control project costs[92](index=92&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=27&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 has not disclosed a market value management system or a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[93](index=93&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=27&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%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 has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[93](index=93&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=27&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, Supervisors, and Senior Management](index=27&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, the company's board of directors and senior management underwent multiple changes due to re-election, with new appointments for Chairman, Vice Chairman, and Board Secretary, while former members departed due to term expiration and the Board of Supervisors was abolished Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Deng Zhenrong | Chairman | Elected | May 16, 2025 | Re-election | | Tan Jianguo | Vice Chairman | Elected | May 16, 2025 | Re-election | | Zheng Dehua | Director | Elected | May 16, 2025 | Re-election | | Tang Jishun | Director | Elected | May 16, 2025 | Re-election | | Zhang Hongzhi | Deputy General Manager | Appointed | May 16, 2025 | Re-election | | Deng Yuanyuan | Deputy General Manager | Appointed | May 16, 2025 | Re-election | | Zhang Chen | Board Secretary | Appointed | May 16, 2025 | Re-election | | Wan Tao | Chairman | Term Expired | May 16, 2025 | Re-election | | Yang Hongying | Vice Chairman | Term Expired | May 16, 2025 | Re-election | | Zhang Peiping | Director, Deputy General Manager | Term Expired | May 16, 2025 | Re-election | | Zheng Dehua | Supervisor | Term Expired | May 16, 2025 | Abolition of Board of Supervisors | | Long Zhiyun | Supervisor | Term Expired | May 16, 2025 | Abolition of Board of Supervisors | | Zhang Qian | Supervisor | Term Expired | May 16, 2025 | Abolition of Board of Supervisors | | Zhang Longyong | Board Secretary | Term Expired | May 16, 2025 | Re-election | | Zeng Yi | Deputy General Manager | Term Expired | May 16, 2025 | Re-election | [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=28&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 semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[96](index=96&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&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) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor their implementation - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor their implementation during the reporting period[97](index=97&type=chunk) [Environmental Information Disclosure](index=28&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 subsidiary, Tianjin Haite Aircraft Engineering Co., Ltd., are included in the list of enterprises required to disclose environmental information, and their environmental information disclosure reports are available on Juchao Information Network - The company and its major subsidiary, Tianjin Haite Aircraft Engineering Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[98](index=98&type=chunk) - Tianjin Haite Aircraft Engineering Co., Ltd.'s environmental information disclosure report is available on Juchao Information Network[98](index=98&type=chunk) [Social Responsibility](index=28&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) Adhering to its core values of "customer-centricity and value creation through hard work," the company actively fulfills its social responsibilities, committed to protecting stakeholder rights, prioritizing environmental protection and sustainable development, and actively participating in social welfare initiatives - The company, with "information disclosure" at its core, strictly fulfills its information disclosure obligations, improves information disclosure quality, and establishes diversified investor communication channels to protect the rights and interests of shareholders and creditors[99](index=99&type=chunk) - The company adheres to honest operation, is committed to providing high-quality products and services to customers, and builds harmonious cooperative relationships with suppliers and customers by establishing supplier and customer archives to improve work efficiency[100](index=100&type=chunk) - The company prioritizes employee rights protection, strictly complies with labor laws, pays "five insurances and one housing fund" for employees, establishes a labor union, and implements systematic human resource management and talent development mechanisms[100](index=100&type=chunk) - The company highly values environmental protection, complies with the requirements of the "Environmental Protection Law," plans scientifically to minimize the environmental impact of its production and operations, and actively participates in social welfare activities[101](index=101&type=chunk) [Part V Significant Matters](index=30&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) [Commitments](index=30&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%9F%E6%9C%AB%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) During the reporting period, the company had no unfulfilled or overdue commitments from its actual controller, shareholders, related parties, acquirers, or the company itself - The company reported no commitments from related parties that were fulfilled or overdue during the reporting period[103](index=103&type=chunk) [Non-Operating Funds Occupied](index=30&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) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company - The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[104](index=104&type=chunk) [Irregular External Guarantees](index=30&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) During the reporting period, the company had no irregular external guarantees - The company reported no irregular external guarantees during the reporting period[105](index=105&type=chunk) [Appointment and Dismissal of Accounting Firms](index=30&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 report was not audited - The company's semi-annual report was unaudited[106](index=106&type=chunk) [Board of Directors' and Board of Supervisors' Explanations on "Non-Standard Audit Report" for This Period](index=30&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%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no non-standard audit reports - The company reported no non-standard audit reports during the reporting period[107](index=107&type=chunk) [Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year](index=30&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%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no non-standard audit reports for the previous year - The company reported no non-standard audit reports for the previous year during the reporting period[107](index=107&type=chunk) [Bankruptcy and Reorganization Matters](index=30&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) During the reporting period, the company had no bankruptcy or reorganization related matters - The company reported no bankruptcy or reorganization matters during the reporting period[107](index=107&type=chunk) [Litigation Matters](index=30&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had 7 ongoing litigation and arbitration matters that did not meet the disclosure threshold for significant litigation, with a total amount involved of CNY 64.9448 million, currently in the filing or trial stage Significant Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (CNY 10,000) | Provision for Estimated Liabilities | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Total of 7 other ongoing litigation and arbitration matters not meeting the disclosure threshold for significant litigation | 6,494.48 | No | Filing or trial stage | Under review | Not applicable | [Penalties and Rectification](index=31&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) During the reporting period, the company had no penalties or rectification situations - The company reported no penalties or rectification situations during the reporting period[109](index=109&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=31&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) During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller - The company reported no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[110](index=110&type=chunk) [Significant Related Party Transactions](index=31&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 had no related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, non-operating related party receivables/payables, or financial business with related financial companies - The company reported no related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments during the reporting period[111](index=111&type=chunk)[112](index=112&type=chunk) - The company reported no non-operating related party receivables or payables during the reporting period[113](index=113&type=chunk) - The company and its related financial companies, as well as financial companies controlled by the company, had no deposits, loans, credit lines, or other financial business with related parties[114](index=114&type=chunk)[115](index=115&type=chunk) [Significant Contracts and Their Performance](index=32&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 had no entrustment or contracting situations; its sub-subsidiaries leased multiple aircraft for operation, with Airbus A330 leasing generating CNY 13.2621 million in revenue; the company provided significant guarantees for its subsidiaries, totaling 14.09% of net assets; and entrusted wealth management amounted to CNY 150 million, with a zero balance at period-end - The company reported no entrustment or contracting situations during the reporting period[117](index=117&type=chunk)[118](index=118&type=chunk) - The company's sub-subsidiaries, Huaxin Leasing Ireland (SPV), Tianjin Huaxin No. 1, Tianjin Huaxin No. 2, Tianjin Huaxin Jiutian, and Tianjin Huaxin Shinian, leased multiple Boeing 737 and Airbus A330 aircraft for operation[119](index=119&type=chunk)[120](index=120&type=chunk) Leasing Projects Generating Over 10% of Company's Total Profit for the Reporting Period | Lessor Name | Lessee Name | Leased Asset Details | Lease Start Date | Lease End Date | Lease Income (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Huaxin No. 2 | Air China Limited | Airbus A330 | April 3, 2019 | October 24, 2026 | 1,326.21 | - The company and its subsidiaries had no external guarantees (excluding guarantees for subsidiaries)[123](index=123&type=chunk) - The company's total guarantees for its subsidiaries amounted to **CNY 612.4861 million**, representing **14.09%** of the company's net assets[126](index=126&type=chunk) - The loan guarantees for the company's subsidiaries Singapore AST, Huaxin No. 1, and Huaxin No. 2 are composite guarantees, including company guarantees and asset mortgages[127](index=127&type=chunk)[128](index=128&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (CNY 10,000) | Unmatured Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 15,000 | 0 | 0 | | **Total** | | **15,000** | **0** | **0** | - The company reported no other significant contracts during the reporting period[133](index=133&type=chunk) [Explanation of Other Significant Matters](index=39&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) During the reporting period, the company had no other significant matters requiring explanation - The company reported no other significant matters requiring explanation during the reporting period[134](index=134&type=chunk) [Significant Matters of Company Subsidiaries](index=39&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) During the reporting period, the company had no significant matters concerning its subsidiaries - The company reported no significant matters concerning its subsidiaries during the reporting period[135](index=135&type=chunk) [Part VI Share Changes and Shareholder Information](index=40&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 Change Status](index=40&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 total share capital remained unchanged, with 740,860,235 unrestricted shares, accounting for 100%, and cumulatively repurchased 987,800 shares for CNY 9.9996 million as of June 30, 2025 Share Change Status | | Number of Shares Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (shares) | Number of Shares After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | | | | | | | II. Unrestricted Shares | 740,860,235 | 100.00% | 0 | 740,860,235 | 100.00% | | III. Total Shares | 740,860,235 | 100.00% | 0 | 740,860,235 | 100.00% | - As of June 30, 2025, the company had cumulatively repurchased **987,800 shares**, representing **0.13%** of the company's current total share capital, with a total transaction amount of **CNY 9,999,623.00**[139](index=139&type=chunk) [Securities Issuance and Listing](index=41&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) During the reporting period, the company had no securities issuance or listing activities - The company reported no securities issuance or listing activities during the reporting period[140](index=140&type=chunk) [Shareholder Numbers and Shareholding](index=41&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) At the end of the reporting period, the total number of common shareholders was 96,401, with Li Biao holding 13.16% and Qingdao Jinshui Haite Investment Co., Ltd. holding 8.57% among the top ten, and some shareholders holding shares through credit securities accounts - The total number of common shareholders at the end of the reporting period was **96,401**[141](index=141&type=chunk) Shareholding of Shareholders Holding 5% or More, or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Li Biao | Domestic Natural Person | 13.16% | 97,510,581 | 97,510,581 | | Qingdao Jinshui Haite Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 8.57% | 63,456,100 | 63,456,100 | | LI ZAICHUN | Overseas Natural Person | 1.83% | 13,547,300 | 13,547,300 | | Chen Kechun | Domestic Natural Person | 1.13% | 8,350,000 | 8,350,000 | | China Great Wall Asset Management Co., Ltd. | State-Owned Legal Person | 0.75% | 5,586,003 | 5,586,003 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | Other | 0.74% | 5,470,000 | 5,470,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.71% | 5,241,771 | 5,241,771 | | Cao Xianrun | Domestic Natural Person | 0.67% | 4,960,656 | 4,960,656 | | Liang Yong | Domestic Natural Person | 0.49% | 3,665,980 | 3,665,980 | | China Merchants Bank Co., Ltd. - ChinaAMC CSI 1000 ETF | Other | 0.44% | 3,230,050 | 3,230,050 | - Mr. Li Biao is the son of Mr. LI ZAICHUN; the company is unaware of any other related party relationships or concerted actions among other shareholders[142](index=142&type=chunk) - Shareholder Chen Kechun holds **8,350,000 shares**, of which **8,350,000 shares** are held through a credit securities account; shareholder Cao Xianrun holds **4,960,656 shares**, of which **2,927,700 shares** are held through a credit securities account[143](index=143&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=43&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) During the reporting period, there were no changes in the shareholdings of the company's directors and senior management, as detailed in the 2024 annual report - The company's directors and senior management reported no changes in shareholdings during the reporting period, as detailed in the 2024 annual report[144](index=144&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=43&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) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company reported no changes in its controlling shareholder or actual controller during the reporting period[145](index=145&type=chunk) [Preferred Share Information](index=44&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares - The company reported no preferred shares during the reporting period[146](index=146&type=chunk) [Part VII Bond Information](index=45&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) During the reporting period, the company had no bond-related matters - The company reported no bond-related matters during the reporting period[148](index=148&type=chunk) [Part VIII Financial Report](index=46&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) [Audit Report](index=46&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 unaudited - The company's semi-annual financial report was unaudited[150](index=150&type=chunk) [Financial Statements](index=46&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 company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=46&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were CNY 7.055 billion, total liabilities CNY 2.716 billion, and owners' equity attributable to the parent company CNY 4.346 billion, with current assets at CNY 1.994 billion and non-current assets at CNY 5.061 billion Consolidated Balance Sheet Key Data (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | **Total Assets** | **7,054,785,866.99** | | Total Current Assets | 1,994,006,390.81 | | Total Non-Current Assets | 5,060,779,476.18 | | **Total Liabilities** | **2,715,835,394.02** | | Total Current Liabilities | 1,777,059,714.48 | | Total Non-Current Liabilities | 938,775,679.54 | | **Total Owners' Equity** | **4,338,950,472.97** | | Total Owners' Equity Attributable to Parent Company | 4,346,384,446.41 | | Minority Interests | -7,433,973.44 | [Parent Company Balance Sheet](index=48&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were CNY 5.014 billion, total liabilities CNY 1.516 billion, and total owners' equity CNY 3.498 billion, with current assets at CNY 1.009 billion and non-current assets at CNY 4.005 billion Parent Company Balance Sheet Key Data (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | **Total Assets** | **5,013,754,281.76** | | Total Current Assets | 1,008,736,040.09 | | Total Non-Current Assets | 4,005,018,241.67 | | **Total Liabilities** | **1,515,812,960.25** | | Total Current Liabilities | 1,024,017,674.78 | | Total Non-Current Liabilities | 491,795,285.47 | | **Total Owners' Equity** | **3,497,941,321.51** | [Consolidated Income Statement](index=51&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the company achieved total operating revenue of CNY 705.05 million, a 14.08% year-on-year increase; operating profit of CNY 86.6874 million, a 52.10% year-on-year increase; net profit of CNY 63.3671 million, a 73.64% year-on-year increase; and net profit attributable to parent company shareholders of CNY 63.7041 million, a 35.31% year-on-year increase Consolidated Income Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 705,053,189.98 | 618,016,380.14 | | II. Total Operating Costs | 615,923,177.77 | 567,111,456.41 | | III. Operating Profit | 86,687,406.39 | 56,993,426.88 | | IV. Total Profit | 88,091,710.38 | 57,207,008.75 | | V. Net Profit | 63,367,060.77 | 36,491,151.15 | | Net Profit Attributable to Parent Company Shareholders | 63,704,068.86 | 47,079,457.35 | | Minority Interest Income/Loss | -337,008.09 | -10,588,306.20 | | VI. Net Other Comprehensive Income After Tax | 14,701,636.12 | 1,613,880.24 | | VII. Total Comprehensive Income | 78,068,696.89 | 38,105,031.39 | | VIII. Earnings Per Share (Basic/Diluted) | 0.0861 | 0.0635 | [Parent Company Income Statement](index=53&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the parent company achieved operating revenue of CNY 54.1159 million, with a net loss of CNY 15.2514 million, a narrower loss year-on-year, and operating profit was -CNY 15.8119 million, with investment income at -CNY 10.8811 million Parent Company Income Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Operating Revenue | 54,115,946.09 | 45,361,521.45 | | II. Operating Profit | -15,811,875.68 | -18,099,462.72 | | III. Total Profit | -15,896,354.76 | -18,084,261.70 | | IV. Net Profit | -15,251,395.66 | -15,959,739.54 | | VI. Total Comprehensive Income | -15,251,395.66 | -15,959,739.54 | [Consolidated Cash Flow Statement](index=54&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, the company's net cash flow from operating activities was CNY 259.0295 million, a 120.47% year-on-year increase, primarily due to increased customer collections; net cash flow from investing activities was CNY 30.3484 million, a 53.57% year-on-year decrease; and net cash flow from financing activities was -CNY 268.2654 million, a 91.93% year-on-year decrease Consolidated Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 259,029,496.64 | 117,492,103.73 | | Net Cash Flow from Investing Activities | 30,348,389.08 | 65,359,759.67 | | Net Cash Flow from Financing Activities | -268,265,430.72 | -139,769,974.76 | | Net Increase in Cash and Cash Equivalents | 18,780,992.79 | 43,842,895.09 | | Period-End Cash and Cash Equivalents Balance | 474,399,550.64 | 430,274,298.35 | [Parent Company Cash Flow Statement](index=56&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, the parent company's net cash flow from operating activities was -CNY 11.7351 million, from investing activities -CNY 5.3216 million, and from financing activities -CNY 2.8814 million, with a period-end cash and cash equivalents balance of CNY 214 million Parent Company Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -11,735,092.02 | -12,844,004.28 | | Net Cash Flow from Investing Activities | -5,321,553.77 | 118,714,069.82 | | Net Cash Flow from Financing Activities | -2,881,383.44 | 100,835,833.26 | | Net Increase in Cash and Cash Equivalents | -19,325,976.70 | 206,650,284.61 | | Period-End Cash and Cash Equivalents Balance | 213,793,953.55 | 262,202,270.71 | [Consolidated Statement of Changes in Owners' Equity](index=56&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For the first half of 2025, total consolidated owners' equity increased by CNY 68.0691 million, primarily due to an increase of CNY 78.4057 million in comprehensive income attributable to parent compa

优彩环保资源科技股份有限公司 2025 年半年度报告全文 优彩环保资源科技股份有限公司 2025 年半年度报告 2025-043 【2025 年 8 月 28 日】 1 优彩环保资源科技股份有限公司 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。 公司负责人戴泽新、主管会计工作负责人徐平及会计机构负责人(会计主 管人员)徐平声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的公司发展战略和规划等前瞻性陈述，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。 公司经本次董事会审议通过的利润分配预案为：以实施分配方案股权登 记日的总股本为基数，向全体股东每 10 股派发现金红利 1.2 元（含税），送 红股 0 股（含税），不以公积金转增股本。 2 | . | > | 2 | | --- | --- | --- | | ...

金陵华软科技股份有限公司 2025 年半年度报告全文 金陵华软科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 金陵华软科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人翟辉、主管会计工作负责人张林及会计机构负责人(会计主管 人员)刘斌声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者的实质性承诺，投资者及相关人士均应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，描述了公司经营中可能存在的风险及应对措施，敬请投资 者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- ...

Section I Important Notice, Table of Contents, and Definitions [I. Important Notice](index=2&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, senior management, and accounting officer guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no plans for cash dividends, bonus shares, or capital reserve conversions for this period - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[5](index=5&type=chunk) - Company head Zeng Congqin, chief accounting officer Zhang Xin, and head of accounting department Liu Min declare to guarantee the truthfulness, accuracy, and completeness of the financial report[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the detailed table of contents, covering key chapters such as important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports [List of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section provides a list of reference documents for shareholders, including signed and sealed accounting statements, all publicly disclosed announcements, and the original semi-annual report - Reference documents include accounting statements bearing the signatures and seals of the legal representative, chief accounting officer, and head of the accounting department[9](index=9&type=chunk) - All company announcements publicly disclosed in China Securities Journal, Shanghai Securities News, and Securities Times during the reporting period are available for inspection[9](index=9&type=chunk) - The original copy of the company's '2025 Semi-Annual Report' is available for shareholders' inspection[9](index=9&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and company-related entities used in the report to ensure clear understanding of its content - 'Company', 'the Company', and 'Wuliangye' all refer to Yibin Wuliangye Co., Ltd[10](index=10&type=chunk) - 'Wuliangye Group Company' refers to Sichuan Yibin Wuliangye Group Co., Ltd[10](index=10&type=chunk) - 'Yifa Group' refers to Yibin Development Holding Group Co., Ltd[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company's stock abbreviation is 'Wuliangye', stock code 000858, listed on the Shenzhen Stock Exchange, with Zeng Congqin as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Wuliangye | | Stock Code | 000858 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Yibin Wuliangye Co., Ltd. | | Legal Representative | Zeng Congqin | [II. Contact Persons and 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) The company's Board Secretary is Zhang Xin, and Securities Affairs Representative is Huang Hui, both located at No. 150 Minjiang West Road, Cuiping District, Yibin City, Sichuan Province, with identical phone and fax numbers, and email 000858-wly@sohu.com Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Xin | No. 150 Minjiang West Road, Cuiping District, Yibin City, Sichuan Province | （0831）3567000 | （0831）3555958 | 000858-wly@sohu.com | | Securities Affairs Representative | Huang Hui | No. 150 Minjiang West Road, Cuiping District, Yibin City, Sichuan Province | （0831）3567000 | （0831）3555958 | 000858-wly@sohu.com | [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and placement locations; specific details can be found in the 2024 annual report - The company's registered address, office address, postal code, website, and email remained unchanged during the reporting period[14](index=14&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[15](index=15&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%E3%80%81%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) In the first half of 2025, the company's operating revenue increased by **4.19%** to **52.77 billion yuan**, and net profit attributable to shareholders increased by **2.28%** to **19.49 billion yuan**. Net cash flow from operating activities surged by **131.88%**, primarily due to a higher proportion of cash receipts Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 52,770,984,383.52 | 50,648,026,578.65 | 4.19% | | Net Profit Attributable to Shareholders of Listed Company | 19,491,942,398.53 | 19,056,829,528.87 | 2.28% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 19,479,643,890.31 | 18,938,813,683.76 | 2.86% | | Net Cash Flow from Operating Activities | 31,136,736,628.58 | 13,427,928,655.63 | 131.88% | | Basic Earnings Per Share (RMB/share) | 5.0216 | 4.9095 | 2.28% | | Diluted Earnings Per Share (RMB/share) | 5.0216 | 4.9095 | 2.28% | | Weighted Average Return on Net Assets | 13.63% | 13.70% | Decrease 0.07 percentage points | | Indicator | End of Current Period (RMB) | End of Prior Year (RMB) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 193,415,382,562.71 | 188,252,218,704.17 | 2.74% | | Net Assets Attributable to Shareholders of Listed Company | 140,476,408,646.65 | 133,285,282,015.97 | 5.40% | - Net cash flow from operating activities significantly increased by **131.88%** year-on-year, primarily due to a higher proportion of cash receipts for goods in the current reporting period, compared to a higher proportion of bank acceptance bills in the prior period[17](index=17&type=chunk) [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards - The company had no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[18](index=18&type=chunk) - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[19](index=19&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%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%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **12.30 million yuan**, primarily comprising gains/losses from disposal of non-current assets, government subsidies, capital occupation fees, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 8,713,622.96 | | Government Subsidies Recognized in Current Profit/Loss (Excluding Those with Continuous Impact) | 32,156,059.98 | | Capital Occupation Fees Received from Non-Financial Enterprises Recognized in Current Profit/Loss | 123,155.96 | | Other Non-Operating Income and Expenses Apart from the Above | -26,672,025.54 | | Less: Income Tax Impact | 3,089,726.65 | | Impact on Minority Interests (After Tax) | -1,067,421.51 | | Total | 12,298,508.22 | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring profit/loss items[21](index=21&type=chunk) Section III Management Discussion and Analysis [I. Main Business Activities During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in liquor production and sales, with core products being 'Wuliangye liquor' and its series of strong-aroma baijiu. During the reporting period, the company achieved its 'double half' target by deepening marketing strategies, optimizing product matrix, expanding brand influence, and improving channel layout, continuously strengthening the market foundation and brand influence of Wuliangye's strong-aroma products - The company primarily engages in liquor production and sales, classified under 'Beverage and Refined Tea Manufacturing' (C15)[23](index=23&type=chunk) - The main product, 'Wuliangye liquor', is a typical representative of China's strong-aroma baijiu, with a full range of Wuliangye strong-aroma products developed, including Wuliangchun and Wuliangchun[23](index=23&type=chunk) [1. Brand Operations](index=8&type=section&id=1%E3%80%81%E5%93%81%E7%89%8C%E8%BF%90%E8%90%A5%E6%83%85%E5%86%B5) In the first half, Wuliangye brand strengthened its market position and achieved 'double half' targets through product innovation, optimizing the '1+3' product structure, engaging in high-end marketing, and refining channel development. Wuliangye's strong-aroma products focused on sales, continuously solidifying market foundation, enhancing brand influence, and enriching consumer cultivation - The Wuliangye brand closely adhered to the overall positioning of 'Marketing Execution Improvement Year', deepening its marketing policy of 'boosting sales, stabilizing prices, improving cost-effectiveness, and transforming work style' to achieve the 'double half' target[24](index=24&type=chunk) - The Wuliangye product matrix continued to exert efforts, completing the launch of new drinking products such as Yifanfengshun and Zhujunjinbangtiming, and accelerating the release of 29-degree Wuliangye[24](index=24&type=chunk) - The Wuliangye brand deeply participated in high-end platforms such as the Boao Forum for Asia, Osaka Expo, and APEC CEO Summit, successfully holding IP events like the first Harmony Wedding Ceremony and the fourth Wuliangye Harmony Culture Festival[24](index=24&type=chunk) - Wuliangye's channel layout continued to improve, with **7,990** new purchasing terminals added, and both banquet numbers and bottle-opening scans maintaining double-digit year-on-year growth in the first half, serving over **2.83 million** consumers[25](index=25&type=chunk) - Wuliangye Strong-Aroma Company adhered to the strategic guidance of 'upholding integrity and innovation, expanding territory, and making more contributions', with daily average bottle-opening scans continuing to maintain double-digit year-on-year growth[26](index=26&type=chunk) - The market foundation for Wuliangye Strong-Aroma products was continuously strengthened, with enhanced terminal outlets, increased market coverage, and sustained efforts in emerging channels such as e-commerce, supermarkets, and group buying[26](index=26&type=chunk) [2. Main Sales Models](index=8&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E9%94%80%E5%94%AE%E6%A8%A1%E5%BC%8F) The company primarily employs distribution and direct sales models for product sales, with distribution including traditional channels and KA stores, and direct sales covering group buying, specialty stores, and online sales - Distribution models include traditional channel operators and KA stores, primarily for offline sales[27](index=27&type=chunk) - Direct sales models include group buying, specialty store models, and online sales (via e-commerce platforms like Tmall and JD.com)[27](index=27&type=chunk) [3. Distribution Model](index=9&type=section&id=3%E3%80%81%E7%BB%8F%E9%94%80%E6%A8%A1%E5%BC%8F) The company's liquor product distribution model generated **27.93 billion yuan** in operating revenue with a gross margin of **78.70%**, a **1.00%** year-on-year decrease. Direct sales revenue was **21.20 billion yuan**, with a gross margin of **86.80%**, up **0.13%** year-on-year. Wuliangye products contributed **41.00 billion yuan** in revenue with an **86.45%** gross margin, while other liquor products generated **8.12 billion yuan** with a **60.74%** gross margin. The total number of distributors was **3,587**, comprising **2,510** Wuliangye distributors and **1,077** Wuliangye Strong-Aroma distributors Financial Data by Liquor Product Sales Model and Product Category | Item | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Sales Model** | | | | | | | | Liquor Products | 49,119,887,461.97 | 8,745,463,248.36 | 82.20% | 4.26% | 6.61% | -0.39% | | Of which: Distribution Model | 27,924,996,002.43 | 5,947,141,593.06 | 78.70% | 1.20% | 6.17% | -1.00% | | Direct Sales Model | 21,194,891,459.54 | 2,798,321,655.30 | 86.80% | 8.60% | 7.57% | 0.13% | | **Product Category** | | | | | | | | Liquor Products | 49,119,887,461.97 | 8,745,463,248.36 | 82.20% | 4.26% | 6.61% | -0.39% | | Of which: Wuliangye Products | 40,998,320,017.50 | 5,556,547,206.14 | 86.45% | 4.57% | 6.51% | -0.24% | | Other Liquor Products | 8,121,567,444.47 | 3,188,916,042.22 | 60.74% | 2.73% | 6.79% | -1.49% | Distributor Numbers | Region | Number of Wuliangye Distributors | YoY Change (Number) | Number of Wuliangye Strong-Aroma Distributors | YoY Change (Number) | | :--- | :--- | :--- | :--- | :--- | | Eastern Region | 616 | -19 | | | | Southern Region | 1,067 | 4 | | | | Northern Region | 827 | -5 | | | | Subtotal | 2,510 | -20 | | | | National | | | 1,077 | 127 | | Total | 3,587 | 107 | | | - The company primarily uses a distribution model with 'payment in advance, delivery later' settlement[32](index=32&type=chunk) - During the reporting period, sales revenue from the top five distributors totaled **30.06 billion yuan**, accounting for **56.96%** of total sales revenue[32](index=32&type=chunk) [4. Store Sales Terminals Account for Over 10%](index=9&type=section&id=4%E3%80%81%E9%97%A8%E5%BA%97%E9%94%80%E5%94%AE%E7%BB%88%E7%AB%AF%E5%8D%A0%E6%AF%94%E8%B6%85%E8%BF%87%2010%25) As of the end of the reporting period, the company had a total of **1,768** specialty stores, a decrease of **18** from the beginning of the period, with slight reductions in the Eastern, Southern, and Northern regions Specialty Store Numbers | Region | Number of Specialty Stores at Beginning of Period | Number of Specialty Stores at End of Period | | :--- | :--- | :--- | | Eastern Region | 765 | 761 | | Southern Region | 565 | 560 | | Northern Region | 456 | 447 | | Total | 1,786 | 1,768 | [5. Online Direct Sales](index=9&type=section&id=5%E3%80%81%E7%BA%BF%E4%B8%8A%E7%9B%B4%E9%94%80%E9%94%80%E5%94%AE) The company's online direct sales are primarily conducted through platforms like Tmall, JD.com, and WeChat official stores, covering Wuliangye products such as Eighth Generation Wuliangye, 39-degree Wuliangye, and Classic Wuliangye, as well as other liquor products like Wuliangchun, Wuliangchun, Wuliang Tequ, and Jianzhuang - Wuliangye products (such as Eighth Generation Wuliangye, 39-degree Wuliangye, and Classic Wuliangye) are sold online through Tmall, JD.com, and WeChat official stores[34](index=34&type=chunk) - Other liquor products (such as Wuliangchun, Wuliangchun, Wuliang Tequ, and Jianzhuang) are also sold online through Tmall, JD.com, and WeChat official stores[35](index=35&type=chunk) [6. Procurement Model and Content](index=10&type=section&id=6%E3%80%81%E9%87%87%E8%B4%AD%E6%A8%A1%E5%BC%8F%E5%8F%8A%E9%87%87%E8%B4%AD%E5%86%85%E5%AE%B9) The company primarily adopts a market-based procurement model, with procurement content including raw and auxiliary materials, packaging materials, and energy, among which raw and auxiliary materials account for the largest procurement amount Main Procurement Content and Amounts | Procurement Model | Procurement Content | Amount of Main Procurement Content (RMB) | | :--- | :--- | :--- | | Market-based Procurement | Raw and Auxiliary Materials, etc. | 5,461,006,938.05 | | Market-based Procurement | Packaging Materials | 1,233,966,176.26 | | Market-based Procurement | Energy | 403,079,735.87 | - The company does not procure raw materials from cooperatives or farmers exceeding **30%** of the total procurement amount[36](index=36&type=chunk) - Prices of major outsourced raw materials did not change by more than **30%** year-on-year[36](index=36&type=chunk) [7. Main Production Model](index=10&type=section&id=7%E3%80%81%E4%B8%BB%E8%A6%81%E7%94%9F%E4%BA%A7%E6%A8%A1%E5%BC%8F) All of the company's baijiu products are self-produced, with no outsourced processing production model adopted - All of the company's baijiu products are self-produced[37](index=37&type=chunk) - The company has no outsourced processing production[37](index=37&type=chunk) [8. Main Components of Operating Cost](index=10&type=section&id=8%E3%80%81%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC%E7%9A%84%E4%B8%BB%E8%A6%81%E6%9E%84%E6%88%90%E9%A1%B9%E7%9B%AE) The company's operating costs primarily consist of raw materials, labor wages, energy, and manufacturing expenses. Raw materials accounted for the highest proportion at **55.76%**, while labor wages accounted for **27.92%**, a **1.34** percentage point decrease year-on-year Main Components of Operating Cost | Item | H1 2025 Amount (RMB) | Proportion of Operating Cost | H1 2024 Amount (RMB) | Proportion of Operating Cost | YoY Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 6,817,942,910.15 | 55.76% | 6,367,500,886.67 | 55.53% | 0.23% | | Labor Wages | 3,414,708,845.56 | 27.92% | 3,355,054,459.35 | 29.26% | -1.34% | | Energy | 723,131,392.71 | 5.91% | 666,410,145.73 | 5.81% | 0.10% | | Manufacturing Expenses | 1,272,406,763.16 | 10.41% | 1,077,173,015.45 | 9.39% | 1.02% | [9. Production and Inventory Volumes](index=10&type=section&id=9%E3%80%81%E4%BA%A7%E9%87%8F%E4%B8%8E%E5%BA%93%E5%AD%98%E9%87%8F) In the first half, Wuliangye product production increased by **11.56%** year-on-year, sales by **12.75%**, and end-of-period inventory by **41.26%**, mainly due to early stocking for Chinese New Year and increased inventory of differentiated liquor products. Other liquor product production and sales both saw significant growth, while end-of-period inventory decreased by **54.05%** year-on-year, reflecting consumer preference for mid-to-low-priced liquors Production, Sales, and Inventory Volumes of Main Products (Tons) | Product | Beginning Inventory | YoY Change | Production Volume | YoY Change | Sales Volume | YoY Change | Ending Inventory | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuliangye Products | 6,173 | 39.13% | 25,559 | 11.56% | 27,278 | 12.75% | 4,454 | 41.26% | | Other Liquor Products | 26,626 | -39.33% | 76,650 | 60.15% | 86,005 | 58.81% | 17,271 | -54.05% | | Total | 32,799 | -32.12% | 102,209 | 44.42% | 113,283 | 44.59% | 21,725 | -46.68% | - The increase in beginning and ending inventory of Wuliangye products was mainly due to the earlier Chinese New Year in 2025 compared to 2024, leading the company to stock up in advance for the peak sales season and increase inventory of differentiated liquor products[38](index=38&type=chunk) - Increased sales and decreased ending inventory of other liquor products were mainly due to the baijiu industry being in a deep adjustment period, with mid-to-low-priced liquors being more favored by consumers[38](index=38&type=chunk) Inventory of Finished and Semi-Finished Liquor (Including Base Liquor) | Category | Inventory (Tons) | | :--- | :--- | | Finished Liquor | 21,725 | | Semi-Finished Liquor (Including Ceramic Jar Base Liquor) | 174,659 | Main Product Capacity | Main Product | Designed Annual Capacity (10,000 Tons) | Actual Capacity in H1 (10,000 Tons) | Capacity Under Construction (10,000 Tons) | | :--- | :--- | :--- | :--- | | Liquor | 19.0627 | 8.3538 | 3.95 | [II. Analysis of Core Competencies](index=11&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 continue to strengthen, primarily reflected in its unique production area advantage (Yibin recognized as ideal for premium baijiu), ancient cellar cluster advantage (749 years of continuous brewing), quality advantage (Wuliangye brewing techniques and comprehensive quality management), brand advantage (ranking 73rd in Global Brand Value 500), and broad consumer base (high market share in strong-aroma baijiu, low-alcohol baijiu cultivating young and overseas markets) - Yibin production area, where the company is located, has been recognized by UNESCO and FAO as 'the most suitable region on the same latitude for brewing high-quality pure distilled baijiu on Earth', and awarded the title of 'China Wuliangye Strong-Aroma Core Production Area'[41](index=41&type=chunk) - The company owns ancient cellar clusters from the Yuan and Ming dynasties, represented by Changfasheng and Lichuanyong, which have been continuously brewing for **749** years[41](index=41&type=chunk) - The company adheres to the 'plant, brew, select, age, blend' five-character secret for fine liquor, possesses the unique '1366' national intangible cultural heritage traditional brewing technique, and is the only baijiu enterprise in the industry to have won the National Quality Award four times[42](index=42&type=chunk) - In the 2025 Global Brand Value 500 list, Wuliangye's ranking rose by **2** places to **73rd**, with its brand strength index firmly at the global highest level of AAA+[43](index=43&type=chunk) - Strong-aroma baijiu is the baijiu category with the highest market share and largest consumer base, and the company's pioneering low-alcohol baijiu has a unique advantage in cultivating young and overseas consumer groups[43](index=43&type=chunk) [III. Analysis of Main Business](index=11&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 main business achieved steady growth, with operating revenue up **4.19%** and net profit attributable to shareholders up **2.28%**. R&D investment surged by **31.20%**, and net cash flow from operating activities increased by **131.88%**. Liquor products remain the primary revenue source, accounting for **93.08%** of total revenue, with Wuliangye products being the largest contributor. The company integrated its marketing regions into three major areas to enhance market responsiveness [1. Year-on-Year Changes in Key Financial Data](index=11&type=section&id=1%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue and costs both grew, R&D investment significantly increased by **31.20%**, and net cash flow from operating activities rose by **131.88%**, primarily due to a higher proportion of cash receipts. Net cash flow from financing activities saw a substantial outflow due to the payment of interim dividends Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 52,770,984,383.52 | 50,648,026,578.65 | 4.19% | | | Operating Cost | 12,228,189,911.58 | 11,466,138,507.20 | 6.65% | | | Selling Expenses | 5,396,393,992.35 | 5,366,342,173.42 | 0.56% | | | Administrative Expenses | 1,712,424,934.59 | 1,738,561,638.52 | -1.50% | | | Financial Expenses | -1,261,269,705.58 | -1,400,855,109.46 | Not applicable | | | Income Tax Expense | 6,583,646,456.74 | 6,563,541,257.72 | 0.31% | | | R&D Investment | 209,601,741.37 | 159,760,941.28 | 31.20% | The company continued to increase investment in R&D projects such as production processes | | Net Cash Flow from Operating Activities | 31,136,736,628.58 | 13,427,928,655.63 | 131.88% | Higher proportion of cash receipts for goods in the current reporting period | | Net Cash Flow from Investing Activities | -967,484,650.22 | -1,069,383,823.78 | Not applicable | | | Net Cash Flow from Financing Activities | -10,300,233,479.06 | -157,849,148.32 | Not applicable | Payment of 2024 interim dividends of **9.999 billion yuan** | | Net Increase in Cash and Cash Equivalents | 19,869,018,499.30 | 12,200,695,683.53 | 62.85% | Higher proportion of cash receipts for goods in the current reporting period | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[48](index=48&type=chunk) [2. Composition of Operating Revenue](index=12&type=section&id=2%E3%80%81%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) The company's total operating revenue reached **52.77 billion yuan**, a **4.19%** year-on-year increase. Liquor products accounted for **93.08%** of revenue, growing by **4.26%**. Printing product revenue surged by **97.85%** due to product upgrades and increased external business. Glass bottle product revenue declined by **42.69%**, impacted by macroeconomic conditions and reduced baijiu industry output Composition of Operating Revenue | Item | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 52,770,984,383.52 | 100% | 50,648,026,578.65 | 100% | 4.19% | | **By Industry** | | | | | | | Manufacturing | 52,770,984,383.52 | 100.00% | 50,648,026,578.65 | 100.00% | 4.19% | | **By Product** | | | | | | | Liquor | 49,119,887,461.97 | 93.08% | 47,110,718,721.26 | 93.02% | 4.26% | | Plastic Products | 2,009,666,124.35 | 3.81% | 1,981,033,159.97 | 3.91% | 1.45% | | Printing | 100,018,434.51 | 0.19% | 50,553,920.22 | 0.10% | 97.85% | | Glass Bottles | 27,899,360.31 | 0.05% | 48,683,476.63 | 0.10% | -42.69% | | Other | 1,513,513,002.38 | 2.87% | 1,457,037,300.57 | 2.88% | 3.88% | | **By Region** | | | | | | | Liquor Products | 49,119,887,461.97 | 93.08% | 47,110,718,721.26 | 93.02% | 4.26% | | Of which: Eastern Region | 20,109,454,628.34 | 38.11% | 18,640,994,176.89 | 36.80% | 7.88% | | Southern Region | 21,886,027,517.04 | 41.47% | 21,472,366,830.19 | 42.40% | 1.93% | | Northern Region | 7,124,405,316.59 | 13.50% | 6,997,357,714.18 | 13.82% | 1.82% | | Non-Liquor Products | 3,651,096,921.55 | 6.92% | 3,537,307,857.39 | 6.98% | 3.22% | - Printing product revenue increased by **97.85%** year-on-year, mainly due to product iteration upgrades and increased external business volume[49](index=49&type=chunk) - Glass bottle product revenue decreased by **42.69%** year-on-year, mainly due to external macroeconomic factors and a decline in baijiu industry output[50](index=50&type=chunk) [3. Industries, Products, or Regions Accounting for Over 10% of Company's Operating Revenue or Operating Profit](index=12&type=section&id=3%E3%80%81%E5%8D%A0%E5%85%AC%E5%8F%B8%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%88%96%E8%90%A5%E4%B8%9A%E5%88%A9%E6%B6%A6%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E8%A1%8C%E4%B8%9A%E3%80%81%E4%BA%A7%E5%93%81%E6%88%96%E5%9C%B0%E5%8C%BA%E6%83%85%E5%86%B5) Liquor manufacturing is the company's core business, with operating revenue of **49.12 billion yuan** and a gross margin of **82.20%**. Wuliangye products contributed **41.00 billion yuan** in revenue with an **86.45%** gross margin. Liquor revenue in the Eastern region grew by **7.88%**, Southern by **1.93%**, and Northern by **1.82%**. The company integrated its marketing regions into three major areas (Northern, Southern, Eastern) to enhance market responsiveness Industries, Products, or Regions Accounting for Over 10% of Operating Revenue or Operating Profit | Item | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Manufacturing (Liquor) | 49,119,887,461.97 | 8,745,463,248.36 | 82.20% | 4.26% | 6.61% | -0.39% | | **By Product** | | | | | | | | Liquor | 49,119,887,461.97 | 8,745,463,248.36 | 82.20% | 4.26% | 6.61% | -0.39% | | Of which: Wuliangye Products | 40,998,320,017.50 | 5,556,547,206.14 | 86.45% | 4.57% | 6.51% | -0.24% | | Other Liquor Products | 8,121,567,444.47 | 3,188,916,042.22 | 60.74% | 2.73% | 6.79% | -1.49% | | **By Region** | | | | | | | | Liquor | 49,119,887,461.97 | 8,745,463,248.36 | 82.20% | 4.26% | 6.61% | -0.39% | | Of which: Eastern Region | 20,109,454,628.34 | 2,904,893,555.18 | 85.55% | 7.88% | 12.14% | -0.55% | | Southern Region | 21,886,027,517.04 | 4,815,949,999.55 | 78.00% | 1.93% | 4.53% | -0.54% | | Northern Region | 7,124,405,316.59 | 1,024,619,693.63 | 85.62% | 1.82% | 1.90% | -0.01% | - To deepen state-owned enterprise reform, the company integrated **27** marketing regions into three major areas (Northern, Southern, Eastern), establishing a 'headquarters-regional center-terminal' vertical management system to enhance market responsiveness[54](index=54&type=chunk) [4. Specific Composition of Selling Expenses](index=13&type=section&id=4%E3%80%81%E9%94%80%E5%94%AE%E8%B4%B9%E7%94%A8%E7%9A%84%E5%85%B7%E4%BD%93%E6%9E%84%E6%88%90) During the reporting period, the company's total selling expenses amounted to **5.40 billion yuan**, a **0.56%** year-on-year increase. Promotional expenses accounted for the highest proportion at **65.99%**, growing by **3.50%**. Labor costs decreased by **18.31%** year-on-year Composition of Selling Expenses | Item | H1 2025 Amount | Proportion of Selling Expenses | H1 2024 Amount | Proportion of Selling Expenses | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Brand Promotion Fees | 921,538,548.01 | 17.08% | 932,275,200.41 | 17.37% | -1.15% | | Promotional Expenses | 3,561,191,259.96 | 65.99% | 3,440,601,772.58 | 64.11% | 3.50% | | Warehousing and Logistics Fees | 285,437,440.65 | 5.29% | 272,408,237.24 | 5.08% | 4.78% | | Labor Costs | 371,762,556.09 | 6.89% | 455,092,791.02 | 8.48% | -18.31% | | Other Expenses | 256,464,187.64 | 4.75% | 265,964,172.17 | 4.96% | -3.57% | | Total | 5,396,393,992.35 | | 5,366,342,173.42 | | 0.56% | [5. Advertising Expenses](index=13&type=section&id=5%E3%80%81%E5%B9%BF%E5%91%8A%E8%B4%B9%E7%94%A8) During the current reporting period, the company's advertising expenses were primarily invested through television, radio, internet, outdoor advertising, and exhibitions, with **482 million yuan** in offline advertising, **318 million yuan** in television advertising, and **122 million yuan** in online advertising - The company's advertising methods primarily include television, radio, internet, outdoor advertising, and exhibitions[56](index=56&type=chunk) - Online advertising investment was **122 million yuan**, offline advertising investment was **482 million yuan**, and television advertising investment was **318 million yuan**[56](index=56&type=chunk) [IV. Analysis of Non-Core Business](index=13&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) During the reporting period, the company had no non-core business revenue or profit - The company had no non-core business revenue or profit during the reporting period[57](index=57&type=chunk) [V. Analysis of Assets and Liabilities](index=14&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) As of the end of the reporting period, the company's total assets reached **193.42 billion yuan**, a **2.74%** year-on-year increase. Cash and bank balances significantly increased to **76.68%** of total assets, while contract liabilities decreased by **1.00** percentage point. Financial assets measured at fair value primarily included accounts receivable financing and other non-current financial assets. Restricted assets mainly comprised bank acceptance bill deposits [1. Significant Changes in Asset Composition](index=14&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's total assets were **193.42 billion yuan**, a **2.74%** increase from the end of the previous year. Cash and bank balances increased from **67.67%** to **76.68%**, a **9.01** percentage point rise. Both inventory and contract liabilities proportions decreased Significant Changes in Asset Composition | Item | End of Current Period Amount (RMB) | Proportion of Total Assets | End of Prior Year Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 148,319,946,342.06 | 76.68% | 127,398,915,484.11 | 67.67% | 9.01% | | Accounts Receivable | 64,351,041.90 | 0.03% | 37,346,561.95 | 0.02% | 0.01% | | Inventory | 17,745,770,666.17 | 9.17% | 18,233,702,166.62 | 9.69% | -0.52% | | Long-Term Equity Investments | 2,173,006,025.05 | 1.12% | 2,081,612,703.43 | 1.11% | 0.01% | | Fixed Assets | 7,745,514,521.75 | 4.00% | 7,264,740,683.62 | 3.86% | 0.14% | | Construction in Progress | 5,932,852,216.53 | 3.07% | 5,795,172,321.07 | 3.08% | -0.01% | | Right-of-Use Assets | 581,324,329.56 | 0.30% | 796,264,399.72 | 0.42% | -0.12% | | Contract Liabilities | 10,077,254,934.98 | 5.21% | 11,689,880,975.04 | 6.21% | -1.00% | | Lease Liabilities | 215,370,747.58 | 0.11% | 393,922,062.84 | 0.21% | -0.10% | [2. Major Overseas Assets](index=14&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[59](index=59&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=14&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) The company's financial assets measured at fair value primarily include accounts receivable financing and other non-current financial assets, totaling **3.89 billion yuan** at period-end. Other changes in accounts receivable financing during the period were due to net recognition and utilization Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change in Current Period (RMB) | Accumulated Fair Value Changes Recognized in Equity (RMB) | Impairment Provision in Current Period (RMB) | Purchases in Current Period (RMB) | Sales in Current Period (RMB) | Other Changes (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | | | | | 5. Other Non-Current Financial Assets | 1,200,000.00 | | | | | | | 1,200,000.00 | | 6. Accounts Receivable Financing | 19,566,397,992.11 | | | | | | -15,677,804,218.04 | 3,888,593,774.07 | | Subtotal of Financial Assets | 19,567,597,992.11 | | | | | | -15,677,804,218.04 | 3,889,793,774.07 | | Total Above | 19,567,597,992.11 | | | | | | -15,677,804,218.04 | 3,889,793,774.07 | - The company classifies bank acceptance bills intended for endorsement or discounting as accounts receivable financing; other changes in the current period represent the net amount recognized and utilized[59](index=59&type=chunk) - There were no significant changes in the measurement attributes of the company's major assets during the reporting period[61](index=61&type=chunk) [4. Asset Restrictions as of the End of the Reporting Period](index=15&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's total restricted assets amounted to **361 million yuan**, primarily cash and bank balances, with restrictions due to bank acceptance bill deposits, other deposits, and securities trading balances Asset Restrictions | Item | Ending Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 361,016,021.18 | Bank acceptance bill deposits, other deposits, securities trading balances of Guotou Securities Co., Ltd. Yibin Jinshajiang Avenue Securities Business Department, etc. | | Total | 361,016,021.18 | | [VI. Analysis of Investment Status](index=15&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 did not undertake significant equity investments, non-equity investments, securities investments, or derivative investments, nor did it utilize raised funds - The company had no securities investments during the reporting period[63](index=63&type=chunk) - The company had no derivative investments during the reporting period[64](index=64&type=chunk) - The company had no utilization of raised funds during the reporting period[65](index=65&type=chunk) [VII. Significant Asset and Equity Disposals](index=15&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) During the reporting period, the company did not undertake any significant asset or equity disposals - The company did not dispose of significant assets during the reporting period[66](index=66&type=chunk) - The company did not dispose of significant equity during the reporting period[67](index=67&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=15&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) Yibin Wuliangye Liquor Sales Co., Ltd., a key subsidiary, has a registered capital of **200 million yuan**, total assets of **72.38 billion yuan**, net assets of **46.67 billion yuan**, current period operating revenue of **38.91 billion yuan**, and net profit of **10.93 billion yuan** Financial Data of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Wuliangye Liquor Sales Co., Ltd. | Subsidiary | Liquor Operations | 200,000,000.00 | 72,377,630,584.04 | 46,670,587,130.41 | Operating Performance of Major Subsidiaries | Company Name | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Yibin Wuliangye Liquor Sales Co., Ltd. | 38,905,153,069.46 | 14,567,474,628.41 | 10,932,106,856.72 | - The company did not acquire or dispose of subsidiaries during the reporting period[69](index=69&type=chunk) [IX. Structured Entities Controlled by the Company](index=16&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 had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[70](index=70&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=16&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 internal and external environmental uncertainties, slower-than-expected recovery of effective demand, and ongoing deep adjustments in the baijiu industry. The company will respond by thoroughly implementing its '135' development strategy, adapting to changes, seeking progress amidst change, and meeting, creating, and leading demand with high-quality supply - The company faces risks from internal and external environmental uncertainties, slower-than-expected recovery of effective demand, and ongoing deep adjustments in the baijiu industry[70](index=70&type=chunk) - The company will thoroughly implement its '135' development strategy, adapting to changes, seeking progress amidst change, and meeting, creating, and leading demand with high-quality supply[70](index=70&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=16&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 has formulated and approved its 'Market Value Management System' by the board of directors, clarifying market value management departments, responsibilities of directors and senior executives, management methods, and key indicator monitoring and early warning mechanisms. No valuation enhancement plan was disclosed during the reporting period - The company has formulated its 'Market Value Management System', which was reviewed and approved by the 4th meeting of the 6th Board of Directors in 2025[71](index=71&type=chunk) - This system clarifies the specific departments or personnel responsible for market value management, the responsibilities of directors and senior executives, market value management methods, and key indicator monitoring and early warning mechanisms[71](index=71&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[71](index=71&type=chunk) [XII. Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=16&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 actively implemented its 'Quality and Return Dual Enhancement' action plan, achieving steady operating performance in the first half with total operating revenue of **52.77 billion yuan** and net profit attributable to shareholders of **19.49 billion yuan**. The company continuously advanced innovation, brand building, and expansion projects, optimized corporate governance, and increased shareholder returns, with total cash dividends of **22.3 billion yuan** for 2024, a new high since listing. Major shareholder Wuliangye Group Company again increased its stake in the company and continued to optimize investor relations management - The company disclosed the 'Announcement on the Action Plan for Quality and Return Dual Enhancement' on March 7, 2024[72](index=72&type=chunk) [1. Strengthening Development to Accelerate Towards a World-Class Enterprise](index=16&type=section&id=1%E3%80%81%E5%BC%BA%E5%8F%91%E5%B1%95%EF%BC%8C%E5%8A%AA%E5%8A%9B%E5%8A%A0%E5%BF%AB%E8%BF%88%E8%BF%9B%E4%B8%96%E7%95%8C%E4%B8%80%E6%B5%81%E4%BC%81%E4%B8%9A) The company's operating performance continued steady growth in the first half, with total operating revenue of **52.77 billion yuan**, up **4.19%** year-on-year, and net profit attributable to shareholders of **19.49 billion yuan**, up **2.28%** year-on-year. Significant progress was made in technological innovation, new product development, brand building, and major engineering projects (e.g., 100,000-ton ecological brewing phase II project) H1 2025 Operating Performance | Indicator | Amount (100 Million RMB) | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 527.71 | 4.19% | | Net Profit Attributable to Shareholders of Listed Company | 194.92 | 2.28% | - The company continuously advanced key technological breakthroughs, achieving breakthroughs in the transformation and application of modern biotechnology for replicating old cellar mud engineering technology[73](index=73&type=chunk) - Accelerated the launch of new products such as 29-degree Wuliangye, Year of the Horse zodiac design, 39-degree Wuliangye online version, and Eighth Generation Wuliangye 'Step by Step' lightweight packaging[73](index=73&type=chunk) - Brand building progressed in depth, with deep participation in high-end platforms such as the Boao Forum for Asia and Osaka Expo, and Wuliangye's ranking in the Global Brand Value 500 rising to **73rd**[74](index=74&type=chunk) - The 'Doubling Project' was steadily implemented, with brewing workshops 1-9 and 12-15 of the **100,000-ton** ecological brewing phase II project having completed their topping-out[74](index=74&type=chunk) [2. Strengthening Compliance and Continuously Improving Corporate Governance](index=16&type=section&id=2%E3%80%81%E5%BC%BA%E5%90%88%E8%A7%84%EF%BC%8C%E6%8C%81%E7%BB%AD%E6%8F%90%E5%8D%87%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%B0%B4%E5%B9%B3) The company continuously strengthened its information disclosure, receiving the highest A-rating in Shenzhen Stock Exchange's information disclosure assessment for ten consecutive years. In the first half, the board of directors' re-election was successfully completed, **8** board meetings were held to deliberate **31** proposals, and supervision mechanisms were improved, with independent directors and the supervisory board effectively performing their duties - The company has consecutively received the highest A-rating in Shenzhen Stock Exchange's information disclosure assessment for **ten** years[75](index=75&type=chunk) - In the first half of 2025, the company successfully completed the re-election of the 6th Board of Directors, holding **8** board meetings and deliberating **31** proposals[75](index=75&type=chunk)[76](index=76&type=chunk) - Independent directors and the supervisory board independently exercised their powers according to law, supervising related-party transactions, financial status, and other matters to ensure the company's operations are standardized, compliant, and effective[76](index=76&type=chunk) [3. Strengthening Returns and Continuously Increasing Shareholder Returns](index=17&type=section&id=3%E3%80%81%E5%BC%BA%E5%9B%9E%E6%8A%A5%EF%BC%8C%E6%8C%81%E7%BB%AD%E5%8A%A0%E5%A4%A7%E8%82%A1%E4%B8%9C%E5%9B%9E%E6%8A%A5) The company continuously practiced the philosophy of 'creating good returns for investors', with total cash dividends of **22.3 billion yuan** for 2024, a cash dividend ratio of **70.01%**, both marking new highs since listing - In July 2025, the company implemented 2024 annual cash dividends of **12.301 billion yuan**, which, combined with the 2024 interim dividends of **9.999 billion yuan**, totaled **22.3 billion yuan** in cash dividends[77](index=77&type=chunk) - The 2024 annual cash dividend ratio reached **70.01%**, with both the dividend scale and ratio setting new highs since listing[77](index=77&type=chunk) [4. Strengthening Confidence: Major Shareholder Again Increases Stake in Listed Company](index=17&type=section&id=4%E3%80%81%E5%BC%BA%E4%BF%A1%E5%BF%83%EF%BC%8C%E5%A4%A7%E8%82%A1%E4%B8%9C%E5%86%8D%E6%AC%A1%E5%AE%9E%E6%96%BD%E5%A2%9E%E6%8C%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8) Wuliangye Group Company again initiated increasing its stake in the company on April 9, 2025. As of July 12, 2025, it had cumulatively increased its holdings by **4,763,666** shares, representing **0.12%** of total share capital, with an investment of **613.52 million yuan**. The share increase plan is ongoing - Wuliangye Group Company again initiated increasing its stake in the company on April 9, 2025[78](index=78&type=chunk) Major Shareholder's Share Increase | Indicator | Data | | :--- | :--- | | Cumulative Shares Increased | 4,763,666 shares | | Proportion of Total Share Capital | 0.12% | | Amount of Increase | 61,352.04万元 | - This share increase plan has not yet been fully implemented, and Wuliangye Group Company will continue to implement the increase as planned[78](index=78&type=chunk) [5. Strengthening Communication and Continuously Optimizing Investor Relations Management](index=17&type=section&id=5%E3%80%81%E5%BC%BA%E6%B2%9F%E9%80%9A%EF%BC%8C%E6%8C%81%E7%BB%AD%E4%BC%98%E5%8C%96%E6%8A%95%E8%B5%84%E8%80%85%E5%85%B3%E7%B3%BB%E7%AE%A1%E7%90%86) The company adheres to principles of 'compliance, equality, proactivity, honesty, and trustworthiness', continuously optimizing investor relations management through various forms such as earnings briefings, shareholder meetings, and on-site surveys, communicating with over **700** investors - The company consistently adheres to principles of 'compliance, equality, proactivity, honesty, and trustworthiness', continuously optimizing investor relations management[79](index=79&type=chunk) - During the current reporting period, the company held the '2024 Annual and Q1 2025 Earnings Briefing', the '2024 Annual General Meeting of Shareholders', and conducted on-site surveys, broker strategy meetings, and conference calls, communicating with a total of over **700** investors[79](index=79&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5

四川富临运业集团股份有限公司 2025 年半年度报告全文 四川富临运业集团股份有限公司 2025 年半年度报告 2025-031 二〇二五年八月 1 四川富临运业集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王晶、主管会计工作负责人赵卫国及会计机构负责人(会计主 管人员)韩雪涛声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司可能存在安全风险、主营业务持续下滑的风险、转型不及预期的风 险、应收账款回收风险，敬请广大投资者注意投资风险。详细内容见本报告 "第三节 十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | œ | | | | --- | --- | --- | | . | $ | . A | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要 ...

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南宁八菱科技股份有限公司 2025 年半年度报告全文 南宁八菱科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 南宁八菱科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人顾瑜、主管会计工作负责人林永春及会计机构负责人(会计主 管人员)唐瑾睿声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的有关未来计划、发展战略等前瞻性陈述，不构成公司对投 资者的实质承诺。投资者及相关人士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。 公司已在本报告"第三节 管理层讨论与分析"中"十、公司面临的风险 及应对措施"部分，详细描述了公司经营中面临的各种风险，敬请投资者认 真阅读，注意风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | ...

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