康芝药业股份有限公司 2025 年半年度报告全文 证券代码：300086 证券简称：康芝药业 公告编号：2025-033 康芝药业股份有限公司 2025 年半年度报告 2025 年 8 月 1 康芝药业股份有限公司 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。 公司负责人洪江游、主管会计工作负责人李静及会计机构负责人(会计主 管人员)李静声明：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。 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公 司已在本报告中详细描述可能存在的相关风险，有关风险因素内容与对策举 措已在本报告中第三节"管理层讨论与分析"之"十、公司面临的风险和应 对措施"部分予以描述。敬请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 | 2 | | --- | --- | | 第二节 公司简介和主要财务指 ...

深圳市联域光电股份有限公司 2025 年半年度报告全文 深圳市联域光电股份有限公司 2025 年半年度报告 2025 年 8 月 1 深圳市联域光电股份有限公司 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。 公司负责人潘年华、主管会计工作负责人李群艳及会计机构负责人(会计 主管人员)李群艳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的公司未来发展战略、经营计划等前瞻性陈述，不构成公 司对投资者的实质性承诺，相关经营计划能否实现受内外部经营环境的变化 影响，存在较大的不确定性，敬请广大投资者注意投资风险。 | . œ | | | --- | --- | | 2 | . | | 第二节 | 公司简介和主要财务指标 7 | | --- | --- | | 第三节 | 管理层讨论与分析 10 | | 第四节 | 公司治理、环境和社会 25 | | 第五节 | 重要事项 27 | | ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, affirming the financial report's integrity. - The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - Future development plans mentioned in the report are forward-looking statements and do not constitute a substantial commitment to investors[4](index=4&type=chunk) - Key risk factors include the overall industry economic situation, safety production, environmental protection, raw material price fluctuations, market competition, product technology iteration, and project implementation risks[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's table of contents comprises nine main chapters, covering important notices, company profile, MD&A, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data. - The report is divided into nine main chapters, including company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, and financial reports[7](index=7&type=chunk) [Reference Documents Catalog](index=4&type=section&id=Reference%20Documents%20Catalog) Reference documents include financial statements signed and sealed by the company's responsible person and chief accountant, along with original announcements disclosed on the CSRC designated website during the reporting period. - Reference documents include financial statements signed and sealed by the company's responsible person, chief accountant, and head of accounting department[9](index=9&type=chunk) - Reference documents also include the originals of all company documents and announcements publicly disclosed on the CSRC designated website during the reporting period[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, including regulatory bodies, exchanges, laws, and the names of the company and its main subsidiaries, also specifying the reporting period. - Definitions cover regulatory bodies and exchanges such as the China Securities Regulatory Commission (CSRC) and Shenzhen Stock Exchange (SZSE)[11](index=11&type=chunk) - Abbreviations for laws and regulations like the "Company Law" and "Securities Law" are clarified[11](index=11&type=chunk) - Names of the company and its main subsidiaries, such as Jiangsu Baichuan High-Tech New Materials Co., Ltd., Nantong Baichuan, and Rugao Baichuan, are listed[11](index=11&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=1.%20Company%20Profile) Jiangsu Baichuan High-Tech New Materials Co., Ltd. (Stock Abbreviation: Baichuan Shares, Stock Code: 002455) is listed on the Shenzhen Stock Exchange, with Zheng Tiejiang as its legal representative. - Company stock abbreviation: **Baichuan Shares**, stock code: **002455**[13](index=13&type=chunk) - The company is listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's legal representative is Zheng Tiejiang[13](index=13&type=chunk) [Contact Persons and Information](index=6&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Chen Huimin, and the Securities Affairs Representative is Miao Bin; their contact address is No. 55 Jianshe Road, Yunting Street, Jiangyin City, Jiangsu Province, with the same phone and fax numbers, and email bcc@bcchem.com. - Board Secretary: Chen Huimin, Securities Affairs Representative: Miao Bin[14](index=14&type=chunk) - Contact address: No. 55 Jianshe Road, Yunting Street, Jiangyin City, Jiangsu Province[14](index=14&type=chunk) - Email: bcc@bcchem.com[14](index=14&type=chunk) [Other Information](index=6&type=section&id=3.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or other relevant data, with specific details available in the 2024 annual report. - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[16](index=16&type=chunk) - Other relevant information showed no changes during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During this reporting period, the company's operating revenue increased by 10.40% to 2.91 billion yuan, but net profit attributable to listed company shareholders decreased by 47.06% to 53.92 million yuan, with basic earnings per share also declining. Total assets increased by 11.12% to 12.96 billion yuan compared to the end of the previous year. Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 2,909,649,467.11 | 2,635,468,585.05 | 10.40% | | Net Profit Attributable to Listed Company Shareholders (yuan) | 53,924,952.19 | 101,853,341.58 | -47.06% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses (yuan) | 47,890,127.20 | 77,911,487.96 | -38.53% | | Net Cash Flow from Operating Activities (yuan) | 359,816,093.99 | 302,732,210.76 | 18.86% | | Basic Earnings Per Share (yuan/share) | 0.09 | 0.17 | -47.06% | | Diluted Earnings Per Share (yuan/share) | 0.07 | 0.15 | -53.33% | | Weighted Average Return on Net Assets | 2.70% | 5.32% | -2.62% | | Total Assets (yuan) | 12,957,741,129.78 | 11,660,634,839.43 | 11.12% | | Net Assets Attributable to Listed Company Shareholders (yuan) | 2,001,075,083.24 | 1,981,076,832.04 | 1.01% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=5.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards. - The company's reporting period showed no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards[19](index=19&type=chunk) - The company's reporting period showed no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The total non-recurring gains and losses for this reporting period amounted to 6.03 million yuan, primarily from the disposal of non-current assets, government grants, and other non-operating income and expenses, after deducting income tax and minority interest impacts. Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 113,335.02 | | Government grants recognized in current profit or loss | 6,719,037.67 | | Other non-operating income and expenses apart from the above | 688,925.20 | | Less: Income tax impact | 892,319.06 | | Minority interest impact (after tax) | 594,153.84 | | **Total** | **6,034,824.99** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[23](index=23&type=chunk) Part III Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=1.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's operations span three major segments: fine chemicals, new materials, and new energy, with products ranging from coatings and inks to lithium batteries and energy storage systems. - The company's business primarily involves three major segments: fine chemicals, new materials, and new energy[25](index=25&type=chunk) - Fine chemical products include environmentally friendly organic solvents, aldehydes, alcohols, high-temperature resistant environmentally friendly plasticizers, mainly applied in coatings, inks, and other industries[25](index=25&type=chunk) - New material products include needle coke, anode materials, cathode materials, and recycling of spent lithium batteries, primarily applied in new energy and new material fields[25](index=25&type=chunk) - New energy products include square aluminum-shell lithium batteries, battery packs, and energy storage systems, positioned for "general energy storage" applications, covering large containerized energy storage, industrial and commercial energy storage, household energy storage, and communication backup power[25](index=25&type=chunk) [Company's Main Products and Their Uses](index=9&type=section&id=(1)%20Company's%20Main%20Products%20and%20Their%20Uses) The company's main products fall into three categories: fine chemicals (acetate esters, trimellitic anhydride and esters, alcohol ethers, polyols, aldehydes, alcohols, insulating resins, acrylates), new materials (needle coke, anode materials), and new energy (lithium iron phosphate cells and modules), with detailed descriptions of their basic information and primary uses. - Fine chemical products include acetate esters such as butyl acetate, ethyl acetate, and propyl acetate; trimellitic anhydride and esters such as trimellitic anhydride and trioctyl trimellitate; alcohol ethers such as propylene glycol methyl ether and propylene glycol methyl ether acetate; polyols such as trimethylolpropane, ditrimethylolpropane, and neopentyl glycol; aldehydes such as n-butyraldehyde and isobutyraldehyde; alcohols such as butanol and octanol; insulating resins and polyol acrylates[26](index=26&type=chunk) - New material products primarily consist of needle coke and anode materials, used in the production of ultra-high power electrodes, lithium battery anodes, and special carbon materials[27](index=27&type=chunk) - New energy products are mainly lithium iron phosphate cells and modules, featuring high operating voltage, large energy density, long cycle life, and high safety performance, widely used in power and energy storage fields[27](index=27&type=chunk)[28](index=28&type=chunk) [Relationship Between the Company's Industry and Upstream/Downstream Industries](index=11&type=section&id=(2)%20Relationship%20Between%20the%20Company's%20Industry%20and%20Upstream%2FDownstream%20Industries) The company's fine chemical products rely on basic chemicals upstream, influenced by commodity prices, and serve diverse downstream applications, affected by the overall economic climate. New material products use coal tar upstream and are applied in lithium battery anode materials and ultra-high power graphite electrodes downstream. New energy products' upstream involves lithium battery materials, while downstream applications include new energy power generation, grid-side, and user-side energy storage. - Upstream raw materials for fine chemical products include basic chemical products such as propylene, trimethylbenzene, n-butanol, and glacial acetic acid, with prices influenced by supply-demand dynamics and international oil prices[29](index=29&type=chunk) - Downstream application areas for fine chemical products are extensive, covering coatings, inks, resins, plasticizers, and more, affected by the overall national economic performance[29](index=29&type=chunk) - Upstream raw materials for new material products are primarily coal tar, with ample supply; downstream applications include lithium battery anode materials and ultra-high power graphite electrodes, further supplying new energy vehicle power batteries and energy storage batteries[30](index=30&type=chunk) - Upstream raw materials for new energy products include lithium iron phosphate cathode materials, anode materials, and electrolytes, with prices affected by commodity fluctuations; downstream applications include energy storage for new energy power generation, grid-side energy storage, and user-side energy storage[30](index=30&type=chunk) [Company's Business Model](index=11&type=section&id=(3)%20Company's%20Business%20Model) The company employs a "production-to-order" model, selling products domestically and internationally through direct sales, optimizing procurement based on production plans and market conditions, and negotiating supply and settlement with major clients monthly. - Procurement model: Strictly adheres to production plans, reasonably forecasts raw material demand, optimizes procurement structure, and reduces procurement costs[31](index=31&type=chunk) - Production model: Arranges production plans based on market conditions and order targets from the sales department, and monitors product quality throughout the process[31](index=31&type=chunk) - Sales model: Sells products domestically and internationally through direct sales, negotiates supply and settlement monthly with major clients, quotes prices for other clients on a per-order basis, and locks in some raw materials to expedite delivery[31](index=31&type=chunk)[32](index=32&type=chunk) [Market Position](index=11&type=section&id=(4)%20Market%20Position) In the fine chemicals sector, the company is a leading enterprise with scale advantages, setting multiple national and industry standards, and serving as a stable supplier to Fortune 500 chemical and coating companies. In new materials, the company collaborates with domestic leading graphite electrode and renowned lithium battery material manufacturers. In new energy, its subsidiary Haiji New Energy focuses on R&D of energy storage products, developing diverse system products, and deeply engaging with top industry clients. - Fine chemicals segment: The company is a leading enterprise with scale advantages in relevant sub-sectors, formulating and revising multiple national and industry standards, and serving as a stable supplier to Fortune 500 chemical and coating companies[34](index=34&type=chunk) - New materials segment: The company has established cooperation with several domestic leading graphite electrode enterprises and renowned lithium battery material manufacturers, expected to enhance market competitiveness through its industrial chain and technological advantages[34](index=34&type=chunk) - New energy segment: Subsidiary Haiji New Energy is dedicated to the R&D, design, production, and application of energy storage products, achieving diversification of cell products and energy storage systems, and deeply engaging with top industry clients[35](index=35&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=2.%20Core%20Competitiveness%20Analysis) The company's core competitiveness is demonstrated through its scale, industrial chain, material cost, technology, product quality, management, marketing, and policy advantages, enabling it to maintain a leading position and market competitiveness across its fine chemicals, new materials, and new energy business segments. - The company possesses strong competitiveness in cost control, technological R&D, synergistic effects, and market adaptability, enabling it to handle concentrated and large orders[36](index=36&type=chunk) - The company actively develops the lithium battery material industrial chain, building an industrial closed loop from phosphoric acid iron/needle coke to lithium iron phosphate/graphite anode, lithium iron phosphate batteries, and battery resource utilization[37](index=37&type=chunk) - The abundant coal resources and complete coal chemical industry system in Ningdong Energy Chemical Base provide the company with stable and low-cost raw material and energy supply[38](index=38&type=chunk) - The company adheres to an independent innovation strategy, increasing R&D investment; subsidiaries Nantong Baichuan and Haiji New Energy are high-tech enterprises and participate in the formulation of multiple national and industry standards[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - The company has obtained ISO 9001 and ISO 14001 certifications, and implements Level 2 safety production standardization management, ensuring product quality remains at a leading level in the industry[42](index=42&type=chunk) - The company boasts an experienced senior management team and a multi-level talent pipeline, implementing advanced methods like "6S management" to form a strong management advantage[43](index=43&type=chunk) - The company has established a professional sales team and a matrix marketing model, with products covering the entire country and exported to multiple countries globally, fostering close cooperation with international coating giants[44](index=44&type=chunk) - National policies such as the "14th Five-Year Plan," new energy storage development plans, and policies for recycling new energy vehicle power batteries bring development opportunities for the company's energy storage battery and lithium battery material industrial cluster projects[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - The Western Development policy support allows the company's subsidiaries, Ningxia Baichuan New Materials and Ningxia Baichuan Technology, to enjoy a **15%** corporate income tax preferential rate[49](index=49&type=chunk) [Main Business Analysis](index=14&type=section&id=3.%20Main%20Business%20Analysis) During this reporting period, the company's operating revenue increased by 10.40%, primarily driven by a 106.72% surge in new materials business revenue; however, net profit attributable to listed company shareholders decreased by 47.06% due to higher income tax expenses from increased profits in some subsidiaries and reduced net cash flow from financing activities due to increased debt repayments. Key Financial Data Year-on-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,909,649,467.11 | 2,635,468,585.05 | 10.40% | No significant change | | Operating Cost | 2,674,229,698.89 | 2,355,508,269.48 | 13.53% | No significant change | | Selling Expenses | 19,098,908.67 | 15,250,045.50 | 25.24% | No significant change | | Administrative Expenses | 43,637,060.57 | 39,265,815.94 | 11.13% | No significant change | | Financial Expenses | 104,675,580.95 | 92,234,662.28 | 13.49% | No significant change | | Income Tax Expense | 24,030,350.29 | 16,609,182.85 | 44.68% | Primarily due to increased total profit in some subsidiaries | | R&D Investment | 61,745,215.97 | 65,446,740.32 | -5.66% | No significant change | | Net Cash Flow from Operating Activities | 359,816,093.99 | 302,732,210.76 | 18.86% | No significant change | | Net Cash Flow from Investing Activities | -362,656,833.17 | -652,276,525.08 | 44.40% | Primarily due to the gradual completion of Ningxia projects, leading to reduced cash outflow for fixed asset construction | | Net Cash Flow from Financing Activities | 135,976,409.04 | 327,130,014.13 | -58.43% | Primarily due to increased cash payments for debt repayment | | Net Increase in Cash and Cash Equivalents | 133,054,913.76 | -13,875,274.94 | 1,058.94% | Primarily due to increased net operating cash inflow and decreased investing cash outflow | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Chemical | 2,197,137,716.64 | 75.51% | 2,202,986,007.34 | 83.59% | -0.27% | | | New Materials | 542,541,047.21 | 18.65% | 262,448,745.19 | 9.96% | 106.72% | | | New Energy | 169,970,703.26 | 5.84% | 170,033,832.52 | 6.45% | -0.04% | | **By Product** | Chemical Products | 2,197,137,716.64 | 75.51% | 2,202,986,007.34 | 83.59% | -0.27% | | | New Material Products | 542,541,047.21 | 18.65% | 262,448,745.19 | 9.96% | 106.72% | | | New Energy Products | 169,970,703.26 | 5.84% | 170,033,832.52 | 6.45% | -0.04% | | **By Region** | Domestic Sales | 2,302,999,685.48 | 79.15% | 1,973,875,087.85 | 74.90% | 16.67% | | | Overseas Sales | 606,649,781.63 | 20.85% | 661,593,497.20 | 25.10% | -8.30% | Main Business Gross Profit Margin Analysis | Category | Item | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Chemical | -0.27% | 0.41% | -0.56% | | | New Materials | 106.72% | 85.63% | 11.78% | | | New Energy | -0.04% | 23.80% | -30.54% | | **By Product** | Chemical Products | -0.27% | 0.41% | -0.56% | | | New Material Products | 106.72% | 85.63% | 11.78% | | | New Energy Products | -0.04% | 23.80% | -30.54% | | **By Region** | Domestic Sales | 16.67% | 24.05% | -5.83% | | | Overseas Sales | -8.30% | -22.22% | 12.28% | [Non-Main Business Analysis](index=16&type=section&id=4.%20Non-Main%20Business%20Analysis) During the reporting period, the company had no significant non-main business analysis items. [Asset and Liability Status Analysis](index=16&type=section&id=5.%20Asset%20and%20Liability%20Status%20Analysis) As of the end of the reporting period, the company's total assets increased by 11.12% to 12.96 billion yuan, with significant increases in fixed assets and monetary funds, while construction in progress substantially decreased. Both short-term and long-term borrowings grew, leading to an asset-liability ratio of 82.77%. Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Previous Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,705,601,162.33 | 13.16% | 774,490,779.36 | 6.64% | 6.52% | | Accounts Receivable | 386,420,972.43 | 2.98% | 492,480,189.93 | 4.22% | -1.24% | | Inventory | 1,384,991,429.13 | 10.69% | 1,044,288,509.24 | 8.96% | 1.73% | | Fixed Assets | 7,456,128,440.19 | 57.54% | 5,069,466,373.89 | 43.48% | 14.06% | | Construction in Progress | 957,231,760.35 | 7.39% | 3,267,142,391.33 | 28.02% | -20.63% | | Short-term Borrowings | 4,112,823,986.64 | 31.74% | 3,313,258,239.82 | 28.41% | 3.33% | | Long-term Borrowings | 1,301,551,581.86 | 10.04% | 1,067,192,133.39 | 9.15% | 0.89% | - As of the end of the reporting period, the company had no major overseas assets or assets and liabilities measured at fair value[57](index=57&type=chunk) Asset Rights Restricted as of the End of the Reporting Period | Item | Book Value at Period End (yuan) | Restriction Status | | :--- | :--- | :--- | | Monetary Funds | 6,126,196.35 | Letter of guarantee deposits | | Monetary Funds | 524,800,000.00 | Bank acceptance bill issuance deposits | | Monetary Funds | 2,521,803.66 | Letter of credit deposits | | Monetary Funds | 554,500,000.00 | Loan deposits | | Monetary Funds | 19,798,368.00 | Judicially frozen funds | | Fixed Assets | 192,203,032.75 | Houses mortgaged for bank loans | | Fixed Assets | 2,524,217,839.16 | Machinery and equipment mortgaged for bank loans and finance leases | | Construction in Progress | 473,027,819.43 | Machinery and equipment mortgaged for finance leases | | Intangible Assets | 60,582,733.95 | Land use rights pledged for bank loans | [Investment Status Analysis](index=17&type=section&id=6.%20Investment%20Status%20Analysis) During the reporting period, the company's total investment decreased by 17.28%. Significant non-equity investment primarily involved the lithium battery material recycling project, with a cumulative investment of 1.51 billion yuan and a progress of 98%. Raised funds were mainly allocated to the "30,000 tons anode material (80,000 tons graphitization) project," which has a cumulative usage of 854.42 million yuan, 88.82% complete, and commenced production in April 2025. Investment Amount During the Reporting Period | Indicator | Investment Amount During Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 294,450,115.16 | 355,967,316.89 | -17.28% | - During the reporting period, the company had no significant equity investments, financial asset investments, or derivative investments[60](index=60&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) Major Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Cumulative Investment Amount as of End of Reporting Period (yuan) | Investment Progress as of End of Reporting Period | Is it Fixed Asset Investment | | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Material Recycling Project | Self-built | 1,506,341,506.77 | 98.00% | Yes | Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (10,000 yuan) | Total Raised Funds Used in Current Period (10,000 yuan) | Total Raised Funds Used Cumulatively (10,000 yuan) | Proportion of Raised Funds Used at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | Public Issuance of Convertible Corporate Bonds | 97,800 | 2,158.09 | 85,442.15 | 88.82% | - The raised fund investment project "30,000 tons anode material (80,000 tons graphitization) project" completed its final acceptance in April 2025 and officially commenced production[69](index=69&type=chunk) - The company has not changed any raised fund projects[71](index=71&type=chunk) [Significant Asset and Equity Sales](index=21&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales. - The company did not sell significant assets during the reporting period[72](index=72&type=chunk) - The company did not sell significant equity during the reporting period[73](index=73&type=chunk) [Analysis of Major Holding and Participating Companies](index=21&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding subsidiaries include Nantong Baichuan New Materials Co., Ltd., Ningxia Baichuan Technology Co., Ltd., Ningxia Baichuan New Materials Co., Ltd., and Jiangsu Haiji New Energy Co., Ltd. Nantong Baichuan demonstrated strong profitability, while Ningxia Baichuan Technology, Ningxia Baichuan New Materials, and Jiangsu Haiji New Energy all incurred losses during the reporting period. Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Baichuan New Materials Co., Ltd. | Subsidiary | Production and sales of chemical products | 120,000 | 519,949.72 | 191,874.35 | 122,417.00 | 26,899.69 | 23,310.53 | | Ningxia Baichuan Technology Co., Ltd. | Subsidiary | Production and sales of chemical products | 70,000 | 362,226.12 | 84,498.70 | 91,649.90 | -4,575.56 | -4,295.94 | | Ningxia Baichuan New Materials Co., Ltd. | Subsidiary | Production and sales of lithium battery materials | 170,000 | 599,399.42 | 127,430.08 | 66,368.81 | -7,647.85 | -6,655.79 | | Jiangsu Haiji New Energy Co., Ltd. | Subsidiary | R&D, production, sales, and service of lithium-ion batteries, battery packs, and systems | 121,905 | 170,169.68 | 45,924.20 | 17,499.32 | -14,300.80 | -14,660.61 | - The company did not acquire or dispose of any subsidiaries during the reporting period[74](index=74&type=chunk) [Structured Entities Controlled by the Company](index=22&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities. - The company had no structured entities under its control during the reporting period[75](index=75&type=chunk) [Risks Faced by the Company and Countermeasures](index=22&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks, including the overall industry economic situation, safety production, environmental protection, raw material price fluctuations, market competition, product technology iteration, and project implementation. The company actively addresses these risks by improving internal governance, strengthening safety and environmental management, optimizing procurement strategies, increasing market development, and boosting R&D investment to mitigate their impact on operating performance. - Risks related to the overall industry economic situation are addressed by improving internal governance, enhancing management efficiency, extending the industrial chain, and building an industrial closed loop[75](index=75&type=chunk) - Safety production risks are managed by strengthening safety production management, focusing on employee training, and implementing safety production measures[75](index=75&type=chunk) - Environmental protection risks involve consciously complying with environmental regulations, increasing pollution control efforts, boosting environmental investment, and ensuring the normal operation of environmental facilities[76](index=76&type=chunk) - Risks from raw material price fluctuations are mitigated by strengthening procurement cost control and enhancing cooperation with suppliers, though adverse effects cannot be entirely ruled out[76](index=76&type=chunk)[77](index=77&type=chunk) - Market competition risks are addressed by increasing market development efforts, expanding production capacity, improving product quality, perfecting the after-sales service system, and increasing R&D for new products[78](index=78&type=chunk) - Product technology iteration risks are managed by closely tracking and researching new battery development, and continuously conducting R&D for energy storage application scenarios[79](index=79&type=chunk) - Project implementation risks are mitigated by conducting thorough market research and feasibility studies during project selection, and prudently planning business layouts and market expansion[79](index=79&type=chunk)[80](index=80&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=11.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company did not formulate a market value management system nor disclose a valuation enhancement plan. - The company has not formulated a market value management system[81](index=81&type=chunk) - The company has not disclosed a valuation enhancement plan[81](index=81&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=23&type=section&id=12.%20Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Improvement%E2%80%9D%20Action%20Plan) During the reporting period, the company did not disclose an announcement regarding its "Quality and Return Dual Improvement" action plan. - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[81](index=81&type=chunk) Part IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report. - The company's directors, supervisors, and senior management experienced no changes during the reporting period[82](index=82&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=23&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the half-year. - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the half-year[83](index=83&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[84](index=84&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its four major subsidiaries (Nantong Baichuan New Materials, Jiangsu Haiji New Energy, Ningxia Baichuan Technology, Ningxia Baichuan New Materials) are all included in the list of enterprises required to disclose environmental information, with relevant reports accessible through the enterprise environmental information disclosure system. - The company and its four major subsidiaries (Nantong Baichuan New Materials Co., Ltd., Jiangsu Haiji New Energy Co., Ltd., Ningxia Baichuan Technology Co., Ltd., Ningxia Baichuan New Materials Co., Ltd.) are all included in the list of enterprises required to disclose environmental information[85](index=85&type=chunk) - Environmental information disclosure reports for each subsidiary can be accessed through the enterprise environmental information disclosure system (Jiangsu/Ningxia)[85](index=85&type=chunk) [Social Responsibility](index=24&type=section&id=5.%20Social%20Responsibility) The company adheres to its "unity, struggle, innovation" philosophy, striving to build an environmentally friendly enterprise and actively safeguarding the interests of stakeholders including shareholders, employees, customers, and suppliers. The company prioritizes product quality management, employee occupational health and development, environmental protection, and actively participates in national and industry standard setting, maintaining good communication with government departments. - The company adheres to its corporate philosophy of "unity, struggle, innovation," committed to building an environmentally friendly enterprise and actively collaborating with all stakeholders to promote the company's sustained and healthy development[86](index=86&type=chunk) - The company continuously improves product quality to meet customer demands by strengthening product quality management and strictly adhering to production process flows[86](index=86&type=chunk) - The company upholds a people-oriented approach, respecting and protecting employee rights, focusing on employee health, safety, and satisfaction, and prioritizing talent development[86](index=86&type=chunk) - The company diligently implements national and local environmental protection laws and regulations, regularly conducts environmental hazard investigations and rectifications, increases environmental investment, and ensures the normal operation of environmental facilities[87](index=87&type=chunk) - The company actively studies and implements economic and industry development policies and laws, maintains good communication with government departments, and participates in the formulation and revision of multiple national and industry standards for products and testing methods[87](index=87&type=chunk) Part V Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=25&type=section&id=1.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by its controlling shareholder, shareholders, related parties, acquirers, or the company itself. - The company's reporting period showed no commitments that were fulfilled or overdue and unfulfilled by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself[89](index=89&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=25&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company. - The company's reporting period showed no non-operating funds occupied by the controlling shareholder or other related parties of the listed company[90](index=90&type=chunk) [Irregular External Guarantees](index=25&type=section&id=3.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees. - The company's reporting period showed no irregular external guarantees[91](index=91&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited. - The company's semi-annual report was unaudited[92](index=92&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period](index=25&type=section&id=5.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanation%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Current%20Period) During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm. [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=25&type=section&id=6.%20Board%20of%20Directors'%20Explanation%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Previous%20Year) During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm. [Bankruptcy and Reorganization Matters](index=25&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters. - The company did not experience any bankruptcy or reorganization matters during the reporting period[93](index=93&type=chunk) [Litigation Matters](index=25&type=section&id=8.%20Litigation%20Matters) During this reporting period, the company had no significant litigation, arbitration, or other litigation matters. - The company had no significant litigation or arbitration matters during this reporting period[94](index=94&type=chunk) [Penalties and Rectification](index=26&type=section&id=9.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations. - The company had no penalties or rectification situations during the reporting period[95](index=95&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller. - The company's reporting period showed no integrity issues concerning the company, its controlling shareholder, or actual controller[96](index=96&type=chunk) [Significant Related Party Transactions](index=26&type=section&id=11.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisition/disposal, joint external investments, related party debts, or dealings with affiliated financial companies. - The company had no related party transactions related to daily operations during the reporting period[96](index=96&type=chunk) - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[97](index=97&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[98](index=98&type=chunk) - The company had no related party debt transactions during the reporting period[99](index=99&type=chunk) - The company had no deposits, loans, credit, or other financial business with financial companies that have related party relationships[100](index=100&type=chunk) - The company's controlled financial company had no deposits, loans, credit, or other financial business with related parties[101](index=101&type=chunk) - The company had no other significant related party transactions during the reporting period[102](index=102&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, leasing, or wealth management matters. The company and its subsidiaries have extensive external guarantees, primarily joint liability guarantees for subsidiaries, with the total guaranteed amount representing **278.08%** of the company's net assets. - The company had no entrustment, contracting, or leasing matters during the reporting period[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - The company had no wealth management activities during the reporting period[119](index=119&type=chunk) - The company had no other significant contracts during the reporting period[120](index=120&type=chunk) External Guarantees by the Company and its Subsidiaries | Guaranteed Party Name | Guaranteed Amount (10,000 yuan) | Actual Guaranteed Amount (10,000 yuan) | Guarantee Type | Fulfilled? | | :--- | :--- | :--- | :--- | :--- | | Nantong Baichuan | 524,624.87 | 245,110.97 | Joint liability guarantee | No | | Haiji New Energy | 67,681.69 | 54,624.87 | Joint liability guarantee | No | | Ningxia Baichuan New Materials | 329,830.40 | 199,000.00 | Joint liability guarantee | No | | Ningxia Baichuan Technology | 329,830.40 | 200,000.00 | Joint liability guarantee | No | | Ningxia Boyuan | 1,000.00 | 1,000.00 | Joint liability guarantee | No | | Rugao Baichuan | 73,000.00 | 73,000.00 | Joint liability guarantee | No | | Jiangsu Yiboli | 10,000.00 | 10,000.00 | Joint liability guarantee | No | | **Total Actual Guaranteed Balance at End of Reporting Period** | **709,800.00** | **556,452.90** | | | - The actual total guaranteed amount represents **278.08%** of the company's net assets[117](index=117&type=chunk) [Explanation of Other Significant Matters](index=38&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) The company's raised fund project, "30,000 tons graphite anode material (80,000 tons graphitization) project," completed its final acceptance and commenced production in April 2025. Additionally, the conversion price of "Baichuan Convertible Bond 2" was adjusted from 8.18 yuan/share to 7.53 yuan/share due to profit distribution and the triggering of a downward revision clause. - The company's raised fund project "30,000 tons graphite anode material (80,000 tons graphitization) project" has completed its final acceptance and officially commenced production[121](index=121&type=chunk) - Due to the company's implementation of the 2024 annual profit distribution plan, the conversion price of "Baichuan Convertible Bond 2" was adjusted from **8.18 yuan/share to 8.12 yuan/share**, effective April 30, 2025[122](index=122&type=chunk) - Due to the triggering of the downward revision clause for "Baichuan Convertible Bond 2" conversion price, the conversion price was revised downwards from **8.12 yuan/share to 7.53 yuan/share**, effective May 15, 2025[123](index=123&type=chunk) [Significant Matters of Company Subsidiaries](index=38&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) Significant matters concerning the company's subsidiaries are detailed in "XIII. Explanation of Other Significant Matters" within this section. - Significant matters concerning the company's subsidiaries are detailed in "XIII. Explanation of Other Significant Matters" of this section[124](index=124&type=chunk) Part VI Share Changes and Shareholder Information [Share Change Status](index=39&type=section&id=1.%20Share%20Change%20Status) During the reporting period, the company's total share capital increased by 1,775 shares due to the conversion of "Baichuan Convertible Bond 2." Restricted shares decreased by 11,628,750 shares, while unrestricted shares increased by 11,630,525 shares, with executive restricted shares also changing due to recalculation. Share Change Status | Item | Number of Shares Before This Change (shares) | Increase/Decrease in This Change (±) Subtotal (shares) | Number of Shares After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 86,649,977 | -11,628,750 | 75,021,227 | | II. Unrestricted Shares | 507,604,335 | 11,630,525 | 519,234,860 | | III. Total Shares | 594,254,312 | 1,775 | 594,256,087 | - Share changes were primarily due to the conversion of "Baichuan Convertible Bond 2" leading to an increase in total share capital, and the recalculation of executive restricted shares by China Securities Depository and Clearing Corporation Limited at the beginning of the reporting period[128](index=128&type=chunk) - Share changes will dilute basic earnings per share, diluted earnings per share, and net assets per share attributable to ordinary shareholders for the most recent year and period[128](index=128&type=chunk) Restricted Share Change Status | Shareholder Name | Restricted Shares at Period Start (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zheng Tiejiang | 74,872,500 | 11,625,000 | 0 | 63,247,500 | Executive restricted shares | | Ma Yangsheng | 3,750 | 3,750 | 0 | 0 | Executive restricted shares | | **Total** | **74,876,250** | **11,628,750** | **0** | **63,247,500** | | [Securities Issuance and Listing](index=40&type=section&id=2.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities. - The company had no securities issuance or listing activities during the reporting period[130](index=130&type=chunk) [Number of Shareholders and Shareholding Status](index=40&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had a total of 80,643 ordinary shareholders. Among the top ten shareholders, Zheng Tiejiang held the largest proportion at 14.19%, with Hui Ning, Zheng Jiang, and Wang Yajuan also listed. Zheng Tiejiang and Wang Yajuan are spouses, and Zheng Tiejiang and Zheng Jiang are brothers. - The total number of ordinary shareholders at the end of the reporting period was **80,643**[131](index=131&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zheng Tiejiang | Domestic Natural Person | 14.19% | 84,330,000.00 | 63,247,500.00 | 21,082,500.00 | 36,397,500.00 (Pledged) | | Hui Ning | Domestic Natural Person | 3.61% | 21,439,924.00 | 0.00 | 21,439,924.00 | 0.00 (Not applicable) | | Zheng Jiang | Domestic Natural Person | 2.61% | 15,498,303.00 | 11,623,727.00 | 3,874,576.00 | 0.00 (Not applicable) | | Wang Yajuan | Domestic Natural Person | 1.35% | 8,000,000.00 | 0.00 | 8,000,000.00 | 0.00 (Not applicable) | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.48% | 2,844,120.00 | 0.00 | 2,844,120.00 | 0.00 (Not applicable) | | Sun Bin | Domestic Natural Person | 0.42% | 2,510,100.00 | 0.00 | 2,510,100.00 | 0.00 (Not applicable) | | Li Changhui | Domestic Natural Person | 0.37% | 2,169,500.00 | 0.00 | 2,169,500.00 | 0.00 (Not applicable) | | Lin Jiexuan | Domestic Natural Person | 0.34% | 2,000,000.00 | 0.00 | 2,000,000.00 | 0.00 (Not applicable) | | Zhang Donghui | Domestic Natural Person | 0.30% | 1,772,500.00 | 0.00 | 1,772,500.00 | 0.00 (Not applicable) | | Shao Zhiming | Domestic Natural Person | 0.28% | 1,646,200.00 | 0.00 | 1,646,200.00 | 0.00 (Not applicable) | - Mr. Zheng Tiejiang and Ms. Wang Yajuan are spouses, and Mr. Zheng Tiejiang and Mr. Zheng Jiang are brothers[132](index=132&type=chunk) - Company shareholder Li Changhui holds **494,500 shares** through an ordinary securities account and **1,675,000 shares** through a credit securities account, totaling **2,169,500 shares**[133](index=133&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report. - The company's directors, supervisors, and senior management experienced no changes in their shareholdings during the reporting period[134](index=134&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller. - The company's controlling shareholder did not change during the reporting period[135](index=135&type=chunk) - The company's actual controller did not change during the reporting period[135](index=135&type=chunk) [Preferred Share Information](index=43&type=section&id=6.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares. - The company had no preferred shares during the reporting period[136](index=136&type=chunk) Part VII Bond Information [Corporate Bonds](index=44&type=section&id=1.%20Corporate%20Bonds) During the reporting period, the company had no corporate bonds. - The company had no corporate bonds during the reporting period[138](index=138&type=chunk) [Company Bonds](index=44&type=section&id=2.%20Company%20Bonds) During the reporting period, the company had no company bonds. - The company had no company bonds during the reporting period[139](index=139&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=44&type=section&id=3.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no non-financial enterprise debt financing instruments. - The company had no non-financial enterprise debt financing instruments during the reporting period[140](index=140&type=chunk) [Convertible Corporate Bonds](index=44&type=section&id=4.%20Convertible%20Corporate%20Bonds) On October 19, 2022, the company publicly issued "Baichuan Convertible Bond 2" with a total face value of 978 million yuan. As of the end of the reporting period, there were 11,865 bondholders, with a cumulative conversion amount of 10.91 million yuan, and the conversion price has been adjusted multiple times, most recently to 7.53 yuan/share. The company's main credit rating is A+, with a stable outlook. - On October 19, 2022, the company publicly issued "Baichuan Convertible Bond 2" with a total face value of **978 million yuan**, with a term of 6 years[141](index=141&type=chunk) - As of the end of the reporting period, "Baichuan Convertible Bond 2" had **11,865** holders, and the convertible corporate bonds issued did not provide collateral[142](index=142&type=chunk) Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Amount Before This Change (yuan) | Increase/Decrease in This Change (Conversion) (yuan) | Amount After This Change (yuan) | | :--- | :--- | :--- | :--- | | Baichuan Convertible Bond 2 | 966,778,800.00 | 14,300.00 | 966,764,500.00 | Cumulative Conversion Status | Convertible Corporate Bond Name | Cumulative Conversion Amount (yuan) | Cumulative Conversion Quantity (shares) | Unconverted Amount (yuan) | Proportion of Unconverted Amount to Total Issuance Amount | | :--- | :--- | :--- | :--- | :--- | | Baichuan Convertible Bond 2 | 11,235,500.00 | 1,090,918 | 966,764,500.00 | 98.85% | History of Conversion Price Adjustments and Revisions | Convertible Corporate Bond Name | Conversion Price Adjustment Date | Adjusted Conversion Price (yuan) | Disclosure Time | Explanation of Conversion Price Adjustment | Latest Conversion Price as of End of Reporting Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Baichuan Convertible Bond 2 | May 15, 2023 | 10.31 | May 09, 2023 | Due to the implementation of the 2022 annual equity distribution plan, the conversion price was adjusted from 10.36 yuan/share to 10.31 yuan/share | 7.53 | | | August 06, 2024 | 8.18 | August 06, 2024 | Due to the triggering of the downward revision clause for the conversion price, the conversion price was revised downwards from 10.31 yuan/share to 8.18 yuan/share | | | | April 30, 2025 | 8.12 | April 22, 2025 | Due to the implementation of the 2024 annual profit distribution plan, the conversion price was adjusted from 8.18 yuan/share to 8.12 yuan/share | | | | May 15, 2025 | 7.53 | May 15, 2025 | Due to the triggering of the downward revision clause for the conversion price, the conversion price was revised downwards from 8.12 yuan/share to 7.53 yuan/share | | - The company's main credit rating result is **A+**, with a stable outlook; the credit rating result for "Baichuan Convertible Bond 2" is **A+**, and this rating result has not been adjusted[150](index=150&type=chunk) - The funds for repaying the principal and interest of "Baichuan Convertible Bond 2" primarily come from operating cash flow and bank financing channels[150](index=150&type=chunk) [Consolidated Loss Exceeding 10% of Net Assets at End of Previous Year](index=47&type=section&id=5.%20Consolidated%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20End%20of%20Previous%20Year) During the reporting period, the company's consolidated loss did not exceed 10% of the net assets at the end of the previous year. - The company's consolidated loss during the reporting period did not exceed **10%** of the net assets at the end of the previous year[151](index=151&type=chunk) [Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=47&type=section&id=6.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company's current ratio and quick ratio both improved, but the asset-liability ratio increased to 82.77%. Net profit after deducting non-recurring gains and losses decreased by 38.53%, and both the interest coverage ratio and cash interest coverage ratio declined. Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period | Item | End of Current Reporting Period | End of Previous Year | Change from End of Previous Year | | :--- | :--- | :--- | :--- | | Current Ratio | 0.48 | 0.37 | 29.73% | | Asset-Liability Ratio | 82.77% | 80.22% | 2.55% | | Quick Ratio | 0.30 | 0.21 | 42.86% | | **Item** | **Current Reporting Period** | **Prior Year Period** | **Change from Prior Year Period** | | Net Profit After Deducting Non-Recurring Gains and Losses (10,000 yuan) | 4,789.01 | 7,791.15 | -38.53% | | EBITDA to Total Debt Ratio | 5.25% | 5.41% | -0.16% | | Interest Coverage Ratio | 0.61 | 0.84 | -27.38% | | Cash Interest Coverage Ratio | 2.67 | 1.98 | 34.85% | | EBITDA Interest Coverage Ratio | 2.88 | 2.79 | 3.23% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Part VIII Financial Report [Audit Report](index=48&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was unaudited[154](index=154&type=chunk) [Financial Statements](index=48&type=section&id=2.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025, detailing the financial position at the end of the reporting period and the operating results, cash flows, and changes in owner's equity during the period. - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity, and parent company statement of changes in owner's equity[155](index=155&type=chunk)[159](index=159&type=chunk)[163](index=163&type=chunk)[167](index=167&type=chunk)[170](index=170&type=chunk)[172](index=172&type=chunk)[175](index=175&type=chunk)[182](index=182&type=chunk) [Company Basic Information](index=66&type=section&id=3.%20Company%20Basic%20Information) Jiangsu Baichuan High-Tech New Materials Co., Ltd. was established on July 1, 2002, with its registered and headquarters address at No. 55 Jianshe Road, Yunting Street, Jiangyin City, Jiangsu Province. The company's business scope covers fine chemicals, new materials, and new energy. As of June 30, 2025, the company's total share capital was 594.256087 million shares, and 12 subsidiaries were included in the scope of consolidation for this period. - The company, formerly Jiangyin Baichuan Chemical Industry Co., Ltd., was established on July 1, 2002, and was wholly converted into a joint-stock company in December 2006[189](index=189&type=chunk) - The company's registered and headquarters address is: No. 55 Jianshe Road, Yunting Street, Jiangyin City, Jiangsu Province[190](index=190&type=chunk) - The company's business scope primarily involves new material technology R&D, bio-based material technology R&D, chemical product sales, engineering and technical research and experimental development[191](index=191&type=chunk) - As of June 30, 2025, the company's total issued share capital was **594.256087 million shares**[190](index=190&type=chunk) - A total of **12** subsidiaries were included in the scope of consolidation for this period, with no changes compared to the previous period[192](index=192&type=chunk) [Basis of Financial Statement Preparation](index=66&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on a going concern assumption, and an evaluation of the company's ability to continue as a going concern for 12 months from the end of the reporting period revealed no significant doubts. - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports" (Revised in 2023) issued by the China Securities Regulatory Commission[194](index=194&type=chunk) - These financial statements are prepared on a going concern basis, and the company has evaluated its ability to continue as a going concern for 12 months from the end of the reporting period, finding no significant doubts or circumstances regarding its going concern ability[195](index=195&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=67&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's specific accounting policies and estimates for revenue recognition, inventory valuation, fixed asset depreciation, intangible asset amortization, financial instrument impairment, business combinations, consolidated financial statement preparation, employee benefits, and provisions, emphasizing that important accounting estimates and key assumptions may significantly impact the financial statements. - The company determines specific accounting policies and accounting estimates based on its operating characteristics, primarily reflected in revenue recognition, inventory valuation methods, and accounting treatment for fixed asset depreciation and intangible asset amortization[196](index=196&type=chunk) - Important accounting estimates and key assumptions include impairment of accounts receivable and other receivables, inventory impairment estimates, long-term asset impairment estimates, estimated useful lives and estimated net residual values of fixed assets, and income tax[196](index=196&type=chunk)[197](index=197&type=chunk) - The company's statement of compliance with Accounting Standards for Business Enterprises confirms that the financial statements truly and completely reflect the company's financial position, operating results, cash flows, and other relevant information for the reporting period[198](index=198&type=chunk) - The accounting period is from January 1 to December 31 of the Gregorian calendar, the operating cycle is 12 months, and the functional currency is Renminbi[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk) - The methods and bases for determining materiality standards include significant individually impaired accounts receivable, significant construction in progress, significant contract liabilities/accounts payable overdue for more than one year, significant joint ventures or associates, significant commitments, significant contingencies, and significant post-balance sheet events[202](index=202&type=chunk) [Taxation](index=97&type=section&id=6.%20Taxation) The company's main taxes include Value-Added Tax, Consumption Tax, Urban Maintenance and Construction Tax, Corporate Income Tax, Education Surcharge, and Property Tax. The company and some subsidiaries enjoy tax incentives, such as a 15% income tax rate for high-tech enterprises, a 15% income tax rate under the Western Development policy, small and micro enterprise income tax preferential policies, and the VAT "exemption, credit, refund" method for export goods. Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to ta

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中国铁路物资股份有限公司 2025 年半年度报告 二零二五年八月 中国铁路物资股份有限公司 2025 年半年度报告全文 中国铁路物资股份有限公司 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报 告内容的真实、准确、完整，不存在虚假记载、误导性陈述或者重大 遗漏，并承担个别和连带的法律责任。 公司负责人赵晓宏、主管会计工作负责人谢岚及会计机构负责人 李小兵声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者 的实质承诺，投资者及相关人士均应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。 本公司请投资者认真阅读本半年度报告全文，并特别注意相关风 险因素，详细描述请参见"第三节管理层讨论与分析"中的"十、公 司面临的风险和应对措施"中的相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 中国铁路物资股份有限公司 2025 年半年度报告全文 目 录 | 第一节 | 重要提示、目录和释义 | 1 | | --- ...

江苏大烨智能电气股份有限公司 2025 年半年度报告全文 江苏大烨智能电气股份有限公司 2025 年半年度报告 2025-032 2025 年 08 月 1 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 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"中详细描述了公司经营中可能存在的风险和应对措施，敬请广大 投资者关注，注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 9 | | | 第四节 | 公司治理、环境和社会 23 | | | 第五节 | 重要事项 | 24 | | 第六节 | 股份变动及股东情况 | 31 | | 第七节 | 债券相关情况 | 36 | | 第八 ...

[Section 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 board, supervisory board, and senior management guarantee the report's accuracy, with all directors attending the review, and no cash dividends or bonus shares planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[6](index=6&type=chunk) - Company head Jing Yimin, chief accountant Xia Zhifeng, and head of accounting department Zhang Zhengzhen declare the financial report in this semi-annual report is true, accurate, and complete[6](index=6&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's structure, comprising eight main chapters covering comprehensive information on company operations, finance, governance, and significant matters - The report's table of contents includes eight main chapters, covering comprehensive information on company operations, finance, governance, and significant matters[9](index=9&type=chunk) [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) Reference documents include signed and sealed financial statements, original copies of all company documents publicly disclosed on the CSRC-designated website during the reporting period, and the original 2025 semi-annual report signed by the company's legal representative - Reference documents include signed and sealed financial statements, original copies of publicly disclosed documents, and the original semi-annual report signed by the legal representative[11](index=11&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, related entities, subsidiaries, laws, regulations, and technical acronyms (e.g., LED, LCD), ensuring clear understanding of the content - This section defines key terms used in the report, including the company, regulatory bodies, subsidiaries, laws, regulations, and technical acronyms such as GQY Video, SZSE, LED, and LCD[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [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 GQY Video, stock code 300076, listed on the Shenzhen Stock Exchange, with Jing Yimin as its legal representative; contact information and registration details remained unchanged from the 2024 annual report Company Basic Information | Metric | Content | | :--- | :--- | | Stock Abbreviation | GQY Video | | Stock Code | 300076 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Jing Yimin | - The company's contact information, information disclosure, and registration changes remained unchanged during the reporting period, with specific details available in the 2024 annual report[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&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 decreased by **47.39%** to **CNY 40.75 million**, and net profit attributable to shareholders expanded to a loss of **CNY -22.73 million**, a **52.94%** year-over-year decrease; operating cash flow improved, but total assets and net assets attributable to shareholders both decreased Key Accounting Data and Financial Indicators for H1 2025 | Metric | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 40,746,808.29 | 77,454,471.15 | -47.39% | | Net Profit Attributable to Parent Company Shareholders | -22,726,398.01 | -14,859,321.66 | -52.94% | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-recurring Gains and Losses | -25,903,164.43 | -20,023,804.27 | -29.36% | | Net Cash Flow from Operating Activities | -41,939,107.10 | -56,535,902.50 | 25.82% | | Basic Earnings Per Share (CNY/share) | -0.0536 | -0.0350 | -53.14% | | Diluted Earnings Per Share (CNY/share) | -0.0536 | -0.0350 | -53.14% | | Weighted Average Return on Net Assets | -2.47% | -1.52% | -0.95% | | Metric | End of Current Reporting Period (CNY) | End of Prior Year (CNY) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,004,305,419.80 | 1,047,443,675.00 | -4.12% | | Net Assets Attributable to Parent Company Shareholders | 908,228,928.49 | 930,955,326.50 | -2.44% | [V. Differences in Accounting Data Under Domestic and Overseas 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 Accounting Standards or overseas accounting standards and those under 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[20](index=20&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[21](index=21&type=chunk) [VI. Non-recurring Gains and Losses 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 **CNY 3.18 million**, primarily from government grants and investment income from bank wealth management products, after deducting income tax and minority interests impacts Non-recurring Gains and Losses and Amounts | Item | Amount (CNY) | Notes | | :--- | :--- | :--- | | Government Grants Recognized in Current Profit/Loss | 113,715.32 | Primarily high-tech enterprise certification reward income received from the government | | Gains and Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises and from Disposal of Financial Assets and Liabilities | 3,450,407.03 | Primarily investment income from bank wealth management products | | Other Non-operating Income and Expenses Apart from the Above Items | 174,097.61 | | | Less: Income Tax Impact | 561,278.02 | | | Minority Interests Impact (After Tax) | 175.52 | | | Total | 3,176,766.42 | | [Section III Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Main Business Activities of the Company During the Reporting Period](index=9&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 specializes in intelligent splicing display products, offering comprehensive audio-visual and high-resolution visualization information technology solutions, including Mini LED/Micro LED, DLP, and LCD splicing products, operating primarily on an order-driven, "production-to-order" model with sales through channel agents and direct sales; operating revenue decreased by **47.39%** due to slower project progress - The company's main business involves the R&D, production, and sales of intelligent splicing display products, covering a full range of Mini LED/Micro LED splicing, DLP splicing, and LCD splicing products[26](index=26&type=chunk)[34](index=34&type=chunk) - The company's operating model is order-driven and "production-to-order," with sales conducted through channel agents and direct sales[35](index=35&type=chunk)[36](index=36&type=chunk) - During the reporting period, the company achieved operating revenue of **CNY 40.75 million**, a year-over-year decrease of **47.39%**, primarily due to slower-than-expected progress in engineering projects[39](index=39&type=chunk) [(I) Industry Overview](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The intelligent splicing display industry, supported by national policies, continues to grow with expanding technological innovation and scale, evolving towards diversification, high performance, low power consumption, and flexibility, broadening application scenarios across various sectors - The intelligent splicing display industry is a strategic development area in China's "14th Five-Year Plan," with continuous expansion in technological innovation capabilities and industrial scale[27](index=27&type=chunk) - The state has introduced multiple policies to support the development of the new display industry, encouraging technological innovation, industrial upgrading, and market expansion, such as the "Notice on Import Tax Policies Supporting the Development of New Display Industry from 2021-2030" and the "Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)"[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - Industry technology is diversifying towards Mini-LED, Micro-LED, quantum dots, and flexible displays, with terminal application scenarios expanding into emerging fields like in-car displays, smart homes, and digital cultural tourism[30](index=30&type=chunk)[31](index=31&type=chunk) [(II) Company's Main Business and Operating Model](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company provides intelligent splicing display products and integrated system solutions, covering Mini LED/Micro LED, DLP, and LCD splicing, operating on an order-driven and "production-to-order" model with strict supply chain management and sales through channel agents or direct sales to ensure high quality, low cost, and rapid delivery - The company's main business involves the R&D, production, and sales of intelligent splicing products, and provides integrated solutions in the digital, information, and intelligent fields[34](index=34&type=chunk) - The company adopts an "order-driven" and "production-to-order" operating policy, managing material procurement through its supply chain center to ensure timely and stable raw material supply[35](index=35&type=chunk) - Sales models include channel agency distribution and direct sales, with sales processes covering project initiation, bidding, contract signing, stock preparation, production, and shipment[36](index=36&type=chunk)[37](index=37&type=chunk) [(III) Key Performance Drivers](index=14&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) In the first half of 2025, the company capitalized on the digital economy's recovery-driven demand for high-definition displays by linking R&D and production to deliver high-quality customized products, while also enhancing internal controls, digitalization, and operational efficiency, and actively fulfilling corporate social responsibility - The company actively seized opportunities arising from the recovery of digital economy demand for high-definition display applications, providing high-quality, customized products through R&D and production linkage[39](index=39&type=chunk) - The company continuously improved its internal control system, enhanced its informatization and digitalization levels, optimized internal approval processes, and improved operational efficiency while reducing operating costs[39](index=39&type=chunk) [II. Analysis of Core Competitiveness](index=14&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 its comprehensive product range, deep industry roots, professional talent pool, reliable product quality, and robust customer service system, built over thirty years in intelligent splicing display, enabling it to offer high-value-added products and integrated solutions - The company offers a comprehensive range of products, covering intelligent splicing display and system integration businesses, meeting diverse customer needs[40](index=40&type=chunk) - With over thirty years in the industry, the company has accumulated extensive high-quality customer resources, establishing long-term stable cooperative relationships with clients in emergency management, smart education, public security, and military sectors[41](index=41&type=chunk) - The company has assembled a large number of experienced management and professional technical talents, building a high-caliber core talent team through systematic training and incentive programs[42](index=42&type=chunk)[43](index=43&type=chunk) - The company has established a comprehensive customer service system and quality control measures, certified with a five-star after-sales service rating for screen display systems, ensuring product quality, safety, and stability[44](index=44&type=chunk) [III. Main Business Analysis](index=15&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 this reporting period, the company's main business revenue was **CNY 40.75 million**, a **47.39%** year-over-year decrease, primarily due to slower-than-expected engineering project progress; large-screen splicing display systems and system integration were the main revenue sources, with gross profit margins of **9.41%** and **2.32%**, respectively, while direct sales revenue significantly declined and distribution sales revenue grew substantially - The operating revenue for this reporting period was **CNY 40.75 million**, a year-over-year decrease of **47.39%**, primarily due to slower-than-expected progress in engineering projects[46](index=46&type=chunk) Main Product or Service Overview | Product or Service | Operating Revenue (CNY) | Operating Costs (CNY) | Gross Profit Margin | Year-over-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Large-screen Splicing Display Systems | 29,205,923.12 | 26,456,419.10 | 9.41% | -38.23% | | System Integration Business | 11,324,137.97 | 11,061,323.67 | 2.32% | -61.75% | Sales Performance by Sales Model Category | Sales Model Category | Amount in Current Reporting Period (CNY) | Proportion of Operating Revenue | Amount in Prior Year Period (CNY) | Proportion of Operating Revenue | Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Direct Sales | 23,193,277.29 | 56.92% | 71,564,974.97 | 92.40% | -67.59% | | Distribution | 17,553,531.00 | 43.08% | 5,889,496.18 | 7.60% | 198.05% | [Year-over-Year Changes in Key Financial Data](index=15&type=section&id=%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, both operating revenue and operating costs significantly decreased, financial expenses substantially reduced due to the reversal of unrealized financing income, net cash flow from investing activities turned negative primarily due to wealth management product purchases, and net cash flow from financing activities also significantly decreased due to short-term loan repayments Year-over-Year Changes in Key Financial Data | Metric | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-over-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 40,746,808.29 | 77,454,471.15 | -47.39% | Slower-than-expected progress in engineering projects | | Operating Costs | 37,587,069.65 | 70,126,754.75 | -46.40% | Decrease in revenue | | Financial Expenses | -2,105,762.61 | 485,354.41 | -533.86% | Reversal of unrealized financing income | | Net Cash Flow from Investing Activities | -51,295,642.73 | 129,101,519.85 | -139.73% | Purchase of wealth management products | | Net Cash Flow from Financing Activities | -13,647,900.40 | 559,046.78 | -2,541.28% | Repayment of short-term loans | | Net Increase in Cash and Cash Equivalents | -106,882,650.23 | 73,124,664.13 | -246.16% | Decrease in net cash flow from operating and investing activities | [Products or Services Accounting for Over 10% of Revenue](index=16&type=section&id=%E5%8D%A0%E6%AF%9410%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E4%BA%A7%E5%93%81%E6%88%96%E6%9C%8D%E5%8A%A1%E6%83%85%E5%86%B5) Large-screen splicing display systems and system integration businesses are the company's primary revenue sources, accounting for **71.68%** and **27.80%** of operating revenue, respectively; large-screen splicing display system revenue decreased by **38.23%** year-over-year with a **3.93%** decline in gross profit margin, while system integration business revenue decreased by **61.75%** with a **0.35%** decline in gross profit margin Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Costs (CNY) | Gross Profit Margin | Year-over-Year Change in Operating Revenue | Year-over-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Large-screen Splicing Display Systems | 29,205,923.12 | 26,456,419.10 | 9.41% | -38.23% | -3.93% | | System Integration Business | 11,324,137.97 | 11,061,323.67 | 2.32% | -61.75% | -0.35% | Sales Performance of Large-screen Splicing Display Systems | Item | Unit | Current Reporting Period | Prior Year Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | | Sales Volume | Units | 2,404 | 2,558 | -6.02% | | Sales Revenue | CNY | 29,205,923.12 | 47,283,857.70 | -38.23% | | Gross Profit Margin on Sales | % | 9.41 | 13.34 | -3.93% | [IV. Non-Main Business Analysis](index=17&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) The company had no non-main business activities during the reporting period - The company had no non-main business activities during the reporting period[51](index=51&type=chunk) [V. Analysis of Assets and Liabilities](index=17&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 and net assets attributable to shareholders both decreased; cash and bank balances decreased by **9.71%** due to the purchase of bank wealth management products, leading to a **6.81%** increase in trading financial assets; short-term borrowings decreased by **1.63%** due to repayment, and some cash and bank balances and fixed assets were restricted Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 69,480,572.85 | 6.92% | 174,235,726.40 | 16.63% | -9.71% | Primarily due to the purchase of bank wealth management products | | Trading Financial Assets | 408,824,629.87 | 40.71% | 355,058,024.31 | 33.90% | 6.81% | Primarily due to the purchase of bank wealth management products | | Short-term Borrowings | 0.00 | 0.00% | 17,107,320.75 | 1.63% | -1.63% | Primarily due to the repayment of short-term borrowings | - As of June 30, 2025, other cash and bank balances of **CNY 7.14 million** were restricted as guarantees for bank acceptance bills, quality guarantees, and domestic guarantees; fixed assets with a book value of **CNY 50.11 million** were pledged for borrowings[56](index=56&type=chunk) [Significant Changes in Asset Composition](index=17&type=section&id=%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) At the end of the reporting period, the company's cash and bank balances decreased by **9.71%** primarily due to the purchase of bank wealth management products, leading to a **6.81%** increase in the proportion of trading financial assets, while short-term borrowings decreased by **1.63%** due to repayment Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 69,480,572.85 | 6.92% | 174,235,726.40 | 16.63% | -9.71% | Primarily due to the purchase of bank wealth management products | | Trading Financial Assets | 408,824,629.87 | 40.71% | 355,058,024.31 | 33.90% | 6.81% | Primarily due to the purchase of bank wealth management products | | Short-term Borrowings | 0.00 | 0.00% | 17,107,320.75 | 1.63% | -1.63% | Primarily due to the repayment of short-term borrowings | [Major Overseas Assets](index=17&type=section&id=%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[53](index=53&type=chunk) [Assets and Liabilities Measured at Fair Value](index=17&type=section&id=%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) At the end of the reporting period, the company's financial assets measured at fair value totaled **CNY 456.80 million**, including **CNY 408.82 million** in trading financial assets, primarily structured deposits, with fair value change gains of **CNY 2.90 million** for the period Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 355,058,024.31 | 2,990,216.48 | 408,824,629.87 | | Accounts Receivable Financing | 1,832,000.00 | 0.00 | 2,076,400.00 | | Other Non-current Financial Assets | 45,998,448.00 | -95,155.53 | 45,903,292.47 | | Total Above | 402,888,472.31 | 2,895,060.95 | 456,804,322.34 | [Asset Rights Restriction Status as of the End of the Reporting Period](index=18&type=section&id=%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 June 30, 2025, **CNY 7.14 million** in cash and bank balances were restricted as guarantees for bank acceptance bills, quality guarantees, and domestic guarantees, while fixed assets with a book value of **CNY 50.11 million** were pledged for borrowings - As of June 30, 2025, **CNY 7,143,089.76** in other cash and bank balances were deposited as guarantees for bank acceptance bills, quality guarantees, and domestic guarantees applied for by the company[56](index=56&type=chunk) - Fixed assets with a book value of **CNY 50,111,460.25** were pledged for company borrowings[56](index=56&type=chunk) [VI. Investment Analysis](index=18&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) The company had no significant equity or non-equity investments during the reporting period; the overall utilization rate of raised funds was **85.56%**, but several committed investment projects failed to meet expected benefits, with some disposed of or changed; wealth management transactions totaled **CNY 407.60 million**, primarily bank wealth management products, with no overdue unrecovered amounts - The company had no significant equity or non-equity investments during the reporting period[57](index=57&type=chunk) Overall Utilization of Raised Funds | Total Raised Funds (CNY 10,000) | Total Used Raised Funds (CNY 10,000) | Cumulative Used Raised Funds (CNY 10,000) | Cumulative Used Raised Funds Ratio | | :--- | :--- | :--- | :--- | | 88,668.51 | 0 | 69,337.07 | 85.56% | - Multiple committed investment projects failed to meet planned progress or expected returns, with some disposed of or fully impaired[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) Overview of Wealth Management Transactions During the Reporting Period | Specific Type | Amount of Wealth Management Transactions (CNY 10,000) | Unmatured Balance (CNY 10,000) | | :--- | :--- | :--- | | Bank Wealth Management Products (Own Funds) | 5,000 | 5,000 | | Bank Wealth Management Products (Raised Funds) | 35,760 | 35,760 | | Total | 40,760 | 40,760 | [1. Overall Situation](index=18&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no overall investment situation during the reporting period - The company had no overall investment situation during the reporting period[57](index=57&type=chunk) [5. Use of Raised Funds](index=18&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company's overall utilization rate of raised funds was **85.56%**, but several committed investment projects, such as the HD large-screen splicing display system and digital laboratory system projects, did not achieve expected benefits and involved the disposal or change of related implementation entities; over-raised funds investments, including those in JIBO and Meta, were fully impaired due to JIBO's liquidation and Meta's insolvency Overall Utilization of Raised Funds | Total Raised Funds (CNY 10,000) | Total Used Raised Funds (CNY 10,000) | Cumulative Used Raised Funds (CNY 10,000) | Cumulative Used Raised Funds Ratio | | :--- | :--- | :--- | :--- | | 88,668.51 | 0 | 69,337.07 | 85.56% | - The "HD Large-screen Splicing Display System Project" and "Annual Production of 10,000 Sets of Digital Laboratory System Project" did not achieve expected benefits due to market underperformance, and the equity of related implementation entities has been disposed of[60](index=60&type=chunk)[61](index=61&type=chunk) - Investments in US-based JIBO and Meta companies have been fully impaired due to JIBO's liquidation and Meta's insolvency[62](index=62&type=chunk)[63](index=63&type=chunk) [6. Wealth Management, Derivative Investments, and Entrusted Loans](index=23&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) During the reporting period, the company's wealth management transactions totaled **CNY 407.60 million**, primarily involving bank wealth management products purchased with own and raised funds, with an unmatured balance of **CNY 407.60 million** and no overdue unrecovered amounts; the company had no derivative investments or entrusted loans Overview of Wealth Management Transactions During the Reporting Period | Specific Type | Amount of Wealth Management Transactions (CNY 10,000) | Unmatured Balance (CNY 10,000) | | :--- | :--- | :--- | | Bank Wealth Management Products (Own Funds) | 5,000 | 5,000 | | Bank Wealth Management Products (Raised Funds) | 35,760 | 35,760 | | Total | 40,760 | 40,760 | - The company had no derivative investments or entrusted loans during the reporting period[70](index=70&type=chunk)[71](index=71&type=chunk) [VII. Disposal of Major Assets and Equity](index=26&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not dispose of any major assets or equity during the reporting period - The company did not dispose of any major assets during the reporting period[72](index=72&type=chunk) - The company did not dispose of any major equity during the reporting period[73](index=73&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=26&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) The company's major participating company, Shenzhen Lanpu Vision Technology Co., Ltd., reported operating revenue of **CNY 166.18 million** and net profit of **CNY 0.16 million**; wholly-owned subsidiary Huanghe Huaxia Technology (Henan) Co., Ltd. reported operating revenue of **CNY 40.05 million** and net profit of **CNY 18.57 million**; during the reporting period, the company established a new controlling subsidiary, Shenzhen Yiransi Technology Co., Ltd., transferred equity in controlling subsidiary Shanghai Yujian Guanghai Culture Technology Co., Ltd., and deregistered Henan Zhongke General Electronic Information Technology Co., Ltd Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Lanpu Vision Technology Co., Ltd. | Associate | Electronic display products, LED integrated systems, etc. | 35,000,000.00 | 166,175,123.40 | 158,000.78 | | Huanghe Huaxia Technology (Henan) Co., Ltd. | Subsidiary | Electronic product research, development, sales, etc. | 95,000,000.00 | 40,053,957.58 | 18,571,592.52 | - During the reporting period, the company initiated the establishment of controlling subsidiary Shenzhen Yiransi Technology Co., Ltd., holding **65%** of its equity[75](index=75&type=chunk) - The company transferred **51%** equity in controlling subsidiary Shanghai Yujian Guanghai Culture Technology Co., Ltd. through an agreement[75](index=75&type=chunk) - The company deregistered controlling sub-subsidiary Henan Zhongke General Electronic Information Technology Co., Ltd.[75](index=75&type=chunk) [IX. Structured Entities Controlled by the Company](index=27&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 structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[76](index=76&type=chunk) [X. 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 three main risks: product R&D, market competition, and accounts receivable; to mitigate these, the company will improve its R&D system, increase investment in cutting-edge technologies, strengthen market research, implement differentiated strategies, and enhance customer credit period management and accounts receivable collection mechanisms - The company faces product R&D risks, which may impact product market launch due to lower-than-expected market demand or R&D delays[76](index=76&type=chunk) - Intensified market competition may reduce the company's market share and overall competitiveness[77](index=77&type=chunk) - Deterioration of customer financial conditions or changes in credit terms may increase the risk of accounts receivable bad debts[78](index=78&type=chunk) - Countermeasures include improving the R&D system, increasing investment in cutting-edge technologies, strengthening market research, implementing differentiated strategies, and enhancing customer credit period management and accounts receivable collection mechanisms[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, on April 29, 2025, the company hosted individual investors through an online platform to discuss 2024 annual performance-related content, which has been disclosed on Juchao Information Network - On April 29, 2025, the company hosted individual investors through an online platform to discuss 2024 annual performance, and relevant records have been disclosed on Juchao Information Network[79](index=79&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=%E5%8D%81%E4%BA%8C%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 formulated and approved its "Market Value Management System" in February 2025 but has not yet disclosed a valuation enhancement plan - The company formulated and approved the "Market Value Management System" in February 2025 at the fourteenth meeting of the seventh board of directors[80](index=80&type=chunk) - The company has not yet disclosed a valuation enhancement plan[80](index=80&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=28&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose any announcements regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose any announcements regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[82](index=82&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=29&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [I. Changes in Directors, Supervisors, and Senior Management](index=29&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, there were multiple changes in the company's directors, supervisors, and senior management: Mr. Wu Leiming resigned as independent director due to term expiration, and Mr. Zhang Jun was elected as an independent director; Ms. Li Yamin resigned as independent director for personal reasons, and Ms. Fang Xiaomin was elected as an independent director; Mr. Xu Wei was appointed as deputy general manager Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wu Leiming | Former Independent Director | Resignation due to term expiration | March 13, 2025 | Personal reasons | | Zhang Jun | Independent Director | Elected | March 13, 2025 | Job transfer | | Li Yamin | Former Independent Director | Resignation | May 22, 2025 | Personal reasons | | Fang Xiaomin | Independent Director | Elected | May 22, 2025 | Job transfer | | Xu Wei | Deputy General Manager | Appointed | April 22, 2025 | Job transfer | [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=29&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[84](index=84&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[85](index=85&type=chunk) [IV. Environmental Information Disclosure](index=30&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[86](index=86&type=chunk) [V. Social Responsibility](index=30&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company is committed to improving its corporate governance structure, strictly adhering to laws and regulations, safeguarding employee rights, prioritizing investor relations management, and upholding business ethics and compliance to protect supplier and customer interests, thereby achieving coordinated economic, social, and environmental development - The company strictly adheres to relevant laws and regulations to improve its corporate governance structure, formulating or revising multiple rules and regulations to provide institutional guarantees for standardized operations[86](index=86&type=chunk) - The company strictly complies with labor laws and other regulations, safeguarding employees' legitimate rights and interests, establishing human resource and social insurance management systems, and focusing on employee physical and mental health[87](index=87&type=chunk) - The company prioritizes investor relations management, engaging with investors through various channels and fulfilling information disclosure obligations[88](index=88&type=chunk) - The company upholds business ethics and compliance, protecting the legitimate rights and interests of suppliers and customers through a comprehensive sales and delivery system and supplier management system[89](index=89&type=chunk) [Section V Significant Matters](index=31&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [I. Fulfilled and Overdue Unfulfilled Commitments by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=31&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) The company's actual controllers, shareholders, and related parties duly fulfilled their commitments regarding the listed company's independence, avoidance of horizontal competition, and reduction of regulated related-party transactions, as well as share lock-up commitments made during the initial public offering, with no overdue unfulfilled matters at the end of the reporting period - Kaifeng Jin控 Technology Development Co., Ltd. and Kaifeng Jin控 Investment Group Co., Ltd. committed to ensuring the listed company's independence in personnel, assets, finance, organization, and business, and to avoiding horizontal competition and reducing regulated related-party transactions, all of which were duly fulfilled during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - Ningbo Gauss Investment Co., Ltd. committed to avoiding horizontal competition, which was duly fulfilled during the reporting period[97](index=97&type=chunk) - Directors, supervisors, and senior management who are also shareholders committed to share lock-up, which was duly fulfilled during the reporting period[97](index=97&type=chunk)[98](index=98&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=39&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, the company had no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, the listed company had no non-operating fund occupation by controlling shareholders or other related parties[99](index=99&type=chunk) [III. Irregular External Guarantees](index=39&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[100](index=100&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=39&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[101](index=101&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee Regarding the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=39&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%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[102](index=102&type=chunk) [VI. Explanations by the Board of Directors Regarding the "Non-Standard Audit Report" for the Prior Year](index=39&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no explanations regarding the prior year's non-standard audit report during the reporting period - The company had no explanations regarding the prior year's non-standard audit report during the reporting period[102](index=102&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=39&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[102](index=102&type=chunk) [VIII. Litigation Matters](index=39&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 was involved in multiple sales contract disputes; some were successfully litigated and completed or are in execution, some were settled and withdrawn, and one significant lawsuit against China Mobile Communications Group Henan Co., Ltd. Kaifeng Tongxu Branch is ongoing Major Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | | Company sued Beijing Zhongke Wenge Technology Co., Ltd. for sales contract dispute | 227.6 | Won the case | Recovered funds | Fully performed | | Company sued Jiangsu Mobile Information System Integration Co., Ltd. for sales contract dispute | 317.61 | Won the case | Won the case | In execution | | Company sued Tang Anfeng for sales contract dispute | 499.88 | Defendant promised payment, company withdrew lawsuit in March 2025 | Not applicable | Not applicable | | Company sued Xindian Technology Co., Ltd. for sales contract dispute | 294.18 | Both parties reached a settlement, company withdrew lawsuit in February 2025 | Both parties settled | Defendant has paid relevant amounts to the company | | Company sued China Mobile Communications Group Henan Co., Ltd. Kaifeng Tongxu Branch for sales contract dispute | 789.9 | In litigation | No outcome yet | No outcome yet | [IX. Penalties and Rectification](index=40&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[105](index=105&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=40&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company had no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period - The company had no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period[105](index=105&type=chunk) [XI. Significant Related-Party Transactions](index=40&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 or equity acquisitions/disposals, joint external investments, or related-party creditor/debtor relationships, nor any deposit, loan, credit, or other financial business dealings with affiliated financial companies - The company had no related-party transactions related to daily operations during the reporting period[106](index=106&type=chunk) - The company had no related-party transactions involving asset or equity acquisitions/disposals during the reporting period[107](index=107&type=chunk) - The company had no related-party transactions involving joint external investments during the reporting period[108](index=108&type=chunk) - The company had no related-party creditor/debtor relationships during the reporting period[109](index=109&type=chunk) - The company had no deposit, loan, credit, or other financial business dealings with affiliated financial companies or financial companies controlled by the company and related parties[110](index=110&type=chunk)[111](index=111&type=chunk) [XII. Major Contracts and Their Performance](index=41&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) The company had no major contracts, including those for trusteeship, contracting, leasing, significant guarantees, or other significant operational contracts, during the reporting period - The company had no trusteeship situations during the reporting period[113](index=113&type=chunk) - The company had no contracting situations during the reporting period[114](index=114&type=chunk) - The company had no leasing situations during the reporting period[115](index=115&type=chunk) - The company had no significant guarantee situations during the reporting period[116](index=116&type=chunk) - The company had no major operational contracts or other significant contracts during the reporting period[117](index=117&type=chunk) [XIII. Explanation of Other Significant Matters](index=42&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company was recognized as a high-tech enterprise in December 2024, valid for three years, entitling it to a **15%** corporate income tax preferential rate; its business term has been changed to long-term; during the reporting period, independent directors Wu Leiming and Li Yamin resigned due to term expiration or personal reasons, and Zhang Jun and Fang Xiaomin were respectively elected as independent directors - The company was recognized as a high-tech enterprise on December 6, 2024, valid for three years, and can pay corporate income tax at a **15%** rate[118](index=118&type=chunk) - The company's business term has been changed from "June 10, 1992 to February 22, 2025" to "June 10, 1992 to long-term"[118](index=118&type=chunk)[119](index=119&type=chunk) - Independent director Mr. Wu Leiming resigned due to term expiration, and Mr. Zhang Jun was elected as an independent director[120](index=120&type=chunk) - Independent director Ms. Li Yamin resigned for personal reasons, and Ms. Fang Xiaomin was elected as an independent director[121](index=121&type=chunk)[122](index=122&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=43&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 jointly established controlling subsidiary Shenzhen Yiransi Technology Co., Ltd. with Shenzhen Weishi Commercial Display Technology Co., Ltd., holding **65%** equity; the company transferred **51%** equity in controlling subsidiary Shanghai Yujian Guanghai Culture Technology Co., Ltd.; additionally, the company deregistered controlling sub-subsidiary Henan Zhongke General Electronic Information Technology Co., Ltd. to enhance operational efficiency - The company jointly established controlling subsidiary Shenzhen Yiransi Technology Co., Ltd. with Shenzhen Weishi Commercial Display Technology Co., Ltd., with the company planning to invest **CNY 6.5 million** of its own funds, holding **65%** of the equity[123](index=123&type=chunk) - The company transferred **51%** equity in controlling subsidiary Shanghai Yujian Guanghai Culture Technology Co., Ltd.[124](index=124&type=chunk) - The company deregistered controlling sub-subsidiary Henan Zhongke General Electronic Information Technology Co., Ltd. to enhance the company's overall operational efficiency[125](index=125&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=44&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [I. Changes in Shares](index=44&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 at **424,000,000 shares**, all of which are unrestricted shares, with zero restricted shares; the company did not engage in share repurchases or centralized bidding for repurchased shares Changes in Shares | Item | Number Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 424,000,000 | 100.00% | 0 | 424,000,000 | 100.00% | | III. Total Shares | 424,000,000 | 100.00% | 0 | 424,000,000 | 100.00% | - During the reporting period, the reasons for changes in company shares, approval status, transfer status, progress of share repurchase implementation, and progress of centralized bidding for repurchased shares were all not applicable or did not occur[129](index=129&type=chunk) [II. Issuance and Listing of Securities](index=45&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[129](index=129&type=chunk) [III. Number of Shareholders and Shareholding Structure](index=45&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **34,901** common shareholders; among the top ten shareholders, Ningbo Gauss Investment Co., Ltd. held **29.72%** of shares, with **62,998,000 shares** pledged, and Guo Qiyin held **2.92%**; the top ten unrestricted shareholders were largely consistent with the top ten shareholders - The total number of common shareholders at the end of the reporting period was **34,901**[130](index=130&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Gauss Investment Co., Ltd. | State-owned Legal Person | 29.72% | 125,996,000.00 | Pledged | 62,998,000.00 | | Guo Qiyin | Domestic Natural Person | 2.92% | 12,398,952.00 | Not applicable | 0 | | Zhu Jun | Domestic Natural Person | 0.67% | 2,850,000.00 | Not applicable | 0 | | Tang Qingping | Domestic Natural Person | 0.38% | 1,630,600.00 | Not applicable | 0 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.35% | 1,474,300.00 | Not applicable | 0 | | Chen Weixiong | Domestic Natural Person | 0.33% | 1,399,100.00 | Not applicable | 0 | | Wei Haibo | Domestic Natural Person | 0.30% | 1,276,600.00 | Not applicable | 0 | | Chen Mingqin | Domestic Natural Person | 0.27% | 1,148,300.00 | Not applicable | 0 | | Liu Qian | Domestic Natural Person | 0.26% | 1,100,000.00 | Not applicable | 0 | | Chen Yunhua | Domestic Natural Person | 0.25% | 1,070,100.00 | Not applicable | 0 | - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[132](index=132&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=47&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report[133](index=133&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=47&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[134](index=134&type=chunk) - The company's actual controller remained unchanged during the reporting period[134](index=134&type=chunk) [VI. Preferred Shares](index=48&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) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[135](index=135&type=chunk) [Section VII Bond-Related Information](index=49&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) [Bond-Related Information](index=49&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[137](index=137&type=chunk) [Section VIII Financial Report](index=50&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [I. Audit Report](index=50&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[139](index=139&type=chunk) [II. Financial Statements](index=50&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, providing a detailed overview of the financial position, operating results, and cash flows at the end of the reporting period [1. Consolidated Balance Sheet](index=50&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 1.004 billion**, a **4.12%** decrease from the beginning of the period; total current assets were **CNY 666.31 million**, total non-current assets were **CNY 338.00 million**; total liabilities were **CNY 92.47 million**, and total owners' equity was **CNY 911.84 million** Consolidated Balance Sheet Key Data | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,004,305,419.80 | 1,047,443,675.00 | | Total Current Assets | 666,307,511.54 | 708,198,652.28 | | Total Non-Current Assets | 337,997,908.26 | 339,245,022.72 | | Total Liabilities | 92,468,625.94 | 116,207,222.67 | | Total Owners' Equity | 911,836,793.86 | 931,236,452.33 | [2. Parent Company Balance Sheet](index=52&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 1.045 billion**, a **3.24%** decrease from the beginning of the period; total current assets were **CNY 784.17 million**, total non-current assets were **CNY 260.97 million**; total liabilities were **CNY 67.07 million**, and total owners' equity was **CNY 978.07 million** Parent Company Balance Sheet Key Data | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,045,144,808.90 | 1,080,090,008.07 | | Total Current Assets | 784,171,807.11 | 821,535,401.85 | | Total Non-Current Assets | 260,973,001.79 | 258,554,606.22 | | Total Liabilities | 67,070,974.90 | 83,710,811.39 | | Total Owners' Equity | 978,073,834.00 | 996,379,196.68 | [3. Consolidated Income Statement](index=54&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the company's consolidated total operating revenue was **CNY 40.75 million**, a **47.39%** year-over-year decrease; net profit was **CNY -23.10 million**, with the loss expanding year-over-year; net profit attributable to parent company shareholders was **CNY -22.73 million** Consolidated Income Statement Key Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 40,746,808.29 | 77,454,471.15 | | Total Operating Costs | 64,875,024.90 | 95,738,897.47 | | Total Profit | -23,204,975.55 | -17,521,117.72 | | Net Profit | -23,099,722.22 | -15,704,087.18 | | Net Profit Attributable to Parent Company Shareholders | -22,726,398.01 | -14,859,321.66 | | Basic Earnings Per Share | -0.0536 | -0.0350 | [4. Parent Company Income Statement](index=56&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) In the first half of 2025, the parent company's operating revenue was **CNY 30.69 million**, and net profit was **CNY -18.31 million**, with the loss expanding year-over-year; fair value change gains were **CNY 2.90 million** Parent Company Income Statement Key Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 30,686,099.39 | 75,097,572.92 | | Operating Profit | -18,479,459.96 | -10,061,716.03 | | Total Profit | -18,305,362.68 | -9,991,283.19 | | Net Profit | -18,305,362.68 | -8,183,564.69 | | Fair Value Change Gains | 2,895,060.95 | 5,107,986.03 | [5. Consolidated Cash Flow Statement](index=58&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) In the first half of 2025, the company's net cash flow from operating activities was **CNY -41.94 million**, an improvement from the prior year; net cash flow from investing activities was **CNY -51.30 million**, primarily due to wealth management product purchases; net cash flow from financing activities was **CNY -13.65 million**, mainly due to short-term loan repayments Consolidated Cash Flow Statement Key Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -41,939,107.10 | -56,535,902.50 | | Net Cash Flow from Investing Activities | -51,295,642.73 | 129,101,519.85 | | Net Cash Flow from Financing Activities | -13,647,900.40 | 559,046.78 | | Net Increase in Cash and Cash Equivalents | -106,882,650.23 | 73,124,664.13 | | Ending Balance of Cash and Cash Equivalents | 62,337,483.09 | 153,288,662.84 | [6. Parent Company Cash Flow Statement](index=59&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) In the first half of 2025, the parent company's net cash flow from operating activities was **CNY -29.02 million**, an improvement from the prior year; net cash flow from investing activities was **CNY -57.70 million**, primarily due to wealth management product purchases; net cash flow from financing activities was **CNY -17.45 million**, mainly due to debt repayment Parent Company Cash Flow Statement Key Data | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -29,024,422.56 | -54,746,178.51 | | Net Cash Flow from Investing Activities | -57,698,169.34 | 128,751,691.67 | | Net Cash Flow from Financing Activities | -17,452,316.40 | -283,703.22 | | Net Increase in Cash and Cash Equivalents | -104,174,908.30 | 73,721,809.94 | | Ending Balance of Cash and Cash Equivalents | 60,647,544.19 | 151,162,722.41 | [7. Consolidated Statement of Changes in Owners' Equity](index=60&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) As of June 30, 2025, the company's consolidated total owners' equity was **CNY 911.84 million**, a decrease of **CNY 19.40 million** from the beginning of the period; total owners' equity attributable to the parent company was **CNY 908.23 million**, with retained earnings of **CNY -55.50 million** Consolidated Statement of Changes in Owners' Equity Key Data | Item | Share Capital (CNY) | Capital Reserve (CNY) | Other Comprehensive Income (CNY) | Surplus Reserve (CNY) | Retained Earnings (CNY) | Total Owners' Equity Attributable to Parent Company (CNY) | Minority Interests (CNY) | Total Owners' Equity (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | 424,000,000.00 | 507,845,879.49 | 3,213.11 | 31,879,722.73 | -32,773,488.83 | 930,955,326.50 | 281,125.83 | 931,236,452.33 | | Amount of Change in Current Period | 0.00 | 0.00 | 0.00 | 0.00 | -22,726,398.01 | -22,726,398.01 | 3,326,739.54 | -19,399,658.47 | | Ending Balance | 424,000,000.00 | 507,845,879.49 | 3,213.11 | 31,879,722.73 | -55,499,886.84 | 908,228,928.49 | 3,607,865.37 | 911,836,793.86 | [8. Parent Company Statement of Changes in Owners' Equity](index=64&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%

深圳市三利谱光电科技股份有限公司 2025 年半年度报告全文 2025 年 08 月 1 深圳市三利谱光电科技股份有限公司 深圳市三利谱光电科技股份有限公司 2025 年半年度报告全文 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张建军、主管会计工作负责人王小军及会计机构负责人(会计 主管人员)黄林冰声明：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。 本报告所涉及的发展战略及未来计划等前瞻性陈述，不构成公司对投资者 的实质承诺。投资者及相关人士均应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，详细描述了公司经营中可能面对的风险，敬请投资者关注相 关内容。公司郑重提醒广大投资者：《证券时报》《上海证券报》《中国证 券报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）为公司 ...