1 / 134 浙江西大门新材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 浙江西大门新材料股份有限公司2025 年半年度报告 公司代码：605155 公司简称：西大门 浙江西大门新材料股份有限公司 2025 年半年度报告 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人柳庆华、主管会计工作负责人周莉及会计机构负责人（会计主管人员）沈芳声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 | 第一节 | 释义 | 4 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 5 | | | 第三节 | 管理层讨论与分析 | 8 ...

杭州市园林绿化股份有限公司2025 年半年度报告 公司代码：605303 公司简称：园林股份 杭州市园林绿化股份有限公司 2025 年半年度报告 1 / 200 杭州市园林绿化股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真 实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人吴光洪、主管会计工作负责人戴永华及会计机构负责人（会计主管 人员）张娟利声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质 承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 整性 否 十、 重 ...

南通星球石墨股份有限公司2025 年半年度报告 公司代码：688633 公司简称：星球石墨 转债代码：118041 转债简称：星球转债 南通星球石墨股份有限公司 2025 年半年度报告 1 / 175 南通星球石墨股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中描述公司面临的风险，敬请查阅本报告"第三节管理层讨论与分析"中"四、 风险因素"相关内容，请投资者予以关注。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人钱淑娟、主管会计工作负责人朱莉及会计机构负责人（会计主管人员）张保喜 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 2 / 175 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对 ...

A 股股票代碼：600036 招商銀行股份有限公司 2025年半年度報告 目录 招商银行股份有限公司 2025年半年度报告（A股） 目录 1 本公司、本行、招行、招商银行 ： 招商银行股份有限公司 本集团 ： 招商银行及其子公司 中国证监会 ： 中国证券监督管理委员会 2 释义 2 重大风险提示 2 备查文件目录 3 重要提示 4 第一章 公司基本情况 6 第二章 会计数据和财务指标摘要 10 第三章 管理层讨论与分析 10 3.1 总体经营情况分析 11 3.2 利润表分析 17 3.3 资产负债表分析 22 3.4 贷款质量分析 28 3.5 资本充足情况分析 32 3.6 分部经营业绩 32 3.7 根据监管要求披露的其他财务信息 33 3.8 发展战略实施情况 37 3.9 经营中关注的重点问题 43 3.10 业务运作 55 3.11 风险管理 60 3.12 前景展望与应对措施 61 第四章 环境、社会与治理(ESG) 71 第五章 公司治理 77 第六章 重要事项 80 第七章 股份变动及股东情况 85 第八章 财务报告 释义 / 重大风险提示 / 备查文件目录 招商银行股份有限公司 2025年 ...

中成进出口股份有限公司 2025 年半年度报告全文 中成进出口股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 中成进出口股份有限公司 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。 公司负责人朱震敏、主管会计工作负责人王毅及会计机构负责人(会计主 管人员)潘薇声明：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。 本年度报告中涉及公司未来发展展望、经营计划等前瞻性陈述，不构成对 投资者的实质承诺，请投资者认真阅读，注意投资风险。公司在本报告"第三 节管理层讨论与分析-十、公司面临的风险和应对措施"中描述了公司未来经 营中可能面临的风险及对策，请广大投资者查阅。 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 中成进出口股份有限公司 2025 年半年度报告全文 | . | 4 | 4 | | --- | --- | --- | | | | | | 第一节 重要提示、目录和 ...

北京华联商厦股份有限公司 2025 年半年度报告全文 北京华联商厦股份有限公司 2025 年半年度报告 2025 年 8 月 1 北京华联商厦股份有限公司 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。 公司负责人范熙武、主管会计工作负责人王欣荣及会计机构负责人(会计 主管人员)赵京晶声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司已在本报告中详细描述可能存在的相关风险，敬请查阅第三节第十 项：公司面临的风险和应对措施描述的内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | . | | | --- | --- | --- | | | 4 | | | | | . | | 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 | | 7 | | 第三节 | 管理层讨论与分析 | | ...

山西太钢不锈钢股份有限公司 2025 年半年度报告 2025 年 08 月 1 山西太钢不锈钢股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 山西太钢不锈钢股份有限公司 2025 年半年度报告全文 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。 公司负责人吴小弟、主管会计工作负责人尚佳君及会计机构负责人（会 计主管人员）张志君声明：保证本半年度报告中财务报告的真实、准确、完 整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在第三节管理层讨论与分析中公司面临的风险和应对措施部分描述 了公司经营中存在的主要风险及应对措施，敬请查阅。 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 | 22 | | 第五节 | 重要事项 24 | ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, the report's structural overview, a list of reference documents, and definitions of key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) This section includes the company's board of directors and senior management's assurance regarding the truthfulness, accuracy, and completeness of the semi-annual report, alerts investors to investment risks, and discloses the current profit distribution plan - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[5](index=5&type=chunk) - Company head Ruan Hongxian, chief accountant Xiao Donglei, and accounting department head Yin Pengjuan declare that the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - The profit distribution plan approved by the board of directors is to distribute a cash dividend of **RMB 2 (tax inclusive) per 10 shares** to all shareholders, based on the total share capital of **585,604,125 shares** after deducting shares in the buyback special securities account, with no bonus shares or capital reserve conversions[5](index=5&type=chunk) - Forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors, so investors should be aware of investment risks[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section presents the complete table of contents for the semi-annual report, including nine main chapters and their starting page numbers, providing investors with the overall report framework - The report's table of contents includes nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[8](index=8&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) This section lists all original company documents, announcements, and financial statements publicly disclosed during the reporting period as reference documents, specifying the company's board of directors office as the storage location - Reference documents include financial statements bearing the signatures of the company's head, chief accountant, and head of accounting, original copies of all company documents and announcements publicly disclosed during the reporting period, and semi-annual reports published in other securities markets[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - The aforementioned reference documents are available at the company's board of directors office[13](index=13&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for key terms and company-related entities used in the report to ensure clear understanding of the information - The report defines regulatory bodies such as the China Securities Regulatory Commission, Ministry of Commerce, National Medical Products Administration, and Shenzhen Stock Exchange, as well as key subsidiaries like the Company, Guangxi Yixintang, and Guizhou Yixintang[14](index=14&type=chunk) - Industry-specific terms such as medical insurance stores, O2O, and B2C, along with general terms like financial statements, A-shares, and reporting period, are clearly explained[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics and indicators for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides the company's basic information, including stock abbreviation, code, listing exchange, and legal representative, confirming no changes in contact details or information disclosure locations during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yixintang | | Stock Code | 002727 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Yixintang Pharmaceutical Group Co., Ltd. | | Legal Representative | Ruan Hongxian | [Contacts and Contact Information](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section lists the names, contact addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Li Zhenghong | No. 1 Hongxiang Road, Kunming Economic and Technological Development Zone, Yunnan Province | 0871-68185283 | 0871-68185283 | 002727ir@hxyxt.com | | Securities Affairs Representative | Yin Guanxiang | No. 1 Hongxiang Road, Kunming Economic and Technological Development Zone, Yunnan Province | 0871-68185283 | 0871-68185283 | 002727ir@hxyxt.com | [Other Information](index=6&type=section&id=III.%20Other%20Information) This section confirms no changes in the company's registered address, office address, website, email, or information disclosure and storage locations during the reporting period, with details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period, with details available in the 2024 annual report[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the current and prior year periods, including operating revenue, net profit, and earnings per share, along with year-on-year changes Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,914,493,271.24 | 9,305,073,342.58 | -4.20% | | Net Profit Attributable to Shareholders of Listed Company | 249,650,382.88 | 281,904,888.90 | -11.44% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 243,199,442.19 | 298,071,629.16 | -18.41% | | Net Cash Flow from Operating Activities | 905,013,257.53 | 921,326,072.73 | -1.77% | | Basic Earnings Per Share (RMB/share) | 0.4263 | 0.4730 | -9.87% | | Diluted Earnings Per Share (RMB/share) | 0.4263 | 0.4730 | -9.87% | | Weighted Average Return on Net Assets | 3.34% | 3.57% | -0.23% | Period-End Financial Position Indicators (Year-on-Year) | Indicator | As of End of Current Period (RMB) | As of End of Prior Year (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 16,161,151,985.67 | 16,830,316,478.61 | -3.98% | | Net Assets Attributable to Shareholders of Listed Company | 7,418,679,897.32 | 7,491,014,022.79 | -0.97% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) This section states that during the reporting period, there were no differences in net profit and net assets disclosed in the company's financial reports under International or overseas accounting standards compared to Chinese accounting standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[22](index=22&type=chunk) - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses items and their amounts for the reporting period, totaling **RMB 6,450,940.69**, and clarifies that the company does not classify non-recurring items as recurring Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 381,225.62 | | Government Subsidies Recognized in Current Profit and Loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed by fixed standards, and having a continuous impact on company profit and loss) | 8,826,757.39 | | Other Non-Operating Income and Expenses Apart from the Above | -1,650,786.96 | | Less: Income Tax Impact | 1,255,665.85 | | Minority Interest Impact (After Tax) | -149,410.49 | | Total | 6,450,940.69 | - The company does not classify non-recurring gains and losses items listed in 'Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities - Non-Recurring Gains and Losses' as recurring gains and losses[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, core competencies, investment activities, and risk management strategies during the reporting period [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business is pharmaceutical retail and distribution, shifting towards quality improvement and a customer-centric big health strategy, with **11,372 stores** and diversified operations including professional pharmacies and cosmetic pharmacies, alongside significant growth in new retail and cross-border business initiatives [(I) Industry Development Overview](index=9&type=section&id=%28%E4%B8%80%29%20%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) In 2025, the pharmaceutical retail industry is shifting from scale expansion to quality enhancement, redefining growth through diversified services and professional capabilities, with the company firmly positioned as a customer-centric leader in the big health sector - In 2025, the pharmaceutical retail industry is transitioning from scale expansion to quality improvement, redefining growth logic through diversified services and professional capabilities[28](index=28&type=chunk) - The Premier of the State Council, in the 2025 government work report, proposed strengthening basic medical and health services, implementing a health-first development strategy, and promoting coordinated development and governance of medical care, medical insurance, and pharmaceuticals[28](index=28&type=chunk) - The company is customer-centric, committed to providing higher quality, more convenient, and empathetic health services, clearly positioning itself as a leader in the big health industry[28](index=28&type=chunk) [(II) Company's Market Position](index=9&type=section&id=%28%E4%BA%8C%29%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) The company's core business is pharmaceutical retail chain and distribution, establishing itself as a leading direct-operated chain enterprise in China, focusing on Southwest and South China regions while also developing in North China, and has received multiple industry honors including second place in China's Top 100 Direct-Operated Pharmacies - The company's main business activities are pharmaceutical retail chain and pharmaceutical distribution, with pharmaceutical retail chain being the core business[29](index=29&type=chunk) - The company has become one of the leading direct-operated pharmaceutical retail chain enterprises in China, focusing on development in the Southwest and South China regions, while also considering store expansion in North China[29](index=29&type=chunk) - The company received multiple honors, including **second place** in China Pharmacy's 2024-2025 Top 100 Direct-Operated Chains and **fifth place** in the Value List Top 100, **fifth place** in Minai.com's 2023-2024 China Chain Pharmacy Comprehensive Strength Top 100, **second place** in Direct Operation Strength Top 100, and **first place** in Minai.com's 2022 China Chain Pharmacy Direct-Operated Store Count ranking[29](index=29&type=chunk) [(III) Company Business Model](index=9&type=section&id=%28%E4%B8%89%29%20%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a 'centralized procurement + strategic cooperation' model to reduce costs through group-wide negotiation and digital management, while its sales model centers on direct-operated chains, integrating online and offline channels, and expanding into health food, maternal and infant, and beauty categories for balanced growth - The company primarily adopts a 'centralized procurement + strategic cooperation' purchasing model, reducing procurement costs through group-wide unified negotiation, scaled management, and coordinated resource allocation[30](index=30&type=chunk) - Leveraging a digital management system, the company achieves precise procurement demand forecasting, dynamic inventory optimization, and full supply chain visibility[30](index=30&type=chunk) - The company has established a multi-dimensional sales model centered on 'direct-operated chains, supported by omni-channel integration, and characterized by multi-category synergy,' forming a new retail closed-loop of 'online ordering - in-store pickup'[30](index=30&type=chunk) - The company is expanding into big health categories such as health foods, maternal and infant products, personal care and beauty, trendy lifestyle products, and wellness items to maintain a balanced development of scale and efficiency[30](index=30&type=chunk) [(IV) Progress of Company's Main Business Activities](index=9&type=section&id=%28%E5%9B%9B%29%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5) During the reporting period, the company deepened its core regional store network, reaching **11,372 stores** by period-end, actively diversifying into professional and cosmetic pharmacies with a **70% coverage target in 2-3 years**. Professional pharmacies focus on prescription and chronic disease management, while medicine-food homology business launched over **20 new health foods**. New retail sales hit **RMB 727 million**, with O2O at **81.02%**, and Yixintang Baian International was established in Hong Kong for cross-border operations [1. Store Operations Analysis](index=10&type=section&id=1%E3%80%81%E9%97%A8%E5%BA%97%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company maintained a high-density store layout in core regions, with **11,372 operational stores** by period-end, including **11,338 leased properties**, opening **203 new stores** and closing **241**, while the top ten revenue-generating stores accounted for **1.37% of total operating revenue** - During the reporting period, the company diligently maintained a high-density store layout in core regions, continuously strengthening its competitive advantage in key development areas[31](index=31&type=chunk) Operational Stores by Property Ownership at Period-End | Region | Business Format | Number of Owned Stores | Owned Property Area (sqm) | Number of Leased Stores | Leased Property Area (sqm) | | :--- | :--- | :--- | :--- | :--- | :--- | | Southwest Region | Pharmaceutical Retail Chain | 34 | 6,449.29 | 8,644 | 1,106,779.06 | | South China Region | Pharmaceutical Retail Chain | - | - | 1,556 | 200,571.66 | | North China Region | Pharmaceutical Retail Chain | - | - | 778 | 106,294.43 | | East China Region | Pharmaceutical Retail Chain | - | - | 79 | 13,891.49 | | Central China Region | Pharmaceutical Retail Chain | - | - | 281 | 36,813.33 | | Total | | 34 | 6,449.29 | 11,338 | 1,464,349.97 | Store Expansion in Key Regions During the Reporting Period (Jan-Jun 2025) | Region | Stores at Beginning of Period | New Stores Opened | Stores Closed | Stores at End of Period | | :--- | :--- | :--- | :--- | :--- | | Yunnan Province | 5,575 | 79 | 76 | 5,539 | | Sichuan Province | 1,973 | 36 | 24 | 1,971 | | Chongqing City | 611 | 7 | 39 | 577 | | Guangxi Province | 1,029 | 30 | 48 | 1,001 | | Shanxi Province | 771 | 6 | 25 | 747 | | Guizhou Province | 600 | 17 | 17 | 591 | | Hainan Province | 541 | 23 | 1 | 555 | | Henan Province | 288 | 3 | 10 | 281 | | Shanghai City | 80 | 0 | 1 | 79 | | Tianjin City | 30 | 2 | 0 | 31 | | Total | 11,498 | 203 | 241 | 11,372 | - The cumulative operating revenue of the top ten revenue-generating stores accounted for **1.37%** of the company's total operating revenue[33](index=33&type=chunk) [2. Diversified Store Development](index=11&type=section&id=2%E3%80%81%E9%97%A8%E5%BA%97%E5%A4%9A%E5%85%83%E5%8C%96%E5%8F%91%E5%B1%95) The company actively responds to national policies by categorizing pharmacies into professional and cosmetic pharmacies, establishing a 'professional services + pan-health ecosystem' dual-track model, planning to complete **1,000 cosmetic pharmacy renovations in 2025** and cover **70% of stores within 2-3 years** by introducing beauty, maternal and infant, and trendy categories to enhance customer transaction value and repurchase rates - The company actively responds to national requirements for 'classified and graded management of retail pharmacies,' categorizing stores into professional pharmacy development and cosmetic pharmacy development directions[35](index=35&type=chunk) - The company has established a dual-track model centered on professional pharmacies primarily selling medicines and cosmetic pharmacies with diversified full-category operations, promoting a transformation from traditional pharmaceutical retail to a 'professional services + pan-health ecosystem'[36](index=36&type=chunk) - Future stores will develop towards a model of **30% professional pharmacies** and **70% multi-category operating stores**[36](index=36&type=chunk) - In 2025, the entire group plans to complete the renovation of **1,000 cosmetic pharmacies**, with **500 stores** in Yunnan Province and **500 stores** collectively by subsidiaries outside Yunnan Province[36](index=36&type=chunk) - The company innovatively introduced trendy lifestyle categories, creating synergy with existing big health sub-categories, attracting more young customer groups, and achieving increased customer transaction value and repurchase rates[37](index=37&type=chunk) [3. Professional Pharmacy Development](index=11&type=section&id=3%E3%80%81%E4%B8%93%E4%B8%9A%E8%8D%AF%E6%88%BF%E5%8F%91%E5%B1%95) Professional pharmacies focus on prescription drug sales, DTP, and chronic disease management, enhancing service capabilities through talent development and system upgrades, with plans to create nearly **1/3 'pharmacy-clinic' stores** to build a professional pharmacy + medical ecosystem, and leveraging its wholly-owned subsidiary, Yiyang Company, to develop a three-tier integrated medical and elderly care model encompassing institutional, community, and home-based care - Professional pharmacies focus on specialized prescription drug sales, vigorously developing DTP and chronic disease management, and strengthening prescription drug service capabilities through talent development plans and enhanced systematic upgrade training[38](index=38&type=chunk) - Within its professional pharmacies, the company plans to establish nearly **1/3 'pharmacy-clinic' stores** to build a professional pharmacy + medical ecosystem, serving new public health demands[38](index=38&type=chunk) - Wholly-owned subsidiary Yiyang Company has initially formed a three-tier integrated medical and elderly care model encompassing institutional, community, and home-based care, developing institutional medical and elderly care based on the 'medical-elderly care integration' model of Jinding Geriatric Hospital and Jindingshan Nursing Home[39](index=39&type=chunk) - For community elderly care, the company leverages Chuncheng Huigu Community Elderly Care Service Center and managed community elderly care centers, combining with over **3,000 pharmacies** to establish elderly care service stations[39](index=39&type=chunk) [4. Medicine-Food Homology Business](index=12&type=section&id=4%E3%80%81%E8%8D%AF%E9%A3%9F%E5%90%8C%E6%BA%90%E4%B8%9A%E5%8A%A1) In the first half of 2025, the company fully completed product traceability code attachment, registered **342 traditional Chinese medicine formula granule quality standards and production process research varieties**, and achieved **300 medical channel sales and customer developments**. Following national policies, the company developed light medical insurance or non-medical insurance products and medicine-food homology wellness products, launching over **20 new health food products** in the first half - In the first half of 2025, the company fully completed product traceability code attachment, registered **342 traditional Chinese medicine formula granule quality standards and production process research varieties**, and achieved **300 medical channel sales and customer developments**[40](index=40&type=chunk) - The company closely follows national policy adjustments, accelerating the transformation of traditional Chinese medicine from treatment to wellness, developing light medical insurance or non-medical insurance products, and medicine-food homology wellness products[40](index=40&type=chunk) - Over **20 new health food products** were developed and launched in the first half, with future plans to further increase investment in medicine-food homology products and develop solid beverages, seasonings, and tea-containing products based on Yunnan's specialty products[40](index=40&type=chunk)[41](index=41&type=chunk) [5. New Retail Business Development](index=12&type=section&id=5%E3%80%81%E6%96%B0%E9%9B%B6%E5%94%AE%E4%B8%9A%E5%8A%A1%E5%8F%91%E5%B1%95) Yixintang's new retail business leverages technology to provide precise and convenient services, achieving **RMB 727 million in sales** in the first half of 2025, with O2O sales accounting for **81.02%**. Future plans include a customer-centric 'professional service + technology empowerment' dual-drive strategy, deepening consumer health demand prediction models, and exploring cross-border e-commerce and local health service ecosystem synergy through Hainan Free Trade Port policies - In the first half of 2025, Yixintang's new retail sales reached **RMB 727 million**, with O2O sales accounting for **81.02%**[42](index=42&type=chunk) - In the future, the new retail segment will remain customer-centric, driven by 'professional services + technology empowerment,' deepening consumer health demand prediction models based on big data and artificial intelligence technologies[42](index=42&type=chunk) - The company will collaborate with upstream suppliers to establish a product selection synergy mechanism, expanding the market presence of B2C private labels; simultaneously, it will leverage Hainan Free Trade Port policy opportunities to explore a synergistic model between cross-border e-commerce and local health service ecosystems[42](index=42&type=chunk) [6. Baian International](index=12&type=section&id=6%E3%80%81%E6%9F%8F%E5%AE%89%E5%9B%BD%E9%99%85) In May 2025, the company established Yixintang Baian International Co., Ltd. as a joint venture in Hong Kong, serving as the group's core cross-border business platform, leveraging the combined advantages of Hong Kong's free port and Hainan's free trade port policies. It plans to build an international supply chain system of 'intelligent procurement - efficient logistics - data empowerment' and aims to complete the introduction of **10 licensed products** and establish a cross-regional distribution network in the second half of the year - In May 2025, the company established Yixintang Baian International Co., Ltd. as a joint venture in Hong Kong, serving as the group's core cross-border business platform[43](index=43&type=chunk) - Baian International will fully leverage the combined policy advantages of Hong Kong's free port and Hainan's free trade port, building an international supply chain system of 'intelligent procurement - efficient logistics - data empowerment' in the future[43](index=43&type=chunk) - Through an AI supplier evaluation system, **87 high-value chronic disease medications** are carefully selected, enabling rapid DTP specialized drug delivery via a three-tier warehousing network, and utilizing blockchain technology to ensure full traceability[43](index=43&type=chunk) - In the second half of the year, the focus will be on completing the introduction of **10 licensed products** and establishing a cross-regional distribution network, laying the foundation for supply chain enhancement in 2026[43](index=43&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in its multi-dimensional store cluster strategy, ability to meet diverse customer needs with multiple categories, and a robust supply chain system, achieving deep regional coverage and efficient operations through differentiated store positioning and intelligent information systems, satisfying varied consumer demands by expanding into comprehensive big health categories, and building an efficient, transparent pharmaceutical supply chain paradigm through digitalization and intelligent upgrades - The company through a four-tier multi-dimensional store cluster strategy ('provincial capital - prefecture - county - township') achieves deep coverage, forming a vertical network comprising full-category flagship stores, single-category flagship stores, category-enhanced stores, standard stores, and community/township stores[44](index=44&type=chunk) - With pharmaceuticals as its core, the company gradually expands into comprehensive big health categories to meet diverse consumer needs, forming a multi-dimensional layout of 'pharmaceuticals + health products + services,' adding beauty and skincare, personal care, maternal and infant products, functional foods, and trendy lifestyle categories[45](index=45&type=chunk) - The company has fully integrated store replenishment and logistics replenishment, establishing a refined, efficient, and paperless logistics management system that tracks logistics operations throughout, implementing closed-loop management[46](index=46&type=chunk) - The company is gradually building a new paradigm for pharmaceutical supply chain with 'intelligent centralized procurement + digital logistics + omni-channel synergy,' enhancing procurement accuracy through a dynamic big data forecasting system and equipped with an automated sorting system to support '30-minute express delivery'[47](index=47&type=chunk) [III. Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by **4.20%** year-on-year, and net profit attributable to shareholders of the listed company decreased by **11.44%**. Retail business remained the primary revenue source but declined by **2.94%**, while wholesale business decreased by **9.23%**. Western and traditional Chinese medicines were the main products, with the Southwest region as the primary market, though Central China's revenue grew by **75.31%**. Financial expenses increased by **30.40%** due to lower agreed deposit interest rates, and net cash flow from investment activities surged by **464.23%**, mainly driven by the recovery of fixed deposit principal and reduced payments for store acquisitions Key Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 8,914,493,271.24 | 9,305,073,342.58 | -4.20% | | | Operating Cost | 6,013,461,977.11 | 6,379,971,960.68 | -5.74% | | | Selling Expenses | 2,250,333,897.33 | 2,220,976,513.76 | 1.32% | | | Administrative Expenses | 223,638,879.47 | 227,890,421.64 | -1.87% | | | Financial Expenses | 55,717,575.46 | 42,728,775.98 | 30.40% | Due to policy adjustments, agreed deposit interest rates further decreased, leading to a reduction in bank deposit interest earned by the company | | Income Tax Expense | 63,143,798.38 | 48,974,372.19 | 28.93% | | | R&D Investment | 24,486,252.00 | 24,066,202.14 | 1.75% | | | Net Cash Flow from Operating Activities | 905,013,257.53 | 921,326,072.73 | -1.77% | | | Net Cash Flow from Investing Activities | 765,626,647.90 | -210,204,128.69 | 464.23% | Formed by the recovery of fixed deposit principal and reduced payments for store acquisitions in this period | | Net Cash Flow from Financing Activities | -713,124,153.18 | -856,268,842.14 | 16.72% | | | Net Increase in Cash and Cash Equivalents | 957,515,752.25 | -145,146,898.10 | 759.69% | Formed by the recovery of fixed deposit principal and reduced payments for store acquisitions, increased borrowings received, and decreased total dividends distributed in this period | Operating Revenue Composition (by Industry) | By Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Retail Business | 6,520,309,406.49 | 73.15% | 6,718,009,020.79 | 72.20% | -2.94% | | Wholesale Business | 2,111,305,464.15 | 23.68% | 2,326,100,535.09 | 25.00% | -9.23% | | Other Businesses | 282,878,400.60 | 3.17% | 260,963,786.70 | 2.80% | 8.40% | Operating Revenue Composition (by Product) | By Product | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Western and Traditional Chinese Medicines | 6,688,520,230.56 | 75.03% | 6,997,131,756.71 | 75.20% | -4.41% | | Medical Devices, Family Planning, and Disinfection Products | 583,586,345.26 | 6.55% | 591,081,037.75 | 6.35% | -1.27% | | Traditional Chinese Medicine | 763,333,939.55 | 8.56% | 893,216,092.12 | 9.60% | -14.54% | | Other | 879,052,755.87 | 9.86% | 823,644,456.00 | 8.85% | 6.73% | Operating Revenue Composition (by Region) | By Region | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Southwest Region | 6,980,539,042.97 | 78.30% | 7,512,610,889.22 | 80.74% | -7.08% | | South China Region | 891,528,365.15 | 10.00% | 883,040,445.67 | 9.49% | 0.96% | | North China Region | 479,204,744.09 | 5.38% | 462,068,606.92 | 4.97% | 3.71% | | East China Region | 73,719,432.77 | 0.83% | 68,530,318.24 | 0.73% | 7.57% | | Central China Region | 206,623,285.66 | 2.32% | 117,859,295.83 | 1.27% | 75.31% | | Other Businesses | 282,878,400.60 | 3.17% | 260,963,786.70 | 2.80% | 8.40% | [IV. Non-Core Business Analysis](index=14&type=section&id=IV.%20Non-Core%20Business%20Analysis) During the reporting period, the company's non-core business primarily included investment income, asset impairment, non-operating income, and non-operating expenses. Investment income mainly stemmed from fixed deposits and losses from joint venture investments, asset impairment was primarily for inventory write-downs, non-operating income was mainly from natural disaster commodity claims, and non-operating expenses comprised routine non-operating expenditures and asset disposal write-offs Non-Core Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 208,656.77 | 0.06% | Income recognized from fixed deposit purchases and investment losses recognized from equity method accounting for Baiyunshan in this period | Yes | | Asset Impairment | -62,915,146.39 | -19.55% | Provision for inventory write-down | Yes | | Non-Operating Income | 2,425,258.68 | 0.75% | Commodity claims received due to natural disasters | No | | Non-Operating Expenses | 5,108,456.21 | 1.59% | Other non-operating expenses and asset disposal write-offs incurred in this period | No | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets decreased by **3.98%** year-on-year, and net assets attributable to shareholders of the listed company decreased by **0.97%**. Cash and equivalents and inventories decreased, while accounts receivable and construction in progress increased. On the liability side, short-term and long-term borrowings increased, while lease liabilities decreased. The fair value of financial assets measured at fair value at period-end was **RMB 176,045,571.91**, primarily comprising trading financial assets and other non-current financial assets. Total restricted assets at period-end amounted to **RMB 749,377,781.65** Significant Changes in Asset Composition | Item | As of End of Current Period (RMB) | Proportion of Total Assets | As of End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Equivalents | 3,149,526,102.96 | 19.49% | 3,417,670,869.61 | 20.31% | -0.82% | | Accounts Receivable | 1,510,318,777.17 | 9.35% | 1,429,171,664.48 | 8.49% | 0.86% | | Inventories | 3,817,797,248.41 | 23.62% | 4,087,748,989.37 | 24.29% | -0.67% | | Construction in Progress | 83,170,815.55 | 0.51% | 35,786,313.07 | 0.21% | 0.30% | | Right-of-Use Assets | 2,649,778,675.09 | 16.40% | 2,974,652,839.75 | 17.67% | -1.27% | | Short-Term Borrowings | 549,782,538.66 | 3.40% | 495,565,917.00 | 2.94% | 0.46% | | Long-Term Borrowings | 121,566,427.26 | 0.75% | - | - | 0.75% | | Lease Liabilities | 1,327,648,742.12 | 8.22% | 1,530,737,074.38 | 9.10% | -0.88% | Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (RMB) | | :--- | :--- | | Trading Financial Assets | 89,000,000.00 | | Investments in Other Equity Instruments | 4,000,000.00 | | Other Non-Current Financial Assets | 50,000,000.00 | | Financing for Accounts Receivable | 33,045,571.91 | | Total Above | 176,045,571.91 | Asset Restriction Status | Item | Period-End Carrying Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Fixed Assets | 71,956,818.67 | Pledged for loans | | Other Cash and Equivalents | 677,420,962.98 | Bill deposits | | Total | 749,377,781.65 | | [VI. Investment Analysis](index=16&type=section&id=VI.%20Investment%20Analysis) During the reporting period, the company's total investment was **RMB 46.47 million**, a significant year-on-year decrease of **83.95%**. Key equity investments included Yunnan Chinese Herbal Medicine Agricultural and Sideline Products Co., Ltd., Yixintang Handcrafted Yunnan Catering Co., Ltd., Yixintang Pharmaceutical (Sichuan) Co., Ltd., and Yixintang Pharmaceutical (Henan) Co., Ltd. Raised funds were primarily allocated to the Chinese Herbal Medicine Decoction Pieces Capacity Expansion Project, Information Technology Construction Project, and Yixintang (Sichuan) Big Health Smart Pharmaceutical Base Phase I Logistics Center Project, with a cumulative investment of **RMB 246.246 million**, and some fund uses have been changed Investment Amount During the Reporting Period | Investment Amount (RMB) | Prior Year Period Investment Amount (RMB) | Change Rate | | :--- | :--- | :--- | | 46,470,000.00 | 289,610,000.00 | -83.95% | Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Business | Investment Method | Investment Amount (RMB) | Shareholding Ratio | | :--- | :--- | :--- | :--- | :--- | | Yunnan Guoyun Medicinal Materials International Trading Co., Ltd. | Chinese herbal medicine acquisition, agricultural and sideline product sales | Acquisition | 670,000.00 | 67.00% | | Yixintang Handcrafted Yunnan Catering Co., Ltd. | Catering services; food sales | Acquisition | 1,800,000.00 | 55.00% | | Yixintang Pharmaceutical (Sichuan) Co., Ltd. | Pharmaceutical retail, wholesale | Acquisition | 40,000,000.00 | 100.00% | | Yixintang Pharmaceutical (Henan) Co., Ltd. | Pharmaceutical retail, wholesale | Acquisition | 4,000,000.00 | 100.00% | | Total | | | 46,470,000.00 | | Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Raised Funds Used in Current Period (RMB 10,000) | Cumulative Total Raised Funds Used (RMB 10,000) | Proportion of Raised Funds Used at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2018 | Public Issuance of Corporate Bonds | 60,263.92 | 59,603.54 | 8,252 | 24,624.6 | 41.31% | Status of Projects Pledged with Raised Funds | Financing Project Name | Total Pledged Investment (RMB 10,000) | Adjusted Total Investment (RMB 10,000) | Amount Invested in Current Period (RMB 10,000) | Cumulative Investment as of Period-End (RMB 10,000) | Investment Progress as of Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | | Chinese Herbal Medicine Decoction Pieces Capacity Expansion Project | 39,263.92 | 27,703.54 | 3,254.48 | 10,704.21 | 38.64% | | Information Technology Construction Project | 21,000 | 21,000 | 2,015.92 | 10,938.78 | 52.09% | | Yixintang (Sichuan) Big Health Smart Pharmaceutical Base Phase I Logistics Center Project (Phase I) | - | 10,900 | 2,981.6 | 2,981.6 | 27.35% | | Subtotal of Pledged Investment Projects | 60,263.92 | 59,603.54 | 8,252 | 24,624.6 | | - On November 26, 2024, the company's board of directors approved the 'Proposal on Changing the Use of Part of Raised Funds and Capitalizing Subsidiaries with Raised Funds to Implement Fundraising Projects,' agreeing to reallocate **RMB 109 million** from the 'Chinese Herbal Medicine Decoction Pieces Capacity Expansion Project' to implement the new 'Yixintang (Sichuan) Big Health Smart Pharmaceutical Base Phase I Logistics Center Project (Phase I)'[78](index=78&type=chunk)[87](index=87&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=23&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section analyzes the company's major holding and participating companies. Yunnan Hongxiang Traditional Chinese Medicine Technology Co., Ltd., a key subsidiary, achieved a net profit of **RMB 33,395,989.51** during the reporting period. The company established three new subsidiaries and deregistered one to optimize its business layout Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yunnan Hongxiang Traditional Chinese Medicine Technology Co., Ltd. | Subsidiary | Production of Chinese Herbal Decoction Pieces | 40,000,000.00 | 2,009,850,743.49 | 1,270,992,554.62 | 362,555,119.26 | 33,380,047.88 | 33,395,989.51 | - During the reporting period, the company established **one** third-tier wholly-owned subsidiary, Yixintang Health Management (Kunming) Co., Ltd., **one** third-tier non-wholly-owned subsidiary, Yixintang Handcrafted Yunnan Catering Co., Ltd., and **one** fourth-tier non-wholly-owned subsidiary, Yunnan Yunshang Youpin E-commerce Co., Ltd[93](index=93&type=chunk) - During the reporting period, the company deregistered **one** wholly-owned third-tier subsidiary, Shanghai Kangjunge Wenpeng Traditional Chinese Medicine Clinic Co., Ltd[93](index=93&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=24&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks including drug safety and quality management, store expansion pitfalls, lease renewal, market competition, and changes in industry regulatory policies. To mitigate these, the company has established a stringent quality management system, implemented a 'chessboard' layout strategy, prioritized long-term lease agreements, integrated online and offline channels while enhancing professional services, and actively adapted to policy changes - The company faces drug safety and quality management risks, having established a three-tier quality management system, strictly implementing 'Good Supply Practice for Pharmaceutical Products,' and strengthening supplier audits and quality inspection processes[94](index=94&type=chunk) - The company faces potential risks from store expansion, addressing this by implementing a 'chessboard' layout strategy, formulating strict acquisition evaluation and integration plans, focusing on refined management, and optimizing the supply chain[95](index=95&type=chunk) - The company faces lease renewal risks, prioritizing long-term lease agreements, clarifying preferential renewal rights, and forming a chessboard-like network layout to reduce the importance of individual stores[96](index=96&type=chunk) - The company faces market competition risks, addressing them by integrating offline store networks with online sales channels, strengthening professional service capabilities and business model innovation, and building an omni-channel service system[97](index=97&type=chunk) - The company faces risks from changes in industry regulatory policies, such as mandatory electronic prescriptions for dual-channel pharmacies, requiring continuous policy adaptation and strengthened compliance management[98](index=98&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's corporate governance structure, including board and management changes, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report[100](index=100&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=25&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company's board of directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of **RMB 2 (tax inclusive) per 10 shares** to all shareholders, with no bonus shares or capital reserve conversions to share capital. The total estimated cash dividend is **RMB 114,825,645.0

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board and management guarantee report accuracy and plans no cash dividends, bonus shares, or capital reserve conversions. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[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=Table%20of%20Contents) This section outlines the report's nine main chapters, covering company profile, financials, management analysis, governance, and key events. - The report contains nine main chapters, covering company operations, finance, governance, and significant events[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, abbreviations, company entities, regulatory bodies, and business terminology for report clarity. - Defines regulatory bodies such as the **China Securities Regulatory Commission (CSRC)**, **Shenzhen Stock Exchange (SZSE)**, and **Shenzhen State-owned Assets Supervision and Administration Commission (SASAC)**[12](index=12&type=chunk) - Explains the names of the company and its main subsidiaries, such as **Telling Telecommunication**, **Palmtop Lottery**, **Tianfujin**, etc[12](index=12&type=chunk) - Clarifies business-related terms such as **APR** (Apple Premium Reseller), **MONO** (Apple Independent Store), **HES** (Huawei Authorized Experience Store), **O2O** (Online to Offline), and **AI** (Artificial Intelligence)[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides essential company details, including stock information, legal representative, and registered and office addresses. - Stock Abbreviation: **Telling Telecommunication Holdings**, Stock Code: **000829**, Listing Exchange: **Shenzhen Stock Exchange**[14](index=14&type=chunk) - The company's legal representative is **Huang Shaowen**[14](index=14&type=chunk) - The company's registered address is No. 60 Yingbin Avenue, Ganzhou Economic and Technological Development Zone, Ganzhou City, Jiangxi Province, and its office address is Block D, Desheng Shangcheng, No. 117 Dewai Street, Xicheng District, Beijing[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by **9.26%**, net profit turned to loss with a **739.66%** decline, while operating cash flow significantly increased by **558.41%**. Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 46,325,759,161.12 | 51,051,540,849.53 | -9.26% | | Net Profit Attributable to Shareholders of the Listed Company | -62,535,395.17 | 9,776,393.85 | -739.66% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | -69,875,296.93 | 2,155,285.20 | -3,342.04% | | Net Cash Flow from Operating Activities | 1,051,669,185.36 | 159,729,522.67 | 558.41% | | Basic Earnings Per Share (CNY/share) | -0.0610 | 0.0095 | -742.11% | | Diluted Earnings Per Share (CNY/share) | -0.0610 | 0.0095 | -742.11% | | Weighted Average Return on Net Assets | -2.12% | 0.33% | -2.45% | | **Period-End Indicators** | **End of Current Reporting Period (CNY)** | **End of Prior Year (CNY)** | **Change (%)** | | Total Assets | 24,561,046,405.17 | 22,957,174,933.89 | 6.99% | | Net Assets Attributable to Shareholders of the Listed Company | 2,914,749,691.05 | 2,988,409,811.29 | -2.46% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company's financial reports show no differences in net profit or net assets under domestic or international accounting standards. - The company's financial reports for the current period show no differences in net profit and net assets under International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - The company's financial reports for the current period show no differences in net profit and net assets under overseas accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled **CNY 7.34 million**, mainly from government grants and fair value changes, impacting net profit. Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -36,944.56 | | Government grants recognized in current period profit/loss | 11,748,419.86 | | Gains or losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, except for effective hedging activities related to the company's normal business operations | 3,177,288.13 | | Other non-operating income and expenses apart from the above | -3,951,743.68 | | Other profit/loss items that meet the definition of non-recurring gains and losses | 973,171.21 | | Less: Income tax impact | 914,876.86 | | Impact on minority interests (after tax) | 3,655,412.34 | | **Total** | **7,339,901.76** | - The company does not classify non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[24](index=24&type=chunk) Section III Management Discussion and Analysis [Main Businesses Engaged in During the Reporting Period](index=9&type=section&id=I.%20Main%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) The company, an intelligent terminal omni-channel service provider, offers sales, e-commerce, lottery, mobile virtual network, and after-sales services, leveraging a digital platform. - The company is a leading intelligent terminal omni-channel integrated service provider in China, with businesses covering intelligent terminal sales services, lottery, mobile virtual network operation, mobile phone after-sales services, etc[26](index=26&type=chunk) - Intelligent Terminal Sales Business: Core business, deeply cooperating with leading brands such as Apple, Samsung, and Huawei, forming a full-channel coverage system, with categories horizontally expanding to 3C digital products, smart wearables, smart home devices, etc[26](index=26&type=chunk) - E-commerce Business: Driven by digitalization, adopting a "1+N" category expansion strategy to build a "retail + distribution + service" multi-format model, deeply cultivating the electronics industry[29](index=29&type=chunk) - Lottery Business: Covers mainstream lottery game R&D, channel sales, marketing management, terminal supply, and overseas business services; subsidiary Suicai Technology is a professional lottery equipment and software service provider[30](index=30&type=chunk) - Mobile Virtual Network Operation Business: Cooperates with China Mobile, China Unicom, and China Telecom to purchase voice, SMS, and data traffic, and independently designs package tariffs and business brands for operation[31](index=31&type=chunk) - "Yixiuge" Mobile Phone After-Sales Service Business: Self-built brand, providing one-stop ecological services such as mobile phone repair, accessory sales, new phone sales, mobile phone recycling, and second-hand phone sales, adopting a "direct chain + brand franchise" model[32](index=32&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company enhances core competencies through business model innovation, AI empowerment in retail and lottery, and talent development, achieving synergy and efficiency. - Deepening Main Business Model Innovation: Centering on the "Integrated Industry Digital Network Platform" strategy, establishing three business objectives for retail (self-operated, national subsidy service providers, national subsidy O2O), distribution (platform self-operated, key accounts, market distribution), and services (supply chain finance, customer service live broadcast agency operations, warehousing and distribution services), achieving multi-channel synergy and digital empowerment[34](index=34&type=chunk) - AI Technology Deeply Empowering New Retail: Subsidiary Shanghai Nengliang relies on big data and machine learning to generate e-commerce indices, launched an AI recommendation system to improve procurement efficiency; introduced Nengliang AI intelligent agents for platform customer service and operational analysis, and built an HR intelligent agent "**Able**"[36](index=36&type=chunk)[37](index=37&type=chunk) - AI and Large Models Restructuring Lottery Business Ecosystem: Subsidiary Suicai Technology uses AI and large model technology to restructure the lottery digital business support platform, achieving business breakthroughs in human-computer interaction, intelligent customer service, intelligent betting, intelligent marketing, intelligent analysis, intelligent warehousing, intelligent operations, intelligent decision-making, and smart large screens[38](index=38&type=chunk) - Deepening Talent System to Empower Organizational Development: Systematically upgraded the cadre management system, strengthening the capabilities of the core team through comprehensive organizational inventory, special inventory, executive strategic training, new cadre training camps, and the "**Flying Eagle Program**"[39](index=39&type=chunk) [Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) Main businesses diversified, with strong intelligent terminal sales, e-commerce growth, lottery expansion, and mobile virtual network innovation, despite a **9.26%** revenue decrease, offset by **367.96%** overseas growth. - Intelligent Terminal Sales Business: Maintains deep cooperation with leading manufacturers such as Apple, Samsung, and Huawei, holding a leading market share. Apple business through online multi-platform instant retail projects (JD, Meituan, Tmall, Douyin, WeChat mini-programs) to expand capacity, with some Tmall stores participating in national subsidies. Huawei business continues HES authorized experience store image upgrades and channel penetration, with **58** new stores and **33** upgrades. Samsung business optimizes offline channel layout, adding **58** managed stores, and online Douyin content e-commerce single-month GMV exceeded **CNY 5 million**. Overseas business, with Shenzhen as a hub, is expanding into the Middle East, Africa, South America, and Russian markets, innovating with a parallel car export platform. WIKO products are deeply integrated into the HarmonyOS ecosystem, with all series products certified by HarmonyOS Connect[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - E-commerce Business: Nengliang E-commerce, driven by technological innovation, achieved leapfrog growth in sales scale. Its stores reached **441**, a **25%** increase from last year, with **77** stores exceeding **CNY 50 million** in sales. Actively participates in national subsidy programs for home appliances and mobile phones[45](index=45&type=chunk) - Lottery Business: Overall performance showed stable growth, with domestic business frequently winning bids in lottery projects across nearly twenty provinces and cities, upgraded lottery digital platform in operation, and the first batch of domestically produced terminals sold offline nationwide. Overseas business successfully won the South African national lottery project, with Brazilian, Mongolian, and Jamaican projects maintaining stable operations, and business expansion in Chile, Ghana, and Ethiopia entering a breakthrough phase[46](index=46&type=chunk)[47](index=47&type=chunk) - Mobile Virtual Network Operation Business: Telling Mobile achieved success in "government and enterprise and innovative businesses," with order-based innovative businesses growing by **49%** year-on-year[48](index=48&type=chunk) - Mobile Phone After-Sales Repair Business: "**Yixiuge**" brand deeply cultivates full life cycle mobile phone services, obtained Apple genuine parts provider qualification, with store count exceeding **300**, covering over **20** provinces and **60** cities, and a digital platform initially built[49](index=49&type=chunk) Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 46,325,759,161.12 | 51,051,540,849.53 | -9.26% | | | Operating Cost | 45,173,623,568.96 | 49,760,854,995.76 | -9.22% | | | Selling Expenses | 676,041,840.34 | 647,089,444.03 | 4.47% | | | Administrative Expenses | 165,094,896.72 | 155,149,203.41 | 6.41% | | | Financial Expenses | 240,785,463.63 | 334,023,972.85 | -27.91% | | | Income Tax Expense | 17,396,388.71 | 26,798,250.19 | -35.08% | Total profit decreased this period, leading to reduced income tax expense | | R&D Investment | 46,337,271.55 | 45,682,197.42 | 1.43% | | | Net Cash Flow from Operating Activities | 1,051,669,185.36 | 159,729,522.67 | 558.41% | Increase in payables this period, leading to reduced cash outflow | | Net Cash Flow from Investing Activities | -76,851,251.87 | -147,055,508.30 | 47.74% | Reduced investment in Super Headquarters project this period | | Net Cash Flow from Financing Activities | 18,655,315.55 | 378,810,161.73 | -95.08% | Increased loan repayment expenditure this period compared to prior year period | | Net Increase in Cash and Cash Equivalents | 993,657,467.28 | 391,747,479.03 | 153.65% | Due to increased net cash flow from operating activities this period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Amount for Current Period (CNY) | Proportion of Operating Revenue (%) | Amount for Prior Year Period (CNY) | Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Telecommunication | 32,183,370,513.23 | 69.47% | 36,785,108,790.58 | 72.05% | -12.51% | | | Retail E-commerce | 13,519,966,905.57 | 29.18% | 13,958,197,260.81 | 27.34% | -3.14% | | | Lottery Business | 114,436,212.66 | 0.25% | 103,891,002.92 | 0.20% | 10.15% | | | Other | 507,985,529.66 | 1.10% | 204,343,795.22 | 0.40% | 148.59% | | **By Product** | Telecommunication Product Sales | 32,112,359,596.95 | 69.32% | 36,702,226,070.13 | 71.89% | -12.51% | | | Retail E-commerce | 13,519,966,905.57 | 29.18% | 13,958,197,260.81 | 27.34% | -3.14% | | | Telecommunication Product Repair | 71,010,916.28 | 0.15% | 82,882,720.45 | 0.16% | -14.32% | | | Lottery Business | 114,436,212.66 | 0.25% | 103,891,002.92 | 0.20% | 10.15% | | | Other | 507,985,529.66 | 1.10% | 204,343,795.22 | 0.40% | 148.59% | | **By Region** | East Region | 16,478,821,345.28 | 35.57% | 17,780,505,208.44 | 34.83% | -7.32% | | | South Region | 18,162,433,530.39 | 39.21% | 20,628,061,958.14 | 40.41% | -11.95% | | | West Region | 1,833,406,859.19 | 3.96% | 2,184,119,995.97 | 4.28% | -16.06% | | | North Region | 7,267,219,518.35 | 15.69% | 9,906,691,798.99 | 19.41% | -26.64% | | | Overseas | 2,583,877,907.91 | 5.58% | 552,161,887.99 | 1.08% | 367.96% | [Non-Main Business Analysis](index=17&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main businesses negatively impacted total profit due to increased asset impairment losses, with limited contributions from investment income and fair value changes. Non-Main Business Analysis | Item | Amount (CNY) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,463,165.25 | 11.49% | Equity method accounting for associates, cash dividends from other equity instruments | No | | Fair Value Change Gains/Losses | 3,177,288.13 | 10.54% | Fair value changes in stocks held by the company | No | | Asset Impairment | -29,223,713.85 | -96.96% | Provision for inventory depreciation | No | | Non-Operating Income | 1,950,361.59 | 6.47% | Mainly insurance claims, clearing of unpayable debts, etc | No | | Non-Operating Expenses | 5,902,105.27 | 19.58% | Mainly after-sales compensation, etc | No | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew **6.99%** driven by cash and receivables, while liabilities increased due to short-term borrowings and payables; some assets are restricted by pledges and guarantees. Significant Changes in Asset Composition | Item | End of Current Reporting Period (CNY) | Proportion of Total Assets (%) | End of Prior Year (CNY) | Proportion of Total Assets (%) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 5,350,957,889.77 | 21.79% | 4,061,667,873.67 | 17.69% | 4.10% | | Accounts Receivable | 3,464,121,622.26 | 14.10% | 2,062,058,357.22 | 8.98% | 5.12% | | Inventories | 4,882,298,663.43 | 19.88% | 4,343,459,278.10 | 18.92% | 0.96% | | Investment Properties | 3,324,706,295.28 | 13.54% | 3,324,706,295.28 | 14.48% | -0.94% | | Short-Term Borrowings | 11,107,162,572.53 | 45.22% | 10,477,899,281.87 | 45.64% | -0.42% | | Contract Liabilities | 1,088,057,968.11 | 4.43% | 1,776,004,493.24 | 7.74% | -3.31% | | Long-Term Borrowings | 1,294,328,887.99 | 5.27% | 1,372,446,937.93 | 5.98% | -0.71% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gain/Loss for the Period (CNY) | Accumulated Fair Value Changes Recognized in Equity (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 3,177,288.13 | 4,219,270.28 | 10,240,646.82 | | Other Equity Instrument Investments | 993,226,594.20 | 0.00 | 0.00 | 993,226,594.20 | | Other Non-Current Financial Assets | 127,254,506.63 | 0.00 | 0.00 | 124,191,610.89 | | Investment Properties | 3,324,706,295.28 | 0.00 | 0.00 | 3,324,706,295.28 | | **Total** | **4,445,187,396.11** | **3,177,288.13** | **4,219,270.28** | **4,452,365,147.19** | Asset Restriction Status | Item | Book Balance (CNY) | Ending Book Value (CNY) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 2,178,026,228.69 | 2,178,026,228.69 | Pledge | Acceptance bill margin, time deposit certificates, letter of guarantee margin, pledged deposit certificates, etc | | Fixed Assets | 164,480,573.74 | 27,220,930.41 | Guarantee | Credit mortgage | | Telling Building Land Use Rights | 1,948,675,505.00 | 1,948,675,505.00 | Guarantee | Credit mortgage | | **Total** | **4,291,182,307.43** | **4,153,922,664.10** | | | [Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investment decreased by **39.79%** year-on-year, primarily in the Shenzhen Bay Super Headquarters project and securities, with no derivative investments or raised funds utilization. Investment Amount for the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount for the Reporting Period | 92,119,944.77 | | Investment Amount for Prior Year Period | 152,986,527.80 | | Change Rate | -39.79% | - No significant equity investments during the reporting period[65](index=65&type=chunk) - The ongoing significant non-equity investment is the Telling Building self-construction project, with a cumulative investment of **CNY 4,054,759,068.18** at period-end, reaching **96.00%** completion[66](index=66&type=chunk) Securities Investment Status | Security Type | Security Code | Security Name | Beginning Book Value (CNY) | Fair Value Change Gain/Loss for the Period (CNY) | Ending Book Value (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | 06682 | 4Paradigm | 0.00 | 3,177,288.13 | 10,240,646.82 | | **Total** | | | **0.00** | **3,177,288.13** | **10,240,646.82** | - The company had no derivative investments or use of raised funds during the reporting period[69](index=69&type=chunk)[70](index=70&type=chunk) [Significant Asset and Equity Sales](index=21&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company had no significant asset or equity sales during the reporting period. - The company did not sell significant assets during the reporting period[71](index=71&type=chunk) - The company did not sell significant equity during the reporting period[72](index=72&type=chunk) [Analysis of Major Holding and Associate Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes major subsidiaries and associates impacting net profit by over **10%**, and lists new/deregistered subsidiaries, with no significant operational or performance impact. Major Subsidiaries and Associate Companies with 10% or More Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Telling Telecommunication Co., Ltd. | Subsidiary | Commercial wholesale and retail | 1,200,000,000.00 | 19,994,308,202.13 | 3,336,011,818.38 | 32,716,044,660.12 | -57,951,365.33 | | Shenzhen Telling Technology Development Co., Ltd. | Subsidiary | Commercial wholesale and retail, telecommunication product repair | 9,489,348.00 | 2,502,383,970.45 | 139,267,779.95 | 3,032,492,519.25 | 2,144,878.57 | | Gongqingcheng Tianshihe Investment Management Partnership (Limited Partnership) | Subsidiary | Investment management, project investment, industrial investment | 500,000,000.00 | 4,554,228,050.82 | 255,564,412.71 | 13,077,327,506.77 | 31,424,430.37 | | Shenzhen Tianliancai Investment Co., Ltd. | Subsidiary | Investment consulting, investment advisory, industrial investment | 119,000,000.00 | 31,948,735.15 | -219,611,953.60 | 1,440,712.65 | -9,799,285.80 | | Gongqingcheng Chuangdongfang Huake Equity Investment Partnership (Limited Partnership) | Associate Company | Capital market services | 1,300,000,000.00 | 432,063,530.58 | 306,089,811.45 | 181,684,353.04 | 19,666,684.07 | - During the reporting period, the company established **38** new subsidiaries and deregistered **1** subsidiary (Telling Telecom Europe, S.L.), with these changes having no significant impact on overall production, operations, and performance[74](index=74&type=chunk) [Structured Entities Controlled by the Company](index=22&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no structured entities under its control during the reporting period. - The company had no structured entities under its control during the reporting period[75](index=75&type=chunk) [Risks Faced by the Company and Countermeasures](index=22&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces macroeconomic, new business, and lottery risks, addressed by strategic adherence, flexible market strategies, and continuous technological innovation. - Risks of Macroeconomic Cyclical Fluctuations: Global economic uncertainties and uneven recovery of the domestic consumer market may affect demand in the intelligent terminal market. The company will firmly implement the "**Integrated Industry Digital Network Platform**" strategy, accelerating the layout of online, new track, and overseas businesses[76](index=76&type=chunk) - Risks of New Business Expansion Falling Short of Expectations: New business layouts involve high upfront investment costs and uncertainties due to industry competition and national subsidy policies. The company will closely monitor industry changes and flexibly adjust market and operational management strategies[77](index=77&type=chunk) - Risks Related to Lottery Business: Project progress may be delayed due to customer budget adjustments, and policy adjustments may lead to short-term market fluctuations. The company will continue to promote technological innovation and channel optimization to seize new development opportunities[78](index=78&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan. - The company has not formulated a market value management system[79](index=79&type=chunk) - The company has not disclosed a valuation enhancement plan[79](index=79&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=24&type=section&id=XII.%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan%20Implementation) The company's "Quality and Return Dual Improvement" plan aims to enhance quality and investment value through core business focus, strategic implementation, improved disclosure, standardized operations, and strengthened investor returns. - Focusing on Main Business and Promoting High-Quality Development: Optimizing business structure and concentrating resources on developing mobile intelligent terminal sales, e-commerce services, lottery business, etc., as core businesses[80](index=80&type=chunk) - Accelerating Strategic Implementation and Enhancing Core Competitiveness: Comprehensively advancing the "**Integrated Industry Digital Network Platform**" strategy, improving core competitiveness from supply chain, consumption chain, and digitalization aspects[81](index=81&type=chunk) - Improving Information Disclosure Quality and Perfecting Corporate Governance: Strictly adhering to laws and regulations, ensuring truthful, accurate, complete, and timely information disclosure, and continuously improving the company's corporate governance structure and internal control system[82](index=82&type=chunk) - Standardizing Operations and Strengthening Investor and Media Relations Management: Operating strictly in accordance with regulations, improving the internal control system, attaching great importance to investor relations management, and communicating through various channels and platforms[83](index=83&type=chunk)[84](index=84&type=chunk) - Continuous Cash Dividends and Strengthening Investor Returns: The company highly values reasonable returns to investors and is committed to providing continuous and stable cash dividends, with the proportion of cash dividends to net profit attributable to the parent company maintained at around **30%** in the past three years[85](index=85&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, or senior management during the reporting period. - The company's directors, supervisors, and senior management had no changes during the reporting period[87](index=87&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=25&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions 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[88](index=88&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive, employee stock ownership, or other employee incentive plans or 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[89](index=89&type=chunk) [Environmental Information Disclosure Status](index=26&type=section&id=IV.%20Environmental%20Information%20Disclosure%20Status) The company and its main subsidiaries are not legally required to disclose environmental information. - The listed company and its main subsidiaries are not included in the list of enterprises required by law to disclose environmental information[90](index=90&type=chunk) [Social Responsibility Status](index=26&type=section&id=V.%20Social%20Responsibility%20Status) The company actively fulfills social responsibilities by protecting stakeholder rights, prioritizing environmental protection, and engaging in social welfare while pursuing high-quality development. - Protection of Shareholder and Creditor Rights: Strictly adheres to laws and regulations, accurately, truthfully, completely, and timely discloses information, and communicates with investors through various channels to ensure equal right to know[91](index=91&type=chunk) - Protection of Employee Rights: Complies with labor laws and regulations, establishes legal employment systems, pays social insurance in accordance with the law, and cares for employees through paid annual leave, full medical examinations, and holiday benefits[92](index=92&type=chunk) - Protection of Supplier, Customer, and Consumer Rights: Seeks healthy win-win relationships, honest transactions, and fair competition, establishes strategic partnerships with suppliers and customers, and safeguards customer and consumer interests by improving service quality[93](index=93&type=chunk) - Environmental Protection: Actively promotes national environmental protection policies, raises employee environmental awareness, and advocates for a resource-saving society. The self-built brand "**Yixiuge**" mobile phone recycling business promotes the environmental significance of mobile phone recycling, fostering green consumption[94](index=94&type=chunk)[95](index=95&type=chunk) - Social Welfare: Company employees actively engage in public welfare, serving as volunteers and spreading care[95](index=95&type=chunk) Section V Significant Events [Commitments: Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period](index=28&type=section&id=I.%20Commitments%3A%20Fulfillment%20of%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The actual controller, shareholders, and related parties continued fulfilling commitments regarding independence, competition, related party transactions, and share lock-ups, with no overdue matters. Commitment Fulfillment Status | Commitment Reason | Commitment Party | Commitment Type | Summary of Commitment Content | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | | Commitments made in acquisition report or equity change report | Shenzhen Investment Holdings Co., Ltd. | Commitment to maintain the independence of the listed company | Ensure the independence of the listed company's personnel, assets, finance, organization, and business | Ongoing | | | Shenzhen Investment Holdings Co., Ltd. | Commitment to avoid horizontal competition | Will not actively seek to directly or indirectly operate businesses that compete with Telling Telecommunication Holdings | Ongoing | | | Shenzhen Investment Holdings Co., Ltd. | Commitment to standardize related party transactions | Minimize related party transactions, and conduct them on fair and equitable principles when unavoidable | Ongoing | | | Hong Kong Yiliang, Li Haidong | Commitment to avoid competition | Not to engage in businesses that compete with the main business of the target company and its controlled enterprises | Ongoing | | Commitments made during asset restructuring | All directors, supervisors, and senior management of the listed company | Other commitments | Guarantee the truthfulness, accuracy, and completeness of the information provided for this transaction | Ongoing | | | Transaction counterparty Tianfujin | Commitment to the truthfulness, accuracy, and completeness of information provided | Guarantee the truthfulness, accuracy, and completeness of information provided for this transaction | Ongoing | | | Supporting financing subscriber Shenzhen Investment Holdings | Commitment to the truthfulness, accuracy, and completeness of information provided | Guarantee the truthfulness, accuracy, and completeness of information provided for this transaction | Ongoing | | | Transaction counterparty Tianfujin | Commitment to reduce and standardize related party transactions | Minimize and standardize related party transactions with Telling Telecommunication Holdings | Ongoing | | | Supporting financing subscriber Shenzhen Investment Holdings | Commitment to reduce and standardize related party transactions | Continue to comply with the commitment to standardize related party transactions | Ongoing | | | Transaction counterparty Tianfujin | Commitment to avoid horizontal competition | Avoid engaging in any form of business that competes with Telling Telecommunication Holdings | Ongoing | | | Supporting financing subscriber Shenzhen Investment Holdings | Commitment to avoid horizontal competition | Continue to comply with the commitment to avoid horizontal competition | Ongoing | | | Transaction counterparty Tianfujin, supporting financing subscriber Shenzhen Investment Holdings | Letter of commitment to maintain the independence of the listed company | Guarantee the independence of Telling Telecommunication Holdings and Telling Telecommunication Co., Ltd.'s personnel, organization, assets, business, and finance | Ongoing | | | Transaction counterparty Tianfujin | Commitment regarding clear ownership of target assets | Guarantee legal ownership of Telling Telecommunication equity, with clear ownership and no disputes | Ongoing | | | Declaration and commitment regarding related party relationships and concerted action relationships between transaction parties and shareholders holding 5% or more of the company's shares before the transaction | No related party relationships or concerted action relationships, not seeking control of the listed company | Ongoing | | | Supporting financing subscriber Shenzhen Investment Holdings | Declaration and commitment regarding related party relationships and concerted action relationships between transaction parties and shareholders holding 5% or more of the company's shares before the transaction | No related party relationships or concerted action relationships | Ongoing | | | Directors and senior management of the listed company | Commitment regarding measures to mitigate dilution of immediate returns | Commit to faithfully and diligently perform duties, not harm company interests, and support linking compensation system with return measures | Ongoing | | Commitments made during initial public offering or refinancing | Directors, supervisors, and senior management of the listed company | Commitment to the truthfulness, accuracy, and completeness of information provided | Commit that the content of the prospectus is true, accurate, and complete | Ongoing | | | Issuer's controlling shareholder Shenzhen Investment Holdings | Commitment to the truthfulness, accuracy, and completeness of information provided | Commit that the content of the prospectus is true, accurate, and complete | Ongoing | | | Issuance of A-shares to specific objects, measures to mitigate dilution of immediate returns, and commitments by relevant parties | Commit to faithfully and diligently perform duties, not harm company interests, and support linking compensation system with return measures | Ongoing | | | Issuer's controlling shareholder Shenzhen Investment Holdings | Issuance of A-shares to specific objects, measures to mitigate dilution of immediate returns, and commitments by relevant parties | Commit not to overstep authority in interfering with the issuer's business management activities, and not to infringe upon or harm the issuer's interests | Ongoing | | | Refinancing subscriber | Share lock-up commitment | Shares subscribed by Shenzhen Investment Holdings shall not be transferred within 18 months from the end of the issuance, and shares subscribed by other subscribers shall not be transferred within 6 months | Ongoing | [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties of the Listed Company](index=41&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) No non-operating funds were occupied by the controlling shareholder or other related parties during the reporting period. - During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties of the listed company[110](index=110&type=chunk) [Illegal External Guarantees](index=41&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period. - The company had no illegal external guarantees during the reporting period[111](index=111&type=chunk) [Appointment and Dismissal of Accounting Firms](index=41&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited. - The company's semi-annual report was not audited[112](index=112&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" of the Accounting Firm for the Current Reporting Period](index=41&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20%22Non-Standard%20Audit%20Report%22%20of%20the%20Accounting%20Firm%20for%20the%20Current%20Reporting%20Period) Not applicable, as the company's semi-annual report was unaudited, no non-standard audit report exists. [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=41&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) Not applicable, as the company had no non-standard audit report for the prior year. [Bankruptcy and Reorganization Matters](index=41&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the reporting period. - The company had no bankruptcy and reorganization matters during the reporting period[113](index=113&type=chunk) [Litigation Matters](index=41&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation, arbitration, or other legal matters during the current reporting period. - The company had no significant litigation or arbitration matters during the current reporting period[114](index=114&type=chunk) [Penalties and Rectification Status](index=41&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company had no penalties or rectification matters during the reporting period. - The company had no penalties or rectification matters during the reporting period[114](index=114&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=42&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) Not applicable. [Significant Related Party Transactions](index=42&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in daily related party transactions for mobile phone procurement and sales at market prices, and a subsidiary collaborated on a **CNY 300 million** financing credit business. Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Type | Related Party Transaction Content | Transaction Amount (CNY ten thousands) | Proportion of Similar Transactions (%) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Aisidi Co., Ltd. | Procurement | Mobile phone sales and procurement | 6,245.71 | 0.60% | No | | Beijing Jingtianxun East Technology Co., Ltd. | Procurement | Mobile phone sales and procurement | 6,870.29 | 0.07% | No | | **Total** | | | **69,327.44** | | | - The company had no related party transactions involving asset or equity acquisition/disposal, or joint external investments during the reporting period[117](index=117&type=chunk)[118](index=118&type=chunk) - The company had no non-operating related party creditor-debtor transactions, nor any dealings with related financial companies during the reporting period[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - The company's controlling subsidiary, Shanghai Nengliang Electronic Technology Co., Ltd., and its wholly-owned subsidiaries plan to collaborate with Shenzhen Dandanzengxin Financing Guarantee Co., Ltd. or its related parties on financing credit business, with a total amount not exceeding **CNY 300 million**, constituting a related party transaction[122](index=122&type=chunk) [Significant Contracts and Their Fulfillment](index=44&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company had no entrustment, contracting, or leasing, but significant external guarantees for subsidiaries, totaling **700.37%** of net assets, primarily joint liability and mortgage guarantees. - The company had no entrustment, contracting, or leasing situations during the reporting period[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Guaranteed Party Name | Guaranteed Amount Limit (CNY ten thousands) | Actual Guaranteed Amount (CNY ten thousands) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Dandanzengxin Financing Guarantee Co., Ltd. | 5,000 | 5,000 | Joint liability guarantee | Five months | No | Yes | | Shenzhen Dandanzengxin Financing Guarantee Co., Ltd. | 5,000 | 5,000 | Joint liability guarantee | Five months | No | Yes | | **Total Approved External Guarantee Limit for the Reporting Period (A1)** | **30,000** | | | | | | | **Total Actual External Guarantee Amount for the Reporting Period (A2)** | **10,000** | | | | | | | **Total Approved External Guarantee Limit at Period-End (A3)** | **30,000** | | | | | | | **Total Actual External Guarantee Balance at Period-End (A4)** | **10,000** | | | | | | Company Guarantees for Subsidiaries (Partial) | Guaranteed Party Name | Guaranteed Amount Limit (CNY ten thousands) | Actual Guaranteed Amount (CNY ten thousands) | Guarantee Type | Collateral | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Telling Telecommunication Co., Ltd. | 340,000 | 49.31 | Joint liability guarantee, mortgage | Land located at the intersection of Baishi Road and Shenwan Road, Nanshan District, Shenzhen | Ten years | No | Yes | | Telling Telecommunication Co., Ltd. | 187,160 | 10,000 | Joint liability guarantee | None | Three months | No | Yes | | Telling Information Service (Beijing) Co., Ltd. | 20,000 | 10,000 | Joint liability guarantee | None | One year | No | Yes | | Shenzhen Tianlian Terminal Co., Ltd. | 150,000 | 10,000 | Joint liability guarantee | None | Four months | No | Yes | | Shenzhen Telling Technology Development Co., Ltd. | 10,000 | 10,000 | Joint liability guarantee | None | Half year | No | Yes | | Shanghai Nengliang Electronic Technology Co., Ltd. | 13,000 | 3,430 | Joint liability guarantee | None | Half year | No | Yes | | **Total Approved Guarantee Limit for Subsidiaries for the Reporting Period (B1)** | **1,842,500** | | | | | | | | **Total Actual Guarantee Amount for Subsidiaries for the Reporting Period (B2)** | **1,671,336** | | | | | | | | **Total Approved Guarantee Limit for Subsidiaries at Period-End (B3)** | **4,183,312** | | | | | | | | **Total Actual Guarantee Balance for Subsidiaries at Period-End (B4)** | **1,975,999.65** | | | | | | | Total Company Guarantees | Indicator | Amount (CNY ten thousands) | | :--- | :--- | | Total Approved Guarantee Limit for the Reporting Period (A1+B1+C1) | 1,982,500 | | Total Actual Guarantee Amount for the Reporting Period (A2+B2+C2) | 1,756,733.5 | | Total Approved Guarantee Limit at Period-End (A3+B3+C3) | 4,337,312 | | Total Actual Guarantee Balance at Period-End (A4+B4+C4) | 2,041,397.15 | | Proportion of Actual Total Guarantee Amount to Company Net Assets | 700.37% | | Of which: Guarantee Balance for Shareholders, Actual Controllers, and their Related Parties (D) | 10,000 | | Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (E) | 2,021,397.15 | | Amount of Guarantees Exceeding 50% of Net Assets (F) | 1,885,659.66 | | Total of the Above Three Guarantee Amounts (D+E+F) | 3,917,056.81 | - The company had no entrusted wealth management or other significant contracts during the reporting period[160](index=160&type=chunk)[161](index=161&type=chunk) [Explanation of Other Significant Matters](index=76&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company plans a non-public bond issuance up to **CNY 1.2 billion** and adjusted its **2023** A-share issuance, reducing funds and extending the resolution's validity. - Non-Public Issuance of Corporate Bonds: The company拟向深圳证券交易所申请面向专业投资者非公开发行公司债券，额度不超过（含）**CNY 1.2 billion**，期限不超过（含）**5**年[162](index=162&type=chunk) - Non-Public Issuance of A-Shares to Specific Objects: The company adjusted its **2023** non-public issuance of A-shares plan, reducing the maximum total raised funds from **CNY 1.847 billion** to **CNY 1.708 billion**. Concurrently, to ensure the smooth progress of the issuance, the validity period of the shareholders' meeting resolution for this issuance is proposed to be extended by **12 months** to **August 20, 2026**[163](index=163&type=chunk)[164](index=164&type=chunk) [Significant Matters of Company Subsidiaries](index=77&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) Arbitration confirmed Telling Telecommunication's claim for **CNY 24,830,580.21** performance compensation and **CNY 782,673.49** interest from Tianfujin, requiring a refund to Xufuyuebang due to a lower arbitrated amount. - The Shenzhen International Arbitration Court ruled that Tianfujin shall pay Telling Telecommunication performance compensation of **CNY 24,830,580.21**, and overdue payment interest of **CNY 782,673.49**[165](index=165&type=chunk) - The arbitration fee of **CNY 246,684** for the case shall be borne by Telling Telecommunication[165](index=165&type=chunk) - Given that the arbitrated amount is lower than the initial transfer price, Telling Telecommunication will refund the difference between the arbitrated amount and the initial transfer price to Xufuyuebang, as stipulated in the "Creditor's Rights Transfer Agreement"[165](index=165&type=chunk) Section VI Changes in Shares and Shareholder Information [Changes in Shares](index=78&type=section&id=I.%20Changes%20in%20Shares) The company's total shares and capital structure remained unchanged, with no shifts in restricted or unrestricted share numbers or proportions. Changes in Shares | Item | Number Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 970,769 | 0.09% | 0 | 970,769 | 0.09% | | II. Unrestricted Shares | 1,024,129,669 | 99.91% | 0 | 1,024,129,669 | 99.91% | | **III. Total Shares** | **1,025,100,438** | **100.00%** | **0** | **1,025,100,438** | **100.00%** | - The reasons for share changes, approval status, transfer status, progress of share repurchase implementation, and impact on financial indicators are not applicable or have no significant changes during the reporting period[169](index=169&type=chunk) [Issuance and Listing of Securities](index=79&type=section&id=II.%20Issuance%20and%20Listing%20of%20Securities) The company had no issuance or listing of securities during the reporting period. - The company had no issuance and listing of securities during the reporting period[169](index=169&type=chunk) [Number of Shareholders and Shareholding Status of the Company](index=79&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status%20of%20the%20Company) As of period-end, the company had **88,020** ordinary shareholders, with Shenzhen Investment Holdings as the largest at **19.03%**; some top shareholders had pledged/frozen shares and concerted action relationships. - The total number of ordinary shareholders at the end of the reporting period was **88,020**[170](index=170&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Investment Holdings Co., Ltd. | State-owned Legal Person | 19.03% | 195,032,514 | 195,032,514 | Not applicable: 0 | | Shenzhen Tianfujin Venture Capital Co., Ltd. | Domestic Non-State-owned Legal Person | 9.80% | 100,474,022 | 100,474,022 | Frozen: 100,473,933 | | China Huajian Investment Holdings Co., Ltd. | Domestic Non-State-owned Legal Person | 4.65% | 47,641,582 | 47,641,582 | Pledged: 8,300,000 | | He Zhiping | Overseas Natural Person | 3.16% | 32,440,000 | 32,440,000 | Pledged: 14,100,000 | | Shenzhen Dingpeng Investment Co., Ltd. | Domestic Non-State-owned Legal Person | 1.20% | 12,300,010 | 12,300,010 | Pledged: 7,000,000 | | Zhang Qiu | Domestic Natural Person | 0.75% | 7,706,900 | 7,706,900 | Not applicable: 0 | | Wu Guizhou | Domestic Natural Person | 0.74% | 7,612,000 | 7,612,000 | Not applicable: 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | Other | 0.74% | 7,568,514 | 7,568,514 | Not applicable: 0 | | Beijing International Trust Co., Ltd. - Telling Telecommunication Holdings Equity Investment Trust (formerly Gannan Fruit Industry) | Other | 0.73% | 7,513,319 | 7,513,319 | Not applicable: 0 | | Li Dongyuan | Domestic Natural Person | 0.62% | 6,320,400 | 6,320,400 | Not applicable: 0 | - Shenzhen Investment Holdings Co., Ltd. and Shenzhen Tianfujin Venture Capital Co., Ltd. signed a "**Concerted Action Agreement**" on **August 20, 2018**. China Huajian Investment Holdings Co., Ltd. and its actual controller Mr. He Zhiping, and Beijing Henghua Zhisheng Management Consulting Partnership (Limited Partnership) signed a "**Concerted Action Agreement**"[171](index=171&type=chunk)[172](index=172&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=81&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Shareholdings of directors, supervisors, and senior management remained unchanged during the reporting period. - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[173](index=173&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=81&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period. - The company's controlling shareholder did not change during the reporting period[174](index=174&type=chunk) - The company's actual controller did not change during the reporting period[174](index=174&type=chunk) [Preferred Shares Related Information](index=82&type=section&id=VI.%20Preferred%20Shares%20Related%20Information) The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[175](index=175&type=chunk) Section VII Bond Related Information [Bond Related Information](index=83&type=section&id=Bond%20Related%20Information) The company had no bond-related information to disclose during the reporting period. - The company had no bond-related information during the reporting period[177](index=177&type=chunk) Section VIII Financial Report [Audit Report](index=84&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[179](index=179&type=chunk) [Financial Statements](index=84&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for H1 **2025**, including balance sheet, income statement, cash flow, and equity changes, reflecting the company's financial position and results. - The consolidated balance sheet shows total assets of **CNY 24,561,046,405.17** and total liabilities of **CNY 21,551,598,865.62** at period-end[181](index=181&type=chunk)[183](index=183&type=chunk) - The consolidated income statement shows total operating revenue of **CNY 46,325,759,161.12** and net profit attributable to parent company shareholders of **CNY -62,535,395.17** for the current period[189](index=189&type=chunk)[190](index=190&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **CNY 1,051,669,185.36**[193](index=193&type=chunk)[194](index=194&type=chunk) [Company Basic Information](index=102&type=section&id=III.%20Company%20Basic%20Information) This section provides the company's basic information, including name, address, legal representative, industry, business scope, main activities, history, and consolidated financial statement scope. - Company Name: **Telling Telecommunication Holdings Co., Ltd.**, Registered Address: No. 60 Yingbin Avenue, Ganzhou Economic and Technological Development Zone, Ganzhou City, Jiangxi Province, Legal Representative: **Huang Shaowen**[208](index=208&type=chunk) - The company's industry nature is the telecommunication electronic product sales industry, and its actual main operating activities include intelligent terminal sales, lottery, mobile virtual network operation, and mobile internet businesses[208](index=208&type=chunk) - Company Historical Evolution: Originally named Jiangxi Gannan Fruit Industry Co., Ltd., it acquired **70%** equity of Telling Telecommunication Co., Ltd. in **2003** and was renamed Telling Telecommunication Holdings Co., Ltd. in **2007**[209](index=209&type=chunk) Subsidiaries in the Consolidated Financial Statements for the Current Period | Subsidiary Name | Shareholding Percentage (%) | Voting Rights Percentage (%) | | :--- | :--- | :--- | | Telling Telecommunication Co., Ltd. | 100.00 | 100.00 | | Shenzhen Telling Technology Development Co., Ltd. | 100.00 | 100.00 | | Jiangxi Gannan Fruit Industry Co., Ltd. | 100.00 | 100.00 | | Shenzhen Tianliancai Investment Co., Ltd. | 100.00 | 100.00 | | Telling Telecommunication Holdings International Co., Ltd. | 100.00 | 100.00 | | Gongqingcheng Tianshihe Investment Management Partnership (Limited Partnership) | 99.99 | 99.99 | [Basis of Financial Statement Preparation](index=103&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, adhering to Accounting Standards for Business Enterprises and CSRC regulations, confirming the company's **12-month** going concern ability. - The company prepares its financial statements on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations of the CSRC[212](index=212&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the current reporting period, with no significant matters affecting its going concern ability[213](index=213&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=104&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details significant accounting policies and estimates for financial statement preparation, covering business combinations, financial instruments, revenue, impairment, compensation, grants, deferred tax, and leases, ensuring report reliability. - Statement of Compliance with Accounting Standards for Business Enterprises: The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truthfully and completely reflecting the company's financial position, operating results, and cash flows for the reporting period[214](index=214&type=chunk) - Method for Determining Materiality Thresholds: For example, significant individually impaired accounts receivable exceed **CNY 1 million**, and significant construction in progress projects exceed **CNY 10 million**[215](index=215&type=chunk) - Accounting Treatment for Business Combinations: Distinguishes between same control and non-same control business combinations, and details the measurement of assets and liabilities and the recognition of goodwill[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk) - Financial Instruments: Classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, with detailed recognition criteria and measurement methods[234](index=234&type=chunk)[235](index=235&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - Revenue Recognition Principles: Revenue is recognized when the customer obtains control of the related goods or services, distinguishing between performance obligations satisfied over time or at a point in time based on their nature[347](index=347&type=chunk)[348](index=348&type=chunk)[349](index=349&type=chunk)[3

广东甘化科工股份有限公司 2025 年半年度报告全文 广东甘化科工股份有限公司 2025 年半年度报告 2025 年 08 月 1 广东甘化科工股份有限公司 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。 公司负责人李忠、主管会计工作负责人彭占凯及会计机构负责人(会计主管人员)徐佳 君声明：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计划等前瞻性描述不构成公司对投资者的实质承诺，投资 者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差 异，敬请投资者注意投资风险。 公司已在本报告的"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"部分详细阐述了公司可能面对的主要风险，敬请投资者仔细阅读。 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 | | 2 | 4 | | --- | --- | --- | | 1 | | . | ...