公司代码：689009 公司简称：九号公司 九号有限公司 2025 年半年度报告 九号有限公司2025 年半年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告第三节 "管理层讨论与分析"中"风险因素"相关的内容。 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、公司负责人高禄峰、主管会计工作负责人凡孝金及会计机构负责人（会计主管人员）凡孝金 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 1、公司拟以实施权益分派股权登记日登记的存托凭证总数扣减公司回购专用证券账户中的 存托凭证份数为基数，拟向全体存托凭证持有人每 10 份派发现金红利 4.23 元（含税）。截至 2025 年 8 月 1 日，公司存托凭证总数为 719,444,662 份，以扣除公司回购专用证券账户中的 9,409,705 份存托凭证后的 710,03 ...

[Important Notices, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notices and Risk Factors](index=3&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E4%B8%8E%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) This section outlines eleven major operational risks, including economic transitions, geopolitical issues, and supply chain vulnerabilities - The company advises investors to be aware of 11 primary risks[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - **Macro and Market Risks**: Domestic economic transition, global economic downturn, and geopolitical uncertainty - **Operational and Technological Risks**: Rapid technological updates, increasing internal management complexity, and potential supply chain disruptions - **Financial and Compliance Risks**: Declining customer payment capacity, stricter legal compliance, exchange rate fluctuations, cybersecurity, and intellectual property disputes [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, specifying the components of the company's innovative businesses - The report defines key terms, clarifying that "innovative businesses" include EZVIZ Network, Hikrobot, Hikauto, HIKMICRO, HIKSEMI, and others[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides basic corporate information, including stock ticker, legal representative, and contact details | Item | Information | | :--- | :--- | | Stock Name | HIKVISION | | Stock Code | 002415 | | Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | Hu Yangzhong | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's revenue reached RMB 41.82 billion, and net profit attributable to shareholders grew by 11.71% | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 41,818,040,088.44 | 41,209,096,206.36 | 1.48% | | Net Profit Attributable to Shareholders (RMB) | 5,657,349,798.68 | 5,064,118,857.29 | 11.71% | | Net Cash Flow from Operating Activities (RMB) | 5,343,019,637.89 | -189,636,040.90 | 2917.51% | | Basic Earnings Per Share (RMB/Share) | 0.615 | 0.539 | 14.10% | | Weighted Average Return on Equity | 6.85% | 6.51% | 0.34% | | Total Assets (RMB) | 124,414,765,281.12 | - | -5.76% (vs. Prior Year-End) | | Net Assets Attributable to Shareholders (RMB) | 78,552,358,426.86 | - | -2.62% (vs. Prior Year-End) | [Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled RMB 168 million, mainly from government subsidies offset by fair value losses | Item | Amount (RMB) | | :--- | :--- | | Government Subsidies | 267,638,685.22 | | Fair Value Gains/Losses on Financial Assets/Liabilities | (84,646,697.58) | | Other Non-operating Income and Expenses, Net | 29,239,300.73 | | **Total** | **168,349,470.31** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Analysis of Core Business Operations](index=9&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Innovative businesses drove growth with a 13.92% revenue increase, offsetting a slight decline in domestic operations - The company maintained steady overall performance, with **net profit growth (11.71%)** significantly outpacing revenue growth (1.48%), indicating successful efforts in enhancing efficiency and refined management[28](index=28&type=chunk) - Innovative businesses (robotics, smart home, automotive electronics, etc) have become the core growth engine, with revenue **growing 13.92% YoY** to account for **28.14% of total revenue**, effectively buffering fluctuations in the main business[33](index=33&type=chunk) | Business Segment | 2025 H1 Revenue (RMB billion) | YoY Change | | :--- | :--- | :--- | | **Main Business** | **30.052** | **-2.68%** | | Main Business Products & Services | 29.272 | -3.17% | | Main Business Construction Engineering | 0.780 | 19.82% | | **Innovative Businesses** | **11.766** | **13.92%** | | Robotics Business | 3.138 | 14.36% | | Smart Home Business | 2.752 | 12.40% | | Automotive Electronics Business | 2.352 | 46.48% | | Thermal Imaging Business | 2.008 | 9.73% | | Storage Business | 1.033 | -21.24% | | Other Innovative Businesses | 0.482 | 24.31% | | **Total** | **41.818** | **1.48%** | | Regional Segment | 2025 H1 Revenue (RMB billion) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Domestic | 26.393 | 63.11% | -2.35% | | Overseas | 15.425 | 36.89% | 8.78% | | Domestic Main Business Groups | 2025 H1 Revenue (RMB billion) | YoY Change | | :--- | :--- | :--- | | Public Business Group (PBG) | 5.573 | -2.11% | | Enterprise Business Group (EBG) | 7.462 | -0.36% | | Small & Medium Business Group (SMBG) | 4.067 | -29.75% | [Year-on-Year Changes in Financial Data](index=10&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Financial expenses decreased significantly due to exchange gains, while operating cash flow improved from increased sales collections | Item | Current Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Financial Expenses | -739,368,414.40 | -195.52% | Increased foreign exchange gains due to currency fluctuations | | Net Cash Flow from Operating Activities | 5,343,019,637.89 | 2917.51% | Increased cash collections from sales | | Net Cash Flow from Financing Activities | -8,550,575,930.17 | 36.00% | Decreased outflows for loan repayments and cash dividends | [Analysis of Asset and Liability Status](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by 5.76%, with notable shifts in cash and fixed assets due to dividend payments and project capitalization | Asset Item | Period-End Amount (RMB) | % of Total Assets | Change in Weight vs. Prior Year-End | Major Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 31,286,076,526.36 | 25.15% | -2.33% | Decrease in cash due to dividend payments | | Fixed Assets | 16,883,791,179.01 | 13.57% | 2.16% | Capitalization of the EZVIZ Smart Manufacturing Base in Chongqing | - As of the reporting period end, the company had **RMB 2.307 billion in restricted assets**, with endorsed or discounted notes receivable being the largest component at RMB 1.329 billion[52](index=52&type=chunk) [Analysis of Investment Status](index=14&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company maintained stable investment levels, advanced major construction projects, and used hedging to manage currency risk | Project Name | Cumulative Investment as of Period-End (RMB) | Project Progress | | :--- | :--- | :--- | | Wuhan Technology Park Project | 1,661,710,924.66 | 87.41% | | EZVIZ Smart Manufacturing Chongqing Base Project | 1,545,873,682.60 | 100.00% | | Hikrobot Intelligent Manufacturing (Tonglu) Base Project | 627,625,959.41 | 58.60% | | **Total** | **4,422,104,440.56** | - | - The company engages in foreign exchange derivative investments for hedging purposes to mitigate currency fluctuation risks, reporting an **actual loss of RMB 41.58 million** during the period[59](index=59&type=chunk) [Risks and Countermeasures](index=18&type=section&id=%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company actively manages risks across macroeconomic, geopolitical, and operational domains through diversification and innovation - The company identifies and proactively manages multi-dimensional risks[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - **External Environment Risks**: Mitigating domestic/international economic and geopolitical uncertainties through market diversification and flexible strategies - **Technological and Operational Risks**: Addressing challenges from technological updates and scale expansion through continuous R&D investment and process-based management - **Supply Chain and Financial Risks**: Ensuring operational stability by cultivating a diverse supply network, strengthening collection mechanisms, and using financial instruments for hedging [Corporate Governance, Environment, and Society](index=20&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) The company's governance remained stable with no management changes or plans for profit distribution or new incentive programs - The corporate governance structure was stable during the reporting period, with no changes in directors, supervisors, or senior management[73](index=73&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the first half of the year[74](index=74&type=chunk) - No new or ongoing equity incentive plans or employee stock ownership plans were implemented during the reporting period[75](index=75&type=chunk) [Significant Events](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Significant Related-Party Transactions](index=22&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Routine related-party transactions for procurement and sales totaled RMB 1.61 billion, well within the approved annual limit | Transaction Type | Transaction Content | Transaction Amount (RMB 10,000) | Approved Credit Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | | Purchases | Raw materials, services, etc | 151,829.52 | 615,100.00 | | Sales | Goods, services, etc | 8,884.62 | 87,000.00 | | Leases | Renting in/out properties | 5.63 | 1,000.00 | | **Total** | - | **160,709.77** | **703,100.00** | - The company conducts financial business with its related-party finance company, China Electronics Technology Finance Co, Ltd, with a period-end deposit balance of **RMB 4.0 billion** and a credit facility of **RMB 5.0 billion**[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) [Significant Guarantees](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) The company's outstanding guarantees, exclusively for its subsidiaries, amounted to RMB 2.62 billion, or 3.33% of net assets | Guarantee Item | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit at Period-End | 1,208,500.00 | | Total Actual Outstanding Guarantee Balance at Period-End | 261,729.94 | | Ratio of Total Actual Guarantees to Company's Net Assets | 3.33% | [Other Significant Matters](index=27&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The controlling shareholder completed a share buyback, and the company is executing its own share repurchase plan for capital reduction - The controlling shareholder, CETHIK Group, and its concerted party, CETC Investment, completed a share purchase plan, acquiring over **RMB 300 million** in company shares, demonstrating confidence in future development[107](index=107&type=chunk)[108](index=108&type=chunk) - The company is executing a **RMB 2.0-2.5 billion share repurchase plan** to cancel shares and reduce registered capital; as of July 31, 2025, it had repurchased 62,791,259 shares for a total of approximately **RMB 1.859 billion**[110](index=110&type=chunk)[111](index=111&type=chunk) [Significant Matters of Subsidiaries](index=29&type=section&id=%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The spin-off and listing of the "Hikrobot" subsidiary on the ChiNext market is progressing steadily through regulatory reviews - The spin-off and listing of the subsidiary Hikrobot on the ChiNext market is progressing steadily, with multiple rounds of inquiry responses completed, marking a key milestone in the listing process[113](index=113&type=chunk) [Share Capital Changes and Shareholder Information](index=30&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Changes in Share Capital](index=30&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total share capital remained unchanged, while the proportion of unrestricted shares increased slightly due to the release of locked-up shares | Share Type | Before Change | After Change | | :--- | :--- | :--- | | Restricted Shares | 127,528,512 (1.38%) | 118,437,948 (1.28%) | | Unrestricted Shares | 9,105,669,814 (98.62%) | 9,114,760,378 (98.72%) | | **Total Shares** | **9,233,198,326 (100.00%)** | **9,233,198,326 (100.00%)** | - The company continues its share repurchase program, having cumulatively repurchased **62,791,259 shares**, representing **0.6801% of total share capital**, via centralized bidding as of July 31, 2025[120](index=120&type=chunk) [Shareholder Number and Holdings](index=33&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 413,933 common shareholders at the end of the period, with a stable ownership structure led by its top two shareholders - As of the reporting period end, the total number of common shareholders was **413,933**[126](index=126&type=chunk) | Shareholder Name | Shareholding Ratio | Number of Shares Held | | :--- | :--- | :--- | | CETHIK Group Co, Ltd | 37.01% | 3,416,996,509 | | Gong Hongjia | 10.42% | 962,504,814 | | Hangzhou Weixun Equity Investment Partnership | 4.88% | 450,795,176 | | Shanghai Gaoyi Asset Management Partnership | 3.66% | 338,000,000 | | CETC Investment Holdings Co, Ltd | 2.69% | 248,366,268 | [Bond-related Matters](index=36&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no bond-related matters to disclose for the reporting period - The company has no bond-related matters to disclose for this reporting period[135](index=135&type=chunk) [Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the unaudited semi-annual consolidated and parent company financial statements and accompanying notes [Key Financial Statements](index=38&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This includes the balance sheet, income statement, cash flow statement, and statement of changes in equity for the period - The company's semi-annual financial report for 2025 is unaudited[137](index=137&type=chunk) Consolidated Income Statement Summary (Unit: RMB) | Item | Current Period | Prior Year Period | | :--- | :--- | :--- | | **Operating Revenue** | **41,818,040,088.44** | **41,209,096,206.36** | | Operating Costs | 22,919,499,439.04 | 22,732,341,841.73 | | R&D Expenses | 5,669,772,011.51 | 5,698,043,754.07 | | **Operating Profit** | **7,015,255,841.18** | **6,276,963,917.47** | | **Total Profit** | **7,040,890,604.57** | **6,301,520,592.43** | | **Net Profit** | **6,281,476,630.83** | **5,640,664,710.62** | | Net Profit Attributable to Parent Company Owners | 5,657,349,798.68 | 5,064,118,857.29 | Consolidated Balance Sheet Summary (Unit: RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **124,414,765,281.12** | **132,016,200,156.14** | | Total Current Assets | 93,969,952,990.69 | 102,480,513,627.12 | | Total Non-Current Assets | 30,444,812,290.43 | 29,535,686,529.02 | | **Total Liabilities** | **38,605,886,425.59** | **44,515,905,407.99** | | Total Current Liabilities | 35,577,697,402.73 | 37,645,004,001.91 | | Total Non-Current Liabilities | 3,028,189,022.86 | 6,870,901,406.08 | | **Total Equity** | **85,808,878,855.53** | **87,500,294,748.15** | | Equity Attributable to Parent Company Owners | 78,552,358,426.86 | 80,668,661,062.88 | [Notes to the Financial Statements](index=48&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This provides detailed explanations of accounting policies and annotations for key items in the consolidated financial statements - The notes to the financial statements provide detailed explanations and supplementary information for key financial statement items, crucial for understanding the company's financial position and performance[160](index=160&type=chunk) [List of Reference Documents](index=144&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This lists the available reference documents, including the signed report text and all publicly disclosed filings - Reference documents include[653](index=653&type=chunk) - The semi-annual report text signed by the legal representative - Financial statements signed and sealed by the company head, chief accounting officer, and head of the accounting department - Originals and drafts of all company documents publicly disclosed on designated media during the reporting period

深圳雷柏科技股份有限公司 2025 年半年度报告全文 深圳雷柏科技股份有限公司 Shenzhen Rapoo Technology Co., Ltd. 2025 年半年度报告 2025 年 08 月 1 深圳雷柏科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人曾浩、主管会计工作负责人谢艳及会计机构负责人(会计主管 人员)利琼辉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实 质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。 公司在本半年度报告中详细阐述了未来可能发生的有关风险因素及对策， 详见"第三节 管理层讨论与分析"之" 十、公司面临的风险和应对措施"， 敬请投资者予以关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要 ...

[Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) Ronbay Technology, a STAR Market-listed new energy cathode material company, reported a 9.28% revenue decline and a net loss of 68.39 million CNY, while operating cash flow significantly improved [Company Overview](index=5&type=section&id=Company%20Overview) Ronbay Technology is a new energy lithium battery cathode material company listed on the Shanghai Stock Exchange's STAR Market, with its legal representative as Bai Houshan - The company's legal representative is Bai Houshan, with its registered and office address in Yuyao City, Zhejiang Province[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue decreased by 9.28% to 6.248 billion CNY, net profit turned to a loss of 68.39 million CNY due to impairments and R&D, but operating cash flow improved significantly to 892 million CNY Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,248,421,040.70 | 6,887,616,921.31 | -9.28 | | Net Profit Attributable to Shareholders of Listed Company | -68,394,623.37 | 10,277,881.49 | -765.45 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -79,305,268.23 | -3,808,956.10 | N/A | | Net Cash Flow from Operating Activities | 891,583,563.30 | -839,731,692.60 | N/A | | Total Assets | 23,677,412,940.18 | 24,622,978,521.33 (End of Prior Year) | -3.84 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.10 | 0.01 | -1,100.00 | | Weighted Average Return on Net Assets (%) | -0.81 | 0.12 | Decrease by 0.93 percentage points | | R&D Investment as % of Operating Revenue (%) | 3.50 | 2.60 | Increase by 0.90 percentage points | - Main reasons for net profit decline: - Impacted by temporary impairment events during the reporting period[24](index=24&type=chunk) - Continuous investment in new industries such as sodium-ion batteries, precursors, and lithium manganese iron phosphate had some impact on current profit[24](index=24&type=chunk) - R&D investment increased year-on-year to maintain technological leadership[24](index=24&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) The company advanced its platform strategy, covering multiple cathode materials, with core ternary business profitable despite overall net loss from impairments and new industry investments [Discussion and Analysis of Operations](index=9&type=section&id=Discussion%20and%20Analysis%20of%20Operations) Ronbay Technology expanded its product lines to include ternary, LFP, LMFP, and sodium-ion cathodes, achieving 77 million CNY profit in its core ternary business despite overall net loss - The company's ternary material sales in the first half of the year were **50,000 tons**, with the ternary business achieving an actual profit of approximately **77 million CNY** after deducting new industry investments[29](index=29&type=chunk) - Demand for sodium-ion cathode materials is strong, with the first phase of a **6,000-ton per year** polyanionic sodium-ion cathode material production line already under construction[30](index=30&type=chunk)[31](index=31&type=chunk) - Shipments of lithium manganese iron phosphate products in the first half of 2025 have reached the total volume of full-year 2024, with sales in the commercial vehicle sector exceeding **1,000 tons**[32](index=32&type=chunk) - The company has officially entered the lithium iron phosphate sector and plans to build its first European lithium iron phosphate production line in Poland[33](index=33&type=chunk) - Progress has been made in solid-state battery materials, with high-nickel and ultra-high-nickel all-solid-state cathode materials achieving **ton-level shipments**, and the sulfide solid-state electrolyte pilot line expected to be completed in Q4[35](index=35&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=Analysis%20of%20Core%20Competencies) The company boasts leading core technologies, a strong global R&D system, deep client relationships, international production capabilities, and robust M&A integration - The company holds an internationally leading position in high-nickel and ultra-high-nickel ternary cathode materials, while also mastering core technologies in areas such as lithium manganese iron phosphate and sodium-ion cathode materials[36](index=36&type=chunk)[37](index=37&type=chunk) - The company has successfully integrated into the supply chains of leading battery and automotive manufacturers in Japan, Korea, Europe, and the US, establishing a first-mover advantage and deep cooperative client relationships[38](index=38&type=chunk) - The company is the first domestic enterprise to establish high-nickel cathode material production projects overseas; the first phase of the Korean factory with **20,000 tons** capacity has been certified, and the second phase with **40,000 tons** capacity is completed; the Polish project has been initiated and secured orders[41](index=41&type=chunk) - Through the acquisition of Fenggu Energy Saving, Skolander, and Johnson Matthey (Poland) factories, the company demonstrated strong M&A integration capabilities, continuously improving its industrial chain layout[40](index=40&type=chunk) [Core Technologies and R&D Progress](index=13&type=section&id=Core%20Technologies%20and%20R%26D%20Progress) Ronbay invested 219 million CNY in R&D, increasing 22.44%, securing 85 new patents, and advancing ultra-high nickel, sodium-ion, and solid-state battery material projects to mass production or pilot stages R&D Investment | R&D Investment | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 218,900,884.44 | 178,782,770.35 | 22.44 | | Total R&D Investment as % of Operating Revenue | 3.50% | 2.60% | Increase by 0.90 percentage points | Intellectual Property | Intellectual Property | New Applications This Period | New Grants This Period | Cumulative Grants | | :--- | :--- | :--- | :--- | | Invention Patents | 58 | 30 | 192 | | Utility Model Patents | 35 | 55 | 487 | | Total | 93 | 85 | 679 | - The company's R&D projects cover a wide range, including small-particle precursors, ultra-high nickel, lithium manganese iron phosphate, sodium-ion polyanionic materials, and solid-state electrolytes, with most projects having entered mass production or pilot-scale stages[55](index=55&type=chunk)[56](index=56&type=chunk) [Risk Factors](index=21&type=section&id=Risk%20Factors) Key risks include performance decline from market and raw material volatility, core competency threats, operational challenges, financial exposures, industry shifts, and macroeconomic uncertainties in global expansion - Performance Risk: Fluctuations in raw material prices and intensified market competition may lead to a significant decline in performance or losses[60](index=60&type=chunk) - Operational Risk: The company faces risks such as raw material supply and price fluctuations, insufficient capacity utilization, and global operational management challenges[62](index=62&type=chunk)[63](index=63&type=chunk) - Financial Risk: Fluctuations in upstream raw material prices may lead to inventory impairment losses, high accounts receivable balances may trigger bad debt risks, and the expansion of foreign currency settlement business brings exchange rate fluctuation risks[64](index=64&type=chunk) - Industry Risk: Volatility in new energy vehicle market demand and changes in power battery technology routes are major industry risks. The company mitigates this risk through a multi-route layout (ternary, lithium manganese iron phosphate, sodium-ion, etc.)[65](index=65&type=chunk)[66](index=66&type=chunk) [Analysis of Main Business](index=23&type=section&id=Analysis%20of%20Main%20Business) Operating revenue and costs decreased due to raw material price changes, R&D investment increased, operating cash flow significantly improved, and overseas assets accounted for 17.27% of total assets Key Financial Items | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,248,421,040.70 | 6,887,616,921.31 | -9.28 | | Operating Cost | 5,713,108,697.71 | 6,350,951,036.65 | -10.04 | | R&D Expenses | 218,900,884.44 | 178,782,770.35 | 22.44 | | Net Cash Flow from Operating Activities | 891,583,563.30 | -839,731,692.60 | N/A | - As of the end of the reporting period, the company's overseas assets amounted to **4.09 billion CNY**, accounting for **17.27%** of total assets[76](index=76&type=chunk) - Among major controlled subsidiaries, JS Corporation (Korea) and Xiantao Ronbay Lithium Battery achieved significant growth in operating revenue, increasing by **350.81%** and **162.08%** year-on-year, respectively; while Hubei Ronbay and Guizhou Ronbay experienced declines in revenue and net profit[82](index=82&type=chunk)[83](index=83&type=chunk) [Significant Matters](index=32&type=section&id=Significant%20Matters) The company's total guarantees to subsidiaries reached 14.091 billion CNY, representing 169.72% of net assets, with 8.231 billion CNY for high-leverage entities [Significant Contracts and Their Performance](index=41&type=section&id=Significant%20Contracts%20and%20Their%20Performance) Total guarantees to subsidiaries amounted to 14.091 billion CNY, exceeding 169% of net assets, with a substantial portion for high-debt entities Guarantee Status | Guarantee Status | Amount (10,000 CNY) | | :--- | :--- | | Total Guarantee Balance to Subsidiaries at Period End (B) | 1,409,148.00 | | Total Guarantee as % of Company's Net Assets (%) | 169.72 | | Debt Guarantee Amount Provided to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 823,148.00 | | Amount of Total Guarantee Exceeding 50% of Net Assets (E) | 956,360.41 | [Explanation of Progress in Use of Raised Funds](index=44&type=section&id=Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company adjusted its IPO-funded project, reducing ternary precursor capacity from 60,000 to 30,000 tons and reallocating 18.87 million CNY to working capital due to market conditions - The company reduced the investment scale of the "2025 Power Lithium Battery Material Comprehensive Base (Phase I)" project and permanently supplemented working capital with the remaining **18.8718 million CNY** of raised funds[110](index=110&type=chunk)[116](index=116&type=chunk) - The adjustment was due to ample capacity and intensified competition in the ternary precursor industry, where the existing **30,000-ton** production line can meet current demand, reducing the necessity for further investment[113](index=113&type=chunk)[117](index=117&type=chunk) - The company utilized a portion of temporarily idle raised funds, not exceeding **150 million CNY**, for cash management to improve capital utilization efficiency[119](index=119&type=chunk) [Share Changes and Shareholder Information](index=50&type=section&id=Share%20Changes%20and%20Shareholder%20Information) Total share capital increased from 483 million to 715 million shares, primarily due to a capital reserve transfer, with minor adjustments from restricted share cancellations [Share Fluctuation Details](index=50&type=section&id=Share%20Fluctuation%20Details) Total share capital increased from 483 million to 715 million shares, mainly driven by a 232 million share capital reserve transfer, offset by 29,804 restricted share cancellations - The company's total share capital increased from **483,029,659 shares** to **714,725,470 shares**[122](index=122&type=chunk)[124](index=124&type=chunk) - The main reason for the increase in shares was the implementation of a capital reserve to share capital transfer, totaling **231,725,615 shares**[124](index=124&type=chunk) - The decrease in shares was due to the repurchase and cancellation of **29,804 restricted shares** from the equity incentive plan[124](index=124&type=chunk) [Shareholder Information](index=51&type=section&id=Shareholder%20Information) The company had 31,932 shareholders, with the controlling shareholder and its concerted parties holding 26.89% of shares, maintaining a stable top ten shareholder structure - As of the end of the reporting period, the company had a total of **31,932 shareholders**[128](index=128&type=chunk) Top Five Shareholders | Top Five Shareholder Names | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | Shanghai Ronbay New Energy Investment Enterprise (Limited Partnership) | 192,210,000 | 26.89 | | Beijing Ronbay New Energy Investment Development Co., Ltd. | 20,797,122 | 2.91 | | Huzhou Haiyu Equity Investment Partnership (Limited Partnership) | 15,041,304 | 2.10 | | Beijing Ronbay New Energy Investment Management Co., Ltd. | 13,112,000 | 1.83 | | Beijing Ronbay New Energy Technology Investment Management Co., Ltd. | 12,278,047 | 1.72 | - Shanghai Ronbay, Beijing Ronbay Development, Beijing Ronbay Management, Beijing Ronbay Technology Investment, and Zunyi Ronbay Partnership among the top ten shareholders are all entities controlled by the company's actual controller, Bai Houshan, forming a concerted action relationship[131](index=131&type=chunk) [Financial Report](index=58&type=section&id=Financial%20Report) The company's consolidated financial statements show a 3.84% decrease in total assets, a 5.27% decrease in total liabilities, and a 1.64% decrease in equity attributable to parent company owners [Consolidated Balance Sheet Summary](index=58&type=section&id=Consolidated%20Balance%20Sheet%20Summary) As of June 30, 2025, total assets decreased by 3.84% to 23.677 billion CNY, total liabilities decreased by 5.27% to 14.622 billion CNY, and parent equity decreased by 1.64% to 8.303 billion CNY Consolidated Balance Sheet Summary | Item | Balance at Period End (2025-06-30) (CNY) | Balance at Period Start (2024-12-31) (CNY) | | :--- | :--- | :--- | | **Total Assets** | **23,677,412,940.18** | **24,622,978,521.33** | | Total Current Assets | 13,113,103,082.90 | 14,291,301,380.12 | | Total Non-Current Assets | 10,564,309,857.28 | 10,331,677,141.21 | | **Total Liabilities** | **14,621,661,202.20** | **15,435,313,948.64** | | Total Current Liabilities | 9,710,646,018.99 | 11,084,581,066.57 | | Total Non-Current Liabilities | 4,911,015,183.21 | 4,350,732,882.07 | | **Total Equity Attributable to Parent Company Owners** | **8,302,551,642.28** | **8,440,667,718.62** | [Consolidated Income Statement Summary](index=62&type=section&id=Consolidated%20Income%20Statement%20Summary) In H1 2025, operating revenue decreased by 9.28% to 6.248 billion CNY, resulting in a net loss of 68.39 million CNY for parent shareholders due to increased impairment losses Consolidated Income Statement Summary | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 6,248,421,040.70 | 6,887,616,921.31 | | Total Operating Cost | 6,248,596,000.13 | 6,840,715,682.13 | | Total Profit | -22,669,927.24 | 63,907,202.62 | | Net Profit | -34,337,659.75 | 23,115,449.93 | | Net Profit Attributable to Parent Company Shareholders | -68,394,623.37 | 10,277,881.49 | - Asset impairment losses for the current period were **-55.28 million CNY**, primarily from inventory write-downs, significantly negatively impacting profit[151](index=151&type=chunk)[430](index=430&type=chunk) [Consolidated Cash Flow Statement Summary](index=66&type=section&id=Consolidated%20Cash%20Flow%20Statement%20Summary) H1 2025 saw operating cash flow significantly improve to 892 million CNY, while investing cash outflow decreased to 1.021 billion CNY and financing cash inflow decreased to 224 million CNY Consolidated Cash Flow Statement Summary | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 891,583,563.30 | -839,731,692.60 | | Net Cash Flow from Investing Activities | -1,020,649,779.30 | -2,606,550,586.07 | | Net Cash Flow from Financing Activities | 224,446,785.00 | 1,679,028,284.53 | | Net Increase in Cash and Cash Equivalents | 90,058,233.29 | -1,781,827,987.63 |

IEE MINING COMPANY LINTED 股票代码：000408 2025半年度报告 2025米年度报告 1 - Sep 2017 - 1 藏格矿业股份有限公司 ZANGGE MINING COMPANY LIMITED 诚信经营，科学发展，优质高效，服务社会， 为社会创造价值，实现公司、股东和员工利益最大化 Honest operation, scientific development, high quality and efficiency, serve the society, create value for the society, and maximize the interests of the company, shareholders and employees 经营活动产生的现金流量净额 （万元） 目录 | 第一节 重要提示和释义 . | | --- | | 第二节 公司简介和主要财务指标 . | | 第三节 管理层讨论与分析 | | 第四节 公司治理、环境和社会 034 | | 第五节 重要事项 | | 第六节 股份变动及股东情况 | | --- | | 第七节 债券相关情况 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers from management, outlines the report's structure, and defines key terms for clarity [1.1 Important Notice](index=2&type=section&id=1.1%20Important%20Notice) The company's board, supervisory board, and all senior executives guarantee the truthfulness, accuracy, and completeness of this annual report, free from false records, misleading statements, or major omissions, with all directors attending the board meeting reviewing this report - Company management ensures the truthfulness, accuracy, and completeness of the annual report and assumes corresponding legal responsibilities[4](index=4&type=chunk) - The company's 2024 profit distribution plan is to distribute a cash dividend of **5.00 Yuan (tax included)** per 10 shares to all shareholders based on the total share capital as of December 31, 2024, with no bonus shares or capital increase from the capital reserve[4](index=4&type=chunk) [1.2 Definitions](index=5&type=section&id=1.2%20Definitions) This section defines abbreviations for key company entities, related parties, and professional terms used in the report, such as "Bikita" for Bikita Minerals (Private) Limited, "Tanco" for Tanco Mining Corporation of Canada, and "LCE" for Lithium Carbonate Equivalent, providing a basis for understanding the report content - The report clarifies abbreviations for the company and its major domestic and overseas subsidiaries, such as Bikita Mine and Tanco Mine, facilitating investor understanding of the company's complex equity structure and business entities[12](index=12&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) The company's business has diversified from mineral exploration to lithium new energy and rare light metals, with 2024 financial performance showing significant declines in revenue and net profit due to market conditions [2.1 Company Information and Main Business Changes](index=6&type=section&id=2.1%20Company%20Information%20and%20Main%20Business%20Changes) Sinomine Resource Group Co., Ltd. (stock code: 002738) has transformed its main business since its 2014 listing from solely solid mineral exploration services to three core segments: lithium new energy raw materials, rare light metal (cesium, rubidium) resource development and utilization, and traditional solid mineral exploration and mining rights development, through a series of acquisitions - The company's main business has expanded through multiple acquisitions from initial mineral exploration services to three major segments: lithium new energy raw materials, rare light metal resource development and utilization, and solid mineral exploration and mining rights development[18](index=18&type=chunk) [2.2 Key Accounting Data and Financial Indicators](index=7&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2024, the company's performance significantly declined due to market conditions, with operating revenue down 10.80% to **5.36 billion Yuan** and net profit attributable to shareholders down 65.72% to **757 million Yuan**, while total assets grew by 8.23% | Indicator | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 5,363,854,702.53 | 6,013,324,070.79 | -10.80% | | **Net Profit Attributable to Shareholders (Yuan)** | 756,974,637.04 | 2,208,162,354.73 | -65.72% | | **Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses (Yuan)** | 602,573,892.31 | 2,130,116,103.05 | -71.71% | | **Net Cash Flow from Operating Activities (Yuan)** | 500,018,302.86 | 3,002,095,050.03 | -83.34% | | **Basic Earnings Per Share (Yuan/share)** | 1.0498 | 3.1506 | -66.68% | | **Weighted Average Return on Net Assets** | 6.25% | 20.95% | -14.70% | | **Total Assets (Yuan)** | 17,192,842,452.12 | 15,884,832,497.44 | 8.23% | | **Net Assets Attributable to Shareholders (Yuan)** | 12,181,272,440.60 | 12,177,935,356.68 | 0.03% | [2.3 Quarterly Key Financial Indicators](index=8&type=section&id=2.3%20Quarterly%20Key%20Financial%20Indicators) The company's 2024 performance showed a front-loaded to back-loaded trend, with Q4 revenue significantly increasing sequentially, but net profit fluctuating, and operating cash flow turning positive in Q4 after being negative in the first three quarters | Indicator (Yuan) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,126,629,911.71 | 1,295,102,034.28 | 1,147,617,368.97 | 1,794,505,387.57 | | **Net Profit Attributable to Shareholders** | 256,150,429.61 | 216,841,155.72 | 72,762,533.07 | 211,220,518.64 | | **Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses** | 228,330,766.83 | 216,584,641.72 | -29,515,754.45 | 187,174,238.21 | | **Net Cash Flow from Operating Activities** | -105,936,459.82 | -1,224,234.93 | -61,128,450.22 | 668,307,447.83 | [2.4 Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=2.4%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In 2024, the company's non-recurring gains and losses totaled **154 million Yuan**, a significant increase from **78.05 million Yuan** in 2023, primarily from government subsidies, reversal of impairment provisions for receivables, and other items | Item | 2024 Amount (Yuan) | 2023 Amount (Yuan) | | :--- | :--- | :--- | | Government subsidies recognized in current profit or loss | 51,653,592.78 | 73,340,380.52 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 43,744,694.31 | - | | Other profit and loss items meeting the definition of non-recurring gains and losses | 49,355,434.43 | 2,113,101.52 | | **Total** | **154,400,744.73** | **78,046,251.68** | [Part III Management Discussion and Analysis](index=10&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main operations, core competencies, financial performance, asset and liability status, investment activities, and future development outlook [3.1 Industry Overview During the Reporting Period](index=10&type=section&id=3.1%20Industry%20Overview%20During%20the%20Reporting%20Period) The company operates in industries facing both opportunities and challenges, with the lithium new energy sector benefiting from global decarbonization but experiencing price volatility, rare light metals gaining strategic value, and solid mineral exploration supported by national resource security policies - The lithium battery industry benefits from new energy vehicle penetration exceeding **50%** and the expansion of the energy storage market, showing strong growth resilience, but lithium salt market price fluctuations have intensified[29](index=29&type=chunk)[30](index=30&type=chunk)[38](index=38&type=chunk) | Product Name | 2023 Production Volume (10,000 tons) | 2024 Production Volume (10,000 tons) | YoY Change | | :--- | :--- | :--- | :--- | | Lithium Carbonate | 51.79 | 70.1 | 35.35% | | Lithium Hydroxide | 31.96 | 41.4 | 29.54% | | **Total** | **85.5** | **113.9** | **33.22%** | - Cesium and rubidium are indispensable critical minerals for strategic emerging industries, with scarce global resources, and the company's controlled Canadian Tanco Mine is the world's only existing producing pollucite primary mine, possessing significant resource advantages[57](index=57&type=chunk) - National policies emphasize energy and resource security, encouraging increased exploration and development of strategic mineral resources, providing a favorable policy environment for the company's solid mineral exploration business[65](index=65&type=chunk) [3.2 Main Businesses During the Reporting Period](index=18&type=section&id=3.2%20Main%20Businesses%20During%20the%20Reporting%20Period) The company operates three main businesses: lithium new energy raw material development, rare light metal (cesium, rubidium) resource development, and solid mineral exploration and mining rights development, covering a full value chain from mining to processing with significant resource holdings and production capacities - The company is an integrated lithium new energy raw material enterprise, with products including battery-grade lithium carbonate, lithium hydroxide, and lithium fluoride, where lithium fluoride has entered the **Tesla supply chain**[68](index=68&type=chunk)[69](index=69&type=chunk) - Zimbabwe's Bikita Mine has undergone three reserve increases, with LCE resources now reaching **2.8847 million tons**, and new projects have reached production capacity, significantly increasing raw material self-sufficiency; the company collectively possesses **66,000 tons/year** of battery-grade lithium salt production capacity[70](index=70&type=chunk)[73](index=73&type=chunk) - The company is a global leader in cesium and rubidium salt fine chemicals, possessing two major high-quality cesium resources at Canada's Tanco and Zimbabwe's Bikita mines, with cesium formate products holding an absolute market share in the global high-temperature and high-pressure oil and gas well market[84](index=84&type=chunk)[85](index=85&type=chunk) - The company holds **73 mining rights**, including **15 mining permits** and **44 exploration permits**, with rich resource reserves covering various metals such as lithium, cesium, copper, germanium, gallium, and zinc[66](index=66&type=chunk)[96](index=96&type=chunk) [3.3 Core Competitiveness Analysis](index=27&type=section&id=3.3%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from synergistic advantages across its three business segments, including significant resource and production capacity in lithium, global leadership in rare light metals, and extensive overseas exploration experience in mineral prospecting - Lithium battery business: Possesses two major mine resources in Zimbabwe's Bikita and Canada's Tanco, with a combined beneficiation capacity of **4.18 million tons/year** and battery-grade lithium salt capacity of **66,000 tons/year**, ensuring high raw material self-sufficiency[107](index=107&type=chunk)[108](index=108&type=chunk) - Rare light metal business: Controls major high-quality cesium mineral resources globally (Canada's Tanco Mine), possessing significant resource advantages and global pricing power in the cesium salt business[111](index=111&type=chunk) - Mineral exploration business: As one of China's first "going out" commercial comprehensive geological exploration technical service enterprises, it possesses rich overseas experience, cross-border resource integration capabilities, and technological advantages, demonstrating a clear first-mover advantage in overseas exploration[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) [3.4 Main Business Analysis](index=29&type=section&id=3.4%20Main%20Business%20Analysis) In 2024, operating revenue decreased by 10.80% to **5.36 billion Yuan** and net profit by 65.72% to **757 million Yuan**, primarily due to the lithium battery segment's decline, while rare light metals showed strong growth and high profitability, driving the company's multi-metal transformation | Indicator | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (10,000 Yuan)** | 536,385.47 | 601,332.41 | -10.80% | | **Net Profit Attributable to Shareholders (10,000 Yuan)** | 75,697.46 | 220,816.24 | -65.72% | | **Total Assets (10,000 Yuan)** | 1,719,284.25 | 1,588,483.25 | 8.23% | | By Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Operating Revenue Change | YoY Operating Cost Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Lithium New Energy** | 3,129,280,435.76 | 2,546,472,667.11 | 18.62% | -26.25% | 42.14% | -39.15% | | **Rare Light Metals** | 1,395,246,555.55 | 302,849,168.05 | 78.29% | 24.16% | -24.33% | 13.91% | - The company's geological exploration advantages facilitate mining rights development, with the acquisition of **65% equity** in Zambia's Kitumba Copper Mine project and **98% equity** in Namibia's Tsumeb project in 2024, officially entering the strategic metals of copper, germanium, and gallium[126](index=126&type=chunk)[129](index=129&type=chunk) - The company actively rewards shareholders through dividends and share repurchases and cancellations, distributing **722 million Yuan** in cash for 2023 and completing **302 million Yuan** in share repurchases and cancellations[134](index=134&type=chunk)[135](index=135&type=chunk) - Net cash flow from operating activities significantly decreased by **83.34%**, primarily due to the price correction of lithium battery materials; cash inflow from investing activities significantly increased by **237.44%**, mainly due to the recovery of time deposits; cash inflow from financing activities significantly decreased by **61.95%**, mainly because of non-public offering fundraising in the prior year[172](index=172&type=chunk) [3.5 Analysis of Assets and Liabilities](index=50&type=section&id=3.5%20Analysis%20of%20Assets%20and%20Liabilities) As of year-end 2024, total assets reached **17.19 billion Yuan**, growing by 8.23%, with increased proportions of fixed and intangible assets due to project capitalization and acquisitions, while monetary funds decreased and short-term borrowings rose | Item | Amount at 2024 Year-End (Yuan) | % of Total Assets | Amount at 2024 Year-Start (Yuan) | % of Total Assets | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 4,084,374,474.63 | 23.76% | 4,915,300,196.12 | 30.94% | -7.18% | | Inventories | 2,142,235,084.28 | 12.46% | 1,444,864,790.98 | 9.10% | 3.36% | | Fixed Assets | 3,133,336,602.85 | 18.22% | 2,177,955,358.83 | 13.71% | 4.51% | | Intangible Assets | 2,430,567,716.12 | 14.14% | 1,852,634,132.41 | 11.66% | 2.48% | | Short-term Borrowings | 1,485,883,353.05 | 8.64% | 913,668,144.58 | 5.75% | 2.89% | - The company has a high proportion of overseas assets, primarily held through Hong Kong subsidiaries, accounting for over **79%** of the company's net assets, with no significant impairment risk[175](index=175&type=chunk) [3.6 Investment Status Analysis](index=53&type=section&id=3.6%20Investment%20Status%20Analysis) Total investments in the reporting period were **1.301 billion Yuan**, down 24.74%, including strategic equity acquisitions in copper, germanium, and gallium, and significant non-equity investments in lithium salt and lithium mine projects, with hedging activities to mitigate price risks - Major equity investments during the reporting period primarily involved the acquisition of Namibia's Tsumeb Smelter and Zambia's Kitumba Copper Mine, totaling approximately **605 million Yuan**, aimed at expanding the multi-metal business layout[182](index=182&type=chunk) - Major non-equity investment projects, such as Chunpeng Lithium's **35,000 tons/year** high-purity lithium salt project, Bikita Lithium Mine's **2 million tons/year** construction project, and **1.2 million tons/year** expansion project, are progressing as planned, but due to lithium battery market fluctuations, they did not achieve expected returns during the reporting period[183](index=183&type=chunk)[185](index=185&type=chunk) - The company uses lithium carbonate futures for hedging to mitigate product market price fluctuation risks, incurring an actual loss of **7.7883 million Yuan** during the reporting period[190](index=190&type=chunk) - In 2023, **2.974 billion Yuan** was raised through non-public offerings, with **2.798 billion Yuan** cumulatively used, reaching a utilization rate of **93.27%**, primarily for lithium salt and lithium mine project construction[194](index=194&type=chunk) [3.7 Outlook on Company's Future Development](index=61&type=section&id=3.7%20Outlook%20on%20Company%27s%20Future%20Development) The company's future strategy focuses on "main business foundation, global expansion, multi-polar growth" to build a multi-driven industrial structure encompassing new energy metals, bulk metals, and rare strategic metals, while enhancing competitiveness through innovation and ESG | Business Segment | Strategic Goal | | :--- | :--- | | **Lithium New Energy** | Maintain industry-leading costs, complete **30,000 tons/year** lithium sulfate capacity layout in Africa by 2026 | | **Copper Mineral Resources** | Complete Kitumba Copper Mine's **60,000 tons/year** integrated construction by 2026, achieving over **100,000 tons/year** copper capacity within 5 years | | **Rare Strategic Metals** | Complete Tsumeb multi-metal recovery project's pyrometallurgical construction and Bikita cesium beneficiation plant construction by 2025 | | **Mineral Exploration** | Actively promote the value conversion of proprietary mining rights, acquiring high-quality resources such as copper, gold, cesium, lithium, and germanium globally | - The company will continue to strengthen technological innovation, promoting the industrial chain towards high-end and green development, currently holding a total of **142 valid patents**, including **78 invention patents**[207](index=207&type=chunk)[208](index=208&type=chunk) - The company will optimize and improve its ESG system, establish an ESG Management Department, and has released its first ESG report, firmly committing to a green development path[209](index=209&type=chunk)[210](index=210&type=chunk) - The company faces major risks including exchange rate fluctuations, market and price volatility, increased environmental protection costs, and geopolitical changes; countermeasures include using stable currency settlements, signing long-term agreements, futures hedging, enhancing environmental standards, and purchasing policy-based credit insurance[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk) [Part IV Corporate Governance](index=65&type=section&id=Part%20IV%20Corporate%20Governance) The company continuously improves its corporate governance structure and internal control system, ensuring compliance with regulations, achieving high ratings for information disclosure, and actively managing investor relations [4.1 Basic Status of Corporate Governance](index=65&type=section&id=4.1%20Basic%20Status%20of%20Corporate%20Governance) The company adheres to laws and regulations, continuously improving its corporate governance structure and internal control system, with 12 revised or new internal management policies implemented to enhance operational efficiency and compliance, earning an A-grade for information disclosure - During the reporting period, the company revised or added **12 internal policies**, including the "Articles of Association," "Working Rules for Independent Directors' Special Meetings," and "Market Value Management System," to adapt to new regulatory requirements and enhance governance levels[221](index=221&type=chunk) - The company's information disclosure work is standardized, earning an **A-grade** evaluation for information disclosure from the Shenzhen Stock Exchange for the 2023-2024 period[229](index=229&type=chunk) - The company actively manages investor relations, organizing **4 earnings calls** and publishing **8 investor activity records** during the reporting period, covering over **1,000 domestic and international investment institutions**[230](index=230&type=chunk) [4.2 Directors, Supervisors, and Senior Management](index=68&type=section&id=4.2%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section details the basic information, tenure, shareholding changes, and compensation of the company's directors, supervisors, and senior management, highlighting their industry expertise and the link between compensation and performance | Name | Position | Total Pre-tax Compensation from Company (10,000 Yuan) | Whether compensated by company's related parties | | :--- | :--- | :--- | :--- | | Wang Pingwei | Chairman, President | 208.00 | No | | Zhang Jinwei | Director, Vice President & Board Secretary | 139.00 | No | | Zhang Xueshu | Vice President | 126.00 | No | | Wang Zhenhua | Vice President | 133.00 | No | | Jiang Yanlong | CFO & Senior Manager of Financial Management Dept. | 105.00 | No | - During the reporting period, Board Secretary Mr. Zhang Jinwei increased his holdings by **10,000 shares**, and Vice President Mr. Wang Zhenhua and CFO Mr. Jiang Yanlong increased their shares by **120,000 shares** and **156,800 shares** respectively through option exercise[237](index=237&type=chunk)[238](index=238&type=chunk) [4.3 Internal Control System Construction and Implementation](index=78&type=section&id=4.3%20Internal%20Control%20System%20Construction%20and%20Implementation) The company continuously improved its internal control system and strengthened internal audit supervision, maintaining effective internal controls over financial reporting in all material aspects as of December 31, 2024, with no material weaknesses identified, and receiving a standard unqualified audit opinion - The company's internal control evaluation report concluded that as of December 31, 2024, the company maintained effective internal controls over financial reporting in all material aspects, with no material weaknesses identified[270](index=270&type=chunk)[272](index=272&type=chunk) - Ernst & Young Hua Ming LLP issued a standard unqualified audit report on the effectiveness of the company's internal controls over financial reporting as of December 31, 2024[275](index=275&type=chunk) [Part V Environmental and Social Responsibility](index=81&type=section&id=Part%20V%20Environmental%20and%20Social%20Responsibility) The company, including its key subsidiaries, is designated as a major polluter, adhering strictly to environmental regulations, implementing energy-saving and carbon reduction measures, and addressing environmental incidents promptly [5.1 Major Environmental Issues](index=81&type=section&id=5.1%20Major%20Environmental%20Issues) The company and its subsidiaries are designated as key polluting units, strictly complying with environmental laws, with one instance of a **30,000 Yuan** fine for a monitoring equipment malfunction, and actively implementing energy-saving and carbon reduction initiatives - The company's domestic subsidiaries Jiangxi Sinomine New Materials and Jiangxi Sinomine Lithium, as well as overseas subsidiaries Bikita, Tanco, and Tsumeb Smelter, are all identified as key polluting units[278](index=278&type=chunk) - During the reporting period, Jiangxi Sinomine New Materials was fined **RMB 30,000** for the abnormal operation of its atmospheric pollutant automatic monitoring equipment; the company immediately replaced the equipment and restored normal operation[294](index=294&type=chunk) - The company actively implements energy-saving and carbon reduction measures, including establishing a photovoltaic energy storage structure at Bikita Mine, optimizing tailings management at Tanco Mine, and installing energy-saving drive devices at Tsumeb Smelter[292](index=292&type=chunk)[293](index=293&type=chunk)[294](index=294&type=chunk) [Part VI Significant Matters](index=91&type=section&id=Part%20VI%20Significant%20Matters) The company completed two major strategic acquisitions in copper, germanium, and gallium, actively returned value to shareholders through dividends and share repurchases, and engaged in significant related-party transactions for transportation services [6.1 Major Asset and Equity Acquisitions](index=100&type=section&id=6.1%20Major%20Asset%20and%20Equity%20Acquisitions) During the reporting period, the company completed two major strategic acquisitions: **65% equity** in Zambia's Kitumba copper mine for **$58.5 million** and **98% equity** in Namibia's Tsumeb smelter, marking its entry into copper, germanium, and gallium - The company acquired **65% equity** in Zambia's Kitumba Copper Mine project for **$58.5 million**, with plans to invest **$563 million** in an integrated project to produce **60,000 tons/year** of cathode copper[334](index=334&type=chunk) - The company acquired **98% equity** in Namibia's Tsumeb Smelter, gaining tailings resources containing **746.21 tons of germanium**, **409.6 tons of gallium**, and **209,500 tons of zinc**, with plans to invest **$223 million** in a multi-metal comprehensive recycling project[336](index=336&type=chunk) [6.2 Share Repurchase and Profit Distribution](index=100&type=section&id=6.2%20Share%20Repurchase%20and%20Profit%20Distribution) The company actively returned value to shareholders by completing the 2023 profit distribution of **722 million Yuan** in cash dividends and canceling **8.32 million** repurchased shares totaling **302 million Yuan** - Completed 2023 equity distribution, distributing **10 Yuan** per 10 shares, totaling **722 million Yuan** in cash dividends[333](index=333&type=chunk) - Completed share repurchase plan, cumulatively repurchasing **8,319,817 shares** for a total of **302 million Yuan**, all of which were canceled on October 21, 2024[337](index=337&type=chunk) [6.3 Significant Related-Party Transactions](index=95&type=section&id=6.3%20Significant%20Related-Party%20Transactions) Significant related-party transactions during the reporting period primarily involved the procurement of lithium concentrate transportation services from S&S Resources International Co., Limited for **301 million Yuan** and Beijing Xiangda Logistics Co., Ltd. for **72.06 million Yuan**, both within approved annual limits | Related Party | Related Transaction Content | Amount Incurred This Period (10,000 Yuan) | Approved Transaction Limit (10,000 Yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | S&S Resources International Co., Limited | Lithium Concentrate Transportation Services | 30,056.13 | 36,250.00 | No | | Beijing Xiangda Logistics Co., Ltd. | Lithium Concentrate Transportation Services | 7,205.90 | 15,000.00 | No | [Part VII Share Changes and Shareholder Information](index=102&type=section&id=Part%20VII%20Share%20Changes%20and%20Shareholder%20Information) The company's total share capital decreased from **728 million** to **721 million** shares due to share repurchases and cancellations, partially offset by equity incentive exercises, with detailed information on shareholders and actual controllers [7.1 Share Change Status](index=102&type=section&id=7.1%20Share%20Change%20Status) During the reporting period, the company's total share capital decreased from **728 million shares** to **721 million shares**, primarily due to the cancellation of repurchased shares, partially offset by equity incentive exercises - The company's total share capital changed from **728,431,054 shares** at the beginning of the period to **721,491,877 shares** at the end, a net decrease of **6,939,177 shares**, due to share repurchases and cancellations and equity incentive exercises[343](index=343&type=chunk)[344](index=344&type=chunk) - Share changes primarily resulted from the cancellation of **8,319,817 repurchased shares** and an increase of **1,380,640 shares** from stock option exercises[344](index=344&type=chunk)[345](index=345&type=chunk) [7.2 Shareholders and Actual Controllers](index=105&type=section&id=7.2%20Shareholders%20and%20Actual%20Controllers) As of the end of the reporting period, the company had **59,504** common shareholders, with Sinomine Mining Group Co., Ltd. as the controlling shareholder (**14.13%**), and the actual controllers being seven natural persons acting in concert | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End | | :--- | :--- | :--- | :--- | | Sinomine Mining Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 14.13% | 101,920,000 | | Wei Wei | Domestic Natural Person | 4.23% | 30,522,322 | | HKSCC Nominees Limited | Overseas Legal Person | 1.82% | 13,135,492 | | Sun Meichun | Domestic Natural Person | 1.72% | 12,374,368 | | Postal Savings Bank of China - Oriental New Energy Vehicle Theme Mixed Fund | Other | 1.67% | 12,027,472 | - The company's actual controllers are seven natural persons: Liu Xinguo, Wang Pingwei, Ou Xuegang, Wang Fangmiao, Wei Yunfeng, Wu Zhihua, and Chen Haizhou, who control the company through concerted action[359](index=359&type=chunk) [Part X Financial Report](index=111&type=section&id=Part%20X%20Financial%20Report) The financial report includes an unqualified audit opinion from Ernst & Young Hua Ming LLP, detailing the company's balance sheet, income statement, and cash flow statement, reflecting asset growth, profit decline, and changes in cash flows [10.1 Audit Report](index=111&type=section&id=10.1%20Audit%20Report) Ernst & Young Hua Ming LLP issued a standard unqualified audit opinion on the company's 2024 financial statements, confirming fair presentation in accordance with accounting standards, with key audit matters being "goodwill impairment" and "revenue recognition" - The audit opinion is a standard unqualified opinion, issued by Ernst & Young Hua Ming LLP[369](index=369&type=chunk) - Key audit matters are goodwill impairment and revenue recognition; auditors have performed relevant procedures and consider management's treatment reasonable[372](index=372&type=chunk)[374](index=374&type=chunk) [10.2 Financial Statements](index=113&type=section&id=10.2%20Financial%20Statements) The financial statements for 2024 show total assets growing to **17.19 billion Yuan**, but a decline in net profit to **754 million Yuan**, with significant increases in fixed assets, intangible assets, and inventories, and shifts in cash flow activities Consolidated Balance Sheet Key Items (Unit: Yuan) | Item | Period-End Balance | Period-Start Balance | | :--- | :--- | :--- | | Monetary Funds | 4,084,374,474.63 | 4,915,300,196.12 | | Accounts Receivable | 776,364,988.13 | 373,636,622.90 | | Inventories | 2,142,235,084.28 | 1,444,864,790.98 | | Fixed Assets | 3,133,336,602.85 | 2,177,955,358.83 | | Construction in Progress | 588,638,341.78 | 796,606,675.74 | | Intangible Assets | 2,430,567,716.12 | 1,852,634,132.41 | | Goodwill | 1,226,538,018.74 | 1,226,538,018.74 | | Short-term Borrowings | 1,485,883,353.05 | 913,668,144.58 | | Long-term Borrowings | 341,913,530.71 | 553,183,000.00 | | **Total Assets** | **17,192,842,452.12** | **15,884,832,497.44** | | **Total Liabilities** | **4,704,787,109.12** | **3,661,359,349.19** | | **Total Owners' Equity** | **12,488,055,343.00** | **12,223,473,148.25** | Consolidated Income Statement Key Items (Unit: Yuan) | Item | 2024 Annual | 2023 Annual | | :--- | :--- | :--- | | Total Operating Revenue | 5,363,854,702.53 | 6,013,324,070.79 | | Total Operating Cost | 4,519,931,446.61 | 3,650,464,334.49 | | R&D Expenses | 113,351,521.80 | 172,111,720.94 | | Total Profit | 960,252,790.32 | 2,420,200,697.67 | | Net Profit | 753,812,491.93 | 2,202,291,386.32 | | Net Profit Attributable to Parent Company Shareholders | 756,974,637.04 | 2,208,162,354.73 | Consolidated Cash Flow Statement Key Items (Unit: Yuan) | Item | 2024 Annual | 2023 Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 500,018,302.86 | 3,002,095,050.03 | | Net Cash Flow from Investing Activities | -881,033,129.74 | -2,660,735,481.53 | | Net Cash Flow from Financing Activities | -356,944,626.80 | 1,813,003,173.67 | | Net Increase in Cash and Cash Equivalents | -726,686,695.82 | 2,145,535,699.42 |

北京京西文化旅游股份有限公司 2025 年半年度报告全文 北京京西文化旅游股份有限公司 2025 年半年度报告 2025 年 8 月 1 北京京西文化旅游股份有限公司 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。 公司可能面对的风险有监管政策风险、市场竞争加剧的风险、产品销售 的市场风险、制作成本不断上升的风险、盗版风险等，请投资者注意投资风 险。详细内容见本报告"第三节 管理层讨论与分析"之"十、公司面临的风 险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 重要提示、目录和释义 | 2 | | --- | --- | | 第二节 公司简介和主要财务指标 | 6 | | 第三节 管理层讨论与分析 | 9 | | 第四节 公司治理、环境和社会 | 20 | | 第五节 重要事项 | 22 | | 第六节 股份变动及股东情况 | 30 | | 第七节 债券相关情况 | 34 | ...

证券代码：688033 证券简称：天宜新材 公告编号：2025-029 北京天宜上佳高新材料股份有限公司 2025 年半年度业绩预告的自愿性披露公告 重要内容提示： 北京天宜上佳高新材料股份有限公司（以下简称"公司"）预计 2025 年半 年度实现归属于上市公司股东的净利润为-24,000.00 万元到-19,000.00 万元，与 上年同期（法定披露数据）相比，预计将减亏 25,278.57 万元到 30,278.57 万元， 同比减亏 51.30%到 61.44%；预计 2025 年半年度实现归属于上市公司股东扣除 非经常性损益的净利润为-25,000.00 万元到-20,000.00 万元，与上年同期（法定 披露数据）相比，预计将减亏 25,788.16 万元到 30,788.16 万元，同比减亏 50.78% 到 60.62%。 本次业绩预告仅为初步核算数据，具体准确的财务数据以公司正式披露 的 2025 年半年度报告为准，敬请广大投资者注意投资风险。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）预计的经营业绩：同向减亏 （1）经财 ...

杭州萤石网络股份有限公司2025 年半年度报告 杭州萤石网络股份有限公司 2025 年半年度报告 1 / 186 公司代码：688475 公司简称：萤石网络 杭州萤石网络股份有限公司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 报告期内，不存在对公司生产经营构成实质性影响的重大风险。公司已于本报告中详细描述了存 在的相关风险，详见"第三节管理层讨论与分析"中关于公司风险因素的相应内容。 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、 公司负责人蒋海青、主管会计工作负责人郭航标及会计机构负责人（会计主管人员）郑威 海声明：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 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 □适用 √不适用 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性描述，不构成公司对 ...

[Item 1 Important Notice, Table of Contents and Definitions](index=2&type=section&id=Item%201%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides important disclaimers, the report's structure, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Committee, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, bearing legal responsibility, while forward-looking statements do not constitute substantive commitments - The company's Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of **CNY 9.25 (tax inclusive) per 10 shares** to all shareholders[5](index=5&type=chunk) - The company advises investors to pay attention to six major risks: industry policy risk, macroeconomic environment changes and downstream industry fluctuation risk, raw material price fluctuation risk, market competition risk, technology leakage risk, and accounts receivable risk[4](index=4&type=chunk) [Table of Contents and Definitions](index=3&type=section&id=Table%20of%20Contents%20and%20Definitions) This chapter outlines the report's structure and defines key terms, such as company abbreviation, reporting period, and main products, to facilitate understanding [Item 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and a summary of its key financial performance during the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) This chapter provides the company's basic information, including its stock ticker "YUHONG", stock code "002271", listing venue Shenzhen Stock Exchange, legal representative, and contact details [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue and net profit attributable to shareholders both declined by 10.84% and 40.16% respectively, while net cash flow from operating activities significantly improved by 70.18% 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 13,569,021,520.18 | 15,218,469,083.94 | -10.84% | | Net Profit Attributable to Shareholders | 564,438,410.91 | 943,244,314.04 | -40.16% | | Net Cash Flow from Operating Activities | -395,909,846.60 | -1,327,740,373.01 | 70.18% | | Basic Earnings Per Share (CNY/share) | 0.24 | 0.39 | -38.46% | | Weighted Average Return on Net Assets | 2.37% | 3.38% | -1.01% | | **Indicator** | **End of Current Reporting Period (CNY)** | **End of Prior Year (CNY)** | **YoY Change** | | Total Assets | 44,057,392,307.77 | 44,715,448,811.80 | -1.47% | | Net Assets Attributable to Shareholders | 22,777,018,162.43 | 24,934,259,584.77 | -8.65% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's non-recurring gains and losses totaled **CNY 57.29 million** during the reporting period, primarily from government subsidies of **CNY 76.70 million** recognized in current profit, resulting in a net profit attributable to shareholders of **CNY 507 million** after deducting non-recurring items 2025 Semi-Annual Non-Recurring Gains and Losses | Item | Amount (CNY) | | :--- | :--- | | Non-Current Asset Disposal Gains/Losses | -3,017,452.72 | | Government Subsidies Recognized in Current Profit/Loss | 76,699,868.00 | | Fair Value Changes of Financial Assets/Liabilities | -5,631,978.59 | | Debt Restructuring Gains/Losses | 7,106,662.03 | | Other Non-Operating Income and Expenses | -2,724,776.59 | | **Total** | **57,292,927.61** | [Item 3 Management Discussion and Analysis](index=9&type=section&id=Item%203%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operations, financial performance, and strategic initiatives during the reporting period [I. Principal Businesses Engaged in During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) The company maintains high-quality, stable development, focusing on its dual core businesses of building waterproofing and mortar powder, while actively expanding into civil building materials, architectural coatings, and energy-saving insulation [Overview](index=9&type=section&id=Overview) The company prioritized risk control and high-quality, stable development, focusing on waterproofing and mortar powder as dual core businesses, while exploring overseas markets as a third growth curve - The company's strategy focuses on **waterproofing and mortar powder** as dual core businesses, actively exploring overseas markets as a third growth curve, aiming to become a global building materials system service provider[30](index=30&type=chunk)[31](index=31&type=chunk) - In the first half of 2025, combined revenue from **engineering and retail channels totaled CNY 11.41 billion**, accounting for **84.06% of total revenue**, indicating channel sales as the primary mode[32](index=32&type=chunk)[33](index=33&type=chunk) - Retail business was prioritized, achieving **CNY 5.06 billion in revenue** in the first half, representing **37.28% of total revenue**, with Civil Building Materials Group contributing **CNY 4.75 billion**, or **34.99%**[34](index=34&type=chunk) - The company accelerated its overseas expansion by establishing companies in multiple countries, advancing overseas production base construction (USA, Saudi Arabia, Canada, Malaysia), and pursuing mergers and acquisitions (Hong Kong, Chile) to broaden its international market presence[36](index=36&type=chunk) [Introduction to Company's Main Businesses](index=11&type=section&id=Introduction%20to%20Company's%20Main%20Businesses) The company's core business is waterproofing, extending into civil building materials, mortar powder, and architectural coatings, with retail business as a key development focus - The company has evolved into a building materials system service provider, with **waterproofing as its core business**, extending into diverse areas such as civil building materials, mortar powder, architectural coatings, and energy-saving insulation[38](index=38&type=chunk) Retail Business Key Data (First Half 2025) | Business Segment | Operating Revenue (CNY billion) | % of Company's Total Revenue | | :--- | :--- | :--- | | **Total Retail Business** | **5.06** | **37.28%** | | Of which: Civil Building Materials Group | 4.75 | 34.99% | - The company officially launched its B2C professional service brand "Yuhong", covering six major business segments including waterproofing repair and wall renovation, serving nearly **70,000 households** in the first half[46](index=46&type=chunk) - The former Mortar Powder Technology Group and DAW (China) were integrated to form the Coatings and Mortar Powder Technology Group, aiming to provide "one-stop supply" through resource integration and ecological synergy[50](index=50&type=chunk) [Sales Model](index=17&type=section&id=Sales%20Model) The company employs a multi-tiered marketing network combining direct sales and channel models, with channel sales becoming the primary approach - The company's sales model combines direct sales and channel models, with **channel sales (including engineering and retail) currently being the primary sales method**[54](index=54&type=chunk) - The engineering market is managed by provincial integrated companies, strategic centralized procurement divisions, and specialized domain companies, through partner development to strengthen regional market penetration[55](index=55&type=chunk) - Retail channels are managed by the Civil Building Materials Group, B2C service platform, and architectural coatings retail business segment, serving general consumers through a multi-faceted marketing network including home decoration companies, building material supermarkets, and e-commerce[55](index=55&type=chunk) [Industry Overview and Company's Industry Position](index=18&type=section&id=Industry%20Overview%20and%20Company's%20Industry%20Position) The Chinese building waterproofing industry is characterized by a fragmented market, but concentration is gradually increasing towards leading enterprises, with Oriental Yuhong holding a prominent position as an industry leader - The domestic building waterproofing industry is fragmented with low market concentration, but industry concentration is increasing year by year towards leading enterprises due to stricter regulations and higher demands from downstream customers[56](index=56&type=chunk) - As an industry leader, the company ranks among the top in terms of R&D capabilities, product competitiveness, application technology, sales model, and brand influence[57](index=57&type=chunk)[58](index=58&type=chunk) [II. Analysis of Core Competencies](index=19&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies encompass strong brand recognition, leading R&D capabilities, strategic nationwide production capacity, significant cost advantages, a multi-tiered marketing network, comprehensive product categories, advanced application technology, and a commitment to shareholder returns - **Brand Advantage**: The company's "Oriental Yuhong" brand is a recognized premium brand in the building materials sector, complemented by a matrix of sub-brands including "Yuhong Waterproofing", "Huasha", and "DAW"[59](index=59&type=chunk) - **Product R&D Advantage**: The company is a national technology innovation demonstration enterprise, possessing R&D platforms such as the National Key Laboratory for Advanced Waterproofing Materials, and actively pursuing overseas intellectual property布局[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - **Production Capacity Layout Advantage**: The company has established production, logistics, and R&D bases in major regions across the country, enabling coordinated nationwide production and delivery to reduce logistics costs[63](index=63&type=chunk) - **Cost Advantage**: Significant cost advantages are achieved through the introduction of advanced production lines, economies of scale, strategic cooperation with upstream suppliers, and upstream extension of the industrial chain (e.g., non-woven fabrics, emulsions)[64](index=64&type=chunk) - **Marketing Network Advantage**: A multi-tiered marketing network combining direct sales and channel sales (engineering, retail) has been established, with channel sales becoming the primary model, continuously empowering partner development[65](index=65&type=chunk) - **Shareholder Returns**: The company consistently prioritizes shareholder returns through sustained dividends and share repurchases (CNY 600 million in 2024) to enhance shareholder investment value[68](index=68&type=chunk) [III. Analysis of Main Businesses](index=23&type=section&id=III.%20Analysis%20of%20Main%20Businesses) During the reporting period, the company's operating revenue decreased by 10.84% to **CNY 13.57 billion** due to lower-than-expected market demand, with notable declines in waterproofing materials and engineering construction, while overseas business revenue grew by 42.16% Key Financial Data Year-over-Year Changes | Item | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 13,569,021,520.18 | 15,218,469,083.94 | -10.84% | Primarily due to lower-than-expected market demand | | Operating Cost | 10,122,454,071.97 | 10,771,707,300.44 | -6.03% | Primarily due to decrease in revenue | | Selling Expenses | 1,226,504,971.74 | 1,514,461,093.72 | -19.01% | Primarily due to reduction in employee compensation and promotional expenses | | Administrative Expenses | 769,688,406.70 | 919,425,391.05 | -16.29% | Primarily due to reduction in employee compensation and consulting fees | | Net Cash Flow from Operating Activities | -395,909,846.60 | -1,327,740,373.01 | 70.18% | Primarily due to a comprehensive impact including reduced cash paid for goods and services | | Net Cash Flow from Financing Activities | -991,127,478.08 | -2,153,295,436.89 | 53.97% | Primarily due to net increase in external financing | Operating Revenue Composition (by Channel) | Channel | Current Reporting Period Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Retail Channel | 5,058,665,516.42 | 37.28% | -6.98% | | Engineering Channel | 6,347,151,777.48 | 46.78% | -5.26% | | Direct Sales Business | 2,035,915,442.83 | 15.00% | -28.01% | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Mainland China | 12,992,911,535.56 | 95.75% | -12.29% | | Outside China | 576,109,984.62 | 4.25% | 42.16% | [V. Analysis of Assets and Liabilities](index=25&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were **CNY 44.06 billion**, a slight decrease of 1.47% from the end of the previous year, with changes in asset structure including a 4.71% decrease in cash and cash equivalents and a 4.94% increase in accounts receivable Balance Sheet Major Item Changes | Item | Amount at End of Current Reporting Period (CNY) | % of Total Assets | Change in % from Prior Year End | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 5,074,625,075.72 | 11.52% | -4.71% | Primarily due to changes to meet operational needs | | Accounts Receivable | 9,408,638,907.17 | 21.36% | 4.94% | Primarily due to increase in normal performance receivables, consistent with business cycle | | Short-term Borrowings | 5,939,484,324.23 | 13.48% | 3.16% | Primarily to meet operational needs for market expansion | | Contract Liabilities | 2,638,368,456.84 | 5.99% | -2.20% | Normal changes due to business performance | | Receivables Financing | 368,808,653.02 | 0.84% | -2.50% | Primarily due to maturity and payment of bills | [VI. Analysis of Investment Status](index=27&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to **CNY 604 million**, a significant increase of 180.60% year-over-year, with major equity investments made through new establishments or capital increases across various sectors to expand business layout and enhance comprehensive competitiveness - The investment amount for the reporting period was **CNY 604 million**, a **180.60% year-over-year increase**[85](index=85&type=chunk) - The company made significant equity investments in multiple subsidiaries through new establishments and capital increases, including a **CNY 268 million** capital increase in Hong Kong Oriental Yuhong Investment Co., Ltd., a **CNY 200 million** capital increase in Oriental Yuhong Mortar Powder Technology Group Co., Ltd., and a **CNY 280 million** capital increase in JA Yuhong New Energy Power Development Co., Ltd[88](index=88&type=chunk)[90](index=90&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=33&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, several of the company's major subsidiaries achieved profitability, with Henan Oriental Yuhong, Oriental Yuhong Building Materials Co., Ltd., and Xuzhou Woniushan significantly contributing to the company's net profit Major Subsidiary Operating Performance (First Half 2025) | Company Name | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | | Henan Oriental Yuhong Building Materials Co., Ltd. | 758,443,729.23 | 100,876,940.39 | | Oriental Yuhong Building Materials Co., Ltd. | 987,543,205.60 | 90,805,946.85 | | Xuzhou Woniushan New Waterproofing Materials Co., Ltd. | 480,919,455.92 | 83,950,609.16 | | Tangshan Oriental Yuhong Waterproofing Technology Co., Ltd. | 855,077,913.40 | 71,496,505.47 | | Tiandingfeng Holdings Co., Ltd. | 916,952,385.95 | 63,751,785.82 | | Oriental Yuhong Civil Building Materials Co., Ltd. | 4,757,113,214.43 | 133,663,784.89 | [X. Risks Faced by the Company and Countermeasures](index=34&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces key risks including industry policy, macroeconomic and downstream fluctuations, raw material price volatility, market competition, technology leakage, and accounts receivable, which it actively addresses through diversified business expansion, channel reform, procurement system improvements, technological innovation, brand building, and strict accounts receivable management - **Macroeconomic Environment and Downstream Industry Fluctuation Risk**: The company mitigates real estate market volatility by expanding into affordable housing, infrastructure, and other diverse business areas, developing retail and renovation markets, and exploring overseas markets[105](index=105&type=chunk)[106](index=106&type=chunk) - **Raw Material Price Fluctuation Risk**: The company controls costs through a mature procurement system, economies of scale, technological iteration, and upstream extension of the industrial chain (e.g., non-woven fabrics, emulsions)[106](index=106&type=chunk)[107](index=107&type=chunk) - **Accounts Receivable Risk**: The company prioritizes risk control, established a risk control center to assess client performance capabilities, and vigorously promotes full-staff, full-process accounts receivable management, while optimizing channel structure and increasing channel sales proportion to control the scale of new accounts receivable[109](index=109&type=chunk)[110](index=110&type=chunk) [Item 4 Corporate Governance, Environment and Society](index=39&type=section&id=Item%204%20Corporate%20Governance%2C%20Environment%20and%20Society) This section details the company's profit distribution plan, employee incentive programs, environmental disclosures, and social responsibility initiatives [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=39&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company proposed a 2025 semi-annual profit distribution plan to distribute a cash dividend of **CNY 9.25 (tax inclusive) per 10 shares**, totaling approximately **CNY 2.21 billion** in cash, with the total cash distribution (including share repurchases) accounting for 100% of the total profit distribution 2025 Semi-Annual Profit Distribution Plan | Item | Amount/Ratio | | :--- | :--- | | Dividend per 10 shares (CNY, tax inclusive) | 9.25 | | Cash Dividend Amount (CNY, tax inclusive) | 2,209,518,932.30 | | Cash Dividend Amount (via other means, e.g., repurchase) (CNY) | 599,909,104.17 | | Total Cash Dividend (including other means) (CNY) | 2,809,428,036.47 | | % of Total Profit Distribution from Total Cash Dividend | 100% | [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans or Other Employee Incentive Measures](index=39&type=section&id=Implementation%20of%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company cancelled **9.07 million** stock options from the 2021 stock option incentive plan due to employee departures or unmet performance targets, while the 2021 employee stock ownership plan remains valid, with 938 employees holding 0.08% of company shares as of the reporting period end - The company cancelled **9.07 million** stock options from the 2021 stock option incentive plan that no longer met exercise conditions[120](index=120&type=chunk) - As of the end of the reporting period, the 2021 employee stock ownership plan had **938 remaining employees**, holding a total of **2 million shares**, accounting for **0.08%** of the company's total share capital[121](index=121&type=chunk)[123](index=123&type=chunk) [Environmental Information Disclosure](index=42&type=section&id=Environmental%20Information%20Disclosure) The company and its nine major subsidiaries are included in the list of enterprises required to disclose environmental information by law, demonstrating the company's transparency and compliance in environmental matters, with no environmental accidents occurring during the reporting period - The company and its **9 major subsidiaries** are included in the list of enterprises required to disclose environmental information by law, with **no environmental accidents** occurring during the reporting period[125](index=125&type=chunk) [Social Responsibility](index=42&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities by continuously conducting the "Serving the Public, Rejecting Leakage" charity event, providing free leakage inspection and repair services to communities - The company has continuously carried out the "Serving the Public, Rejecting Leakage" charity event for **19 consecutive years**, providing free leakage inspection and repair services to communities[128](index=128&type=chunk) - The company actively participates in rural talent revitalization, providing professional training for rural construction craftsmen, and cares for special education groups, assisting people with disabilities in employment[129](index=129&type=chunk) [Item 5 Significant Matters](index=45&type=section&id=Item%205%20Significant%20Matters) This section covers significant related party transactions, major contracts and their performance, and other important developments during the reporting period [Significant Related Party Transactions](index=46&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in ordinary course related party transactions with Beijing GeoEnviron Engineering & Technology Inc., controlled by the same ultimate controller, primarily involving material procurement and sales, with transaction amounts within the annual approved limits and fair pricing Related Party Transactions with Beijing GeoEnviron Engineering & Technology Inc. | Related Party Transaction Type | Amount Incurred in Current Period (CNY million) | Approved Transaction Limit (CNY million) | | :--- | :--- | :--- | | Sales of Goods/Provision of Services | 4.13 | 60.00 | | Procurement of Goods/Acceptance of Services | 282.64 | 710.00 | [Significant Contracts and Their Performance](index=48&type=section&id=Significant%20Contracts%20and%20Their%20Performance) This chapter primarily discloses the company's significant guarantee situations, with actual external guarantees totaling **CNY 47.53 million** and actual guarantees to subsidiaries totaling **CNY 6.05 billion** as of the reporting period end Company Guarantee Summary (As of End of Reporting Period) | Guarantee Type | Total Actual Guarantee Balance at End of Reporting Period (CNY million) | | :--- | :--- | | External Guarantees (excluding subsidiaries) | 47.53 | | Guarantees to Subsidiaries | 6,054.17 | | **Total Actual Guarantees** | **6,101.70** | | % of Total Actual Guarantees to Company's Net Assets | 26.79% | [Explanation of Other Significant Matters](index=62&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company disclosed the progress of several external investment projects for production, R&D, and headquarters bases, indicating continuous advancement and improvement of its nationwide production capacity layout - The Guangzhou Huadu Greater Bay Area Green Building Materials Industrial Park project has partially commenced production, while the International Green Building Materials Center project is still under construction[183](index=183&type=chunk) - The Jinan Tianqiao District Green Building Materials Production Base project is in the trial production phase[184](index=184&type=chunk)[185](index=185&type=chunk) - Parts of the production lines at the Wuhan Green Building Materials Production Base project have commenced operation[185](index=185&type=chunk) - Parts of the production lines at the Jiangxi Ji'an New Materials Industrial Park project have commenced operation, and relevant mining permits have been obtained for the associated mines[186](index=186&type=chunk)[187](index=187&type=chunk) [Item 6 Share Changes and Shareholder Information](index=65&type=section&id=Item%206%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides information on its shareholders during the reporting period [I. Share Change Information](index=65&type=section&id=I.%20Share%20Change%20Information) During the reporting period, the company's total share capital decreased from **2.44 billion shares** to **2.39 billion shares**, primarily due to the cancellation of **47,615,662 repurchased shares** and the annual unlocking of restricted shares held by senior executives - During the reporting period, the company's total share capital decreased by **47,615,662 shares**, with the total share capital after the change being **2,388,699,866 shares**[194](index=194&type=chunk) - The main reasons for the share change were: 1) annual unlocking of restricted shares held by senior executives; 2) the company completing the cancellation procedures for **47,615,662 repurchased shares**[194](index=194&type=chunk) - The company's 2024 share repurchase plan has been fully implemented, with a total transaction amount of approximately **CNY 600 million**, and all repurchased shares have been cancelled[195](index=195&type=chunk)[197](index=197&type=chunk) [III. Number of Shareholders and Shareholding Information](index=68&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the end of the reporting period, the company had **194,641 common shareholders**, with the controlling shareholder and actual controller, Li Weiguo, holding **22.22%** of shares, some of which are pledged - As of the end of the reporting period, the company had a total of **194,641 common shareholders**[202](index=202&type=chunk) Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period | Pledged/Marked/Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Li Weiguo | Domestic Natural Person | 22.22% | 530,802,887 | Pledged 410,872,200 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 15.58% | 372,227,639 | Not Applicable | | Xu Limin | Domestic Natural Person | 3.03% | 72,269,250 | Not Applicable | | DH Capital USD Fund Management Co., Ltd. - DH Capital USD Fund II | Overseas Legal Person | 1.92% | 45,969,375 | Not Applicable | | Kuwait Investment Authority | Overseas Legal Person | 1.34% | 32,105,065 | Not Applicable | [Item 7 Bond-Related Information](index=72&type=section&id=Item%207%20Bond-Related%20Information) This section provides details on any bond-related matters during the reporting period [Bond-Related Information](index=72&type=section&id=Bond-Related%20Information) The company has no bond-related information to disclose for this reporting period - The company has **no bond-related information** for the reporting period[211](index=211&type=chunk) [Item 8 Financial Report](index=73&type=section&id=Item%208%20Financial%20Report) This section contains the company's unaudited semi-annual consolidated and parent company financial statements, providing a comprehensive overview of its financial position, operating results, and cash flows [Financial Statements](index=73&type=section&id=Financial%20Statements) This chapter presents the company's unaudited 2025 semi-annual consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flows during the period Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | **Total Assets** | **44,057,392,307.77** | **44,715,448,811.80** | | Total Current Assets | 22,789,689,914.55 | 24,342,835,711.42 | | Total Non-Current Assets | 21,267,702,393.22 | 20,372,613,100.38 | | **Total Liabilities** | **20,950,159,133.12** | **19,401,434,047.07** | | Total Current Liabilities | 18,548,733,890.39 | 17,318,485,971.09 | | Total Non-Current Liabilities | 2,401,425,242.73 | 2,082,948,075.98 | | **Total Owners' Equity** | **23,107,233,174.65** | **25,314,014,764.73** | | Total Owners' Equity Attributable to Parent Company | 22,777,018,162.43 | 24,934,259,584.77 | Consolidated Income Statement Summary (First Half 2025) | Item | First Half 2025 (CNY) | First Half 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 13,569,021,520.18 | 15,218,469,083.94 | | Total Operating Costs | 12,561,168,756.32 | 13,739,602,438.91 | | Operating Profit | 796,143,105.46 | 1,292,047,217.39 | | Total Profit | 792,125,093.84 | 1,290,719,148.40 | | Net Profit | 547,138,492.69 | 930,416,762.83 | | Net Profit Attributable to Parent Company Shareholders | 564,438,410.91 | 943,244,314.04 | Consolidated Cash Flow Statement Summary (First Half 2025) | Item | First Half 2025 (CNY) | First Half 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -395,909,846.60 | -1,327,740,373.01 | | Net Cash Flow from Investing Activities | -844,114,549.68 | -776,219,442.43 | | Net Cash Flow from Financing Activities | -991,127,478.08 | -2,153,295,436.89 | | Net Increase in Cash and Cash Equivalents | -2,232,751,697.05 | -4,251,282,469.24 | [Notes to Consolidated Financial Statements](index=132&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed explanations for each major item in the consolidated financial statements, including cash and cash equivalents, accounts receivable, inventories, fixed assets, construction in progress, goodwill, short-term borrowings, accounts payable, revenue, costs, and various expenses - Cash and cash equivalents at period-end totaled **CNY 5.08 billion**, of which **CNY 505 million** was restricted, primarily for deposits and frozen funds due to litigation[387](index=387&type=chunk) - Accounts receivable book balance at period-end was **CNY 12.18 billion**, with **CNY 2.77 billion** provided for bad debts, resulting in a book value of **CNY 9.41 billion**, including **CNY 2.47 billion** of accounts receivable for which bad debt provisions were individually recognized[404](index=404&type=chunk)[406](index=406&type=chunk) - New goodwill of **CNY 343 million** was added this period, primarily due to the acquisition of MAN CHEONG METALS AND BUILDING MATERIALS COMPANY LIMITED and other companies, bringing the period-end goodwill original book value to **CNY 704 million**[509](index=509&type=chunk)[511](index=511&type=chunk) - Short-term borrowings at period-end amounted to **CNY 5.94 billion**, an increase of **CNY 1.33 billion** from the beginning of the period, primarily consisting of pledged and guaranteed borrowings[527](index=527&type=chunk) [Item 9 Other Submitted Data](index=253&type=section&id=Item%209%20Other%20Submitted%20Data) This section includes additional data submitted by the company, such as investor relations activities [Registration Form for Investor Relations Activities During the Reporting Period](index=253&type=section&id=Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company engaged with numerous institutional investors, including Guotai Haitong Securities, China Merchants Fund, and Ruiyuan Fund, through various channels to discuss key operational issues - The company communicated with multiple institutional investors during the reporting period, discussing operating performance for **FY2024 and Q1 2025**[870](index=870&type=chunk)[872](index=872&type=chunk) - Investor concerns included: reasons for high cash dividends and their impact on operations, pressure from the actual controller's pledged equity, changes in gross profit margin, progress on property-for-debt disposal, development and integration of mortar powder and coatings businesses, civil building materials group operations, and overseas business expansion[870](index=870&type=chunk)[872](index=872&type=chunk)[873](index=873&type=chunk)