北京首钢股份有限公司 2025 年半年度报告全文 北京首钢股份有限公司 2025 年半年度报告 2025 年 8 月 21 日 1 北京首钢股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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。 公司董事长邱银富、总经理孙茂林、总会计师刘同合及会计机构负责人 (会计主管人员)崔秀美声明：保证本半年度报告中财务报告的真实、准确、 完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | 未亲自出席董事 | 未亲自出席董事 | 未亲自出席会议 | 被委托人姓名 | | --- | --- | --- | --- | | 姓名 | 职务 | 原因 | | | 李建涛 | 董事 | 外出洽公 | 刘燊 | | 彭锋 | 独立董事 | 外出洽公 | 刘燊 | 1、载有董事长签名的半年度报告文本 2、载有单位负责人、总会计师、会计机构负责人签名并盖章的财务报告文本 3、报告期内在中国证监会指定报刊上公开披露过的所有文件文本 4、公司章程文 ...

上海良信电器股份有限公司 2025 年半年度报告全文 上海良信电器股份有限公司 2025 年半年度报告 2025 年 8 月 1 上海良信电器股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人任思龙、主管会计工作负责人程秋高及会计机构负责人(会计 主管人员)肖垚成声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，描述了公司经营中可能存在的风险，敬请投资者关注相关 内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | . | 1 | œ | 1 | | --- | --- | --- | --- | --- | | . | | | | | | 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 ...

维峰电子（广东）股份有限公司 2025 年半年度报告全文 1 维峰电子（广东）股份有限公司 2025 年半年度报告全文 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人李文化、主管会计工作负责人戴喜燕及会计机构负责人（会计主管人员） 戴喜燕声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司采购主要包括金属材料、塑胶原料，以及外协加工服务等，其中外协加工主要项目为金属表面 处理服务。具体而言，金属材料采购范围包括铜带、铜线、铜合金等关键材料；塑胶原料则主要包括 PBT、PA66 等工程塑胶粒原料；金属表面处理服务所依赖的材料则包括金、锡、镍等贵金属。铜及贵金 属作为金属材料及表面处理服务的定价基准，主要受铜及贵金属价格的市场波动影响，而塑胶粒原料的 石油化工属性使其价格走势主要与国际石油价格紧密相关。因此，铜价、贵金属价格以及国际石油价格 的大幅波动，可能引发公司主要原材料及金属表面处理服 ...

西安陕鼓动力股份有限公司2025 年半年度报告 1 / 191 西安陕鼓动力股份有限公司2025 年半年度报告 公司代码：601369 公司简称：陕鼓动力 重要提示 西安陕鼓动力股份有限公司 2025 年半年度报告 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人任矿、主管会计工作负责人赵甲文及会计机构负责人（会计主管人员）李根柱 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以实施权益分派股权登记日的总股本为基数，拟向全体股东每股派发现金股利0.16元( 含税)，截至公告披露日，公司总股本为1,723,474,492股，以此计算合计拟派发现金红利 275,755,918.72元(含税)，如在半年度报告披露之日起至实施权益分派股权登记日期间，公司总股 本发生变动，公司拟维持每股分配金额不变，相应调整分配总额。 六、 前瞻性陈述的风险声明 √适用 □不适 ...

山大地纬软件股份有限公司2025 年半年度报告 公司代码：688579 公司简称：山大地纬 山大地纬软件股份有限公司 2025 年半年度报告 1 / 184 山大地纬软件股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告第三节"管理层讨论与分析"之"四、风险因素"。 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、 公司负责人郑永清、主管会计工作负责人孙明及会计机构负责人（会计主管人员）王莹声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 ...

宁波韵升股份有限公司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。 公司代码：600366 公司简称：宁波韵升 宁波韵升股份有限公司 2025 年半年度报告 1 / 210 宁波韵升股份有限公司2025 年半年度报告 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人竺晓东、主管会计工作负责人张迎春及会计机构负责人（会计主管人员）徐志 杰声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的风险，敬请查阅第三节"管理层讨论与分 析 ...

浙江伟明环保股份有限公司2025 年半年度报告 公司代码：603568 公司简称：伟明环保 浙江伟明环保股份有限公司 2025 年半年度报告 1 / 222 浙江伟明环保股份有限公司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。 否 八、 是否存在违反规定决策程序对外提供担保的情况 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人项光明、主管会计工作负责人程鹏及会计机构负责人（会计主管人员）赵洪声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度，本公司未拟定利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述并不构成公司对投资者的实质承诺，请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 九、 是否存在半数以上董事无法保证公司所披露 ...

[Important Notice](index=2&type=section&id=重要提示) The board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with the 2024 annual general meeting authorizing the board to decide the 2025 interim profit distribution plan - The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[4](index=4&type=chunk) - This semi-annual report has not been audited, but Deloitte Touche Tohmatsu Certified Public Accountants (Special General Partnership) has reviewed it[4](index=4&type=chunk) - Ge Renyu, the legal representative and chairman, Yuan Jun, the president and head of accounting, and Lu Songzheng, the board secretary and general manager of the planning and finance department, guarantee the truthfulness, accuracy, and completeness of the financial report[4](index=4&type=chunk) - The 2024 Annual General Meeting of Shareholders authorized the board of directors to decide the 2025 interim profit distribution plan, which will be announced separately[4](index=4&type=chunk) [Definitions](index=4&type=section&id=释%20义) This section defines common terms used in the report, including "the Bank," "the Group," "the Central Bank," and abbreviations for key subsidiaries and partners - This section provides definitions for common terms used in the report, such as "the Bank", "the Group", "the Central Bank", and abbreviations for major subsidiaries and cooperative institutions[9](index=9&type=chunk) [Section I Company Profile](index=5&type=section&id=第一节%20公司简介) Jiangsu Bank, listed in 2016, is a systemically important bank with **4.79 trillion yuan** in assets as of June 2025, ranking 56th globally and first among domestic city commercial banks [I. Company Information](index=5&type=section&id=一、公司信息) Jiangsu Bank Co., Ltd. (A-share code 600919, preferred stock code 360026) is headquartered in Nanjing, with Ge Renyu as its legal representative | Indicator | Information | | :--- | :--- | | A-share Stock Abbreviation | Jiangsu Bank | | A-share Stock Code | 600919 | | Preferred Stock Abbreviation | Suyin Preferred 1 | | Preferred Stock Code | 360026 | | Company Chinese Name | Jiangsu Bank Co., Ltd. | | Company Registered/Office Address | No. 26 Zhonghua Road, Nanjing | | Legal Representative | Ge Renyu | | Board Secretary | Lu Songzheng | | Investor Contact Number | (86)25-52890919 | | Company Website | http://www.jsbchina.cn | [II. Securities Service Institutions](index=6&type=section&id=二、证券服务机构) Deloitte Touche Tohmatsu Certified Public Accountants (Special General Partnership) serves as the company's auditor, with Shen Xiaohong and Zhang Hua as signing accountants | Institution Type | Name | Office Address | Signing Accountant Names | | :--- | :--- | :--- | :--- | | Accounting Firm | Deloitte Touche Tohmatsu Certified Public Accountants (Special General Partnership) | 30th Floor, 222 Yan'an East Road, Huangpu District, Shanghai | Shen Xiaohong, Zhang Hua | [III. Company Overview](index=6&type=section&id=三、公司概况) Established in 2007 and listed in 2016, Jiangsu Bank is a systemically important bank with **4.79 trillion yuan** in assets by June 2025, ranking 56th globally - Jiangsu Bank was established on January 24, 2007, and listed on the Shanghai Stock Exchange on August 2, 2016, making it one of the 20 systemically important banks in China[13](index=13&type=chunk) - As of the end of June 2025, total assets reached **4.79 trillion yuan**[13](index=13&type=chunk) - Ranked 56th in The Banker magazine's "Top 1000 World Banks," an increase of 10 places from the previous year, and 16th among Chinese banks, holding the top position among domestic city commercial banks[13](index=13&type=chunk) - It has 18 branches and 3 subsidiaries: Suyin Financial Leasing, Suyin Wealth Management, and Suyin KGI Consumer Finance, with its network covering all counties in Jiangsu Province and business extending to the Yangtze River Delta, Pearl River Delta, and Bohai Rim economic circles[13](index=13&type=chunk) [IV. Business Scope](index=7&type=section&id=四、经营范围) Jiangsu Bank's business scope includes deposit taking, lending, settlement, bill business, financial bond issuance, agency services, bank card services, foreign exchange, and credit investigation - The main business scope includes accepting public deposits, issuing loans, handling domestic settlements, bill acceptance and discounting, issuing financial bonds, acting as agent for issuing/cashing/underwriting government bonds, buying and selling bonds, interbank lending, and letter of credit services and guarantees[16](index=16&type=chunk) - It also includes acting as agent for collection and payment and insurance business, wealth management for clients, acting as agent for selling funds/precious metals, providing safe deposit box services, entrusted deposit and loan business, bank card business, foreign currency deposits/loans/remittances, foreign currency exchange, foreign exchange settlement and sales, international settlement, proprietary and client foreign exchange trading, interbank foreign exchange lending, buying and selling foreign currency marketable securities, credit investigation/consulting/witnessing services, and online banking[16](index=16&type=chunk) [Section II Financial Highlights](index=8&type=section&id=第二节%20财务概要) Jiangsu Bank achieved robust growth in operating income and net profit, with significant increases in total assets and operating cash flow, while maintaining stable asset quality [I. Key Accounting Data and Financial Indicators](index=8&type=section&id=一、主要会计数据和财务指标) Jiangsu Bank reported steady growth in revenue and net profit, a substantial increase in operating cash flow, and maintained a low non-performing loan ratio, despite slight declines in profitability ratios Report Period Key Accounting Data (January-June) | Item | Current Reporting Period (thousand yuan) | Prior Year Period (thousand yuan) | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Income | 44,864,292 | 41,624,957 | 7.78 | | Net Profit Attributable to Parent Company Shareholders | 20,238,459 | 18,730,854 | 8.05 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Gains/Losses) | 20,170,610 | 18,512,270 | 8.96 | | Net Cash Flow from Operating Activities | 313,044,010 | 102,005,001 | 206.89 | | **Item** | **Current Reporting Period End (thousand yuan)** | **Prior Year End (thousand yuan)** | **Period-End Change (%)** | | Net Assets Attributable to Parent Company Shareholders | 329,455,204 | 303,589,817 | 8.52 | | Net Assets Per Share Attributable to Parent Company Common Shareholders (yuan) | 13.59 | 12.73 | 6.76 | | Total Assets | 4,788,480,221 | 3,952,041,570 | 21.16 | Report Period Key Financial Indicators (January-June) | Item | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 1.03 | 0.98 | 5.10 | | Diluted Earnings Per Share (yuan/share) | 1.03 | 0.98 | 5.10 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (yuan/share) | 1.03 | 0.97 | 6.19 | | Return on Total Assets (Annualized, %) | 0.96 | 1.08 | Decrease of 0.12 percentage points | | Weighted Average Return on Net Assets (Annualized, %) | 15.64 | 16.42 | Decrease of 0.78 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (Annualized, %) | 15.58 | 16.22 | Decrease of 0.64 percentage points | Key Financial Indicators for the Last Three Years | Indicator | June 30, 2025 | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | :--- | | Capital Adequacy Ratio (%) | 12.36 | 12.99 | 13.31 | | Tier 1 Capital Adequacy Ratio (%) | 11.17 | 11.82 | 11.25 | | Core Tier 1 Capital Adequacy Ratio (%) | 8.49 | 9.12 | 9.46 | | Non-Performing Loan Ratio (%) | 0.84 | 0.89 | 0.89 | | Loan-to-Deposit Ratio (%) | 85.51 | 89.06 | 89.79 | | Liquidity Ratio (%) | 121.00 | 110.36 | 96.94 | | Provision Coverage Ratio (%) | 331.02 | 350.10 | 389.53 | | Cost-to-Income Ratio (%) | 22.21 | 24.73 | 23.99 | [II. Quarterly Key Financial Data for the Reporting Period](index=11&type=section&id=二、报告期内分季度主要财务数据) Jiangsu Bank's operating income and net profit for the second quarter exceeded the first quarter, indicating consistent growth, while operating cash flow was higher in Q1 Quarterly Key Financial Data for the Reporting Period (thousand yuan) | Key Financial Data | First Quarter (Jan-Mar) | Second Quarter (Apr-Jun) | | :--- | :--- | :--- | | Operating Income | 22,304,128 | 22,560,164 | | Net Profit Attributable to Parent Company Shareholders | 9,780,003 | 10,458,456 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Gains/Losses) | 9,695,471 | 10,475,139 | | Net Cash Flow from Operating Activities | 169,075,192 | 143,968,818 | [III. Non-Recurring Gains and Losses Items and Amounts](index=11&type=section&id=三、非经常性损益项目和金额) Jiangsu Bank's non-recurring gains and losses totaled **67,849 thousand yuan**, primarily from non-current asset disposal, government subsidies, and other items, after tax and minority interest adjustments Non-Recurring Gains and Losses Items and Amounts (thousand yuan) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 14,421 | | Government Subsidies Included in Current Profit/Loss (Excluding Those with Continuous Impact) | 168,475 | | Other Gains/Losses Meeting the Definition of Non-Recurring Gains/Losses | -47,065 | | Impact on Minority Shareholders' Equity | -27,306 | | Income Tax Impact | -40,676 | | **Total** | **67,849** | [IV. Changes and Reasons for Key Accounting Data and Financial Indicators](index=11&type=section&id=四、主要会计数据、财务指标发生变动的情况、原因) Significant changes in Jiangsu Bank's accounting items, including cash, interbank deposits, and financial assets/liabilities, were driven by increased reserves, expanded securities, and valuation changes, with goodwill from an acquisition Major Accounting Item Changes and Reasons | Major Accounting Item | Change from Prior Year-End/Period (%) | Main Reasons | | :--- | :--- | :--- | | Cash and Deposits with Central Bank | 37.80 | Increase in central bank reserve scale | | Deposits with Interbank and Other Financial Institutions | 84.64 | Increase in domestic interbank deposit scale | | Derivative Financial Assets | -35.68 | Decrease in derivative financial asset valuation | | Financial Assets Held Under Resale Agreements | 214.88 | Increase in securities held under resale agreements | | Other Debt Investments | 52.98 | Increase in FVOCI financial asset scale | | Other Equity Instrument Investments | 80.27 | Increase in valuation of other equity instrument investments | | Goodwill | No prior year period | Arising from the acquisition of Ningbo Jiangbei Fumin Village Bank | | Other Assets | 47.94 | Increase in other asset scale | | Deposits from Interbank and Other Financial Institutions | 44.17 | Increase in deposits from interbank and other financial institutions | | Trading Financial Liabilities | 107.26 | Increase in trading financial liabilities included in the scope of consolidation | | Deferred Income Tax Liabilities | -52.69 | Decrease in deferred income tax liabilities | | Other Income | -43.08 | Decrease in other income | | Net Gains from Fair Value Changes | -111.07 | Decrease in net gains from fair value changes of trading financial assets | | Net Exchange Gains | 80.65 | Increase in exchange gains from derivative financial instruments | | Gains from Disposal of Assets | 384.58 | Increase in gains from disposal of fixed assets | | Credit Impairment Losses | 48.16 | Increase in credit impairment losses | | Non-Operating Income | -38.17 | Decrease in non-operating income | | Non-Operating Expenses | 239.53 | Increase in non-operating expenses | | Income Tax Expense | -52.74 | Decrease in income tax expense | [V. Items Measured at Fair Value](index=12&type=section&id=五、采用公允价值计量的项目) Jiangsu Bank's total assets measured at fair value increased by **28.87%** to **1.41 trillion yuan**, driven by growth in trading financial assets and other debt investments, while liabilities also rose Items Measured at Fair Value (thousand yuan) | Item | December 31, 2024 | June 30, 2025 | Current Period Change (%) | | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 7,055,496 | 4,537,767 | -35.68 | | Trading Financial Assets | 488,547,464 | 566,728,751 | 16.00 | | Other Debt Investments | 446,891,438 | 683,643,937 | 52.98 | | Other Equity Instrument Investments | 450,692 | 812,452 | 80.27 | | Loans and Advances to Customers | 153,586,927 | 157,417,479 | 2.49 | | **Total Assets Measured at Fair Value** | **1,096,532,017** | **1,413,140,386** | **28.87** | | Derivative Financial Liabilities | 6,994,845 | 5,302,151 | -24.20 | | Trading Financial Liabilities | 3,980,437 | 8,249,743 | 107.26 | | **Total Liabilities Measured at Fair Value** | **10,975,282** | **13,551,894** | **23.48** | [VI. Capital Structure at the End of the Reporting Period](index=13&type=section&id=六、报告期末资本构成情况) Jiangsu Bank Group's total capital net amount was **372.17 billion yuan**, with core Tier 1 capital at **255.51 billion yuan**, all capital adequacy ratios meeting regulatory requirements Capital Structure at the End of the Reporting Period (thousand yuan) | Item | Group | The Bank | | :--- | :--- | :--- | | 1. Total Capital Net Amount | 372,168,806 | 344,304,107 | | 1.3 Core Tier 1 Capital Net Amount | 255,507,004 | 232,134,654 | | 1.4 Other Tier 1 Capital | 80,799,723 | 79,977,830 | | 1.6 Tier 1 Capital Net Amount | 336,306,727 | 312,112,484 | | 1.7 Tier 2 Capital | 35,862,079 | 32,191,623 | | 5. Total Risk-Weighted Assets | 3,010,545,261 | 2,825,189,040 | | 6. Core Tier 1 Capital Adequacy Ratio (%) | 8.49 | 8.22 | | 7. Tier 1 Capital Adequacy Ratio (%) | 11.17 | 11.05 | | 8. Capital Adequacy Ratio (%) | 12.36 | 12.19 | [VII. Leverage Ratio](index=14&type=section&id=七、杠杆率) Jiangsu Bank Group's leverage ratio was **6.32%**, and the Bank's was **6.12%** at the end of the reporting period, both showing a decrease from the previous year-end Leverage Ratio (%) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Group | 6.32 | 6.92 | | The Bank | 6.12 | 6.71 | [VIII. Liquidity Coverage Ratio](index=14&type=section&id=八、流动性覆盖率) Jiangsu Bank Group's liquidity coverage ratio was **254.95%**, and the Bank's was **266.03%**, both significantly exceeding regulatory requirements, indicating strong short-term liquidity Liquidity Coverage Ratio (%) | Item | June 30, 2025 | | :--- | :--- | | Group Liquidity Coverage Ratio | 254.95 | | Group High-Quality Liquid Assets | 572,453,055 | | Group Net Cash Outflow Over 30 Days (Period-End Value) | 224,536,417 | | The Bank Liquidity Coverage Ratio | 266.03 | | The Bank High-Quality Liquid Assets | 568,000,954 | | The Bank Net Cash Outflow Over 30 Days (Period-End Value) | 213,512,573 | [IX. Net Stable Funding Ratio](index=14&type=section&id=九、净稳定资金比例) Jiangsu Bank Group's net stable funding ratio was **109.28%** at the end of the reporting period, meeting regulatory requirements and improving from March 2025, indicating enhanced long-term funding stability Net Stable Funding Ratio (%) | Item | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Group Net Stable Funding Ratio | 109.28 | 105.20 | | Group Available Stable Funding (thousand yuan) | 2,642,536,183 | 2,448,307,531 | | Group Required Stable Funding (thousand yuan) | 2,418,182,803 | 2,327,300,514 | [X. Average Yield on Interest-Earning Assets and Average Cost of Interest-Bearing Liabilities](index=15&type=section&id=十、生息资产平均收益率和计息负债平均付息率) Jiangsu Bank Group's net interest margin and net interest spread were both **1.78%** for the reporting period, with loans and advances having the highest average yield among interest-earning assets Average Yield on Interest-Earning Assets and Average Cost of Interest-Bearing Liabilities for H1 2025 | Item | Average Balance (thousand yuan) | Interest Income/Expense (thousand yuan) | Average Interest Rate (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Loans and Advances to Customers | 2,250,365,625 | 49,703,061 | 4.45 | | Financial Investments | 1,181,216,322 | 16,284,020 | 2.78 | | Deposits with Central Bank | 159,386,005 | 1,101,824 | 1.39 | | Other Interest-Earning Assets | 255,642,522 | 2,834,745 | 2.24 | | **Total Interest-Earning Assets** | **3,846,610,474** | **69,923,650** | **3.67** | | **Liabilities** | | | | | Customer Deposits | 2,363,463,370 | 20,910,391 | 1.78 | | Debt Securities Issued | 729,372,753 | 7,358,623 | 2.03 | | Borrowings from Central Bank | 152,628,311 | 1,539,166 | 2.03 | | Other Interest-Bearing Liabilities | 711,080,430 | 7,176,133 | 2.04 | | **Total Interest-Bearing Liabilities** | **3,956,544,865** | **36,984,313** | **1.89** | | Net Interest Income | | 32,939,337 | | | Net Interest Spread | | | 1.78 | | Net Interest Margin | | | 1.78 | [XI. Changes in Shareholders' Equity](index=16&type=section&id=十一、股东权益情况变动) Jiangsu Bank's total shareholders' equity increased by **8.48%** to **340.27 billion yuan**, driven by significant growth in other equity instruments, surplus reserves, and undistributed profits, reflecting enhanced profitability Changes in Shareholders' Equity (thousand yuan) | Item | December 31, 2024 | Current Period Change | June 30, 2025 | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Share Capital | 18,351,324 | 0 | 18,351,324 | 0.00 | | Other Equity Instruments | 69,974,758 | 10,003,072 | 79,977,830 | 14.30 | | Capital Reserve | 47,903,762 | -6,570 | 47,897,192 | -0.01 | | Other Comprehensive Income | 9,283,147 | 824,950 | 10,108,097 | 8.89 | | Surplus Reserve | 36,539,066 | 5,913,942 | 42,453,008 | 16.19 | | General Risk Reserve | 54,807,539 | 167,247 | 54,974,786 | 0.31 | | Retained Earnings | 66,730,221 | 8,962,746 | 75,692,967 | 13.43 | | Total Equity Attributable to Parent Company Owners | 303,589,817 | 25,865,387 | 329,455,204 | 8.52 | | Minority Interests | 10,068,401 | 744,371 | 10,812,772 | 7.39 | | **Total Shareholders' Equity** | **313,658,218** | **26,609,758** | **340,267,976** | **8.48** | [Section III Management Discussion and Analysis](index=17&type=section&id=第三节%20经营情况讨论与分析) Jiangsu Bank maintained a "seek progress while ensuring stability, seek change while ensuring stability" approach, achieving significant asset and deposit growth, with robust revenue and net profit increases and stable asset quality [I. Overview of Operations During the Reporting Period](index=17&type=section&id=一、报告期经营情况概述) Jiangsu Bank's assets grew **21.16%** to **4.79 trillion yuan**, with deposits up **20.22%** and loans up **15.98%**, while revenue increased **7.78%** and net profit **8.05%**, maintaining stable asset quality - At the end of the reporting period, the Group's total assets reached **4.79 trillion yuan**, an increase of **21.16%** from the end of the previous year[41](index=41&type=chunk) - Total deposits amounted to **2.54 trillion yuan**, an increase of **20.22%** from the end of the previous year; total loans amounted to **2.43 trillion yuan**, an increase of **15.98%** from the end of the previous year[41](index=41&type=chunk) - Operating income reached **44.86 billion yuan**, a year-on-year increase of **7.78%**; net profit attributable to shareholders of the listed company reached **20.24 billion yuan**, a year-on-year increase of **8.05%**[41](index=41&type=chunk) - The non-performing loan ratio was **0.84%**, and the provision coverage ratio was **331.02%**[41](index=41&type=chunk) [II. Analysis of Core Competencies](index=17&type=section&id=二、核心竞争力分析) Jiangsu Bank's core competencies include its strategic regional advantage, efficient operational mechanisms, clear market positioning, advanced financial technology, robust risk control, and a skilled talent pool - The main business is concentrated in Jiangsu, an economically developed region with abundant financial resources, and radiates to the Yangtze River Delta, Pearl River Delta, and Bohai Rim economic circles, possessing unique regional advantages[42](index=42&type=chunk) - Established flexible and efficient institutional mechanisms, continuously improving collaborative service capabilities, and building three comparative advantages: "high efficiency," "strong collaboration," and "excellent service"[43](index=43&type=chunk) - Clear market positioning, adhering to "serving small and medium-sized enterprises, serving the local economy, and serving urban and rural residents," focusing on developing distinctive businesses in inclusive finance, technology finance, green finance, and cross-border finance[43](index=43&type=chunk) - Intensive development and accelerated leaps in financial technology, deeply promoting digital transformation, and continuously building a smart financial ecosystem[43](index=43&type=chunk) - Sound internal control mechanisms, perfect risk control system, precise and effective comprehensive risk management, continuously improving the "2+5+N" risk control management system[44](index=44&type=chunk) - Steadily implementing the talent-strengthening strategy, with a growing team of high-quality and professional talents[44](index=44&type=chunk) [III. Revenue and Cost Analysis](index=19&type=section&id=三、收入与成本分析) Jiangsu Bank's operating income grew **7.78%**, driven by increased net interest income and net fee and commission income, while business and administrative expenses rose **6.73%**, maintaining a cost-to-income ratio of **22.21%** Major Profit Statement Items (thousand yuan) | Item | Jan-Jun 2025 | Jan-Jun 2024 | Change in Amount | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | | I. Operating Income | 44,864,292 | 41,624,957 | 3,239,335 | 7.78 | | Of which: Net Interest Income | 32,939,337 | 27,656,354 | 5,282,983 | 19.10 | | Net Fee and Commission Income | 3,185,851 | 3,029,873 | 155,978 | 5.15 | | II. Operating Expenses | 21,373,996 | 17,167,523 | 4,206,473 | 24.50 | | Of which: Business and Administrative Expenses | 9,965,727 | 9,337,404 | 628,323 | 6.73 | | III. Operating Profit | 23,490,296 | 24,457,434 | -967,138 | -3.95 | | IV. Total Profit | 23,443,231 | 24,455,197 | -1,011,966 | -4.14 | | V. Net Profit | 21,059,571 | 19,411,075 | 1,648,496 | 8.49 | | Of which: Net Profit Attributable to Parent Company Shareholders | 20,238,459 | 18,730,854 | 1,507,605 | 8.05 | Net Interest Income Composition (thousand yuan) | Item | Jan-Jun 2025 Amount | Jan-Jun 2025 Share (%) | Jan-Jun 2024 Amount | Jan-Jun 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | **Interest Income** | | | | | | Loans and Advances to Customers | 49,703,061 | 71.08 | 49,428,959 | 75.10 | | Debt Instrument Investments | 16,284,020 | 23.29 | 12,953,656 | 19.68 | | Total Interest Income | 69,923,650 | 100.00 | 65,821,621 | 100.00 | | **Interest Expense** | | | | | | Customer Deposits | 20,910,391 | 56.54 | 22,340,124 | 58.54 | | Debt Securities Issued | 7,358,623 | 19.90 | 5,588,013 | 14.64 | | Total Interest Expense | 36,984,313 | 100.00 | 38,165,267 | 100.00 | | **Net Interest Income** | **32,939,337** | | **27,656,354** | | Net Fee and Commission Income Composition (thousand yuan) | Item | Jan-Jun 2025 | Jan-Jun 2024 | | :--- | :--- | :--- | | **Fee and Commission Income** | | | | Agency Fee Income | 1,658,852 | 1,860,086 | | Credit Commitment Fee and Commission Income | 1,007,519 | 844,905 | | Custody and Other Fiduciary Business Commission Income | 425,710 | 380,004 | | Total Fee and Commission Income | 3,786,458 | 3,711,428 | | **Fee and Commission Expense** | | | | Settlement and Clearing Fee Expense | 219,340 | 385,130 | | Bank Card Fee Expense | 118,408 | 102,608 | | Total Fee and Commission Expense | 600,607 | 681,555 | | **Net Fee and Commission Income** | **3,185,851** | **3,029,873** | Business and Administrative Expenses Composition (thousand yuan) | Item | Jan-Jun 2025 | Jan-Jun 2024 | | :--- | :--- | :--- | | Staff Costs | 5,152,411 | 5,398,592 | | Business Expenses | 4,130,062 | 3,266,867 | | Depreciation and Amortization | 683,254 | 671,945 | | **Total** | **9,965,727** | **9,337,404** | [IV. Asset and Liability Analysis](index=22&type=section&id=四、资产与负债分析) Jiangsu Bank Group's total assets grew **21.16%** to **4.79 trillion yuan**, and total liabilities increased **22.26%** to **4.45 trillion yuan**, reflecting a comprehensive expansion across both asset and liability segments Major Balance Sheet Items (thousand yuan) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Deposits with Central Bank | 196,058,769 | 142,274,712 | 37.80 | | Interbank Assets | 283,861,368 | 199,976,475 | 41.95 | | Derivative and Financial Investments | 1,887,836,563 | 1,533,525,895 | 23.10 | | Loans and Advances to Customers | 2,372,632,630 | 2,038,660,849 | 16.38 | | **Total Assets** | **4,788,480,221** | **3,952,041,570** | **21.16** | | Borrowings from Central Bank | 170,340,561 | 138,274,242 | 23.19 | | Interbank Liabilities | 786,997,198 | 594,950,620 | 32.28 | | Customer Deposits | 2,589,723,023 | 2,160,655,100 | 19.86 | | Debt Securities Issued | 785,303,105 | 643,079,716 | 22.12 | | **Total Liabilities** | **4,448,212,245** | **3,638,383,352** | **22.26** | [(II) Key Asset Items](index=23&type=section&id=（二）主要资产项目) Loans and advances increased by **16.38%** to **2.37 trillion yuan**, with significant growth in corporate loans, while financial investments also saw substantial increases across various categories Loans and Advances to Customers by Nature (thousand yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Measured at Amortized Cost** | | | | Corporate Loans and Advances | 1,577,015,313 | 1,266,462,962 | | Personal Loans and Advances | 695,527,436 | 674,804,125 | | Bill Discounting | 49,926 | 348,690 | | Subtotal | 2,272,592,675 | 1,941,615,777 | | **Measured at Fair Value Through Other Comprehensive Income** | | | | Corporate Loans and Advances | 48,004,370 | 51,456,536 | | Bill Discounting | 109,413,109 | 102,130,391 | | Subtotal | 157,417,479 | 153,586,927 | | **Total Loans** | **2,430,010,154** | **2,095,202,704** | | Less: Impairment Provisions | 65,876,467 | 64,851,472 | | **Carrying Value** | **2,372,632,630** | **2,038,660,849** | Loans and Advances to Customers by Industry (thousand yuan) | Industry Distribution | June 30, 2025 Amount | June 30, 2025 Share (%) | December 31, 2024 Amount | December 31, 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Leasing and Business Services | 445,527,666 | 18.33 | 333,504,216 | 15.92 | | Manufacturing | 360,607,871 | 14.84 | 303,293,709 | 14.48 | | Water Conservancy, Environment and Public Facilities Management | 195,942,088 | 8.06 | 160,418,906 | 7.66 | | Real Estate | 67,987,215 | 2.80 | 71,545,224 | 3.41 | | Subtotal Corporate Loans and Advances | 1,625,019,683 | 66.88 | 1,317,919,498 | 62.90 | | Personal Loans and Advances | 695,527,436 | 28.62 | 674,804,125 | 32.21 | | Bill Discounting | 109,463,035 | 4.50 | 102,479,081 | 4.89 | | **Total Loans** | **2,430,010,154** | **100.00** | **2,095,202,704** | **100.00** | Loans and Advances to Customers by Region (thousand yuan) | Region | June 30, 2025 Amount | June 30, 2025 Share (%) | December 31, 2024 Amount | December 31, 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Region | 2,042,712,772 | 84.06 | 1,804,701,850 | 86.13 | | Yangtze River Delta Region (Excluding Jiangsu) | 198,413,550 | 8.17 | 142,934,149 | 6.82 | | Guangdong-Hong Kong-Macao Greater Bay Area | 97,276,511 | 4.00 | 73,415,193 | 3.50 | | Beijing-Tianjin-Hebei Region | 91,607,321 | 3.77 | 74,151,512 | 3.55 | | **Total Loans** | **2,430,010,154** | **100.00** | **2,095,202,704** | **100.00** | Loans and Advances to Customers by Guarantee Method (thousand yuan) | Item | June 30, 2025 Amount | June 30, 2025 Share (%) | December 31, 2024 Amount | December 31, 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Unsecured Loans | 882,091,328 | 36.30 | 759,879,950 | 36.27 | | Guaranteed Loans | 1,046,588,967 | 43.07 | 852,716,088 | 40.70 | | Collateralized Loans | 501,329,859 | 20.63 | 482,606,666 | 23.03 | | Of which: Mortgage Loans | 417,498,742 | 17.18 | 414,221,416 | 19.77 | | Pledged Loans | 83,831,117 | 3.45 | 68,385,250 | 3.26 | | **Total Loans** | **2,430,010,154** | **100.00** | **2,095,202,704** | **100.00** | Top Ten Loan Customers of the Bank (thousand yuan) | No. | Loan Balance | Share of Total Loans (%) | Share of Net Capital (%) | | :--- | :--- | :--- | :--- | | 1 | 5,700,554 | 0.23 | 1.53 | | 2 | 4,449,000 | 0.18 | 1.20 | | 3 | 4,262,661 | 0.18 | 1.15 | | 4 | 3,710,328 | 0.15 | 1.00 | | 5 | 3,672,000 | 0.15 | 0.99 | | 6 | 3,193,750 | 0.13 | 0.86 | | 7 | 3,153,640 | 0.13 | 0.85 | | 8 | 2,620,495 | 0.11 | 0.70 | | 9 | 2,564,000 | 0.11 | 0.69 | | 10 | 2,502,710 | 0.10 | 0.67 | | **Total** | **35,829,138** | **1.47** | **9.64** | Financial Assets Held Under Resale Agreements (thousand yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Securities Subtotal | 50,705,581 | 16,096,388 | | Accrued Interest | 8,191 | 2,943 | | Less: Impairment Provisions | 23,376 | 1,190 | | **Total** | **50,690,396** | **16,098,141** | Trading Financial Assets (thousand yuan) | Item | June 30, 2025 | | :--- | :--- | | Bond Investments Subtotal | 82,679,773 | | Investment Funds | 421,396,852 | | Asset-Backed Securities | 18,650,114 | | Wealth Management Product Investments | 4,673,708 | | Asset Management Plans and Trust Plan Investments | 1,070,782 | | Equity Investments | 1,985,283 | | Other Investments | 36,272,239 | | **Total** | **566,728,751** | Debt Investments (thousand yuan) | Item | June 30, 2025 | | :--- | :--- | | Bond Investments Subtotal | 594,555,549 | | Asset Management Plans and Trust Plan Investments | 17,638,922 | | Asset-Backed Securities | 5,308,300 | | Other Investments | 14,572,720 | | **Total** | **632,075,491** | | Accrued Interest | 6,684,247 | | Less: Impairment Provisions | 6,646,082 | | **Carrying Value** | **632,113,656** | Other Debt Investments (thousand yuan) | Item | June 30, 2025 | | :--- | :--- | | Bond Investments Subtotal | 599,743,303 | | Asset-Backed Securities | 14,768,558 | | Other Investments | 63,414,846 | | **Total** | **677,926,707** | | Accrued Interest | 5,717,230 | | **Carrying Value** | **683,643,937** | [(III) Key Liability Items](index=31&type=section&id=（三）主要负债项目) Deposits increased by **19.86%** to **2.59 trillion yuan**, with growth in both corporate and individual deposits, while interbank and other financial institution deposits also saw a significant rise Customer Deposits Composition (thousand yuan) | Item | June 30, 2025 Amount | June 30, 2025 Share (%) | December 31, 2024 Amount | December 31, 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Deposits Subtotal | 1,419,699,881 | 55.82 | 1,161,766,394 | 54.91 | | Personal Deposits Subtotal | 948,434,008 | 37.29 | 822,937,845 | 38.90 | | Other Deposits Subtotal | 175,635,080 | 6.89 | 131,146,862 | 6.19 | | **Total Deposits** | **2,543,768,969** | **100.00** | **2,115,851,101** | **100.00** | | Accrued Interest | 45,954,054 | | 44,803,999 | | | **Customer Deposits** | **2,589,723,023** | | **2,160,655,100** | | Deposits from Interbank and Other Financial Institutions (thousand yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | China Domestic Subtotal | 459,542,837 | 318,963,922 | | China Overseas Subtotal | - | 1,880 | | Accrued Interest | 2,053,954 | 1,217,499 | | **Total** | **461,596,791** | **320,183,301** | [V. Loan Quality Analysis](index=33&type=section&id=五、贷款质量分析) Jiangsu Bank maintained stable loan quality with a non-performing loan ratio of **0.84%**, a **0.05 percentage point** decrease from the previous year-end, and effective risk control measures in place Loan Five-Category Classification (thousand yuan) | Five-Category Classification | Amount | Share (%) | Compared to Prior Year-End | | :--- | :--- | :--- | :--- | | Pass Loans | 2,379,481,368 | 97.92 | Increased by 0.21 percentage points | | Special Mention Loans | 30,210,393 | 1.24 | Decreased by 0.16 percentage points | | Substandard Loans | 9,425,829 | 0.39 | Decreased by 0.02 percentage points | | Doubtful Loans | 4,036,502 | 0.17 | Decreased by 0.02 percentage points | | Loss Loans | 6,856,062 | 0.28 | Decreased by 0.01 percentage points | | **Total** | **2,430,010,154** | **100.00** | | Migration Rate Data (%) | Item | June 2025 | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | :--- | | Pass Loan Migration Rate | 1.24 | 2.36 | 2.13 | 1.54 | | Special Mention Loan Migration Rate | 20.26 | 21.75 | 27.03 | 24.18 | | Substandard Loan Migration Rate | 56.05 | 65.56 | 39.37 | 45.72 | | Doubtful Loan Migration Rate | 31.98 | 67.34 | 82.86 | 43.64 | Loan Asset Quality by Industry (Non-Performing Loan Ratio, %) | Classification | Non-Performing Loan Ratio (%) | Change from Prior Year-End (percentage points) | | :--- | :--- | :--- | | Manufacturing | 1.09 | 0.07 | | Wholesale and Retail Trade | 1.56 | -0.81 | | Real Estate | 3.95 | 1.75 | | Personal Business Loans | 1.67 | -0.37 | | Personal Loans | 0.87 | -0.01 | | **Total** | **0.84** | **-0.05** | Restructured Loans and Overdue Loans (thousand yuan) | Classification | Beginning Balance | Ending Balance | Share (%) | | :--- | :--- | :--- | :--- | | Restructured Loans | 1,789,467 | 2,364,954 | 0.10 | | Overdue Loans | 23,552,193 | 26,641,413 | 1.10 | - At the end of the reporting period, the ratio of overdue loans over 90 days to non-performing loans was **78.68%**; the ratio of overdue loans over 60 days to non-performing loans was **95.04%**[96](index=96&type=chunk) - The Bank adheres to a multi-pronged approach, continuously strengthening efforts to recover and dispose of non-performing loans, including enhancing collection process management, collaborating with asset management companies, strictly defining write-offs, increasing recovery efforts for written-off loans, and strengthening credit "three checks" to control new non-performing loans[98](index=98&type=chunk) [VI. Key Business Operations](index=37&type=section&id=六、主要业务情况) Jiangsu Bank achieved significant progress across corporate, retail, financial market, and fintech segments, with strong growth in green finance, wealth management, and digital transformation, alongside robust subsidiary performance [1. Corporate Business](index=37&type=section&id=1.对公业务) Corporate deposits and loans grew by **22.20%** and **23.30%** respectively, with green financing exceeding **720 billion yuan**, and strong performance in inclusive finance, cross-border, and investment banking - At the end of the reporting period, corporate deposit balance was **1,419.7 billion yuan**, a **22.20%** increase from the end of the previous year; corporate loan balance was **1,625 billion yuan** (excluding discounting), a **23.30%** increase from the end of the previous year[103](index=103&type=chunk) - Manufacturing loan balance was **360.6 billion yuan**, a **18.90%** increase from the end of the previous year; infrastructure loan balance was **691.2 billion yuan**, a **31%** increase from the end of the previous year[104](index=104&type=chunk) - The Group's green financing scale exceeded **720 billion yuan**, a **32.1%** increase from the end of the previous year, with green assets accounting for over **16.4%**[105](index=105&type=chunk) - Supply chain business financing scale exceeded **380 billion yuan**[106](index=106&type=chunk) - Inclusive small and micro enterprise loan balance was **235.8 billion yuan**, with a new increase of **25.3 billion yuan** from the end of the previous year[107](index=107&type=chunk) - Cross-border RMB business volume increased by over **40%** year-on-year, and overseas loan balance increased by over **50%** year-on-year[109](index=109&type=chunk) - Debt financing instrument underwriting scale exceeded **150 billion yuan**, ranking tenth in the overall market and first among city commercial banks[109](index=109&type=chunk) - Online finance newly expanded **3,788 merchants**, with new transaction volume of **4.75 billion yuan**, a **446.6%** increase from the same period last year[110](index=110&type=chunk) [2. Retail Business](index=40&type=section&id=2.零售业务) Retail deposits grew **15.25%** to **948.4 billion yuan**, with AUM reaching a record high of over **1.59 trillion yuan**, driven by wealth management, pension finance, and consumer lending, while the App's monthly active users exceeded **7.5 million** - At the end of the reporting period, retail deposit balance was **948.4 billion yuan**, a **15.25%** increase from the end of the previous year[111](index=111&type=chunk) - Retail AUM exceeded **1.59 trillion yuan**, with a half-year increase of over **160 billion yuan**, reaching a new historical high[112](index=112&type=chunk) - Served over **110,000 wealth management clients**, with a year-on-year increase of over **20%** in wealth management clients who are directors, supervisors, or senior executives[112](index=112&type=chunk) - Accumulated personal pension accounts opened exceeded **1.2 million**[113](index=113&type=chunk) - The number of new self-operated consumer loan customers was **1.88 times** that of the same period last year, and the balance of green consumer loans increased by **36%** year-on-year[114](index=114&type=chunk) - Jiangsu Bank App customer base exceeded **21 million**, with monthly active users surpassing **7.5 million**, continuously ranking first among city commercial banks[115](index=115&type=chunk) [3. Financial Market Business](index=42&type=section&id=3.金融市场业务) Financial investment assets grew **23.38%** to **1.88 trillion yuan**, with leading positions in interbank bond underwriting, bill brokerage, and CFETS interbank deposits, and custody assets exceeding **5.06 trillion yuan** - At the end of the reporting period, financial investment assets amounted to **1,883.3 billion yuan**, a **23.38%** increase from the end of the previous year[117](index=117&type=chunk) - In the second quarter, a total of **65 billion yuan** in various financial bonds were issued[117](index=117&type=chunk) - The Bank's underwriting scale for financial bonds and credit ABS maintained the **No. 1** position among city commercial banks, bill brokerage business ranked **No. 2** in the overall market, and CFETS interbank deposits ranked **No. 8** in the overall market[118](index=118&type=chunk) - At the end of the reporting period, custody asset balance reached **5.06 trillion yuan**, a **7.32%** increase from the end of the previous year, making it the first city commercial bank to exceed **5 trillion yuan** in custody scale[119](index=119&type=chunk) - In the first half of 2025, custody green intermediate business income reached **424 million yuan**, ranking **No. 1** among city commercial banks[119](index=119&type=chunk)[120](index=120&type=chunk) [4. Financial Technology](index=44&type=section&id=4.金融科技) Financial technology initiatives accelerated digital finance development through centralized management, agile collaboration, and AI applications, enhancing operational efficiency and building core capabilities for online business and security - Over **100 projects** were implemented, such as improving the efficiency of the entire credit approval process, effectively enhancing operational management quality and digital service levels[121](index=121&type=chunk) - Nearly **60 intelligent scenarios** were implemented, including "operating morning reports" and "smart contract quality inspection," contributing to improved quality and efficiency in business operations and risk control[121](index=121&type=chunk) - Digital RMB transaction volume reached **37.77 billion yuan**[121](index=121&type=chunk) - Accelerated the construction of the "Neighbor Star" collaborative service ecosystem, promoting the implementation of digital operation results and reducing the burden on grassroots account managers[122](index=122&type=chunk)[123](index=123&type=chunk) - Steadily advanced the construction of a new generation core system, accelerating the establishment of a data foundation for online lending business to support rapid development of online services[123](index=123&type=chunk) [5. Subsidiaries](index=45&type=section&id=5.子公司) Jiangsu Bank's subsidiaries, including Suyin Financial Leasing, Suyin Wealth Management, and Suyin KGI Consumer Finance, achieved stable growth, with Suyin Wealth Management consistently ranking first among city commercial bank wealth management institutions Major Subsidiary Information (thousand yuan) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Income | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suyin Financial Leasing | Subsidiary | 6,000,000 | 142,754,311 | 17,110,532 | 2,421,093 | 1,877,639 | 1,350,880 | | Suyin Wealth Management | Subsidiary | 2,000,000 | 6,192,944 | 5,310,969 | 754,018 | 565,602 | 430,776 | | Suyin KGI Consumer Finance | Subsidiary | 4,200,000 | 63,037,226 | 5,673,524 | 2,744,164 | 506,367 | 379,697 | - Suyin Financial Leasing Company's manufacturing investment reached **11.81 billion yuan**, a year-on-year increase of **36.38%**, with green leasing balance of **63.25 billion yuan**, accounting for **53.6%**[125](index=125&type=chunk) - Suyin Wealth Management managed wealth management products totaling **745.38 billion yuan**, ranking first among city commercial bank wealth management institutions for **38 consecutive quarters** in the Puyi Standard comprehensive wealth management capability ranking[127](index=127&type=chunk) - Suyin KGI Consumer Finance's total assets reached **63.04 billion yuan**, and it has been rated AAA for domestic long-term credit for **two consecutive years**[128](index=128&type=chunk) [VII. Comprehensive Risk Management](index=47&type=section&id=七、全面风险管理情况) Jiangsu Bank maintains a robust comprehensive risk management system, effectively identifying, measuring, monitoring, and controlling credit, liquidity, market, and operational risks through various strategies and regular assessments - The Group has established a credit risk management organizational structure, policies, and processes, ensuring stable asset quality through optimizing credit policies, strengthening risk prevention and control in key areas, enhancing smart risk control applications, conducting rolling inspections, performing risk retrospectives, strengthening non-performing loan recovery, and reinforcing accountability[130](index=130&type=chunk) - The Group adheres to a prudent and cautious liquidity risk management strategy, establishing a complete liquidity risk management governance structure, formulating scientific management methods, and conducting quarterly liquidity risk stress tests, with results consistently showing controllable risk levels[132](index=132&type=chunk) - The Group actively implements new market risk regulations, establishing a market risk monitoring platform, and conducting risk identification, measurement, monitoring, and control through gap analysis, exposure analysis, sensitivity analysis, scenario analysis, and stress testing, ensuring stable and controllable market risk[133](index=133&type=chunk)[134](index=134&type=chunk) - The Group continuously enhances operational risk control capabilities through improving rules and regulations, promoting system and process optimization, strengthening risk identification and rectification tracking, enhancing employee training, and strictly managing violations, ensuring overall controllable operational risk[135](index=135&type=chunk) - Information technology risk management focuses on cybersecurity, information security, IT outsourcing, and business continuity, with overall controllable risk and no major technology risk loss incidents occurring[136](index=136&type=chunk)[137](index=137&type=chunk) - Reputation risk management improves institutional mechanisms, strengthens full-process management, conducts public opinion monitoring, and enhances emergency response, with overall stable reputation risk status[138](index=138&type=chunk) - Country risk management continuously improves its identification, measurement, monitoring, and control system, strengthening monitoring and limit management, with overall controllable country risk[139](index=139&type=chunk)[140](index=140&type=chunk) [VIII. Institutional Overview](index=52&type=section&id=八、机构情况) Jiangsu Bank operates **546 institutions**, including its head office, 18 first-tier branches, and 526 sub-branches, with significant equity investments in its financial leasing, wealth management, and consumer finance subsidiaries Number of Institutions and Regional Distribution | No. | Institution | Number of Institutions | Number of Staff | Asset Scale (thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | 1 | Head Office | 1 | 1850 | 928,049,585 | | 2 | Suzhou Branch | 48 | 1214 | 225,632,354 | | 3 | Wuxi Branch | 107 | 2214 | 371,740,331 | | ... | ... | ... | ... | ... | | 20 | Capital Operations Center | 1 | 83 | 1,052,088,819 | | **Total** | **546** | **17,060** | **4,572,213,208** | External Equity Investments | Company Name | Equity Investment Balance (100 million yuan) | Shareholding Ratio | | :--- | :--- | :--- | | Suyin Financial Leasing Co., Ltd. | 24.6 | 51.25% | | Suyin Wealth Management Co., Ltd. | 20 | 100% | | Suyin KGI Consumer Finance Co., Ltd. | 23.71 | 56.44% | | **Total** | **68.31** | | - During the reporting period, the Bank acquired Jiangsu Danyang Suyin Village Bank Co., Ltd. and established branches, which had no significant impact on overall production, operations, and performance[146](index=146&type=chunk)[147](index=147&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=57&type=section&id=第四节%20公司治理、环境和社会) Jiangsu Bank demonstrates strong corporate governance, actively integrates ESG principles into its operations, and is committed to environmental protection and social responsibility, ensuring sustainable development [I. Overview of Shareholders' Meetings](index=57&type=section&id=一、股东大会情况简介) Jiangsu Bank held **2 shareholders' meetings** during the reporting period, approving **13 proposals** including financial bond issuance, supervisor elections, and profit distribution Shareholders' Meeting Convening Status | Session | Date Held | Query Index for Resolution Publication on Designated Website | Disclosure Date of Resolution Publication | | :--- | :--- | :--- | :--- | | 2025 First Extraordinary General Meeting | January 15, 2025 | www.sse.com.cn | January 16, 2025 | | 2024 Annual General Meeting | May 23, 2025 | www.sse.com.cn | May 24, 2025 | - During the reporting period, the board of directors convened **2 shareholders' meetings**, approving a total of **13 proposals**, including the issuance of financial bonds, election of supervisors, work reports of the board and supervisory board, financial budgets and final accounts, profit distribution, estimated daily related party transaction limits, and reappointment of accounting firms[158](index=158&type=chunk) [II. Changes in Directors, Supervisors, and Senior Management](index=57&type=section&id=二、董事、监事、高级管理人员变动情况) During the reporting period, Jiangsu Bank saw changes in its board, supervisory board, and senior management, with new appointments for shareholder supervisor, vice president, and chief auditor, and one vice president's departure Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Song Yunyun | Shareholder Supervisor | Appointment | | Yang Dawei | Vice President | Appointment | | Shi Wenqi | Chief Auditor | Appointment | | Zhou Aiguo | Vice President | Departure | - The qualifications of Yang Dawei and Shi Wenqi have been approved by the Jiangsu Financial Regulatory Bureau[160](index=160&type=chunk) [III. Profit Distribution or Capital Reserve Conversion Plan](index=58&type=section&id=三、利润分配或资本公积金转增预案) Jiangsu Bank distributed **5.619 billion yuan** in interim cash dividends and **3.935 billion yuan** in annual cash dividends for 2024, with the board authorized to determine the 2025 interim profit distribution - The Bank has distributed the 2024 interim cash dividend to common shareholders registered at the close of trading on January 9, 2025, at **0.3062 yuan per share** (including tax), totaling **5.619 billion yuan**[161](index=161&type=chunk) - The Bank has distributed the 2024 annual cash dividend to common shareholders registered at the close of trading on July 9, 2025, at **0.2144 yuan per share** (including tax), totaling **3.935 billion yuan**[161](index=161&type=chunk) - The 2024 Annual General Meeting of Shareholders approved the "Proposal on Authorizing the Board of Directors of Jiangsu Bank Co., Ltd. to Decide the 2025 Interim Profit Distribution Plan," with the specific plan to be determined by the board based on profitability, cash flow, and medium-to-long-term development plans[161](index=161&type=chunk) [IV. Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=58&type=section&id=四、股权激励计划、员工持股计划或其他员工激励措施的情况及其影响) Jiangsu Bank currently has no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place - The Bank has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[161](index=161&type=chunk) [V. Information Disclosure and Investor Relations](index=59&type=section&id=五、信息披露与投资者关系) Jiangsu Bank prioritizes information disclosure and investor relations, publishing **51 announcements** and engaging with over **300 investors** through various channels, while maintaining a stable dividend policy - During the reporting period, the Bank disclosed a total of **51 various announcements** and online documents, ensuring that information is true, accurate, complete, and timely[162](index=162&type=chunk) - The Bank held **1 performance briefing** for regular reports and organized **37 roadshow exchanges**, involving over **300 investors**[166](index=166&type=chunk) - Engaged in over **400 interactions** with various investors through on-site exchanges at shareholders' meetings, Q&A responses on SSE e-interaction, investor hotlines, and email communications[166](index=166&type=chunk)[167](index=167&type=chunk) - The Bank's total cash dividend for 2024 was **9.554 billion yuan** (including interim distribution), accounting for **30%** of the net profit attributable to the parent company in 2024[173](index=173&type=chunk) - Since its listing in 2016, the Bank's dividend policy has been generally stable, consistently maintaining a cash dividend ratio of **30%** of net profit attributable to the parent company in recent years, with cumulative common stock cash dividends distributed totaling nearly **50 billion yuan**[173](index=173&type=chunk) [VI. Environmental Information](index=65&type=section&id=六、环境信息情况) Jiangsu Bank invested **29.43 million yuan** in environmental protection, reducing CO2 emissions by **6.46 million tons**, and implemented a three-tier green finance governance structure, with no environmental violations reported Semi-Annual Environmental Overview | Indicator | Information | | :--- | :--- | | Establishment of Environmental Protection Mechanisms | Yes | | Environmental Protection Investment During Reporting Period (10,000 yuan) | 2,942.87 | | Carbon Reduction Measures Taken | Yes | | CO2 Equivalent Emission Reduction (tons) | 6,458,296.62 | | Type of Carbon Reduction Measures | Focusing on clean energy, energy conservation and environmental protection, carbon reduction technologies, etc., increasing capital investment to help enterprises achieve energy conservation and emission reduction goals. | - The Bank's green finance operation and management follow a three-tier governance structure: "Board of Directors - Senior Management - Executive Level," with the Board establishing a Strategy and ESG Committee, senior management forming a "Five Key Initiatives" Working Leadership Group, and the executive level establishing a Green Finance Department[178](index=178&type=chunk) - During the reporting period, the Bank issued the "2025 Green Finance Group-wide Special Assessment Plan," formulated marketing guidelines for segmented industries such as energy storage and new power systems, revised the "Jiangsu Bank Credit Investment Guidelines (2025 Edition)," and released the "Notice on Carrying out Tiered Cultivation of Green Branches"[179](index=179&type=chunk)[180](index=180&type=chunk) - Implemented Jiangsu Province's first steel, papermaking, and chemical industry transition finance loans; issued the nation's first "Green Manufacturing" themed green financial bond; promoted green low-carbon credit cards, new energy vehicle consumer loans, etc[181](index=181&type=chunk) - Officially issued the "Jiangsu Bank Environmental, Social, and Governance Risk Management Policy," systematically conducting climate risk stress tests covering physical and transition risks[182](index=182&type=chunk)[183](index=183&type=chunk) - Developed and launched a new version of the green financing intelligent identification model to improve identification accuracy; enriched the ESG risk database to continuously track the ESG performance of credit customers; built a carbon accounting model covering all 15 categories of Scope 3 emissions[184](index=184&type=chunk) - Actively participated in 14 research projects by the People's Bank of China, the Green Finance Professional Committee of the China Society for Finance and Banking, etc., participated in formulating 5 standards, and won multiple awards[185](index=185&type=chunk) - In the first half of the year, electricity consumption decreased by **1.0253 million kWh** compared to the same period last year, and **39,600 kWh** of solar photovoltaic power was utilized[187](index=187&type=chunk) - During the reporting period, the Bank had no environmental violations[189](index=189&type=chunk) [VII. Fulfillment of Social Responsibilities](index=70&type=section&id=七、履行社会责任情况) Jiangsu Bank actively integrates ESG into its operations, focusing on "Five Key Initiatives" to optimize financial services, with over **290 billion yuan** in agricultural-related loans and robust consumer protection efforts - The Bank actively practices its original aspiration of serving the nation through finance and its mission of serving the people through finance, adhering to the social responsibility philosophy of "integrating goodness in heart, creating beauty in action," and proactively integrating ESG and sustainable development concepts into its operations and self-governance[190](index=190&type=chunk) - Disclosed social responsibility reports for **12 consecutive years** and ESG reports for **4 consecutive years**, receiving multiple honors such as "Most Socially Responsible Financial Institution Award" and "Best Inclusive Finance Achievement Award"[190](index=190&type=chunk) Investment in Poverty Alleviation and Rural Revitalization Projects | Project | Quantity/Content | | :--- | :--- | | Total Investment (100 million yuan) | At the end of the reporting period, the balance of agricultural-related loans exceeded 290 billion yuan, with a growth rate 4.7 percentage points higher than that of all loans. Loans to 12 key poverty-stricken counties in northern Jiangsu amounted to 82.5 billion yuan, with a growth rate 4 percentage points higher than that of all loans. | | Of which: Funds (100 million yuan) | Agricultural-related loan balance exceeded 290 billion yuan, with loans to 12 key poverty-stricken counties in northern Jiangsu amounting to 67.27 billion yuan. | | Material Equivalent (10,000 yuan) | Participated in the "Drip Water, Build Dreams" student aid and poverty alleviation project for 9 consecutive years, cumulatively donating 27.6 million yuan to assist 3,600 impoverished students. | | Number of Beneficiaries (persons) | The "Drip Water, Build Dreams" poverty alleviation and student aid project supported 3,600 impoverished students. | | Form of Assistance | Driving industrial development and increasing income for residents by issuing targeted poverty alleviation loans to individuals and entities; assisting impoverished students to complete their studies and improve their quality through education-based poverty alleviation. | - The Bank has improved its consumer protection system and mechanisms, forming a comprehensive consumer protection organizational structure covering the board of directors, senior management, responsible departments, and branches (subsidiaries)[194](index=194&type=chunk) - Strengthened financial consumer education, conducting **4,557 online and offline promotional activities** in the first half of the year, with "3·15 Consumer Protection Publicity Week" and "June Financial Knowledge Miles" as the main themes, reaching **14.037 million consumers**[195](index=195&type=chunk) - Focused on key areas, strengthened the root cause management of customer complaints, built a multi-channel collaborative governance system, improved the tiered and layered handling mechanism, and deepened closed-loop management of customer services[196](index=196&type=chunk) [Section V Significant Matters](index=74&type=section&id=第五节%20重要事项) Jiangsu Bank strictly fulfilled all commitments, had no non-operating fund occupation by related parties, no major litigation, and its semi-annual report was reviewed but not audited [I. Fulfillment of Commitments](index=74&type=section&id=一、承诺事项履行情况) Jiangsu Bank and its related parties strictly fulfilled all commitments during the reporting period, including share lock-up, resolution of horizontal competition, and measures to mitigate dilution of immediate returns Fulfillment of Commitments | Commitment Background | Commitment Type | Promisor | Commitment Content | Commitment Time and Duration | Has Fulfillment Period | Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments related to initial public offering | Share Lock-up | Current and former directors, supervisors, senior management, shareholder Tang Jinsong | See Note 1 | August 2, 2016, until the end of their term and 6 months after the term expires | Yes | Yes | | Commitments related to initial public offering | Resolution of Horizontal Competition | Jiangsu Trust | See Note 2 | During the period Jiangsu Trust is the largest shareholder of Jiangsu Bank | Yes | Yes | | Commitments related to initial public offering | Other | Directors, Senior Management | See Note 3 | From November 29, 2016 | No | Yes | | Commitments related to refinancing | Other | Directors, Senior Management | See Note 4 | From February 2, 2018 | No | Yes | | Commitments related to refinancing | Other | Directors, Senior Management | See Note 5 | From July 9, 2020 | No | Yes | [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=76&type=section&id=二、报告期内控股股东及其他关联方非经营性占用资金情况) Jiangsu Bank reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The Bank had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period or from previous periods that continued into the reporting period[203](index=203&type=chunk) [III. Guarantees](index=76&type=section&id=三、担保情况) Jiangsu Bank's guarantee business is a regular, regulator-approved operation with effective risk control measures, and no other significant guarantee matters required disclosure during the reporting period - Guarantee business is one of the Bank's regular banking businesses approved by relevant regulatory authorities[204](index=204&type=chunk) - The Bank attaches importance to the risk management of this business, strictly implements relevant operating procedures and approval processes, and effectively controls the risks of external guarantee business[204](index=204&type=chunk) - During the reporting period, the Bank had no other significant guarantee matters requiring disclosure, apart from financial guarantee businesses within its scope of operations[204](index=204&type=chunk) [IV. Significant Contracts and Their Performance](index=76&type=section&id=四、重大合同及其履行情况) Jiangsu Bank has no significant contracts that are required to be disclosed but have not been - The Bank has no significant contracts that should be disclosed but have not been[205](index=205&type=chunk) [V. Semi-Annual Report Audit Status](index=76&type=section&id=五、半年报审计情况) Jiangsu Bank's semi-annual financial report was reviewed by Deloitte Touche Tohmatsu Certified Public Accountants (Special General Partnership) but was not audited - The Bank's semi-annual financial report has not been audited, but Deloitte Touche Tohmatsu Certified Public Accountants (Special General Partnership) has reviewed it[206](index=206&type=chunk) [VI. Major Litigation and Arbitration Matters](index=76&type=section&id=六、重大诉讼、仲裁事项) Jiangsu Bank had no major litigation or arbitration matters during the reporting period, and the five pending cases over **10 million yuan** are not expected to significantly impact its financial position - During the reporting period, the Bank had no major litigation or arbitration matters[207](index=207&type=chunk) - At the end of the reporting period, among the Bank's pending lawsuits where it is the defendant, there were **5 cases** with amounts exceeding **10 million yuan**, totaling **232 million yuan**[207](index=207&type=chunk) - The Bank believes that the final rulings and enforcement results of these matters will not have a significant impact on its financial position or operating results[207](index=207&type=chunk) [VII. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=76&type=section&id=七、报告期内公司及其控股股东、实际控制人诚信状况的说明) Jiangsu Bank had no controlling shareholder or actual controller at the end of the reporting period - At the end of the reporting period, the Bank had no controlling shareholder or actual controller[208](index=208&type=chunk) [VIII. Significant Related Party Transactions](index=77&type=section&id=八、重大关联交易) Jiangsu Bank's related party transactions were conducted under normal commercial terms, were fair and reasonable, and did not offer preferential treatment, aligning with the interests of the Bank and its shareholders - The Bank's related party transactions are conducted in accordance with relevant regulatory provisions, arise from normal operating activities, and are carried out under general commercial terms, being fair and reasonable[209](index=209&type=chunk) - There are no circumstances where related parties receive preferential treatment compared to other borrowers or counterparties, aligning with the overall interests of the Bank and its shareholders[209](index=209&type=chunk) - Details of the Bank's significant related party transactions during the reporting period are provided in the notes to the financial report[209](index=209&type=chunk) [Section VI Share Changes and Shareholder Information](index=78&type=section&id=第六节%20股份变动及股东情况) Jiangsu Bank's total share capital and structure remained unchanged, with all shares being unrestricted, though one shareholder's shares were pledged and frozen

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The company's management guarantees the truthfulness, accuracy, and completeness of the semi-annual report and its financial statements, while also highlighting investment risks and the plan for no profit distribution - The Board of Directors, Board of Supervisors, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibility[4](index=4&type=chunk) - Forward-looking statements such as future plans and development strategies in this report do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[4](index=4&type=chunk) - The company **plans no cash dividend distribution**, bonus share issuance, or capitalization of capital reserves[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the nine main chapters of the report and their corresponding page numbers, providing an overview of the report's structure [Directory of Documents for Inspection](index=4&type=section&id=Directory%20of%20Documents%20for%20Inspection) This section discloses the reference documents available for inspection during the reporting period, including signed financial statements and original copies of all publicly disclosed documents - Financial statements signed and sealed by the legal representative, the person in charge of accounting, and the head of the accounting department[8](index=8&type=chunk) - Original copies of all company documents and announcements publicly disclosed on media designated by the China Securities Regulatory Commission during the reporting period[9](index=9&type=chunk) - The full text of the 2025 semi-annual report signed by the legal representative[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions of frequently used terms in the report, including company names, major related parties, and the reporting period, to ensure clear understanding - The Company, FIYTA refers to FIYTA Precision Technology Co, Ltd[12](index=12&type=chunk) - AVIC refers to Aviation Industry Corporation of China, Ltd[12](index=12&type=chunk) - The Reporting Period refers to the period from January 1, 2025, to June 30, 2025[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) This section provides basic information about the company, including its stock abbreviation, stock code, listing exchange, and legal representative - Stock Abbreviation: FIYTA, FIYTA B; Stock Code: 000026, 200026[14](index=14&type=chunk) - Stock Listing Exchange: Shenzhen Stock Exchange[14](index=14&type=chunk) - Legal Representative: Zhang Xuhua[14](index=14&type=chunk) [Contact Information](index=6&type=section&id=Contact%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative to facilitate investor communication - Board Secretary: Song Yaoming; Securities Affairs Representative: Xiong Yaojia[15](index=15&type=chunk) - Contact Phone: 0755-86013669; Email: investor@fiyta.com.cn[15](index=15&type=chunk) [Other Information](index=6&type=section&id=Other%20Information) This section states that the company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period, with details available in the 2024 annual report[16](index=16&type=chunk) - The stock exchange website and media for disclosing the semi-annual report, as well as the location for report inspection, remained unchanged during the reporting period, with details available in the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's revenue and net profit declined significantly year-over-year, while net cash flow from operating activities grew substantially Key Accounting Data and Financial Indicators (Consolidated) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | **Income Statement:** | | | | | Operating Revenue | 1,784,131,937.23 | 2,076,397,911.32 | -14.08% | | Net Profit Attributable to Shareholders | 82,445,500.03 | 147,138,482.34 | -43.97% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 78,377,262.19 | 140,445,221.81 | -44.19% | | Net Cash Flow from Operating Activities | 251,490,807.07 | 136,530,796.52 | 84.20% | | Basic Earnings Per Share (Yuan/Share) | 0.2034 | 0.3568 | -42.99% | | Diluted Earnings Per Share (Yuan/Share) | 0.2034 | 0.3564 | -42.93% | | Weighted Average Return on Equity | 2.41% | 4.36% | -1.95% | | **Balance Sheet (End of Period):** | | | | | Total Assets | 3,878,686,383.99 | 4,007,690,717.02 | -3.22% | | Net Assets Attributable to Shareholders | 3,333,609,683.39 | 3,391,843,200.61 | -1.72% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) During the reporting period, there were no discrepancies in net profit or net assets between financial reports prepared under IFRS and Chinese Accounting Standards - Differences in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards: Not applicable[20](index=20&type=chunk) - Differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards: Not applicable[20](index=20&type=chunk) [Non-recurring Gains and Losses](index=7&type=section&id=Non-recurring%20Gains%20and%20Losses) The company's total non-recurring gains and losses for the period amounted to 4,068,237.84 Yuan, primarily from government grants and impairment reversals Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -424,407.32 | | Government Grants Recognized in Current Profit or Loss | 1,509,835.03 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities Held by Non-financial Enterprises | 247,499.84 | | Reversal of Impairment Provision for Individually Tested Receivables | 2,807,146.61 | | Other Non-operating Income and Expenses | 984,766.23 | | Less: Income Tax Effect | 1,056,602.55 | | Total | 4,068,237.84 | Management Discussion and Analysis [Principal Business Activities](index=8&type=section&id=Principal%20Business%20Activities) The company focuses on the watch industry with a core business layout of proprietary brands and comprehensive services for famous watches, while actively cultivating strategic emerging industries - The company is deeply rooted in the watch industry, forming a core business layout where proprietary watch brands and comprehensive services for famous watches mutually promote each other[23](index=23&type=chunk) - The company owns proprietary watch brands such as **"FIYTA", "Emile Chouriet", and "ADASHER"**, as well as licensed cooperative brands "Beijing" and "Jeep"[23](index=23&type=chunk) - **"Harmony"** is positioned as a "comprehensive service provider for famous watches and a brand operation platform," specializing in the distribution and service of world-renowned watches[24](index=24&type=chunk) - The company has expanded into strategic emerging industries such as precision technology and smart wearables, and will continue to increase resource investment to foster their growth[24](index=24&type=chunk) - During the reporting period, the domestic traditional watch consumer market remained under pressure, with the Federation of the Swiss Watch Industry reporting a **18.7% year-over-year decrease** in cumulative exports to mainland China in the first half of the year[25](index=25&type=chunk) [Core Competitiveness Analysis](index=8&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness is built on full-chain brand management, refined channel operations, core precision technology, digital empowerment, and a professional talent pool - The company possesses full-chain operational management capabilities covering R&D, design, manufacturing, sales, and service, continuously strengthening the differentiation and competitiveness of its core proprietary brand "FIYTA"[26](index=26&type=chunk) - The company has refined channel operation management capabilities, having established a multi-dimensional channel network covering online and offline, domestic and overseas markets[27](index=27&type=chunk) - As a national technology innovation demonstration enterprise, the company holds key core technologies and high-end watchmaking skills, including in-house watch movements, component manufacturing, and aerospace watch development[28](index=28&type=chunk) - The company is advancing its digital transformation through initiatives such as optimizing digital retail systems, upgrading operational management systems, and implementing AI applications[30](index=30&type=chunk) - The company has a sound talent selection, training, and promotion system, and a professional, stable talent pool, having cultivated numerous industry leaders in core areas like design, R&D, and manufacturing[31](index=31&type=chunk) [Analysis of Principal Business](index=9&type=section&id=Analysis%20of%20Principal%20Business) In H1 2025, the company's revenue and profit declined, but operating cash flow increased significantly, as it actively responded to market challenges through various strategic initiatives Key Financial Data for H1 2025 (Consolidated) | Indicator | Current Period (CNY 10,000) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 178,413.19 | -14.08% | | Total Profit | 10,556.07 | -45.50% | | Net Cash Flow from Operating Activities | 25,149.08 | 84.20% | | Asset-Liability Ratio | 14.05% | (End of Period) | - The "FIYTA" brand, positioned with aerospace features and Chinese culture, launched distinctive products like the "Y-20" Hongyun and "Little Spaceship" 3D time-reading models[32](index=32&type=chunk) - The "FIYTA" brand continued to optimize its offline channel structure, strengthening its presence in prime locations like mainstream shopping centers; online, its e-commerce **GMV grew against the trend** during the "618" shopping festival[33](index=33&type=chunk) - The company plans to acquire a controlling stake in Shaanxi Changkong Gear Co, Ltd to enhance the technical strength and core capabilities of its precision technology business[34](index=34&type=chunk) - The company is accelerating the R&D of high-level watch movements and key components, and deepening the application of aerospace materials, innovative materials, and new processes[35](index=35&type=chunk) - The company is promoting the integration of AI technology with digital retail, CRM, and SAP systems to empower business development and improve efficiency[36](index=36&type=chunk) YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,784,131,937.23 | 2,076,397,911.32 | -14.08% | N/A | | Operating Costs | 1,149,808,611.57 | 1,304,482,455.55 | -11.86% | N/A | | Selling Expenses | 392,808,032.65 | 449,785,002.40 | -12.67% | N/A | | Administrative Expenses | 89,971,510.01 | 89,213,932.54 | 0.85% | N/A | | Financial Expenses | 5,640,080.29 | 9,622,797.59 | -41.39% | Mainly due to reduced interest on borrowings and foreign exchange gains | | Income Tax Expense | 23,115,165.73 | 46,545,035.11 | -50.34% | Mainly due to a decrease in total profit | | R&D Investment | 33,087,871.33 | 27,525,998.33 | 20.21% | N/A | | Net Cash Flow from Operating Activities | 251,490,807.07 | 136,530,796.52 | 84.20% | Mainly due to reduced inventory purchases and period expenses | | Net Cash Flow from Investing Activities | -40,364,724.39 | -83,646,605.14 | 51.74% | Mainly due to changes in the maturity of term deposits | | Net Cash Flow from Financing Activities | -191,150,697.48 | -153,122,505.66 | -24.84% | N/A | | Net Increase in Cash and Cash Equivalents | 20,352,756.48 | -100,273,144.58 | 120.30% | Mainly due to reduced inventory purchases, period expenses, and term deposit effects | Operating Revenue Composition (by Industry) | Industry | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Watch Business | 1,659,610,629.02 | 93.02% | 1,910,698,928.67 | 92.03% | -13.14% | | Precision Technology Business | 60,465,539.30 | 3.39% | 88,908,749.85 | 4.28% | -31.99% | | Leasing Business | 57,835,071.51 | 3.24% | 70,906,534.63 | 3.41% | -18.43% | | Other | 6,220,697.40 | 0.35% | 5,883,698.17 | 0.28% | 5.73% | Operating Revenue Composition (by Product) | Product | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Watch Brand Business | 315,109,112.17 | 17.66% | 384,620,560.57 | 18.52% | -18.07% | | Famous Watch Comprehensive Service Business | 1,344,501,516.85 | 75.36% | 1,526,078,368.10 | 73.51% | -11.90% | | Precision Technology Business | 60,465,539.30 | 3.39% | 88,908,749.85 | 4.28% | -31.99% | | Leasing Business | 57,835,071.51 | 3.24% | 70,906,534.63 | 3.41% | -18.43% | | Other | 6,220,697.40 | 0.35% | 5,883,698.17 | 0.28% | 5.73% | Industries, Products, or Regions Accounting for Over 10% of Revenue or Profit | Category | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Watch Business | 1,659,610,629.02 | 1,077,694,608.63 | 35.06% | -13.14% | -10.82% | -1.70% | | **By Product** | | | | | | | | Famous Watch Comprehensive Service Business | 1,344,501,516.85 | 980,624,417.20 | 27.06% | -11.90% | -9.82% | -1.69% | | **By Region** | | | | | | | | South China | 806,381,444.29 | 506,821,115.78 | 37.15% | -18.15% | -18.76% | 0.48% | [Analysis of Non-Principal Business](index=11&type=section&id=Analysis%20of%20Non-Principal%20Business) There is no analysis of non-principal business activities for the reporting period - Not applicable[43](index=43&type=chunk) [Analysis of Assets and Liabilities](index=11&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, both total assets and net assets attributable to shareholders decreased, with inventory remaining the largest asset category Significant Changes in Asset Composition | Item | End of Period Amount (Yuan) | % of Total Assets | Beginning of Year Amount (Yuan) | % of Total Assets | Change in % | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 539,306,933.97 | 13.90% | 518,954,177.49 | 12.95% | 0.95% | | Accounts Receivable | 295,552,172.33 | 7.62% | 260,152,834.43 | 6.49% | 1.13% | | Inventory | 1,844,734,053.46 | 47.56% | 1,984,486,969.74 | 49.52% | -1.96% | | Short-term Borrowings | 140,084,055.54 | 3.61% | 124,087,754.51 | 3.10% | 0.51% | | Contract Liabilities | 15,914,217.86 | 0.41% | 12,605,722.95 | 0.31% | 0.10% | - At the end of the reporting period, the company's **total assets were 3.88 billion Yuan**, a decrease of 3.22% from the beginning of the year[19](index=19&type=chunk)[43](index=43&type=chunk) - At the end of the reporting period, **net assets attributable to shareholders were 3.33 billion Yuan**, a decrease of 1.72% from the beginning of the year[19](index=19&type=chunk)[43](index=43&type=chunk) [Investment Status Analysis](index=12&type=section&id=Investment%20Status%20Analysis) The company maintained a cautious investment approach during the reporting period, with no significant changes in investment amounts or major equity and non-equity investments - The investment amount for the reporting period was 0.00 Yuan, with no change year-over-year[45](index=45&type=chunk) - No significant equity investments were acquired, and no major non-equity investments were in progress during the reporting period[46](index=46&type=chunk) - Information on securities investment and derivatives investment is not applicable[46](index=46&type=chunk) [Sale of Major Assets and Equity](index=13&type=section&id=Sale%20of%20Major%20Assets%20and%20Equity) No sale of major assets or equity occurred during the reporting period - Not applicable to the sale of major assets[47](index=47&type=chunk) - Not applicable to the sale of major equity[47](index=47&type=chunk) [Analysis of Major Holding and Participating Companies](index=13&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Shenzhen Harmony World Watch Center Co, Ltd stands out among the company's major subsidiaries as a significant contributor to profit, leading in assets, revenue, and net profit Major Subsidiaries and Affiliates with >10% Impact on Net Profit | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Harmony World Watch Center Co, Ltd | Subsidiary | Sales and repair of watches and parts | 600,000,000.00 | 1,876,497,588.49 | 1,191,373,188.19 | 1,297,382,547.52 | 87,756,037.36 | 66,934,813.99 | | FIYTA Sales Co, Ltd | Subsidiary | Design, R&D, sales of watches and parts | 450,000,000.00 | 407,617,861.09 | 329,091,442.71 | 197,642,858.31 | 7,510,593.10 | 6,318,748.98 | | Shenzhen FIYTA Precision Technology Co, Ltd | Subsidiary | Manufacturing of watches and parts | 180,000,000.00 | 283,995,862.39 | 210,618,304.73 | 117,234,735.66 | 12,518,729.85 | 7,233,524.79 | | Shenzhen FIYTA Technology Development Co, Ltd | Subsidiary | Manufacturing of precision parts | 50,000,000.00 | 205,586,332.09 | 171,479,460.13 | 66,607,775.00 | 15,221.00 | 727,295.62 | | FIYTA (Hong Kong) Limited | Subsidiary | Watch and parts trading and investment | 137,737,520.00 | 276,851,162.20 | 269,894,452.02 | 29,192,948.36 | 7,626,028.31 | 5,402,013.91 | | Emile Chouriet (Shenzhen) Co, Ltd | Subsidiary | Design, R&D, sales of watches and parts | 41,355,200.00 | 122,019,056.21 | 55,036,825.16 | 27,662,208.00 | 261,496.42 | 468,078.86 | - No subsidiaries were acquired or disposed of during the reporting period[48](index=48&type=chunk) [Structured Entities Controlled by the Company](index=13&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - Not applicable[49](index=49&type=chunk) [Risks and Countermeasures](index=13&type=section&id=Risks%20and%20Countermeasures) The company faces risks from weakening domestic consumer demand and uncertainty in a proposed acquisition, which it plans to mitigate through brand building and strategic expansion - **Consumer Market Risk**: Weakening demand for traditional watches and shifting consumer preferences; the company will strengthen brand positioning, enhance channel operations, expand into overseas/duty-free markets, and accelerate the development of strategic emerging industries[50](index=50&type=chunk) - **Acquisition Risk**: The proposed acquisition of a controlling stake in Changkong Gear is ongoing, with the final plan and completion subject to uncertainty and necessary approvals; the company will proceed with the transaction in an orderly manner[50](index=50&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=14&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[51](index=51&type=chunk) - The company has not disclosed a valuation enhancement plan[51](index=51&type=chunk) [Implementation of the “Dual Improvement of Quality and Return” Action Plan](index=14&type=section&id=Implementation%20of%20the%20%E2%80%9CDual%20Improvement%20of%20Quality%20and%20Return%E2%80%9D%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Improvement of Quality and Return" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement of Quality and Return" action plan[52](index=52&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=14&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) The composition of the company's directors, supervisors, and senior management remained stable with no changes during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[54](index=54&type=chunk) [Profit Distribution and Capitalization of Capital Reserve](index=14&type=section&id=Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve) The company plans no semi-annual cash dividend, bonus share issuance, or capitalization of capital reserves, reflecting a prudent profit distribution policy - The company plans no semi-annual cash dividend distribution, bonus share issuance, or capitalization of capital reserves[55](index=55&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=14&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The third tranche of the company's second restricted stock incentive plan vested, with 2.047 million shares becoming available for trading - The conditions for the third vesting period of the company's second restricted stock incentive plan have been met, and the **2.047420 million A-share restricted stocks** involved were listed for trading on February 5, 2025[56](index=56&type=chunk) - Not applicable to the implementation of employee stock ownership plans[57](index=57&type=chunk) - Not applicable to other employee incentive measures[57](index=57&type=chunk) [Environmental Information Disclosure](index=15&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries are not listed as enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[57](index=57&type=chunk) [Social Responsibility](index=15&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities, with its latest ESG report disclosed on March 14, 2025 - The company has actively practiced social responsibility for many years; for the latest information, please refer to the "2024 Environmental, Social, and Governance (ESG) Report" disclosed on cninfo.com.cn on March 14, 2025[57](index=57&type=chunk) Important Matters [Commitments Fulfilled or Overdue by Relevant Parties](index=16&type=section&id=Commitments%20Fulfilled%20or%20Overdue%20by%20Relevant%20Parties) There were no commitments fulfilled or overdue by the company or its related parties during the reporting period - Not applicable[59](index=59&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=16&type=section&id=Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There were no instances of non-operational fund occupation by the controlling shareholder or other related parties during the reporting period - Not applicable[59](index=59&type=chunk) [Irregular External Guarantees](index=16&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - Not applicable[59](index=59&type=chunk) [Appointment and Dismissal of Accounting Firm](index=16&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The semi-annual financial report has not been audited - Has the semi-annual financial report been audited: No[59](index=59&type=chunk) [Board's Explanation on “Non-standard Audit Report”](index=16&type=section&id=Board's%20Explanation%20on%20%E2%80%9CNon-standard%20Audit%20Report%E2%80%9D) There was no "non-standard audit report" issued by the accounting firm for the current reporting period - Not applicable[59](index=59&type=chunk) [Board's Explanation on Prior Year's “Non-standard Audit Report”](index=16&type=section&id=Board's%20Explanation%20on%20Prior%20Year's%20%E2%80%9CNon-standard%20Audit%20Report%E2%80%9D) There is no explanation regarding a "non-standard audit report" from the previous year - Not applicable[59](index=59&type=chunk) [Bankruptcy and Reorganization Matters](index=16&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the reporting period - Not applicable[59](index=59&type=chunk) [Litigation Matters](index=16&type=section&id=Litigation%20Matters) The company was not involved in any major litigation or arbitration during the reporting period - Not applicable to major litigation and arbitration matters[59](index=59&type=chunk) - Not applicable to other litigation matters[59](index=59&type=chunk) [Penalties and Rectifications](index=16&type=section&id=Penalties%20and%20Rectifications) The company did not receive any penalties or undergo rectification during the reporting period - Not applicable[59](index=59&type=chunk) [Integrity Status of the Company and its Controlling Shareholders](index=17&type=section&id=Integrity%20Status%20of%20the%20Company%20and%20its%20Controlling%20Shareholders) There were no integrity issues concerning the company, its controlling shareholder, or its de facto controller during the reporting period - Not applicable[60](index=60&type=chunk) [Major Related-Party Transactions](index=17&type=section&id=Major%20Related-Party%20Transactions) The company's deposit and loan business with AVIC Finance did not exceed the limits set in the financial services agreement, and all routine related-party transactions were within approved annual estimates - The company has deposit business with AVIC Finance, with a period-end balance of **515.49 million Yuan**[60](index=60&type=chunk) - The company has loan business with AVIC Finance, with a period-end balance of 0 Yuan and a credit line of 800 million Yuan[60](index=60&type=chunk) - During the reporting period, the cumulative amount of routine related-party transactions was within the annual estimated range[62](index=62&type=chunk) [Major Contracts and Their Performance](index=18&type=section&id=Major%20Contracts%20and%20Their%20Performance) The company had no custody, contracting, or leasing matters, while its external guarantees were primarily for subsidiaries, with a notable guarantee of 100 million Yuan for Shenzhen Harmony World Watch Center - Not applicable to custody, contracting, or leasing matters[64](index=64&type=chunk) - The company provided a guarantee to its subsidiary, Shenzhen Harmony World Watch Center Co, Ltd, with an actual guarantee amount of **100 million Yuan**[65](index=65&type=chunk) - At the end of the reporting period, the total approved guarantee limit for subsidiaries was 300 million Yuan, with an actual outstanding balance of 100 million Yuan[66](index=66&type=chunk) - The total actual guarantee amount represents **3.00%** of the company's net assets[66](index=66&type=chunk) [Entrusted Wealth Management](index=20&type=section&id=Entrusted%20Wealth%20Management) The company had no entrusted wealth management activities during the reporting period - Not applicable[67](index=67&type=chunk) [Other Major Contracts](index=20&type=section&id=Other%20Major%20Contracts) The company had no other major contracts during the reporting period - Not applicable[67](index=67&type=chunk) [Explanation of Other Significant Matters](index=20&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company is pursuing a cash acquisition of a controlling stake in Shaanxi Changkong Gear Co, Ltd, a related-party transaction whose completion remains uncertain pending approvals - The company plans to acquire a controlling stake in Shaanxi Changkong Gear Co, Ltd (Changkong Gear) through a cash transaction, which constitutes a related-party transaction[67](index=67&type=chunk) - The completion of this acquisition is uncertain and is subject to necessary decision-making and approval procedures by all parties[67](index=67&type=chunk) [Significant Matters of Company Subsidiaries](index=20&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) There were no significant matters concerning the company's subsidiaries during the reporting period - Not applicable[68](index=68&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=21&type=section&id=Changes%20in%20Share%20Capital) During the period, the company's total share capital remained unchanged, while restricted shares decreased and unrestricted shares increased due to executive share adjustments and vesting of stock incentives - The number of restricted shares at the end of the period was **620,090**, accounting for 0.15% of the total, a decrease of 1,855,630 shares from the beginning of the period[71](index=71&type=chunk) - The number of unrestricted shares at the end of the period was **405,143,917**, accounting for 99.85% of the total, an increase of 1,855,630 shares from the beginning of the period[71](index=71&type=chunk) - The changes were mainly due to an increase of 250,500 restricted shares from adjustments to the transferable quota for current senior executives, and the release and listing of 2,047,420 A-share restricted stocks from the third vesting period of the second restricted stock incentive plan[71](index=71&type=chunk)[72](index=72&type=chunk) - The company's total share capital remained unchanged at **405,764,007 shares**[71](index=71&type=chunk)[72](index=72&type=chunk) [Changes in Restricted Shares](index=22&type=section&id=Changes%20in%20Restricted%20Shares) The total number of restricted shares decreased during the period, primarily due to the vesting of the second restricted stock incentive plan and adjustments to executive lock-up shares Changes in Restricted Shares | Shareholder Name | Restricted Shares (Beginning) | Shares Released | Shares Added | Restricted Shares (End) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Pan Bo | 172,537 | 50,100 | 50,100 | 172,537 | Executive Lock-up | | Li Ming | 120,067 | 50,100 | 50,100 | 120,067 | Executive Lock-up | | Lu Wanjun | 120,037 | 50,100 | 50,100 | 120,037 | Executive Lock-up | | Liu Xiaoming | 120,037 | 50,100 | 50,100 | 120,037 | Executive Lock-up | | Tang Haiyuan | 80,662 | 50,100 | 50,100 | 80,662 | Executive Lock-up | | Hu Jing | 6,750 | 0 | 0 | 6,750 | Supervisor Lock-up | | Other Shareholders | 1,855,630 | 1,855,630 | 0 | 0 | N/A | - Reason for shares released: The conditions for the third vesting period of the second restricted stock incentive plan were met; adjustments to the transferable quota for departed executives resulted in a total release of **2,106,130 shares**[75](index=75&type=chunk) - Reason for shares added: A total of **250,500 A-share restricted stocks** released to current senior executives became subject to lock-up provisions for executive shares[75](index=75&type=chunk) [Securities Issuance and Listing](index=23&type=section&id=Securities%20Issuance%20and%20Listing) The company did not issue or list any securities during the reporting period - Not applicable[76](index=76&type=chunk) [Number of Shareholders and Shareholding Status](index=23&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the period, the company had 25,770 common shareholders, with Shentian Technology Holding (Shenzhen) Co, Ltd being the controlling shareholder with a 40.17% stake - Total number of common shareholders at the end of the reporting period: **25,770**[77](index=77&type=chunk) Shareholding of Top 10 Shareholders or Those with >5% Stake | Shareholder Name | Nature | Shareholding Ratio | Shares Held (End of Period) | Change During Period | Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Shentian Technology Holding (Shenzhen) Co, Ltd | State-owned Legal Entity | 40.17% | 162,977,327 | 0 | 162,977,327 | | Wu Jilin | Domestic Individual | 4.38% | 17,770,623 | -201,818 | 17,770,623 | | Foresea Life Insurance Co, Ltd - Participating Insurance Products | Other | 1.52% | 6,186,370 | 6,186,370 | 6,186,370 | | Foresea Life Insurance Co, Ltd - Own Funds | Other | 0.75% | 3,026,000 | 3,026,000 | 3,026,000 | | Qiu Hong | Domestic Individual | 0.69% | 2,800,000 | 290,000 | 2,800,000 | | Bank of China - Huashang Select Return Mixed Securities Investment Fund | Other | 0.63% | 2,549,400 | 2,549,400 | 2,549,400 | | Zhejiang Haokun Shengfa Asset Management - Haokun Xingkong Feima VI Private Fund | Other | 0.61% | 2,492,215 | 2,492,215 | 2,492,215 | | Zhu Rui | Domestic Individual | 0.51% | 2,087,500 | -61,900 | 2,087,500 | | Shao Yixing | Domestic Individual | 0.50% | 2,044,200 | 2,044,200 | 2,044,200 | | Zhan Zhiying | Domestic Individual | 0.50% | 2,031,500 | 2,031,500 | 2,031,500 | - During the reporting period, the name of the company's controlling shareholder changed from "AVIC International Holding Corporation" to "Shentian Technology Holding (Shenzhen) Co, Ltd"[78](index=78&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=24&type=section&id=Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) The total shareholdings of directors, supervisors, and senior management remained unchanged, though the number of restricted shares for some executives was adjusted due to lock-up rules Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Status | Shares Held (Beginning) | Shares Held (End) | Restricted Shares (Beginning) | Restricted Shares (End) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Pan Bo | Director & General Manager | Current | 230,050 | 230,050 | 50,100 | 0 | | Lu Wanjun | Deputy GM & General Counsel | Current | 160,050 | 160,050 | 50,100 | 0 | | Liu Xiaoming | Deputy General Manager | Current | 160,050 | 160,050 | 50,100 | 0 | | Li Ming | Deputy General Manager | Current | 160,090 | 160,090 | 50,100 | 0 | | Song Yaoming | CFO & Board Secretary | Current | 0 | 0 | 0 | 0 | | Tang Haiyuan | Deputy General Manager | Current | 107,550 | 107,550 | 50,100 | 0 | | Total | -- | -- | 826,790 | 826,790 | 250,500 | 0 | [Changes in Controlling Shareholder or De Facto Controller](index=25&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20De%20Facto%20Controller) There were no changes in the company's controlling shareholder or de facto controller during the reporting period - Change in controlling shareholder during the reporting period: Not applicable[81](index=81&type=chunk) - Change in de facto controller during the reporting period: Not applicable[81](index=81&type=chunk) [Information on Preferred Shares](index=25&type=section&id=Information%20on%20Preferred%20Shares) The company had no preferred shares during the reporting period - Not applicable[81](index=81&type=chunk) Bond-related Matters [Bond-related Matters](index=26&type=section&id=Bond-related%20Matters) The company had no bond-related matters during the reporting period - Not applicable[83](index=83&type=chunk) Financial Report [Audit Report](index=27&type=section&id=Audit%20Report) The semi-annual report has not been audited - Has the semi-annual report been audited: No[85](index=85&type=chunk) [Financial Statements](index=27&type=section&id=Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the first half of 2025, reflecting its financial position and performance Consolidated Balance Sheet (End of Period) | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | **Current Assets:** | | | | Cash and Cash Equivalents | 539,306,933.97 | 518,954,177.49 | | Notes Receivable | 13,890,956.79 | 29,611,600.60 | | Accounts Receivable | 295,552,172.33 | 260,152,834.43 | | Prepayments | 24,636,188.41 | 3,858,053.60 | | Other Receivables | 56,382,345.03 | 56,982,351.27 | | Inventories | 1,844,734,053.46 | 1,984,486,969.74 | | Other Current Assets | 94,506,620.74 | 98,007,925.22 | | **Total Current Assets** | **2,869,009,270.73** | **2,952,053,912.35** | | **Non-current Assets:** | | | | Long-term Equity Investments | 51,401,581.98 | 50,907,036.84 | | Investment Properties | 294,173,788.77 | 301,002,364.41 | | Fixed Assets | 368,564,629.53 | 377,568,144.41 | | Right-of-use Assets | 82,724,677.42 | 98,437,976.41 | | Intangible Assets | 30,819,121.76 | 31,567,927.16 | | Long-term Deferred Expenses | 97,336,736.70 | 110,205,323.29 | | Deferred Tax Assets | 77,387,311.98 | 82,155,778.31 | | Other Non-current Assets | 7,269,265.12 | 3,792,253.84 | | **Total Non-current Assets** | **1,009,677,113.26** | **1,055,636,804.67** | | **Total Assets** | **3,878,686,383.99** | **4,007,690,717.02** | | **Current Liabilities:** | | | | Short-term Borrowings | 140,084,055.54 | 124,087,754.51 | | Accounts Payable | 94,532,784.30 | 115,532,921.57 | | Advances from Customers | 7,813,681.37 | 11,783,796.49 | | Contract Liabilities | 15,914,217.86 | 12,605,722.95 | | Employee Benefits Payable | 61,957,407.90 | 92,260,153.14 | | Taxes Payable | 46,730,334.76 | 49,815,151.35 | | Other Payables | 89,287,084.19 | 104,638,483.81 | | Non-current Liabilities Due within One Year | 57,399,333.79 | 63,538,231.06 | | Other Current Liabilities | 2,429,897.06 | 1,529,468.07 | | **Total Current Liabilities** | **516,148,796.77** | **575,791,682.95** | | **Non-current Liabilities:** | | | | Lease Liabilities | 26,793,779.93 | 35,065,292.04 | | Deferred Tax Liabilities | 2,134,123.90 | 4,990,541.42 | | **Total Non-current Liabilities** | **28,927,903.83** | **40,055,833.46** | | **Total Liabilities** | **545,076,700.60** | **615,847,516.41** | | **Shareholders' Equity:** | | | | Share Capital | 405,764,007.00 | 405,764,007.00 | | Capital Reserve | 935,609,251.94 | 936,339,503.60 | | Less: Treasury Stock | 0.00 | 12,815,556.81 | | Other Comprehensive Income | 25,279,285.71 | 15,686,794.62 | | Special Reserve | 4,288,952.07 | 4,340,162.76 | | Surplus Reserve | 275,010,401.50 | 275,010,401.50 | | Retained Earnings | 1,687,657,785.17 | 1,767,517,887.94 | | **Total Equity Attributable to Parent Company** | **3,333,609,683.39** | **3,391,843,200.61** | | **Total Equity** | **3,333,609,683.39** | **3,391,843,200.61** | | **Total Liabilities and Equity** | **3,878,686,383.99** | **4,007,690,717.02** | Consolidated Income Statement (Current Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,784,131,937.23 | 2,076,397,911.32 | | Including: Operating Revenue | 1,784,131,937.23 | 2,076,397,911.32 | | II. Total Operating Costs | 1,686,829,306.89 | 1,892,890,643.96 | | Including: Operating Costs | 1,149,808,611.57 | 1,304,482,455.55 | | Taxes and Surcharges | 15,513,201.04 | 12,260,457.55 | | Selling Expenses | 392,808,032.65 | 449,785,002.40 | | Administrative Expenses | 89,971,510.01 | 89,213,932.54 | | R&D Expenses | 33,087,871.33 | 27,525,998.33 | | Financial Expenses | 5,640,080.29 | 9,622,797.59 | | Add: Other Income | 2,946,889.68 | 3,103,884.50 | | Investment Income (Loss with "-") | 742,044.98 | 313,834.17 | | Credit Impairment Loss (Loss with "-") | 2,228,174.46 | 2,724,678.43 | | Asset Impairment Loss (Loss with "-") | 1,780,567.39 | 28,336.82 | | Asset Disposal Gain (Loss with "-") | -424,407.32 | 2,906,210.67 | | III. Operating Profit (Loss with "-") | 104,575,899.53 | 192,584,211.95 | | Add: Non-operating Income | 1,204,207.92 | 1,378,138.85 | | Less: Non-operating Expenses | 219,441.69 | 278,833.35 | | IV. Total Profit (Total Loss with "-") | 105,560,665.76 | 193,683,517.45 | | Less: Income Tax Expense | 23,115,165.73 | 46,545,035.11 | | V. Net Profit (Net Loss with "-") | 82,445,500.03 | 147,138,482.34 | | Net Profit Attributable to Parent Company Owners | 82,445,500.03 | 147,138,482.34 | | VI. Net Other Comprehensive Income after Tax | 9,592,491.09 | -5,577,527.76 | | Net OCI Attributable to Parent Company Owners | 9,592,491.09 | -5,577,527.76 | | VII. Total Comprehensive Income | 92,037,991.12 | 141,560,954.58 | | Total Comprehensive Income Attributable to Parent Company Owners | 92,037,991.12 | 141,560,954.58 | | VIII. Earnings Per Share: | | | | (I) Basic Earnings Per Share | 0.2034 | 0.3568 | | (II) Diluted Earnings Per Share | 0.2034 | 0.3564 | Consolidated Cash Flow Statement (Current Period) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Cash Flows from Operating Activities: | | | | Cash Received from Sales of Goods and Services | 1,918,518,666.40 | 2,242,943,860.28 | | Other Cash Received Relating to Operating Activities | 20,316,713.59 | 22,763,002.95 | | Subtotal of Cash Inflows from Operating Activities | 1,939,600,682.01 | 2,267,068,669.91 | | Cash Paid for Goods and Services | 1,117,286,716.61 | 1,493,308,339.25 | | Cash Paid to and for Employees | 295,806,175.23 | 336,053,098.67 | | Payments of All Types of Taxes | 123,135,450.22 | 115,761,812.75 | | Other Cash Paid Relating to Operating Activities | 151,881,532.88 | 185,414,622.72 | | Subtotal of Cash Outflows from Operating Activities | 1,688,109,874.94 | 2,130,537,873.39 | | **Net Cash Flow from Operating Activities** | **251,490,807.07** | **136,530,796.52** | | II. Cash Flows from Investing Activities: | | | | Subtotal of Cash Inflows from Investing Activities | 104,714,728.56 | 125,059,502.67 | | Subtotal of Cash Outflows from Investing Activities | 145,079,452.95 | 208,706,107.81 | | **Net Cash Flow from Investing Activities** | **-40,364,724.39** | **-83,646,605.14** | | III. Cash Flows from Financing Activities: | | | | Subtotal of Cash Inflows from Financing Activities | 140,000,000.00 | 320,000,000.00 | | Subtotal of Cash Outflows from Financing Activities | 331,150,697.48 | 473,122,505.66 | | **Net Cash Flow from Financing Activities** | **-191,150,697.48** | **-153,122,505.66** | | IV. Effect of Foreign Exchange Rate Changes on Cash | 377,371.28 | -34,830.30 | | V. Net Increase in Cash and Cash Equivalents | 20,352,756.48 | -100,273,144.58 | | VI. Cash and Cash Equivalents at End of Period | 539,306,933.97 | 404,356,009.13 | [Company's Basic Information](index=45&type=section&id=Company's%20Basic%20Information) The company, listed on the Shenzhen Stock Exchange since 1993, primarily engages in the watch business and is ultimately controlled by the Aviation Industry Corporation of China - The company was listed on the Shenzhen Stock Exchange on June 3, 1993, and currently holds a business license with a unified social credit code of 91440300192189783K, with a registered capital of 405.764007 million Yuan[118](index=118&type=chunk) - The parent company is Shentian Technology Holding (Shenzhen) Co, Ltd, and the ultimate controlling party is the Aviation Industry Corporation of China, Ltd[118](index=118&type=chunk) - The business nature and main operating activities of the company and its subsidiaries include: watch sales, watch and timing instrument manufacturing, jewelry wholesale and retail, wearable smart device manufacturing and sales, and non-residential real estate leasing[119](index=119&type=chunk) - The company's consolidation scope includes **12 subsidiaries** in the current period, unchanged from the previous period[120](index=120&type=chunk) [Basis of Preparation of Financial Statements](index=46&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis, in compliance with Chinese Accounting Standards and relevant disclosure requirements - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the Enterprise Accounting Standards and their application guidelines and interpretations[122](index=122&type=chunk) - The company has assessed its ability to continue as a going concern for the 12 months from the end of the reporting period and found no matters that would affect it, making the preparation of financial statements on a going concern basis reasonable[123](index=123&type=chunk) [Significant Accounting Policies and Estimates](index=46&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for key areas such as receivables, inventory, impairment, depreciation, income tax, and revenue recognition - The company determines specific accounting policies and estimates based on its production and operation characteristics, mainly reflected in the methods for provisioning expected credit losses on receivables, inventory valuation, depreciation of investment properties and fixed assets, amortization of intangible assets, and revenue recognition[124](index=124&type=chunk) - Financial assets are initially measured at fair value; for financial assets measured at fair value through profit or loss, related transaction costs are expensed immediately, while for other categories, they are included in the initial recognition amount[150](index=150&type=chunk) - The company recognizes revenue when it has fulfilled its performance obligations in a contract, i.e, when the customer obtains control of the relevant goods[215](index=215&type=chunk) - As a lessee, the company classifies leases with a term of 12 months or less and without a purchase option as short-term leases, and leases of low-value assets as low-value asset leases[236](index=236&type=chunk) - As a lessor, the company classifies leases that substantially transfer all the risks and rewards incidental to ownership of an asset as finance leases; all other leases are classified as operating leases[240](index=240&type=chunk) [Taxes](index=70&type=section&id=Taxes) This section discloses the company's main taxes and tax rates, noting that some subsidiaries benefit from preferential income tax policies for high-tech or small-scale enterprises Main Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Revenue | Output tax calculated at 5%, 6%, 9%, 13% of sales, with input tax deducted | | Consumption Tax | Taxable price of high-end watch sales, sales volume | 20% | | Urban Maintenance and Construction Tax | Payable turnover tax | 5%, 7% | | Corporate Income Tax | Taxable income | See table below | | Property Tax | 70% or 80% of the original value of the property | 1.2%, 12% | Entities with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | FIYTA Precision Technology Co, Ltd | 25% | | Shenzhen Harmony World Watch Center Co, Ltd | 25% | | FIYTA Sales Co, Ltd | 25% | | Shenzhen FIYTA Precision Technology Co, Ltd | 15% | | Shenzhen FIYTA Technology Development Co, Ltd | 15% | | Harmony World Watch Center (Hainan) Co, Ltd | 20% | | Shenzhen Xunhang Precision Technology Co, Ltd | 25% | | Emile Chouriet (Shenzhen) Co, Ltd | 25% | | Liaoning Hengdarui Trading Co, Ltd | 25% | | Shiyuehui Boutique (Shenzhen) Co, Ltd | 25% | | Shenzhen Harmony E-commerce Co, Ltd | 20% | | FIYTA (Hong Kong) Limited | 16.5% | | Montres Chouriet SA | 30% | - Shenzhen FIYTA Precision Technology Co, Ltd and Shenzhen FIYTA Technology Development Co, Ltd enjoy a reduced **high-tech enterprise income tax rate of 15%**[244](index=244&type=chunk) - Harmony World Watch Center (Hainan) Co, Ltd and Shenzhen Harmony E-commerce Co, Ltd are classified as small and micro enterprises and are subject to a **corporate income tax rate of 20%**[243](index=243&type=chunk) - Hong Kong implements a two-tiered profits tax system, where the first HK$2 million of profits are taxed at 8.25%, and subsequent profits are taxed at 16.5%[245](index=245&type=chunk) [Notes to Consolidated Financial Statement Items](index=71&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed breakdowns and explanations for each line item in the consolidated financial statements, reflecting the company's financial details during the reporting period - The period-end balance of **cash and cash equivalents was 539.31 million Yuan**, including 515.49 million Yuan deposited in a finance company[247](index=247&type=chunk) - The period-end balance of **notes receivable was 13.89 million Yuan**, a decrease of 53.10% from the beginning of the period[250](index=250&type=chunk) - The period-end balance of **accounts receivable was 295.55 million Yuan**, with 93.12% being receivables from customers for which bad debt provisions are made on a portfolio basis[263](index=263&type=chunk) - The period-end balance of **inventory was 1.84 billion Yuan**, with finished goods accounting for 93.70%[291](index=291&type=chunk) - The period-end carrying value of **fixed assets was 368.56 million Yuan**, with buildings and structures being the largest component[303](index=303&type=chunk)[306](index=306&type=chunk) - The period-end balance of **short-term borrowings was 140.08 million Yuan**, primarily consisting of credit loans[334](index=334&type=chunk) - The period-end balance of **employee benefits payable was 61.96 million Yuan**, mostly comprising short-term compensation[348](index=348&type=chunk) - **Operating revenue for the period was 1.78 billion Yuan**, and operating costs were 1.15 billion Yuan[378](index=378&type=chunk) - **Financial expenses for the period were 5.64 million Yuan**, a year-over-year decrease of 41.39%, mainly due to reduced interest on borrowings and foreign exchange gains[390](index=390&type=chunk) [R&D Expenses](index=109&type=section&id=R&D%20Expenses) The company's R&D expenditure for the period was 33.09 million Yuan, all of which was expensed and primarily consisted of employee compensation - Total R&D expenditure for the period was **33,087,871.33 Yuan**, all of which was expensed[431](index=431&type=chunk) - The main components of R&D expenditure were: employee compensation of 25,193,556.07 Yuan, sample and material costs of 427,397.19 Yuan, and depreciation and amortization of 2,484,373.63 Yuan[431](index=431&type=chunk) [Changes in the Scope of Consolidation](index=109&type=section&id=Changes%20in%20the%20Scope%20of%20Consolidation) The company's scope of consolidation remained unchanged during the reporting period - Not applicable to business combinations not under common control[432](index=432&type=chunk) - Not applicable to business combinations under common control[433](index=433&type=chunk) - Not applicable to reverse acquisitions[433](index=433&type=chunk) - There were no transactions or events during the period that resulted in the loss of control over a subsidiary[433](index=433&type=chunk) [Interests in Other Entities](index=111&type=section&id=Interests%20in%20Other%20Entities) The company holds interests in 12 subsidiaries and a 25% stake in the associate Shanghai Watch Industry Co, Ltd, which is accounted for using the equity method - The company has 12 subsidiaries, including Shenzhen Harmony World Watch Center Co, Ltd and FIYTA Sales Co, Ltd, with ownership stakes of 100% or close to 100%[434](index=434&type=chunk) - The company holds a **25.00%** equity interest in its associate, Shanghai Watch Industry Co, Ltd, which is accounted for using the equity method[435](index=435&type=chunk) - Shanghai Watch Industry Co, Ltd had total assets of **227.82 million Yuan** and a net profit of 1.98 million Yuan at the end of the period[437](index=437&type=chunk) [Government Grants](index=114&type=section&id=Government%20Grants) During the reporting period, the company recognized government grants totaling 1,509,835.03 Yuan in current profit or loss, primarily through other income - Government grants recognized in current profit or loss for the period amounted to **1,509,835.03 Yuan**[440](index=440&type=chunk) [Risks Related to Financial Instruments](index=114&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks through established policies, regular monitoring, and sensitivity analysis to ensure overall risk remains within controllable limits - The company's risks related to financial instruments arise from the various financial assets and liabilities recognized during its operations, including credit risk, liquidity risk, and market risk[441](index=441&type=chunk) - **Credit risk** mainly arises from cash and cash equivalents, notes receivable, and accounts receivable, which the company controls by assessing customer creditworthiness and regularly monitoring credit records[441](index=441&type=chunk) - **Liquidity risk** is managed by regularly monitoring short-term and long-term funding needs to ensure sufficient cash reserves and readily marketable securities are maintained[444](index=444&type=chunk) Maturity Analysis of Financial Liabilities (as of June 30, 2025) | Item | Within 1 Year (CNY 10,000) | 1-2 Years (CNY 10,000) | 2-3 Years (CNY 10,000) | Over 3 Years (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 14,008.41 | | | | | Accounts Payable | 9,453.28 | | | | | Other Payables | 8,928.71 | | | | | Non-current Liabilities Due within One Year | 5,739.93 | | | | | Lease Liabilities | | 2,131.33 | 535.56 | 12.49 | | Total | 38,130.33 | 2,131.33 | 535.56 | 12.49 | - **Foreign exchange risk** mainly arises from assets and liabilities denominated in HKD and CHF; a 5% appreciation or depreciation of the RMB against these currencies would affect the annual net profit by approximately 0.74 million Yuan[446](index=446&type=chunk)[447](index=447&type=chunk) - **Interest rate risk** mainly arises from long-term interest-bearing debts such as long-term bank borrowings and bonds payable; the company determines the relative proportion of fixed-rate and floating-rate contracts based on the market environment[447](index=447&type=chunk) [Disclosure of Fair Value](index=117&type=section&id=Disclosure%20of%20Fair%20Value) The company had no assets or liabilities measured at fair value during the reporting period - Not applicable to the fair value of assets and liabilities measured at fair value at the end of the period[449](index=449&type=chunk) - Not applicable to the fair value of financial assets and liabilities not measured at fair value[449](index=449&type=chunk) [Related Parties and Related-Party Transactions](index=118&type=section&id=Related%20Parties%20and%20Related-Party%20Transactions) This section discloses the company's related parties and transactions, including sales, purchases, and fund transfers, with a notable deposit balance of 515 million Yuan with AVIC Finance - The parent company is Shentian Technology Holding (Shenzhen) Co, Ltd, and the ultimate controlling party is the Aviation Industry Corporation of China, Ltd[450](index=450&type=chunk) - The amount of goods purchased from/services received from related parties during the period was **11,633,858.04 Yuan**[455](index=455&type=chunk) - The amount of goods sold to/services provided to related parties during the period was **23,056,798.44 Yuan**[456](index=456&type=chunk) - As a lessor, the company recognized lease income of **307,024.51 Yuan** during the period[458](index=458&type=chunk) - At the end of the period, the company's deposit balance with AVIC Finance was **515,494,103.34 Yuan**[461](index=461&type=chunk) Related-Party Receivables (End of Period) | Item | Related Party | Book Balance (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | | Bank Deposits | AVIC Finance | 515,494,103.34 | | | Notes Receivable | AVIC and its subsidiaries | | | | Accounts Receivable | AVIC and its subsidiaries | 2,847,374.43 | 299,121.84 | | Accounts Receivable | China Merchants Property Operation & Service and its subsidiaries | 229,665.76 | 11,483.29 | | Accounts Receivable | Shanghai Watch Industry | 779,600.00 | 31,184.00 | | Other Receivables | AVIC and its subsidiaries | 847,287.00 | 42,364.35 | | Other Receivables | China Merchants Property Operation & Service and its subsidiaries | 77,990.00 | 3,899.50 | Related-Party Payables (End of Period) | Item | Related Party | Book Balance (Yuan) | | :--- | :--- | :--- | | Other Payables | AVIC and its subsidiaries | 96,200.00 | | Other Payables | China Merchants Property Operation & Service and its subsidiaries | 1,771,163.40 | | Advances from Customers | AVIC and its subsidiaries | | | Advances from Customers | China Merchants Property Operation & Service and its subsidiaries | | [Share-based Payment](index=120&type=section&id=Share-based%20Payment) The company had no share-based payment arrangements during the reporting period - Not applicable to the overall situation of share-based payments[466](index=466&type=chunk) - Not applicable to equity-settled share-based payments[467](index=467&type=chunk) - Not applicable to cash-settled share-based payments[467](index=467&type=chunk) - Not applicable to share-based payment expenses for the current period[467](index=467&type=chunk) - Not applicable to modifications or terminations of share-based payments[467](index=467&type=chunk) [Commitments and Contingencies](index=121&type=section&id=Commitments%20and%20Contingencies) At the end of the period, the company had commitments related to existing lease contracts but no other significant commitments or contingencies to disclose - The company's significant external commitments and their financial impact relate to lease contracts that have been signed and are being or are about to be performed[467](index=467&type=chunk) - As of June 30, 2025, the company had no other significant commitments to disclose[467](index=467&type=chunk) - The company has no significant contingencies that require disclosure[468](index=468&type=chunk) [Post-Balance Sheet Events](index=121&type=section&id=Post-Balance%20Sheet%20Events) The company had no significant non-adjusting events, profit distribution plans, sales returns, or other post-balance sheet events to report - Not applicable to significant non-adjusting events[469](index=469&type=chunk) - Not applicable to profit distribution situations[470](index=470&type=chunk) - Not applicable to sales returns[470](index=470&type=chunk) - Not applicable to other post-balance sheet events[470](index=470&type=chunk) [Other Significant Matters](index=122&type=section&id=Other%20Significant%20Matters) The company had no prior period error corrections or other significant matters to report and does not present segment information due to its single-business focus on watches - Not applicable to prior period accounting error corrections[471](index=471&type=chunk) - Not applicable to debt restructuring[471](index=471&type=chunk) - Not applicable to asset swaps[471](index=471&type=chunk) - The company's business is singular, mainly involving the production and sale of watches, which management treats as a single segment for operational management and performance evaluation; therefore, segment information is not presented in these financial statements[471](index=471&type=chunk) [Notes to Key Items in the Parent Company's Financial Statements](index=123&type=section&id=Notes%20to%20Key%20Items%20in%20the%20Parent%20Company's%20Financial%20Statements) This section details key items from the parent company's financial statements, including receivables, long-term investments, and revenue, reflecting its standalone financial performance - The parent company's period-end carrying value of **accounts receivable was 8.95 million Yuan**, with 78.29% being receivables from customers[475](index=475&type=chunk) - The parent company's period-end carrying value of **other receivables was 519.46 million Yuan**, primarily due from related parties within the consolidated group[490](index=490&type=chunk) - The parent company's period-end carrying value of **long-term equity investments was 1.64 billion Yuan**, including investments in subsidiaries and associates[500](index=500&type=chunk) - The parent company's **operating revenue for the period was 81.47 million Yuan**, and operating costs were 25.51 million Yuan[509](index=509&type=chunk) - The parent company's **investment income for the period was 0.49 million Yuan**, mainly from long-term equity investments accounted for using the equity method[511](index=511&type=chunk) Other Submitted Data [Other Major Social Security Issues](index=133&type=section&id=Other%20Major%20Social%20Security%20Issues) The company and its subsidiaries had no other major social security issues and received no administrative penalties during the reporting period - The listed company and its subsidiaries do not have other major social security issues[517](index=517&type=chunk) - Were there any administrative penalties during the reporting period: No[517](index=517&type=chunk) [Record of Investor Relations Activities](index=133&type=section&id=Record%20of%20Investor%20Relations%20Activities) This section documents the company's investor relations activities, including online briefings and on-site visits, demonstrating proactive engagement with the investment community - On March 27, 2025, the company held an online exchange via a web platform to explain its 2024 annual operating results and development plans to investors[517](index=517&type=chunk) - On March 28, 2025, the company hosted an on-site visit at the FIYTA Technology Building for several institutional investors to discuss its operating performance and development plans[517](index=517&type=chunk) - On April 3, 2025, the company conducted another on-site visit at the FIYTA Technology Building for institutional investors to discuss its business operations and future strategies[517](index=517&type=chunk) - On June 6 and June 13, 2025, the company communicated with several institutional investors via telephone and web conferences regarding its operating status, development plans, and proposed acquisition projects[518](index=518&type=chunk)[519](index=519&type=chunk) [Fund Transactions between the Company and its Controlling Shareholder and Other Related Parties](index=136&type=section&id=Fund%20Transactions%20between%20the%20Company%20and%20its%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) This section discloses fund transactions with related parties, all of which were within the approved annual estimates and deemed secure due to the good credit standing of the parties involved Fund Transactions with Controlling Shareholder and Other Related Parties (CNY 10,000) | Counterparty Name | Nature of Transaction | Opening Balance | Amount Incurred | Amount Repaid | Closing Balance | Interest Income | Interest Expense | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | AVIC and its subsidiaries | Operational | 432.76 | 2,248.64 | 2,311.93 | 369.47 | | | | China Merchants Property Operation & Service and its subsidiaries | Operational | 5.60 | 162.12 | 136.95 | 30.77 | | | | Shanghai Watch Industry Co, Ltd | Operational | | 239.43 | 161.47 | 77.96 | | | | Shenzhen Harmony World Watch Center Co, Ltd | Non-operational | 52,655.22 | 108,099.40 | 119,920.18 | 40,834.44 | 114.55 | | | Liaoning Hengdarui Trading Co, Ltd | Non-operational | 6,854.85 | 114.79 | 293.15 | 6,676.49 | | | | Shiyuehui Boutique (Shenzhen) Co, Ltd | Non-operational | 4,193.37 | 2,333.44 | 2,733.94 | 3,792.87 | | | | Shenzhen FIYTA Precision Technology Co, Ltd | Non-operational | 1,046.31 | 13,920.57 | 14,966.88 | | | | | Shenzhen Xunhang Prec

河南明泰铝业股份有限公司 2025 年半年度报告 公司代码：601677 公司简称：明泰铝业 河南明泰铝业股份有限公司 2025 年半年度报告 1/169 河南明泰铝业股份有限公司 2025 年半年度报告 重要提示 不适用 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 敬请查阅本报告第三节管理层讨论与分析中"五、其他披露事项"之"（一）可能面对的风 险"相关内容。 十一、其他 □适用 √不适用 2/169 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人刘杰、主管会计工作负责人孙军训及会计机构负责人（会计主管人员）李继明 声明：保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增 ...