1 / 184 中持水务股份有限公司2025 年半年度报告 中持水务股份有限公司2025 年半年度报告 公司代码：603903 公司简称：中持股份 中持水务股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张翼飞、主管会计工作负责人王海云及会计机构负责人（会计主管人员）蒋亚 夫声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质性承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内 ...

华泰证券 2025 半年度报告 INTERIM REPORT 2025 股 票 代 码 6 0 1 6 8 8 (架) 打 Cook 景) 135 ● 目 录 Contents 关于我们 004 । 重要提示 005 । 释义 008 । 公司简介 016 । 业绩概览 华泰证券 HUATAI SECURITIES 重要提示 经营分析与战略 022 । 公司业务概要 028 । 经营层讨论与分析 3 > 公司治理 | 058 公司治理、环境和社会 | | --- | | 066 重要事项 | | 078 股份变动及股东情况 | | 084 债券相关情况 | 财务报告及备查文件 | 106 半年度财务报告 | | --- | | 253 补充资料 | | 254 备查文件目录 | | 254 证券公司信息披露 | | 255 附录 | 2 4 1 1 1 1 1 1 0.000 . : 关 于 我 们 ABOUT US the control controlled . 000 . and and and and the and and the . : ' ◆ i " - | 004 | 重要提示 | | | - ...

Important Notes [Statement from the Board of Directors and Senior Management](index=2&type=section&id=Statement%20from%20the%20Board%20of%20Directors%20and%20Senior%20Management) The Board and senior management guarantee the report's authenticity, accuracy, and completeness, while the unaudited financial report was reviewed by Tianjian Certified Public Accountants - The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or material omissions, and assume individual and joint legal liability[4](index=4&type=chunk) - This semi-annual financial report is unaudited but has been reviewed by Tianjian Certified Public Accountants (Special General Partnership)[4](index=4&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan%20for%20the%20Reporting%20Period%20Approved%20by%20the%20Board%20of%20Directors) The Board approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of RMB 2.00 per 10 shares, totaling RMB 804.311 million 2025 Interim Dividend Distribution Plan | Item | Amount/Quantity | | :--- | :--- | | Share Capital Base | 4,021,553,754 shares | | Cash Dividend per 10 Shares | RMB 2.00 (tax inclusive) | | Total Cash Dividend Distribution | RMB 804,311 thousand | [Risk Statement and Disclosure](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) The report's forward-looking statements are not substantive commitments, and the Bank faces manageable risks including credit, operational, market, and liquidity risks - Forward-looking statements in this report do not constitute substantive commitments to investors, who should be aware of investment risks[4](index=4&type=chunk) - The Bank has no foreseeable material risks; operational risks mainly include credit, operational, market, liquidity, compliance, reputational, and information technology risks, which are effectively managed and controlled[5](index=5&type=chunk) Definitions [Definition of Terms](index=4&type=section&id=Definition%20of%20Terms) This section defines key terms used in the report, including company names, regulatory bodies, and financial units, to ensure clarity Key Term Definitions | Term | Meaning | | :--- | :--- | | The Company, The Bank, The Issuer | Bank of Changsha Co., Ltd. | | CSRC | China Securities Regulatory Commission | | Reporting Period | January 1, 2025 to June 30, 2025 | | End of Reporting Period | June 30, 2025 | Company Profile and Key Financial Indicators [Company Information](index=5&type=section&id=Company%20Information) This section provides basic information about Bank of Changsha, including its name, legal representative, contact details, and stock information - The company's legal representative is Zhao Xiaozhong[11](index=11&type=chunk) - The company's registered address was changed on January 5, 2018, to Block B, Cailin Business Center, 53 Binjiang Road, Yuelu District, Changsha[13](index=13&type=chunk) - The company's stock is listed on the Shanghai Stock Exchange with the ticker "Bank of Changsha" and stock code "601577"[15](index=15&type=chunk) [Honors and Awards](index=6&type=section&id=Honors%20and%20Awards) Bank of Changsha received multiple honors in H1 2025, ranking 184th in The Banker's Top 1000 World Banks and winning several digital banking innovation awards - Bank of Changsha ranked **184th** in The Banker's 2025 Top 1000 World Banks list[17](index=17&type=chunk) - Bank of Changsha was rated "Excellent" in Hunan Province's rural revitalization assessment for the **fifth consecutive year**[17](index=17&type=chunk) - The Bank received the "Digital Banking Innovation Award" at the 8th Digital Banking Summit and the "Excellent Practice Award for Digital Transformation" at the 10th BDIE Asia Pacific Banking Digital Innovation Summit[17](index=17&type-chunk) [Key Accounting Data and Financial Indicators for the Last Three Years](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Last%20Three%20Years) Operating revenue grew 1.59% to RMB 13.249 billion, while net profit attributable to parent company shareholders rose 5.05% to RMB 4.329 billion Key Accounting Data and Financial Indicators for the Last Three Years (RMB in thousands) | Indicator | Jan-Jun 2025 | Jan-Jun 2024 | YoY Change (%) | Jan-Jun 2023 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 13,249,374 | 13,042,446 | 1.59 | 12,623,919 | | Net Profit Attributable to Parent Company Shareholders | 4,328,903 | 4,120,765 | 5.05 | 3,961,823 | | Basic Earnings Per Share | 1.08 | 1.02 | 5.88 | 0.99 | Key Scale Indicators for the Last Three Years (RMB in thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change from Beginning of Period (%) | December 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,247,385,086 | 1,146,747,921 | 8.78 | 1,020,032,943 | | Total Liabilities | 1,165,090,274 | 1,066,397,629 | 9.25 | 951,713,564 | | Total Deposits (Principal) | 759,184,233 | 722,974,547 | 5.01 | 658,856,634 | | Total Loans and Advances to Customers (Principal) | 602,691,594 | 545,108,561 | 10.56 | 488,391,053 | - **Return on weighted average equity (ROE)** decreased by 0.27 percentage points to **6.28%**[18](index=18&type=chunk) [Quarterly Key Financial Data for 2025](index=7&type=section&id=Quarterly%20Key%20Financial%20Data%20for%202025) Q2 operating revenue was slightly lower than Q1, but net profit remained stable, and net cash flow from operating activities turned positive Quarterly Key Financial Data for 2025 (RMB in thousands) | Item | Q1 (Jan-Mar) | Q2 (Apr-Jun) | | :--- | :--- | :--- | | Operating Revenue | 6,809,292 | 6,440,082 | | Operating Profit | 2,598,958 | 2,534,076 | | Net Profit Attributable to Parent Company Shareholders | 2,173,115 | 2,155,788 | | Net Cash Flow from Operating Activities | -52,785,184 | 6,386,784 | [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) The net non-recurring profit and loss attributable to parent company owners was -RMB 10.559 million, mainly affected by non-current asset disposals and government grants Non-recurring Profit and Loss Items and Amounts (RMB in thousands) | Non-recurring Profit and Loss Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -4,487 | | Government Grants Recognized in Current Profit or Loss | 3,800 | | Other Non-operating Income and Expenses | -15,100 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 3,058 | | Subtotal | -12,729 | | Less: Corporate Income Tax Impact | -3,133 | | Minority Interest Impact (After Tax) | 963 | | Net Non-recurring Profit and Loss Attributable to Parent Company Owners | -10,559 | [Supplementary Financial Indicators](index=8&type=section&id=Supplementary%20Financial%20Indicators) Capital adequacy ratios met regulatory requirements, while the non-performing loan ratio remained stable at 1.17%, though provision coverage and net interest margin declined Supplementary Financial Indicators (%) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Adequacy Ratio | 13.60 | 14.20 | | Tier 1 Capital Adequacy Ratio | 11.30 | 11.81 | | Core Tier 1 Capital Adequacy Ratio | 9.73 | 10.12 | | Non-performing Loan Ratio | 1.17 | 1.17 | | Provision Coverage Ratio | 309.71 | 312.80 | | Loan Provision Ratio | 3.62 | 3.66 | | Net Interest Spread | 1.97 | 2.20 | | Net Interest Margin | 1.87 | 2.11 | Management Discussion and Analysis [Industry and Main Business Overview](index=9&type=section&id=Industry%20and%20Main%20Business%20Overview) As Hunan's first listed bank, the Bank's main business covers a full range of commercial banking services, including deposits, loans, settlements, and investment banking - The Bank is the first listed bank and the largest local legal-person financial institution in Hunan Province[26](index=26&type=chunk) - Its main business includes taking public deposits; granting loans; domestic and international settlements; issuing financial bonds; inter-bank lending; foreign exchange; bank card services; and agency services for insurance and fund sales[26](index=26&type=chunk) [Discussion and Analysis of Operating Performance](index=9&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the Bank achieved steady growth with total assets reaching RMB 1.247 trillion and net profit at RMB 4.329 billion, while maintaining a stable NPL ratio - As of the end of the reporting period, the Bank's **total assets reached RMB 1,247.385 billion**, an increase of **8.78%** from the beginning of the year[27](index=27&type=chunk) - During the reporting period, the Bank achieved a **net profit attributable to parent company shareholders of RMB 4.329 billion**, a year-on-year increase of **5.05%**[27](index=27&type=chunk) - As of the end of the reporting period, the Bank's **non-performing loan ratio was 1.17%**, remaining unchanged from the beginning of the year[27](index=27&type=chunk) [Deepening County-level Finance](index=9&type=section&id=Deepening%20County-level%20Finance) The Bank advanced its county-level finance strategy, resulting in a 6.10% increase in county deposits and a 13.80% rise in county loans - **County-level deposits** reached **RMB 248.468 billion**, an increase of RMB 14.294 billion or **6.10%** from the beginning of the year[28](index=28&type=chunk) - **County-level loans** amounted to **RMB 229.169 billion**, an increase of RMB 27.797 billion or **13.80%** from the beginning of the year[28](index=28&type=chunk) - The number of **county-level customers** reached **6.9368 million**, an increase of 142,700 from the beginning of the year[29](index=29&type=chunk) [Advancing Retail Business Development](index=10&type=section&id=Advancing%20Retail%20Business%20Development) The retail business deepened its transformation, achieving an 8.08% growth in personal deposits and a 7.94% increase in retail AUM - **Personal deposits** totaled **RMB 417.724 billion**, an increase of RMB 31.235 billion or **8.08%** from the beginning of the year[31](index=31&type=chunk) - **Personal loans** amounted to **RMB 192.036 billion**, an increase of RMB 2.519 billion or **1.33%** from the beginning of the year[31](index=31&type=chunk) - **Retail customer assets under management (AUM)** reached **RMB 491.330 billion**, an increase of RMB 36.122 billion or **7.94%** from the beginning of the year[31](index=31&type=chunk) [Stabilizing Corporate Business](index=11&type=section&id=Stabilizing%20Corporate%20Business) Corporate business grew steadily, with corporate loans increasing by 16.87% and green finance loans showing strong growth of 20.60% - **Corporate loans** reached **RMB 404.924 billion**, an increase of RMB 58.453 billion or **16.87%** from the beginning of the year[34](index=34&type=chunk) - **Corporate deposits** totaled **RMB 310.703 billion**, an increase of RMB 11.948 billion or **4.00%** from the beginning of the year[34](index=34&type=chunk) - **Green finance loans** amounted to **RMB 63.714 billion**, an increase of RMB 10.885 billion or **20.60%** from the beginning of the year[36](index=36&type=chunk) - **Inclusive loans to small and micro enterprises** reached **RMB 72.241 billion**, an increase of **5.80%** from the beginning of the year[37](index=37&type=chunk) [Sustaining Efforts in Financial Markets](index=12&type=section&id=Sustaining%20Efforts%20in%20Financial%20Markets) The financial markets business achieved high-quality development, with financial investments growing 6.71% and trading financial assets surging 65.07% - **Financial investment balance** was **RMB 523.256 billion**, an increase of **6.71%** from the beginning of the year[38](index=38&type=chunk) - **Trading financial assets balance** reached **RMB 182.429 billion**, a significant increase of **65.07%** from the beginning of the year[38](index=38&type=chunk) - **Intermediate business income from wealth management products** was **RMB 163 million**, a year-on-year increase of **11.43%**[39](index=39&type=chunk) - **Assets under custody** reached **RMB 53.422 billion**, an increase of RMB 40.434 billion from the beginning of the year[39](index=39&type=chunk) [Enhancing Quality and Efficiency with FinTech](index=13&type=section&id=Enhancing%20Quality%20and%20Efficiency%20with%20FinTech) The Bank advanced its digital finance strategy by establishing a large model lab and building an AI computing pool to empower business innovation - A **large model lab** and **AI computing pool** were established, creating generalized AI capabilities in intelligent Q&A, data query, reporting, and image recognition[41](index=41&type=chunk) - As of the end of the reporting period, the number of **online channel users reached 11.9305 million**, with **monthly active users (MAU) at 2.7378 million**[41](index=41&type=chunk)[42](index=42&type=chunk) - During the reporting period, **online banking transaction volume** reached **RMB 1,786.366 billion**[42](index=42&type=chunk) [Comprehensively Strengthening Risk Control](index=14&type=section&id=Comprehensively%20Strengthening%20Risk%20Control) The Bank enhanced risk control by refining credit policies, strengthening product-level risk management, and improving digital risk control capabilities - Refined credit policy management in line with national policy guidance and Hunan's "4×4" modern industrial system[43](index=43&type=chunk) - Strengthened product-level risk management by improving monitoring, early warning, and post-review mechanisms[43](index=43&type=chunk) - Enhanced digital risk control capabilities and expanded anti-fraud measures to improve risk identification and mitigation[43](index=43&type=chunk) [Analysis of Core Competitiveness](index=14&type=section&id=Analysis%20of%20Core%20Competitiveness) The Bank's core competitiveness is rooted in regional economic growth, sound governance, effective business transformation, and a stable professional team - The Bank benefits from Hunan's strong economic growth, with the province's GDP reaching **RMB 2.617 trillion** in H1 2025, a **5.6% increase**[46](index=46&type=chunk)[47](index=47&type=chunk) - The Bank has a high-quality, diversified, and balanced shareholder structure, forming a mixed-ownership model with state-owned capital as the mainstay[48](index=48&type=chunk) - The Bank has become a leading local financial institution in Hunan with the most comprehensive business qualifications, deepest network, and strongest customer base[49](index=49&type=chunk) - The Bank leverages its local advantages with a short decision-making chain and high efficiency to enhance market insight and differentiated services[50](index=50&type=chunk) - The Bank's asset-liability structure is increasingly reasonable, with a high and stable proportion of deposits and loans, and a relatively low cost of funds[52](index=52&type=chunk) - The Bank adheres to a "talent-driven" strategy, continuously invigorating the organization and its employees through a comprehensive value management system[53](index=53&type=chunk) [Key Operating Performance](index=16&type=section&id=Key%20Operating%20Performance) The Bank's operating revenue grew 1.59% to RMB 13.249 billion, driven by an 11.78% increase in non-interest income, while the NPL ratio remained stable at 1.17% - During the reporting period, the Bank's **operating revenue was RMB 13.249 billion**, a YoY increase of **1.59%**; **net profit attributable to parent company shareholders was RMB 4.329 billion**, a YoY increase of **5.05%**[54](index=54&type=chunk) - The Bank's **net interest income was RMB 9.659 billion**, a YoY decrease of **1.74%**, accounting for 72.90% of operating revenue[57](index=57&type=chunk) - The Bank's **net non-interest income was RMB 3.590 billion**, a YoY increase of **11.78%**, mainly driven by growth in investment income and net fee and commission income[72](index=72&type=chunk) - As of the end of the reporting period, the Bank's **total assets reached RMB 1,247.385 billion**, an increase of **8.78%** from the beginning of the year[91](index=91&type=chunk) - As of the end of the reporting period, the Bank's **total liabilities were RMB 1,165.090 billion**, an increase of **9.25%** from the beginning of the year[112](index=112&type=chunk) - As of the end of the reporting period, the Bank's **non-performing loan ratio was 1.17%**, flat with the beginning of the year, while the **provision coverage ratio decreased by 3.09 percentage points** to 309.71%[121](index=121&type=chunk) [Income Statement Analysis](index=16&type=section&id=Income%20Statement%20Analysis) Operating revenue grew 1.59% to RMB 13.249 billion, supported by a 118.82% surge in investment income that offset a 1.74% decline in net interest income - The Bank's **net interest income was RMB 9.659 billion**, a year-on-year decrease of **1.74%**, accounting for 72.90% of operating revenue[57](index=57&type=chunk) - The Bank's **net interest margin was 1.87%**, a year-on-year decrease of 0.25 percentage points; **net interest spread was 1.97%**, a year-on-year decrease of 0.30 percentage points[59](index=59&type=chunk)[60](index=60&type=chunk) - The Bank achieved an **investment income of RMB 3.184 billion**, a year-on-year increase of **118.82%**[77](index=77&type=chunk) - The Bank recorded a **gain from changes in fair value of -RMB 548 million**, a year-on-year decrease of **150.18%**, mainly due to reduced unrealized gains on bond and fund investments[79](index=79&type=chunk) - The Bank's **operating and administrative expenses were RMB 3.565 billion**, a year-on-year increase of **1.37%**[83](index=83&type=chunk) - The Bank recognized **credit and other asset impairment losses of RMB 4.421 billion**, a year-on-year increase of **2.39%**[85](index=85&type=chunk) [Asset Analysis](index=23&type=section&id=Asset%20Analysis) Total assets grew 8.78% to RMB 1.247 trillion, driven by a 10.56% increase in loans and a 65.07% surge in trading financial assets - As of the end of the reporting period, the Bank's **total assets were RMB 1,247.385 billion**, an increase of **8.78%** from the beginning of the year, mainly due to increased lending and investment in trading financial assets[91](index=91&type=chunk) - The Bank's **total loans and advances to customers (principal) amounted to RMB 602.692 billion**, an increase of **10.56%** from the beginning of the year[93](index=93&type=chunk) - **Corporate loans amounted to RMB 404.924 billion**, an increase of **16.87%**, accounting for 67.19% of total loans[93](index=93&type=chunk) - The Bank's **trading financial assets balance was RMB 182.429 billion**, an increase of **65.07%** from the beginning of the year, primarily in bonds, funds, and wealth management products[96](index=96&type=chunk) - **Total financial investments reached RMB 523.256 billion**, an increase of **6.71%** from the beginning of the year[101](index=101&type=chunk) [Liability Analysis](index=26&type=section&id=Liability%20Analysis) Total liabilities grew 9.25% to RMB 1.165 trillion, primarily driven by a 5.01% increase in customer deposits and growth in borrowings from the central bank - As of the end of the reporting period, the Bank's **total liabilities were RMB 1,165.090 billion**, an increase of **9.25%** from the beginning of the year, mainly due to growth in deposits and borrowings from the central bank[112](index=112&type=chunk) - The Bank's **total deposits (principal) amounted to RMB 759.184 billion**, an increase of **5.01%** from the beginning of the year[114](index=114&type=chunk) - **Borrowings from the central bank increased by 62.02%**[113](index=113&type=chunk) [Asset Quality Analysis](index=28&type=section&id=Asset%20Quality%20Analysis) The non-performing loan ratio remained stable at 1.17%, while the provision coverage ratio decreased slightly to 309.71% - As of the end of the reporting period, the Bank's **non-performing loan balance was RMB 7.046 billion**, with an **NPL ratio of 1.17%**, unchanged from the beginning of the year; the **provision coverage ratio was 309.71%**, a decrease of 3.09 percentage points[121](index=121&type=chunk) - The **NPL ratio for corporate loans was 0.59%**, while the **NPL ratio for personal loans was 2.20%**[124](index=124&type=chunk)[125](index=125&type=chunk) - As of the end of the reporting period, the Bank's **overdue loans totaled RMB 13.405 billion**, accounting for **2.22%** of total loans[135](index=135&type=chunk) - As of the end of the reporting period, the **total loan balance of the top ten loan customers was RMB 40.260 billion**, accounting for **6.68%** of total loans and **41.66%** of net capital[133](index=133&type=chunk)[134](index=134&type=chunk) [Analysis of Cash Flow Statement Changes](index=31&type=section&id=Analysis%20of%20Cash%20Flow%20Statement%20Changes) The period saw a net cash outflow from operating activities of RMB 46.398 billion and net inflows from investing and financing activities Net Cash Flow (RMB in thousands) | Item | Jan-Jun 2025 | Jan-Jun 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -46,398,400 | -51,046,478 | N/A | | Net Cash Flow from Investing Activities | 39,854,830 | -15,477,497 | N/A | | Net Cash Flow from Financing Activities | 19,086,500 | 67,935,538 | -71.90 | [Analysis of Changes in Shareholders' Equity](index=31&type=section&id=Analysis%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased by 2.42% to RMB 82.295 billion, primarily due to net profit realization and profit distribution during the period Changes in Shareholders' Equity (RMB in thousands) | Item | June 30, 2025 | December 31, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Shareholders | 79,943,422 | 78,013,645 | 2.47 | | Minority Interest | 2,351,390 | 2,336,647 | 0.63 | | Total Shareholders' Equity | 82,294,812 | 80,350,292 | 2.42 | | Retained Earnings | 36,941,317 | 34,301,467 | 7.70 | [Capital Management](index=32&type=section&id=Capital%20Management) All capital adequacy ratios met regulatory requirements, with the Core Tier 1, Tier 1, and overall capital adequacy ratios at 9.73%, 11.30%, and 13.60% respectively Capital Adequacy Ratios (%) | Item | June 30, 2025 | | :--- | :--- | | Core Tier 1 Capital Adequacy Ratio | 9.73 | | Tier 1 Capital Adequacy Ratio | 11.30 | | Capital Adequacy Ratio | 13.60 | - The **leverage ratio was 6.12%**[150](index=150&type=chunk) [Explanation of Items in Financial Statements with Changes Exceeding 30%](index=33&type=section&id=Explanation%20of%20Items%20in%20Financial%20Statements%20with%20Changes%20Exceeding%2030%) Significant fluctuations were noted in investment income, fair value changes, and trading financial assets, mainly due to bond investment activities and market value changes - **Investment income increased by 118.82%** YoY, primarily due to higher returns from bond investments[152](index=152&type=chunk) - **Gains from changes in fair value decreased by 150.18%** YoY, mainly due to reduced unrealized gains on certain trading financial assets[152](index=152&type=chunk) - **Trading financial assets increased by 65.07%**, mainly due to an increase in the scale of bond investments[152](index=152&type=chunk) - **Borrowings from the central bank increased by 62.02%**, reflecting increased borrowing from the central bank[152](index=152&type=chunk) - **Trading financial liabilities increased by 274.22%**, mainly due to an increase in bond lending activities[152](index=152&type=chunk) [Off-Balance Sheet Items with Significant Impact on Financial Position and Operating Results](index=33&type=section&id=Off-Balance%20Sheet%20Items%20with%20Significant%20Impact%20on%20Financial%20Position%20and%20Operating%20Results) The Bank's off-balance sheet items included credit commitments of RMB 91.96 billion and capital expenditure commitments of RMB 449 million - **Total credit commitments amounted to RMB 91,959,538 thousand**, including bankers' acceptances of RMB 39,404,333 thousand[154](index=154&type=chunk) - **Capital expenditure commitments totaled RMB 448,962 thousand**[155](index=155&type=chunk) - **Assets pledged as collateral amounted to RMB 135,524,423 thousand**[155](index=155&type=chunk) [Risk Management during the Reporting Period](index=34&type=section&id=Risk%20Management%20during%20the%20Reporting%20Period) The Bank maintained a comprehensive risk management system, effectively controlling credit, operational, market, liquidity, and other key risks - The Bank continuously optimized **credit risk management** by refining policies, improving product risk monitoring, and enhancing digital risk control capabilities[157](index=157&type=chunk)[158](index=158&type=chunk) - The Bank has established a complete **operational risk management system** adapted to its business nature, scale, and complexity, ensuring stable operations[160](index=160&type=chunk) - The Bank's **liquidity risk indicators** remained healthy, with a liquidity coverage ratio of **258.33%** and a net stable funding ratio of **130.35%**[163](index=163&type=chunk)[164](index=164&type=chunk) - The Bank enhanced **compliance management** through internal controls, digital compliance tools, and fostering a strong compliance culture[165](index=165&type=chunk) - During the reporting period, **information technology risk** was well-controlled, with no major incidents and an availability rate of over **99.99%** for critical information systems[168](index=168&type=chunk) [Investment Analysis](index=37&type=section&id=Investment%20Analysis) Total external equity investments amounted to RMB 1.897 billion, primarily consisting of investments in subsidiaries, with no major new investments during the period Overview of External Equity Investments (RMB in thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Investment in Subsidiaries | 1,477,691 | 1,477,691 | | Other Equity Investments | 419,433 | 407,671 | | Total | 1,897,124 | 1,885,362 | - The Bank had no major equity investments during the reporting period[172](index=172&type=chunk) - The Bank had no major non-equity investments during the reporting period[173](index=173&type=chunk) [Major Asset and Equity Sales](index=38&type=section&id=Major%20Asset%20and%20Equity%20Sales) No major sales of assets or equity occurred during the reporting period - The Bank had no major asset or equity sales during the reporting period[174](index=174&type=chunk) [Analysis of Major Holding and Associated Companies](index=38&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associated%20Companies) The Bank's main subsidiaries include consumer finance and village banks, with no single subsidiary contributing over 10% to the Bank's net profit - The Bank's main holding subsidiaries include Hunan Changyin 58 Consumer Finance Co., Ltd., Xiangxi Changhang Village Bank Co., Ltd., and Yizhang Changhang Village Bank Co., Ltd[175](index=175&type=chunk) - The Bank plans to merge with Yizhang Village Bank, with the proposal approved by the Board of Directors and shareholders' meeting[175](index=175&type=chunk) - During the reporting period, no major subsidiary or associated company had a net profit impact of 10% or more on the Bank[176](index=176&type=chunk) [Tiered Management and Branch Distribution](index=39&type=section&id=Tiered%20Management%20and%20Branch%20Distribution) As of the reporting period end, the Bank operated 411 branches, with 166 located in the Changsha area and others spread across Hunan and Guangzhou - As of the end of the reporting period, the Bank had a total of **411 branches**[177](index=177&type=chunk) - There are **166 branches in the Changsha area**, including 144 sub-branches, 17 community sub-branches, and 5 small enterprise credit centers[177](index=177&type=chunk) - The Bank also has 13 branches and their 232 subordinate institutions in other cities within Hunan Province and in Guangzhou[177](index=177&type=chunk) [Information on Structured Entities](index=40&type=section&id=Information%20on%20Structured%20Entities) Details regarding structured entities controlled by the Bank are provided in the notes to the financial report - For information on structured entities controlled by the Bank, please refer to Note "VI. Interests in Other Entities" in the financial report[179](index=179&type=chunk) [Performance of Wealth Management, Securitization, Custody, Trust, and Other Businesses](index=40&type=section&id=Performance%20of%20Wealth%20Management,%20Securitization,%20Custody,%20Trust,%20and%20Other%20Businesses) The Bank's wealth management and custody businesses grew, with assets under custody increasing significantly, while asset securitization activity was dormant - As of the end of the reporting period, the balance of **wealth management products was RMB 51.592 billion**, generating **intermediate business income of RMB 163 million**[180](index=180&type=chunk) - As of the end of the reporting period, the outstanding balance of asset-backed securities issued by the Bank was zero[181](index=181&type=chunk) - As of the end of the reporting period, **assets under custody reached RMB 53.422 billion**, an increase of RMB 40.434 billion from the beginning of the year[39](index=39&type=chunk) - The outstanding scale of **agency trust business was RMB 4.95 billion**, and 3 insurance trust products were established[184](index=184&type=chunk) - As of the end of the reporting period, the number of **wealth management clients increased by 8.15%** to 1.4328 million, and **retail customer assets under management grew by 7.94%** to RMB 491.330 billion[186](index=186&type=chunk) [Innovative Business Products](index=41&type=section&id=Innovative%20Business%20Products) The Bank launched innovative products across retail, corporate, and financial market segments, while also establishing a large model innovation lab to drive AI applications - In retail banking, innovative projects such as the "Changsha Youth Card" were launched[188](index=188&type=chunk) - In corporate banking, a new bill management function was created, completely restructuring the bill business segment[189](index=189&type=chunk) - In financial markets, a traffic-driven approach was integrated with bond, bill, and foreign exchange businesses to expand scale and optimize operations[189](index=189&type=chunk) - The Bank established a **large model innovation lab** to promote research and application of large model technology in financial scenarios[190](index=190&type=chunk) [Potential Risks](index=42&type=section&id=Potential%20Risks) The Bank faces dual challenges from a complex external environment and the pressures of transformation common to small and medium-sized banks - The external environment is characterized by a combination of geopolitical risks, domestic economic transition, and policy challenges[191](index=191&type=chunk) - Small and medium-sized banks face reform pressures, including declining asset yields, rigid liability costs, competition from large banks, and the need for digital transformation[191](index=191&type=chunk)[192](index=192&type=chunk) [Progress on the "Improving Quality, Increasing Efficiency, and Emphasizing Returns" Action Plan](index=43&type=section&id=Progress%20on%20the%20%22Improving%20Quality,%20Increasing%20Efficiency,%20and%20Emphasizing%20Returns%22%20Action%20Plan) The Bank advanced its action plan by focusing on key financial areas, improving business quality, enhancing shareholder returns, and increasing market value recognition - Focused on the "Five Key Areas": **tech finance loan balance reached RMB 86.721 billion**; **green finance loan balance grew 20.60%** to RMB 63.714 billion; **inclusive SME loan balance grew 5.80%** to RMB 72.241 billion[193](index=193&type=chunk)[194](index=194&type=chunk) - Business operating quality improved: **operating revenue increased by 1.59%** to RMB 13.249 billion, and **net profit attributable to parent company shareholders grew by 5.05%** to RMB 4.329 billion[196](index=196&type=chunk) - Continuously enhanced shareholder returns: implemented cash dividends for **7 consecutive years** and approved an interim dividend of **RMB 804 million** for 2025[197](index=197&type=chunk) - Increased market value recognition: conducted **36 investor research activities**, engaging with over 80 institutions[198](index=198&type=chunk) - Innovated in information disclosure: published its first **Sustainability (ESG) Report**, leading to an upgrade in its Wind ESG rating from BB to **A**[199](index=199&type=chunk) Corporate Governance, Environment, and Society [Corporate Governance](index=45&type=section&id=Corporate%20Governance) The Bank has refined its modern corporate governance structure and reformed its supervisory mechanism by abolishing the supervisory board and transferring its duties - The Bank continuously improves its modern corporate governance structure, featuring a shareholders' meeting, a board of directors, and senior management, and has actively reformed its supervisory mechanism[201](index=201&type=chunk) - As of the disclosure date, the Board of Directors consists of **11 members**, including 4 independent directors and 1 employee director[202](index=202&type=chunk) - During the reporting period, the Board of Directors held **6 meetings** and reviewed 64 proposals[202](index=202&type=chunk) - The Bank no longer has a supervisory board; its former duties are now exercised by the Board's Audit Committee[203](index=203&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=45&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) The Bank completed the election and appointment of a new Board and senior management team, and the supervisory board members departed following its dissolution - Zhao Xiaozhong was elected Chairman, and Zhang Man was appointed as President[205](index=205&type=chunk) - Peng Jingen was appointed as Board Secretary and Chief Risk Officer[205](index=205&type=chunk) - On May 21, 2025, the shareholders' meeting approved the **abolition of the supervisory board**, and its members departed upon the expiration of their terms[206](index=206&type=chunk) [Interim Profit Distribution Plan](index=47&type=section&id=Interim%20Profit%20Distribution%20Plan) The Board approved a 2025 interim dividend of RMB 2.00 per 10 shares, totaling RMB 804.311 million Proposed Interim Profit Distribution Plan for the Semi-Annual Period | To Distribute or Convert | Yes | | :--- | :--- | | Bonus Shares per 10 Shares | - | | Cash Dividend per 10 Shares (RMB) (tax inclusive) | 2.00 | | Shares Converted from Capital Reserve per 10 Shares | - | - The Bank proposes to distribute a 2025 interim cash dividend of **RMB 2.00 per 10 shares** (tax inclusive) based on the total share capital as of June 30, 2025, totaling **RMB 804.311 million**[208](index=208&type=chunk) [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=47&type=section&id=Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentives) No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented during the reporting period - During the reporting period, the Bank did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures[209](index=209&type=chunk) [Employee Remuneration Policy and Training](index=47&type=section&id=Employee%20Remuneration%20Policy%20and%20Training) The Bank adheres to a market-oriented remuneration system that links pay to performance and ensures salary growth does not exceed profit growth - The Bank follows a market-oriented remuneration philosophy of "efficiency first, fairness considered," establishing a value-oriented system based on ability, performance, and job matching[210](index=210&type=chunk) - The total salary budget is determined annually based on profit growth, ensuring that **salary growth does not exceed profit growth**, with basic salary not exceeding 35% of the total[212](index=212&type=chunk) - The Bank has implemented a **deferred payment and clawback mechanism for performance-based remuneration** for senior management and key risk-related positions[215](index=215&type=chunk)[216](index=216&type=chunk) - The Bank actively implements a "talent-driven" strategy, building a systematic talent development system to support employee growth[217](index=217&type=chunk) [Environmental Information Disclosure](index=49&type=section&id=Environmental%20Information%20Disclosure) While not a mandatory disclosure entity, the Bank actively promotes green finance and sustainable development, with green loans growing 20.60% - The Bank is not listed as a company required to disclose environmental information by law[218](index=218&type=chunk) - The Bank places great importance on environmental protection and sustainable development, actively practicing green and low-carbon principles[219](index=219&type=chunk)[220](index=220&type=chunk) - As of the end of the reporting period, the **green finance loan balance was RMB 63.714 billion**, an increase of **20.60%** from the beginning of the year[220](index=220&type=chunk) - The Bank published its first **Sustainability (ESG) Report** and has built a green operational system encompassing green office, travel, and lifestyle practices[221](index=221&type=chunk) [Efforts in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=51&type=section&id=Efforts%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The Bank supported rural revitalization with agriculture-related loans growing 12.90% and continued its targeted poverty alleviation and social charity initiatives - As of the end of the reporting period, the **agriculture-related loan balance was RMB 69.564 billion**, an increase of **12.90%** from the beginning of the year[222](index=222&type=chunk) - The Bank has created a distinctive credit product system for the Hunan region, such as "Xiangcun Express Loan" and "Xiangnong Express Loan"[223](index=223&type=chunk) - A dedicated work team was dispatched to Hualin Village to support its development in infrastructure and characteristic industries[224](index=224&type=chunk)[225](index=225&type=chunk) - The Bank actively engages in public welfare projects, including judicial aid and educational support, to assist disadvantaged groups[226](index=226&type=chunk)[227](index=227&type=chunk) - The "Bank of Changsha · Happy Home Volunteer Team" was named the "Best Volunteer Service Organization in Hunan Province"[231](index=231&type=chunk) [Consumer Rights Protection](index=53&type=section&id=Consumer%20Rights%20Protection) The Bank strengthened consumer rights protection by embedding it into its corporate governance and product development processes and conducting extensive financial education - The Bank integrates consumer rights protection into its corporate governance, corporate culture, and business development strategy[232](index=232&type=chunk) - Consumer protection reviews are mandatory in the product and service development process, with **506 reviews conducted** during the period, achieving **100% coverage and 100% adoption of recommendations**[234](index=234&type=chunk) - During the reporting period, **1,095 online and offline educational activities** were conducted, reaching **2.184 million consumers** to improve financial literacy and risk awareness[236](index=236&type=chunk) Important Matters [Fulfillment of Commitments](index=55&type=section&id=Fulfillment%20of%20Commitments) The Bank and related parties have strictly fulfilled all commitments made during the initial public offering, including share lock-up and transfer restrictions - Commitments include a **36-month lock-up period** for certain shareholders, with subsequent annual sales not exceeding 15% of their holdings[238](index=238&type=chunk) - Certain shareholders committed that if they sell shares within two years after the lock-up period, the price will not be lower than the issue price[238](index=238&type=chunk) - Directors, supervisors, and senior management are restricted from transferring more than **25% of their total shares annually** while in office and are prohibited from transferring any shares within six months of their departure[238](index=238&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders and Their Affiliates](index=56&type=section&id=Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Their%20Affiliates) No instances of non-operational fund occupation by controlling shareholders or their affiliates occurred during the reporting period - There were no cases of non-operational fund occupation by controlling shareholders or other related parties during or prior to the reporting period[239](index=239&type=chunk) [Irregular Guarantees](index=56&type=section&id=Irregular%20Guarantees) No irregular guarantees were provided by the Bank during the reporting period - There were no cases of irregular guarantees provided by the Bank during or prior to the reporting period[240](index=240&type=chunk) [Bankruptcy and Reorganization](index=56&type=section&id=Bankruptcy%20and%20Reorganization) The Bank was not involved in any bankruptcy or reorganization proceedings during the reporting period - The Bank was not subject to any bankruptcy or reorganization proceedings during the reporting period[241](index=241&type=chunk) [Major Litigation and Arbitration](index=56&type=section&id=Major%20Litigation%20and%20Arbitration) The Bank was the plaintiff in 74 pending litigation cases with a total amount of RMB 5.663 billion and had no major litigation as a defendant - As of the end of the reporting period, the Bank was the plaintiff in **74 unresolved litigation cases** with claims over RMB 10 million, totaling **RMB 5,662,938.5 thousand**[242](index=242&type=chunk) - The Bank was a third party in **1 unresolved case** with a claim over RMB 10 million, involving **RMB 13,739.7 thousand**[242](index=242&type=chunk) - The Bank had **no unresolved cases as a defendant** with claims over RMB 10 million[242](index=242&type=chunk) [Violations, Penalties, and Rectifications Involving the Company, Directors, Supervisors, Senior Management, and Controlling Shareholders](index=56&type=section&id=Violations,%20Penalties,%20and%20Rectifications%20Involving%20the%20Company,%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Controlling%20Shareholders) The Bank, which has no controlling shareholder, and its management were not subject to any investigations, penalties, or disciplinary actions during the period - The Bank has no controlling shareholder or actual controller[243](index=243&type=chunk) - During the reporting period, the Bank was not subject to any legal investigations, criminal penalties, administrative penalties from the CSRC, or disciplinary actions from the stock exchange[243](index=243&type=chunk) - During the reporting period, no directors, supervisors, or senior management members were subject to compulsory measures, criminal penalties, CSRC investigations, or stock exchange disciplinary actions[243](index=243&type=chunk) [Statement on the Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=56&type=section&id=Statement%20on%20the%20Integrity%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) The Bank maintained a strong record of integrity with no major defaults or unfulfilled court judgments and has no controlling shareholder - During the reporting period, the Bank operated with integrity and had no unfulfilled court judgments or significant overdue debts[244](index=244&type=chunk) - The Bank has no controlling shareholder or actual controller[244](index=244&type=chunk) [Related-Party Transactions](index=56&type=section&id=Related-Party%20Transactions) Major related-party transactions included credit lines of RMB 8.9 billion and RMB 886 million extended to two affiliated companies under fair market conditions - The Bank granted a **credit line of RMB 8.9 billion** to Hunan Changyin 58 Consumer Finance Co., Ltd. for a one-year term on a credit basis[246](index=246&type=chunk) - The Bank granted a **credit line of RMB 886 million** to Hunan Friendship & Apollo Holding Co., Ltd. for a one-year term, secured by mortgage, pledge, and guarantee[246](index=246&type=chunk) - As of the end of the reporting period, the loan balance to related natural persons was **RMB 174,625.6 thousand**[247](index=247&type=chunk) [Major Contracts and Their Performance](index=57&type=section&id=Major%20Contracts%20and%20Their%20Performance) No major custody, contracting, leasing, or other significant contracts that would materially impact profits were executed during the reporting period - The Bank had no major custody, contracting, or leasing matters during the reporting period[248](index=248&type=chunk) - Apart from guarantee business within its approved scope, the Bank had no other major guarantee matters[249](index=249&type=chunk) - There were no contracts during the reporting period that contributed to a profit or loss exceeding 10% of the Bank's total profit[250](index=250&type=chunk) [Appointment and Dismissal of Accounting Firm](index=57&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The Bank reappointed Tianjian Certified Public Accountants (Special General Partnership) as its auditor for the 2025 fiscal year - The shareholders' meeting approved the reappointment of Tianjian Certified Public Accountants (Special General Partnership) as the Bank's auditor for the 2025 fiscal year[251](index=251&type=chunk) [Analysis of Changes in Accounting Policies and Estimates](index=57&type=section&id=Analysis%20of%20Changes%20in%20Accounting%20Policies%20and%20Estimates) Details on changes in accounting policies and estimates are provided in the "Financial Report" section of this document - For an analysis of the reasons for and impact of changes in accounting policies and estimates, please refer to "III. Significant Accounting Policies and Estimates - (XXXI) Changes in Significant Accounting Estimates" in the "Financial Report"[252](index=252&type=chunk)[253](index=253&type=chunk) [Other Important Matters](index=58&type=section&id=Other%20Important%20Matters) The Bank received approval to issue up to RMB 15 billion in new financial bonds in 2025 and is awaiting approval for an RMB 11 billion A-share convertible bond issuance - The Bank is authorized to issue financial bonds with a new balance not exceeding **RMB 15 billion** in 2025 and a year-end balance not exceeding **RMB 65 billion**[254](index=254&type=chunk) - The Bank has already issued several tranches of financial bonds in 2025, including a **RMB 10 billion** general bond, a **RMB 5 billion** SME loan bond, and a **RMB 4 billion** technology innovation bond[254](index=254&type=chunk) - The Bank plans to publicly issue up to **RMB 11 billion** in A-share convertible bonds, which is currently under review by the Shanghai Stock Exchange[254](index=254&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=59&type=section&id=Changes%20in%20Share%20Capital) The Bank's total share count and capital structure remained unchanged during the reporting period - The Bank's total number of shares and share capital structure did not change during the reporting period[256](index=256&type=chunk) - There was no change in the total number of the Bank's common shares during the reporting period[257](index=257&type=chunk) - There was no change in the number of the Bank's restricted shares during the reporting period[258](index=258&type=chunk) [Shareholder Information](index=59&type=section&id=Shareholder%20Information) As of the period end, the Bank had 33,515 common shareholders, with Changsha Finance Bureau as the largest shareholder holding 16.82% - As of the end of the reporting period, the total number of common shareholders was **33,515**[259](index=259&type=chunk) - **Changsha Municipal Finance Bureau** is the largest shareholder, holding 676,413,701 shares, which accounts for **16.82%** of the total share capital[261](index=261&type=chunk)[270](index=270&type=chunk) - Changsha Real Estate (Group) Co., Ltd. has pledged 84,500,000 shares, and Changsha Tongcheng Industrial (Group) Co., Ltd. has pledged 75,100,000 shares[261](index=261&type=chunk) - The shareholdings of current and former directors, supervisors, and senior management did not change during the reporting period[269](index=269&type=chunk) - Hunan Communications Industry Services Co., Ltd. and its wholly-owned subsidiary collectively hold 501,468,304 shares, representing **12.47%** of the total share capital[271](index=271&type=chunk) [Changes in Preferred Shares and Shareholders](index=63&type=section&id=Changes%20in%20Preferred%20Shares%20and%20Shareholders) The Bank's "Changyin You 1" preferred shares have an adjusted dividend rate of 3.84%, with 28 shareholders at the end of the period - The Bank's preferred shares (code: 360038, name: Changyin You 1) were issued in December 2019 and listed in January 2020 at a price of RMB 100 per share[275](index=275&type=chunk) - Effective from December 25, 2024, the dividend rate for the second interest period of Changyin You 1 was adjusted to **3.84%**[275](index=275&type=chunk) - As of the end of the reporting period, the total number of preferred shareholders was **28**[276](index=276&type=chunk) - No redemption or conversion of preferred shares occurred during the reporting period[280](index=280&type=chunk) Financial Report [Notes to the Financial Report](index=65&type=section&id=Notes%20to%20the%20Financial%20Report) The Bank's 2025 semi-annual financial report is unaudited but has been reviewed by Tianjian Certified Public Accountants (Special General Partnership) - The Bank's 2025 semi-annual financial report is unaudited[284](index=284&type=chunk) - Tianjian Certified Public Accountants (Special General Partnership) has reviewed the Bank's 2025 semi-annual financial report and issued a review report[284](index=284&type=chunk) [Review Report](index=70&type=section&id=Review%20Report) Tianjian Certified Public Accountants found no indication that the financial statements were not prepared in accordance with accounting standards or did not fairly reflect the Bank's financial position - Tianjian Certified Public Accountants (Special General Partnership) reviewed the semi-annual financial statements of Bank of Changsha Co., Ltd. for 2025[293](index=293&type=chunk) - Based on the review, nothing has come to the accountants' attention that causes them to believe the financial statements are not prepared in accordance with enterprise accounting standards or do not fairly reflect the financial position, operating results, and cash flows of Bank of Changsha in all material respects[293](index=293&type=chunk) [Consolidated and Parent Company Balance Sheets](index=71&type=section&id=Consolidated%20and%20Parent%20Company%20Balance%20Sheets) As of June 30, 2025, consolidated total assets were RMB 1.247 trillion, and total liabilities were RMB 1.165 trillion Consolidated Balance Sheet (RMB in thousands) | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Total Assets | 1,247,385,086 | 1,146,747,921 | | Total Liabilities | 1,165,090,274 | 1,066,397,629 | | Total Shareholders' Equity | 82,294,812 | 80,350,292 | Parent Company Balance Sheet (RMB in thousands) | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Total Assets | 1,190,083,495 | 1,093,774,401 | | Total Liabilities | 1,111,699,081 | 1,017,303,381 | | Total Shareholders' Equity | 78,384,414 | 76,471,020 | [Consolidated and Parent Company Income Statements](index=73&type=section&id=Consolidated%20and%20Parent%20Company%20Income%20Statements) For H1 2025, consolidated total operating income was RMB 13.249 billion, with a net profit attributable to the parent company of RMB 4.329 billion Consolidated Income Statement (RMB in thousands) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Total Operating Income | 13,249,374 | 13,042,446 | | Net Profit | 4,356,124 | 4,232,065 | | Net Profit Attributable to Parent Company Owners | 4,328,903 | 4,120,765 | Parent Company Income Statement (RMB in thousands) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Total Operating Income | 11,931,601 | 11,389,619 | | Net Profit | 4,312,520 | 4,006,375 | [Consolidated and Parent Company Cash Flow Statements](index=75&type=section&id=Consolidated%20and%20Parent%20Company%20Cash%20Flow%20Statements) For H1 2025, consolidated net cash outflow from operating activities was RMB 46.398 billion, while investing and financing activities generated net inflows Consolidated Cash Flow Statement (RMB in thousands) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -46,398,400 | -51,046,478 | | Net Cash Flow from Investing Activities | 39,854,830 | -15,477,497 | | Net Cash Flow from Financing Activities | 19,086,500 | 67,935,538 | Parent Company Cash Flow Statement (RMB in thousands) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -46,536,917 | -52,490,720 | | Net Cash Flow from Investing Activities | 37,422,420 | -15,244,515 | | Net Cash Flow from Financing Activities | 19,302,257 | 68,549,600 | [Consolidated and Parent Company Statements of Changes in Shareholders' Equity](index=77&type=section&id=Consolidated%20and%20Parent%20Company%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) As of June 30, 2025, consolidated total shareholders' equity reached RMB 82.295 billion, an increase of RMB 1.945 billion from the beginning of the year Consolidated Statement of Changes in Shareholders' Equity (RMB in thousands) | Item | Opening Balance | Change during Period | Closing Balance | | :--- | :--- | :--- | :--- | | Total Shareholders' Equity | 80,350,292 | 1,944,520 | 82,294,812 | | Equity Attributable to Parent Company Shareholders | 78,013,645 | 1,929,777 | 79,943,422 | Parent Company Statement of Changes in Shareholders' Equity (RMB in thousands) | Item | Opening Balance | Change during Period | Closing Balance | | :--- | :--- | :--- | :--- | | Total Shareholders' Equity | 76,471,020 | 1,913,394 | 78,384,414 | [Notes to the Financial Statements](index=79&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, financial instrument risks, fair value, related-party transactions, and capital management - The Bank's financial statements are prepared on a going concern basis, with RMB as the functional currency[312](index=312&type=chunk)[316](index=316&type=chunk) - Financial assets are classified at initial recognition into three categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[323](index=323&type=chunk) - The Bank recognizes impairment provisions for financial assets based on an expected credit loss model[337](index=337&type=chunk) - The main financial instrument risks faced by the Group include credit risk, market risk, liquidity risk, and operational risk[514](index=514&type=chunk) - The Group's capital adequacy ratios are calculated in accordance with the "Capital Management Rules for Commercial Banks" and meet all regulatory requirements[569](index=569&type=chunk)[570](index=570&type=chunk) Directory of Documents for Inspection [List of Documents for Inspection](index=66&type=section&id=List%20of%20Documents%20for%20Inspection) This section lists the reference documents for the semi-annual report, including signed financial statements and the original review report from the accounting firm - Financial statements signed and sealed by the Bank's legal representative, chief financial officer, and head of the accounting department[286](index=286&type=chunk) - The original review report from the accounting firm, sealed and signed by the certified public accountants[286](index=286&type=chunk) - The original semi-annual report signed by the Chairman of the Board[286](index=286&type=chunk) - Originals of all company documents and announcements publicly disclosed during the reporting period[286](index=286&type=chunk)

中青旅控股股份有限公司2025 年半年度报告 公司代码：600138 公司简称：中青旅 中青旅控股股份有限公司 2025 年半年度报告 1 / 147 中青旅控股股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 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、 公司负责人倪阳平、主管会计工作负责人高鹭华及会计机构负责人（会计主管人员）谭宁 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 不进行现金分红，也不进行资本公积金转增股本和其他形式的利润分配。 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对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确 ...

前沿生物药业（南京）股份有限公司2025 年半年度报告 公司代码：688221 公司简称：前沿生物 前沿生物药业（南京）股份有限公司 2025 年半年度报告 2025 年 8 月 1/185 前沿生物药业（南京）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 本报告包含涉及重大风险和不确定性的前瞻性陈述。公司的前瞻性声明主要基于公司对未来 事件及趋势的当前预期及预测，公司认为此类未来事件及趋势可能会影响公司的业务、财务状况 及经营业绩。除历史信息外，本报告中的所有陈述，均属前瞻性陈述。该等陈述涉及风险和不确 定因素，包括"第三节管理层讨论与分析"之"四、风险因素"下所描述的内容，可能导致实际 业绩和结果与所预计的情况存在重大差异。鉴于上述不确定性，广大投资者不应过度依赖该等前 瞻性陈述。除非法律另有要求，公司不承担任何因新信息或其他原因而更新任何前瞻性陈述的义 务。 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 ...

浙江海象新材料股份有限公司 2025 年半年度报告 2025 年 8 月 30 日 浙江海象新材料股份有限公司 2025 年半年度报告全文 1 浙江海象新材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王周林、主管会计工作负责人赵目华及会计机构负责人(会计 主管人员)赵目华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司已在本报告中描述存在的主要风险，包括：外部环境不确定性风险、 出口退税政策变动风险、汇率波动风险、原材料价格波动风险、应收账款回 款风险。详细内容请查阅本报告第三节"管理层讨论与分析"。请投资者注意 投资风险。 公司经本次董事会审议通过的利润分配预案为：以公司总股本 102,676,000 股扣除截至 2025 年 6 月 30 日回购专户中已回购股份 998,950 股 后的股本 101,677,050 股为基数，向全体股东每 10 股派发现金 ...

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YUEXIU CAPITAL HOLDINGS 股票代码:000987 广州越秀资存控股集团股份有限公司 2025年省年度报告 广州越秀资本控股集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证本半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律 责任。 公司负责人王恕慧先生、主管会计工作负责人（代）及会计机构负责人潘 永兴先生声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席审议本次半年报的董事会会议。 本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性承诺， 请广大投资者注意投资风险。 公司已在本报告中详细阐述可能面临的风险和应对措施，详见本报告"第 三节 管理层讨论与分析"之"十一、公司面临的风险和应对措施"部分，请广大 投资者仔细阅读并注意投资风险。 公司经第十届董事会第二十六次会议审议通过的2025年中期利润分配预案 为：以公司实施利润分配方案时股权登记日的总股本剔除已回购股份为基数， 向全体股东每 10 股派发现金红利 0.90 元（含税），不送红股，不以公积金转 ...

[Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of this semi-annual report[5](index=5&type=chunk) - The Board of Directors, Supervisory Committee, and senior management of the company guarantee the truthfulness, accuracy, and completeness of the semi-annual report's content, bear individual and joint legal responsibility, and affirm there are no false records, misleading statements, or major omissions[5](index=5&type=chunk) - This semi-annual report is **unaudited**[7](index=7&type=chunk) - The company's responsible person Lin Hongli, chief financial officer Lin Xiusong, and head of the accounting department Lin Xiusong declare that the financial report herein is truthful, accurate, and complete[7](index=7&type=chunk) - No profit distribution or conversion of capital reserve to share capital is proposed for this reporting period[8](index=8&type=chunk) - Forward-looking statements in this report regarding future plans and development strategies do not constitute a commitment to investors, who are advised to be aware of investment risks[8](index=8&type=chunk) - There are no instances of non-operating fund occupation by the controlling shareholder or other related parties, nor any provision of external guarantees in violation of decision-making procedures[9](index=9&type=chunk) - The company has detailed existing risks in this report, please refer to "Section 3 Management Discussion and Analysis, V. Other Disclosures, (I) Potential Risks"[9](index=9&type=chunk) [Section 1 Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines frequently used terms to ensure a clear understanding of the report's content[15](index=15&type=chunk) - "Company," "the Company," or "Shapuaisi" refers to Zhejiang Shapuaisi Pharmaceutical Co, Ltd[15](index=15&type=chunk) - "Reporting Period" or "Current Period" refers to the period from January 1, 2025, to June 30, 2025[15](index=15&type=chunk) - "Shapuaisi Eye Drops" refers to the Bendazac Lysine Eye Drops (trade name: Shapuaisi) produced by the company[15](index=15&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information and key financial data, highlighting a turnaround to profitability in the first half of 2025 - The company's Chinese name is 浙江莎普爱思药业股份有限公司, the abbreviation is 莎普爱思, and the legal representative is Lin Hongli[17](index=17&type=chunk) - The company's stock is listed on the Shanghai Stock Exchange with the stock name "Shapuaisi" and stock code "603168"[21](index=21&type=chunk) - The company's designated information disclosure newspapers are China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily, with the semi-annual report available at www.sse.com.cn[20](index=20&type=chunk) Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 236,090,840.96 | 236,852,225.90 | -0.32 | | Total Profit | 21,428,042.32 | -20,663,325.25 | N/A (Turnaround to Profitability) | | Net Profit Attributable to Shareholders | 21,862,855.49 | -24,716,934.81 | N/A (Turnaround to Profitability) | | Net Cash Flow from Operating Activities | 51,450,766.00 | -10,125,489.07 | N/A (Significant Growth) | | Net Assets Attributable to Shareholders (End of Period) | 1,613,043,799.81 | 1,589,629,316.96 | 1.47 | | Total Assets (End of Period) | 2,103,716,207.09 | 2,106,253,035.91 | -0.12 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.06 | -0.07 | N/A (Turnaround to Profitability) | | Diluted Earnings Per Share (yuan/share) | 0.06 | -0.07 | N/A (Turnaround to Profitability) | | Weighted Average Return on Equity (%) | 1.37 | -1.45 | Increased by 2.81 percentage points | | Weighted Average ROE after Non-recurring Items (%) | 1.35 | -1.47 | Increased by 2.82 percentage points | - During the reporting period, the company achieved **operating revenue of 236.09 million yuan**, a slight decrease of 0.32% year-on-year, while **net profit attributable to shareholders was 21.86 million yuan**, marking a turnaround to profitability due to cost reduction and efficiency improvement measures[24](index=24&type=chunk) Non-recurring Gains and Losses for H1 2025 | Non-recurring Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets, including write-offs of asset impairment provisions | 788,664.70 | | Government grants recognized in current profit or loss, excluding those closely related to normal business operations | 4,828,915.45 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities | -5,966,552.53 | | Other non-operating income and expenses | 277,911.25 | | Less: Income tax impact | 249,632.71 | | Total | 178,571.58 | [Section 3 Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company's "pharmaceutical + medical" dual-driver strategy led to a turnaround to profitability despite facing multiple industry risks and policy changes - The company focuses on a "pharmaceutical + medical" dual-driver strategy, engaging in drug R&D, production, sales, and medical services[30](index=30&type=chunk) - In the reporting period, the company achieved **operating revenue of 236.09 million yuan** and **net profit attributable to shareholders of 21.86 million yuan**, achieving a turnaround to profitability[36](index=36&type=chunk) - The company faces risks from medical management, industry policy changes, rising R&D costs, environmental safety, medical incidents, and declining birth rates[57](index=57&type=chunk)[58](index=58&type=chunk) - The consistency evaluation of Bendazac Lysine Eye Drops (Shapuaisi) is still in progress, with a risk of not passing regulatory approval even after completion[58](index=58&type=chunk) [I. Industry and Core Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in the pharmaceutical manufacturing and medical services sectors, driven by an aging population and supportive government policies - The pharmaceutical manufacturing industry is a strategic sector poised for continued growth, driven by an aging population, rising demand for chronic disease management, and increased public health awareness[30](index=30&type=chunk) - The National Medical Products Administration (NMPA) has issued policies to improve review efficiency, protect innovative drug data, and strengthen full-chain management[30](index=30&type=chunk)[31](index=31&type=chunk) - The medical services industry is supported by policies encouraging social capital investment to meet diverse healthcare needs amid an aging population[32](index=32&type=chunk) - The company's pharmaceutical manufacturing segment focuses on ophthalmic drugs (anti-cataract), anti-microbial drugs (cephalosporins, quinolones), with key products including Bendazac Lysine Eye Drops and Cefixime products[34](index=34&type=chunk) - The medical services segment includes Taizhou Maternity Hospital (a Grade II Class A specialty hospital) and Qingdao Shijian Eye Hospital (specializing in ophthalmic medical services)[34](index=34&type=chunk) - The pharmaceutical manufacturing segment utilizes a unified procurement and GMP-compliant production model, with sales through distributors and direct supply to hospitals[34](index=34&type=chunk)[35](index=35&type=chunk) - The medical services segment builds its market reputation through enhanced internal management, high-quality medical services, brand building, and community engagement[35](index=35&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company achieved a turnaround to profitability with revenue of 236 million yuan, driven by its dual-driver strategy and cost control measures - During the reporting period, the company achieved **operating revenue of 236.09 million yuan** and **net profit attributable to shareholders of 21.86 million yuan**[36](index=36&type=chunk) - In H1 2025, **R&D investment was 22.92 million yuan**, a year-on-year decrease of 56.83%, accounting for 9.71% of operating revenue[37](index=37&type=chunk) Progress of Key R&D Products | Category | Product Name | R&D Progress | | :--- | :--- | :--- | | Eye Drops | Bromfenac Sodium Eye Drops (2 specs), Polyvinyl Alcohol Eye Drops, Tafluprost Eye Drops, Olopatadine Hydrochloride Eye Drops | Obtained drug registration certificates from NMPA | | Capsules, Eye Drops | Cefdinir Capsules, Levofloxacin Eye Drops | Obtained supplementary application approval notices from NMPA | | Dry Suspension, Eye Drops, etc | Azithromycin Dry Suspension, Dapoxetine Hydrochloride Tablets, Compound Tropicamide Eye Drops, Pranoprofen Eye Drops | Applications submitted to NMPA and under CDE review | | Eye Drops | Atropine Sulfate Eye Drops, Pilocarpine Hydrochloride Eye Drops | In research and development stage | - The company continues to advance the consistency evaluation of Bendazac Lysine Eye Drops (Shapuaisi)[38](index=38&type=chunk) - In H1 2025, the company's drug quality management system operated effectively, ensuring product compliance with no major quality incidents[38](index=38&type=chunk) - The company adhered to its "safety first, prevention foremost, comprehensive management" policy, with no major production safety accidents during the period[39](index=39&type=chunk) - The company maintained deep connections with the capital market through transparent communication, including earnings calls and institutional investor meetings[39](index=39&type=chunk) - The company actively fulfilled its social responsibilities through cultural events, eye health education, and community outreach by its subsidiary hospitals[40](index=40&type=chunk)[41](index=41&type=chunk) [III. Analysis of Core Competencies](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its established brand recognition, extensive sales network, and specialized medical services enhanced by expert collaborations - **Pharmaceutical Manufacturing**: The core product, Bendazac Lysine Eye Drops, holds a leading position in the cataract drug market with strong brand recognition[42](index=42&type=chunk) - **Pharmaceutical Manufacturing**: The company has established a nationwide marketing network and an OTC product team employing a "full-channel management" model[42](index=42&type=chunk) - **Pharmaceutical Manufacturing**: The company emphasizes new product development through a combination of in-house R&D and industry-academia-research collaborations, accumulating a solid technology reserve[42](index=42&type=chunk) - **Medical Services**: Taizhou Maternity Hospital enhances its obstetric diagnosis and treatment levels by participating in the Shanghai East Hospital Obstetrics Alliance[43](index=43&type=chunk) - **Medical Services**: Qingdao Shijian Hospital has expanded its services by adding a retinal disease specialty and performing vitrectomy surgeries, enhancing its overall image[43](index=43&type=chunk) [IV. Key Operating Activities](index=11&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) The company achieved a turnaround to profitability in H1 2025, driven by significant reductions in operating, administrative, and R&D expenses Key Financial Statement Item Changes in H1 2025 | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 236,090,840.96 | 236,852,225.90 | -0.32 | Slight decrease | | Operating Costs | 93,719,912.44 | 114,977,567.09 | -18.49 | Enhanced cost control and product mix changes | | Selling Expenses | 42,749,181.36 | 42,587,848.47 | 0.38 | - | | Administrative Expenses | 52,512,672.11 | 60,248,963.15 | -12.84 | Enhanced expense control, reduced personnel and office expenses | | Finance Expenses | 4,828,164.24 | 2,695,832.15 | 79.10 | Increased interest expenses | | R&D Expenses | 11,769,078.12 | 35,577,764.98 | -66.92 | Reduced investment in R&D projects | | Net Cash Flow from Operating Activities | 51,450,766.00 | -10,125,489.07 | N/A | Increased profit due to lower expenses | | Net Cash Flow from Investing Activities | -51,035,320.55 | -257,348,885.56 | N/A | Prior year included payment for equity investment and hospital construction | | Net Cash Flow from Financing Activities | 5,436,692.07 | 62,974,670.10 | -91.37 | Decrease in new bank borrowings during the period | Asset and Liability Changes in H1 2025 | Item | End of Current Period (yuan) | End of Prior Period (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 88,639,588.45 | 82,787,450.93 | 7.07 | - | | Trading Financial Assets | 100,417,450.84 | 106,860,727.24 | -6.03 | - | | Accounts Receivable | 33,090,822.39 | 37,868,555.55 | -12.62 | - | | Receivables Financing | 21,661,473.37 | 29,917,053.17 | -27.59 | Increase in note discounting | | Prepayments | 20,250,600.68 | 15,680,054.17 | 29.15 | Increase in prepayments for materials and outsourced R&D | | Inventories | 110,933,958.38 | 76,660,507.89 | 44.71 | Increase in work-in-progress | | Right-of-use Assets | 20,030,293.40 | 29,515,580.77 | -32.14 | Reduction in leased office space | | Development Expenditures | 76,567,631.37 | 65,419,609.56 | 17.04 | - | | Short-term Borrowings | 120,178,802.78 | 105,294,386.11 | 14.14 | - | | Other Payables | 42,515,573.05 | 74,543,074.32 | -42.97 | Payment of equity investment payables and accrued expenses | | Long-term Borrowings | 129,872,835.22 | 111,546,568.98 | 16.43 | - | | Lease Liabilities | 16,968,296.59 | 25,343,822.52 | -33.05 | Reduction in leased office space | Major Restricted Assets as of H1 2025 | Item | Closing Book Balance (yuan) | Closing Book Value (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Fixed Assets | 41,352,744.17 | 25,500,841.27 | Mortgage | Collateral for long-term borrowings | | Total | 41,352,744.17 | 25,500,841.27 | / | / | Financial Assets Measured at Fair Value in H1 2025 | Asset Class | Opening Balance (yuan) | Fair Value Change (yuan) | Purchases (yuan) | Sales/Redemptions (yuan) | Other Changes (yuan) | Closing Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 102,891,597.99 | -8,685,611.12 | 1,663,027,943.31 | 1,663,036,667.18 | 2,719,076.13 | 96,916,339.13 | | Bank Wealth Management Products | 3,501,111.71 | - | - | - | - | 3,501,111.71 | | Other | 20,400,000.00 | - | - | 1,400,000.00 | - | 19,000,000.00 | | Performance Commitment Compensation | 468,017.54 | -17.54 | - | - | -468,000.00 | - | | Total | 127,260,727.24 | -8,685,628.66 | 1,663,027,943.31 | 1,664,436,667.18 | 2,251,076.13 | 119,417,450.84 | - The company sold its 100% stake in the wholly-owned subsidiary Zhejiang Shapuaisi Pharmacy Chain Co, Ltd for **500,000 yuan**, with no significant impact on overall operations or performance[54](index=54&type=chunk)[56](index=56&type=chunk) Performance of Major Subsidiaries and Associates (Unit: ten thousand yuan) | Company Name | Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shapuaisi Sales Co | Subsidiary | Pharmaceutical Commerce | 8,800 | 10,143.19 | 430.41 | 2,396.29 | -3,673.48 | -3,675.58 | | Taizhou Hospital | Subsidiary | Medical Services | 8,695.65 | 62,307.04 | 49,818.78 | 6,145.84 | 462.84 | 406.04 | | Shapu Health | Subsidiary | Software & IT Services | 2,000 | 7,282.04 | 1,903.95 | 0 | -59.09 | -59.07 | | Qingdao Shijian | Subsidiary | Medical Services | 1,000 | 3,305.52 | 2,403.85 | 600.26 | 155.98 | 152.12 | | Jiusongtang Yuan | Subsidiary | Investment | 7,000 | 306.36 | 22.17 | 0 | -2.84 | -2.84 | | Trading Co | Subsidiary | Trading | 10 | 109.65 | 107.75 | 17.04 | 1.73 | 1.64 | | Shanghai Xiongqi Biotech | Subsidiary | Technical Services | 1,000 | 7.51 | -300.66 | 0 | -44.63 | -44.59 | | Pinghu Shapuaisi Limin Pharmacy | Subsidiary | Pharmaceutical Retail | 110 | 205.66 | 88.43 | 55.80 | -21.57 | -21.57 | | Shanghai Xinhong Pharmaceutical | Associate | R&D | 46,000 | 42,849.40 | 42,838.50 | 0 | -1,356.20 | -1,356.20 | [V. Other Disclosures](index=17&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces significant risks from policy changes, rising costs, and potential failure to pass the consistency evaluation for its core product - The company is exposed to risks from changes in medical and industry management policies, including drug approval, quality supervision, drug bidding, public hospital reform, and medical insurance cost control[57](index=57&type=chunk) - The company faces rising R&D costs due to business expansion, increased operational scale, and the need for continuous investment in cutting-edge technology[57](index=57&type=chunk) - The company is subject to heightened environmental and safety risks due to stricter national regulations on energy conservation, emission reduction, and safety in the pharmaceutical industry[57](index=57&type=chunk) - Despite strict adherence to clinical guidelines, the risk of medical incidents is unavoidable, and the company will continue to enhance safety measures to mitigate this risk[57](index=57&type=chunk) - Taizhou Maternity Hospital faces the risk of a declining birth rate, which could impact its obstetrics department due to a smaller patient base and intense market competition[58](index=58&type=chunk) - There is a risk that the consistency evaluation for Bendazac Lysine Eye Drops (Shapuaisi) may not pass NMPA approval, which would adversely affect the company's operating performance[58](index=58&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers corporate governance updates, environmental disclosures, and social responsibility initiatives undertaken during the reporting period - No changes in directors, supervisors, or senior management occurred during the reporting period[61](index=61&type=chunk) - The semi-annual profit distribution and conversion of capital reserve to share capital proposals are "No," meaning no distribution or conversion will occur[61](index=61&type=chunk) - On April 30, 2025, the company announced the repurchase and cancellation of **1,798,500 restricted shares**, which will reduce the total share capital[62](index=62&type=chunk) - The company is included in the list of enterprises required to disclose environmental information and has provided an index for its 2025 key environmental monitoring unit list[63](index=63&type=chunk)[64](index=64&type=chunk) - The subsidiary Taizhou Maternity Hospital continued its community support by visiting impoverished residents and conducting charitable activities in January and June 2025[64](index=64&type=chunk) [Section 5 Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the strict fulfillment of commitments, the absence of major litigation, and the progress of fundraising projects and other key corporate actions - All commitments made by the company's actual controllers, shareholders, related parties, and the company itself were strictly fulfilled during the reporting period[66](index=66&type=chunk) - The company had **no major litigation or arbitration matters** during the reporting period[74](index=74&type=chunk) - The company had no major related-party transactions related to daily operations, asset acquisitions, equity transactions, joint investments, or related-party debts[76](index=76&type=chunk)[77](index=77&type=chunk) Overall Use of Raised Funds | Funding Source | Total Raised (yuan) | Net Proceeds (yuan) | Pledged Investment (yuan) | Cumulative Investment (yuan) | Investment Progress (%) | Current Year Investment (yuan) | Current Year Investment as % of Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Private Placement | 317,999,993.22 | 308,243,745.55 | 308,243,745.55 | 309,129,408.19 | 100.29 | 5,681,647.66 | 1.84 | | Total | 317,999,993.22 | 308,243,745.55 | 308,243,745.55 | 309,129,408.19 | / | 5,681,647.66 | / | - The company continues to advance the consistency evaluation of Bendazac Lysine Eye Drops (Shapuaisi), having completed and submitted the post-marketing clinical study to the NMPA[83](index=83&type=chunk) [I. Fulfillment of Commitments](index=21&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) All commitments made by the company, its controlling shareholders, and management regarding disclosure, competition, and shareholding were strictly fulfilled - The company commits to compensating investors for losses if the prospectus contains false records, misleading statements, or major omissions[66](index=66&type=chunk) - The controlling shareholder and its concerted parties have committed to resolving non-competition issues by refraining from developing or operating businesses that compete with the company[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - Directors, supervisors, and senior management have committed to limiting annual share transfers to **no more than 25% of their holdings** while in office and not transferring any shares within six months of departure[67](index=67&type=chunk) - The controlling shareholder Shanghai Yanghe Industrial Co, Ltd, and Lin Hongyuan have committed not to reduce their direct or indirect holdings for **36 months** following the completion of the private placement[69](index=69&type=chunk)[70](index=70&type=chunk) - The company commits not to provide loans or any other form of financial assistance to any incentive plan participants for acquiring relevant interests[70](index=70&type=chunk) - The actual controllers commit to minimizing related-party transactions between their controlled entities and Shapuaisi and its subsidiaries[71](index=71&type=chunk)[72](index=72&type=chunk) - The actual controllers commit to maintaining the company's independence in personnel, assets, finance, organization, and business operations[73](index=73&type=chunk) [VII. Major Litigation and Arbitration](index=28&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters during the reporting period[74](index=74&type=chunk) - The company had **no major litigation or arbitration matters** during this reporting period[74](index=74&type=chunk) [X. Major Related-Party Transactions](index=29&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions occurred during the reporting period in relation to daily operations, asset acquisitions, or financing activities - The company had **no related-party transactions** related to daily operations during the reporting period[76](index=76&type=chunk) - The company had **no related-party transactions** involving the acquisition or sale of assets or equity during the reporting period[76](index=76&type=chunk) - The company had **no major related-party transactions** involving joint external investments during the reporting period[76](index=76&type=chunk) - The company had **no related-party credit or debt transactions** during the reporting period[76](index=76&type=chunk)[77](index=77&type=chunk) [XII. Progress on the Use of Raised Funds](index=31&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company has fully utilized the 308 million yuan in net proceeds, with investment progress reaching 100.29% as of the report date Overall Use of Raised Funds | Funding Source | Total Raised (yuan) | Net Proceeds (yuan) | Pledged Investment (yuan) | Cumulative Investment (yuan) | Investment Progress (%) | Current Year Investment (yuan) | Current Year Investment as % of Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Private Placement | 317,999,993.22 | 308,243,745.55 | 308,243,745.55 | 309,129,408.19 | 100.29 | 5,681,647.66 | 1.84 | | Total | 317,999,993.22 | 308,243,745.55 | 308,243,745.55 | 309,129,408.19 | / | 5,681,647.66 | / | Detailed Use of Raised Funds (Unit: yuan) | Project Name | Pledged Investment | Current Year Investment | Cumulative Investment | Investment Progress (%) | Expected Completion Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Taizhou Women's and Children's Hospital New Building Project | 231,182,845.55 | 5,679,500.00 | 232,066,360.53 | 100.38 | September 30, 2025 | | Supplementary Working Capital | 77,060,900.00 | 2,147.66 | 77,063,047.66 | 100.00 | N/A | | Total | 308,243,745.55 | 5,681,647.66 | 309,129,408.19 | / | / | - The company had no changes to or termination of investment projects using raised funds during the reporting period[82](index=82&type=chunk) [XIII. Explanation of Other Significant Matters](index=33&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company continues to advance the consistency evaluation for its core product, Bendazac Lysine Eye Drops, having completed the post-marketing clinical study - The company continues to fully advance the consistency evaluation work for Bendazac Lysine Eye Drops (Shapuaisi)[83](index=83&type=chunk) - The post-marketing clinical study for Bendazac Lysine Eye Drops (Shapuaisi) has been completed and submitted to the NMPA as required[83](index=83&type=chunk) [Section 6 Changes in Share Capital and Shareholders](index=35&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's stable share structure, shareholder count, and the holdings of its top ten shareholders as of the period end - The company's total share count and capital structure remained unchanged during the reporting period[85](index=85&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **27,615**[86](index=86&type=chunk) Top Ten Shareholders as of Period End | Shareholder Name | Change in Period (shares) | Shares Held at Period End | Percentage (%) | Restricted Shares Held | Share Status | Quantity (shares) | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Yanghe Industrial Co, Ltd | 0 | 78,249,836 | 20.82 | 47,095,761 | Pledged | 33,850,000 | Domestic Non-state-owned Legal Entity | | Chen Dekang | -2,752,200 | 44,231,004 | 11.77 | 0 | None | 0 | Domestic Individual | | Lin Hongyuan | 0 | 28,953,386 | 7.70 | 2,825,745 | Pledged | 11,013,700 | Domestic Individual | | Shanghai Jingxing Industrial Investment Co, Ltd | -3,167,700 | 12,982,726 | 3.45 | 0 | None | 0 | Domestic Non-state-owned Legal Entity | | Shanghai Tonghui Medical Management Co, Ltd | 0 | 8,762,083 | 2.33 | 0 | Pledged | 8,762,083 | Domestic Non-state-owned Legal Entity | | Hu Zhengguo | 0 | 6,520,000 | 1.73 | 60,000 | None | 0 | Domestic Individual | | Shanghai Yihe Medical Management Co, Ltd | 0 | 6,000,000 | 1.60 | 0 | None | 0 | Domestic Non-state-owned Legal Entity | | Dai Dongjian | 0 | 2,337,370 | 0.62 | 0 | None | 0 | Unknown | | Shanghai Chengzhou Investment - Chengzhou Jinze Yesheng Private Fund | 0 | 2,237,800 | 0.60 | 0 | None | 0 | Unknown | | Zhang Yonggang | 700,000 | 1,750,000 | 0.47 | 0 | None | 0 | Unknown | - Shareholders Yihe Medical and Tonghui Medical are wholly-owned subsidiaries of the controlling shareholder Yanghe Industrial; Lin Hongyuan, Yihe Medical, and Tonghui Medical are concerted parties of Yanghe Industrial[90](index=90&type=chunk) Top Ten Restricted Shareholders | No | Shareholder Name | Restricted Shares Held (shares) | Tradable Date | Newly Tradable Shares (shares) | Restriction Condition | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Shanghai Yanghe Industrial Co, Ltd | 47,095,761 | 2025/11/8 | 0 | 36 months | | 2 | Lin Hongyuan | 2,825,745 | 2025/11/8 | 0 | 36 months | | 3 | Hu Zhengguo | 60,000 | Determined by the 2023 Restricted Stock Incentive Plan | - | Equity incentive restricted shares | [Section 7 Bond-Related Matters](index=39&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[94](index=94&type=chunk) - The company has no convertible corporate bonds[94](index=94&type=chunk) [Section 8 Financial Report](index=40&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the unaudited financial statements and detailed notes, reflecting the company's financial position and performance based on a going concern basis - This financial report is **unaudited**[96](index=96&type=chunk) - The financial statements are prepared on a going concern basis, with no material uncertainties identified that would cast significant doubt on the company's ability to continue for the next 12 months[129](index=129&type=chunk)[130](index=130&type=chunk) - The company's principal activities are the R&D, production, and sale of pharmaceuticals such as eye drops and injections, as well as medical services[128](index=128&type=chunk) - The financial statements comply with Corporate Accounting Standards, providing a true and fair view of the company's financial position, operating results, and cash flows[132](index=132&type=chunk) [I. Audit Report](index=40&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited[96](index=96&type=chunk) - This semi-annual report is **unaudited**[96](index=96&type=chunk) [II. Financial Statements](index=40&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the period ended June 30, 2025 Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Closing Balance (yuan) | Opening Balance (yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 88,639,588.45 | 82,787,450.93 | | Trading Financial Assets | 100,417,450.84 | 106,860,727.24 | | Inventories | 110,933,958.38 | 76,660,507.89 | | Total Current Assets | 391,723,580.79 | 366,665,116.02 | | Fixed Assets | 457,383,108.78 | 477,127,893.05 | | Total Assets | 2,103,716,207.09 | 2,106,253,035.91 | | Short-term Borrowings | 120,178,802.78 | 105,294,386.11 | | Total Liabilities | 490,640,732.68 | 516,587,993.08 | | Total Equity Attributable to Parent | 1,613,043,799.81 | 1,589,629,316.96 | | Total Equity | 1,613,075,474.41 | 1,589,665,042.83 | Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 236,090,840.96 | 236,852,225.90 | | Total Operating Costs | 209,229,737.85 | 258,887,035.42 | | Total Profit | 21,428,042.32 | -20,663,325.25 | | Net Profit | 21,858,804.22 | -24,819,540.86 | | Net Profit Attributable to Parent Shareholders | 21,862,855.49 | -24,716,934.81 | | Basic Earnings Per Share (yuan/share) | 0.06 | -0.07 | | Diluted Earnings Per Share (yuan/share) | 0.06 | -0.07 | Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 51,450,766.00 | -10,125,489.07 | | Net Cash Flow from Investing Activities | -51,035,320.55 | -257,348,885.56 | | Net Cash Flow from Financing Activities | 5,436,692.07 | 62,974,670.10 | | Net Increase in Cash and Cash Equivalents | 5,852,137.52 | -204,499,704.53 | | Closing Balance of Cash and Cash Equivalents | 88,639,588.45 | 151,167,004.23 | [III. Company Basic Information](index=60&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Zhejiang Shapuaisi Pharmaceutical Co, Ltd is a publicly traded company specializing in pharmaceutical R&D, manufacturing, sales, and medical services - Zhejiang Shapuaisi Pharmaceutical Co, Ltd was established as a joint-stock company on December 15, 2008, through the overall conversion of its predecessor[128](index=128&type=chunk) - The company's shares were listed on the Shanghai Stock Exchange on July 2, 2014[128](index=128&type=chunk) - The company has a registered capital of **375,925,005.00 yuan** and a total of 375,925,005 shares[128](index=128&type=chunk) - The company operates in the pharmaceutical industry, with principal activities in the R&D, production, and sale of pharmaceuticals and the provision of medical services[128](index=128&type=chunk) [IV. Basis of Preparation for Financial Statements](index=60&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with Corporate Accounting Standards, fairly presenting the company's financial position - These financial statements have been prepared on a **going concern basis**[129](index=129&type=chunk) - There are no events or conditions that cast significant doubt on the company's ability to continue as a going concern for the next 12 months from the reporting date[130](index=130&type=chunk) - The financial statements prepared by the company comply with the requirements of Corporate Accounting Standards and provide a true and complete view of the company's financial position, operating results, and cash flows[132](index=132&type=chunk) [V. Significant Accounting Policies and Estimates](index=60&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section outlines the company's specific accounting policies for key areas such as financial instruments, inventory, fixed assets, and revenue recognition - The company has formulated specific accounting policies and estimates for transactions and events such as financial instrument impairment, inventory, fixed asset depreciation, right-of-use asset depreciation, intangible asset amortization, goodwill impairment, and revenue recognition[131](index=131&type=chunk) - The company's accounting year is from January 1 to December 31[133](index=133&type=chunk) - The company uses a **12-month period** to classify assets and liabilities as current or non-current, reflecting its short operating cycle[134](index=134&type=chunk) - The company defines individual other receivables exceeding **0.5% of total assets** as significant and construction in progress projects exceeding **50 million yuan** as major[136](index=136&type=chunk)[137](index=137&type=chunk) - Financial assets are classified at initial recognition into three categories: measured at amortized cost, measured at fair value through other comprehensive income, or measured at fair value through profit or loss[141](index=141&type=chunk) - The company recognizes loss allowances for expected credit losses on financial assets measured at amortized cost, debt instruments at FVTOCI, contract assets, and lease receivables[148](index=148&type=chunk) - Revenue from product sales and medical services is recognized at a point in time when control is transferred to the customer, either upon product delivery or service provision[196](index=196&type=chunk) [VI. Taxes](index=76&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section details the company's main taxes and applicable rates, including preferential tax treatments for high-tech and advanced manufacturing enterprises Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales revenue and taxable service income, net of deductible input tax | 13%, 9%, 6%, 5%, 3% | | Consumption Tax | Taxable sales amount (volume) | 10% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7%, 5% | | Corporate Income Tax (CIT) | Taxable income | 15%, 20%, 25% | | Property Tax | 1.2% of the residual value (original value less 30%) or 12% of rental income | 1.2%, 12% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | - The parent company was re-certified as a **High-Tech Enterprise** in December 2023, qualifying for a reduced CIT rate of **15%** for three years, including 2024[210](index=210&type=chunk) - As an advanced manufacturing enterprise, the company is eligible for a **5% additional input VAT deduction** from January 1, 2023, to December 31, 2027[210](index=210&type=chunk) - Certain subsidiaries qualify as small and micro-enterprises, enjoying a preferential CIT policy where annual taxable income up to 3 million yuan is taxed at **20%** on 25% of the income[210](index=210&type=chunk)[211](index=211&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=77&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides a detailed breakdown and explanation of key items in the consolidated financial statements as of June 30, 2025 Cash and Cash Equivalents (Unit: yuan) | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Cash on Hand | 1,017,462.27 | 610,362.38 | | Bank Deposits | 87,622,126.18 | 81,958,651.80 | | Other Monetary Funds | - | 218,436.75 | | Total | 88,639,588.45 | 82,787,450.93 | Trading Financial Assets (Unit: yuan) | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Financial assets at FVTPL | 100,417,450.84 | 106,860,727.24 | | Of which: Stocks | 96,916,339.13 | 102,891,597.99 | | Wealth Management Products | 3,501,111.71 | 3,501,111.71 | | Performance Commitment Compensation | - | 468,017.54 | | Total | 100,417,450.84 | 106,860,727.24 | Accounts Receivable by Bad Debt Provision Method (Unit: yuan) | Category | Book Balance (Closing) | Bad Debt Provision (Closing) | Book Value (Closing) | | :--- | :--- | :--- | :--- | | Provision by portfolio | 34,855,260.65 | 1,764,438.26 | 33,090,822.39 | | Total | 34,855,260.65 | 1,764,438.26 | 33,090,822.39 | Inventory by Category (Unit: yuan) | Item | Book Balance (Closing) | Provision for Decline in Value (Closing) | Book Value (Closing) | | :--- | :--- | :--- | :--- | | Raw Materials | 37,324,110.09 | 4,320,411.17 | 33,003,698.92 | | Work in Progress | 49,651,998.85 | - | 49,651,998.85 | | Finished Goods | 28,339,172.50 | 340,108.78 | 27,999,063.72 | | Revolving Materials | 279,196.89 | - | 279,196.89 | | Total | 115,594,478.33 | 4,660,519.95 | 110,933,958.38 | Fixed Assets (Unit: yuan) | Item | Buildings and Structures | General Equipment | Machinery and Equipment | Transportation Equipment | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Gross Value: Closing Balance | 373,994,185.06 | 11,850,610.41 | 571,097,510.88 | 16,589,780.40 | 973,532,086.75 | | II. Accumulated Depreciation: Closing Balance | 148,226,446.05 | 9,053,613.39 | 325,161,417.48 | 13,180,101.05 | 495,621,577.97 | | III. Impairment Provision: Closing Balance | - | - | 20,527,400.00 | - | 20,527,400.00 | | IV. Net Book Value: Closing Balance | 225,767,739.01 | 2,796,997.02 | 225,408,693.40 | 3,409,679.35 | 457,383,108.78 | Construction in Progress (Unit: yuan) | Project | Closing Book Balance | Closing Book Value | | :--- | :--- | :--- | | Women's and Children's Hospital New Building Project | 333,626,522.69 | 333,626,522.69 | | Miscellaneous Projects | 2,807,023.15 | 2,807,023.15 | | Total | 336,433,545.84 | 336,433,545.84 | Operating Revenue and Costs (Unit: yuan) | Item | Current Period (Revenue) | Current Period (Cost) | Prior Period (Revenue) | Prior Period (Cost) | | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 224,161,904.38 | 90,455,551.02 | 224,449,322.73 | 111,759,676.19 | | Other Business Revenue | 11,928,936.58 | 3,264,361.42 | 12,402,903.17 | 3,217,890.90 | | Total | 236,090,840.96 | 93,719,912.44 | 236,852,225.90 | 114,977,567.09 | Total Profit (Unit: yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Profit | 21,428,042.32 | -20,663,325.25 | [VIII. R&D Expenditures](index=125&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's R&D expenditure totaled 22.92 million yuan, with 11.15 million yuan capitalized for key eye drop development projects R&D Expenditure by Nature (Unit: yuan) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Employee Compensation | 3,802,081.82 | 4,536,252.84 | | Materials and Power | 2,506,597.93 | 4,875,319.54 | | Depreciation and Amortization | 1,222,164.07 | 1,596,690.22 | | Commissioned External R&D | 2,742,457.55 | 21,914,000.00 | | Other | 1,495,776.75 | 2,655,502.38 | | Development Expenditures | 11,148,021.81 | 17,509,254.99 | | Total | 22,917,099.93 | 53,087,019.97 | | Of which: Expensed R&D | 11,769,078.12 | 35,577,764.98 | | Capitalized R&D | 11,148,021.81 | 17,509,254.99 | Capitalized R&D Project Development Expenditures (Unit: yuan) | Project | Opening Balance | Current Period Increase (Internal Development) | Closing Balance | | :--- | :--- | :--- | :--- | | Atropine Sulfate Eye Drops R&D | 30,559,414.41 | 712,809.38 | 31,272,223.79 | | Pilocarpine Hydrochloride Eye Drops R&D | 17,263,260.42 | 3,864,095.45 | 21,127,355.87 | | Lifitegrast Eye Drops R&D | 8,510,846.38 | 673,648.47 | 9,184,494.85 | | Azithromycin Eye Drops R&D | 5,774,088.35 | 5,884,683.54 | 11,658,771.89 | | Cetirizine Hydrochloride Eye Drops R&D | 3,312,000.00 | 12,784.97 | 3,324,784.97 | | Total | 65,419,609.56 | 11,148,021.81 | 76,567,631.37 | Significant Capitalized R&D Projects | Project | R&D Progress | Estimated Completion | Expected Economic Benefit | Capitalization Start Date | Basis for Capitalization | | :--- | :--- | :--- | :--- | :--- | :--- | | Atropine Sulfate Eye Drops R&D | Phase III trial enrollment completed | 2029 | Sales from drug launch | July 2023 | Entered Phase III clinical trial | | Pilocarpine Hydrochloride Eye Drops R&D | Enrollment completed | 2027 | Sales from drug launch | October 2023 | Obtained clinical trial approval | | Lifitegrast Eye Drops R&D | Obtained clinical trial approval notice | 2029 | Sales from drug launch | December 2024 | Obtained clinical trial approval | | Azithromycin Eye Drops R&D | First patient enrolled | 2028 | Sales from drug launch | October 2024 | Obtained clinical trial approval | | Cetirizine Hydrochloride Eye Drops R&D | Obtained clinical trial approval notice | 2029 | Sales from drug launch | December 2024 | Obtained clinical trial approval | [IX. Changes in the Scope of Consolidation](index=128&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company disposed of one subsidiary and established another, resulting in a change to the consolidation scope during the reporting period Disposal of a Subsidiary (Unit: yuan) | Subsidiary Name | Date of Losing Control | Disposal Consideration | Disposal Percentage (%) | Disposal Method | Basis for Losing Control | Difference between Consideration and Net Asset Share | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Shapuaisi Pharmacy Chain Co, Ltd | April 2025 | 1,342,867.61 | 100 | Sale | Completion of business handover | -1,693,019.90 | Additions to Consolidation Scope | Company Name | Method of Acquisition | Date of Acquisition | Capital Contribution (yuan) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Pinghu Shapuaisi Limin Pharmacy Co, Ltd | Establishment | March 2025 | 1,100,000.00 | 100.00 | [X. Interests in Other Entities](index=129&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's ownership in its subsidiaries and significant influence over its associate companies, which are accounted for using the equity method Composition of the Corporate Group | Subsidiary Name | Main Operating Location | Registered Location | Business Nature | Direct Holding (%) | Indirect Holding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shapuaisi Sales Co | Pinghu | Pinghu | Pharmaceutical Sales | 100 | - | Establishment | | Pinghu Shapuaisi Limin Pharmacy | Pinghu | Pinghu | Pharmaceutical Sales | 100 | - | Establishment | | Shapuaisi Trading Co | Pinghu | Pinghu | Pharmaceutical Sales | - | 100 | Establishment | | Women's and Children's Hospital Co | Taizhou | Taizhou | Health Industry | 100 | - | Business combination not under common control | | Maternity Hospital Co | Taizhou | Taizhou | Medical Services | - | 100 | Business combination not under common control | | Shenzhen Jiusongtang Co | Shenzhen | Shenzhen | Investment | 85.71 | - | Establishment | | Zhejiang Shapu Health Management | Pinghu | Pinghu | Consulting Services | 100 | - | Establishment | | Taizhou Kangbeijia Maternal Care | Taizhou | Taizhou | Sales | - | 100 | Establishment | | Taizhou Kangbeirui Maternal Care | Taizhou | Taizhou | Consulting Services | - | 100 | Establishment | | Taizhou Kangsen Network Tech | Taizhou | Taizhou | Technical Services | - | 100 | Establishment | | Taizhou Yiyaotong Medical Tech | Taizhou | Taizhou | Technical Services | - | 100 | Establishment | | Taizhou Herui Pharmacy | Taizhou | Taizhou | Pharmaceutical Sales | - | 100 | Establishment | | Qingdao Shijian Eye Hospital | Qingdao | Qingdao | Medical Services | 100 | - | Business combination not under common control | | Qingdao Xinchen Medical Consulting | Qingdao | Qingdao | Consulting Services | - | 100 | Business combination not under common control | | Qingdao Kangshi Health Management | Qingdao | Qingdao | Consulting Services | - | 100 | Establishment | | Qingdao Shijian Hemodialysis | Qingdao | Qingdao | Medical Services | - | 100 | Establishment | | Shanghai Xiongqi Biotech | Shanghai | Shanghai | Technical Services | 100 | - | Establishment | Key Financial Information of Significant Associates (June 30, 2025) | Item | Nanjing Kemer Biomedical Co, Ltd (yuan) | Shanghai Xinhong Pharmaceutical Co, Ltd (yuan) | | :--- | :--- | :--- | | Total Assets | 513,420,717.01 | 428,494,029.57 | | Total Liabilities | 250,188,928.92 | 108,984.55 | | Equity Attributable to Parent | 263,231,788.09 | 428,385,045.02 | | Operating Revenue | 82,389,152.59 | 0 | | Net Profit | 10,402,475.85 | -13,561,981.91 | | Total Comprehensive Income | 10,402,475.85 | -13,561,981.91 | - Shapuaisi holds a **17.8% stake** in Nanjing Kemer Biomedical Co, Ltd and has appointed one director, thus exerting significant influence and using the equity method for accounting[383](index=383&type=chunk) Summarized Financial Information of Insignificant Associates (Unit: yuan) | Item | Closing Balance / Current Period Amount | | :--- | :--- | | Associates: Total book value of investments | 46,493,365.99 | | --Net profit | 170,928.66 | | --Total comprehensive income | 170,928.66 | [XI. Government Grants](index=134&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized a total of 4.95 million yuan in government grants in the current period's profit and loss Liabilities Related to Government Grants (Unit: yuan) | Financial Statement Item | Opening Balance | New Grants | Recognized in Non-operating Income | Transferred to Other Income | Other Changes | Closing Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,224,599.21 | - | - | 124,039.98 | - | 2,100,559.23 | Asset-related | | Total | 2,224,599.21 | - | - | 124,039.98 | - | 2,100,559.23 | / | Government Grants Recognized in Current Profit or Loss (Unit: yuan) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Income-related | 4,828,915.45 | 1,190,246.00 | | Asset-related | 124,039.98 | 124,039.98 | | Total | 4,952,955.43 | 1,314,285.98 | [XII. Risks Related to Financial Instruments](index=135&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company actively manages credit, liquidity, and market risks to balance risk and return and maximize shareholder value - The company's risk management objective is to balance risk and return, minimize the negative impact of risks on operating performance, and maximize the interests of shareholders[393](index=393&type=chunk) - The company faces various financial instrument-related risks in its daily activities, primarily including **credit risk, liquidity risk, and market risk**[393](index=393&type=chunk) - The company's credit risk mainly arises from cash and cash equivalents and receivables, which is managed by depositing funds in highly-rated financial institutions and conducting credit assessments on customers[396](index=396&type=chunk) - As of June 30, 2025, **62.20% of the company's accounts receivable** were from the top five customers, indicating a certain concentration of credit risk[396](index=396&type=chunk) - To control liquidity risk, the company utilizes various financing methods such as note settlements and bank loans, and optimizes its financing structure by combining long-term and short-term financing[397](index=397&type=chunk) - Market risk primarily includes interest rate risk and foreign exchange risk, managed by adjusting the mix of fixed and floating-rate financial instruments[400](index=400&type=chunk) - As of June 30, 2025, the company had **93.1 million yuan** in floating-rate bank borrowings; foreign exchange risk is not significant as operations are primarily denominated in RMB[400](index=400&type=chunk) [XIII. Fair Value Disclosures](index=138&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value totaled 141 million yuan, primarily comprising trading financial assets and receivables financing Assets and Liabilities Measured at Fair Value at Period End (Unit: yuan) | Item | Level 1 Fair Value | Level 2 Fair Value | Level 3 Fair Value | Total | | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | - | - | - | - | | (I) Trading Financial Assets | 100,417,450.84 | 19,000,000.00 | - | 119,417,450.84 | | (4) Wealth Management Products | 3,501,111.71 | - | - | 3,501,111.71 | | (5) Stock Investments | 96,916,339.13 | - | - | 96,916,339.13 | | (6) Equity Investments | - | 19,000,000.00 | - | 19,000,000.00 | | (VI) Receivables Financing | - | - | 21,661,473.37 | 21,661,473.37 | | Total Assets at Continuous Fair Value | 100,417,450.84 | 19,000,000.00 | 21,661,473.37 | 141,078,924.21 | - **Level 1** fair value for trading financial assets (stocks, bank wealth products) is determined by quoted prices in active markets and observable net asset values[405](index=405&type=chunk) - **Level 2** fair value for other non-current financial assets is determined by referencing recent investment prices or equity transaction values[406](index=406&type=chunk) - **Level 3** fair value for receivables financing (bank acceptance bills) is determined by their face value, given their low credit risk and short remaining terms[407](index=407&type=chunk) [XIV. Related Parties and Transactions](index=140&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section identifies the company's related parties and discloses transactions, with key management personnel compensation totaling 1.44 million yuan - Shanghai Yanghe Industrial Co, Ltd is the company's parent, with a registered capital of 250 million yuan and holding a **32.44%** equity and voting rights stake[409](index=409&type=chunk) - The ultimate controllers of the company are the brothers **Lin Hongli and Lin Hongyuan**[409](index=409&type=chunk) - The company's significant associates include Nanjing Kemer Biomedical Co, Ltd and Hubei Lingsheng Pharmaceutical Co, Ltd[410](index=410&type=chunk) Related-Party Transactions for Goods/Services (Unit: yuan) | Related Party | Transaction Content | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | :--- | | Pinghu Jingxing Packaging Materials Co, Ltd | Goods | 917,066.64 | 646,999.52 | | Nanjing Kemer Biomedical Co, Ltd | Technical Services | 1,200,000.00 | 7,100,000.00 | Key Management Personnel Compensation (Unit: ten thousand yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Key Management Personnel Compensation | 143.68 | 190.78 | Amounts Due from Related Parties (Unit: yuan) | Item | Related Party | Closing Book Balance | Opening Book Balance | | :--- | :--- | :--- | :--- | | Prepayments | Nanjing Kemer Biomedical Co, Ltd | 1,550,000.00 | 1,750,000.00 | | Prepayments | Hubei Lingsheng Pharmaceutical Co, Ltd | 675,000.00 | 865,486.73 | - The closing balance of accounts payable to Pinghu Jingxing Packaging Materials Co, Ltd was **0.00 yuan**, compared to an opening balance of 198,095.18 yuan[419](index=419&type=chunk) [XV. Share-Based Payments](index=143&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company recognized 1.52 million yuan in share-based payment expenses for the period, with a cumulative amount of 4.93 million yuan in capital reserve - The fair value of equity instruments on the grant date is determined by the difference between the grant price and the closing stock price on that day[422](index=422&type=chunk) - The number of vested equity instruments is determined based on the latest data on the number of eligible employees[422](index=422&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserve is **4,927,681.39 yuan**[422](index=422&type=chunk) Share-Based Payment Expenses for the Current Period (Unit: yuan) | Grantee Category | Equity-Settled Share-Based Payment Expense | | :--- | :--- | | Management Personnel | 991,109.28 | | R&D Personnel | 113,307.72 | | Sales Personnel | 235,280.14 | | Production Personnel | 175,960.22 | | Total | 1,515,657.36 | [XVI. Commitments and Contingencies](index=143&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has no significant commitments or material contingencies to disclose for the reporting period - The company has **no significant commitments**[423](index=423&type=chunk) - The company has **no material contingencies** to disclose[424](index=424&type=chunk) [XVII. Subsequent Events](index=144&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) No significant subsequent events, including non-adjusting events or profit distributions, occurred after the balance sheet date - The company has **no significant non-adjusting events**[424](index=424&type=chunk) - The company has **no profit distribution plans**[424](index=424&type=chunk) - The company has **no sales returns** to report[424](index=424&type=chunk) - The company has **no other subsequent events** to disclose[424](index=424&type=chunk) [XVIII. Other Significant Matters](index=145&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company continues to advance the consistency evaluation for its core product and reports financial information based on two main operating segments - The company continues to fully advance the consistency evaluation work for Bendazac Lysine Eye Drops (Shapuaisi)[430](index=430&type=chunk) - The post-marketing clinical study for Bendazac Lysine Eye Drops (Shapuaisi) has been completed and submitted to the NMPA as required[430](index=430&type=chunk) - The company determines its reportable segments based on its internal organizational structure, management requirements, and internal reporting systems, using industry segments as the basis[425](index=425&type=chunk) Financial Information by Reportable Segment (Unit: yuan) | Item | Goods Sales | Medical Services | Inter-segment Elimination | Total | | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 155,441,670.41 | 68,720,233.97 | - | 224,161,904.38 | | Main Business Costs | 38,829,208.32 | 51,626,342.70 | - | 90,455,551.02 | | Total Assets | 1,447,590,616.15 | 656,125,590.94 | - | 2,103,716,207.09 | | Total Liabilities | 356,741,412.29 | 133,899,320.39 | - | 490,640,732.68 | [XIX. Notes to Parent Company Financial Statement Items](index=146&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the parent company's financial statements, including receivables, long-term investments, and revenue Parent Company Accounts Receivable by Bad Debt Provision Method (Unit: yuan) | Category | Book Balance (Closing) | Bad Debt Provision (Closing) | Book Value (Closing) | | :--- | :--- | :--- | :--- | | Provision by portfolio | 11,214,351.05 | 220,221.82 | 10,994,129.23 | | Total | 11,214,351.05 | 220,221.82 | 10,994,129.23 | Parent Company Other Receivables by Nature (Unit: yuan) | Nature | Closing Book Balance | Opening Book Balance | | :--- | :--- | :--- | | Deposits and Guarantees | 1,985,216.00 | 2,448,918.29 | | Intercompany Balances with Subsidiaries | 116,125,453.84 | 78,342,274.86 | | Temporary Payments Receivable | 810,543.97 | 7,016,569.42 | | Other | 5,049,870.31 | 587,054.16 | | Total | 123,971,084.12 | 88,394,816.73 | Parent Company Long-Term Equity Investments (Unit: yuan) | Item | Closing Book Value | Opening Book Value | | :--- | :--- | :--- | | Investments in Subsidiaries | 969,282,800.00 | 968,182,800.00 | | Investments in Associates and Joint Ventures | 258,061,924.06 | 260,916,738.39 | | Total | 1,227,344,724.06 | 1,229,099,538.39 | Parent Company Operating Revenue and Costs (Unit: yuan) | Item | Current Period (Revenue) | Current Period (Cost) | Prior Period (Revenue) | Prior Period (Cost) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 151,371,912.06 | 42,071,176.64 | 134,575,502.28 | 58,402,778.33 | | Other Business | 7,996,381.08 | 978,822.26 | 3,454,728.38 | 938,554.86 | | Total | 159,368,293.14 | 43,049,998.90 | 138,030,230.66 | 59,341,333.19 | Parent Company Investment Income (Unit: yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Income from long-term equity investments under the equity method | -2,854,814.33 | 3,710,791.51 | | Investment income from disposal of trading financial assets | 2,719,076.13 | - | | Income from wealth management products | - | 92,000.00 | | Interest on note discounting | -500,962.13 | -441,025.64 | | Investment income from disposal of other non-current financial assets | 225,000.00 | - | | Total | -411,700.33 | 3,361,765.87 | [XX. Supplementary Information](index=157&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides a detailed breakdown of non-recurring gains and losses and key return metrics for the reporting period Detailed Schedule of Non-recurring Gains and Losses for H1 2025 (Unit: yuan) | Item | Amount | | :--- | :--- | | Gains/losses from disposal of non-current assets, including write-offs of asset impairment provisions | 788,664.70 | | Government grants recognized in current profit or loss, excluding those closely related to normal business operations | 4,828,915.45 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities | -5,966,552.53 | | Other non-operating income and expenses | 277,911.25 | | Less: Income tax impact | -249,632.71 | | Total | 178,571.58 | Return on Equity and Earnings Per Share for H1 2025 | Profit for the Period | Weighted Average Return on Equity (%) | Earnings Per Share (yuan) | | :--- | :--- | :--- | | Net profit attributable to common shareholders | 1.37 | 0.06 | | Net profit attributable to common shareholders after deducting non-recurring items | 1.35 | 0.06 |