新国脉数字文化股份有限公司2025 年半年度报告 公司代码：600640 公司简称：国脉文化 新国脉数字文化股份有限公司 2025 年半年度报告 1 / 167 新国脉数字文化股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 公司负责人张伟、主管会计工作负责人魏朝晖及会计机构负责人（会计主管人员）张鼎宇 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司半年度不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 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 ...

1 维业建设集团股份有限公司 2025 年半年度报告全文 2025 年半年度报告 二〇二五年八月 维业建设集团股份有限公司 2025 年半年度报告全文 维业建设集团股份有限公司 第一节 重要提示、目录和释义 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 | 2 | | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论与分析 | | 9 | | 第四节 | 公司治理、环境和社会 | 25 | | | 第五节 | 重要事项 | 27 | | | 第六节 | 股份变动及股东情况 | 40 | | | 第七节 | 债券相关情况 | | 45 | | 第八节 | 财务报告 | 46 | | 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张巍、主管会计工作负责人张绍娟及会计机构负责人(会计主 管人员)胡剑锋声明：保证本半年度报告中财务报告的真实、准确、完整 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report, covering company names, reporting periods, regulatory bodies, and professional terminology for various petrochemical products, ensuring accuracy in report reading - Reporting Period: **January 1, 2025, to June 30, 2025**[14](index=14&type=chunk) - The company's main business involves refining and chemical, aromatics, olefins, basic chemicals, fine chemicals, and downstream material products[29](index=29&type=chunk) - Defined various key chemical products such as PX (paraxylene), PTA (purified terephthalic acid), ethylene, polyethylene (PE), and polypropylene (PP)[14](index=14&type=chunk)[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines Hengli Petrochemical's basic information, including company name, contact details, registration address changes, information disclosure channels, and stock overview, detailing key accounting data and financial indicators for the first half of 2025, and listing non-recurring gains and losses [I. Company Information](index=7&type=section&id=I.%20Company%20Information) This section provides Hengli Petrochemical Co., Ltd.'s Chinese name, abbreviation, foreign name, acronym, and legal representative information - Company Chinese Name: Hengli Petrochemical Co., Ltd., Chinese Abbreviation: **Hengli Petrochemical**[17](index=17&type=chunk) - Company Legal Representative: **Fan Hongwei**[17](index=17&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email - Board Secretary: **Li Feng**, Contact Number: **0411-39865111**, Email: **lifeng@hengli.com**[18](index=18&type=chunk) - Securities Affairs Representatives: **Wang Shan, Wang Chunshan**, Contact Number: **0411-39865111**[18](index=18&type=chunk) [III. Introduction to Changes in Basic Information](index=7&type=section&id=III.%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the current and historical changes in the company's registered address, along with its office address, postal code, and website - Company Registered Address: No. 298 Changsong Road, Changxing Island Harbor Industrial Zone, Dalian City, Liaoning Province, OSBL Project - Public Works Office Building[19](index=19&type=chunk) - Company Website: **https://www.hengli.com/invest/hlsh**[19](index=19&type=chunk) [IV. Introduction to Changes in Information Disclosure and Document Custody Locations](index=7&type=section&id=IV.%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's selected newspapers for information disclosure, the website address for semi-annual reports, and the location where semi-annual reports are kept - Company's selected newspapers for information disclosure: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily[20](index=20&type=chunk) - Website address for semi-annual reports: **www.sse.com.cn**[20](index=20&type=chunk) [V. Company Stock Overview](index=7&type=section&id=V.%20Company%20Stock%20Overview) This section provides information on the company's stock type, listing exchange, stock abbreviation, stock code, and previous stock abbreviation - Stock Type: **A-share**, Listing Exchange: **Shanghai Stock Exchange**[21](index=21&type=chunk) - Stock Abbreviation: **Hengli Petrochemical**, Stock Code: **600346**, Previous Stock Abbreviation: **Hengli Shares**[21](index=21&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=8&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by 7.69% year-on-year, net profit attributable to shareholders decreased by 24.08%, and non-recurring net profit decreased by 35.16%, while net cash flow from operating activities increased by 55.42% 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) (billion yuan) | Prior Year (billion yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 103.887 | 112.539 | -7.69 | | Total Profit | 4.017 | 5.213 | -22.94 | | Net Profit Attributable to Shareholders of Listed Company | 3.050 | 4.018 | -24.08 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 2.296 | 3.542 | -35.16 | | Net Cash Flow from Operating Activities | 19.477 | 12.532 | 55.42 | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 63.183 | 63.399 | -0.34 | | Total Assets (Period-End) | 273.510 | 273.083 | 0.16 | 2025 H1 Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.43 | 0.57 | -24.56 | | Diluted Earnings Per Share (yuan/share) | 0.43 | 0.57 | -24.56 | | Basic EPS (Excluding Non-Recurring Items) (yuan/share) | 0.33 | 0.50 | -34.00 | | Weighted Average Return on Net Assets (%) | 4.74 | 6.61 | Decrease by 1.87 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 3.57 | 5.83 | Decrease by 2.26 percentage points | [IX. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **753.66 million yuan**, primarily from government grants, fair value changes of financial assets, and disposal of non-current assets 2025 H1 Non-Recurring Gains and Losses | Non-Recurring Gain/Loss Item | Amount (million yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 1.81 | | Government Grants Recognized in Current Profit/Loss | 796.81 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 123.98 | | Other Non-Operating Income and Expenses | 11.86 | | Other Gains/Losses Meeting the Definition of Non-Recurring Items | 2.82 | | Less: Income Tax Impact | 183.61 | | Minority Interest Impact (After Tax) | 0.00 | | **Total** | **753.66** | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section elaborates on Hengli Petrochemical's operating performance in the first half of 2025, including macroeconomic and industry environment analysis, main business segments, operating results, core competencies, and risks, maintaining operational resilience through cost reduction, technological innovation, and optimized financing [I. Description of the Company's Industry and Main Business during the Reporting Period](index=10&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) Hengli Petrochemical's main business covers the entire "from a drop of oil to everything" industrial chain, including R&D, production, and sales of refining, aromatics, olefins, basic chemicals, fine chemicals, and downstream new materials, focusing on high-growth new material segments [(I) Overview](index=10&type=section&id=(I)%20Overview) Hengli Petrochemical's main business encompasses the production, R&D, and sales of refining, aromatics, olefins, basic chemicals, fine chemicals, and downstream new materials, deeply targeting rigid consumer markets and high-growth new material segments, strengthening integrated advantages and cost control - The company's main business covers the entire industrial chain from "a drop of oil to everything," including refining, aromatics, olefins, basic chemicals, fine chemicals, and downstream material products R&D, production, and sales[29](index=29&type=chunk) - The company deeply anchors the rigid consumer market for "clothing, food, housing, transportation, and daily use" as well as high-growth new material segments with high technical barriers and high added value[29](index=29&type=chunk) - The company has rapidly established a "large chemical" platform to support and provide raw materials for extending, deepening, and refining the downstream mid-to-high-end new materials market[29](index=29&type=chunk) [(II) Introduction to Main Business Segments](index=10&type=section&id=(II)%20Introduction%20to%20Main%20Business%20Segments) Hengli Petrochemical possesses 20 million tons of crude oil and 5 million tons of raw coal processing capacity in its refining segment, producing various high-end chemical products, with PTA capacity reaching 16.6 million tons/year, and a rich product portfolio in polyester and chemical new materials targeting mid-to-high-end markets [1. Refining Segment](index=10&type=section&id=1.%20Refining%20Segment) The company has established an upstream and midstream business segment with a starting capacity of 20 million tons of crude oil and 5 million tons of raw coal processing, primarily producing 5.2 million tons of PX and 1.8 million tons of fiber-grade ethylene glycol annually, which are high-value-added chemical products in short supply domestically - The company possesses **20 million tons of crude oil** and **5 million tons of raw coal** processing capacity[30](index=30&type=chunk) - Main products include **5.2 million tons of PX**, **1.8 million tons of fiber-grade ethylene glycol**, **1.8 million tons of benzene**, **850,000 tons of polypropylene**, and **720,000 tons of styrene** annually, all high-end chemical products[30](index=30&type=chunk) - The company has prominent advantages in policy support, process technology, and industrial synergy, demonstrating strong market competitiveness[30](index=30&type=chunk) [2. PTA Segment](index=10&type=section&id=2.%20PTA%20Segment) The company has commissioned a PTA production capacity of **16.6 million tons/year**, making it the most technologically advanced and cost-effective PTA supplier in the industry - The company has commissioned a PTA production capacity of **16.6 million tons/year**[31](index=31&type=chunk) - The company is the most technologically advanced and cost-effective PTA production supplier in the industry[31](index=31&type=chunk) [3. Polyester and Chemical New Materials Segment](index=10&type=section&id=3.%20Polyester%20and%20Chemical%20New%20Materials%20Segment) The company primarily engages in the R&D, production, and sales of polyester new materials, offering a rich variety of products positioned for the mid-to-high-end market, with Kanghui New Material achieving technological breakthroughs in functional film materials, high-performance engineering plastics, and biodegradable materials - The company's downstream polyester and chemical new material products are diverse, covering civil polyester filament, industrial polyester filament, BOPET, PBT, PBS/PBAT, and more[32](index=32&type=chunk) - Kanghui New Material has broken foreign technological barriers in functional film materials such as mid-to-high-end MLCC release base film and polarizer release protection base film[33](index=33&type=chunk) - Kanghui New Material possesses an annual production capacity of **660,000 tons of PBT engineering plastics**, making it the largest PBT producer in China[33](index=33&type=chunk) - Kanghui New Material owns the largest single-line domestic PBAT production capacity of **33,000 tons/year**, based on independent technology[33](index=33&type=chunk) [II. Discussion and Analysis of Operating Performance](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In the first half of 2025, facing complex international political and economic situations and industry challenges, Hengli Petrochemical achieved intrinsic growth in efficiency through precise policies, strengthened resource coordination, and optimized production-sales synergy, making significant progress in cost reduction, technological innovation, safety production, and talent development [(I) Macroeconomic Overview](index=11&type=section&id=(I)%20Macroeconomic%20Overview) In the first half of 2025, the global economy faced complex external environments such as geopolitical conflicts and unilateralism, but China's economy maintained overall stability with a **GDP growth of 5.3%**, driven by both robust domestic demand and resilient external demand - In the first half of 2025, China's Gross Domestic Product (GDP) reached **66.0536 trillion yuan**, growing by **5.3%** year-on-year at constant prices[34](index=34&type=chunk)[36](index=36&type=chunk) - Domestic demand engines were strong, with notable achievements in "trade-in" programs for consumer goods, significant growth in service consumption, and solid support from infrastructure investment[36](index=36&type=chunk) - External demand showed resilience, with exports performing significantly better than expected through deepened industrial and supply chain cooperation with "Belt and Road" partner countries[36](index=36&type=chunk) [(II) Industry Overview](index=12&type=section&id=(II)%20Industry%20Overview) In the first half of 2025, China's petrochemical industry faced multiple challenges from international geopolitics, evolving global energy landscape, and phased weak downstream demand, intensifying structural overcapacity and "involutionary" competition, leading to a downward trend in prices for some petrochemical products and squeezed corporate profitability - In the first half of 2025, China's petrochemical industry faced multiple challenges from international geopolitics, evolving global energy landscape, and phased weak downstream demand[37](index=37&type=chunk) - Structural overcapacity within the industry became prominent, and "involutionary" competition intensified, leading to a downward trend in prices for some petrochemical products and multi-faceted pressure on corporate profitability[37](index=37&type=chunk) - National and industry association policies guided the industry towards green, high-end, and intensive transformation, with highly concentrated segments possessing core technological innovation barriers being the first to break through the downturn[37](index=37&type=chunk) [(III) Analysis of Aromatics-PTA-Polyester Industrial Chain](index=12&type=section&id=(III)%20Analysis%20of%20Aromatics-PTA-Polyester%20Industrial%20Chain) In the first half of 2025, the cost side of the aromatics-PTA-polyester industrial chain was affected by significant fluctuations in crude oil prices and a continuous decline in coal prices, while the demand side saw a volatile recovery in the domestic textile and apparel chain and pressure on export markets due to US tariff policies [1. Cost Side: Significant Fluctuations in Crude Oil Prices, Continuous Decline in Coal Prices](index=12&type=section&id=1.%20Cost%20Side%3A%20Significant%20Fluctuations%20in%20Crude%20Oil%20Prices%2C%20Continuous%20Decline%20in%20Coal%20Prices) In the first half of 2025, international oil prices were significantly pressured downwards, showing wide fluctuations mainly between **60-82 USD/barrel**, while the coal market continued its downward trend, offering cost optimization opportunities for mid-to-downstream segments but posing severe challenges for cost forecasting and risk management - In the first half of 2025, the central range of international oil prices was significantly pressured downwards, showing unusually wide fluctuations, with the core range locked between **60-82 USD/barrel**[38](index=38&type=chunk) - The coal market continued its downward trend, with the overall decline remaining unchanged[38](index=38&type=chunk) - The phased decline in crude oil and coal prices opened up valuable cost optimization space for mid-to-downstream segments of the industrial chain, but the frequent and severe fluctuations in crude oil prices posed unprecedented challenges to enterprises' cost forecasting, procurement strategies, and risk management capabilities[38](index=38&type=chunk) [2. Demand Side: Volatile Recovery in Domestic Textile and Apparel Chain](index=14&type=section&id=2.%20Demand%20Side%3A%20Volatile%20Recovery%20in%20Domestic%20Textile%20and%20Apparel%20Chain) In the first half of 2025, the domestic textile and apparel industry faced significant production challenges due to US tariffs and weak terminal demand, while consumption showed a steady but moderate increase in retail sales, but export markets were under considerable pressure, leading to cautious investment decisions - In the first half of 2025, the domestic textile and apparel industrial chain's production side encountered significant challenges, with US tariffs and other geopolitical policy interventions, coupled with weak terminal demand, jointly suppressing production capacity release[42](index=42&type=chunk) - The growth rate of total retail sales of consumer goods rebounded to **5.0%**, and retail sales of clothing, footwear, hats, and knitwear by enterprises above designated size increased by **3.1%** year-on-year, indicating a moderate growth trend in domestic demand[42](index=42&type=chunk) - The export market became the biggest source of pressure for the textile and apparel chain's demand side in the first half, as US tariff policies directly and significantly compressed the profitability and price competitiveness of export enterprises[42](index=42&type=chunk) - Faced with internal and external complexities and uncertainties, industry investment sentiment was significantly suppressed, with textile enterprises becoming more cautious or adopting a wait-and-see approach in key areas such as capacity expansion, technological upgrades, and intelligent transformation[43](index=43&type=chunk) [3. Product Prices Show Structural and Phased Pulse Characteristics](index=15&type=section&id=3.%20Product%20Prices%20Show%20Structural%20and%20Phased%20Pulse%20Characteristics) In the first half of 2025, the price dynamics of the polyester industrial chain exhibited significant structural differentiation and phased pulse characteristics, with prices fluctuating downwards in Q1 and experiencing sharp pulse volatility in Q2 due to US tariff policy adjustments, while aromatics products showed high volatility and polyester filament faced dual pressure from upstream costs and weak terminal demand - In the first half of 2025, the price dynamics of the polyester industrial chain exhibited significant structural differentiation and phased pulse characteristics[46](index=46&type=chunk) - In the first quarter, persistent geopolitical tensions in Europe and collective weakness in global terminal demand resonated, driving prices into a volatile downward channel[46](index=46&type=chunk) - In the second quarter, significant adjustments in US tariff policies became the core disruptive variable, triggering sharp pulse volatility in prices[46](index=46&type=chunk) - Prices of aromatics upstream products showed dramatic fluctuations, with the highest volatility, influenced by crude oil fluctuations, plant operations, import costs, and downstream demand expectations[47](index=47&type=chunk) - Polyester filament prices were rigidly constrained by upstream PX-PTA cost transmission and continuously bore the direct pressure of weak terminal textile and apparel demand, especially restricted exports[49](index=49&type=chunk) [(IV) Olefin Chemical Industrial Chain: Complex Situation of Differentiated Terminal Demand and Structural Resilience](index=16&type=section&id=(IV)%20Olefin%20Chemical%20Industrial%20Chain%3A%20Complex%20Situation%20of%20Differentiated%20Terminal%20Demand%20and%20Structural%20Resilience) In the first half of 2025, the polyolefin market experienced significant structural differentiation in terminal demand, with traditional product demand declining due to real estate and infrastructure adjustments, while the growth of new energy vehicles drove demand for lightweight materials, and home appliance upgrades boosted consumption of high-performance materials, intensifying industry competition and highlighting cost pressures - In the first half of 2025, the polyolefin market presented a complex situation of structural differentiation and multi-dimensional driving factors, with terminal demand differentiation significantly intensifying[50](index=50&type=chunk) - The continuous deep adjustment in the real estate industry led to a decline in new construction starts and construction area, directly resulting in a decrease in demand for basic categories such as pipes[52](index=52&type=chunk) - The rapid development of new energy vehicles drove sustained growth in demand for lightweight materials, while the upgrade demand in the home appliance industry promoted the consumption of high-performance materials[52](index=52&type=chunk) - Intensified industry competition and prominent homogenization issues led to bottlenecks in high-end transformation, further increasing enterprises' sensitivity to raw material prices[52](index=52&type=chunk) [(V) Company Operating Performance](index=17&type=section&id=(V)%20Company%20Operating%20Performance) Hengli Petrochemical achieved operating revenue of **103.887 billion yuan** in the first half of 2025, a year-on-year decrease of 7.69%, and net profit attributable to shareholders of **3.050 billion yuan**, a year-on-year decrease of 24.08%, while implementing cost reduction, technological innovation, safety production, and talent development initiatives, and actively returning value to investors [1. Deepening Full Industrial Chain Potential, Multi-pronged Approach to Enhance Cost Reduction and Efficiency](index=17&type=section&id=1.%20Deepening%20Full%20Industrial%20Chain%20Potential%2C%20Multi-pronged%20Approach%20to%20Enhance%20Cost%20Reduction%20and%20Efficiency) The company, guided by lean operations, implemented precise procurement strategies, deepened raw material market analysis, integrated domestic and international resources, and optimized procurement efficiency; refined production processes, strengthened equipment maintenance, optimized technical processes, and reduced energy and material consumption; and enhanced financing efficiency by diversifying financing channels, successfully issuing **500 million yuan** in medium-term notes and **1 billion yuan** in technology innovation bonds with a low coupon rate of **1.85%** - The company consistently adheres to a lean operation philosophy, focusing on full-process refined management to continuously optimize energy and material consumption levels, building a sustainable cost competitive advantage[54](index=54&type=chunk) - In procurement, precise strategies were implemented, including integrating domestic and international resources, combining strategic reserves with opportunistic procurement, to enhance procurement efficiency and achieve dynamic optimization of procurement costs[54](index=54&type=chunk) - In financing, efficiency was improved by diversifying financing channels, successfully issuing **500 million yuan** of 2025 first-tranche medium-term notes (3-year term) and **1 billion yuan** of 2025 first-tranche technology innovation bonds, with coupon rates as low as **1.85%**[54](index=54&type=chunk) [2. Strengthening Technological Innovation Leadership, Intelligent Manufacturing Re-certified by Authorities](index=18&type=section&id=2.%20Strengthening%20Technological%20Innovation%20Leadership%2C%20Intelligent%20Manufacturing%20Re-certified%20by%20Authorities) The company adheres to an "innovation-driven development" strategy, successfully developing a new generation of light-storage and heat-generating fiber "Cool Warm Silk" and winning the Second Prize of Liaoning Provincial Science and Technology Progress Award for its joint project with Dalian University of Technology on "Industrialization Key Technologies and Modified Applications of PBS-like Biodegradable Materials", with R&D investment reaching **829 million yuan** in the reporting period, a year-on-year increase of 1.36% - The company successfully independently developed a new generation of light-storage and heat-generating fiber "**Cool Warm Silk**," achieving advanced domestic functional levels[55](index=55&type=chunk) - Kanghui New Material Technology Co., Ltd.'s joint R&D project with Dalian University of Technology, "Industrialization Key Technologies and Modified Applications of PBS-like Biodegradable Materials," won the **Second Prize of Liaoning Provincial Science and Technology Progress Award**[55](index=55&type=chunk) - During the reporting period, the company's R&D investment was **829 million yuan**, a year-on-year increase of **1.36%**[55](index=55&type=chunk) - Jiangsu Hengli Chemical Fiber Co., Ltd., Jiangsu Hengke New Material Co., Ltd., and Jiangsu Deli Chemical Fiber Co., Ltd. were selected for the 2025 "Jiangsu Province Advanced Intelligent Factory" list[55](index=55&type=chunk) [3. Building a Solid Safety Production Line, Continuously Consolidating the Safety Foundation](index=18&type=section&id=3.%20Building%20a%20Solid%20Safety%20Production%20Line%2C%20Continuously%20Consolidating%20the%20Safety%20Foundation) The company implements the "safety first, prevention foremost, comprehensive governance" policy, reinforcing safety responsibilities and establishing a comprehensive responsibility network, executing a dual prevention mechanism for risk classification and hidden hazard investigation, increasing on-site safety management inspections, and enhancing employee emergency response capabilities through "Safety Production Month" activities - The company implements the "safety first, prevention foremost, comprehensive governance" safety policy, reinforcing primary safety responsibilities and detailing safety responsibilities to each position[56](index=56&type=chunk) - It executes a dual prevention mechanism for risk classification and hidden hazard investigation, increasing on-site safety management inspections and implementing checklist-based rectification management[56](index=56&type=chunk) - During the 24th National Safety Production Month, various industrial parks conducted "script-free" emergency drills, comprehensive inspections of critical areas, safety knowledge training, and case-based warning education activities[56](index=56&type=chunk) [4. Accumulating Momentum for Strong Support, Multi-dimensional Efforts to Forge a Talent Team](index=18&type=section&id=4.%20Accumulating%20Momentum%20for%20Strong%20Support%2C%20Multi-dimensional%20Efforts%20to%20Forge%20a%20Talent%20Team) The company regards talent as the primary resource for enterprise development, deepening its talent-strengthening strategy to build a high-quality professional talent梯队, fostering the "unity, innovation, excellence, and responsibility" spirit of Hengli, and ensuring fair and scientific talent selection through a comprehensive evaluation system - The company consistently regards talent as the primary resource for enterprise development, deepening its talent-strengthening strategy and comprehensively building a high-quality professional talent team[57](index=57&type=chunk) - Through improving team building mechanisms, it cultivates and promotes the Hengli spirit of "unity, innovation, excellence, and responsibility"[57](index=57&type=chunk) - In talent development, it adheres to the principles of "utility-oriented and ability-first," enhancing employee capabilities through systematic, specialized, and precise training systems and a "master-apprentice" mentorship mechanism[57](index=57&type=chunk) - In talent selection, a scientific and comprehensive talent evaluation system has been established, ensuring fairness and scientific rigor in talent selection through an incentive mechanism of "rewarding performance with position"[58](index=58&type=chunk) [5. Actively Rewarding Investors, Enhancing Investor Returns](index=19&type=section&id=5.%20Actively%20Rewarding%20Investors%2C%20Enhancing%20Investor%20Returns) The company adheres to the philosophy of "rewarding shareholders and creating value," actively returning value to investors through a stable cash dividend policy, with a 2024 annual cash dividend of **0.45 yuan per share** (tax inclusive), totaling **3.167 billion yuan**, and a dividend payout ratio of 44.97% - The company consistently adheres to the philosophy of "rewarding shareholders and creating value," actively returning value to investors through a stable cash dividend policy[59](index=59&type=chunk) - The 2024 annual equity distribution has been successfully completed, with a cash dividend of **0.45 yuan per share** (tax inclusive), totaling **3.167 billion yuan** (tax inclusive), and a dividend payout ratio of **44.97%**[59](index=59&type=chunk) - Since its reorganization and listing in 2016, the company has cumulatively distributed **25.539 billion yuan** in dividends, accounting for **41.52%** of its cumulative net profit attributable to shareholders[59](index=59&type=chunk) - The company has proposed a 2025 semi-annual profit distribution plan, intending to distribute a cash dividend of **0.08 yuan per share** (tax inclusive), totaling **563 million yuan** (tax inclusive)[59](index=59&type=chunk) [III. Analysis of Core Competencies during the Reporting Period](index=19&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) Hengli Petrochemical possesses a strategic leading advantage in full industrial chain development, being the first in the industry to achieve integrated operations from "crude oil-aromatics, olefins-PTA, ethylene glycol-polyester new materials", with comprehensive operational advantages in scale, advanced processes, and complete配套, driven by high-end R&D, and efficient intelligent and lean management [1. Strategic Leading Advantage of Full Industrial Chain Development](index=19&type=section&id=1.%20Strategic%20Leading%20Advantage%20of%20Full%20Industrial%20Chain%20Development) Hengli Petrochemical is a leading enterprise in the industry, implementing the full industrial chain strategy for polyester new materials earliest and fastest, having fully commissioned its refining and chemical integration and ethylene projects, becoming the first in the industry to achieve integrated operations from "crude oil-aromatics, olefins-PTA, ethylene glycol-polyester new materials" - The company is the earliest and fastest industry leader in implementing the full industrial chain strategy for polyester new materials[60](index=60&type=chunk) - Hengli's **20 million tons/year** refining and chemical integration project and **1.5 million tons/year** ethylene project have been fully commissioned, achieving strategic breakthroughs in key refining, aromatics, and olefins capacities[60](index=60&type=chunk) - The company has become the first in the industry to achieve integrated operations across the entire industrial chain from "crude oil-aromatics, olefins-PTA, ethylene glycol-polyester new materials"[60](index=60&type=chunk) [2. Comprehensive Operational Advantage of Scale + Process + Support](index=20&type=section&id=2.%20Comprehensive%20Operational%20Advantage%20of%20Scale%20%2B%20Process%20%2B%20Support) The company has established a high-quality and efficient capacity structure across the entire polyester new materials industrial chain, characterized by "large-scale facilities, scaled capacity, integrated structure, advanced processes, green environmental protection, and complete配套," through the introduction and innovation of international first-class production equipment and mature process technologies, demonstrating significant advantages in operational efficiency and cost synergy - The company continuously introduces international first-class production equipment and mature process package technologies, digesting, absorbing, and continuously innovating and improving them[61](index=61&type=chunk) - Across the entire polyester new materials industrial chain, from upstream to downstream, it has established a high-quality and efficient capacity structure and utility配套 characterized by "large-scale facilities, scaled capacity, integrated structure, advanced processes, green environmental protection, and complete配套"[61](index=61&type=chunk) - The company possesses the most comprehensive industrial配套 capabilities in the industry, including power, energy, ports, terminals, tank farms, and storage and transportation, demonstrating outstanding comprehensive operational advantages in overall cost savings, service quality, and operational efficiency improvement[61](index=61&type=chunk) [3. Market Competitive Advantage Driven by High-End R&D](index=20&type=section&id=3.%20Market%20Competitive%20Advantage%20Driven%20by%20High-End%20R%26D) The company adheres to a development path that emphasizes market differentiation, high-end technology, and large-scale facilities with integrated operations, possessing a market-technology联动 innovation mechanism and an international R&D team, with its four main operating entities being national high-tech enterprises, accumulating a large number of differentiated, functional products and production patents, forming an unreplicable industry competitive moat in functional films and civil polyester filament - The company pursues a development path that emphasizes market differentiation, high-end technology, and large-scale facilities with integrated operations, possessing a long-term accumulated and explored market-technology联动 innovation mechanism[62](index=62&type=chunk) - The company's four main operating entities—Hengli Chemical Fiber, Deli Chemical Fiber, Hengke New Material, and Kanghui New Material—are all national high-tech enterprises[62](index=62&type=chunk) - The company is currently the only domestic company capable of mass-producing 5DFDY specifications, with MLCC release base film accounting for over **65%** of domestic output, and is the only domestic and second global enterprise capable of online production of 12-micron silicon-coated release stacked lithium battery protective film[62](index=62&type=chunk) [4. Intelligent and Lean High-Efficiency Management Advantage](index=20&type=section&id=4.%20Intelligent%20and%20Lean%20High-Efficiency%20Management%20Advantage) The company actively promotes the deep integration of "Internet, big data, artificial intelligence, and the real economy," gradually transforming its development model from "demographic dividend" to "technological dividend" through "machine replacement" and "smart for digital" initiatives, continuously advancing full-process intelligent manufacturing, achieving product traceability and full-process control, and strengthening refined management and cost control capabilities - The company actively promotes the deep integration of "Internet, big data, artificial intelligence, and the real economy," developing advanced manufacturing capacity and recreating intrinsic growth drivers[63](index=63&type=chunk) - Through independently developed product inspection systems, automatic barcode systems, intelligent warehousing systems, and sales systems, seamlessly integrated with the ERP system, it achieves product traceability and full-process control[63](index=63&type=chunk) - The company continuously strengthens refined management and cost control capabilities, implementing internal potential tapping and cost reduction and efficiency improvement[63](index=63&type=chunk) - In terms of sales model, the company adheres to an "industry-trade integration, sales pre-positioning, production-driven by sales, sales-promoted by production" production-sales联动 model, having accumulated over **20,000 long-term downstream customers**[63](index=63&type=chunk)[64](index=64&type=chunk) [5. Continuously Accumulated Talent Management Advantage](index=21&type=section&id=5.%20Continuously%20Accumulated%20Talent%20Management%20Advantage) The company has formed a leading scientific and technological research team encompassing multiple disciplines and specialties, including refining, petrochemicals, polymer materials, chemical fiber engineering, textile engineering, and electrical engineering, and emphasizes internal talent development through a comprehensive training system and career development pathways - The company has formed a scientific and technological research team encompassing multiple disciplines and specialties, including refining, petrochemicals, polymer materials, chemical fiber engineering, textile engineering, and electrical engineering, with leading scientific research and development capabilities compared to domestic peers[65](index=65&type=chunk) - While introducing external talent, the company places great importance on internal talent development, providing employees with excellent career development pathways[65](index=65&type=chunk) - The company has established a comprehensive internal training system covering R&D, production, sales, and management, cultivating a large number of key personnel[65](index=65&type=chunk) [IV. Key Operating Performance during the Reporting Period](index=21&type=section&id=IV.%20Key%20Operating%20Performance%20during%20the%20Reporting%20Period) This section analyzes the changes in the company's main financial statement items, showing a decrease in both operating revenue and costs, but a significant increase in net cash flow from operating activities, while asset and liability changes include notable increases in trading financial assets, notes receivable, accounts receivable, contract liabilities, and other current liabilities, and decreases in prepayments and notes payable [(I) Main Business Analysis](index=21&type=section&id=(I)%20Main%20Business%20Analysis) This section provides an analysis table of changes in the company's financial statement items for the first half of 2025, showing a year-on-year decrease in both operating revenue and operating costs, but a significant **55.42%** increase in net cash flow from operating activities, while net cash flow from financing activities decreased by **419.97%** 2025 H1 Financial Statement Related Item Changes | Item | Current Period (million yuan) | Prior Year (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 103,887.31 | 112,538.54 | -7.69 | | Operating Cost | 91,465.17 | 99,197.27 | -7.79 | | Selling Expenses | 168.90 | 173.30 | -2.54 | | Administrative Expenses | 1,096.20 | 1,172.45 | -6.50 | | Financial Expenses | 2,506.96 | 3,072.63 | -18.41 | | R&D Expenses | 829.43 | 818.26 | 1.36 | | Net Cash Flow from Operating Activities | 19,477.46 | 12,532.24 | 55.42 | | Net Cash Flow from Investing Activities | -4,899.21 | -13,625.29 | Not applicable | | Net Cash Flow from Financing Activities | -8,162.24 | 2,550.95 | -419.97 | - The change in net cash flow from operating activities is primarily due to an increase in customer prepayments received in the current period[66](index=66&type=chunk) - The change in net cash flow from financing activities is primarily due to an increase in cash paid for debt repayment in the current period[66](index=66&type=chunk) [(III) Analysis of Assets and Liabilities](index=21&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's trading financial assets, notes receivable, accounts receivable, contract liabilities, and other current liabilities significantly increased, while prepayments and notes payable decreased, with overseas assets totaling **8.221 billion yuan**, accounting for 3.01% of total assets, and several assets restricted for collateral or pledge [1. Asset and Liability Status](index=21&type=section&id=1.%20Asset%20and%20Liability%20Status) This section details the company's asset and liability status at the end of the period, with several items showing significant changes from the end of the previous year, including increases in trading financial assets, notes receivable, accounts receivable, contract liabilities, and other current liabilities, and decreases in prepayments and notes payable Changes in Asset and Liability Status | Item Name | Period-End Balance (million yuan) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 1,655.94 | 286.56 | Primarily due to an increase in wealth management products held at period-end | | Notes Receivable | 55.21 | 93.02 | Primarily due to an increase in commercial acceptance bills held at period-end | | Accounts Receivable | 951.67 | 64.36 | Primarily due to an increase in accounts receivable from sales not yet settled within the credit period at period-end | | Prepayments | 1,583.88 | -34.88 | Primarily due to a decrease in prepayments for material purchases in the current period | | Notes Payable | 7,962.50 | -30.44 | Primarily due to a decrease in outstanding letters of credit issued but not yet due at period-end | | Contract Liabilities | 9,561.25 | 32.12 | Primarily due to an increase in prepayments for sales contracts in the current period | | Other Current Liabilities | 12,935.02 | 102.53 | Primarily due to an increase in monetary deposits received from customers for business activities in the current period | [2. Overseas Assets](index=22&type=section&id=2.%20Overseas%20Assets) This section discloses the scale of the company's overseas assets, which amounted to **8.221 billion yuan** at period-end, accounting for **3.01%** of total assets - At period-end, overseas assets amounted to **8.221 billion yuan**, accounting for **3.01%** of total assets[70](index=70&type=chunk) [3. Major Restricted Assets as of the End of the Reporting Period](index=22&type=section&id=3.%20Major%20Restricted%20Assets%20as%20of%20the%20End%20of%20the%20Reporting%20Period) This section lists the company's major restricted assets as of the end of the reporting period, including fixed assets, intangible assets, monetary funds, accounts receivable financing, and construction in progress, totaling **118.583 billion yuan**, primarily used for collateral or pledge to obtain financing from financial institutions Major Restricted Assets as of the End of the Reporting Period | Item | Period-End Book Value (billion yuan) | Reason for Restriction | | :--- | :--- | :--- | | Fixed Assets | 3.392 | Pledged as collateral for sale-leaseback contracts | | Intangible Assets | 4.405 | Pledged to obtain financing from financial institutions | | Monetary Funds | 4.267 | Pledged to obtain financing from financial institutions | | Monetary Funds | 0.026 | Margin for futures and financial derivatives trading | | Accounts Receivable Financing | 3.588 | Pledged to obtain financing from financial institutions | | Fixed Assets | 84.897 | Pledged to obtain financing from financial institutions | | Construction in Progress | 18.009 | Pledged to obtain financing from financial institutions | | **Total** | **118.583** | | [(IV) Investment Status Analysis](index=23&type=section&id=(IV)%20Investment%20Status%20Analysis) During the reporting period, the company's main investment activities were derivative investments for hedging purposes, effectively managing price risks and achieving expected risk management goals by hedging against significant fluctuations in crude oil and product prices [(1). Derivative Investments for Hedging Purposes during the Reporting Period](index=24&type=section&id=(1).%20Derivative%20Investments%20for%20Hedging%20Purposes%20during%20the%20Reporting%20Period) The company's initial investment in commodity derivatives for hedging purposes during the reporting period was **504.8854 million yuan**, with a fair value change gain of **217.6266 million yuan** in the current period, effectively managing price fluctuation risks through established management systems and strict internal controls, largely achieving its expected risk management objectives Derivative Investments for Hedging Purposes during the Reporting Period | Derivative Investment Type | Initial Investment Amount (million yuan) | Beginning Book Value (million yuan) | Fair Value Change Gain/Loss in Current Period (million yuan) | Cumulative Fair Value Change Included in Equity (million yuan) | Amount Purchased in Current Period (million yuan) | Amount Sold in Current Period (million yuan) | Period-End Book Value (million yuan) | Period-End Book Value as % of Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commodity Derivatives | 504.8854 | 165.4166 | 217.6266 | 5.7588 | 7,178.2002 | 6,932.0578 | 14.5547 | 0.02 | - The company accounts for and discloses futures hedging activities in accordance with "Enterprise Accounting Standards," with no significant changes in accounting policies and methods compared to the previous reporting period[75](index=75&type=chunk) - Hedging effectiveness: Reasonably avoids adverse impacts from significant fluctuations in crude oil and product prices on the company's operations, effectively manages the risk of large price fluctuations, and largely achieves expected risk management objectives[75](index=75&type=chunk) - The company has established relevant management systems for futures hedging, clarifying organizational structure, professional personnel allocation and responsibilities, approval authorization, business processes, and risk management, forming a relatively complete risk control system[75](index=75&type=chunk) [(VI) Analysis of Major Holding and Invested Companies](index=26&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Invested%20Companies) Hengli Petrochemical's major holding subsidiaries include Hengli Refining & Chemical, Hengli Petrochemical (Dalian), Hengli Chemical Fiber, and Hengli Chemical, which contribute significant operating revenue and net profit in the manufacturing sector and are crucial components of the company's business Major Holding Subsidiary Financial Data (Unit: billion yuan) | Company Name | Company Type | Main Business | Registered Capital (billion yuan) | Total Assets (billion yuan) | Net Assets (billion yuan) | Operating Revenue (billion yuan) | Operating Profit (billion yuan) | Net Profit (billion yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hengli Refining & Chemical | Subsidiary | Manufacturing | 17.60 | 1,047.58 | 347.49 | 1,064.49 | 20.48 | 16.49 | | Hengli Petrochemical (Dalian) | Subsidiary | Manufacturing | 5.89 | 312.36 | 124.17 | 348.09 | 6.70 | 4.71 | | Hengli Chemical Fiber | Subsidiary | Manufacturing | 2.21 | 525.53 | 77.68 | 153.61 | 1.51 | 0.90 | | Hengli Chemical | Subsidiary | Manufacturing | 4.58 | 702.19 | 105.94 | 201.60 | 6.36 | 4.71 | [V. Other Disclosure Matters](index=27&type=section&id=V.%20Other%20Disclosure%20Matters) Hengli Petrochemical faces risks from macroeconomic fluctuations, raw material price volatility, exchange rate risks, and environmental and safety risks, which the company addresses by adjusting operating strategies, optimizing procurement, establishing exchange rate hedging mechanisms, and strengthening safety and environmental management; additionally, the actual controller, Mr. Chen Jianhua, plans to increase his shareholding in the company by **500 million to 1 billion yuan** within 12 months from April 9, 2025 [(I) Potential Risks](index=27&type=section&id=(I)%20Potential%20Risks) The company faces risks from macroeconomic fluctuations, raw material price volatility, exchange rate risks, and environmental and safety risks, which it mitigates by timely forecasting, adjusting operating strategies, optimizing procurement, establishing exchange rate hedging mechanisms, and strengthening safety and environmental management - Macroeconomic fluctuation risk: The company's business is highly correlated with the national economic prosperity, and changes in the macroeconomic environment may affect industry operating rates, product prices, and profitability[80](index=80&type=chunk) - Raw material price fluctuation risk: The company's production and operations are significantly affected by changes in upstream raw material prices, especially crude oil and coal, which may adversely impact operations and performance[81](index=81&type=chunk) - Exchange rate risk: Sustained significant fluctuations in the RMB will have considerable uncertain impacts on the company's exchange gains/losses, foreign currency-denominated export product prices, raw material prices, and other operational factors[82](index=82&type=chunk) - Environmental and safety risks: High standards of safety production and environmental operation are the lifeline of an enterprise, and environmental and safety issues remain paramount in enterprise risk management[83](index=83&type=chunk) [(II) Other Disclosure Matters](index=27&type=section&id=(II)%20Other%20Disclosure%20Matters) The company's actual controller, Mr. Chen Jianhua, plans to increase his shareholding in the company through centralized bidding transactions on the Shanghai Stock Exchange, using his own or self-raised funds, with an amount not less than **500 million yuan** and not exceeding **1 billion yuan**, within 12 months starting from April 9, 2025 - The company's actual controller, **Mr. Chen Jianhua**, plans to increase his shareholding in the company within 12 months starting from **April 9, 2025**[84](index=84&type=chunk) - The amount of the increase will be no less than **500 million yuan** and no more than **1 billion yuan**[84](index=84&type=chunk) - As of the disclosure date of this report, the increasing party has not yet increased its shareholding in the company, and this share increase plan has not yet been fully implemented[85](index=85&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=29&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses Hengli Petrochemical's situation in corporate governance, environmental, and social responsibilities, including changes in directors and senior management, approval of the 2025 semi-annual profit distribution plan, inclusion of the company and its 12 main subsidiaries in the list of enterprises required to disclose environmental information, and active participation in poverty alleviation and rural revitalization efforts [I. Changes in Company Directors and Senior Management](index=29&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, changes occurred in the company's directors and senior management, with former Director and General Manager Wang Zhiqing resigning, Li Xiaoming being appointed as General Manager and elected as a Director, and Huang Xudong being appointed as Deputy General Manager; following the revision of the company's articles of association, the supervisory board will no longer be set up, and all directors and senior management will be re-elected - Former Director and General Manager **Wang Zhiqing** resigned[89](index=89&type=chunk) - **Li Xiaoming** was appointed as the company's General Manager and elected as a non-independent director of the Ninth Board of Directors[89](index=89&type=chunk) - **Huang Xudong** was appointed as the company's Deputy General Manager[89](index=89&type=chunk) - Following the revision of the company's articles of association, the supervisory board will no longer be set up, and all directors and senior management will be re-elected[89](index=89&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors has approved the 2025 semi-annual profit distribution plan, proposing to distribute a cash dividend of **0.08 yuan per share** (tax inclusive) to all shareholders, totaling approximately **563 million yuan** (tax inclusive), which is subject to approval by the company's third extraordinary general meeting of shareholders in 2025 - The company's 2025 semi-annual profit distribution plan is to distribute a cash dividend of **0.08 yuan per share** (tax inclusive) to all shareholders, based on the total share capital on the equity distribution record date[7](index=7&type=chunk) - This profit distribution plan has been approved by the company's Tenth Board of Directors' First Meeting and is subject to approval by the company's Third Extraordinary General Meeting of Shareholders in 2025[7](index=7&type=chunk) - Based on the total share capital of **7,039,099,786 shares** as of the report date, the total proposed cash dividend is approximately **563 million yuan** (tax inclusive)[90](index=90&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=30&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) This section discloses that Hengli Petrochemical and its 12 major subsidiaries have been included in the list of enterprises required to disclose environmental information, and provides public access to the environmental information disclosure reports for each enterprise - The company has **12 major subsidiaries** included in the list of enterprises required to disclose environmental information[92](index=92&type=chunk) - These include Hengli Refining & Chemical, Hengli Chemical, Hengli Petrochemical (Dalian), Kanghui New Material, Hengli Chemical Fiber, Jiangsu Xuanda, Deli Chemical Fiber, Susheng Thermal Power, Hengli Petrochemical (Huizhou), and others[92](index=92&type=chunk) - The query indexes for the environmental information disclosure reports of each enterprise have been made public[92](index=92&type=chunk) [V. Specific Work on Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=31&type=section&id=V.%20Specific%20Work%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) This section discloses the company's work in consolidating and expanding poverty alleviation achievements and rural revitalization, with Jiangsu Kanghui New Material Technology Co., Ltd. distributing **45,000 yuan** in慰问金 to needy villagers in Meidun Village, Fenhu High-tech Zone - Jiangsu Kanghui New Material Technology Co., Ltd. distributed **45,000 yuan** in慰问金 to needy villagers in Meidun Village, Fenhu High-tech Zone[93](index=93&type=chunk) [Section V Significant Matters](index=32&type=section&id=Section%20V%20Significant%20Matters) This section discloses Hengli Petrochemical's significant matters during the reporting period, including related-party transactions in ordinary operations and major guarantees, with the total guarantee balance for subsidiaries amounting to **22.232 billion yuan**, representing 350.67% of the company's net assets [X. Major Related-Party Transactions](index=32&type=section&id=X.%20Major%20Related-Party%20Transactions) This section discloses the company's related-party transactions in ordinary operations, with the company having already disclosed its estimated ordinary related-party transactions for 2025 in a temporary announcement [(I) Related-Party Transactions in Ordinary Operations](index=32&type=section&id=(I)%20Related-Party%20Transactions%20in%20Ordinary%20Operations) The company disclosed the "Hengli Petrochemical Announcement on Estimated Ordinary Related-Party Transactions for 2025" (Announcement No.: 2025-018) on the Shanghai Stock Exchange website on April 17, 2025 - The company disclosed the "Hengli Petrochemical Announcement on Estimated Ordinary Related-Party Transactions for 2025" (Announcement No.: 2025-018) on April 17, 2025[95](index=95&type=chunk) [XI. Major Contracts and Their Performance](index=34&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) This section discloses the company's major guarantees performed and not yet fully performed during the reporting period, all of which were mutual guarantees between the company and its subsidiaries, with the total guarantee balance for subsidiaries amounting to **22.232 billion yuan**, representing 350.67% of the company's net assets [(II) Major Guarantees Performed and Not Yet Fully Performed during the Reporting Period](index=35&type=section&id=(II)%20Major%20Guarantees%20Performed%20and%20Not%20Yet%20Fully%20Performed%20during%20the%20Reporting%20Period) During the reporting period, all company guarantees were mutual guarantees between the company and its subsidiaries, with the total guarantee balance for subsidiaries amounting to **22.232 billion yuan**, representing 350.67% of the company's net assets, including **60 million yuan** for guaranteed entities with an asset-liability ratio exceeding 70% - During the reporting period, all company guarantees were mutual guarantees between the company and its subsidiaries[104](index=104&type=chunk) Company Guarantee Total Amount | Indicator | Amount (billion yuan) | Percentage of Company's Net Assets (%) | | :--- | :--- | :--- | | Total Guarantee Amount for Subsidiaries during Reporting Period | 289.858 | - | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 222.321 | - | | Total Guarantee Amount (A+B) | 222.321 | 350.67 | | Debt Guarantee Amount for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 0.060 | - | | Amount of Total Guarantee Exceeding 50% of Net Assets (E) | 175.139 | - | | Total of the Above Three Guarantee Amounts (C+D+E) | 175.199 | - | [Section VI Share Changes and Shareholder Information](index=37&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section discloses Hengli Petrochemical's share changes and shareholder information during the reporting period, where the company's total share capital and capital structure remained unchanged, and as of the end of the reporting period, the total number of common shareholders was 74,418, with Hengli Group Co., Ltd. and its concerted parties holding a relatively high proportion of shares, some of which are pledged [I. Share Capital Changes](index=37&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and capital structure remained unchanged - During the reporting period, the company's total share capital and capital structure remained unchanged[107](index=107&type=chunk) [II. Shareholder Information](index=37&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was **74,418**, and among the top ten shareholders, Hengli Group Co., Ltd. and its concerted parties held a relatively high proportion of shares, with some shares pledged - Total number of common shareholders as of the end of the reporting period: **74,418**[108](index=108&type=chunk) Top Ten Shareholders' Shareholding (Excluding Shares Lent through Securities Lending) | Shareholder Name (Full Name) | Period-End Shareholding (shares) | Percentage (%) | Share Status | Number of Shares (shares) | | :--- | :--- | :--- | :--- | :--- | | Hengli Group Co., Ltd. | 2,100,612,342 | 29.84 | Pledged | 1,181,500,000 | | Hengneng Investment (Dalian) Co., Ltd. | 1,498,478,926 | 21.29 | Pledged | 658,813,500 | | Fan Hongwei | 791,494,169 | 11.24 | Unrestricted | - | | Dechengli International Group Co., Ltd. | 732,711,668 | 10.41 | Unrestricted | - | | Hong Kong Securities Clearing Company Limited | 239,096,915 | 3.40 | Unrestricted | - | | Xuan Yuan Private Equity Fund Management (Guangdong) Co., Ltd. - Xuan Yuan Yuan Bao No. 16 Private Securities Investment Fund | 82,600,783 | 1.17 | Unrestricted | - | | Dalian State-owned Assets Investment and Operation Group Co., Ltd. | 68,898,123 | 0.98 | Pledged | 15,000,000 | | Xuan Yuan Private Equity Fund Management (Guangdong) Co., Ltd. - Xuan Yuan Yuan Bao No. 17 Private Securities Investment Fund | 66,297,823 | 0.94 | Unrestricted | - | | Xuan Yuan Private Equity Fund Management (Guangdong) Co., Ltd. - Xuan Yuan Yuan Bao No. 18 Private Securities Investment Fund | 64,783,284 | 0.92 | Unrestricted | - | | Jiangsu Hegao Investment Co., Ltd. | 61,952,065 | 0.88 | Unrestricted | - | - Hengli Group, Hengneng Investment, Fan Hongwei, Dechengli, and Hegao Investment are concerted parties[111](index=111&type=chunk) [III. Directors and Senior Management Information](index=38&type=section&id=III.%20Directors%20and%20Senior%20Management%20Information) This section does not disclose changes in shareholdings of directors and senior management or equity incentive plans [Section VII Bond-Related Information](index=40&type=section&id=Section%20VII%20Bond-Related%20Information) This section discloses Hengli Petrochemical's bond-related information during the reporting period, including the issuance of medium-term notes and technology innovation bonds in the interbank bond market, the redemption of some short-term financing bills, and changes in key financial indicators such as current ratio, quick ratio, asset-liability ratio, interest coverage ratio, and cash interest coverage ratio [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=40&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued medium-term notes and technology innovation bonds in the interbank bond market and completed the redemption of some short-term financing bills, with no issues regarding the use or rectification of proceeds from any corporate bonds during the reporting period [(V) Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=41&type=section&id=(V)%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments%20in%20the%20Interbank%20Bond%20Market) The company issued Hengli Petrochemical 25 MTN001 (**500 million yuan**, 3-year term, **2.47%** interest rate) and Hengli Petrochemical 25 CP001 (Technology Innovation Bond) (**1 billion yuan**, 1-year term, **1.85%** interest rate) in the interbank bond market; additionally, the 2024 first and second tranches of short-term financing bills (technology innovation notes) were redeemed with principal and interest on July 15 and August 20, 2025, respectively Basic Information on Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Start Date | Maturity Date | Balance (billion yuan) | Interest Rate (%) | Principal and Interest Repayment Method | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hengli Petrochemical Co., Ltd. 2025 First Tranche Medium-Term Notes | Hengli Petrochemical 25 MTN001 | 102581528 | 2025-04-09 | 2025-04-10 | 2028-04-10 | 0.5 | 2.47 | Annual interest payment, principal and interest repaid at maturity | China Interbank Market | | Hengli Petrochemical Co., Ltd. 2025 First Tranche Technology Innovation Bond | Hengli Petrochemical 25 CP001 (Tech Innovation Bond) | 042580325 | 2025-06-25 | 2025-06-26 | 2026-06-26 | 1.0 | 1.85 | Principal and interest repaid at maturity | China Interbank Market | | Hengli Petrochemical Co., Ltd. 2025 Second Tranche Technology Innovation Bond | Hengli Petrochemical 25 CP002 (Tech Innovation Bond) | 042580425 | 2025-08-19 | 2025-08-20 | 2026-08-20 | 1.0 | 1.84 | Principal and interest repaid at maturity | China Interbank Market | - Hengli Petrochemical Co., Ltd.'s 2024 first tranche short-term financing bills (technology innovation notes) were redeemed with principal and interest on **July 15, 2025**[117](index=117&type=chunk) - The 2024 second tranche short-term financing bills (technology innovation notes) were redeemed with principal and interest on **August 20, 2025**[117](index=117&type=chunk) [(VII) Key Accounting Data and Financial Indicators](index=43&type=section&id=(VII)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section lists the company's key financial indicators related to bonds, including current ratio, quick ratio, asset-liability ratio, net profit after non-recurring items, EBITDA to total debt ratio, interest coverage ratio, cash interest coverage ratio, EBITDA interest coverage ratio, loan repayment rate, and interest payment rate, along with their changes Bond-Related Key Financial Indicators Changes | Key Indicator | Current Period-End | Prior Year-End | Change from Prior Year-End (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | C

紫燕食品集团股份有限公司2025 年半年度报告 公司代码：603057 公司简称：紫燕食品 紫燕食品集团股份有限公司 2025 年半年度报告 1 / 179 紫燕食品集团股份有限公司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、 公司负责人戈吴超、主管会计工作负责人曹澎波及会计机构负责人（会计主管人员）张萍 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，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 公司已在本报告详 ...

浙江三美化工股份有限公司2025 年半年度报告 公司代码：603379 公司简称：三美股份 浙江三美化工股份有限公司 2025 年半年度报告 1 / 178 浙江三美化工股份有限公司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、 公司负责人胡淇翔、主管会计工作负责人陶旭晖及会计机构负责人（会计主管人员）何燕 露声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每10股派发现金红利 3.20元（含税），不送红股，不以资本公积转增股本。截至2025年7月31日，公司总股本610,479,037 股，以此计算合计拟派发现金红利195,353,291.84元（含税）。 在实施权益分派的股权登记日前，若公司总股本发生变化的，公司拟维持每股分配比例不变， 相应调整分配总额。 六、 前瞻性陈述 ...

河北养元智汇饮品股份有限公司2025 年半年度报告 公司代码：603156 公司简称：养元饮品 河北养元智汇饮品股份有限公司 2025 年半年度报告 1 / 162 河北养元智汇饮品股份有限公司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、 公司负责人姚奎章、主管会计工作负责人马永利及会计机构负责人（会计主管人员）杨瑞 宏声明：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 截至2025年6月30日，公司2025年半年度实现归属于上市公司股东的净利润为74,388.24万元， 母公司期末可供分配利润为406,193.87万元（以上数据未经审计）。经董事会决议，本次利润分 配方案如下： 公司2025年半年度拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每10股派 发现金红利5.00元（含税）。截至2025年8月22日，公司总股本126 ...

通策医疗股份有限公司 2025 年半年度报告 通策医疗股份有限公司2025 年半年度报告 公司代码：600763 公司简称：通策医疗 1 / 151 通策医疗股份有限公司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、 公司负责人王毅、主管会计工作负责人徐国喜及会计机构负责人（会计主管人员）徐国喜 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 本半年度报告中所涉及的前瞻性描述不构成公司对投资者的实质承诺，敬请投资者注意投资风险 。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本半年度报告中详细 ...

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上海锦和商业经营管理股份有限公司2025 年半年度报告 公司代码：603682 公司简称：锦和商管 上海锦和商业经营管理股份有限公司 2025 年半年度报告 1 / 170 上海锦和商业经营管理股份有限公司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、 公司负责人郁敏珺、主管会计工作负责人史钧及会计机构负责人（会计主管人员）吕思柔 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以实施权益分派股权登记日登记的总股本为基数，向公司全体股东每10股派发现金红 利1.10元（含税）。截至2025年6月30日，公司总股本472,500,000.00股，以此计算合计拟派发现金 红利51,975,000.00元（含税）。不送红股，不以资本公积转增股本。本次利润分配方案将形成议 案提交2025年第三次临时股东会审议。 六、 前瞻性陈述的风险声明 ...

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