公司代码：603931 公司简称：格林达 杭州格林达电子材料股份有限公司 2025 年半年度报告 杭州格林达电子材料股份有限公司2025 年半年度报告 1 / 148 杭州格林达电子材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 公司负责人方伟华、主管会计工作负责人何婷茹及会计机构负责人（会计主管人员）何婷 茹声明：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 本报告期内无利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 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 公司已在本报告中详细描述可能存在的风险，敬 ...

Section I Definitions Provides definitions of common terms, company names, competitors, partners, and key technologies like PI and CPI film, essential for understanding the report [Definitions of Common Terms](index=4&type=section&id=常用词语释义) Defines key terms used throughout the report, including company names, subsidiaries, competitors, partners, and technical terms like PI and CPI film, to ensure clarity - Company full name: Shenzhen Rayitek Film Technology Co., Ltd., abbreviated as Rayitek[11](index=11&type=chunk) - Reporting period: January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - PI: Polyimide, a high molecular compound containing imide groups, one of the three advanced polymer materials[11](index=11&type=chunk) - CPI film: Colorless transparent PI film, a type of colorless and transparent PI film, used for flexible display components like screen covers[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators Presents an overview of the company's basic information and key financial performance indicators for the reporting period [I. Company Basic Information](index=5&type=section&id=一、公司基本情况) Outlines Shenzhen Rayitek Film Technology Co., Ltd.'s fundamental details, including its name, legal representative, registered address, website, and email, providing a company overview - Company Chinese name: Shenzhen Rayitek Film Technology Co., Ltd., abbreviated as Rayitek[14](index=14&type=chunk) - Legal representative: Tang Changdan; registered and office address: Huamei Industrial Park, Songgang Street, Bao'an District, Shenzhen[14](index=14&type=chunk) - Company website: www.rayitek.com, email: ir@rayitek.cn[14](index=14&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=二、联系人和联系方式) Provides contact details for the company's Board Secretary Li Tao and Securities Affairs Representative Liu Nanzhou, facilitating investor inquiries and communication - Board Secretary (Domestic Information Disclosure Representative): Li Tao; Securities Affairs Representative: Liu Nanzhou[15](index=15&type=chunk) - Contact number: 0755-29712290, email: ir@rayitek.cn[15](index=15&type=chunk) [III. Brief Introduction to Changes in Information Disclosure and Document Availability Locations](index=6&type=section&id=三、信息披露及备置地点变更情况简介) Specifies the company's designated newspapers and website for information disclosure, along with the location for semi-annual report availability, ensuring timely access to public information - Designated newspapers for information disclosure: "China Securities Journal", "Securities Times", "Shanghai Securities News"[16](index=16&type=chunk) - Website for semi-annual report: www.sse.com.cn[16](index=16&type=chunk) - Semi-annual report availability location: Company Board Secretary's Office[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipts Overview](index=6&type=section&id=四、公司股票/存托凭证简况) Briefly describes the company's stock information, including type, listing exchange, and code, while confirming the absence of depositary receipts - Stock type: RMB ordinary shares (A-shares), listed on the Shanghai Stock Exchange STAR Market[17](index=17&type=chunk) - Stock abbreviation: Rayitek, stock code: 688323[17](index=17&type=chunk) - The company has no depositary receipts[18](index=18&type=chunk) [V. Other Relevant Information](index=6&type=section&id=五、其他有关资料) Discloses information about the company's domestic accounting firm, including its name, office address, and signing accountants, ensuring transparency - Domestic accounting firm: Daxin Certified Public Accountants (Special General Partnership)[18](index=18&type=chunk) - Office address: 1st Floor, Academy International Building, No. 22 Zhichun Road, Haidian District, Beijing[18](index=18&type=chunk) - Signing accountants: Lian Wei, Liu Jiaona[18](index=18&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=6&type=section&id=六、公司主要会计数据和财务指标) Presents the company's key accounting data and financial indicators for the first half of 2025, showing a 37.86% increase in operating revenue and a 164.65% increase in net cash flow from operating activities, despite continued losses 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 181,931,302.33 | 131,972,166.76 | 37.86 | | Total Profit | -38,688,911.43 | -37,050,274.65 | Not applicable | | Net Profit Attributable to Listed Company Shareholders | -33,734,236.57 | -36,131,893.43 | Not applicable | | Net Cash Flow from Operating Activities | 93,856,972.78 | 35,464,823.00 | 164.65 | | Net Assets Attributable to Listed Company Shareholders | 909,386,908.35 | 943,121,144.92 | -3.58 | | Total Assets | 2,631,720,914.73 | 2,563,947,151.17 | 2.64 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.19 | -0.20 | Not applicable | | Diluted Earnings Per Share (yuan/share) | -0.19 | -0.20 | Not applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.19 | -0.20 | Not applicable | | Weighted Average Return on Net Assets (%) | -3.64 | -3.68 | Increased by 0.04 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -3.68 | -3.75 | Increased by 0.07 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 9.41 | 12.77 | Decreased by 3.36 percentage points | - Operating revenue increased by **37.86%** year-on-year, mainly due to the gradual release of production capacity from the Jiaxing fundraising project and increased sales[22](index=22&type=chunk) - Net cash flow from operating activities increased by **164.65%** year-on-year, primarily due to a **46.07 million yuan** increase in government subsidies and expanded business scale[22](index=22&type=chunk) [VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=七、境内外会计准则下会计数据差异) States that the company has no differences in accounting data under domestic and overseas accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[23](index=23&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=八、非经常性损益项目和金额) Details the non-recurring gains and losses items and their amounts for the reporting period, totaling **348,525.43 yuan**, with explanations for government subsidies and VAT input tax deductions 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -902.03 | | Government grants recognized in profit or loss (excluding those closely related to the company's normal business operations and continuously enjoyed) | 1,098,065.33 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | -217,004.33 | | Other non-operating income and expenses apart from the above | -399,937.88 | | Less: Income tax impact | 131,695.66 | | Total | 348,525.43 | - **1,989,994.80 yuan** in other income relates to asset-related government subsidies, and **1,913,974.95 yuan** relates to VAT input tax deductions[26](index=26&type=chunk) [IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=九、存在股权激励、员工持股计划的公司可选择披露扣除股份支付影响后的净利润) States that the company has no equity incentive or employee stock ownership plans - The company has no equity incentive or employee stock ownership plans[27](index=27&type=chunk) [X. Explanation of Non-GAAP Performance Indicators](index=8&type=section&id=十、非企业会计准则业绩指标说明) States that the company has no non-GAAP performance indicators to explain - The company has no non-GAAP performance indicators to explain[27](index=27&type=chunk) Section III Management Discussion and Analysis Provides a comprehensive review of the company's operations, financial performance, industry trends, and risk factors during the reporting period [I. Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=一、报告期内公司所属行业及主营业务情况说明) Details the company's industry, main business, products, and operating model, analyzing industry development, technical barriers, market position, and future trends, emphasizing PI film's strategic importance [(I) Main Business, Products, or Services](index=8&type=section&id=(一)%20主要业务、主要产品或服务情况) Focuses on the R&D, production, and sales of high-performance PI films, including thermal control, electronic, and electrical PI films, with new products like aerospace MAM and flexible display CPI films, filling domestic gaps and serving strategic emerging industries - Main business: R&D, production, and sales of high-performance PI films, including thermal control PI film, electronic PI film, and electrical PI film series[28](index=28&type=chunk) - Many products fill domestic gaps, recognized by Siemens, Bombardier, CRRC, and applied in flexible printed circuit boards, consumer electronics, high-speed rail, wind power, 5G communication, flexible displays, and aerospace[28](index=28&type=chunk)[29](index=29&type=chunk) - The company has mastered core technologies for high-performance PI film preparation, including formulation, process, and equipment, breaking foreign technical blockade and market monopoly[29](index=29&type=chunk) - Flexible display CPI film has achieved sample sales for terminal brand manufacturers and their suppliers, with an optical-grade pilot line for flexible OLED CPI film under development[30](index=30&type=chunk)[37](index=37&type=chunk) [(II) Main Operating Model](index=10&type=section&id=(二)%20主要经营模式) Describes the company's operating model, which involves independent R&D, raw material procurement, production based on sales orders and demand forecasts, and a direct sales approach to downstream manufacturers or agents - Main products: High-performance PI films, used in flexible printed circuit boards, consumer electronics, high-speed rail, wind power, and other fields[38](index=38&type=chunk) - Operating model: Independent R&D, raw material procurement for production, combining make-to-order and demand forecasting[38](index=38&type=chunk) - Sales model: Primarily direct sales to downstream manufacturers or agents for profit[38](index=38&type=chunk) [(III) Industry Overview](index=10&type=section&id=(三)%20所处行业情况) Positions the company within the rubber and plastic products industry, specifically polyimide nanofilm, a critical material for high-tech industries, facing urgent domestic substitution needs against foreign monopolies, with strong growth prospects in AI, 5/6G, and flexible displays - Industry: Rubber and plastic products manufacturing (C29), sub-industry: plastic products manufacturing (C292), product: polyimide nanofilm, a cutting-edge new material[39](index=39&type=chunk) - PI film, known as "golden film," is one of three critical polymer materials restricting China's high-tech industry, with a market size in the tens of billions, corresponding to a hundred-billion flexible printed circuit board market and trillion-dollar electronic smart terminal market[40](index=40&type=chunk) - Domestic high-performance PI film market is dominated by foreign manufacturers like DuPont (US), Kaneka (Japan), and PIAM (Korea), creating an urgent need for domestic substitution[41](index=41&type=chunk) - High-performance PI film preparation involves complex core technologies in formulation, process, and equipment; the company possesses complete technical advantages from R&D to process and equipment[42](index=42&type=chunk)[43](index=43&type=chunk) - The company is one of the largest multi-category high-performance PI film manufacturers in China, breaking foreign technical monopolies[44](index=44&type=chunk) - Future PI film products will evolve towards high performance and multi-functionality; AI phones, AI PCs, computing infrastructure, and 5/6G construction will significantly boost demand for high thermal conductivity graphite[46](index=46&type=chunk)[47](index=47&type=chunk) - Market demand and penetration for flexible display CPI film will grow substantially, with ongoing R&D for CPI and UTG combination solutions[52](index=52&type=chunk) [II. Discussion and Analysis of Operations](index=13&type=section&id=二、经营情况的讨论与分析) Reviews the company's operational status for the first half of 2025, covering financial performance, R&D investment, convertible bond status, fundraising project progress, talent development, and information disclosure, highlighting progress in capacity release and new product development despite continued losses [(I) Key Operating Performance](index=13&type=section&id=(一)%20主要经营情况) In H1 2025, operating revenue reached **181.9313 million yuan**, up **37.86%** YoY; net loss attributable to parent company shareholders was **33.7342 million yuan**, a **2.3977 million yuan** reduction in loss YoY, driven by Jiaxing production base capacity release and new product breakthroughs 2025 H1 Key Operating Data | Indicator | Amount (million yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 181.93 | +37.86% | | Net Profit Attributable to Parent Company Shareholders | -33.73 | Loss reduced by 2.40 million yuan | - Jiaxing production base capacity is gradually ramping up, with steady improvements in production efficiency[57](index=57&type=chunk) - Ultra-thick thermal control PI film has completed customer evaluations and achieved sales; TPI film has passed customer batch evaluations, with order volumes continuously increasing[57](index=57&type=chunk) - As of June end 2025, total assets were **2,631.7209 million yuan**, and net assets attributable to listed company shareholders were **909.3869 million yuan**, largely stable compared to year-end[57](index=57&type=chunk) [(II) R&D Status](index=13&type=section&id=(二)%20研发情况) R&D expenses were **17.1157 million yuan** in H1 2025, a **1.53%** increase YoY, representing **9.41%** of operating revenue, with continued focus on new product development for semiconductors, new energy, and low-orbit satellites 2025 H1 R&D Investment | Indicator | Amount (million yuan) | YoY Change | | :--- | :--- | :--- | | R&D Expenses | 17.12 | +1.53% | | R&D Expenses as Percentage of Operating Revenue | 9.41% | -3.36 percentage points | - The company is actively expanding new product evaluations in semiconductors, new energy, and low-orbit satellite applications[58](index=58&type=chunk) - Continuous R&D on special functional polyimide films (5/6G low dielectric, flexible optoelectronics, high thermal conductivity, fluorine-free) and insulation varnishes/high-temperature adhesives for new energy vehicles[58](index=58&type=chunk) [(III) Convertible Corporate Bonds](index=13&type=section&id=(三)%20可转换公司债券情况) The company issued **430 million yuan** in convertible bonds ("Ruike Convertible Bonds," code 118018) on August 18, 2022, with an adjusted conversion price of **30.91 yuan/share**; as of June 30, 2025, **224 shares** were converted, and credit ratings remain A with a stable outlook - The company issued **430 million yuan** in convertible corporate bonds on August 18, 2022, with the bond abbreviation "Ruike Convertible Bonds" and code "118018"[59](index=59&type=chunk) - Initial conversion price: **30.98 yuan/share**, later adjusted to **30.91 yuan/share**[59](index=59&type=chunk) - As of June 30, 2025, cumulative converted shares totaled **224**, representing **0.000124%** of the total shares issued before conversion[59](index=59&type=chunk) - The company's main credit rating is A, "Ruike Convertible Bonds" rating is A, with a "stable" outlook[59](index=59&type=chunk) [(IV) Progress of Fundraising Projects](index=13&type=section&id=(四)%20募投项目进展) The Jiaxing 1,600-ton fundraising project's factory construction is complete, with four production lines operational since September 2023, one wide-width chemical method line in trial production, and a second chemical method line being installed for Q4 trial production, enhancing capacity and market competitiveness - Jiaxing 1,600-ton fundraising project's factory construction is complete, with new production lines and public utility systems running stably[60](index=60&type=chunk) - Four production lines have been gradually put into operation since September 2023; one independently designed wide-width chemical method production line is in trial production[60](index=60&type=chunk) - The second chemical method production line is accelerating the installation and debugging of auxiliary facilities, aiming for trial production in Q4[60](index=60&type=chunk) [(V) Talent Development](index=13&type=section&id=(五)%20人才建设) The company prioritizes talent development in high-performance polyimide materials, continuously strengthening R&D, engineering, and application technology teams, and exploring joint training programs with universities to enhance management and operational capabilities - The company, positioned as a materials science company with high-performance polyimide materials at its core, highly values R&D, engineering, and application technology capabilities[61](index=61&type=chunk) - Continuously building multi-disciplinary technical teams at various levels, exploring enhanced joint training of high-end R&D technical talent with universities[61](index=61&type=chunk) - Focusing on cultivating production and operation management teams through grassroots development and talent acquisition to continuously improve management and operational capabilities[61](index=61&type=chunk) [(VI) Information Disclosure and Insider Trading Prevention](index=13&type=section&id=(六)%20信息披露及防范内幕交易) The company strictly adheres to information disclosure regulations, ensuring truthfulness, accuracy, completeness, timeliness, and fairness, maintaining operational transparency through various channels, and actively preventing insider trading through regular warnings and education for relevant personnel - The company strictly complies with laws, regulations, and regulatory requirements, fulfilling information disclosure obligations truthfully, accurately, completely, timely, and fairly[63](index=63&type=chunk) - Maintains operational transparency through listed company announcements, earnings calls, investor conferences, SSE e-interaction, and phone calls[63](index=63&type=chunk) - Highly prioritizes insider trading prevention, managing insider information registration and educating relevant personnel regularly[63](index=63&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=三、报告期内核心竞争力分析) Analyzes the company's core competitiveness in technology, products, talent, and quality, detailing the advanced nature of its core technologies, R&D progress, new patents, and ongoing projects [(I) Core Competitiveness Analysis](index=14&type=section&id=(一)%20核心竞争力分析) The company's core competitiveness lies in its technology (complete PI film preparation from resin synthesis to production), products (diversity, stability, cost-effectiveness, market alignment), talent (experienced R&D team), and quality (strict standards and certifications) - The company independently masters core technologies for high-performance PI film, forming a complete preparation technology from specialized resin synthesis to continuous biaxial stretching film production[64](index=64&type=chunk) - Product diversity covers dielectric, functional, and structural materials, with many products breaking foreign market monopolies[67](index=67&type=chunk) - Product quality is stable, with thickness deviation within **±5%** and continuous roll length over **5,000 meters**, recognized by internationally renowned enterprises[68](index=68&type=chunk) - Compared to imported products, the company has cost advantages in labor and equipment investment, offering outstanding cost-effectiveness[69](index=69&type=chunk) - The company possesses domestic capacity and multi-production line advantages; future competition will be based on multi-series product solutions, new product industrialization efficiency, and capacity assurance[72](index=72&type=chunk) - The company has an R&D team rich in experience, strong engineering technical capabilities, and extensive practical experience[73](index=73&type=chunk) - The company is certified with ISO9001, ISO14001, ISO45001, and QC080000 systems, and its products are UL safety certified, complying with REACH and RoHS environmental directives[74](index=74&type=chunk) [(II) Events Seriously Affecting Core Competitiveness, Impact Analysis, and Countermeasures During the Reporting Period](index=15&type=section&id=(二)%20报告期内发生的导致公司核心竞争力受到严重影响的事件、影响分析及应对措施) States that the company's core competitiveness was not seriously affected during the reporting period - The company's core competitiveness was not seriously affected during the reporting period[75](index=75&type=chunk) [(III) Core Technologies and R&D Progress](index=15&type=section&id=(三)%20核心技术与研发进展) The company's core technologies, focused on PI film formulation, process, and equipment, are self-developed and unchanged. It gained **1 new patent** (total **38**), invested **17.1157 million yuan** in R&D (up **1.53%**), and has **14 ongoing projects** in advanced fields with **89 R&D personnel** - The company's core technology system includes polyimide molecular structure formulation design, PAA resin synthesis process, PI film manufacturing process, thermoplastic film preparation, film post-treatment, chemical environmentally friendly solvent systems, and non-standard dedicated production line design and control integration capabilities[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - During the reporting period, the company obtained **1 new patent**; as of June 30, 2025, the company held **38 patents**, including **30 invention patents** and **8 utility model patents**[78](index=78&type=chunk)[79](index=79&type=chunk) 2025 Semi-Annual R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 17,115,668.42 | 16,858,443.27 | 1.53 | | Total R&D Investment | 17,115,668.42 | 16,858,443.27 | 1.53 | | Total R&D Investment as Percentage of Operating Revenue (%) | 9.41 | 12.77 | Decreased by 3.36 percentage points | - The company has **14 ongoing R&D projects**, including 100-micron ultra-thick high thermal conductivity graphite film precursors, C-type black polyimide film, PI film for high-frequency/high-speed transmission, next-generation ultra-high modulus polyimide film for foldable covers, and high-performance polyimide HY film development for COF applications[83](index=83&type=chunk)[84](index=84&type=chunk) 2025 Semi-Annual R&D Personnel | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 89 | 82 | | R&D Personnel as Percentage of Total Company Personnel (%) | 16.06 | 15.44 | | Total R&D Personnel Compensation (million yuan) | 8.38 | 8.19 | | Average R&D Personnel Compensation (million yuan) | 0.97 | 0.99 | [IV. Risk Factors](index=20&type=section&id=四、风险因素) Discloses various risks, including performance decline, insufficient core competitiveness, operational management, financial, industry competition, macroeconomic fluctuations, absence of a controlling shareholder, fundraising project capacity digestion, and convertible bond-related risks [(I) Risk of Significant Performance Decline or Loss](index=20&type=section&id=(一)%20业绩大幅下滑或亏损的风险) The company faces risks of significant performance decline or loss; despite reduced losses in the reporting period, macroeconomic volatility, market demand decline, intensified competition, or insufficient market expansion could negatively impact performance - During the reporting period, the net loss attributable to parent company shareholders was **33.7342 million yuan**, a **2.3977 million yuan** reduction in loss year-on-year[87](index=87&type=chunk) - Future significant fluctuations in the macroeconomic or industry cycle, declining demand in terminal sub-markets, intensified competition in the high-end new materials industry, or insufficient market development capabilities could lead to performance decline[87](index=87&type=chunk) [(II) Core Competitiveness Risk](index=20&type=section&id=(二)%20核心竞争力风险) The company faces the risk of technological innovation and product development lagging market demand, given the long R&D cycles and high investment for high-performance PI films, potentially leading to market share loss and uncertainty from evolving product structures - High-performance PI film R&D requires significant investment and long cycles; if new product R&D does not progress smoothly or technological innovation fails to keep pace with market demand, products may become outdated, leading to market share loss[88](index=88&type=chunk) - With the Jiaxing project's production and new product development, the proportion of revenue from new products in smart electronics, flexible substrates, flexible displays, and new energy sectors may increase, posing risks of product structure changes[89](index=89&type=chunk) [(III) Operational Risks](index=21&type=section&id=(三)%20经营风险) Operational risks include raw material price fluctuations (PMDA and ODA price increases could impact gross margin) and safety production accidents due to complex manufacturing processes, potentially leading to losses or production halts - Price fluctuations of key raw materials PMDA and ODA could adversely affect the company's operating performance; if their unit prices both increase by **10%**, the gross profit margin of the main business would decrease by approximately **1-3 percentage points**[90](index=90&type=chunk) - The company's complex production process, involving multiple steps and sophisticated equipment, carries the risk of major safety production accidents due to operational errors or unforeseen factors, potentially causing losses or production halts[90](index=90&type=chunk) [(IV) Financial Risks](index=21&type=section&id=(四)%20财务风险) The company faces debt repayment risks due to significant new debt, with substantial short-term, long-term, and current non-current liabilities totaling **65.45%** asset-liability ratio as of June end 2025, alongside high accounts receivable balances posing collection risks Debt Situation as of June End 2025 | Debt Type | Amount (million yuan) | | :--- | :--- | | Short-term Borrowings | 169.03 | | Long-term Borrowings | 552.21 | | Non-current Liabilities Due Within One Year | 264.59 | | Asset-Liability Ratio | 65.45% | - The company's accounts receivable balance is **87.9934 million yuan**, with a bad debt provision of **4.5129 million yuan**, posing collection risks[91](index=91&type=chunk) [(V) Industry Risks](index=21&type=section&id=(五)%20行业风险) The company faces intensified market competition in the expanding high-performance PI film market; its smaller business scale compared to international players like DuPont and Kaneka makes it more vulnerable to increased competition or reduced downstream demand - The high-performance PI film market is growing, but the company's business scale is smaller, making it less resilient to risks than international players like DuPont and Kaneka[92](index=92&type=chunk) - Increased industry competition from new entrants or price wars by existing players could adversely affect the company's production and operations[92](index=92&type=chunk) [(VI) Macroeconomic Environment Risks](index=21&type=section&id=(六)%20宏观环境风险) Downstream industries are sensitive to macroeconomic and economic cycle changes; failure to adjust operating strategies in response to policy shifts, slower growth, or cyclical fluctuations could negatively impact the company's future development - The company's downstream industries, covering flexible printed circuit boards, consumer electronics, high-speed rail, wind power, 5G communication, flexible displays, and aerospace, are sensitive to domestic and international macroeconomic changes[93](index=93&type=chunk) - Changes in macroeconomic policies, slower economic growth, or cyclical fluctuations could negatively impact the company's future development[93](index=93&type=chunk) [(VII) Other Significant Risks](index=21&type=section&id=(七)%20其他重大风险) Risks include the absence of a controlling shareholder (potentially affecting decision-making or control), difficulty in digesting new capacity from fundraising projects, and convertible bond risks such as principal and interest repayment, non-conversion, and credit rating downgrades, noting the bonds are unsecured - The company has no controlling shareholder or actual controller, and its equity is relatively dispersed, which could lead to reduced decision-making efficiency or changes in control[94](index=94&type=chunk)[95](index=95&type=chunk) - Fundraising projects plan to add **1,600 tons** of high-performance PI film capacity; if market development is insufficient, there is a risk that the new capacity may be difficult to absorb[95](index=95&type=chunk) - Convertible bonds face risks of principal and interest repayment, non-conversion during the conversion period, potential adverse changes in credit ratings, and are unsecured credit bonds[95](index=95&type=chunk)[96](index=96&type=chunk) [V. Key Operating Performance During the Reporting Period](index=22&type=section&id=五、报告期内主要经营情况) Directs readers to "Section III Management Discussion and Analysis," "II. Discussion and Analysis of Operations" for detailed information on the company's key operating performance during the reporting period - For detailed information on the company's key operating performance during the reporting period, please refer to "Section III Management Discussion and Analysis," "II. Discussion and Analysis of Operations"[97](index=97&type=chunk) [(I) Main Business Analysis](index=22&type=section&id=(一)%20主营业务分析) Analyzes the company's main business, focusing on changes in financial statement items, explaining variations in operating revenue, operating costs, administrative expenses, and financial expenses [1. Analysis Table of Changes in Financial Statement Items](index=22&type=section&id=1、财务报表相关科目变动分析表) Details changes in key financial statement items, with operating revenue up **37.86%** due to Jiaxing project capacity release, net cash flow from operating activities up **164.65%** due to government subsidies and business expansion, and financial expenses up **58.13%** due to increased interest expenses 2025 Semi-Annual Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 181,931,302.33 | 131,972,166.76 | 37.86 | | Operating Cost | 143,970,447.12 | 109,012,530.43 | 32.07 | | Selling Expenses | 3,348,655.88 | 3,284,248.15 | 1.96 | | Administrative Expenses | 27,938,325.42 | 22,794,107.08 | 22.57 | | Financial Expenses | 26,113,307.38 | 16,514,165.79 | 58.13 | | R&D Expenses | 17,115,668.42 | 16,858,443.27 | 1.53 | | Net Cash Flow from Operating Activities | 93,856,972.78 | 35,464,823.00 | 164.65 | | Net Cash Flow from Investing Activities | -36,043,824.37 | -60,662,369.03 | Not applicable | | Net Cash Flow from Financing Activities | 13,538,064.25 | 16,080,556.00 | -15.81 | - Operating revenue increased by **37.86%** year-on-year, mainly due to the gradual commissioning of the Jiaxing fundraising project and increased sales[98](index=98&type=chunk) - Net cash flow from operating activities increased by **164.65%** year-on-year, primarily due to a **46.07 million yuan** increase in government subsidies and expanded business scale[101](index=101&type=chunk) - Financial expenses increased by **58.13%**, mainly due to increased interest expenses on borrowings[99](index=99&type=chunk) [2. Detailed Explanation of Significant Changes in Company Business Type, Profit Structure, or Profit Sources During the Current Period](index=23&type=section&id=2、本期公司业务类型、利润构成或利润来源发生重大变动的详细说明) States that there were no significant changes in the company's business type, profit structure, or profit sources during the current period - There were no significant changes in the company's business type, profit structure, or profit sources during the current period[102](index=102&type=chunk) [(II) Explanation of Significant Profit Changes Caused by Non-Core Business](index=23&type=section&id=(二)%20非主营业务导致利润重大变化的说明) States that there were no significant profit changes caused by non-core business activities - There were no significant profit changes caused by non-core business activities[102](index=102&type=chunk) [(III) Analysis of Assets and Liabilities](index=23&type=section&id=(三)%20资产、负债情况分析) Analyzes the company's assets and liabilities at period-end compared to year-end, noting significant increases in monetary funds, notes receivable, inventory, deferred income tax assets, short-term borrowings, notes payable, contract liabilities, taxes payable, and deferred income due to government subsidies, business expansion, capacity release, and increased financing, while construction in progress and retained earnings decreased [1. Asset and Liability Status](index=23&type=section&id=1、资产及负债状况) Period-end monetary funds increased **44.03%** to **219.2291 million yuan** due to government subsidies and operating cash inflows. Notes receivable rose **51.53%** to **46.2590 million yuan**, and inventory increased **34.87%** to **97.8323 million yuan**, both from business expansion and capacity release. Construction in progress decreased **33.47%** to **438.1978 million yuan** due to equipment capitalization. Short-term borrowings surged **151.02%** to **169.0265 million yuan** from increased short-term operating financing. Deferred income grew **71.64%** to **122.5039 million yuan** from asset-related government subsidies. Retained earnings fell **44.82%** to **41.5396 million yuan** due to current period losses 2025 June End Asset and Liability Status Changes | Project Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets | Prior Year End Amount (yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 219,229,050.99 | 8.33 | 152,211,590.34 | 5.94 | 44.03 | | Notes Receivable | 46,259,015.16 | 1.76 | 30,528,080.77 | 1.19 | 51.53 | | Inventory | 97,832,303.53 | 3.72 | 72,537,207.89 | 2.83 | 34.87 | | Construction in Progress | 438,197,805.40 | 16.65 | 658,659,284.61 | 25.69 | -33.47 | | Deferred Income Tax Assets | 22,878,517.33 | 0.87 | 12,921,831.50 | 0.50 | 77.05 | | Short-term Borrowings | 169,026,545.87 | 6.42 | 67,334,597.47 | 2.63 | 151.02 | | Notes Payable | 20,500,000.00 | 0.78 | 12,342,205.67 | 0.48 | 66.10 | | Contract Liabilities | 495,324.47 | 0.02 | 225,934.35 | 0.01 | 119.23 | | Taxes Payable | 9,874,442.60 | 0.38 | 5,428,778.45 | 0.21 | 81.89 | | Non-current Liabilities Due Within One Year | 264,619,237.94 | 10.05 | 166,427,670.20 | 6.49 | 59.00 | | Deferred Income | 122,503,901.23 | 4.65 | 71,373,296.03 | 2.78 | 71.64 | | Retained Earnings | 41,539,631.97 | 1.58 | 75,273,868.54 | 2.94 | -44.82 | [2. Overseas Assets](index=24&type=section&id=2、境外资产情况) States that the company has no overseas assets - The company has no overseas assets[106](index=106&type=chunk) [3. Major Asset Restrictions as of the End of the Reporting Period](index=24&type=section&id=3、截至报告期末主要资产受限情况) As of the reporting period end, major restricted assets include fixed assets and intangible assets, totaling **1.285 billion yuan** in book value, primarily pledged for borrowings, with Jiaxing Rayitek's land, factory buildings, and machinery serving as collateral for an **800 million yuan** syndicated loan 2025 June End Major Restricted Assets | Item | Period-End Book Value (yuan) | Restriction Reason | | :--- | :--- | :--- | | Fixed Assets | 1,236,842,584.35 | Pledged for borrowings | | Intangible Assets | 48,534,413.53 | Pledged for borrowings | - Jiaxing Rayitek's land, factory buildings, and completed machinery and equipment are pledged as collateral for an **800 million yuan** syndicated loan contract, with the company providing joint liability guarantee[116](index=116&type=chunk) [(IV) Investment Analysis](index=26&type=section&id=(四)%20投资状况分析) Analyzes the company's investment status, with zero equity investments during the reporting period, but a **7.25%** increase in total investment balance to **58.8363 million yuan** at period-end due to additional investments in H2 2024. Financial assets measured at fair value totaled **61.1112 million yuan**, including private equity funds and other non-current financial assets [1. Overall Analysis of External Equity Investments](index=26&type=section&id=1、对外股权投资总体分析) External equity investment during the reporting period was **0**, but the investment balance at period-end was **58.8363 million yuan**, a **7.25%** increase YoY, mainly due to an additional **4.5 million yuan** investment in H2 2024 and other equity changes External Equity Investment Situation | Indicator | Amount (million yuan) | | :--- | :--- | | Investment Amount in Current Period | 0.00 | | Investment Amount in Prior Year Period | 13.63 | | Investment Balance as of Period-End | 58.84 | | YoY Increase | 7.25% | - The increase in investment balance is mainly due to an additional investment of **4.5 million yuan** from H2 2024 to the end of the reporting period, other equity changes, and investment losses of **0.5219 million yuan**[110](index=110&type=chunk) [(1). Significant Equity Investments](index=26&type=section&id=(1).%20重大的股权投资) States that the company has no significant equity investments - The company has no significant equity investments[111](index=111&type=chunk) [(2). Significant Non-Equity Investments](index=26&type=section&id=(2).%20重大的非股权投资) States that the company has no significant non-equity investments - The company has no significant non-equity investments[111](index=111&type=chunk) [(3). Financial Assets Measured at Fair Value](index=26&type=section&id=(3).%20以公允价值计量的金融资产) Period-end financial assets measured at fair value totaled **61.1112 million yuan**, primarily comprising private equity funds and other non-current financial assets (e.g., accounts receivable financing), with a fair value change loss of **0.2170 million yuan** for the period 2025 June End Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (million yuan) | Fair Value Change Gain/Loss in Current Period (million yuan) | Purchase Amount in Current Period (million yuan) | Sale/Redemption Amount in Current Period (million yuan) | Ending Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Private Equity Funds | 19.35 | 0.00 | 0 | 0 | 19.36 | | Other Non-current Financial Assets | 4.19 | -0.22 | 0 | 0 | 3.97 | | Other (Accounts Receivable Financing) | 30.69 | 0 | 37.78 | 30.69 | 37.78 | | Total | 54.24 | -0.22 | 37.78 | 30.69 | 61.11 | [(4). Private Equity Fund Investment](index=27&type=section&id=(4).%20私募股权投资基金投资情况) The company invested **20 million yuan** in Shenyang Weishi Advanced Materials Angel Investment Fund I (Limited Partnership) to incubate early-stage projects in new materials and innovative applications, with a cumulative profit impact of **-0.6430 million yuan** for the reporting period - The company invested in Shenyang Weishi Advanced Materials Angel Investment Fund I (Limited Partnership), with a planned total investment of **20 million yuan**, and **20 million yuan** invested at period-end[115](index=115&type=chunk) - Investment purpose: to incubate early-stage projects around the new materials industry chain and innovative applications, empowering future new business development[115](index=115&type=chunk) - As of the end of the reporting period, the capital contribution ratio was **26.32%**, with a cumulative profit impact of **-0.6430 million yuan**[115](index=115&type=chunk) [(V) Significant Asset and Equity Sales](index=27&type=section&id=(五)%20重大资产和股权出售) States that the company has no significant asset and equity sales - The company has no significant asset and equity sales[117](index=117&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=27&type=section&id=(六)%20主要控股参股公司分析) Analyzes the company's major subsidiaries, Jiaxing Rayitek and Rayitek Application, disclosing their registered capital, total assets, net assets, operating revenue, operating profit, and net profit Financial Performance of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Rayitek | Subsidiary | R&D, production, and sales of PI film series | 500.00 | 1,735.18 | 440.35 | 94.93 | -28.72 | -23.84 | | Rayitek Application | Subsidiary | R&D and manufacturing of advanced polyimide polymer materials for 5/6G high-frequency/high-speed substrates, flexible optoelectronic displays, integrated circuits and semiconductor packaging, oxygen-resistant low-orbit satellites, and new energy industries | 30.00 | 57.50 | 29.33 | 0.00 | -0.67 | -0.50 | [(VII) Structured Entities Controlled by the Company](index=28&type=section&id=(七)%20公司控制的结构化主体情况) States that the company has no structured entities under its control - The company has no structured entities under its control[119](index=119&type=chunk) [VI. Other Disclosure Matters](index=28&type=section&id=六、其他披露事项) States that the company has no other matters requiring disclosure - The company has no other matters requiring disclosure[119](index=119&type=chunk) Section IV Corporate Governance, Environment, and Society Covers changes in the company's directors, senior management, and core technical personnel, profit distribution plans, environmental information disclosure, and rural revitalization efforts [I. Changes in Company Directors, Senior Management, and Core Technical Personnel](index=29&type=section&id=一、公司董事、高级管理人员和核心技术人员变动情况) Reports changes in directors (Luo Chao, Teng Chao, Li Yin elected; Zhai Jun, Yuan Tong, Xie Lan Jun resigned) and senior management (Li Tao appointed Board Secretary; Huang Zehua resigned), while core technical personnel remained unchanged Changes in Directors and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Luo Chao | Director | Election | | Teng Chao | Independent Director | Election | | Li Yin | Independent Director | Election | | Li Tao | Board Secretary | Appointment | | Zhai Jun | Director | Resignation | | Yuan Tong | Independent Director | Resignation | | Xie Lan Jun | Independent Director | Resignation | | Huang Zehua | Board Secretary | Resignation | - Due to the expiration of the second board of directors' term, Zhai Jun, Yuan Tong, and Xie Lan Jun resigned as directors, and Huang Zehua no longer concurrently served as Board Secretary[121](index=121&type=chunk) - Luo Chao, Teng Chao, and Li Yin were elected as directors of the third board of directors, and Li Tao was appointed as Board Secretary of the third board of directors[121](index=121&type=chunk)[122](index=122&type=chunk) - The company's core technical personnel Tang Changdan, Yuan Shunqi, He Zhibin, Lin Zhanshan, Xu Fei, and Wang Zhenzhong remained unchanged during the reporting period[123](index=123&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=二、利润分配或资本公积金转增预案) States that the company's semi-annual profit distribution or capital reserve conversion plan is "none" - The company's semi-annual profit distribution or capital reserve conversion plan is "none"[124](index=124&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的情况及其影响) States that the company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[125](index=125&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=30&type=section&id=四、纳入环境信息依法披露企业名单的上市公司及其主要子公司的环境信息情况) The company and its subsidiaries, Shenzhen Rayitek Film Technology Co., Ltd. and Jiaxing Rayitek Film Technology Co., Ltd., are on the environmental information disclosure list, primarily consuming electricity and natural gas, emitting CO₂, and treating DMAc solvent emissions to meet standards - The company and its subsidiaries, Shenzhen Rayitek Film Technology Co., Ltd. and Jiaxing Rayitek Film Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[125](index=125&type=chunk) - The company primarily consumes electricity and natural gas, with CO₂ as the main emission[125](index=125&type=chunk) - DMAc solvent used in PI film preparation is recovered and recycled through a recovery system, with a small amount of tail gas treated by spray absorption to meet standards before discharge[125](index=125&type=chunk) [V. Specific Situation Regarding Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=30&type=section&id=五、巩固拓展脱贫攻坚成果、乡村振兴等工作具体情况) States that the company has no specific situation regarding consolidating and expanding poverty alleviation achievements or rural revitalization efforts - The company has no specific situation regarding consolidating and expanding poverty alleviation achievements or rural revitalization efforts[126](index=126&type=chunk) Section V Significant Matters Details the fulfillment of commitments, absence of non-operating fund occupation, illegal guarantees, and major litigation, along with information on convertible bonds and fundraising project progress [I. Fulfillment of Commitments](index=31&type=section&id=一、承诺事项履行情况) Discloses the strict fulfillment of all commitments made by the company, its shareholders, directors, supervisors, and senior management during initial public offerings and refinancing, covering share lock-ups, shareholding intentions, buybacks, diluted return compensation, profit distribution, liability, and avoidance of competition and related party transactions - Shareholders Hangke New Century, SDIC High-Tech, Taijuyukun, Hangzhou Taida, etc., committed not to transfer or entrust others to manage their directly and indirectly held shares issued before the company's IPO for **36 months** from the listing date[128](index=128&type=chunk)[129](index=129&type=chunk) - The company's directors, senior management, and core technical personnel all committed to strictly comply with share lock-up and reduction regulations, both during their tenure and after resignation[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - The company and major shareholders committed to initiating share repurchase procedures if there are any instances of fraudulent issuance and listing[135](index=135&type=chunk) - The company and relevant parties committed to taking measures to compensate for diluted immediate returns, including strengthening fundraising management, accelerating fundraising project progress, enhancing operational management and internal control, and strengthening investor return mechanisms[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - Company shareholders committed to avoiding horizontal competition and regulating and reducing related party transactions[142](index=142&type=chunk)[143](index=143&type=chunk) - All commitments have specified fulfillment periods and were strictly fulfilled during the reporting period[128](index=128&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=37&type=section&id=二、报告期内控股股东及其他关联方非经营性占用资金情况) States that there was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[149](index=149&type=chunk) [III. Illegal Guarantees](index=37&type=section&id=三、违规担保情况) States that there were no illegal guarantees during the reporting period - There were no illegal guarantees during the reporting period[149](index=149&type=chunk) [IV. Semi-Annual Report Audit Status](index=38&type=section&id=四、半年报审计情况) States that the company's semi-annual report was unaudited - The company's semi-annual report was unaudited[4](index=4&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report](index=38&type=section&id=五、上年年度报告非标准审计意见涉及事项的变化及处理情况) States that there were no changes or handling of matters related to non-standard audit opinions in the previous year's annual report - There were no changes or handling of matters related to non-standard audit opinions in the previous year's annual report[150](index=150&type=chunk) [VI. Bankruptcy and Reorganization Matters](index=38&type=section&id=六、破产重整相关事项) States that the company has no bankruptcy and reorganization matters - The company has no bankruptcy and reorganization matters[150](index=150&type=chunk) [VII. Major Litigation and Arbitration Matters](index=38&type=section&id=七、重大诉讼、仲裁事项) States that there were no major litigation or arbitration matters during the reporting period - There were no major litigation or arbitration matters during the reporting period[150](index=150&type=chunk) [VIII. Listed Company, Its Directors, Senior Management, Controlling Shareholders, and Actual Controllers Suspected of Violations, Penalties, and Rectification](index=38&type=section&id=八、上市公司及其董事、高级管理人员、控股股东、实际控制人涉嫌违法违规、受到处罚及整改情况) States that the company, its directors, senior management, controlling shareholders, and actual controllers were not suspected of violations, subject to penalties, or undergoing rectification - The company, its directors, senior management, controlling shareholders, and actual controllers were not suspected of violations, subject to penalties, or undergoing rectification[150](index=150&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=38&type=section&id=九、报告期内公司及其控股股东、实际控制人诚信状况的说明) States that there is no explanation regarding the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period - There is no explanation regarding the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period[150](index=150&type=chunk) [X. Significant Related Party Transactions](index=38&type=section&id=十、重大关联交易) States that the company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions/disposals, joint external investments, related party debt/credit, financial services with related financial companies, or other major related party transactions - The company had no related party transactions not disclosed in temporary announcements related to daily operations[150](index=150&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals[150](index=150&type=chunk) - The company had no significant related party transactions involving joint external investments[151](index=151&type=chunk) - The company had no related party debt or credit transactions[151](index=151&type=chunk) - The company had no financial business with related financial companies or financial companies controlled by the company and related parties[151](index=151&type=chunk) - The company had no other significant related party transactions[151](index=151&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=39&type=section&id=十一、重大合同及其履行情况) Discloses the fulfillment of significant contracts, particularly major guarantees for subsidiaries. The company provided multiple joint liability guarantees totaling **640 million yuan** for its subsidiary Jiaxing Rayitek, representing **70.39%** of its net assets [(I) Custody, Contracting, and Leasing Matters](index=39&type=section&id=(一)%20托管、承包、租赁事项) States that the company has no custody, contracting, or leasing matters - The company has no custody, contracting, or leasing matters[151](index=151&type=chunk) [(II) Significant Guarantees Performed and Unfulfilled During the Reporting Period](index=40&type=section&id=(二)%20报告期内履行的及尚未履行完毕的重大担保情况) During the reporting period, the company provided multiple joint liability guarantees for its subsidiary Jiaxing Rayitek, with a total guarantee amount of **57.3870 million yuan** incurred and an outstanding balance of **640.0745 million yuan** at period-end, representing **70.39%** of the company's net assets, primarily for project fixed asset syndicated loans and other bank loans 2025 Semi-Annual Guarantees for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Rayitek | Jiaxing Rayitek | 12,386,981.30 | November 6, 2024 | October 29, 2029 | Joint Liability Guarantee | | Shenzhen Rayitek | Jiaxing Rayitek | 45,000,000.00 | April 26, 2025 | April 25, 2031 | Joint Liability Guarantee | - Total guarantee amount incurred for subsidiaries during the reporting period was **57.38698130 million yuan**[154](index=154&type=chunk) - Total outstanding guarantee balance for subsidiaries at period-end was **640.07448130 million yuan**, representing **70.39%** of the company's net assets[154](index=154&type=chunk)[155](index=155&type=chunk) - Jiaxing Rayitek signed an **800 million yuan** syndicated loan contract on September 3, 2020, with the company providing joint liability guarantee; as of the reporting period end, the outstanding balance of the utilized credit was **582.6875 million yuan**[155](index=155&type=chunk) [(III) Other Significant Contracts](index=41&type=section&id=(三)%20其他重大合同) States that the company has no other significant contracts - The company has no other significant contracts[156](index=156&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=42&type=section&id=十二、募集资金使用进展说明) Details the use of raised funds, totaling **430 million yuan** (net **422.58 million yuan**), with **426.03 million yuan** invested (100.82% progress). The Jiaxing high-performance polyimide film project's factory is complete, with multiple lines operational or in trial production, enhancing capacity. Funds were also loaned to a subsidiary for project implementation [(I) Overall Use of Raised Funds](index=42&type=section&id=(一)%20募集资金整体使用情况) As of the reporting period end, the company's convertible bond fundraising totaled **430 million yuan** (net **422.58 million yuan**). Cumulative investment reached **426.03 million yuan**, representing **100.82%** of the planned investment, with **11.1564 million yuan** invested this year Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (million yuan) | Net Raised Funds (million yuan) | Total Investment Promised in Prospectus (million yuan) | Cumulative Investment as of Period-End (million yuan) | Cumulative Investment Progress as of Period-End (%) | Investment Amount in Current Year (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 430.00 | 422.58 | 430.00 | 426.04 | 100.82 | 11.16 | [(II) Details of Fundraising Projects](index=42&type=section&id=(二)%20募投项目明细) The Jiaxing high-performance polyimide film project, with a planned investment of **330 million yuan**, has seen **332.89 million yuan** invested (100.88% progress). Its factory is complete, four lines are operational, one wide-width chemical line is in trial production, and a second is being installed. Jiaxing Rayitek generated **94.9302 million yuan** in revenue and a **-23.8357 million yuan** net profit in H1 2025, still in capacity ramp-up Details of Fundraising Project Use | Project Name | Planned Total Investment of Raised Funds (million yuan) | Investment Amount in Current Year (million yuan) | Cumulative Investment as of Period-End (million yuan) | Cumulative Investment Progress as of Period-End (%) | | :--- | :--- | :--- | :--- | :--- | | Jiaxing High-Performance Polyimide Film Project | 330.00 | 11.15 | 332.90 | 100.88 | | Replenishment of Working Capital and Repayment of Bank Loans | 92.58 | 0.00 | 93.14 | 100.60 | - Jiaxing high-performance polyimide film project's factory construction is complete, with new production lines and public utility systems running stably; four production lines have been gradually put into operation since September 2023[158](index=158&type=chunk) - Jiaxing Rayitek, the implementing entity for the high-performance polyimide film project, achieved operating revenue of **94.9302 million yuan** and a net loss of **23.8357 million yuan** in H1 2025; the project is still in the capacity ramp-up and production efficiency improvement stage[159](index=159&type=chunk) [(III) Changes or Termination of Fundraising Projects During the Reporting Period](index=44&type=section&id=(三)%20报告期内募投变更或终止情况) States that there were no changes or termination of fundraising projects during the reporting period - There were no changes or termination of fundraising projects during the reporting period[161](index=161&type=chunk) [(IV) Other Uses of Raised Funds During the Reporting Period](index=45&type=section&id=(四)%20报告期内募集资金使用的其他情况) The company approved on September 5, 2022, to provide a loan of up to **330 million yuan** from raised funds to its wholly-owned subsidiary Jiaxing Rayitek for the "Jiaxing High-Performance Polyimide Film Project" - The company approved the use of a portion of the raised funds to provide a loan of up to **330 million yuan** to its wholly-owned subsidiary Jiaxing Rayitek for the "Jiaxing High-Performance Polyimide Film Project"[162](index=162&type=chunk) [(V) Conclusive Opinions of Intermediary Agencies on the Storage and Use of Raised Funds](index=45&type=section&id=(五)%20中介机构关于募集资金存储与使用情况的专项核查、鉴证的结论性意见) States that there are no conclusive opinions from intermediary agencies regarding the storage and use of raised funds - There are no conclusive opinions from intermediary agencies regarding the storage and use of raised funds[163](index=163&type=chunk) [(VI) Subsequent Rectification of Unauthorized Changes in Use of Raised Funds and Illegal Occupation of Raised Funds](index=45&type=section&id=(六)%20擅自变更募集资金用途、违规占用募集资金的后续整改情况) States that there is no subsequent rectification of unauthorized changes in the use of raised funds or illegal occupation of raised funds - There is no subsequent rectification of unauthorized changes in the use of raised funds or illegal occupation of raised funds[163](index=163&type=chunk) [XIII. Explanation of Other Significant Matters](index=45&type=section&id=十三、其他重大事项的说明) States that the company has no other significant matters requiring explanation - The company has no other significant matters requiring explanation[163](index=163&type=chunk) Section VI Share Changes and Shareholder Information Provides details on share capital changes, restricted shares, and shareholder information, including the top ten shareholders and their relationships [I. Share Capital Changes](index=45&type=section&id=一、股本变动情况) Reports no changes in the company's ordinary share capital or structure during the reporting period, with no other share changes impacting financial indicators or requiring disclosure [1. Share Change Table](index=45&type=section&id=1、股份变动情况表) During the reporting period, there were no changes in the company's total ordinary share capital or share structure - During the reporting period, there were no changes in the company's total ordinary share capital or share structure[164](index=164&type=chunk) [2. Explanation of Share Changes](index=45&type=section&id=2、股份变动情况说明) States that there is no explanation of share changes - There is no explanation of share changes[165](index=165&type=chunk) [3. Impact of Share Changes on Financial Indicators such as EPS and Net Assets per Share from the End of the Reporting Period to the Disclosure Date of the Semi-Annual Report (if any)](index=45&type=section&id=3、报告期后到半年报披露日期间发生股份变动对每股收益、每股净资产等财务指标的影响（如有）) States that share changes from the end of the reporting period to the semi-annual report disclosure date had no impact on financial indicators such as EPS and net assets per share - Share changes from the end of the reporting period to the semi-annual report disclosure date had no impact on financial indicators such as EPS and net assets per share[165](index=165&type=chunk) [4. Other Information Deemed Necessary by the Company or Required by Securities Regulatory Agencies](index=46&type=section&id=4、公司认为必要或证券监管机构要求披露的其他内容) States that there is no other information deemed necessary by the company or required by securities regulatory agencies - There is no other information deemed necessary by the company or required by securities regulatory agencies[166](index=166&type=chunk) [(II) Changes in Restricted Shares](

公司代码：603267 公司简称：鸿远电子 2025 年半年度报告 北京元六鸿远电子科技股份有限公司2025 年半年度报告 1 / 161 北京元六鸿远电子科技股份有限公司 北京元六鸿远电子科技股份有限公司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、 公司负责人郑红、主管会计工作负责人李永强及会计机构负责人（会计主管人员）闫学刚 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 经公司第四届董事会第二次会议审议通过2025年半年度利润分配预案：公司2025年半年度拟 以实施权益分派股权登记日的应分配股数（总股本扣除公司回购专户的股份余额）为基数分配利 润，向全体股东每股派发现金红利人民币0.10元（含税）。该预案尚需本公司股东会批准。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来投资、发展规划等前瞻性描述不构成公司对 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides a general overview of the report's integrity, audit status, profit distribution policy, forward-looking statements, and risk disclosures [Report Statement and Risk Warning](index=2&type=section&id=Report%20Statement%20and%20Risk%20Warning) The board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, noting it is unaudited and no profit distribution will occur - Company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, and assume legal responsibility[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - The company will not distribute profits or convert capital reserves into share capital for the semi-annual period[6](index=6&type=chunk) - Forward-looking statements do not constitute substantive commitments, and investors are advised to be aware of investment risks[7](index=7&type=chunk) - There are no non-operating funds occupied by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures[8](index=8&type=chunk) - Significant risk warnings are detailed in "Section III Management Discussion and Analysis" under "V. Other Disclosure Matters" and "(I) Potential Risks"[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used throughout the report, including company, subsidiaries, associates, regulatory bodies, laws, and the reporting period [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for key terms such as "Company," "Subsidiaries," "Associates," and "Reporting Period" to ensure clear understanding of the report's content - Defines "Company," "the Company," and "Lingkang Pharmaceutical" refer to Lingkang Pharmaceutical Group Co, Ltd[13](index=13&type=chunk) - Lists several wholly-owned subsidiaries, such as Hainan Lingkang Pharmaceutical Co, Ltd and Zhejiang Lingkang Pharmaceutical Co, Ltd[13](index=13&type=chunk) - Lists associate companies, such as Hainan Provincial Cancer Hospital Chengmei International Medical Center Co, Ltd and Zhejiang Hemukang Pharmaceutical Technology Co, Ltd[13](index=13&type=chunk) - Defines "Reporting Period" as January to June 2025[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock profile, and key financial performance metrics for the reporting period [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section discloses the company's official Chinese name, abbreviation, foreign name, abbreviation, and legal representative - Company's Chinese name: 灵康药业集团股份有限公司 (Lingkang Pharmaceutical Group Co, Ltd)[15](index=15&type=chunk) - Company's Chinese abbreviation: 灵康药业 (Lingkang Pharmaceutical)[15](index=15&type=chunk) - Legal Representative: Tao Lingping[15](index=15&type=chunk) [II. Contact Person and Contact Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides the names, addresses, phone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - Board Secretary: Sui Guoping[16](index=16&type=chunk) - Securities Affairs Representative: Liao Baoyu[16](index=16&type=chunk) - Contact Address: No 20, G349 (Jieba Township Section), Nedong District, Shannan City, Tibet Autonomous Region[16](index=16&type=chunk) - Email: ir@lingkang.com.cn[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines the historical changes in the company's registered address, with the latest being No 20, G349 (Jieba Township Section), Nedong District, Shannan City, Tibet Autonomous Region - Company's registered address: No 20, G349 (Jieba Township Section), Nedong District, Shannan City, Tibet Autonomous Region[17](index=17&type=chunk) - In June 2023, the registered address changed from No 68, Nedong Road, Zedang Town to No 20, G349 (Jieba Township Section), Nedong District[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location where reports are kept - Information disclosure newspapers: Securities Times, Securities Daily, Shanghai Securities News, China Securities Journal[18](index=18&type=chunk) - Website address for semi-annual reports: www.sse.com.cn[18](index=18&type=chunk) - Location for company's semi-annual report: Company Securities Department[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides details on the company's stock type, listing exchange, stock abbreviation, and stock code - Stock Type: A-share[19](index=19&type=chunk) - Stock Exchange: Shanghai Stock Exchange[19](index=19&type=chunk) - Stock Abbreviation: Lingkang Pharmaceutical, Stock Code: 603669[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 21.30%, while total profit and net profit attributable to shareholders remained negative, though losses narrowed by 12.68% and 11.55% respectively 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 171,607,603.84 RMB | 141,477,918.59 RMB | 21.30 | | Total Profit | -35,966,219.43 RMB | -41,190,447.32 RMB | 12.68 | | Net Profit Attributable to Shareholders of Listed Company | -35,733,685.77 RMB | -40,400,188.91 RMB | 11.55 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -45,544,900.33 RMB | -54,418,620.81 RMB | 16.31 | | Net Cash Flow from Operating Activities | -38,959,908.90 RMB | -38,201,983.95 RMB | -1.98 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 734,073,280.35 RMB | 769,759,810.94 RMB | -4.64 | | Total Assets (Period-end) | 1,210,091,479.70 RMB | 1,255,333,587.55 RMB | -3.60 | | Share Capital (Period-end) | 721,244,755.00 RMB | 721,244,005.00 RMB | 0.0001 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.05 | -0.06 | 16.67 | | Diluted Earnings Per Share (RMB/share) | -0.05 | -0.06 | 16.67 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (RMB/share) | -0.06 | -0.08 | 25.00 | | Weighted Average Return on Net Assets (%) | -4.75 | -4.44 | Decrease of 0.31 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | -6.06 | -5.98 | Decrease of 0.08 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the current period amounted to **RMB 9.81 million**, primarily from government grants recognized in profit or loss 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses on disposal of non-current assets | -255,350.35 | | Government grants recognized in profit or loss for the current period | 10,309,829.00 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 758,282.11 | | Gains or losses from entrusted investments or asset management | -108,144.41 | | Other non-operating income and expenses apart from the above | -893,401.79 | | **Total** | **9,811,214.56** | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business, operational performance, core competencies, and potential risks during the reporting period [I. Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company primarily researches, develops, produces, and sells chemical prescription drugs, focusing on cardiovascular, anti-infective, parenteral nutrition, and digestive system drugs, utilizing a distributor model within a transforming and policy-driven pharmaceutical industry - The company's main business is the R&D, production, and sales of chemical prescription drugs, covering cardiovascular, anti-infective, parenteral nutrition, and digestive system drugs[29](index=29&type=chunk) - The company primarily uses a distributor model for product sales and actively participates in national centralized procurement and alliance procurement[29](index=29&type=chunk) - The pharmaceutical industry is undergoing rapid adjustments due to intensive policy releases, including centralized volume-based procurement and deepening medical service price reforms[31](index=31&type=chunk) - The pharmaceutical industry's transformation and upgrading are accelerating, with full-chain support for innovative drug development and increased R&D investment[31](index=31&type=chunk) - The company has become a well-known enterprise in the domestic chemical pharmaceutical preparation industry, holding a leading position in several segmented product markets, with 115 varieties and 228 drug production approval documents[32](index=32&type=chunk) - The company's product strategy is shifting from generic drugs to high-difficulty generic drugs, actively developing improved new drug varieties, with the Class 2.2 new drug Esomeprazole Magnesium Sodium Bicarbonate Dry Suspension (I) having received clinical trial approval[32](index=32&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company focused on its core business, enhanced innovation, expanded its product line, accelerated new product launches, increased volume for centralized procurement products, and pursued international market expansion - Strengthened innovation-driven development, further enriched the company's product line, deeply promoted the expansion of product lines in four major therapeutic areas, and accelerated the pace of new product launches[33](index=33&type=chunk) - Promoted increased volume for centralized procurement products, seized opportunities in new rounds of national procurement and contract renewals, ensuring the volume of selected product Cefoxitin Sodium for Injection[34](index=34&type=chunk) - Actively promoted the national medical insurance negotiation for the company's core flagship product Huperzine A for Injection[34](index=34&type=chunk) - Actively implemented international strategic cooperation, exploring potential markets in countries along the "Belt and Road"[34](index=34&type=chunk) - Accelerated digital and intelligent construction, strengthened production process control, and promoted R&D and production technology innovation and upgrading[34](index=34&type=chunk) - Continuously improved the internal control system, optimized governance structure, implemented internal control policies, and strengthened management team building[35](index=35&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its extensive product portfolio, strong market position, advanced R&D capabilities, effective marketing network, experienced management team, and synergistic industrial layout - Product Advantage: Possesses 115 varieties and 228 drug production approval documents, with leading products in cardiovascular and anti-infective fields, and multiple key products passing consistency evaluations[36](index=36&type=chunk)[37](index=37&type=chunk) - Technology and R&D Advantage: Has a well-staffed R&D team, adheres to market demand orientation, increases R&D investment, shifts product strategy towards high-difficulty generic drugs and innovative drugs, with the Class 2.2 new drug Esomeprazole Magnesium Sodium Bicarbonate Dry Suspension (I) having received clinical trial approval[37](index=37&type=chunk)[38](index=38&type=chunk) - Marketing Advantage: Adopts a regional distributor sales model, building a marketing network covering major national markets, which has essentially reached secondary and above hospitals[38](index=38&type=chunk)[39](index=39&type=chunk) - Team Advantage: Key management team members possess over twenty years of experience in pharmaceutical industry operations and management, forming an efficient management model[39](index=39&type=chunk) - Synergistic Effect of Industrial Layout: Indirectly invested in Boao Super Hospital, enjoying "pilot" policies, becoming a platform for connecting with international advanced medical technologies, and integrating global pharmaceutical resources[40](index=40&type=chunk) - Expanded industrial layout and enhanced profitability by investing in a large health industry fund, creating new profit growth points[40](index=40&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=12&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes changes in key financial statement items, asset and liability structure, investment status, and the operating performance of major subsidiaries and associates [(I) Analysis of Main Business](index=12&type=section&id=(I)%20Analysis%20of%20Main%20Business) Operating revenue increased by 21.30% due to expanded pharmaceutical distribution, leading to an 81.33% rise in operating costs, while sales expenses significantly decreased by 64.32%, and financial expenses surged by 1106.72% due to the termination of a fundraising project Analysis of Major Accounting Data Changes | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 171,607,603.84 | 141,477,918.59 | 21.30 | Primarily due to the company leveraging its sales system advantages to further expand its pharmaceutical distribution business and grow its scale | | Operating Cost | 140,924,941.42 | 77,719,392.58 | 81.33 | Primarily due to the company further expanding its pharmaceutical distribution segment and adjusting its product structure | | Selling Expenses | 15,787,866.50 | 44,248,597.92 | -64.32 | Primarily due to changes in the company's product structure, leading to a decrease in selling expenses | | Administrative Expenses | 35,884,284.09 | 38,899,006.75 | -7.75 | | | Financial Expenses | 10,124,327.25 | 838,998.37 | 1,106.72 | Primarily due to the termination of the fundraising project in the current period, leading to the capitalization of interest expenses | | R&D Expenses | 5,029,204.50 | 10,639,383.76 | -52.73 | Primarily due to a decrease in entrusted development expenses in the current period | | Net Cash Flow from Operating Activities | -38,959,908.90 | -38,201,983.95 | -1.98 | | | Net Cash Flow from Investing Activities | 27,501,952.40 | 130,099,645.54 | -78.86 | Primarily due to a decrease in matured and redeemed wealth management products in the current period | | Net Cash Flow from Financing Activities | 2,007,396.14 | -90,371,251.66 | 102.22 | Primarily due to a decrease in loan repayments in the current period | [(III) Analysis of Assets and Liabilities](index=13&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, both total assets and net assets attributable to shareholders decreased, with significant reductions in financial assets held for trading and prepayments, while inventories and accounts payable increased Changes in Assets and Liabilities | Item Name | Current Period End (RMB) | % of Total Assets (Current Period End) | Prior Year End (RMB) | % of Total Assets (Prior Year End) | % Change from Prior Year End | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 13,425,928.28 | 1.10 | 31,222,077.59 | 2.49 | -57.00 | Due to maturity and redemption of wealth management products | | Prepayments | 1,442,382.57 | 0.12 | 17,939,111.32 | 1.43 | -91.96 | Primarily due to a decrease in prepaid goods in the current period | | Other Receivables | 3,169,380.91 | 0.26 | 4,692,354.82 | 0.37 | -32.46 | Primarily due to the receipt of refunded R&D expenses in the current period | | Inventories | 48,813,538.06 | 4.03 | 27,879,613.88 | 2.22 | 75.09 | Primarily due to increased purchases in the current period | | Other Non-Current Assets | 587,500.00 | 0.05 | 1,224,500.00 | 0.10 | -52.02 | Primarily due to the capitalization of some fixed assets in the current period | | Notes Payable | 0.00 | 0.00 | 16,031,280.10 | 1.28 | -100.00 | Primarily due to the maturity of acceptance bills at period-end | | Accounts Payable | 157,453,873.07 | 13.01 | 93,530,265.44 | 7.45 | 68.35 | Primarily due to increased accounts payable for purchases at period-end | | Employee Benefits Payable | 2,426,791.82 | 0.20 | 8,205,429.32 | 0.65 | -70.42 | Primarily due to the payment of year-end bonuses accrued at the end of last year | | Taxes Payable | 4,721,476.46 | 0.39 | 12,727,406.13 | 1.01 | -62.90 | Primarily due to a decrease in VAT payable at period-end | | Other Payables | 23,368,324.19 | 1.93 | 77,202,160.99 | 6.15 | -69.73 | Primarily due to a decrease in accrued but unpaid expenses at period-end | Major Asset Restrictions as of the End of the Reporting Period | Item Name | Carrying Amount (RMB) | Book Value (RMB) | Type of Restriction | Restriction Status | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 6,817,788.42 | 6,817,788.42 | Other | Restricted | | Fixed Assets | 58,114,658.80 | 58,114,658.80 | Mortgage | Restricted | | Intangible Assets | 7,543,706.00 | 7,543,706.00 | Mortgage | Restricted | | **Total** | **65,658,364.80** | **65,658,364.80** | / | / | [(IV) Analysis of Investment Status](index=14&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The "Mei'an Production Base Construction Project" has a budget of **RMB 800 million**, with **RMB 235.47 million** invested to date, reaching 36% completion, while financial assets measured at fair value decreased to **RMB 61.47 million** Significant Non-Equity Investment Status | Project Name | Budget (RMB 10,000) | Period-end Amount (RMB 10,000) | Cumulative Investment as % of Budget | Project Progress (%) | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | | Mei'an Production Base Construction Project | 80,000.00 | 23,546.65 | 29.43 | 36.00 | Raised Funds + Own Funds | Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | | Other | 28,871,793.32 | 16,800,000.00 | 11,075,644.01 | | Trust Products | 2,350,284.27 | 0.00 | 2,350,284.27 | | Private Equity Funds | 57,731,807.71 | 9,689,834.21 | 48,041,973.50 | | **Total** | **88,953,885.30** | **26,489,834.21** | **61,467,901.78** | [(VI) Analysis of Major Holding and Participating Companies](index=16&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries Hainan Lingkang Pharmaceutical and Zhejiang Lingkang Pharmaceutical reported revenues of **RMB 39.27 million** and **RMB 108.77 million** respectively, both incurring losses, while associate Zhejiang Hemukang Pharmaceutical Technology Co, Ltd recorded a profit of **RMB 12.96 million** Major Subsidiaries and Associates Financial Performance (Jan-Jun 2025) | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Lingkang Pharmaceutical Co, Ltd | Subsidiary | R&D, production, and sales of chemical prescription drugs | 20,000 | 76,322.11 | 51,224.94 | 3,927.41 | -619.20 | -632.34 | | Zhejiang Lingkang Pharmaceutical Co, Ltd | Subsidiary | Sales of chemical prescription drugs | 10,000 | 27,068.81 | 18,166.75 | 10,876.94 | -689.45 | -666.20 | | Tibet Huaxin Pharmaceutical Co, Ltd | Subsidiary | Pharmaceutical distribution, hospital delivery, and sales | 1,000 | 1,262.77 | 530.70 | 1,851.43 | 0.28 | -0.72 | | Tibet Xingzhan Marketing Co, Ltd | Subsidiary | Market promotion services | 1,000 | 769.82 | -1,245.57 | 0 | -115.79 | -115.79 | | Hainan Provincial Cancer Hospital Chengmei International Medical Center Co, Ltd | Associate | Medical services | 20,000 | 70,383.08 | -15,474.39 | 0 | -2,654.23 | -2,654.26 | | Zhejiang Hemukang Pharmaceutical Technology Co, Ltd | Associate | Research and experimental development | 2,000 | 11,427.22 | 7,409.27 | 3,594.49 | 1,152.92 | 1,295.89 | [V. Other Disclosure Matters](index=18&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces multiple risks, including market competition, pharmaceutical policy changes, new product development failures, drug quality control, environmental protection, and management challenges, which could significantly impact its performance [(I) Potential Risks](index=18&type=section&id=(I)%20Potential%20Risks) The company faces risks from market competition (e.g., centralized procurement failures), evolving pharmaceutical policies, high-risk new product development, stringent drug quality control, increasing environmental protection costs, and management challenges - Risk of revenue fluctuations due to market competition: If the company's products fail in centralized procurement bidding or winning prices significantly decrease, sales and revenue will be affected[54](index=54&type=chunk) - Risk of pharmaceutical policy changes: Adjustments in national medical reform policies pose uncertain impacts on the company's operations[54](index=54&type=chunk) - Risk of new product development and promotion: R&D cycles for new pharmaceutical products are long, investments are large, failure rates are high, and there are risks regarding rapid market adoption after launch[54](index=54&type=chunk) - Drug quality control risk: Negligence in quality management or improper operations could lead to medical accidents, compensation, reputational damage, affected sales, or even penalties and recalls[55](index=55&type=chunk) - Environmental protection risk: Rising national environmental standards may increase operating costs, and non-compliance with pollutant emission standards could result in penalties or production halts[56](index=56&type=chunk)[57](index=57&type=chunk) - Management risk: Business development increases management complexity, and if management and technical personnel cannot keep up with development requirements, operational efficiency may decrease, affecting profit targets[57](index=57&type=chunk) [Section IV Corporate Governance, Environment and Society](index=20&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment%20and%20Society) This section covers changes in the company's governance structure, profit distribution plans, environmental information disclosure, and efforts in poverty alleviation and rural revitalization [I. Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) Mr. Li Shuangxi, the company's Deputy General Manager, resigned due to reaching the statutory retirement age and no longer holds any positions within the company - Deputy General Manager Mr Li Shuangxi resigned due to reaching the statutory retirement age[60](index=60&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not implement any profit distribution or capital reserve conversion into share capital for the semi-annual period - The company will not distribute profits or convert capital reserves into share capital for the semi-annual period[61](index=61&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=20&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) One subsidiary, Hainan Lingkang Pharmaceutical Co, Ltd, is on the list of enterprises required to disclose environmental information by law, with a public inquiry index provided - Number of enterprises included in the list of environmental information disclosure: **1**[62](index=62&type=chunk) - Enterprise Name: Hainan Lingkang Pharmaceutical Co, Ltd[62](index=62&type=chunk) - Inquiry index for environmental information disclosure report: https://hnsthb.hainan.gov.cn/yfpl//gkwz/jcym[62](index=62&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=21&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements,%20Rural%20Revitalization,%20etc.) The company continues to provide training and employment for Tibetan employees and has invested over **RMB 4 million** in a white Ganoderma lucidum industry rural revitalization project, establishing 50 smart container mushroom houses - The company continuously provides training services to Tibetan employees to enhance their work skills[63](index=63&type=chunk) - The company and its subsidiaries help address employment and development issues for poverty-stricken individuals in their localities[63](index=63&type=chunk) - Invested over **RMB 4 million** in the construction of 50 smart container mushroom houses in Jilin Village, Zhatang Town, which have been completed and put into production, assisting local farmers and herders with employment and income generation[63](index=63&type=chunk) [Section V Significant Matters](index=22&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, significant litigation, related party transactions, major contracts, and the progress of raised funds utilization [I. Fulfillment of Commitments](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its controlling shareholder, and actual controller have timely and strictly fulfilled all commitments regarding profit distribution, resolution of horizontal competition, and dilution of immediate returns from convertible bonds - The company commits to annual cash dividends of no less than **20%** of the distributable profit for the year[65](index=65&type=chunk) - The controlling shareholder and actual controller commit not to engage in or participate in businesses or activities that are the same as or similar to the company's main business, resolving horizontal competition[65](index=65&type=chunk)[66](index=66&type=chunk) - The controlling shareholder, actual controller, directors, supervisors, and senior management commit to diligently implement the company's return-filling measures, not to overstep authority in interfering with company operations, and not to infringe upon company interests[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - All commitments were "Yes" (timely and strictly fulfilled)[65](index=65&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=25&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) The company had no significant litigation or arbitration matters during the reporting period - There were no significant litigation or arbitration matters for the company in this reporting period[71](index=71&type=chunk) [X. Significant Related Party Transactions](index=25&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions related to daily operations, such as its wholly-owned subsidiary Zhejiang Lingkang leasing office space from the actual controller, which was previously disclosed - Wholly-owned subsidiary Zhejiang Lingkang leased office space from the actual controller Ms Tao Lingping, which was disclosed in a temporary announcement with no subsequent progress or changes in implementation[71](index=71&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=27&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company and its subsidiaries are fulfilling a construction engineering contract worth **RMB 150 million** and have secured a **RMB 100 million** comprehensive credit line from Everbright Bank, collateralized by land use rights and factory buildings - The company and its subsidiaries are fulfilling a construction engineering contract, with Lingkang Pharmaceutical as the client and Jinpan Group Co, Ltd as the contractor, for a contract amount of **RMB 150 million**[76](index=76&type=chunk) - The company and its subsidiaries obtained a **RMB 100 million** comprehensive credit line from Everbright Bank Haikou Branch, valid from January 26, 2024, to January 25, 2027[77](index=77&type=chunk) - The company provided a **RMB 100 million** joint and several liability guarantee for Lingkang Pharmaceutical[78](index=78&type=chunk) - Lingkang Pharmaceutical provided a **RMB 100 million** land use right and factory building mortgage guarantee for itself[78](index=78&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=28&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The initial public offering (IPO) raised funds are almost fully utilized at 99.91% completion, while convertible bond funds are at 13.78% completion, with the "Hainan Lingkang Pharmaceutical Mei'an Production Base Project (Phase I)" terminated in May 2024 [(I) Overall Use of Raised Funds](index=28&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) The net proceeds from the initial public offering (IPO) of **RMB 702.95 million** are 99.91% utilized, while the net proceeds from convertible bonds of **RMB 517.78 million** are 13.78% utilized Overall Use of Raised Funds (As of the End of the Reporting Period) | Source of Raised Funds | Net Amount of Raised Funds (RMB 10,000) | Total Committed Investment of Raised Funds (RMB 10,000) | Cumulative Investment of Raised Funds as of Period-end (RMB 10,000) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 70,294.97 | 70,294.97 | 70,229.56 | 99.91 | | Issuance of Convertible Bonds | 51,778.16 | 51,778.16 | 7,133.52 | 13.78 | | **Total** | **122,073.13** | **122,073.13** | **77,363.08** | / | [(II) Details of Raised Fund Investment Projects](index=29&type=section&id=(II)%20Details%20of%20Raised%20Fund%20Investment%20Projects) IPO projects, including lyophilized powder injection, powder injection, logistics center, marketing network, and ERP system, are completed or terminated, with remaining funds used for working capital, while the convertible bond project "Hainan Lingkang Pharmaceutical Mei'an Production Base Project (Phase I)" has been terminated - The lyophilized powder injection production line project and powder injection production line project were terminated in December 2017[84](index=84&type=chunk) - The R&D center construction project was terminated, and the pharmaceutical logistics center project, marketing network construction project, and ERP system construction project have been completed, with remaining raised funds of **RMB 81.49 million** permanently used to supplement working capital[85](index=85&type=chunk) - The convertible corporate bond investment project "Hainan Lingkang Pharmaceutical Mei'an Production Base Project (Phase I)" was terminated in May 2024[86](index=86&type=chunk) [(III) Changes or Termination of Raised Fund Investment Projects During the Reporting Period](index=32&type=section&id=(III)%20Changes%20or%20Termination%20of%20Raised%20Fund%20Investment%20Projects%20During%20the%20Reporting%20Period) During the reporting period, the company terminated the "Hainan Lingkang Pharmaceutical Mei'an Production Base Project (Phase I)," with remaining raised funds to be held in a special account pending further deliberation and disclosure - The "Hainan Lingkang Pharmaceutical Mei'an Production Base Project (Phase I)" was canceled on May 17, 2024[87](index=87&type=chunk) - The termination reason was the company's "Announcement on the Termination of Convertible Corporate Bond Raised Fund Investment Projects" disclosed on May 17, 2024[87](index=87&type=chunk) - The remaining raised funds will continue to be held in the special fund account, and their subsequent use will follow relevant procedures[87](index=87&type=chunk) [(IV) Other Circumstances Regarding the Use of Raised Funds During the Reporting Period](index=33&type=section&id=(IV)%20Other%20Circumstances%20Regarding%20the%20Use%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) On June 17, 2025, the company's board resolved to use idle raised funds not exceeding **RMB 400 million** to temporarily supplement working capital for a period of up to 12 months - The company on June 17, 2025, resolved to use idle raised funds not exceeding **RMB 400 million** to temporarily supplement working capital[88](index=88&type=chunk) - The usage period is no more than 12 months from the date of board approval[88](index=88&type=chunk) [Section VI Share Changes and Shareholder Information](index=33&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital due to convertible bond conversions and provides an overview of its shareholder structure, including major shareholders and their relationships [I. Share Capital Changes](index=33&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital increased by **750 shares** due to convertible bond conversions, changing from 721,244,005 shares to 721,244,755 shares Share Capital Change Table | Share Class | Quantity Before Change (shares) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | Listed Tradable Shares | 721,244,005 | 750 | 721,244,755 | | RMB Ordinary Shares | 721,244,005 | 750 | 721,244,755 | | **Total Shares** | **721,244,005** | **750** | **721,244,755** | - From January 1, 2025, to June 30, 2025, a cumulative total of **RMB 6,000** of Lingkang Convertible Bonds were converted into **750 A-shares** of the company[93](index=93&type=chunk) - The company's total share capital changed from 721,244,005 shares to 721,244,755 shares[93](index=93&type=chunk) [II. Shareholder Information](index=35&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 19,013 ordinary shareholders, with Lingkang Holding Group Co, Ltd holding 47.09% of shares, some of which are pledged, and the actual controller Tao Lingping is related to other major shareholders - Total number of ordinary shareholders as of the end of the reporting period: **19,013**[95](index=95&type=chunk) Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Lingkang Holding Group Co, Ltd | 339,652,800 | 47.09 | Pledged | 49,659,600 | Domestic Non-State-Owned Legal Person | | Tao Lingping | 48,157,200 | 6.68 | Unpledged | | Domestic Natural Person | | Wang Wennan | 21,058,592 | 2.92 | Unpledged | | Domestic Natural Person | | Tao Xiaogang | 16,128,840 | 2.24 | Unpledged | | Domestic Natural Person | | Yang Junmin | 5,484,500 | 0.76 | Unpledged | | Domestic Natural Person | | Yang Zhongyi | 4,671,900 | 0.65 | Unpledged | | Domestic Natural Person | | Zhu Chong | 4,588,600 | 0.64 | Unpledged | | Domestic Natural Person | | Cui Fenghua | 4,151,065 | 0.58 | Unpledged | | Domestic Natural Person | | Chai Yuanjun | 3,726,783 | 0.52 | Unpledged | | Domestic Natural Person | | Tao Linggang | 3,469,991 | 0.48 | Unpledged | | Domestic Natural Person | - Tao Lingping, Tao Linggang, and Tao Xiaogang are siblings, and Tao Lingping holds **100%** of Lingkang Holding Group Co, Ltd[96](index=96&type=chunk) [Section VII Bond-Related Information](index=37&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides details on the company's convertible corporate bonds, including issuance, conversion status, and credit ratings [II. Convertible Corporate Bonds](index=37&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company issued **RMB 525 million** in "Lingkang Convertible Bonds" on December 1, 2020, convertible since June 7, 2021, with **750 shares** converted to date, and the conversion price adjusted to **RMB 8.00/share** - The company publicly issued **RMB 525 million** in convertible corporate bonds, "Lingkang Convertible Bonds" (bond code "113610"), on December 1, 2020[99](index=99&type=chunk) - "Lingkang Convertible Bonds" became convertible into the company's A-shares from June 7, 2021[99](index=99&type=chunk) - Number of convertible bondholders at period-end: **3,935**[100](index=100&type=chunk) - Guarantor of the company's convertible bonds: Lingkang Holding Group Co, Ltd[100](index=100&type=chunk) Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Amount Before Change (RMB) | Converted (RMB) | Redeemed (RMB) | Put Back (RMB) | Amount After Change (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lingkang Convertible Bonds | 252,984,000 | 6,000 | 0 | 1,000 | 252,977,000 | - Amount converted during the reporting period: **RMB 6,000**, number of shares converted: **750 shares**[103](index=103&type=chunk) - Cumulative number of shares converted as a percentage of total shares issued before conversion: **0.0001%**[103](index=103&type=chunk) - Unconverted amount: **RMB 252,977,000**, percentage of unconverted convertible bonds to total issued amount: **48.1861%**[103](index=103&type=chunk) History of Conversion Price Adjustments | Conversion Price Adjustment Date | Adjusted Conversion Price (RMB) | Disclosure Date | Explanation of Conversion Price Adjustment | | :--- | :--- | :--- | :--- | | May 31, 2021 | 8.61 | May 25, 2021 | The company implemented its 2020 equity distribution, distributing a cash dividend of RMB 2.00 per 10 shares, adjusting the conversion price from RMB 8.81/share to RMB 8.61/share | | July 5, 2022 | 8.51 | June 29, 2022 | The company implemented its 2021 equity distribution, distributing a cash dividend of RMB 1.00 per 10 shares, adjusting the conversion price from RMB 8.61/share to RMB 8.51/share | | July 16, 2024 | 8.00 | July 15, 2024 | Due to triggering the "Lingkang Convertible Bonds" conversion price adjustment clause, the conversion price was adjusted from RMB 8.51/share to RMB 8.00/share starting July 16, 2024 | - Latest conversion price as of the end of this reporting period: **RMB 8.00**[105](index=105&type=chunk) - The company's long-term credit rating is A-, and its convertible bond credit rating is A-, with a stable outlook[106](index=106&type=chunk) [Section VIII Financial Report](index=39&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial items [II. Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, offering a comprehensive view of its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=39&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **RMB 1.21 billion**, a 3.60% decrease from year-end, with consolidated total liabilities at **RMB 476 million**, and total owners' equity attributable to the parent company at **RMB 734 million** Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,210,091,479.70 | 1,255,333,587.55 | -3.60 | | Total Current Assets | 572,539,648.01 | 586,610,563.80 | -2.40 | | Total Non-Current Assets | 637,551,831.69 | 668,723,023.75 | -4.66 | | Total Liabilities | 476,018,199.35 | 485,573,776.61 | -1.97 | | Total Current Liabilities | 200,017,956.51 | 219,314,211.55 | -8.80 | | Total Non-Current Liabilities | 276,000,242.84 | 266,259,565.06 | 3.66 | | Total Owners' Equity Attributable to Parent Company | 734,073,280.35 | 769,759,810.94 | -4.64 | [Parent Company Balance Sheet](index=41&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **RMB 1.46 billion**, a 4.14% decrease from year-end; total liabilities were **RMB 693 million**, and total owners' equity was **RMB 766 million** Parent Company Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,458,588,454.48 | 1,521,642,927.05 | -4.14 | | Total Current Assets | 596,661,034.44 | 644,251,492.14 | -7.39 | | Total Non-Current Assets | 861,927,420.04 | 877,391,434.91 | -1.76 | | Total Liabilities | 692,987,132.63 | 736,326,483.47 | -5.89 | | Total Current Liabilities | 424,887,285.37 | 478,335,076.16 | -11.20 | | Total Non-Current Liabilities | 268,099,847.26 | 257,991,407.31 | 3.92 | | Total Owners' Equity | 765,601,321.85 | 785,316,443.58 | -2.52 | [Consolidated Income Statement](index=43&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was **RMB 172 million**, a 21.30% increase year-on-year, while total profit was **-RMB 35.97 million**, narrowing losses by 12.68%, and net profit attributable to parent company shareholders was **-RMB 35.73 million**, narrowing losses by 11.55% Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 171,607,603.84 | 141,477,918.59 | 21.30 | | Total Operating Costs | 209,257,335.21 | 173,780,539.60 | 20.41 | | Total Profit | -35,966,219.43 | -41,190,447.32 | 12.68 | | Net Profit | -35,733,685.77 | -40,400,188.91 | 11.55 | | Net Profit Attributable to Parent Company Shareholders | -35,733,685.77 | -40,400,188.91 | 11.55 | | Basic Earnings Per Share (RMB/share) | -0.05 | -0.06 | 16.67 | [Parent Company Income Statement](index=45&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **RMB 33.94 million**, a 70.34% decrease year-on-year, while net profit was **-RMB 19.76 million**, narrowing losses by 25.65% Parent Company Income Statement Key Data (Jan-Jun 2025) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 33,943,396.66 | 114,448,965.49 | -70.34 | | Operating Cost | 21,707,238.02 | 71,023,840.05 | -69.44 | | Total Profit | -19,762,276.91 | -26,579,223.15 | 25.65 | | Net Profit | -19,762,276.91 | -26,579,223.15 | 25.65 | [Consolidated Cash Flow Statement](index=47&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, consolidated net cash flow from operating activities was **-RMB 38.96 million**, a slight decrease of 1.98%, while net cash flow from investing activities was **RMB 27.50 million**, a significant decrease of 78.86%, and net cash flow from financing activities was **RMB 2.01 million**, a substantial increase of 102.22% Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -38,959,908.90 | -38,201,983.95 | -1.98 | | Net Cash Flow from Investing Activities | 27,501,952.40 | 130,099,645.54 | -78.86 | | Net Cash Flow from Financing Activities | 2,007,396.14 | -90,371,251.66 | 102.22 | | Net Increase in Cash and Cash Equivalents | -9,450,560.36 | 1,526,409.93 | -718.00 | [Parent Company Cash Flow Statement](index=48&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, parent company net cash flow from operating activities was **-RMB 9.75 million**, a 141.57% decrease, net cash flow from investing activities was **-RMB 18.38 million**, a 120.88% decrease, and net cash flow from financing activities was **RMB 2.01 million**, a 102.23% increase Parent Company Cash Flow Statement Key Data (Jan-Jun 2025) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -9,746,049.48 | 23,443,347.45 | -141.57 | | Net Cash Flow from Investing Activities | -18,384,820.80 | 88,046,905.65 | -120.88 | | Net Cash Flow from Financing Activities | 2,007,396.14 | -89,843,354.08 | 102.23 | | Net Increase in Cash and Cash Equivalents | -26,123,474.14 | 21,646,899.02 | -220.73 | [Consolidated Statement of Changes in Owners' Equity](index=51&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) As of June 30, 2025, the company's consolidated owners' equity totaled **RMB 734 million**, a **4.64%** decrease from the beginning of the period, primarily due to a negative comprehensive income for the current period - Total owners' equity attributable to the parent company at period-end was **RMB 734,073,280.35**, a **4.64%** decrease from the beginning balance of **RMB 769,759,810.94**[132](index=132&type=chunk) - The change in amount for the current period was primarily influenced by a total comprehensive income of **-RMB 35,733,685.77**[131](index=131&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=55&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) As of June 30, 2025, the parent company's owners' equity totaled **RMB 766 million**, a **2.52%** decrease from the beginning of the period, primarily due to a negative comprehensive income for the current period - Total owners' equity at period-end was **RMB 765,601,321.85**, a **2.52%** decrease from the beginning balance of **RMB 785,316,443.58**[136](index=136&type=chunk) - The change in amount for the current period was primarily influenced by a total comprehensive income of **-RMB 19,762,276.91**[135](index=135&type=chunk) [III. Company Basic Information](index=58&type=section&id=III.%20Company%20Basic%20Information) Lingkang Pharmaceutical Group Co, Ltd was established in October 2012, relocated to Shannan City, Tibet, in December 2013, and primarily engages in the R&D, production, and sales of chemical prescription drugs, including anti-infectives, parenteral nutrition, digestive, and cardiovascular medications - The company was established through overall restructuring on October 16, 2012, and relocated to Shannan City, Tibet, in December 2013[138](index=138&type=chunk) - Main business is the R&D, production, and sales of chemical prescription drugs, primarily including anti-infective, parenteral nutrition, digestive, and cardiovascular drugs[138](index=138&type=chunk) - The company's shares were listed and traded on the Shanghai Stock Exchange on May 28, 2015[138](index=138&type=chunk) [IV. Basis for Preparation of Financial Statements](index=58&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) The group's financial statements are prepared on a going concern basis, adhering to the Accounting Standards for Business Enterprises and relevant CSRC regulations, using the accrual basis of accounting and historical cost measurement - Financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises and relevant CSRC regulations[139](index=139&type=chunk) - Accounting is based on the accrual method, and except for certain financial instruments, all items are measured at historical cost[139](index=139&type=chunk) - There are no matters or circumstances that would cause significant doubt about the group's ability to continue as a going concern for the 12 months from the end of the reporting period[140](index=140&type=chunk) [V. Significant Accounting Policies and Estimates](index=58&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for financial instruments, fixed asset depreciation, and revenue recognition, affirming compliance with accounting standards, with the reporting period from January 1 to June 30, 2025 - The company has formulated specific accounting policies and estimates for bad debt provisions for receivables, fixed asset depreciation, and revenue recognition, based on its production and operating characteristics[141](index=141&type=chunk) - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises, truthfully and completely reflecting its financial position, operating results, and cash flows[142](index=142&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[143](index=143&type=chunk) - The company defines a business cycle as 12 months and uses it as the standard for classifying assets and liabilities as current or non-current[144](index=144&type=chunk) - Detailed explanations are provided for the accounting treatment methods for business combinations under common control and non-common control[147](index=147&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - Detailed explanations are provided for the principles and methods of determining the scope of consolidated financial statements and their preparation[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk) - Detailed explanations are provided for the classification, recognition, measurement, transfer, and derecognition methods of financial instruments, as well as the recognition of impairment provisions for financial assets and the determination of credit losses[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk) - Detailed explanations are provided for the classification, valuation methods, recognition of net realizable value, and provision for inventory write-downs[180](index=180&type=chunk)[181](index=181&type=chunk) - Detailed explanations are provided for the recognition criteria for fixed assets, depreciation methods, and capitalization standards for construction in progress[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk) - Detailed explanations are provided for the useful life of intangible assets, amortization methods, and capitalization conditions for R&D expenditures[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) - Detailed explanations are provided for the accounting policies used for revenue recognition and measurement, with the main sales of pharmaceuticals considered as performance obligations satisfied at a point in time[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk) [VI. Taxation](index=88&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax. Company and some subsidiaries enjoy tax incentives, such as reduced corporate income tax rates in Tibet and for high-tech enterprises, and VAT exemption for technology transfer Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Revenue from sales of goods and taxable services | 13%, 6% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 9%, 15%, 25% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company pays corporate income tax at a **9%** rate, while Lingkang Pharmaceutical Co, Huaxin Pharmaceutical Co, and Tibetan Medicine Research Institute Co pay at a **15%** rate[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) - Yongtian Research Institute Co's income from technology transfer, technology development, and related technical consulting and services is exempt from VAT[243](index=243&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=89&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for various consolidated financial statement items, including cash, financial assets, receivables, inventories, fixed assets, construction in progress, intangible assets, payables, equity, revenues, expenses, and cash flow supplementary information - Cash and bank balances at period-end were **RMB 237,818,860.16**, including restricted cash of **RMB 7,815.38**[246](index=246&type=chunk)[244](index=244&type=chunk) - Accounts receivable at period-end had a book balance of **RMB 313,412,031.44**, with a bad debt provision of **RMB 52,770,315.55**[249](index=249&type=chunk)[250](index=250&type=chunk) - Inventories at period-end had a book value of **RMB 48,813,538.06**, with an inventory impairment provision of **RMB 5,078,189.85**[274](index=274&type=chunk)[276](index=276&type=chunk) - Fixed assets at period-end had a book value of **RMB 223,357,667.90**, of which buildings and structures accounted for **RMB 195,209,641.85**[291](index=291&type=chunk) - Construction in progress at period-end had a book value of **RMB 228,223,631.76**, primarily for the Mei'an Production Base Construction Project[297](index=297&type=chunk) - Bonds payable at period-end were **RMB 268,099,847.26**, primarily convertible corporate bonds[341](index=341&type=chunk) - Operating revenue was **RMB 171,607,603.84**, and operating cost was **RMB 140,924,941.42**[363](index=363&type=chunk) - Selling expenses were **RMB 15,787,866.50**, administrative expenses were **RMB 35,884,284.09**, R&D expenses were **RMB 5,029,204.50**, and financial expenses were **RMB 10,124,327.25**[367](index=367&type=chunk)[368](index=368&type=chunk)[369](index=369&type=chunk) [VIII. Research and Development Expenses](index=140&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D expenses for the reporting period amounted to **RMB 5.03 million**, all expensed, representing a 52.73% decrease from the prior year, mainly due to reduced entrusted development fees R&D Expenses by Nature of Expense | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | R&D Personnel Compensation | 1,397,754.15 | 1,748,077.58 | | R&D Material Consumption | 608,247.92 | 972,414.75 | | Depreciation and Amortization | 124,139.93 | 231,765.89 | | Entrusted Development Fees | 2,697,169.81 | 7,021,181.32 | | Other | 201,892.69 | 665,944.22 | | **Total** | **5,029,204.50** | **10,639,383.76** | | Of which: Expensed R&D Expenditures | 5,029,204.50 | 10,639,383.76 | - All R&D expenditures for the current period were expensed[398](index=398&type=chunk) [IX. Changes in Consolidation Scope](index=140&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company did not experience any business combinations under non-common control, common control, reverse acquisitions, or disposals of subsidiaries leading to loss of control - There were no business combinations under non-common control, common control, or reverse acquisitions during the reporting period[399](index=399&type=chunk) - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[399](index=399&type=chunk) [X. Interests in Other Entities](index=141&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's equity interests in subsidiaries, joint ventures, and associates, including 9 wholly-owned subsidiaries primarily engaged in pharmaceutical manufacturing, commercial activities, and R&D, and investments in two associates [1. Interests in Subsidiaries](index=141&type=section&id=1.%20Interests%20in%20Subsidiaries) The company holds interests in 9 wholly-owned subsidiaries, including Hainan Lingkang Pharmaceutical, Zhejiang Lingkang Pharmaceutical, and Tibet Huaxin Pharmaceutical, primarily involved in pharmaceutical manufacturing, commercial operations, and drug R&D Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (RMB 10,000) | Business Nature | Shareholding Ratio (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Lingkang Pharmaceutical Co | Hainan | 20,000 | Manufacturing | 100 | Establishment | | Zhejiang Lingkang Co | Zhejiang | 10,000 | Commercial | 100 | Business Combination under Non-Common Control | | Huaxin Pharmaceutical Co | Tibet | 1,000 | Commercial | 100 | Business Combination under Non-Common Control | | Meida Pharmaceutical Co | Hainan | 2,000 | Manufacturing | 100 | Business Combination under Non-Common Control | | Meilan Shike Pharmaceutical Co | Hainan | 1,000 | Manufacturing | 100 | Business Combination under Non-Common Control | | Yongtian Research Institute Co | Hainan | 500 | Drug R&D | 100 | Business Combination under Non-Common Control | | Shandong Lingkang Co | Shandong | 1,000 | Drug R&D | 100 | Establishment | | Tibetan Medicine Research Institute Co | Tibet | 600 | Drug R&D | 100 | Establishment | | Xingzhan Marketing Co | Tibet | 1,000 | Commercial | 100 | Establishment | [3. Interests in Joint Ventures or Associates](index=142&type=section&id=3.%20Interests%20in%20Joint%20Ventures%20or%20Associates) The company holds a 25% stake in Hainan Provincial Cancer Hospital Chengmei International Medical Center Co, Ltd and a 20% stake in Zhejiang Hemukang Pharmaceutical Technology Co, Ltd, both accounted for using the equity method Significant Joint Ventures or Associates | Joint Venture or Associate Name | Main Operating Location | Registered Location | Business Nature | Shareholding Ratio (%) (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Provincial Cancer Hospital Chengmei International Medical Center Co, Ltd | Hainan | Hainan | Medical Services | 25 | Equity Method | | Zhejiang Hemukang Pharmaceutical Technology Co, Ltd | Zhejiang | Zhejiang | Research and Experimental Development | 20 | Equity Method | Key Financial Information of Significant Associates (Period-end Balance/Current Period Amount) | Item | Hainan Provincial Cancer Hospital Chengmei International Medical Center Co, Ltd | Zhejiang Hemukang Pharmaceutical Technology Co, Ltd | | :--- | :--- | :--- | | Total Assets (RMB) | 703,830,823.25 | 114,272,239.29 | | Total Liabilities (RMB) | 858,574,685.28 | 40,179,570.59 | | Owners' Equity Attributable to Parent Company (RMB) | -154,743,862.03 | 74,092,668.70 | | Net Profit (RMB) | -26,542,564.40 | 12,958,858.82 | [XI. Government Grants](index=144&type=section&id=XI.%20Government%20Grants) During the reporting period, government grants recognized in profit or loss totaled **RMB 10.31 million**, comprising both asset-related and income-related grants Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (RMB) | New Grants in Current Period (RMB) | Transferred to Other Income in Current Period (RMB) | Period-end Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 1,877,587.17 | 0 | 135,228.51 | 1,742,358.66 | Asset-related | | Deferred Income | 533,096.33 | 0 | 0 | 533,096.33 | Income-related | | **Total** | **2,410,683.50** | **0** | **135,228.51** | **2,275,454.99** | / | Government Grants Recognized in Profit or Loss for the Current Period | Type | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Asset-related | 135,228.51 | 253,540.15 | | Income-related | 10,052,442.29 | 13,211,939.00 | | VAT input tax deduction | 122,158.20 | 490,643.74 | | **Total** | **10,309,829.00** | **13,956,122.89** | [XII. Risks Related to Financial Instruments](index=145&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company aims to balance risk and return, managing market risk (insignificant exchange rate risk, interest rate risk through fixed/floating rate combinations), credit risk (from cash and receivables, managed by credit assessment and monitoring), and liquidity risk (through diverse financing and credit lines) - The company's risk management objective is to achieve an appropriate balance between risk and return, minimizing negative impacts[406](index=406&type=chunk) - Market Risk: Exchange rate risk is not significant; interest rate risk is managed through an appropriate combination of fixed and floating rate financial instruments[407](index=407&type=chunk)[408](index=408&type=chunk)[409](index=409&type=chunk) - Credit Risk: Primarily arises from cash and bank balances and receivables, managed through credit assessment, monitoring of receivable balances, and risk diversification[410](index=410&type=chunk)[411](index=411&type=chunk)[416](index=416&type=chunk) - Liquidity Risk: Managed by comprehensively utilizing various financing methods such as bill settlement and bank loans, and adopting a suitable combination of long-term and short-term financing to optimize the financing structure[419](index=419&type=chunk) - As of June 30, 2025, **46.81%** of the company's accounts receivable originated from the top five customers, indicating no significant credit concentration risk[417](index=417&type=chunk) [XIII. Disclosure of Fair Value](index=148&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value at period-end, primarily including financial assets held for trading (equity instrument investments, wealth management products) and other equity instrument investments (unlisted equity investments), detailing valuation methods Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 11,067,895.28 | 2,358,033.00 | 0 | 13,425,928.28 | | Of which: Equity Instrument Investments | 11,067,895.28 | 0 | 0 | 11,067,895.28 | | Of which:

深圳市铂科新材料股份有限公司 2025 年半年度报告 深圳市铂科新材料股份有限公司 2025 年半年度报告全文 【2025-08】 1 深圳市铂科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。 公司负责人杜江华、主管会计工作负责人游欣及会计机构负责人(会计主 管人员)黄彩冰声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分详细描述了公司经营中可能存在的风险，敬请投资者关注相 关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | P | A | | --- | --- | | 1 | 1 | | 第一 ...

广东飞南资源利用股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人孙雁军、主管会计工作负责人李晓娟及会计机构负责人(会计 主管人员)马景辉声明：保证本半年度报告中财务报告的真实、准确、完整。 广东飞南资源利用股份有限公司 2025 年半年度报告 2025 年 8 月 所有董事均已出席了审议本次半年报的董事会会议。 1 | 第一节 重要提示、目录和释义 1 | | --- | | 第二节 公司简介和主要财务指标 5 | | 第三节 管理层讨论与分析 9 | | 第四节 公司治理、环境和社会 21 | | 第五节 重要事项 24 | | 第六节 股份变动及股东情况 44 | | 第七节 债券相关情况 48 | | 第八节 财务报告 49 | 广东飞南资源利用股份有限公司 2025 年半年度报告全文 备查文件目录 一、载有公司法定代表人签名的 2025 年半年度报告原件。 本报告涉及的发展战略、经营计划等前瞻性陈述，不构成公司对投资者 的实质承 ...

公司代码：600604 900902 公司简称：市北高新 市北 B 股 上海市北高新股份有限公司2025 年半年度报告 二Ｏ二五年八月二十二日 1 / 164 上海市北高新股份有限公司 2025 年半年度报告 上海市北高新股份有限公司2025 年半年度报告 重要提示 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 无 十一、其他 □适用 √不适用 2 / 164 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、公司负责人孙中峰、主管会计工作负责人李炜勇及会计机构负责人（会计主管人员）吴亦希声明： 保证半年度报告中财务报告 ...

浙江开尔新材料股份有限公司 2025 年半年度报告全文 浙江开尔新材料股份有限公司 2025 年半年度报告 股票简称：开尔新材 股票代码：300234 披露日期：2025 年 8 月 23 日 浙江开尔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 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人邢翰学、主管会计工作负责人俞铖耀及会计机构负责人(会计 主管人员)俞铖耀声明：保证本半年度报告中财务报告的真实、准确、完整。 1 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- | | 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 | 28 | | 第六节 | 股份变动及股东情况 | 32 | | 第七节 | 债券相关情况 | 36 | | 第八节 | 财务报告 | 37 | 浙江开尔新材料股份 ...

宁波利安科技股份有限公司 2025 年半年度报告全文 宁波利安科技股份有限公司 2025 年半年度报告 2025-066 【2025 年 8 月】 1 宁波利安科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李士峰、主管会计工作负责人叶奇山及会计机构负责人(会计 主管人员)叶奇山声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来计划或规划等前瞻性陈述的，均不构成公司对投 资者的实质承诺，投资者及相关人士均应对此保持足够的风险意识，并且应 当理解计划、预测与承诺之间的差异。 本公司请投资者认真阅读本半年度报告全文，并特别注意本报告第三节 "管理层讨论与分析"之"十、公司面临的风险和应对措施"所列示的主要 风险。 公司经本次董事会审议通过的利润分配预案为：以 56,237,600 为基数， 向全体股东每 10 股派发现金红利 2.00 元（含税），送 ...

芯原微电子（上海）股份有限公司2025 年半年度报告 公司代码：688521 公司简称：芯原股份 芯原微电子（上海）股份有限公司 2025 年半年度报告 1 / 268 芯原微电子（上海）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、 重大风险提示 公司已在报告中详细描述可能存在的相关风险，敬请查阅本报告"第三节 管理层讨论与分析" 中"四、风险因素"部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人Wayne Wei-Ming Dai（戴伟民）、主管会计工作负责人赵春蓉及会计机构负责 人（会计主管人员）沙乐声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及公司未来发展计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺 ...