金宏气体股份有限公司2025 年半年度报告 公司代码：688106 公司简称：金宏气体 金宏气体股份有限公司 2025 年半年度报告 金宏气体股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告"第三节 管理层讨论与分析"之"四、风险因素"。敬请投资者注意投资风险。 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、 公司负责人金向华、主管会计工作负责人宗卫忠及会计机构负责人（会计主管人员）刘建 勇声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 ...

常州千红生化制药股份有限公司 2025 年半年度报告全文 常州千红生化制药股份有限公司 2025 年半年度报告 | 股票代码：002550 | | | | | | --- | --- | --- | --- | --- | | 股票简称：千红制药 披露时间：2025 年 | 8 | 月 | 23 | 日 | 1 常州千红生化制药股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王轲、主管会计工作负责人姚毅及会计机构负责人(会计主管 人员)胡姝声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告中详细描述了未来可能面临的主要风险及应对举措，具体 详情请查阅本报告"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"部分相关内容，敬请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 重要提示、目录和释义 ...

通源石油科技集团股份有限公司 2025 年半年度报告全文 通源石油科技集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 通源石油科技集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、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。 公司负责人姚志中、主管会计工作负责人张西军及会计机构负责人(会计 主管人员)舒丹声明：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。敬请广大投资者注 意投资风险。 公司在经营管理中可能面临的风险与应对措施已在本报告中"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"部分予以描述。敬请广大 投资者关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | ...

浙江嘉澳环保科技股份有限公司2025 年半年度报告 公司代码：603822 公司简称：嘉澳环保 浙江嘉澳环保科技股份有限公司 2025 年半年度报告 1 / 156 浙江嘉澳环保科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 公司负责人沈健、主管会计工作负责人吴逸敏及会计机构负责人（会计主管人员）黄潇声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告包含若干公司对未来发展战略、业务规划、经营计划、财务状况等前瞻性陈述 。这些陈述乃基于当前能够掌握的信息与数据对未来所做出的估计或预测，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 ...

甘肃陇神戎发药业股份有限公司 2025 年半年度报告全文 甘肃陇神戎发药业股份有限公司 1 2025 年半年度报告 2025 年 8 月 甘肃陇神戎发药业股份有限公司 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。 公司负责人康永红、主管会计工作负责人赵正财及会计机构负责人(会计 主管人员)肖荣声明：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。 本报告中涉及未来计划等前瞻性陈述，不构成本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"中，详细描述了公司经营中可能存在的风险及应对措施，敬请投 资者关注相关内容，并注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 303345000 为基数， 向全体股东每 10 股派发现金红利 0.2 元（含税），送红股 0 股（ ...

海思科医药集团股份有限公司 2025 年半年度报告全文 海思科医药集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 海思科医药集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、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。 公司负责人严庞科、主管会计工作负责人段鹏及会计机构负责人(会计主 管人员)谭大国声明：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。 海思科医药集团股份有限公司 2025 年半年度报告全文 备查文件目录 一、载有法定代表人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表； 本报告涉及未来计划等前瞻性陈述，业绩预测等均不构成公司对广大投 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认识，并应当 理解计划、预测与承诺之间的差异，敬请投资者注意投资风险，理性投资。 敬请广大投资者关注公司可能面临的风险，具体内容详见本报告第三节 管理层讨论与分析中"十、公司面临的风险和应对措施"。 ...

思特威（上海）电子科技股份有限公司2025 年半年度报告 公司代码：688213 公司简称：思特威 思特威（上海）电子科技股份有限公司 2025 年半年度报告 1 / 176 思特威（上海）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、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述了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"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人徐辰、主管会计工作负责人李冰晶及会计机构负责人（会计主管人员）李冰晶 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 公司治理特殊安排情况： □本公司为红筹企业 □本公司存在协议控制架构 √本公司存在表决权差异安排 2020 年 12 月 15 日，公司召开创立大 ...

北京北辰实业股份有限公司2025 年半年度报告 公司代码：601588 公司简称：北辰实业 北京北辰实业股份有限公司 2025 年半年度报告 1 / 136 北京北辰实业股份有限公司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、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 杨华森 | 因公请假 | 梁捷 | 三、 本半年度报告未经审计。 四、 公司负责人张杰、主管会计工作负责人朱岩及会计机构负责人（会计主管人员）杜艳声明： 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 本报告期内无半年度利润分配或公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划等前瞻性陈述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被 ...

Important Notes [Risk Disclaimer for Forward-Looking Statements](index=2&type=section&id=%E5%85%AD%E3%80%81%20%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) The company clarifies that forward-looking statements regarding future plans and strategies do not constitute substantive commitments, and investors should be aware of investment risks - Forward-looking statements in this report regarding future plans and development strategies do not constitute substantive commitments to investors, who should be aware of investment risks[4](index=4&type=chunk) [Non-Operational Fund Occupation by Controlling Shareholders](index=2&type=section&id=%E4%B8%83%E3%80%81%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no instances of non-operational fund occupation by its controlling shareholder or other related parties - The company confirms no non-operational fund occupation by its controlling shareholder or other related parties[5](index=5&type=chunk) [Provision of Guarantees in Violation of Decision-Making Procedures](index=2&type=section&id=%E5%85%AB%E3%80%81%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%BF%9D%E5%8F%8D%E8%A7%84%E5%AE%9A%E5%86%B3%E7%AD%96%E7%A8%8B%E5%BA%8F%E5%AF%B9%E5%A4%96%E6%8F%90%E4%BE%9B%E6%8B%85%E4%BF%9D%E7%9A%84%E6%83%85%E5%86%B5) During the reporting period, the company did not provide any external guarantees that violated prescribed decision-making procedures - The company did not provide any external guarantees in violation of prescribed decision-making procedures[5](index=5&type=chunk) [Inability of Over Half of Directors to Guarantee Report Accuracy](index=2&type=section&id=%E4%B9%9D%E3%80%81%20%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%8D%8A%E6%95%B0%E4%BB%A5%E4%B8%8A%E8%91%A3%E4%BA%8B%E6%97%A0%E6%B3%95%E4%BF%9D%E8%AF%81%E5%85%AC%E5%8F%B8%E6%89%80%E6%8A%AB%E9%9C%B2%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E5%92%8C%E5%AE%8C%E6%95%B4%E6%80%A7) During the reporting period, there was no situation where more than half of the directors could not guarantee the truthfulness, accuracy, and completeness of the semi-annual report - There was no instance of more than half of the directors being unable to guarantee the truthfulness, accuracy, and completeness of the semi-annual report[5](index=5&type=chunk) [Major Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%20%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company faces risks from coal and electricity market price volatility, production safety in coal mining, and industry policy changes, which could significantly impact performance - The company's operating results are significantly affected by price fluctuation risks for its main products, such as coal and electricity, due to changes in domestic market policies and supply-demand dynamics[6](index=6&type=chunk) - Factors such as production safety in coal mining and changes in industry-related policies may also have a certain impact on the company's production and operations[6](index=6&type=chunk) [Other Matters](index=2&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%20%E5%85%B6%E4%BB%96) The Board of Directors and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report and assume legal responsibility for its contents - The company's Board of Directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibility for any false records, misleading statements, or major omissions[7](index=7&type=chunk) - This semi-annual report is unaudited[7](index=7&type=chunk) - The company's responsible person Liu Feng, chief accounting officer Cheng Maojiu, and head of the accounting department Fan Wei declare that they guarantee the truthfulness, accuracy, and completeness of the financial report in the semi-annual report[7](index=7&type=chunk) Section 1 Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report to ensure consistent understanding of professional terminology - In this report, unless the context otherwise requires, terms such as the Company, Xinji Company, and Xinji Energy refer to China Coal Xinji Energy Co, Ltd[15](index=15&type=chunk) Section 2 Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the basic information of China Coal Xinji Energy Co, Ltd, including its names and legal representative Company Basic Information | Item | Details | | :--- | :--- | | Chinese Name | 中煤新集能源股份有限公司 | | Chinese Abbreviation | 新集能源 | | English Name | CHINA COAL XINJI ENERGY CO,LTD | | English Abbreviation | XINJI ENERGY | | Legal Representative | Liu Feng | [Contact Persons and Methods](index=4&type=section&id=%E4%BA%8C%E3%80%81%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative for investor communication Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Dai Fei | Building 13, Xinji Energy Office Park, Minhui Street, Shannan New District, Huainan City, Anhui Province | 0554-8661819 | 0554-8661918 | xjnyir@chinacoal.com | | Securities Affairs Representative | Liao Qianjin | Building 41, Xinji Energy Office Park, Minhui Street, Shannan New District, Huainan City, Anhui Province | 0554-8661819 | 0554-8661918 | xjnyir@chinacoal.com | [Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%20%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address was changed on October 28, 2016, while its office address, postal code, website, and email remain unchanged - The company's registered address was changed from 12 Dongshan Middle Road, Huainan City, Anhui Province to Minhui Street, Huainan City, Anhui Province on October 28, 2016[14](index=14&type=chunk) Company Address and Contact Information | Item | Details | | :--- | :--- | | Company Registered Address | Minhui Street, Tianjia'an District, Huainan City, Anhui Province | | Company Office Address | Xinji Energy Office Park, Minhui Street, Tianjia'an District, Huainan City, Anhui Province | | Postal Code of Office Address | 232001 | | Company Website | https://xinji.chinacoal.com/ | | Email | xjnyir@chinacoal.com | [Changes in Information Disclosure and Document Location](index=5&type=section&id=%E5%9B%9B%E3%80%81%20%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates specific newspapers and a website for information disclosure, with the semi-annual report available at its Securities Affairs Department Information Disclosure Channels | Item | Details | | :--- | :--- | | Designated Newspapers for Information Disclosure | China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily | | Website for Semi-Annual Report | www.sse.com.cn | | Location for Semi-Annual Report | Company's Securities Affairs Department | [Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange under the ticker "Xinji Energy" (601918), with previous names including "SDIC Xinji" and "*ST Xinji" Company Stock Information | Stock Type | Stock Exchange | Stock Ticker | Stock Code | Previous Stock Tickers | | :--- | :--- | :--- | :--- | :--- | | A-Share | Shanghai Stock Exchange | Xinji Energy | 601918 | SDIC Xinji, *ST Xinji | [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company's revenue and net profit declined by 2.91% and 21.72% YoY respectively, while total assets grew by 7.78% Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,810,913,716.05 | 5,985,171,605.71 | -2.91 | | Total Profit | 1,401,264,109.00 | 1,760,215,333.12 | -20.39 | | Net Profit Attributable to Shareholders | 920,423,593.11 | 1,175,805,395.59 | -21.72 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 934,633,593.76 | 1,137,905,517.41 | -17.86 | | Net Cash Flow from Operating Activities | 1,626,727,649.05 | 1,755,278,803.42 | -7.32 | | Net Assets Attributable to Shareholders (End of Period) | 16,428,779,526.08 | 15,556,336,743.32 | 5.61 | | Total Assets (End of Period) | 48,142,220,275.04 | 44,665,923,358.32 | 7.78 | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.36 | 0.45 | -20.00 | | Diluted Earnings Per Share (Yuan/Share) | 0.36 | 0.45 | -20.00 | | Basic EPS (Excluding Non-Recurring Items) (Yuan/Share) | 0.36 | 0.44 | -18.18 | | Weighted Average Return on Equity (%) | 5.76 | 8.42 | Decrease of 2.66 percentage points | | Weighted Average ROE (Excluding Non-Recurring Items) (%) | 5.84 | 8.15 | Decrease of 2.31 percentage points | [Non-Recurring Profit and Loss Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) In H1 2025, the company's total non-recurring profit and loss amounted to -14.21 million yuan, mainly from various gains and losses Non-Recurring Profit and Loss Items and Amounts (Jan-Jun 2025) | Non-Recurring Profit and Loss Item | Amount (Yuan) | | :--- | :--- | | Government Grants Included in Current Profit/Loss (Excluding Continuous Impact) | 1,796,803.24 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets/Liabilities Held by Non-Financial Enterprises | 1,162,459.10 | | Reversal of Impairment Provision for Individually Tested Accounts Receivable | 4,040,000.00 | | Other Non-Operating Income and Expenses | -9,265,662.54 | | Other Items Meeting the Definition of Non-Recurring Profit/Loss | -12,008,096.44 | | Less: Income Tax Impact | -84,860.10 | | Minority Interest Impact (After Tax) | 20,364.11 | | Total | -14,210,000.65 | Section 3 Management Discussion and Analysis [Industry and Core Business Overview](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's core business involves coal mining, washing, and thermal power generation, facing a soft coal market and competitive pressure on thermal power from renewables - The company's main operations are energy projects focused on coal mining, coal washing, and thermal power generation, selling coal and electricity externally; its business covers the coal and electricity industries[26](index=26&type=chunk) - In H1 2025, national coal production increased significantly, and although imports decreased year-on-year, they remained at a relatively high level, leading to a continued oversupply in the thermal coal market and a downward trend in prices[26](index=26&type=chunk) - In H1 2025, national electricity consumption reached **4.84 trillion kWh**, a year-on-year increase of **3.7%**, with new wind and solar power installations accounting for nearly **90%** of total new capacity[27](index=27&type=chunk) - In the first half of the year, the traditional thermal power market was significantly squeezed by clean energy, with national thermal power generation above a designated size reaching **2.94 trillion kWh**, a year-on-year decrease of **2.4%**[28](index=28&type=chunk) [Industry Situation During the Reporting Period](index=6&type=section&id=(%E4%B8%80)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The coal industry saw ample supply and falling prices in H1, while the power sector experienced rising demand and a rapid increase in renewable energy capacity, squeezing thermal power - In H1 2025, national raw coal production totaled **2.405 billion tons**, a **5.4%** year-on-year increase, while national coal imports were **221.7 million tons**, an **11.1%** year-on-year decrease[26](index=26&type=chunk) - In the first half of the year, the thermal coal market experienced a continuous oversupply with insufficient demand-side support, leading to a general downward trend in prices[26](index=26&type=chunk) - China's macroeconomic growth is expected to remain stable in 2025, with electricity consumption growth in H2 projected to be higher than in H1, and total national electricity consumption for 2025 is expected to increase by **5%-6%** year-on-year[27](index=27&type=chunk) - As of the end of June, thermal power installed capacity was **1.475 billion kW**, accounting for approximately **40.4%** of total installed capacity, a decrease of **2.7 percentage points** from the end of 2024[28](index=28&type=chunk) [Company's Business Operations During the Reporting Period](index=7&type=section&id=(%E4%BA%8C)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company operates five coal mines with a total capacity of 23.5 million tons/year and is expanding its thermal power portfolio, maintaining a stable market share in its region - As of June 2025, the company operates **5 producing mines** with a total annual capacity of **23.5 million tons**[29](index=29&type=chunk) - The company holds a controlling interest in Lixin Power Plant Phase I (2*1000MW) and Phase II (2*660MW), is constructing Shangrao (2*1000MW), Chuzhou (2*660MW), and Lu'an (2*660MW) power plants, and has a stake in Xuancheng Power Plant (1*660MW, 1*630MW)[29](index=29&type=chunk) - The company's coal is sold within Anhui Province and surrounding areas, primarily for thermal power generation and chemical industries, with transportation mainly by rail, and has maintained a stable regional market share[29](index=29&type=chunk) [Discussion and Analysis of Operating Performance](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company's commercial coal production and sales grew, and on-grid electricity generation increased significantly, yet revenue and net profit faced downward pressure - In H1 2025, the company's commercial coal production was **9.94 million tons**, up **6.16%** YoY; commercial coal sales were **9.43 million tons**, up **3.63%** YoY; and on-grid electricity generation was **6.28 billion kWh**, a **44.22%** YoY increase[31](index=31&type=chunk) - The company achieved operating revenue of **5.81 billion yuan**, total profit of **1.40 billion yuan**, and net profit attributable to the parent company of **920 million yuan**[31](index=31&type=chunk) [Analysis of Core Competencies](index=8&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its vast resource reserves, strategic location, high-quality coal, mature management, and an integrated coal-power strategy - The company holds **6.185 billion tons** of resource reserves within its mining rights and an additional **2.651 billion tons** in deep extensions, totaling **8.836 billion tons**, providing a solid foundation for sustainable development[32](index=32&type=chunk) - Located in central Anhui Province, the company is adjacent to the economically developed but energy-deficient Yangtze River Delta region, offering advantages in supply flexibility and lower transportation costs[32](index=32&type=chunk) - The company's coal, primarily gas coal and 1/3 coking coal, is of stable quality with low-to-medium ash, low sulfur, low phosphorus, and medium-to-high calorific value, making it a favored environmentally friendly product[33](index=33&type=chunk) - The company has established a comprehensive management system with an excellent management and technical team, continuously strengthening budget, cost, capital, asset, coal quality, and investment management[33](index=33&type=chunk) - The company is building a new coal-power integrated base; currently, its controlled Lixin Power Plant and equity-held Xuancheng Power Plant consume about **50%** of its coal output, with new plants under construction to further enhance synergies[33](index=33&type=chunk) [Principal Business Activities During the Reporting Period](index=8&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the period, revenue decreased by 2.91% while costs rose 2.71%, with significant balance sheet changes reflecting increased investment in ongoing projects Financial Statement Item Variations (Jan-Jun 2025 vs Prior Year Period) | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,810,913,716.05 | 5,985,171,605.71 | -2.91 | | Operating Costs | 3,583,081,931.33 | 3,488,504,535.83 | 2.71 | | Selling Expenses | 25,842,029.36 | 25,797,482.87 | 0.17 | | Administrative Expenses | 363,258,365.57 | 350,697,646.67 | 3.58 | | Financial Expenses | 244,457,675.13 | 255,648,488.65 | -4.38 | | R&D Expenses | 630,000.00 | 1,445,594.44 | -56.42 | | Net Cash Flow from Operating Activities | 1,626,727,649.05 | 1,755,278,803.42 | -7.32 | | Net Cash Flow from Investing Activities | -2,960,550,575.30 | -2,897,770,209.61 | -2.17 | | Net Cash Flow from Financing Activities | 2,096,742,686.54 | 1,956,895,164.97 | 7.15 | - The change in R&D expenses was mainly due to delays in the bidding process for some R&D projects, resulting in lower actual settlement amounts in the first half of the year[36](index=36&type=chunk) Asset and Liability Status Changes (End of Period vs Prior Year-End) | Item | Current Period-End (Yuan) | % of Total Assets | Prior Year-End (Yuan) | % of Total Assets | YoY Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,994,739,922.55 | 6.22 | 2,286,458,017.05 | 5.12 | 30.98 | | | Prepayments | 63,275,320.81 | 0.13 | 33,253,118.87 | 0.07 | 90.28 | Increase in prepayments for materials during the reporting period | | Inventories | 484,249,043.15 | 1.01 | 307,775,023.90 | 0.69 | 57.34 | Increase in commercial coal inventory during the reporting period | | Construction in Progress | 3,966,436,826.94 | 8.24 | 2,364,578,081.88 | 5.29 | 67.74 | Increased investment in power plant projects under construction | | Right-of-Use Assets | 90,457,723.10 | 0.19 | 66,930,176.80 | 0.15 | 35.15 | Increase in leased equipment for mining faces | | Short-term Borrowings | 2,341,062,361.12 | 4.86 | 1,390,737,741.66 | 3.11 | 68.33 | Increased short-term borrowing to take advantage of lower one-year loan rates | | Contract Liabilities | 299,503,862.86 | 0.62 | 137,838,476.43 | 0.31 | 117.29 | Increase in advance payments received for coal sales | | Lease Liabilities | 110,559,466.33 | 0.23 | 37,584,209.28 | 0.08 | 194.16 | Increase in leased equipment for mining faces | - At the end of the period, the company had **112.58 million yuan** in restricted funds due to mortgages, pledges, or freezes, primarily related to litigation freezes, land reclamation deposits, and performance bond pledges[38](index=38&type=chunk) External Equity Investments | Investee Company | Year-End Investment Cost (Yuan) | Equity Ratio | Year-End Book Value (Yuan) | Investment Income (Yuan) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | China Coal Xuancheng Power Generation Co, Ltd | 481,091,900.00 | 49% | 638,361,157.42 | 18,783,347.09 | Equity Method | | China Coal Intelligent Technology Co, Ltd | 24,500,000.00 | 49% | 47,821,845.00 | 4,250,638.29 | Equity Method | | Anhui Provincial Natural Gas Development Co, Ltd | 89,320,000.00 | 4.03% | 198,424,857.96 | 7,294,300.00 | Equity Method | Major Equity Investment Projects | Investee Company | Main Business | Investment Amount (10k Yuan) | Shareholding Ratio | Consolidated | Funding Source | Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shangrao Xintou Power Generation Co, Ltd | Thermal Power Generation | 57,200.00 | 65% | Yes | Own Funds | Chimney outer wall capped, main plant enclosed, turbine platform positioned | | China Coal Xinji (Chuzhou) Power Generation Co, Ltd | Thermal Power Generation | 112,801.81 | 85% | Yes | Own Funds | Turbine platform positioned, main plant enclosed, auxiliary power system energized | | China Coal Xinji Lu'an Energy Co, Ltd | Thermal Power Generation | 35,200.00 | 55% | Yes | Own Funds | Boiler main girders positioned, heating surface installation started, chimney outer wall capped | Financial Assets Measured at Fair Value | Asset Class | Opening Balance (Yuan) | Fair Value Change (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | | Stocks | 39,270,900.89 | 1,162,459.10 | 40,433,359.99 | | Other | 4,765,072.16 | 0 | 4,765,072.16 | | Total | 44,035,973.05 | 1,162,459.10 | 45,198,432.15 | [Other Disclosures](index=13&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces safety, financial, market, and environmental risks, which it addresses through enhanced management and strategic investments in ongoing projects - The company's coal production is affected by natural disasters such as water, fire, roof collapses, gas, and coal dust, posing long-term safety risks[48](index=48&type=chunk) - The company has significant capital expenditures planned for new coal-power and new energy projects, a relatively high asset-liability ratio, and considerable pressure from principal and interest payments[48](index=48&type=chunk) - Due to changes in supply and demand in the domestic coal and electricity markets, the prices of the company's main products, such as coal and electricity, are subject to fluctuation risks[48](index=48&type=chunk) - Stricter national energy conservation and environmental protection policies have increased constraints on the company, and environmental taxes have raised operating costs[49](index=49&type=chunk) - The Shangrao power plant project has completed the chimney outer wall, enclosed the main plant, and positioned the turbine platform; the Chuzhou plant has positioned the turbine, enclosed the main plant, and energized the auxiliary power system; the Lu'an plant has positioned the boiler main girders and started installing the heating surface[50](index=50&type=chunk) - The company is investing in the Lixin Phase I 100 MW wind power project in Bozhou City, with a total dynamic investment of approximately **667.83 million yuan**, expected to be grid-connected by the end of 2025[50](index=50&type=chunk) Section 4 Corporate Governance, Environment, and Society [Changes in Directors and Senior Management](index=13&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) On June 26, 2025, the company elected a new board of directors and appointed new senior management, involving multiple appointments and departures Changes in Directors and Senior Management | Name | Position | Change | | :--- | :--- | :--- | | Liu Feng | Director, Chairman | Elected | | Sun Kai | Director, General Manager | Elected/Appointed | | Cheng Maojiu | Chief Financial Officer | Appointed | | Dai Fei | Board Secretary | Appointed | | Wang Zhigen | Director, Chairman | Resigned | | Guo Zhanfeng | Director, General Manager | Resigned | | Xu Jin | Deputy General Manager | Resigned | | Han Baiqing | Chief Engineer | Resigned | | Cui Liguo | Independent Director | Resigned | - On June 26, 2025, the company held its 2024 Annual General Meeting, electing 8 directors for the 11th Board of Directors, and subsequently appointed 9 members of the management team at the first meeting of the 11th Board[53](index=53&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=14&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no proposed profit distribution or capitalization of capital reserve plan for the semi-annual period - Proposed semi-annual profit distribution plan or capitalization of capital reserve plan: No[54](index=54&type=chunk) [Environmental Information of Listed Companies and Subsidiaries on the Mandatory Disclosure List](index=15&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and its six main subsidiaries are included in the list of enterprises required to disclose environmental information, with links provided for their respective reports - The number of enterprises included in the list for mandatory environmental information disclosure is **6**[56](index=56&type=chunk) Subsidiaries on the Mandatory Environmental Information Disclosure List | No. | Company Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | China Coal Xinji Liuzhuang Mining Co, Ltd | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E5%88%98%E5%BA%84%E7%9F%BF%E4%B8%9A&hy=%5B%5D | | 2 | China Coal Xinji Fuyang Mining Co, Ltd | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E9%98%9C%E9%98%B3%E7%9F%BF%E4%B8%9A&hy=%5B%5D | | 3 | China Coal Xinji Lixin Mining Co, Ltd | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E5%88%A9%E8%BE%9B%E7%9F%BF%E4%B8%9A&hy=%5B%5D | | 4 | China Coal Xinji Lixin Power Generation Co, Ltd | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E5%88%A9%E8%BE%9B%E5%8F%91%E7%94%B5&hy=%5B%5D | | 5 | China Coal Xinji Energy Co, Ltd Xinji No.1 Mine | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E6%96%B0%E9%9B%86%E4%B8%80%E7%9F%BF&hy=%5B%5D | | 6 | China Coal Xinji Energy Co, Ltd Xinji No.2 Mine | https://39.145.37.16:8081/zhhb/yfplpub_html//searchPage?keyWord=%E6%96%B0%E9%9B%86%E4%BA%8C%E7%9F%BF&hy=%5B%5D | [Poverty Alleviation and Rural Revitalization Efforts](index=15&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) In H1 2025, the company actively implemented rural revitalization strategies, focusing on industrial development, consumer support, education, and infrastructure improvement - In H1 2025, the company implemented the central government's rural revitalization strategy and followed group and local requirements, advancing various rural revitalization tasks based on consolidating poverty alleviation achievements[57](index=57&type=chunk) - The company focused on promoting industrial cultivation, consumer assistance, education quality improvement, talent training, and rural construction, allocating funds as planned to improve the living and production conditions of assisted communities[57](index=57&type=chunk) - To deepen consumer assistance, the company plans to organize **160 employees** for recuperation activities in Wei County, Hebei, and Yinjiang, Guizhou, with an investment of **708,000 yuan**, and purchased **24,472 kg** of mung beans from Wei County to expand sales channels through "purchase as assistance"[57](index=57&type=chunk) - In line with Huainan City's assistance arrangements, the company added Yangcun Village in Yangcun Town as a new assisted village and is actively coordinating with relevant departments to develop practical assistance plans[58](index=58&type=chunk) Section 5 Important Matters [Fulfillment of Commitments](index=16&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) China National Coal Group has made commitments to avoid competition, including reducing business overlap and giving Xinji Company priority in certain regions, with some commitments extended to 2026 - China National Coal has committed to actively use asset restructuring, equity swaps, and business adjustments to minimize business overlap with Xinji Company[60](index=60&type=chunk) - For coal assets managed by China National Coal on behalf of SDIC, if there is substantial competition with Xinji Company, no coal will be sold in Anhui or Jiangxi provinces without Xinji's consent; if consent is given, Xinji will have the priority to purchase and sell the coal exclusively[61](index=61&type=chunk) - The "Supplementary Commitment Letter on Avoiding Competition with Xinji Energy," originally due on December 20, 2021, has been extended by China National Coal to **December 20, 2026**[62](index=62&type=chunk) [Major Litigation and Arbitration Matters](index=17&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company is involved in several major lawsuits concerning contract disputes and equity transfers, with many cases ruled in its favor and now in enforcement or settlement stages Major Litigation and Arbitration Matters | Plaintiff (Applicant) | Defendant (Respondent) | Type | Case Details | Amount Involved (Yuan) | Status | Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | The Company | Anhui Liuzhuang Real Estate Co, Ltd | Litigation | Demand for repayment of principal, interest, and penalties | 394,104,579.52 | Final judgment upheld by Supreme People's Court in Oct 2019; 208.98 million yuan repaid by June 30, 2025; judicial auction initiated | Company won the case | | The Company | Huainan Xinjinjiang Hotel Co, Ltd, Chen Qiming | Litigation | Demand for repayment of debt principal and interest | 80,587,979.10 | Retrial application rejected by Supreme People's Court on Dec 28, 2021; currently in enforcement stage | Company won the case | | The Company | Anqing Aidi Materials Co, Ltd | Litigation | Demand for immediate payment for coal sales | 10,266,436.04 | Settlement agreement reached in 2020; company is proceeding with enforcement according to the agreement | Enforcing settlement agreement | | Tianjin Weichen Investment Co, Ltd | Shanghai New Bund Enterprise Development Co, Ltd, The Company | Litigation | Claims for losses from fund appropriation, delayed delivery, etc | 223,698,361.60 | Second-instance judgment received in April 2025, appeal rejected, original verdict upheld | Company won the case | | Zhongyuan Rail Transit Engineering Co, Ltd | The Company, Third Party China Railway Company | Litigation | Construction contract dispute | 44,866,666.43 | Second-instance judgment received on May 4, 2023, ordering the company to pay 20.85 million yuan; company is cooperating with court enforcement | Company won the case | [Significant Related-Party Transactions](index=19&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in numerous routine related-party transactions totaling 1.94 billion yuan and maintained significant debt and deposit relationships with China Coal Finance Co, Ltd Related-Party Transactions (Purchase of Goods/Services) | Related Party | Transaction Category | 2025 Actual (Yuan) | | :--- | :--- | :--- | | Anhui Chuyuan Industry and Trade Co, Ltd | Industrial/Mining Products, Meal Services, Logistics, Labor, Transportation | 247,699,521.42 | | China National Coal Development Co, Ltd | Purchase of Goods, Receipt of Services | 175,107,029.64 | | Beijing China Coal Washing Technology Co, Ltd | Purchase of Goods, Receipt of Services | 63,395,183.24 | | China Coal Zhangjiakou Coal Mining Machinery Co, Ltd | Purchase of Goods, Receipt of Services | 55,791,854.86 | | China Coal No.72 Engineering Co, Ltd | Purchase of Goods, Receipt of Services | 16,746,278.57 | | China Coal Intelligent Technology Co, Ltd | Purchase of Goods, Receipt of Services | 12,931,517.99 | | China Coal Xi'an Design Engineering Co, Ltd | Purchase of Goods, Receipt of Services | 11,261,388.40 | | China Coal Tianjin Design Engineering Co, Ltd | Purchase of Goods, Receipt of Services | 10,918,468.75 | | Beijing China Coal Financial Leasing Co, Ltd | Purchase of Goods, Receipt of Services | 9,068,217.56 | | China Coal Construction and Installation Engineering Group Co, Ltd | Purchase of Goods, Receipt of Services | 7,235,532.08 | | Jiangsu Datun Electric Power Engineering Co, Ltd | Purchase of Goods, Receipt of Services | 6,134,729.17 | | Shanxi China Coal Sida Mechanical and Electrical Equipment Co, Ltd | Purchase of Goods, Receipt of Services | 5,693,446.02 | | China Coal No.5 Construction Co, Ltd | Purchase of Goods, Receipt of Services | 4,638,738.63 | | Jiangsu China Coal Environmental Protection Technology Co, Ltd | Purchase of Goods, Receipt of Services | 1,894,026.55 | | China Coal Energy Nanjing Co, Ltd | Purchase of Goods, Receipt of Services | 1,701,275.77 | | China Coal No.1 Construction Co, Ltd | Purchase of Goods, Receipt of Services | 1,559,633.03 | | China Coal Shaanxi Zhong'an Project Management Co, Ltd | Purchase of Goods, Receipt of Services | 1,225,383.24 | | China Coal Equipment Engineering Consulting Co, Ltd | Purchase of Goods, Receipt of Services | 620,754.72 | | China Local Coal Mine Co, Ltd | Purchase of Goods, Receipt of Services | 471,698.11 | | Shanghai China Coal Materials Co, Ltd | Purchase of Goods, Receipt of Services | 233,018.87 | | Beijing Kangdi Construction Supervision Consulting Co, Ltd | Purchase of Goods, Receipt of Services | 66,037.74 | | Subtotal | | 622,670,180.06 | Related-Party Transactions (Sale of Goods) | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | China Coal Xuancheng Power Generation Co, Ltd | Sale of Goods | 813,025,403.07 | | China National Coal Group Co, Ltd Jiangsu Branch | Sale of Goods | 403,341,623.69 | | Shanghai Datun Energy Co, Ltd | Sale of Goods | 87,472,172.32 | | Huanggang Dabieshan Power Generation Co, Ltd | Sale of Goods | 408,461.08 | | China Coal Energy Nanjing Co, Ltd | Sale of Goods | 81,132.08 | | Subtotal | | 1,304,328,792.24 | | Total | | 1,938,232,933.44 | Related-Party Borrowings (Funds Borrowed) | Related Party | Borrowing Amount (Yuan) | Start Date | End Date | | :--- | :--- | :--- | :--- | | China Coal Finance Co, Ltd | 99,000,000.00 | 2022/07/14 | 2025/07/14 | | China Coal Finance Co, Ltd | 99,000,000.00 | 2022/10/28 | 2025/10/28 | | China Coal Finance Co, Ltd | 17,930,000.00 | 2020/10/30 | 2025/10/30 | | China Coal Finance Co, Ltd | 95,000,000.00 | 2022/12/15 | 2025/12/15 | | China Coal Finance Co, Ltd | 100,000,000.00 | 2023/01/16 | 2026/01/16 | | China Coal Finance Co, Ltd | 100,000,000.00 | 2023/02/28 | 2026/02/28 | | China Coal Finance Co, Ltd | 300,000,000.00 | 2023/12/25 | 2026/12/25 | | China Coal Finance Co, Ltd | 40,000,000.00 | 2024/02/28 | 2039/02/28 | | China Coal Finance Co, Ltd | 100,000,000.00 | 2024/05/23 | 2039/02/28 | | China Coal Finance Co, Ltd | 100,000,000.00 | 2024/06/25 | 2039/02/28 | | China Coal Finance Co, Ltd | 227,000,000.00 | 2024/07/29 | 2039/02/28 | | China Coal Finance Co, Ltd | 70,058,349.46 | 2024/08/30 | 2039/02/28 | | China Coal Finance Co, Ltd | 85,000,000.00 | 2024/11/28 | 2039/11/28 | | China Coal Finance Co, Ltd | 3,000,000.00 | 2025/01/22 | 2039/11/28 | | China Coal Finance Co, Ltd | 6,724,800.00 | 2024/12/23 | 2039/12/23 | | Total | 1,442,713,149.46 | | | Financial Services with China Coal Finance Co, Ltd | Business Type | Relationship | Credit Line (Yuan) | Interest Rate Range | Opening Balance (Yuan) | Current Period Borrowings (Yuan) | Current Period Repayments (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lending | Ultimate Same Controller | 9,100,000,000.00 | 2.1%-4.0% | 1,444,713,149.46 | 3,000,000.00 | 5,000,000.00 | 1,442,713,149.46 | | Deposits | Ultimate Same Controller | 1,481,603,574.22 | 0.35%-0.9% | 1,070,781,929.12 | 28,224,581,703.71 | 28,068,817,214.93 | 1,226,546,417.90 | [Major Contracts and Their Performance](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company signed several major contracts for power plant construction and electricity sales, reflecting ongoing investment and operations in its coal-power and new energy sectors - In January 2025, China Coal Xinji Lu'an Energy Co, Ltd signed a contract worth **106.59 million yuan** with Beijing Boqi Electric Power Technology Co, Ltd for the desulfurization system engineering of the Lu'an power plant[81](index=81&type=chunk) - In February 2025, China Coal Xinji Lixin Power Generation Co, Ltd signed multiple bilateral electricity trading intention letters with several power companies, totaling approximately **638 million yuan**[81](index=81&type=chunk) - In March 2025, China Coal Xinji Lixin Power Generation Co, Ltd signed a bilateral electricity trading intention letter with CGN (Beijing) Power Sales Service Co, Ltd for **407.34 million yuan**[82](index=82&type=chunk) - In March 2025, China Coal Xinji Lixin Power Generation Co, Ltd signed a bilateral electricity trading intention letter with China Coal (Anhui) Power Sales Co, Ltd for **1.53 billion yuan**[82](index=82&type=chunk) - In April 2025, China Coal Xinji Lu'an Energy Co, Ltd signed a railway line construction contract with Anhui Shangtie Local Railway Development Co, Ltd for **236.12 million yuan**[82](index=82&type=chunk) - In May 2025, China Coal Xinji (Chuzhou) Power Generation Co, Ltd signed a procurement contract with Harbin Boiler Co, Ltd for the main piping systems of the Chuzhou power plant, valued at **167.13 million yuan**[82](index=82&type=chunk) Section 6 Share Capital Changes and Shareholder Information [Changes in Share Capital](index=23&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total number of shares and share capital structure remained unchanged - During the reporting period, the company's total number of shares and share capital structure did not change[84](index=84&type=chunk) [Shareholder Information](index=24&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the period end, the company had 90,644 common shareholders, with China National Coal Group Co, Ltd being the largest shareholder with a 31.15% stake - Total number of common shareholders at the end of the reporting period was **90,644**[86](index=86&type=chunk) Top Ten Shareholders | Shareholder Name | Shares Held at Period-End (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China National Coal Group Co, Ltd | 806,930,126 | 31.15 | State-owned Legal Person | | Guohua Energy Co, Ltd | 196,707,787 | 7.59 | State-owned Legal Person | | Anhui Xinji Coal and Electricity (Group) Co, Ltd | 185,902,860 | 7.18 | State-owned Legal Person | | National Social Security Fund Portfolio 406 | 82,207,125 | 3.17 | Other | | Kuwait Investment Authority - Own Funds | 32,676,149 | 1.26 | Foreign Legal Person | | Monetary Authority of Macao - Own Funds | 32,344,540 | 1.25 | Foreign Legal Person | | National Social Security Fund Portfolio 504 | 32,335,995 | 1.25 | Other | | ICBC - Guotai CSI Coal ETF | 24,122,188 | 0.93 | Other | | ABC - CSI 500 ETF | 23,191,377 | 0.90 | Other | | CCB - Wanjia Select Hybrid Securities Investment Fund | 22,663,846 | 0.87 | Other | - The top three shareholders have no related-party relationships or concerted action arrangements; the relationships of other shareholders are unknown[90](index=90&type=chunk) Section 7 Bond-Related Information [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments [Convertible Corporate Bonds](index=26&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds Section 8 Financial Report [Audit Report](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[7](index=7&type=chunk) [Financial Statements](index=27&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company financial statements for the first half of 2025, reflecting its financial position, performance, and cash flows [Consolidated Balance Sheet](index=27&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total consolidated assets were 48.14 billion yuan, an increase of 7.78% from the previous year-end, with total liabilities at 29.47 billion yuan Consolidated Balance Sheet Key Data (June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,994,739,922.55 | 2,286,458,017.05 | | Trading Financial Assets | 40,433,359.99 | 39,270,900.89 | | Accounts Receivable | 1,065,039,639.25 | 1,018,536,946.12 | | Inventories | 484,249,043.15 | 307,775,023.90 | | Total Current Assets | 5,156,506,363.33 | 4,032,765,601.48 | | Long-term Equity Investments | 884,607,860.38 | 859,915,130.64 | | Fixed Assets | 25,399,152,653.51 | 26,016,653,300.51 | | Construction in Progress | 3,966,436,826.94 | 2,364,578,081.88 | | Intangible Assets | 1,959,043,290.78 | 1,953,485,054.75 | | Total Non-current Assets | 42,985,713,911.71 | 40,633,157,756.84 | | Total Assets | 48,142,220,275.04 | 44,665,923,358.32 | | Short-term Borrowings | 2,341,062,361.12 | 1,390,737,741.66 | | Accounts Payable | 3,121,335,903.02 | 3,177,307,205.72 | | Contract Liabilities | 299,503,862.86 | 137,838,476.43 | | Total Current Liabilities | 11,036,283,350.92 | 9,893,329,004.13 | | Long-term Borrowings | 15,625,789,168.93 | 14,507,900,421.22 | | Lease Liabilities | 110,559,466.33 | 37,584,209.28 | | Total Non-current Liabilities | 18,432,570,089.25 | 17,357,894,222.12 | | Total Liabilities | 29,468,853,440.17 | 27,251,223,226.25 | | Total Equity Attributable to Parent Company | 16,428,779,526.08 | 15,556,336,743.32 | | Minority Interest | 2,244,587,308.79 | 1,858,363,388.75 | | Total Equity | 18,673,366,834.87 | 17,414,700,132.07 | | Total Liabilities and Equity | 48,142,220,275.04 | 44,665,923,358.32 | [Consolidated Income Statement](index=31&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company's consolidated revenue was 5.81 billion yuan, a 2.91% YoY decrease, while net profit attributable to parent shareholders fell by 21.72% to 920 million yuan Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 5,810,913,716.05 | 5,985,171,605.71 | | II. Total Operating Costs | 4,440,371,329.46 | 4,316,999,224.32 | | Operating Costs | 3,583,081,931.33 | 3,488,504,535.83 | | Taxes and Surcharges | 223,101,328.07 | 194,905,475.86 | | Selling Expenses | 25,842,029.36 | 25,797,482.87 | | Administrative Expenses | 363,258,365.57 | 350,697,646.67 | | R&D Expenses | 630,000.00 | 1,445,594.44 | | Financial Expenses | 244,457,675.13 | 255,648,488.65 | | III. Operating Profit | 1,410,529,771.54 | 1,739,015,390.65 | | IV. Total Profit | 1,401,264,109.00 | 1,760,215,333.12 | | Less: Income Tax Expense | 398,779,830.52 | 470,296,570.14 | | V. Net Profit | 1,002,484,278.48 | 1,289,918,762.98 | | Net Profit Attributable to Parent Company Shareholders | 920,423,593.11 | 1,175,805,395.59 | | Minority Interest Income | 82,060,685.37 | 114,113,367.39 | | VII. Total Comprehensive Income | 1,002,484,278.48 | 1,289,918,762.98 | | Basic Earnings Per Share (Yuan/Share) | 0.36 | 0.45 | [Consolidated Cash Flow Statement](index=35&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating activities was 1.63 billion yuan, while net cash used in investing activities was 2.96 billion yuan, primarily for asset construction Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,626,727,649.05 | 1,755,278,803.42 | | Net Cash Flow from Investing Activities | -2,960,550,575.30 | -2,897,770,209.61 | | Net Cash Flow from Financing Activities | 2,096,742,686.54 | 1,956,895,164.97 | | Net Increase in Cash and Cash Equivalents | 762,919,760.29 | 814,403,758.78 | | Cash and Cash Equivalents at End of Period | 2,882,159,054.27 | 2,283,373,666.49 | - Cash received from sales of goods and rendering of services was **6.99 billion yuan** in the current period, compared to **7.14 billion yuan** in the prior year period[35](index=35&type=chunk) - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was **2.97 billion yuan** in the current period, compared to **2.95 billion yuan** in the prior year period[36](index=36&type=chunk) - Cash received from borrowings was **4.32 billion yuan** in the current period, compared to **5.22 billion yuan** in the prior year period[36](index=36&type=chunk) [Company Basic Information](index=47&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) China Coal Xinji Energy Co, Ltd, listed on the Shanghai Stock Exchange since 2007, is a coal mining and power generation company controlled by China National Coal Group - China Coal Xinji Energy Co, Ltd (formerly "SDIC Xinji Energy Co, Ltd") was registered as a joint-stock limited company on December 1, 1997, and was listed on the Shanghai Stock Exchange on December 19, 2007[134](index=134&type=chunk) - On December 21, 2016, China National Coal Group Co, Ltd became the company's controlling shareholder, and the company's name was changed to "China Coal Xinji Energy Co, Ltd"[136](index=136&type=chunk) - As of June 30, 2025, China National Coal Group holds **806.93 million shares**, representing a **31.15%** equity stake[137](index=137&type=chunk) - The company's main business includes coal mining, power generation, transmission, and distribution, with its primary products being thermal coal and electricity[137](index=137&type=chunk) - The company's parent and ultimate controlling parent company is China National Coal Group Co, Ltd[138](index=138&type=chunk) - At the end of the period, the scope of the consolidated financial statements included **12 subsidiaries**, such as China Coal Xinji Liuzhuang Mining Co, Ltd and China Coal Xinji Fuyang Mining Co, Ltd[139](index=139&type=chunk) [Basis of Preparation for Financial Statements](index=48&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) These financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises and relevant CSRC regulations, on a going concern basis - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises - Basic Standard" and various specific accounting standards, application guides, interpretations, and other relevant regulations issued by the Ministry of Finance, as well as the "Rules for the Preparation of Information Disclosure by Companies Offering Securities to the Public No. 15 - General Provisions on Financial Reports" issued by the China Securities Regulatory Commission[140](index=140&type=chunk) - These financial statements are prepared on a going concern basis[141](index=141&type=chunk) [Significant Accounting Policies and Estimates](index=48&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates applied in preparing the financial statements, covering areas from revenue recognition to asset impairment - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises and provide a true and complete view of the company's financial position, operating results, changes in equity, and cash flows[143](index=143&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[161](index=161&type=chunk) - The company uses the cost method for long-term equity investments in subsidiaries and the equity method for investments in associates and joint ventures[178](index=178&type=chunk)[179](index=179&type=chunk) - The company recognizes revenue when it has fulfilled its performance obligations in a contract, specifically when the customer obtains control of the related goods or services[210](index=210&type=chunk) - The company accrues work safety funds and maintenance fees in accordance with the "Administrative Measures for the Extraction and Use of Enterprise Work Safety Funds" (Cai Zi [2022] No. 136) issued by the Ministry of Finance and the Ministry of Emergency Management, tailored to its specific circumstances[227](index=227&type=chunk) [Taxation](index=68&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes, including VAT, property tax, and corporate income tax, and benefits from several tax incentives Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods or provision of taxable services | 6%, 9%, 13% | | Property Tax | Based on 70% of the original value of the property or rental income | 1.2%, 12% | | Land Use Tax | Actual occupied land area | Note | | Urban Maintenance and Construction Tax | Payable turnover tax amount | 5%, 7% | | Education Surcharge | Payable turnover tax amount | 3% | | Local Education Surcharge | Payable turnover tax amount | 2% | | Corporate Income Tax | Taxable income | 25%, 20% | | Resource Tax | Sales amount of coal from the mining area | 2% | - China Coal Xinji Liuzhuang Mining Co, Ltd enjoys a property tax exemption for its housing rental market operations[234](index=234&type=chunk) - The company and its subsidiaries, including Liuzhuang, Fuyang, and Lixin mining companies, benefit from land use tax exemptions for gangue piles and spoil tips[234](index=234&type=chunk) - In H1 2025, Anhui Wencai Building Co, Ltd and Anhui Zhigu E-commerce Industrial Park Management Co, Ltd qualified as small and micro enterprises, enjoying "six taxes and two fees" reductions and a reduced corporate income tax rate of **20%** on **25%** of their taxable income[234](index=234&type=chunk)[235](index=235&type=chunk) [Notes to Consolidated Financial Statement Items](index=70&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed disclosures on individual items in the consolidated financial statements, highlighting significant increases in construction in progress and short-term borrowings - At the end of the period, cash and cash equivalents included **112,580,868.28 yuan** of restricted funds due to mortgages, pledges, or freezes[236](index=236&type=chunk) - The closing balance of accounts receivable was **1,160,331,369.71 yuan**, with a bad debt provision of **95,291,730.46 yuan**, and **4,040,000.00 yuan** of bad debt provision was recovered or reversed during the period[242](index=242&type=chunk)[251](index=251&type=chunk) - The closing book value of inventories was **484,249,043.15 yuan**, a **57.34%** increase from the beginning of the period, mainly due to higher commercial coal stocks[37](index=37&type=chunk)[290](index=290&type=chunk) - The closing book value of construction in progress was **3,966,436,826.94 yuan**, a **67.74%** increase from the beginning of the period, primarily due to increased investment in power plant projects under construction[37](index=37&type=chunk)[324](index=324&type=chunk) - The closing balance of short-term borrowings was **2,341,062,361.12 yuan**, a **68.33%** increase from the beginning of the period, as the company opportunistically increased short-term borrowing to capitalize on lower one-year loan interest rates[37](index=37&type=chunk)[352](index=352&type=chunk) - The closing balance of long-term borrowings was **15,625,789,168.93 yuan**, a **7.71%** increase from the beginning of the period, with interest rates ranging from **1.45% to 4.00%**[37](index=37&type=chunk)[380](index=380&type=chunk) - Operating revenue for the period was **5,810,913,716.05 yuan**, and operating cost was **3,583,081,931.33 yuan**[406](index=406&type=chunk) [R&D Expenditures](index=119&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) In H1 2025, the company's R&D expenditure was 630,000.00 yuan, all of which was expensed and related to a single research project on mining safety R&D Expenditure Details | Project | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Research on AI-based intelligent recognition algorithm platform for mine videos and other projects | 0 | 1,445,594.44 | | Research on the impact analysis and prevention technology of single-wing mining and high-pressure grouting on shaft safety under complex hydrogeological conditions | 630,000.00 | 0 | | Total | 630,000.00 | 1,445,594.44 | | Of which: Expensed R&D expenditure | 630,000.00 | 1,445,594.44 | [Interests in Other Entities](index=120&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in 12 subsidiaries engaged in coal and power operations and has equity in several key associate companies Corporate Group Structure (Partial) | Subsidiary Name | Main Place of Business | Registered Capital (Yuan) | Business Nature | Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | China Coal Xinji Liuzhuang Mining Co, Ltd | Fuyang, Anhui | 600,000,000.00 | Coal Mining and Washing | 100.00 | | China Coal Xinji Lixin Power Generation Co, Ltd | Bozhou, Anhui | 2,084,000,000.00 | Electricity and Heat Production and Supply | 55.00 | | Shangrao Xintou Power Generation Co, Ltd | Shangrao, Jiangxi | 1,572,000,000.00 | Electricity and Heat Production and Supply | 65.00 | | China Coal Xinji Lu'an Energy Co, Ltd | Lu'an, Anhui | 1,138,624,000.00 | Electricity and Heat Production and Supply | 55.00 | Key Financial Information of Significant Non-Wholly-Owned Subsidiaries (Partial) | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders (Yuan) | Minority Equity Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | China Coal Xinji Lixin Power Generation Co, Ltd | 45.00 | 81,988,721.73 | 1,444,445,810.81 | | China Coal Xinji (Chuzhou) Power Generation Co, Ltd | 15.00 | 0 | 199,095,789.68 | | Shangrao Xintou Power Generation Co, Ltd | 35.00 | 0 | 308,001,410.12 | | China Coal Xinji Lu'an Energy Co, Ltd | 45.00 | 0 | 288,000,000.00 | Significant Associate Companies | Joint Venture or Associate Name | Main Place of Business | Business Nature | Shareholding (%) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | | Anhui Provincial Natural Gas Development Co, Ltd | Hefei, Anhui | Gas Production and Supply | 4.03 | Equity Method | | China Coal Xuancheng Power Generation Co, Ltd | Xuancheng, Anhui | Electricity and Heat Production and Supply | 49.00 | Equity Method | | China Coal Intelligent Technology Co, Ltd | Hefei, Anhui | Software and Information Technology Services | 49.00 | Equity Method | - Anhui Provincial Natural Gas Development Co, Ltd has 8 board members, one of whom is appointed by the company, giving it significant influence[472](index=472&type=chunk) [Government Grants](index=124&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company recognized 1.91 million yuan in government grants, primarily asset-related grants recorded as other income Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related | 1,906,803.24 | 2,108,433.72 | | Total | 1,906,803.24 | 2,108,433.72 | Government Grant Reporting | Balance Sheet Item | Government Grant Amount (Yuan) | Amount Recognized in P/L or Offset Against Costs (Yuan) | P/L Item | | :--- | :--- | :--- | :--- | | Deferred Income | 1,906,803.24 | 1,906,803.24 | Other Income | | Total | 1,906,803.24 | 1,906,803.24 | | [Risks Related to Financial Instruments](index=125&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company primarily faces credit, liquidity, and market risks, which it manages through credit controls, cash flow monitoring, and interest rate risk assessment - The main risks arising from the company's financial instruments are **credit risk, liquidity risk, and market risk**[478](index=478&type=chunk) - Credit risk mainly arises from bank deposits, accounts receivable, and other receivables, which the company controls by assessing customer creditworthiness, setting credit terms, and regular monitoring[478](index=478&type=chunk)[479](index=479&type=chunk) - Liquidity risk is centrally managed by the finance department through monitoring cash balances and rolling 12-month cash flow forecasts to ensure sufficient funds to meet obligations[479](index=479&type=chunk) - The company's interest rate risk primarily stems from bank borrowings; as of June 30, 2025, its main borrowings are short-term and long-term loans with relatively stable interest rates, posing minimal risk[479](index=479&type=chunk)[480](index=480&type=chunk) - The company's primary capital management objective is to ensure its ability to continue as a going concern and maintain a healthy capital ratio to support business development and maximize shareholder value[480](index=480&type=chunk) [Fair Value Disclosures](index=126&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) At period-end, the company's assets measured at fair value totaled 45.20 million yuan, consisting mainly of trading financial assets and other equity investments Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 40,433,359.99 | 0 | 40,433,359.99 | | (2) Equity Instrument Investments | 40,433,359.99 | 0 | 40,433,359.99 | | (III) Other Equity Instrument Investments | 0 | 4,765,072.16 | 4,765,072.16 | | Total Assets at Fair Value | 40,433,359.99 | 4,765,072.16 | 45,198,432.15 | - The company's Level 1 fair value equity instrument investments are in listed companies, with fair value determined by quoted market prices[484](index=484&type=chunk) - The company's Level 3 fair value other equity instrument investments are in unlisted companies, with fair value determined by reference to the investee's net assets at the balance sheet date[485](index=485&type=chunk) [Related Parties and Transactions](index=127&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent is China National Coal Group Co, Ltd, and it engages in significant routine transactions with numerous related parties, including sales, purchases, and financing - The company's parent is China National Coal Group Co, Ltd, which holds a **31.15%** stake and has control over the company[488](index=488&type=chunk) Related-Party Transactions for Goods and Services (Current Period) | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Anhui Chuyuan Industry and Trade Co, Ltd | Industrial products, logistics services, etc | 235,975,967.12 | | China National Coal Development Co, Ltd | Purchase of goods | 175,107,029.64 | | China Coal Xuancheng Power Generation Co, Ltd | Sale of goods | 813,025,403.07 | | China National Coal Group Co, Ltd Jiangsu Branch | Sale of goods | 403,341,623.69 | | Total (Partial) | | 1,627,450,023.52 | Related-Party Borrowings (Funds Borrowed) | Related Party | Borrowing Amount (Yuan) | Start Date | End Date | | :--- | :--- | :--- | :--- | | China Coal Finance Co, Ltd | 1,442,713,149.46 | 2020/10/30-2025/01/22 | 2025/07/14-2039/12/23 | Receivables from Related Parties (Closing Balance) | Item | Related Party | Book Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | China Coal Finance Co, Ltd | 1,226,546,417.90 | | Accounts Receivable | China National Coal Group Co, Ltd Jiangsu Branch | 94,809,727.20 | | Prepayments | China Coal Energy Supply Chain Management (Beijing) Co, Ltd | 10,092,098.92 | | Other Receivables | China Coal Intelligent Technology Co, Ltd | 820,996.00 | | Other Non-current Assets | China National Coal Development Co, Ltd | 4,388,573.34 | Payables to Related Parties (Closing Book Balance) | Item | Related Party | Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Payable | Anhui Chuyuan Industry and Trade Co, Ltd | 312,630,541.03 | | Dividends Payable | China National Coal Group Co, Ltd | 10,035,111.68 | | Long-term Borrowings Due within One Year | China Coal Finance Co, Ltd | 534,855,000.00 | | Long-term Borrowings | China Coal Finance Co, Ltd | 907,858,149.46 | [Other Important Matters](index=136&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has identified two reportable segments, coal and power, and has disclosed key financial information for each segment - The company has identified **2 reportable segments** based on its internal organizational structure, management requirements, and internal reporting system: Coal and Power[505](index=505&type=chunk) Financial Information by Reportable Segment (H1 2025) | Item | Coal (Yuan) | Power (Yuan) | Inter-segment Elimination (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | External Transaction Revenue | 3,476,835,869.06 | 2,334,077,846.99 | 0 | 5,810,913,716.05 | | Investment Income from Associates and Joint Ventures | 0 | 0 | 0 | 32,532,664.00 | | Total Profit (Loss) | 1,234,297,268.01 | 161,081,239.26 | 5,885,601.73 | 1,401,264,109.00 | | Total Assets | 33,175,526,698.11 | 14,950,340,859.31 | 16,352,717.62 | 48,142,220,275.04 | | Total Liabilities | 20,675,011,925.15 | 8,793,669,132.85 | 172,382.17 | 29,468,853,440.17 | [Notes to Parent Company Financial Statement Items](index=138&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) The parent company's financial statements show significant balances in accounts receivable, other receivables, and long-term equity investments, with substantial investment income Parent Company Accounts Receivable (Closing) | Aging | Closing Book Balance (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | | Wi

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This section defines key terms and entities used in the report, including the Company, ultimate controller, subsidiaries, major customers, and investors - This section defines key terms and entities used in the report, including the **Company (New Vision Micro)**, **ultimate controller**, **subsidiaries**, **major customers** (e.g., BOE, TSMC, SMIC), and **investors**[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock summary, and key financial performance metrics [Company Basic Information](index=6&type=section&id=Item%202.1.%20Company%20Basic%20Information) Outlines the company's basic information, including names, legal representative, addresses, website, and email Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 上海新相微电子股份有限公司 | | Chinese Abbreviation | 新相微 | | English Name | Shanghai New Vision Microelectronics Co.,Ltd. | | Legal Representative | Peter Hong Xiao | | Registered Address | 3rd Floor, No. 10 Cangwu Road, Xuhui District, Shanghai | | Office Address | 3rd Floor, No. 10 Cangwu Road, Xuhui District, Shanghai | | Company Website | http://www.newvisionu.com.cn | | Email | office@newvisionu.com | [Contact Persons and Information](index=6&type=section&id=Item%202.2.%20Contact%20Persons%20and%20Information) Provides contact details for the Board Secretary and Securities Affairs Representative, including names, addresses, and communication channels Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary (Domestic Information Disclosure Representative) | Chen Xiuhua | 3rd Floor, No. 10 Cangwu Road, Xuhui District, Shanghai | 021-51097181 | 021-64954065 | office@newvisionu.com | | Securities Affairs Representative | Cao Mingyang | 3rd Floor, No. 10 Cangwu Road, Xuhui District, Shanghai | 021-51097181 | 021-64954065 | office@newvisionu.com | [Information Disclosure and Document Custody Location Changes](index=6&type=section&id=Item%202.3.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) Details the company's designated newspapers for information disclosure, website for reports, and report custody location Information Disclosure and Document Custody Location | Item | Content | | :--- | :--- | | Company's Selected Newspapers for Information Disclosure | "Shanghai Securities News", "China Securities Journal", "Securities Times", "Securities Daily", "Economic Information Daily" | | Website Address for Semi-Annual Report Publication | Shanghai Stock Exchange website (www.sse.com.cn) | | Company's Semi-Annual Report Custody Location | Company Board Office | [Company Stock/Depositary Receipt Summary](index=6&type=section&id=Item%202.4.%20Company%20Stock%2FDepositary%20Receipt%20Summary) Introduces the company's stock type, listing exchange, board, abbreviation, and code Company Stock Summary | Stock Type | Listing Exchange and Board | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | Shanghai Stock Exchange STAR Market | New Vision Micro | 688593 | / | [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=Item%202.5.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) H1 2025 operating revenue grew **23.48%** to **285.48 million yuan**, net profit (excl. non-recurring) grew **72.37%** to **4.34 million yuan**, and operating cash flow improved to **33.15 million yuan** Key Financial Indicators (January-June 2025) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.012 | -0.007 | Not applicable | | Diluted Earnings Per Share (yuan/share) | 0.012 | -0.007 | Not applicable | | Basic EPS after Deducting Non-recurring Gains and Losses (yuan/share) | 0.010 | 0.006 | 66.67 | | Weighted Average Return on Net Assets (%) | 0.35 | -0.21 | Not applicable | | Weighted Average Return on Net Assets after Deducting Non-recurring Gains and Losses (%) | 0.28 | 0.16 | Increased by 0.12 percentage points | | R&D Investment as % of Operating Revenue (%) | 12.85 | 12.17 | Increased by 0.68 percentage points | Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 285,484,549.39 | 231,204,025.82 | 23.48 | | Total Profit | -803,121.93 | -8,665,023.31 | Not applicable | | Net Profit Attributable to Shareholders | 5,447,290.66 | -3,367,111.78 | Not applicable | | Net Profit Attributable to Shareholders after Deducting Non-recurring Gains and Losses | 4,340,126.01 | 2,517,910.55 | 72.37 | | Net Cash Flow from Operating Activities | 33,149,402.12 | -47,726,442.73 | Not applicable | | Net Assets Attributable to Shareholders (End of Reporting Period) | 1,544,441,191.26 | 1,573,418,880.17 | -1.84 | | Total Assets (End of Reporting Period) | 1,892,290,799.97 | 1,786,890,541.17 | 5.90 | - Operating revenue for January-June 2025 was **285.48 million yuan**, a **23.48% year-on-year increase**, primarily due to product category expansion, increased market share, and sales scale[20](index=20&type=chunk) - Net profit attributable to shareholders after deducting non-recurring gains and losses for January-June 2025 was **4.34 million yuan**, a **72.37% year-on-year increase**, mainly due to the growth in the company's main business revenue during the reporting period[21](index=21&type=chunk) - Net cash flow from operating activities for January-June 2025 was **33.15 million yuan**, primarily due to increased cash received from sales and the recovery of capacity deposits[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=Item%202.6.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Lists the company's non-recurring gains and losses for the period, totaling **1.11 million yuan**, including government grants and fair value changes Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 1,992.69 | | Government grants recognized in current profit or loss | 450,000.00 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | 991,310.92 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 30,068.51 | | Other non-operating income and expenses apart from the above | -78,217.22 | | Less: Income tax impact | 230,767.45 | | Impact on minority interests (after tax) | 57,222.80 | | Total | 1,107,164.65 | [Net Profit After Deducting Share-based Payment Impact](index=9&type=section&id=Item%202.7.%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact) Discloses net profit after share-based payment impact: **5.85 million yuan** for the current period, compared to **-2.77 million yuan** in the prior year Net Profit After Deducting Share-based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payment Impact | 5,845,177.19 | -2,774,687.48 | Not applicable | [Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth discussion and analysis of the company's industry, operations, core competitiveness, and risk factors [Industry and Main Business](index=9&type=section&id=Item%203.1.%20Industry%20and%20Main%20Business) The company focuses on R&D, design, and sales of display chips using a Fabless model, covering diverse applications and innovating in AMOLED, Mini/Micro LED, and automotive chips [Company's Industry](index=9&type=section&id=Item%203.1.1.%20Company%27s%20Industry) The company operates in "Integrated Circuit Chip Products" and "Integrated Circuit Design" within electronics manufacturing, classified as a strategic emerging industry - The company's business falls under "C39 Computer, Communication and Other Electronic Equipment Manufacturing" in the National Bureau of Statistics' "Industrial Classification for National Economic Activities"[27](index=27&type=chunk) - The company's main business products are classified as "Integrated Circuit Chip Products" under "1.3.1 Integrated Circuits" within "1.3 Electronic Core Industry" of "1 New Generation Information Technology Industry" in the "Guidance Catalogue for Key Products and Services of Strategic Emerging Industries (2016 Edition)"[27](index=27&type=chunk) - According to the "Strategic Emerging Industries Classification (2018)," the company's main business products are "Integrated Circuit Design" under "1.3.4 New Information Technology Services" within "1.3 Emerging Software and New Information Technology Services" of "1 New Generation Information Technology Industry"[27](index=27&type=chunk) [Main Business Operations](index=9&type=section&id=Item%203.1.2.%20Main%20Business%20Operations) As a pioneer in display chip mass production, the company offers integrated and discrete display chips for diverse applications via a Fabless model, with strategic focus on AMOLED, Mini/Micro LED, and automotive chips - The company is one of the first in mainland China to achieve mass production of display chips, establishing a complete industrial ecosystem advantage in display chip design[27](index=27&type=chunk) - The company's main business focuses on the R&D, design, and sales of display chips, committed to providing complete display chip system solutions, primarily adopting a **Fabless manufacturing model**[28](index=28&type=chunk) - In new product development, **AMOLED display driver chips** for smartphones, **touch chips**, **timing controller chips** for automotive displays and TVs, and **micro-display products** for AR glasses have been successively developed and are gradually entering the market[30](index=30&type=chunk) Main Product Categories and Applications | Product Category | Product Name | Technical Features | Main Application Areas | | :--- | :--- | :--- | :--- | | Integrated Display Chips | Integrated TFT-LCD Display Driver IC (DDIC) | Small chip area, low power consumption, high-definition display | Smart wearables, smartphones, feature phones, industrial control displays, tablet PCs | | | Integrated TFT-LCD Touch Display Driver IC (TDDI) | High integration, high touch display performance, supports ten-finger touch | Smartphones | | | Integrated AMOLED Display Driver IC | Low power consumption, high contrast, supports high refresh rate, 1.5K high resolution | Smart wearables, smartphones | | | Touch Chip (TOUCH) | 480Hz ultra-high reporting rate, high signal-to-noise ratio, AI anti-mistouch, waterproof | Smartphones | | | MicroLED Chip | 12-inch wafer, 720*480 resolution, 0.13-inch panel, high integration, low power consumption | AR glasses | | Discrete Display Chips | Discrete Display Driver IC (TFT-LCD) | Rich interface configuration, high interface speed, strong driving capability | Tablet PCs, IT displays, TVs, and commercial displays | | | Discrete Display Driver IC (AMOLED) | P2P protocol support, ultra-high transmission rate, stability assurance, diverse built-in optimization algorithms | Automotive, specialized displays | | | Display Panel Power Management IC | High energy efficiency, low ripple rate, fast response, multi-power module integration | Tablet PCs, IT displays, TVs, and commercial displays | | | Timing Controller (TCON) | Diverse interface adaptation, high-spec display performance, high energy efficiency operation mode, rich image quality enhancement algorithms | Tablet PCs, automotive displays, IT displays, TVs, and commercial displays | [Discussion and Analysis of Operations](index=12&type=section&id=Item%203.2.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company benefited from "trade-in" policies and industry recovery, increasing display chip demand, and achieved revenue growth and enhanced competitiveness through capacity allocation, R&D, and governance improvements [Industry Mild Recovery, Localization Process Accelerates](index=12&type=section&id=Item%203.2.1.%20Industry%20Mild%20Recovery%2C%20Localization%20Process%20Accelerates) The display chip industry is experiencing a mild recovery with accelerated localization, driven by AI and downstream demand, leading to increased market share for domestic AMOLED and automotive display chips - China's "trade-in" policy injected strong momentum into the consumer electronics market, driving the recovery of display panels and supporting chip markets[32](index=32&type=chunk) - The display chip industry shows "mild recovery and accelerated localization," benefiting from AI technology empowering consumer electronics innovation and downstream demand from industries[33](index=33&type=chunk) - Domestic display driver chip shipments increased year-on-year, growing faster than the global average, with accelerated domestic substitution in high-end areas like AMOLED driver chips[33](index=33&type=chunk) [Strengthening R&D Innovation, Expanding Product Ecosystem](index=12&type=section&id=Item%203.2.2.%20Strengthening%20R%26D%20Innovation%2C%20Expanding%20Product%20Ecosystem) During the reporting period, R&D expenses increased by **30.36%** to **36.69 million yuan**, representing **12.85%** of operating revenue, reflecting continuous product expansion and technological upgrades to meet diverse customer needs R&D Investment | Indicator | Amount (million yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | R&D Expenses | 36.69 | 30.36 | | As % of Operating Revenue | 12.85% | - | - The company adheres to market demand and technological innovation as dual drivers, continuously deepening product layout and accelerating technology iteration and product upgrades[35](index=35&type=chunk) [Improving Governance Structure](index=12&type=section&id=Item%203.2.3.%20Improving%20Governance%20Structure) The company actively improved its governance system by abolishing the Supervisory Board, transferring its functions to the Board's Audit Committee, and revising the Articles of Association and other governance policies to enhance operational compliance and risk management - The company no longer has a Supervisory Board, with its functions now exercised by the Board's Audit Committee, and related internal regulations have been abolished[37](index=37&type=chunk) - The company revised and formulated several governance policies, including the "Rules of Procedure for Shareholders' Meetings," "Rules of Procedure for Board Meetings," and "Independent Director Work System," to enhance corporate governance[38](index=38&type=chunk) [Analysis of Core Competitiveness](index=13&type=section&id=Item%203.3.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness stems from its talent-driven R&D system, innovation across TFT-LCD and AMOLED technologies, superior product performance, quality management, deep collaboration with leading panel manufacturers, and efficient digital supply chain management [Analysis of Core Competitiveness](index=13&type=section&id=Item%203.3.1.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness is built on a talent-driven R&D system, accumulating core technologies in display driver chips, and maintaining strong partnerships with leading panel manufacturers like BOE, supported by an efficient digital supply chain - The company's core competitiveness originates from an R&D system rooted in talent and driven by innovation, building a multi-level talent梯队[39](index=39&type=chunk) - The company has accumulated a series of highly innovative and practical core technologies in display driver chips, including image compression, built-in capacitor technology, innovative architecture design, and low-power consumption techniques[40](index=40&type=chunk) - The company has established long-term stable strategic cooperative relationships with leading domestic panel enterprises like BOE, earning a strong market reputation through a scientific and comprehensive quality control system[41](index=41&type=chunk) - Operating under a Fabless model, the company has established good cooperative relationships with renowned wafer foundries such as Hua Hong Grace, SMIC, and TSMC, possessing efficient and powerful supply chain collaboration and flexible dynamic digital management capabilities[41](index=41&type=chunk) [Core Technologies and R&D Progress](index=14&type=section&id=Item%203.4.%20Core%20Technologies%20and%20R%26D%20Progress) The company possesses 25 core technologies, with 6 new additions in the reporting period covering ESD protection and dynamic backlight adjustment; R&D investment increased by **30.36%**, with 23 ongoing projects and a 109-person R&D team comprising **52.66%** of total staff [Core Technologies, Their Advanced Nature, and Changes in the Reporting Period](index=14&type=section&id=Item%203.4.1.%20Core%20Technologies%2C%20Their%20Advanced%20Nature%2C%20and%20Changes%20in%20the%20Reporting%20Period) The company holds 25 self-developed core technologies, including image compression, low power consumption, and innovative architectures, positioning it as a domestic leader or strong competitor; 6 new core technologies were added, enhancing chip reliability, display quality, and driving efficiency for LCD drivers - As of June 30, 2025, the company possesses **25 core technologies**, covering all product areas[42](index=42&type=chunk) - The reporting period saw the addition of **6 new core technologies**, including a power-on reset control method to prevent ESD false triggers, a global dynamic backlight adjustment control method, a new high-voltage charge pump technology, a high-resolution high-refresh-rate dynamic acceleration driving method, a method to reduce electromagnetic interference noise, and an image anti-shake control method[44](index=44&type=chunk)[45](index=45&type=chunk) Partial Core Technologies and Their Advanced Nature | No. | Core Technology Name | Technology Source | Technology Description | Technology Level | | :--- | :--- | :--- | :--- | :--- | | 1 | Image Compression Technology | Self-developed | Utilizes unique data analysis for image compression, saving chip area | Strong competitiveness | | 2 | Charge Recovery Low Power Consumption Technology | Self-developed | Utilizes panel capacitance for circuit charging and discharging, reducing power consumption and chip cost | Domestic leading | | 3 | Architecture Design to Reduce Mask Layers | Self-developed | Reduces mask layers through innovative design, saving costs and shortening manufacturing cycle | Strong competitiveness | | 8 | 8V AMOLED Driver Innovative Implementation Method | Self-developed | Achieves 8V AMOLED driver chip manufacturing on 6V process, significantly reducing costs | Domestic leading | | 11 | Charge Pump PMIC (Power Management IC) Efficiency Enhancement Technology | Self-developed | Utilizes adaptive rate selection and charge balance principles to improve charging and discharging efficiency | Domestic leading | | 21 | Global Dynamic Backlight Adjustment Control Method | Self-developed | Adjusts backlight and compensates input images through adaptive gain curve selection, improving display quality | Domestic leading | [R&D Achievements in the Reporting Period](index=17&type=section&id=Item%203.4.2.%20R%26D%20Achievements%20in%20the%20Reporting%20Period) As of June 30, 2025, the company has accumulated **26 patents** (22 invention patents) and **74 integrated circuit layout designs**, totaling **100 intellectual property rights** Intellectual Property List | Intellectual Property Type | New Applications in Current Period (units) | New Grants in Current Period (units) | Cumulative Quantity (Granted, units) | | :--- | :--- | :--- | :--- | | Invention Patents | 7 | 0 | 22 | | Utility Model Patents | 1 | 0 | 4 | | Other (Integrated Circuit Layout Design Registration) | 0 | 0 | 74 | | Total | 8 | 0 | 100 | [R&D Investment Table](index=17&type=section&id=Item%203.4.3.%20R%26D%20Investment%20Table) During the reporting period, the company's expensed R&D investment was **36.69 million yuan**, a **30.36% year-on-year increase**, with total R&D investment as a percentage of operating revenue increasing by **0.68 percentage points** to **12.85%** R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 36,689,547.96 | 28,143,751.13 | 30.36 | | Total R&D Investment | 36,689,547.96 | 28,143,751.13 | 30.36 | | Total R&D Investment as % of Operating Revenue (%) | 12.85 | 12.17 | Increased by 0.68 percentage points | [Ongoing Projects](index=18&type=section&id=Item%203.4.4.%20Ongoing%20Projects) The company has 23 ongoing R&D projects with a total investment of **485.98 million yuan**, **36.69 million yuan** invested this period, and **276.45 million yuan** cumulatively, targeting low-power, high-resolution, high-refresh-rate, and low-cost display driver and control chips for various applications - The company has **23 ongoing R&D projects**, with an estimated total investment of **485.98 million yuan**, **36.69 million yuan** invested in the current period, and a cumulative investment of **276.45 million yuan**[54](index=54&type=chunk) - Ongoing projects cover various application areas, including smart wearables, smartphones, TVs and commercial displays, IT displays, automotive displays, and AR glasses[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) - The main goal is to develop display driver and control chips with **low power consumption**, **small area**, **low cost**, **high resolution**, **high refresh rate**, **high stability**, and **strong ESD resistance**[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [R&D Personnel Information](index=21&type=section&id=Item%203.4.5.%20R%26D%20Personnel%20Information) The company's R&D team comprises **109 individuals**, representing **52.66%** of total staff, with total R&D personnel compensation of **24.77 million yuan** and an average compensation of **460,800 yuan**, primarily consisting of bachelor's and master's degree holders with a balanced age structure R&D Personnel Basic Information | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 109 | 101 | | R&D Personnel as % of Total Company Staff (%) | 52.66 | 56.11 | | Total R&D Personnel Compensation (million yuan) | 24.77 | 18.46 | | Average R&D Personnel Compensation (million yuan) | 0.4608 | 0.3656 | R&D Personnel Education Level | Education Level | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | PhD | 4 | 3.67 | | Master's Degree | 40 | 36.70 | | Bachelor's Degree | 60 | 55.04 | | Associate Degree | 4 | 3.67 | | High School and Below | 1 | 0.92 | | Total | 109 | 100 | [Risk Factors](index=21&type=section&id=Item%203.5.%20Risk%20Factors) The company faces multiple operational, financial, and macroeconomic risks, including core technical talent loss, product R&D failure, intensified market competition, inventory impairment, accounts receivable recovery, and exchange rate fluctuations [Operating and Management Risks](index=21&type=section&id=Item%203.5.1.%20Operating%20and%20Management%20Risks) The company faces risks of core technical talent loss or shortage, technology leakage, and product R&D failure, which could adversely affect its R&D capabilities and future performance growth - The company operates in a technology-intensive industry, facing risks such as loss or shortage of core technical talent and technology leakage, with intense competition for talent[57](index=57&type=chunk) - The company faces product R&D failure risk; if R&D direction is misjudged, key technologies are not breakthrough, or products are not recognized by customers, prior investments may not be recovered, impacting future performance[57](index=57&type=chunk) [Risk of Intensified Market Competition](index=22&type=section&id=Item%203.5.2.%20Risk%20of%20Intensified%20Market%20Competition) The display driver chip industry faces increasingly severe market competition; failure to grasp new display technology trends, update processes, or respond quickly to customer needs may lead to market share erosion - The display driver chip industry faces increasingly severe market competition risk; if the company fails to accurately grasp the development trends of new display technologies, it will face the risk of market share erosion[58](index=58&type=chunk) - As the downstream panel industry becomes more concentrated and technology iteration accelerates, the company faces the risk of intensified market competition[58](index=58&type=chunk) [Financial Risks](index=22&type=section&id=Item%203.5.3.%20Financial%20Risks) The company faces inventory impairment risk due to market demand changes, intensified competition, or poor inventory management, potentially leading to product unsalability; high accounts receivable also pose a risk of unrecoverable payments if customer operations deteriorate - The company faces inventory impairment risk, which may adversely affect operating performance due to changes in market demand, intensified market competition, or poor inventory management leading to product unsalability[58](index=58&type=chunk) - The book value of the company's accounts receivable accounts for **9.35%** of current assets at period-end; if customer operating conditions deteriorate, it may lead to the inability to collect payments on time and in full[58](index=58&type=chunk) [Macroeconomic Environment Risks](index=22&type=section&id=Item%203.5.4.%20Macroeconomic%20Environment%20Risks) The company's industry is highly correlated with global consumer electronics market prosperity, making it vulnerable to order demand and product price fluctuations from macroeconomic volatility; foreign currency-denominated transactions also expose it to exchange rate fluctuation risks - The company's display driver chip design industry is highly correlated with the prosperity of the global consumer electronics market, and macroeconomic fluctuations may lead to volatility in the company's order demand and product prices[58](index=58&type=chunk) - Some of the company's procurement or sales transactions are denominated in foreign currencies such as the US dollar, which may expose it to exchange rate losses due to currency fluctuations[58](index=58&type=chunk) [Major Operating Conditions in the Reporting Period](index=22&type=section&id=Item%203.6.%20Major%20Operating%20Conditions%20in%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by **23.48%**, operating costs by **25.32%**, and both selling and R&D expenses saw significant growth; the asset-liability structure remained stable, with total assets growing by **5.90%**, and the company actively pursued external investments and disclosed key subsidiary operations [Main Business Analysis](index=22&type=section&id=Item%203.6.1.%20Main%20Business%20Analysis) The company's main business revenue increased by **23.48%** to **285.48 million yuan**, primarily due to business development and increased sales scale; operating costs, selling expenses, and R&D expenses also grew, with R&D expenses increasing by **30.36%**, reflecting increased R&D investment Financial Statement Related Account Changes Analysis | Account | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 285,484,549.39 | 231,204,025.82 | 23.48 | | Operating Cost | 243,693,662.08 | 194,457,344.63 | 25.32 | | Selling Expenses | 9,762,681.40 | 7,189,119.16 | 35.80 | | Administrative Expenses | 14,524,959.13 | 11,571,531.64 | 25.52 | | Financial Expenses | -7,482,128.09 | -11,830,015.67 | Not applicable | | R&D Expenses | 36,689,547.96 | 28,143,751.13 | 30.36 | | Net Cash Flow from Operating Activities | 33,149,402.12 | -47,726,442.73 | Not applicable | - The change in operating revenue is mainly due to the company's active business development and stable increase in revenue scale[61](index=61&type=chunk) - The change in R&D expenses is mainly due to the company's increased R&D investment, an increase in the number of R&D personnel, corresponding increase in total salaries, and increased expenditures on R&D consumables and other items[61](index=61&type=chunk) [Asset and Liability Situation Analysis](index=23&type=section&id=Item%203.6.2.%20Asset%20and%20Liability%20Situation%20Analysis) At the end of the reporting period, total assets increased by **5.90%** to **1.89 billion yuan**; cash, inventories, notes payable, and long-term borrowings all grew significantly, while notes receivable, accounts receivable financing, and non-current assets due within one year decreased, reflecting changes in operating activities and financing structure Asset and Liability Status Changes | Item 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 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 968,518,921.03 | 51.18 | 848,203,893.00 | 47.47 | 14.18 | | Notes Receivable | 324,340.80 | 0.02 | 2,762,893.97 | 0.15 | -88.26 | | Inventories | 270,811,205.63 | 14.31 | 227,132,249.61 | 12.71 | 19.23 | | Non-current Assets Due Within One Year | 59,335,148.54 | 3.14 | 117,924,283.54 | 6.60 | -49.68 | | Total Assets | 1,892,290,799.97 | 100.00 | 1,786,890,541.17 | 100.00 | 5.90 | | Notes Payable | 161,047,610.24 | 8.51 | 62,263,839.86 | 3.48 | 158.65 | | Contract Liabilities | 525,229.35 | 0.03 | 5,692,815.76 | 0.32 | -90.77 | | Long-term Borrowings | 33,260,000.00 | 1.76 | 0 | 0 | Not applicable | - The decrease in notes receivable and accounts receivable financing is mainly due to the maturity and acceptance of notes receivable during the reporting period[62](index=62&type=chunk)[63](index=63&type=chunk) - Notes payable increased by **158.65%**, primarily due to an increase in notes payable during the reporting period[63](index=63&type=chunk) - Overseas assets amounted to **45.37 million yuan**, accounting for **2.40%** of total assets[64](index=64&type=chunk) Major Restricted Assets | Item | Period-End Book Balance (yuan) | Period-End Book Value (yuan) | Restriction Status | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 11,709,660.26 | 11,709,660.26 | Pledged for bank acceptance bills, converted to margin upon maturity | | Accounts Receivable Financing | 58,650.16 | 58,650.16 | Pledged for bank acceptance bills | | Total | 11,768,310.42 | 11,768,310.42 | | [Investment Status Analysis](index=26&type=section&id=Item%203.6.3.%20Investment%20Status%20Analysis) During the reporting period, the company's investment amounted to **2.985 million yuan**, a **85.08% year-on-year decrease**; the company co-established Chongqing Liangjiang Xinxian Venture Capital Fund Partnership with professional investment institutions and holds equity investments in companies like Huicheng Co., Ltd Overall Analysis of External Equity Investments | Indicator | Investment Amount in Current Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 2,985,000.00 | 20,000,000.00 | -85.08% | - The company, in collaboration with professional investment institutions, co-invested in Chongqing Liangjiang Xinxian Venture Capital Fund Partnership (Limited Partnership), with the company's subscribed capital contribution of **120 million yuan**, and **2.985 million yuan** actually paid in the current period[68](index=68&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Stocks (Huicheng Co., Ltd.) | 4,583,667.20 | 731,545.10 | 5,315,212.30 | | Other Non-current Financial Assets | 63,241,654.29 | 0 | 63,241,654.29 | | Total | 67,825,321.49 | 731,545.10 | 68,556,866.59 | [Analysis of Major Holding and Participating Companies](index=29&type=section&id=Item%203.6.4.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the financial information of the company's major holding subsidiaries, including New Vision Beijing, New Vision Xi'an, New Vision Hefei, Hefei Hongxinda, New Vision Hong Kong, Shenzhen New Vision Technology, and Shanghai Mixin, covering their registered capital, total assets, net assets, operating revenue, operating profit, and net profit Financial Situation of Major Holding Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | New Vision Beijing | Subsidiary | Sales and technical services of display chip products | 5,000,000.00 | 5,574,179.40 | 4,874,840.69 | 1,773,584.91 | -589,483.88 | -478,349.70 | | New Vision Xi'an | Subsidiary | R&D of display chip products | 20,000,000.00 | 14,552,563.40 | 12,223,955.17 | 13,424,528.31 | -108,191.36 | -171,153.84 | | New Vision Hefei | Subsidiary | R&D and sales of display chip products | 10,000,000.00 | 41,403,302.84 | 24,660,756.78 | 84,340,173.44 | -929,467.79 | -715,264.12 | | Hefei Hongxinda | Subsidiary | Design and sales | 50,000,000.00 | 44,462,878.95 | 14,364,455.48 | 31,146,450.14 | -33,997.22 | -27,876.12 | | New Vision Hong Kong | Subsidiary | Sales of display chips | USD 4,880,000.00 | 337,755,096.87 | 42,300,897.65 | 249,957,197.52 | 620,636.91 | 584,522.65 | | Shenzhen New Vision Technology | Subsidiary | Design and sales | 20,000,000.00 | 18,504,338.10 | 17,479,459.71 | 884,955.75 | -3,238,548.79 | -2,513,118.02 | | Shanghai Mixin | Subsidiary | R&D and sales of power management chip products | 13,300,000.00 | 7,989,228.33 | 7,890,719.39 | 0.00 | -1,172,771.55 | -1,173,664.69 | [Corporate Governance, Environment, and Society](index=31&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's directors, supervisors, senior management, and core technical personnel, as well as information on profit distribution and equity incentive plans [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=31&type=section&id=Item%204.1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, Ms. Tang Xiaoqi resigned as a non-independent director, and Ms. Jin Chunyan was elected; the company also abolished the Supervisory Board, with its functions transferred to the Board's Audit Committee, leading to the departure of former Chairman Liu Xiaofeng and supervisors Jin Song and Liu Juanjuan Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position Held | Change | | :--- | :--- | :--- | | Tang Xiaoqi | Non-independent Director | Departure | | Jin Chunyan | Non-independent Director | Election | | Liu Xiaofeng | Chairman of Supervisory Board | Departure | | Jin Song | Supervisor | Departure | | Liu Juanjuan | Supervisor | Departure | - Ms. Tang Xiaoqi, a non-independent director, resigned due to a change in her position at shareholder Beijing Yandong Microelectronics Co., Ltd[78](index=78&type=chunk) - The company abolished the Supervisory Board, with its functions now exercised by the Board's Audit Committee, and related internal regulations have been abolished[79](index=79&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=31&type=section&id=Item%204.2.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution or capital reserve conversion plan for the current reporting period Semi-Annual Profit Distribution Plan | Item | Content | | :--- | :--- | | Is there a distribution or conversion | No | | Number of bonus shares per 10 shares (shares) | / | | Dividend per 10 shares (yuan) (tax inclusive) | / | | Number of shares converted from capital reserve per 10 shares (shares) | / | [Equity Incentive Plan](index=32&type=section&id=Item%204.3.%20Equity%20Incentive%20Plan) On April 24, 2025, the company approved the grant of reserved restricted shares under the 2024 Restricted Stock Incentive Plan, granting **1.185 million shares** to 5 incentive recipients at **15.89 yuan/share** on April 25, while also canceling some previously granted but unvested restricted shares - The company granted **1.185 million reserved restricted shares** to incentive recipients under the 2024 Restricted Stock Incentive Plan at a grant price of **15.89 yuan/share**, with the grant date being April 25, 2025[81](index=81&type=chunk) - The company canceled some previously granted but unvested restricted shares under the 2024 Restricted Stock Incentive Plan[81](index=81&type=chunk) [Significant Matters](index=33&type=section&id=Item%205.%20Significant%20Matters) This section covers the company's commitment fulfillment, significant related-party transactions, progress in the use of raised funds, and other important matters such as share repurchases and the termination of major asset restructuring [Fulfillment of Commitments](index=33&type=section&id=Item%205.1.%20Fulfillment%20of%20Commitments) The company's ultimate controller, shareholders, related parties, and the company itself have timely and strictly fulfilled multiple commitments during or continuing into the reporting period, including share lock-ups, dividend policies, avoidance of horizontal competition, standardized related-party transactions, share price stabilization, and information disclosure Overview of Commitment Fulfillment | Commitment Background | Commitment Type | Committing Party | Commitment Period | Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Commitments related to initial public offering | Share Lock-up | Ultimate Controller Peter Hong Xiao (Xiao Hong) | Within 36 months from the date of the company's initial public offering and listing; within two years after the lock-up period expires; within 6 months after resignation; during the original term and within 6 months after the original term expires; within 4 years from the date the lock-up period for pre-IPO shares expires | Yes | | Commitments related to initial public offering | Share Lock-up | Zhou Jian (Person acting in concert with the ultimate controller) | Within 36 months from the date of the company's initial public offering and listing; within two years after the lock-up period expires; within 6 months after resignation; during the original term and within 6 months after the original term expires; within 4 years from the date the lock-up period for pre-IPO shares expires | Yes | | Commitments related to initial public offering | Dividend | Company | Three years after the company's listing | Yes | | Commitments related to initial public offering | Resolution of Horizontal Competition | Ultimate Controller Peter Hong Xiao (Xiao Hong) and his concerted party Zhou Jian and the largest shareholder NewVision (BVI) | During the period as the company's ultimate controller, concerted party of the ultimate controller, and largest shareholder | Yes | | Commitments related to initial public offering | Resolution of Related-Party Transactions | Ultimate Controller Peter Hong Xiao (Xiao Hong) and his concerted party Zhou Jian, the largest shareholder NewVision (BVI), directors, supervisors, senior management, core technical personnel at the time of IPO, and shareholders holding 5% or more of shares before IPO | During the period as the company's ultimate controller, concerted party of the ultimate controller, largest shareholder, shareholder holding 5% or more of shares, director, supervisor, senior management, and core technical personnel | Yes | | Commitments related to equity incentives | Other | Company | Long-term | Yes | | Commitments related to major asset restructuring | Other | Company | Long-term | Yes | [Significant Related-Party Transactions](index=63&type=section&id=Item%205.2.%20Significant%20Related-Party%20Transactions) The company approved its 2025 annual routine related-party transaction forecast and disclosed chip sales related-party transactions with BOE and its subsidiaries; additionally, the company terminated a major related-party transaction involving issuing shares, convertible bonds, and cash for asset acquisition and fundraising [Related-Party Transactions in Routine Operations](index=63&type=section&id=Item%205.2.1.%20Related-Party%20Transactions%20in%20Routine%20Operations) The company approved its 2025 annual routine related-party transaction forecast and disclosed chip sales related-party transactions with BOE and its subsidiaries, with current period sales totaling **71.25 million yuan** - The company has convened the Board of Directors, Supervisory Board, and Shareholders' Meeting to approve the "Proposal on the Company's Forecast of Routine Related-Party Transactions for 2025"[179](index=179&type=chunk) Related-Party Transactions for Selling Goods/Providing Services | Related Party | Related Transaction Content | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | :--- | | BOE and its subsidiaries | Chip sales | 71,252,930.56 | 37,314,521.68 | - A portion of the company's customized procurement of display panel power management chip finished products and sales to BOE and its subsidiaries is accounted for using the net method and offset against the transaction amount, with **34.44 million yuan** offset in the current period[187](index=187&type=chunk) [Related-Party Transactions for Asset/Equity Acquisition or Disposal](index=63&type=section&id=Item%205.2.2.%20Related-Party%20Transactions%20for%20Asset%2FEq uity%20Acquisition%20or%20Disposal) On March 13, 2025, the company approved a major related-party transaction involving issuing shares, convertible bonds, and cash for asset acquisition and fundraising, but decided to terminate the matter on August 8, 2025 - On March 13, 2025, the company approved the "Proposal on the Preliminary Plan for Shanghai New Vision Microelectronics Co., Ltd. to Issue Shares, Convertible Corporate Bonds, and Pay Cash to Acquire Assets and Raise Supporting Funds, and its Summary, Constituting a Related-Party Transaction"[182](index=182&type=chunk) - On August 8, 2025, the company approved the "Proposal on Terminating the Issuance of Shares, Convertible Corporate Bonds, and Payment of Cash to Acquire Assets and Raise Supporting Funds, Constituting a Related-Party Transaction," deciding to terminate this major related-party transaction[183](index=183&type=chunk) [Progress in the Use of Raised Funds](index=67&type=section&id=Item%205.3.%20Progress%20in%20the%20Use%20of%20Raised%20Funds) The company's initial public offering raised **917 million yuan** net, with a committed investment of **1.519 billion yuan**, and a cumulative investment of **217 million yuan** as of the end of the reporting period; the company temporarily supplemented working capital and managed cash with idle raised funds while ensuring project progress [Overall Use of Raised Funds](index=67&type=section&id=Item%205.3.1.%20Overall%20Use%20of%20Raised%20Funds) The company's initial public offering raised a total of **1.028 billion yuan**, with a net amount of **917 million yuan**, and a committed investment of **1.519 billion yuan**; as of the end of the reporting period, cumulative raised funds invested totaled **217 million yuan**, with **15.29 million yuan** invested in the current year Overall Use of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Total Raised Funds | 1,027,507,771.94 | | Net Raised Funds | 916,574,627.93 | | Total Committed Investment | 1,519,027,000.00 | | Cumulative Raised Funds Invested as of Period-End | 217,399,237.49 | | Amount Invested in Current Year | 15,286,735.86 | [Details of Raised Fund Investment Projects](index=68&type=section&id=Item%205.3.2.%20Details%20of%20Raised%20Fund%20Investment%20Projects) The company's raised fund investment projects include the Hefei AMOLED Display Driver Chip R&D and Industrialization Project, Hefei Display Driver Chip Test Production Line Construction Project, and Shanghai Advanced Display Chip R&D Center Construction Project, with a total planned investment of **917 million yuan** and a cumulative investment of **217 million yuan** as of the end of the reporting period Details of Raised Fund Investment Projects Usage | Project Name | Planned Investment of Raised Funds (1) (yuan) | Cumulative Raised Funds Invested as of Period-End (2) (yuan) | Cumulative Investment Progress (3)=(2)/(1) (%) | | :--- | :--- | :--- | :--- | | Hefei AMOLED Display Driver Chip R&D and Industrialization Project | 490,000,000.00 | 13,217,414.49 | 2.70 | | Hefei Display Driver Chip Test Production Line Construction Project | 126,574,627.93 | 17,907,562.00 | 14.15 | | Shanghai Advanced Display Chip R&D Center Construction Project | 300,000,000.00 | 186,274,261.00 | 62.09 | | Total | 916,574,627.93 | 217,399,237.49 | / | [Other Uses of Raised Funds in the Reporting Period](index=71&type=section&id=Item%205.3.3.%20Other%20Uses%20of%20Raised%20Funds%20in%20the%20Reporting%20Period) The company used a portion of idle raised funds, not exceeding **100 million yuan**, to temporarily supplement working capital, with **37.09 million yuan** used and **33 million yuan** repaid as of June 30, 2025; the company was also approved to use up to **500 million yuan** of temporarily idle raised funds for cash management, but no actual use occurred during the reporting period - The company and its subsidiaries plan to use a portion of idle raised funds, not exceeding **100 million yuan**, to temporarily supplement working capital; as of June 30, 2025, **37.09 million yuan** has been used, **33 million yuan** has been repaid, with **4.09 million yuan** remaining unrepaid[194](index=194&type=chunk) - The company was approved to use a total of up to **500 million yuan** of temporarily idle raised funds for cash management, but there was no actual use of idle raised funds for cash management during the reporting period[198](index=198&type=chunk)[199](index=199&type=chunk) - The company replaced **1.97 million yuan** (USD 270,000) for asset purchases and **1.23 million yuan** for R&D personnel salaries from its raised funds special account after initially paying with its own funds[201](index=201&type=chunk)[202](index=202&type=chunk) [Other Significant Matters](index=73&type=section&id=Item%205.4.%20Other%20Significant%20Matters) During the reporting period, the company implemented a share repurchase, accumulating **3.97 million shares** for **55.68 million yuan**; it also terminated a major asset restructuring and abolished the Supervisory Board, transferring its functions to the Board's Audit Committee [Repurchase Matters](index=73&type=section&id=Item%205.4.1.%20Repurchase%20Matters) As of June 30, 2025, the company had cumulatively repurchased **3.97 million shares**, representing **0.86%** of its total share capital, with a total payment of **55.68 million yuan** - As of June 30, 2025, the company had cumulatively repurchased **3.97 million shares** through centralized bidding transactions, accounting for **0.86%** of the company's total share capital[203](index=203&type=chunk) - The highest repurchase price was **22.50 yuan/share**, the lowest was **7.97 yuan/share**, and the total amount paid was **55.68 million yuan** (excluding transaction commissions and other fees)[203](index=203&type=chunk) [Major Asset Restructuring Matters](index=73&type=section&id=Item%205.4.2.%20Major%20Asset%20Restructuring%20Matters) On March 13, 2025, the company approved a major related-party transaction involving issuing shares, convertible bonds, and cash for asset acquisition and fundraising, but decided to terminate the matter on August 8, 2025 - On March 13, 2025, the company approved the "Proposal on the Preliminary Plan for Shanghai New Vision Microelectronics Co., Ltd. to Issue Shares, Convertible Corporate Bonds, and Pay Cash to Acquire Assets and Raise Supporting Funds, and its Summary, Constituting a Related-Party Transaction"[204](index=204&type=chunk) - On August 8, 2025, the company approved the "Proposal on Terminating the Issuance of Shares, Convertible Corporate Bonds, and Payment of Cash to Acquire Assets and Raise Supporting Funds, Constituting a Related-Party Transaction," deciding to terminate this major asset restructuring[205](index=205&type=chunk) [Abolition of Supervisory Board and Revision of Articles of Association](index=73&type=section&id=Item%205.4.3.%20Abolition%20of%20Supervisory%20Board%20and%20Revision%20of%20Articles%20of%20Association) The company decided to abolish the Supervisory Board, transferring its functions to the Board's Audit Committee, and revised the Articles of Association and other governance policies to enhance operational compliance, in accordance with the latest laws and regulations - The company will no longer have a Supervisory Board, with its functions now exercised by the Board's Audit Committee, and related internal regulations have been abolished[207](index=207&type=chunk) - On May 29, 2025, and June 20, 2025, the company approved the "Proposal on Abolishing the Supervisory Board and Revising the Articles of Association" and the "Proposal on Formulating and Revising Certain Corporate Governance Systems"[207](index=207&type=chunk) [Share Changes and Shareholder Information](index=75&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, including the reduction of restricted shares and the increase in unrestricted tradable shares, along with information on the total number of shareholders and the top ten shareholders [Share Capital Changes](index=75&type=section&id=Item%206.1.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by **3.68 million shares**, with a corresponding increase in unrestricted tradable shares, primarily due to the listing and circulation of some strategically placed restricted shares from the initial public offering Share Change Table | Item | Number Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 140,523,924 | 30.58 | -3,676,235 | 136,847,689 | 29.78 | | 2. State-owned Legal Person Shares | 3,676,235 | 0.80 | -3,676,235 | 0 | 0.00 | | II. Unrestricted Tradable Shares | 319,005,488 | 69.42 | 3,676,235 | 322,681,723 | 70.22 | | 1. RMB Ordinary Shares (A-shares) | 319,005,488 | 69.42 | 3,676,235 | 322,681,723 | 70.22 | | III. Total Shares | 459,529,412 | 100.00 | 0 | 459,529,412 | 100.00 | - On June 3, 2025, **3.68 million strategically placed restricted shares** from the company's initial public offering were listed and became tradable, accounting for **0.80%** of the company's total share capital[210](index=210&type=chunk) [Changes in Restricted Shares](index=76&type=section&id=Item%206.2.%20Changes%20in%20Restricted%20Shares) During the reporting period, China International Capital Corporation Wealth Securities Co., Ltd.'s **3.68 million strategically placed restricted shares** from the initial public offering were released from restriction and became tradable, resulting in zero restricted shares at period-end Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China International Capital Corporation Wealth Securities Co., Ltd. | 3,676,235 | 3,676,235 | 0 | 0 | Initial Public Offering Strategic Placement Restriction | 2025/6/3 | | Total | 3,676,235 | 3,676,235 | 0 | 0 | / | / | [Shareholder Information](index=76&type=section&id=Item%206.3.%20Shareholder%20Information) As of the end of the reporting period, the company had **12,008 ordinary shareholders**; among the top ten shareholders, New Vision Microelectronics Inc. held **16.68%** as the largest shareholder, and Beijing Electronics Holdings Co., Ltd. held **12.30%**, with some major shareholders having related-party relationships or acting in concert Total Number of Shareholders | Indicator | Quantity | | :--- | :--- | | Total Number of Ordinary Shareholders at End of Reporting Period (households) | 12,008 | Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | New Vision Microelectronics Inc. | 76,653,360 | 16.68 | 76,653,360 | Overseas Legal Person | | Beijing Electronics Holdings Co., Ltd. | 56,541,164 | 12.30 | 0 | State-owned Legal Person | | Kehongxin (Hong Kong) Co., Ltd. | 28,619,320 | 6.23 | 0 | Overseas Legal Person | | Xiao International Investment Limited | 24,077,880 | 5.24 | 24,077,880 | Overseas Legal Person | | Sanya Zhuoxincheng Private Equity Fund Management Co., Ltd. - Xi'an Zhonglian Zhaojin Equity Investment Partnership (Limited Partnership) | 21,816,075 | 4.75 | 0 | Other | | Shen Zhenyu | 18,380,000 | 4.00 | 0 | Domestic Natural Person | | Beijing Dexin Huifu Equity Investment Management Center (Limited Partnership) - Xinyu Yijiade Equity Investment Partnership (Limited Partnership) | 15,580,550 | 3.39 | 0 | Other | | Shanghai Zhaoyi Information Technology Partnership (Limited Partnership) | 14,247,000 | 3.10 | 14,247,000 | Other | | Shanghai Siyi Information Technology Partnership (Limited Partnership) | 13,257,000 | 2.88 | 13,257,000 | Other | | Taiwan Analog Technology Co., Ltd. | 10,432,880 | 2.27 | 0 | Overseas Legal Person | - New Vision Microelectronics Inc., Xiao International Investment Limited, and Shanghai Zhaoyi Information Technology Partnership (Limited Partnership) are all enterprises controlled by the company's ultimate controller, Peter Hong Xiao (Xiao Hong)[216](index=216&type=chunk) - Zhou Jian, the executive partner of Shanghai Siyi Information Technology Partnership (Limited Partnership), is a person acting in concert with Peter Hong Xiao (Xiao Hong)[216](index=216&type=chunk) [Bond-Related Information](index=81&type=section&id=Item%207.%20Bond-Related%20Information) This section confirms that the company has no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[224](index=224&type=chunk) - The company has no convertible corporate bonds[224](index=224&type=chunk) [Financial Report](index=82&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited semi-annual 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 risks [Audit Report](index=82&type=section&id=Item%208.1.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [Financial Statements](index=82&type=section&id=Item%208.2.%20Financial%20Statements) This section contains the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow [Company Basic Information](index=106&type=section&id=Item%208.3.%20Company%20Basic%20Information) Shanghai New Vision Microelectronics Co., Ltd. was listed on the Shanghai Stock Exchange STAR Market on June 1, 2023, with stock code 688593; its registered capital is **459.53 million yuan**, ultimate controller is Peter Hong Xiao, and it primarily engages in integrated circuit design, R&D, and sales using a Fabless model, with products including integrated and discrete display chips - The company's shares were listed on the STAR Market of the Shanghai Stock Exchange on June 1, 2023, with stock abbreviation: New Vision Micro, stock code: 688593[264](index=264&type=chunk) - As of June 30, 2025, the company's registered capital was **459.53 million yuan**, and the ultimate controller was Peter Hong Xiao (Xiao Hong)[264](index=264&type=chunk) - The company belongs to the integrated circuit design industry, primarily engaging in integrated circuit design, integrated circuit chip design and services, and integrated circuit chip and product sales, adopting a **Fabless business model**[265](index=265&type=chunk) [Basis of Financial Statement Preparation](index=107&type=section&id=Item%208.4.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on the going concern assumption, with no significant doubts about its ability to continue as a going concern - The company's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports (Revised in 2023)" of the China Securities Regulatory Commission[267](index=267&type=chunk) - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or circumstances, thus the financial statements are prepared on a going concern basis[268](index=268&type=chunk) [Significant Accounting Policies and Estimates](index=107&type=section&id=Item%208.5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for financial instruments, inventories, receivables, fixed assets, intangible assets, revenue recognition, and share-based payments, ensuring the truthfulness and completeness of financial reporting - The company determines specific accounting policies and estimates based on its production and operation characteristics, mainly reflected in inventory valuation methods, expected credit loss provision methods for receivables, depreciation of fixed assets, revenue recognition timing, and fair value determination of equity instruments for share-based payments[269](index=269&type=chunk) [Taxes](index=137&type=section&id=Item%208.6.%20Taxes) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and property tax; as a high-tech enterprise, it enjoys a **15%** corporate income tax preferential rate, VAT exemption for technology transfer and development services, and VAT input tax credit for integrated circuit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services revenue | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Amount of actual paid turnover tax | 7% | | Corporate Income Tax | Taxable income | 25%, 16.5%, 15% | | Property Tax | 70% of original property value (or rental income) | 1.2%, 12% | - The company is recognized as a high-tech enterprise and pays corporate income tax at a **15%** rate for the current period[396](index=396&type=chunk) - The company and its subsidiaries' income from technology development services is exempt from VAT after filing[397](index=397&type=chunk) - The company enjoys a preferential policy allowing integrated circuit design, production, packaging and testing, equipment, and material enterprises to deduct **15%** of the current period's deductible input VAT from their payable VAT[397](index=397&type=chunk) [Notes to Consolidated Financial Statement Items](index=138&type=section&id=Item%208.7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including cash and cash equivalents, financial assets held for trading, notes receivable, accounts receivable, inventories, long-term receivables, fixed assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets restricted in ownership or use, short-term borrowings, notes payable, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, lease liabilities, share capital, capital reserves, treasury stock, other comprehensive income, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating expenses, income tax expenses, other comprehensive income, cash flow statement items, supplementary cash flow information, notes to owners' equity change statement items, foreign currency monetary items, and leases [R&D Expenses](index=189&type=section&id=Item%208.8.%20R%26D%20Expenses) The company's total expensed R&D expenditure for the reporting period was **36.69 million yuan**, primarily comprising employee compensation, R&D consumables, depreciation and amortization, and share-based payments, all recognized in current profit or loss R&D Expenses by Nature | Item | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 23,620,887.94 | 18,462,989.73 | | R&D Consumables | 5,966,845.88 | 5,152,758.67 | | Depreciation and Amortization | 4,693,283.56 | 2,291,088.34 | | Share-based Payment | 1,286,766.75 | 200,549.20 | | Other | 1,121,763.83 | 2,036,365.19 | | Total | 36,689,547.96 | 28,143,751.13 | | Of which: Expensed R&D Expenditure | 36,689,547.96 | 28,143,751.13 | | Capitalized R&D Expenditure | 0 | 0 | [Changes in Consolidation Scope](index=189&type=section&id=Item%208.9.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope did not change due to business combinations under common control, business combinations not under common control, reverse acquisitions, or disposal of subsidiaries - There were no business combinations not under common control in the current period[558](index=558&type=chunk) - There were no business combinations under common control in the current period[558](index=558&type=chunk) - There were no reverse acquisitions in the current period[558](index=558&type=chunk) - There were no transactions or events resulting in loss of control over subsidiaries in the current period[559](index=559&type=chunk) [Interests in Other Entities](index=190&type=section&id=Item%208.10.%20Interests%20in%20Other%20Entities) The company's consolidation scope for the current period includes 9 subsidiaries: Shanghai New Vision International Trade Co., Ltd., New Vision Microelectronics (Xi'an) Co., Ltd., Hefei New Vision Microelectronics Co., Ltd., New Vision (Beijing) Microelectronics Technology Co., Ltd., New Vision Microelectronics (Hong Kong) Co., Ltd., Shanghai Mixin Microelectronics Co., Ltd., Hefei Hongxi