江苏泰慕士针纺科技股份有限公司 2025 年半年度报告全文 江苏泰慕士针纺科技股份有限公司 2025 年半年度报告 （公告编号：2025-046） 2025 年 8 月 1 江苏泰慕士针纺科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陆彪、主管会计工作负责人田凤洪及会计机构负责人(会计主 管人员)左宗华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"纺织服装相关业务"的披露要求 公司已在本报告中详细描述未来将面临的主要风险及应对措施，详情请 查阅本报告"第三节 管理层讨论与分析之十一、公司未来发展的展望"部分， 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 | | 2 | | --- | --- | --- | ...

浙江龙盛集团股份有限公司 2025 年半年度报告 公司代码：600352 公司简称：浙江龙盛 浙江龙盛集团股份有限公司 2025 年半年度报告 1 / 153 浙江龙盛集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、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、 公司负责人阮伟祥、主管会计工作负责人卢邦义及会计机构负责人（会计主管人员）卢邦 义声明：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 本次利润分配以实施权益分派股权登记日登记的总股本为基数，每 10 股派发现金 2.00 元（含 税），以此计算合计拟派发现金红利 650,666,372.00 元（含税），占公司 2025 年度上半年度归 属上市公司股东净利润的 70.12%。 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在 ...

Section 1 Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, with no false records or major omissions. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4](index=4&type=chunk) - Company head Xu Hong, chief accountant Guo Mengrong, and head of accounting department Xu Jianqin declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the structured table of contents for the report, covering company profile, management discussion, governance, and financial reports. - The report comprises nine main chapters, covering company operations, financials, governance, and significant events[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms and technical acronyms used in the report, such as the reporting period and industrial automation terms. - The reporting period refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - Several professional acronyms and their definitions in industrial automation and information technology, such as PLC, SCADA, MES, PCS, and EMS, are listed[13](index=13&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shanghai Hite Control System Co., Ltd. (Hite Control, 002184) is listed on the Shenzhen Stock Exchange, with Xu Hong as its legal representative. - The company's stock abbreviation is “Hite Control”, stock code 002184, listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Xu Hong[16](index=16&type=chunk) [II. Contact Persons and Contact Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary Wu Qiunong and Securities Affairs Representative Qiu Yangfan. - The Board Secretary is Wu Qiunong, and the Securities Affairs Representative is Qiu Yangfan[17](index=17&type=chunk) - The contact address is 777 Xinjuanhuan Road, Minhang District, Shanghai, telephone 021-60572990, and email 002184@hite.com.cn[17](index=17&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period. - The company's contact information and information disclosure and placement locations remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue increased by 15.91%, net profit attributable to shareholders turned profitable with a 234.32% increase, and operating cash flow significantly grew by 123.65%. Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,280,216,777.01 | 1,104,531,914.51 | 15.91% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 11,060,894.01 | -8,234,604.94 | 234.32% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (CNY) | -5,929,773.07 | -27,871,305.72 | 78.72% | | Net Cash Flow from Operating Activities (CNY) | 90,571,598.79 | -383,015,842.56 | 123.65% | | Basic Earnings Per Share (CNY/share) | 0.0314 | -0.0234 | 234.19% | | Diluted Earnings Per Share (CNY/share) | 0.0314 | -0.0234 | 234.19% | | Weighted Average Return on Net Assets | 0.97% | -0.60% | 1.57% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End** | | | Total Assets (CNY) | 3,212,307,149.92 | 3,712,245,984.49 | -13.47% | | Net Assets Attributable to Shareholders of Listed Company (CNY) | 1,147,868,870.67 | 1,136,906,063.22 | 0.96% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports disclosed under international or Chinese accounting standards. - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses amounted to CNY 16.99 million, primarily from government subsidies and gains from remeasuring equity in business combinations. Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 26,541.76 | | Government Subsidies Included in Current Profit and Loss | 13,440,687.98 | | 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 | 196,998.57 | | Gains and Losses from Entrusting Others to Invest or Manage Assets | 365,170.03 | | Other Non-Operating Income and Expenses Apart from the Above Items | 4,755,849.86 | | Gains from Remeasuring Equity Held Before the Acquisition Date in Non-Same-Control Business Combinations at Fair Value | 8,752,112.88 | | Less: Income Tax Impact | 764,411.87 | | Impact on Minority Interests (After Tax) | 9,782,282.13 | | Total | 16,990,667.08 | Section 3 Management Discussion and Analysis [I. Main Businesses Engaged in by the Company During the Reporting Period](index=9&type=section&id=I.%20Main%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's main business focuses on intelligent manufacturing across industrial electrical automation, information technology, and new energy, achieving 15.91% revenue growth and turning losses into profits this period. - The company's main business is divided into industrial electrical automation, industrial information technology, and new energy, developing around an intelligent manufacturing strategy[28](index=28&type=chunk) - The company's strategy focuses on the synergistic development of digitalization (industrial electrical automation, industrial information technology) and greening (new energy key equipment and energy storage)[42](index=42&type=chunk)[43](index=43&type=chunk) - During the reporting period, the company achieved operating revenue of **CNY 1,280.22 million**, a year-on-year increase of **15.91%**, and net profit attributable to shareholders of **CNY 11.06 million**, a year-on-year increase of **234.32%**, turning losses into profits[44](index=44&type=chunk) [(I) Main Businesses Engaged in During the Reporting Period](index=9&type=section&id=(I)%20Main%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) The company's three business segments, industrial electrical automation, industrial information technology, and new energy, are all committed to intelligent manufacturing and green development. - The industrial electrical automation business provides electrical automation and digital product matching and services for mechanical equipment OEMs and engineering projects[29](index=29&type=chunk)[30](index=30&type=chunk) - The industrial information technology business aims to build an industrial digital base, providing industrial networks, software middleware, computing platforms, and integrated solutions to assist customers in digital transformation[29](index=29&type=chunk)[32](index=32&type=chunk)[35](index=35&type=chunk) - The new energy business provides full-power wind power converters, doubly-fed converters, centralized and string energy storage PCS products and system solutions, and actively expands into the European market[29](index=29&type=chunk)[36](index=36&type=chunk)[39](index=39&type=chunk) [(II) Overview of Operating Performance During the Reporting Period](index=12&type=section&id=(II)%20Overview%20of%20Operating%20Performance%20During%20the%20Reporting%20Period) Overall revenue grew by 15.91%, turning losses into profits, driven by strong new energy (especially energy storage) performance, despite a decline in industrial information technology revenue. - The company's operating revenue increased by **15.91%** year-on-year, and net profit attributable to shareholders increased by **234.32%** year-on-year, achieving a turnaround from losses to profits[44](index=44&type=chunk) - Industrial information technology business operating revenue decreased year-on-year, but operating profit increased year-on-year[46](index=46&type=chunk) - Industrial electrical automation business operating revenue slightly increased year-on-year, and operating profit also increased year-on-year[48](index=48&type=chunk) - The new energy business as a whole achieved year-on-year growth in both operating revenue and operating profit, with energy storage business operating revenue and operating profit significantly increasing year-on-year, offsetting the decline in converter business revenue[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [II. Analysis of Core Competencies](index=13&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies are rooted in its R&D, talent, management, and market advantages, supported by high-tech and specialized enterprise titles. - The company and several subsidiaries hold high-tech enterprise and "specialized, refined, unique, and new" enterprise titles, with one recognized as a "Little Giant" enterprise by the Ministry of Industry and Information Technology[53](index=53&type=chunk)[54](index=54&type=chunk) - The company possesses proprietary intellectual property software and hardware products and systems in industrial automation, information technology, and high-power power electronics, with **599 patent applications** (427 granted) and **297 software copyrights**[55](index=55&type=chunk)[56](index=56&type=chunk) - The company builds a stable composite technical and management team through improved compensation and benefits, equity incentives, talent development, and leadership programs[57](index=57&type=chunk) - The company enhances refined management and cost reduction/efficiency improvement capabilities through digital collaborative management platforms, CRM, WMS, MES, PLM, and other systems[58](index=58&type=chunk)[59](index=59&type=chunk) - The company possesses a nationwide sales and service network, forming a competitive market advantage with brand reputation and technological reserves, promoting synergistic development of digital and green businesses[60](index=60&type=chunk) [III. Analysis of Main Business](index=15&type=section&id=III.%20Analysis%20of%20Main%20Business) Main business revenue increased by 15.91%, driven by a 64.58% surge in new energy business, despite a 9.42% decline in its gross margin. Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,280,216,777.01 | 1,104,531,914.51 | 15.91% | | Operating Cost | 1,112,606,891.53 | 921,882,735.76 | 20.69% | | Sales Expenses | 65,968,580.82 | 78,733,923.03 | -16.21% | | Administrative Expenses | 60,379,781.50 | 75,479,353.65 | -20.00% | | Financial Expenses | 3,814,688.22 | 1,879,744.91 | 102.94% | | Income Tax Expense | 1,667,096.12 | -1,094,752.66 | 252.28% | | R&D Investment | 54,800,005.60 | 68,722,052.73 | -20.26% | | Net Cash Flow from Operating Activities | 90,571,598.79 | -383,015,842.56 | 123.65% | | Net Cash Flow from Investing Activities | 7,700,097.50 | 13,519,904.42 | -43.05% | | Net Cash Flow from Financing Activities | -394,096,559.81 | 113,885,714.87 | -446.05% | Operating Revenue Composition (by Industry, Product, Region) | Classification | Current Reporting Period Amount (CNY) | Proportion of Operating Revenue | Prior Year Period Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | New Energy | 412,201,400.74 | 32.20% | 250,456,211.41 | 22.68% | 64.58% | | Intelligent Manufacturing | 868,015,376.27 | 67.80% | 854,075,703.10 | 77.32% | 1.63% | | **By Product** | | | | | | | Industrial Electrical Automation Business | 683,996,074.99 | 53.43% | 655,056,760.46 | 59.30% | 4.42% | | Industrial Information Technology Business | 184,019,301.28 | 14.37% | 199,018,942.64 | 18.02% | -7.54% | | New Energy Business | 412,201,400.74 | 32.20% | 250,456,211.41 | 22.68% | 64.58% | | **By Region** | | | | | | | Domestic Sales | 1,255,161,968.21 | 98.04% | 1,047,183,650.26 | 94.81% | 19.86% | | International Sales | 25,054,808.80 | 1.96% | 57,348,264.25 | 5.19% | -56.31% | Industries, Products, or Regions Accounting for Over 10% of the Company's Operating Revenue or Operating Profit | Classification | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | New Energy | 412,201,400.74 | 372,984,826.08 | 9.51% | 64.58% | 83.70% | -9.42% | | Intelligent Manufacturing | 868,015,376.27 | 739,622,065.45 | 14.79% | 1.63% | 2.89% | -1.04% | | **By Product** | | | | | | | | Industrial Electrical Automation Business | 683,996,074.99 | 627,283,338.13 | 8.29% | 4.42% | 4.46% | -0.04% | | Industrial Information Technology Business | 184,019,301.28 | 112,338,727.32 | 38.95% | -7.54% | -5.08% | -1.58% | | New Energy Business | 412,201,400.74 | 372,984,826.08 | 9.51% | 64.58% | 83.70% | -9.42% | | **By Region** | | | | | | | | Domestic Sales | 1,255,161,968.21 | 1,095,294,218.69 | 12.74% | 19.86% | 23.33% | -2.46% | [IV. Analysis of Non-Core Business](index=17&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) The company had no non-core businesses during the reporting period. - The company had no non-core businesses during the reporting period[66](index=66&type=chunk) [V. Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 13.47%, with significant declines in monetary funds and short-term borrowings, while restricted assets totaled CNY 475.18 million. Significant Changes in Asset Composition | Item | Period-End Amount (CNY) | Proportion of Total Assets | Prior Year-End Amount (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 497,076,179.48 | 15.47% | 750,081,410.04 | 20.21% | -4.74% | | | Accounts Receivable | 789,007,596.36 | 24.56% | 833,408,939.04 | 22.45% | 2.11% | | | Contract Assets | 143,008,672.29 | 4.45% | 124,883,262.39 | 3.36% | 1.09% | | | Inventories | 639,555,540.84 | 19.91% | 733,014,023.81 | 19.75% | 0.16% | | | Short-Term Borrowings | 139,971,703.83 | 4.36% | 370,718,545.87 | 9.99% | -5.63% | Primarily due to a decrease in credit borrowings and un-derecognized notes in the current period | | Contract Liabilities | 185,943,112.53 | 5.79% | 236,538,224.52 | 6.37% | -0.58% | | | Accounts Receivable Financing | 308,251,443.50 | 9.60% | 437,406,018.40 | 11.78% | -2.18% | | | Notes Payable | 453,084,428.58 | 14.10% | 604,136,997.28 | 16.27% | -2.17% | | | Accounts Payable | 784,359,368.11 | 24.42% | 829,280,822.76 | 22.34% | 2.08% | | Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (CNY) | | :--- | :--- | | Subtotal of Financial Assets | 286,313,202.50 | | Of which: Other Equity Instrument Investments | 218,371,890.67 | | Other Non-Current Financial Assets | 67,941,311.83 | | Financial Liabilities | 0.00 | | Total Above | 286,313,202.50 | Asset Restrictions at the End of the Reporting Period | Item | Period-End Carrying Amount (CNY) | Period-End Book Value (CNY) | Type of Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 204,593,636.83 | 204,593,636.83 | Guarantee, Freeze, Pledge | | Fixed Assets | 62,134,215.94 | 34,025,138.08 | Mortgage | | Intangible Assets | 11,825,886.13 | 6,458,582.19 | Mortgage | | Accounts Receivable Financing | 140,162,521.20 | 140,162,521.20 | Pledge | | Other Equity Instruments | 56,460,000.00 | 56,460,000.00 | Pledge | | Total | 475,176,260.10 | 441,699,878.30 | | [VI. Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investment for the period was CNY 3.07 million, a significant 82.64% year-on-year decrease, with no major equity, non-equity, securities, or derivative investments. Investment Amount During the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount During Reporting Period | 3,066,744.24 | | Investment Amount in Prior Period | 17,661,700.00 | | Change Rate | -82.64% | - The company reported no securities investments, derivative investments, or use of raised funds during the reporting period[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) [VII. Significant Asset and Equity Sales](index=19&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period. - The company did not sell any significant assets or equity during the reporting period[76](index=76&type=chunk)[77](index=77&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Zhejiang Hite Smart Energy performed strongly with CNY 317.99 million in revenue and CNY 14.19 million in net profit, while the company added HITE EUROPE BV and adjusted other subsidiaries. Financial Data of Major Holding Subsidiaries | Subsidiary Name | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | | Hite Electric Technology Co., Ltd. | 688,019,784.95 | 15,272,125.98 | 11,654,820.16 | | Zhejiang Hite Complete Equipment Manufacturing Co., Ltd. | 84,856,829.48 | 4,922,501.17 | 4,522,073.51 | | Zhejiang Hite New Energy Co., Ltd. | 138,350,807.42 | -3,971,171.86 | -4,213,288.20 | | Jianshui Yunde Solar Technology Co., Ltd. | 5,627,572.13 | -5,403,668.57 | -5,403,668.57 | | Zhejiang Hite Smart Energy Co., Ltd. | 317,989,696.13 | 14,335,138.74 | 14,186,562.32 | | Shanghai Hesco Network Technology Co., Ltd. | 10,298,677.08 | 1,412,961.53 | 1,404,981.28 | - During the reporting period, the company acquired HITE EUROPE BV through a non-same-control business combination, established Longshan Hite Energy Storage Technology Co., Ltd., and deregistered two Quzhou subsidiaries[83](index=83&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=21&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period. - The company did not control any structured entities during the reporting period[83](index=83&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=21&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces macroeconomic, market, intellectual property, technology, talent, and capital market risks, addressed through strategic focus, competitive differentiation, and robust management. - The company faces macroeconomic fluctuation risks and mitigates decision-making risks by grasping digital and green development trends and strengthening risk awareness[83](index=83&type=chunk) - To address market competition risks, the company enhances competitiveness through software-driven industry solutions, increasing the proportion of proprietary product sales, industrial mergers and acquisitions, and strategic cooperation[84](index=84&type=chunk)[85](index=85&type=chunk) - To counter intellectual property risks, the company establishes a hierarchical management system, an intellectual property data platform, and signs confidentiality agreements with key R&D personnel[86](index=86&type=chunk) - To address core technology and talent risks, the company maintains a stable and growing talent pool through equity incentives, internal entrepreneurship and innovation, talent development, and succession planning[87](index=87&type=chunk) - Facing capital market volatility risks, the company prioritizes investor rights, utilizes capital market tools, and strictly fulfills information disclosure obligations[88](index=88&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not disclose any market value management system or valuation enhancement plan during the reporting period. - The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period[89](index=89&type=chunk)[90](index=90&type=chunk) [XII. Implementation of 'Dual Improvement in Quality and Returns' Action Plan](index=23&type=section&id=XII.%20Implementation%20of%20%27Dual%20Improvement%20in%20Quality%20and%20Returns%27%20Action%20Plan) The company did not disclose any "Dual Improvement in Quality and Returns" action plan announcement during the reporting period. - The company did not disclose any "Dual Improvement in Quality and Returns" action plan announcement during the reporting period[90](index=90&type=chunk) Section 4 Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period. - There were no changes in the company's directors, supervisors, and senior management during the reporting period[91](index=91&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=23&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[92](index=92&type=chunk) [III. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[93](index=93&type=chunk) [IV. Environmental Information Disclosure](index=23&type=section&id=IV.%20Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law. - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[94](index=94&type=chunk) [V. Social Responsibility](index=23&type=section&id=V.%20Social%20Responsibility) The company's social responsibility situation is not applicable for the current reporting period. - The company's social responsibility situation is not applicable for the current reporting period[94](index=94&type=chunk) Section 5 Significant Events [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=24&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company reported no commitments fulfilled or overdue unfulfilled by relevant parties during the reporting period. - The company reported no commitments fulfilled or overdue unfulfilled by relevant parties during the reporting period[96](index=96&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=24&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period. - The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[97](index=97&type=chunk) [III. Illegal External Guarantees](index=24&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period. - The company had no illegal external guarantees during the reporting period[98](index=98&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited. - The company's semi-annual financial report was not audited[99](index=99&type=chunk) [V. Explanations by the Board of Directors and Supervisory Board on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=24&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Period) The company had no explanations from the board of directors or supervisory board regarding the accounting firm's "non-standard audit report" for the current reporting period. - The company had no explanations from the board of directors or supervisory board regarding the accounting firm's "non-standard audit report" for the current reporting period[100](index=100&type=chunk) [VI. Explanations by the Board of Directors on Matters Related to the 'Non-Standard Audit Report' for the Previous Year](index=24&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20Matters%20Related%20to%20the%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Previous%20Year) The company had no explanations from the board of directors regarding matters related to the "non-standard audit report" for the previous year during the reporting period. - The company had no explanations from the board of directors regarding matters related to the "non-standard audit report" for the previous year during the reporting period[100](index=100&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=24&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not have any bankruptcy and reorganization matters during the reporting period. - The company did not have any bankruptcy and reorganization matters during the reporting period[100](index=100&type=chunk) [VIII. Litigation Matters](index=24&type=section&id=VIII.%20Litigation%20Matters) A subsidiary is involved in a CNY 317 million sales contract dispute, heard on June 24, 2025, and awaiting judgment, with no other significant litigation. - The company's controlling subsidiary, Zhejiang Hite Smart Energy Co., Ltd., is involved in a sales contract dispute with Yuandong New Energy Co., Ltd., with a provisional amount of **CNY 317 million**[102](index=102&type=chunk) - The case was heard on June 24, 2025, and is awaiting judgment[102](index=102&type=chunk) [IX. Penalties and Rectification](index=25&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[103](index=103&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period. - The company reported no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[104](index=104&type=chunk) [XI. Significant Related Party Transactions](index=25&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) Daily related party transactions with Zhejiang Hite Smart Energy Co., Ltd. totaled CNY 6.0177 million, priced at market rates, with no other major related party transactions. Related Party Transactions Related to Daily Operations | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (CNY million) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Hite Smart Energy Co., Ltd. | Product Procurement | Product Procurement | 0.1465 | 0.04% | | Zhejiang Hite Smart Energy Co., Ltd. | Product Sales | Product Sales | 1.6267 | 2.20% | | Zhejiang Hite Smart Energy Co., Ltd. | Provision of Services | IT and Other Services | 3.4131 | 22.38% | | Zhejiang Hite Smart Energy Co., Ltd. | Acceptance of Services | IT and Other Services | 0.8314 | 100.00% | | Total | | | 6.0177 | | - The company had no asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated finance companies during the reporting period[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) [XII. Significant Contracts and Their Performance](index=27&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) Rental income was CNY 5.4155 million, with total actual guarantee balance for subsidiaries at CNY 101.85 million, representing 8.87% of net assets. - During the reporting period, the company's rental income was **CNY 5.4155 million**, and rental expenses were **CNY 0.8967 million**[114](index=114&type=chunk) - The company's total actual guarantee balance at the end of the reporting period was **CNY 101.8475 million**, accounting for **8.87%** of the company's net assets[135](index=135&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[136](index=136&type=chunk)[137](index=137&type=chunk) [XIII. Explanation of Other Significant Matters](index=48&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section lists numerous important announcements disclosed during the reporting period, covering stock trading, performance, governance, and subsidiary litigation. - The company disclosed multiple important announcements during the reporting period, including those on abnormal stock trading fluctuations, annual performance forecasts, board/supervisory board resolutions, annual report summaries, profit distribution plans, re-appointment of auditors, internal control evaluation reports, external guarantee limits, estimated daily related party transactions, provision for asset impairment, changes in accounting policies, provision of financing and guarantees for controlling subsidiaries, cash management using own funds, authorization for share issuance by the general meeting, notice of general meeting, subsidiary litigation announcements and progress, first-quarter report, online performance briefing announcements, and annual general meeting resolutions[138](index=138&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=48&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period. - The company had no significant matters concerning its subsidiaries during the reporting period[139](index=139&type=chunk) Section 6 Changes in Shares and Shareholder Information [I. Changes in Share Capital](index=49&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital remained unchanged at 351,908,370 shares, with no share repurchases or concentrated bidding reductions during the period. Changes in Share Capital | Share Type | Number Before This Change (Shares) | Proportion | Increase/Decrease in This Change (+, -) | Number After This Change (Shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 111,536,866 | 31.69% | 0 | 111,536,866 | 31.69% | | II. Unrestricted Shares | 240,371,504 | 68.31% | 0 | 240,371,504 | 68.31% | | III. Total Shares | 351,908,370 | 100.00% | 0 | 351,908,370 | 100.00% | - The company had no progress on share repurchases or concentrated bidding reductions of repurchased shares during the reporting period[143](index=143&type=chunk) [II. Securities Issuance and Listing](index=50&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing during the reporting period. - The company had no securities issuance or listing during the reporting period[143](index=143&type=chunk) [III. Number of Shareholders and Shareholding Information](index=50&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) The company had 54,410 common shareholders, with Xu Hong and Guo Mengrong as the top two, and no agreed repurchase transactions by top shareholders. - The total number of common shareholders at the end of the reporting period was **54,410**[144](index=144&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Hong | Domestic Natural Person | 21.84% | 76,850,924 | 57,638,193 | 19,212,731 | | Guo Mengrong | Domestic Natural Person | 19.88% | 69,948,471 | 52,461,353 | 17,487,118 | | Fan Huizhen | Domestic Natural Person | 1.83% | 6,432,394 | 0 | 6,432,394 | | Industrial Bank Co., Ltd. - ChinaAMC CSI Robotics ETF | Other | 1.34% | 4,726,349 | 0 | 4,726,349 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.58% | 2,034,106 | 0 | 2,034,106 | | Guotai Junan Securities Co., Ltd. - Tianhong CSI Robotics ETF | Other | 0.54% | 1,914,338 | 0 | 1,914,338 | | Wu Qiunong | Domestic Natural Person | 0.54% | 1,912,017 | 1,434,013 | 478,004 | | Lao Hongwei | Domestic Natural Person | 0.28% | 984,568 | 0 | 984,568 | | Chen Zhiping | Domestic Natural Person | 0.27% | 955,500 | 0 | 955,500 | | Peng Zhanwei | Domestic Natural Person | 0.23% | 800,000 | 0 | 800,000 | - Among the company's top ten shareholders, Guo Mengrong and Lao Hongwei are a married couple[145](index=145&type=chunk) - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[146](index=146&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=52&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[147](index=147&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=52&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period. - The company's controlling shareholder and actual controller remained unchanged during the reporting period[148](index=148&type=chunk) [VI. Preferred Share Information](index=53&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[149](index=149&type=chunk) Section 7 Bond Information The company had no bond-related information during the reporting period. - The company had no bond-related information during the reporting period[151](index=151&type=chunk) Section 8 Financial Report [I. Audit Report](index=55&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[153](index=153&type=chunk) [II. Financial Statements](index=55&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity. - The company provided consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[154](index=154&type=chunk)[158](index=158&type=chunk)[162](index=162&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk)[174](index=174&type=chunk)[181](index=181&type=chunk) [III. Company Basic Information](index=72&type=section&id=III.%20Company%20Basic%20Information) Established in 1994 and listed in 2007, the company's registered capital is CNY 351.91 million, focusing on industrial automation, information technology, and new energy. - The company was established on March 15, 1994, and listed on the SME Board of the Shenzhen Stock Exchange on November 16, 2007[188](index=188&type=chunk) - The company's registered capital is **CNY 351.90837 million**[188](index=188&type=chunk) - The company's main business activities cover three segments: industrial electrical automation, industrial information technology, and new energy[189](index=189&type=chunk) - The approval date for the issuance of this financial report is August 22, 2025[189](index=189&type=chunk) [IV. Basis of Financial Statement Preparation](index=73&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company prepares its financial statements on a going concern basis in accordance with Enterprise Accounting Standards, with no significant doubts about its future operations. - The company prepares its financial statements on a going concern basis in accordance with the "Enterprise Accounting Standards"[190](index=190&type=chunk) - The company assesses that its ability to continue as a going concern is good for the next 12 months, with no significant doubts[191](index=191&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=73&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and estimates, including financial instruments, revenue recognition, and taxation, confirming no major changes during the reporting period. - The company complies with Enterprise Accounting Standards, with the accounting period from January 1 to December 31 of the Gregorian calendar, and the functional currency being RMB[192](index=192&type=chunk)[193](index=193&type=chunk)[195](index=195&type=chunk) - Detailed disclosure of financial instrument recognition, classification, measurement, and impairment methods, including the provision for expected credit losses on notes receivable, accounts receivable, other receivables, and contract assets[222](index=222&type=chunk)[225](index=225&type=chunk)[235](index=235&type=chunk)[242](index=242&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk) - Elaboration on general principles and specific policies for revenue recognition and measurement, with revenue for major business types recognized at a specific point in time[313](index=313&type=chunk)[314](index=314&type=chunk)[319](index=319&type=chunk) - The company had no significant changes in accounting policies and accounting estimates during the reporting period[355](index=355&type=chunk)[356](index=356&type=chunk) [VI. Taxation](index=102&type=section&id=VI.%20Taxation) The company's main taxes include VAT and Enterprise Income Tax, with several subsidiaries enjoying preferential tax rates as high-tech or small and micro-profit enterprises. Major Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%、9%、6%、5% | | Urban Maintenance and Construction Tax | 7%、5%、1% | | Enterprise Income Tax | 25%、20%、15% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company and several subsidiaries (e.g., Zhejiang Hite New Energy, Chengdu Hite Control System) enjoy high-tech enterprise income tax preferential policies, taxed at a reduced rate of **15%**[357](index=357&type=chunk)[358](index=358&type=chunk)[359](index=359&type=chunk)[360](index=360&type=chunk) - Some subsidiaries (e.g., Jianshui Yunde Solar, Xinjiang Hite Control System) benefit from Western Development enterprise income tax policies, taxed at a reduced rate of **15%**[360](index=360&type=chunk) - Some subsidiaries (e.g., Shanghai Hite Control System Technology, Hite Electric Technology (Wuxi)) qualify as small and micro-profit enterprises, enjoying a policy of calculating taxable income at **25%** and paying enterprise income tax at a **20%** rate[361](index=361&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=103&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details consolidated financial statement items, highlighting a 33.73% decrease in monetary funds, a 129.15% increase in credit impairment losses, and a 16395.19% surge in investment income. - Monetary funds at period-end decreased by **CNY 253,005,230.56**, a **33.73%** decrease from the beginning of the period, primarily due to increased repayment of bank borrowings[365](index=365&type=chunk) - Short-term borrowings at period-end decreased by **CNY 230,746,842.04**, a **62.24%** decrease from the beginning of the period, due to a reduction in credit borrowings and un-derecognized notes in the current period[566](index=566&type=chunk) - Investment income for the current period increased by **CNY 6,830,346.14**, a **16395.19%** increase from the prior period, primarily due to gains from remeasuring equity held before the acquisition date of HITE EUROPE BV at fair value in the current period[649](index=649&type=chunk) - Credit impairment losses for the current period increased by **CNY 21,944,271.42**, a **129.15%** increase from the prior period, primarily due to an increase in the reversal of bad debt provisions for accounts receivable during the reporting period[651](index=651&type=chunk) [VIII. R&D Expenses](index=165&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenditure was CNY 54.80 million, a 20.26% year-on-year decrease, with industrial information technology product development as the main capitalized project. R&D Expenditure Information | Item | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Staff Remuneration | 39,959,578.71 | 44,841,019.46 | | Asset Amortization | 6,640,323.58 | 7,185,252.97 | | Material Costs | 2,640,363.56 | 5,074,879.33 | | Travel Expenses | 1,400,969.83 | 1,965,886.59 | | Depreciation of Fixed Assets | 1,158,544.93 | 896,563.75 | | Technical Support Fees | 990,049.76 | 5,348,493.74 | | Depreciation of Right-of-Use Assets | 844,323.28 | 1,041,529.94 | | Other | 1,165,851.95 | 2,368,426.95 | | Total | 54,800,005.60 | 68,722,052.73 | | Of which: Expensed R&D Expenditure | 49,160,322.52 | 62,113,326.50 | | Capitalized R&D Expenditure | 5,639,683.08 | 6,608,726.23 | - Total R&D expenditure for the current period decreased by **20.26%** year-on-year[65](index=65&type=chunk)[695](index=695&type=chunk) - Capitalized R&D expenditure in the current period was primarily for industrial information technology product R&D projects[696](index=696&type=chunk) [IX. Changes in Consolidation Scope](index=166&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company added HITE EUROPE BV through a non-same-control business combination, resulting in CNY 17.50 million goodwill, and adjusted other subsidiaries. - The company's controlling subsidiary, HITE GLOBAL PTE. LTD., acquired 100% equity of HITE EUROPE BV through an agreement transfer on June 25, 2025, forming a non-same-control business combination[699](index=699&type=chunk) - The merger cost for HITE EUROPE BV was **CNY 16,800,000.00**, resulting in goodwill of **CNY 17,504,225.68**[701](index=701&type=chunk) - The company had no business combinations under common control in the current period[705](index=705&type=chunk) - The company established Longshan Hite Energy Storage Technology Co., Ltd. and deregistered Quzhou Hite Energy Storage Technology Co., Ltd. and Quzhou Longyou Hite Energy Storage Equipment Co., Ltd[83](index=83&type=chunk)[709](index=709&type=chunk) [X. Interests in Other Entities](index=170&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in 32 subsidiaries, including significant non-wholly-owned entities, and discloses summarized financial information for joint ventures and associates. - The company owns **32 subsidiaries**, covering businesses such as electrical equipment sales, software development, new energy specialized equipment production and sales, and services[710](index=710&type=chunk)[711](index=711&type=chunk)[712](index=712&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Profit and Loss Attributable to Minority Shareholders in Current Period (CNY) | Minority Interests Balance at Period-End (CNY) | | :--- | :--- | :--- | :--- | | Hite Electric Technology Co., Ltd. | 49.00% | 5,710,861.88 | 272,108,304.48 | | Zhejiang Hite Smart Energy Co., Ltd. | 41.76% | 6,203,084.74 | -20,211,215.35 | Summarized Financial Information of Insignificant Joint Ventures and Associates | Item | Period-End Balance/Current Period Amount (CNY) | | :--- | :--- | | **Joint Ventures:** | | | Total Carrying Amount of Investments | 14,577,949.37 | | --Net Profit | -1,477,376.84 | | --Total Comprehensive Income | -1,477,376.84 | | **Associates:** | | | Total Carrying Amount of Investments | 781,414.63 | | --Net Profit | -349,789.17 | | --Total Comprehensive Income | -349,789.17 | [XI. Government Grants](index=177&type=section&id=XI.%20Government%20Grants) Government grants recognized in current profit and loss totaled CNY 17.34 million, primarily from VAT refunds, local awards, and rental subsidies. Government Grants Included in Current Profit and Loss | Accounting Account | Amount Incurred in Current Period (CNY) | | :--- | :--- | | VAT Refund for Software Products | 3,895,168.48 | | Local Comprehensive Contribution Award | 6,798,526.94 | | Rental Subsidy | 3,898,930.00 | | Second Batch of Industrial Productive Equipment Financial Rewards for 2023 | 1,764,387.84 | | 2024 Town-level Financial Support Funds | 460,000.00 | | Relocation and Commuting Expense Subsidies | 376,763.85 | | Industrial Internet Project Subsidy | 68,166.63 | | 2025 Top Ten Enterprise Award | 50,000.00 | | Special Funds for Edge Computing-Based Integrated Intelligent Equipment Management and Control Platform R&D and Industrialization Project | 12,379.72 | | Q1 2025 Incentive for Wholesale Industry Growth | 9,533.00 | | Market Supervision Bureau 2025 Intellectual Property Award | 2,000.00 | | Total | 17,335,856.46 | - The company has deferred income related to assets amounting to **CNY 83,411.46**[728](index=728&type=chunk) [XII. Risks Related to Financial Instruments](index=178&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks associated with its financial instruments through credit limits, cash monitoring, and foreign currency management. - The company's main financial instruments include borrowings, accounts receivable, accounts payable, and bank deposits, facing credit risk, liquidity risk, and market risk (interest rate risk, foreign exchange risk)[730](index=730&type=chunk)[731](index=731&type=chunk)[732](index=732&type=chunk)[733](index=733&type=chunk)[734](index=734&type=chunk)[736](index=736&type=chunk) Classification of Transfer Methods and Derecognition Status | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (CNY) | Derecognition Status | | :--- | :--- | :--- | :--- | | Factoring | Accounts Receivable | 150,000.00 | Derecognized | | Endorsement | Accounts Receivable Financing | 206,757,503.62 | Derecognized | | Discounting | Accounts Receivable Financing | 60,788,850.98 | Derecognized | | Discounting | Accounts Receivable Financing | 100,631,049.53 | Not Derecognized | | Total | | 368,327,404.13 | | - During the reporting period, the company transferred financial assets through factoring, endorsement, and discounting, of which **CNY 267.70 million** were derecognized[742](index=742&type=chunk) [XIII. Disclosure of Fair Value](index=180&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) Total assets continuously measured at fair value amounted to CNY 594.56 million, primarily unlisted equity and accounts receivable financing, all classified as Level 3. Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | (III) Other Equity Instrument Investments | 218,371,890.67 | 218,371,890.67 | | (VI) Accounts Receivable Financing | 308,251,443.50 | 308,251,443.50 | | (VII) Other Non-Current Financial Assets | 67,941,311.83 | 67,941,311.83 | | Total Assets Continuously Measured at Fair Value | 594,564,646.00 | 594,564,646.00 | - Other equity instrument investments and non-current financial assets are primarily unlisted equities, valued using market and income approaches[745](index=745&type=chunk) - The fair value of accounts receivable financing is similar to its carrying amount, as its remaining term is short and the impact of the time value of money is not significant[747](index=747&type=chunk) [XIV. Related Parties and Related Party Transactions](index=182&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's ultimate controlling parties are Mr. Xu Hong and Mr. Guo Mengrong, with various related party transactions and guarantees for subsidiaries, and key management compensation of CNY 3.43 million. - The company has no parent company, and its ultimate controlling parties are Mr. Xu Hong and Mr. Guo Mengrong[750](index=750&type=chunk) - The company engaged in related party transactions such as purchasing and selling goods, and providing and receiving services with its joint venture Chongqing Pet Electric Co., Ltd., associate Shanghai Hite Network Information Technology Co., Ltd., and other related parties (e.g., Zhejiang Hite Smart Energy Co., Ltd.)[752](index=752&type=chunk)[753](index=753&type=chunk) - The company provided multiple guarantees as a guarantor for its subsidiaries Zhejiang Hite New Energy Co., Ltd. and Zhejiang Hite Electric Industrial Co., Ltd[761](index=761&type=chunk)[762](index=762&type=chunk)[763](index=763&type=chunk)[764](index=764&type=chunk)[765](index=765&type=chunk)[766](index=766&type=chunk)[767](index=767&type=chunk)[768](index=768&type=chunk)[769](index=769&type=chunk)[770](index=770&type=chunk) Related Party Receivables and Payables (Period-End Balance) | Item Name | Related Party | Carrying Amount (CNY) | Bad Debt Provision (CNY) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Guangxi Ruiwei New Energy Investment Co., Ltd. | 3,000,000.23 | 3,000,000.23 | | Accounts Receivable | Huarong Jingyao Electric Power Co., Ltd. | 1,000,000.00 | 1,000,000.00 | | Accounts Receivable | Zhejiang Hite Smart Energy Co., Ltd. | 56,823,087.02 | 0.00 | | Other Receivables | Zhejiang Hite Smart Energy Co., Ltd. | 18,000,000.00 | 0.00 | | Accounts Payable | Shanghai Hite Network Information Technology Co., Ltd. | 458,406.80 | | | Other Payables | Zhejiang Hite Smart Energy Co., Ltd. | 566,989.45 | | - Key management personnel compensation amounted to **CNY 3,431,731.73**[774](index=774&type=chunk) [XV. Share-Based Payment](index=195&type=section&id=XV.%20Share-Based%20Payment) The company had no share-based payment related information during the reporting period. - The company had no share-based payment related information during the reporting period[780](index=780&type=chunk)[781](index=781&type=chunk)[782](index=782&type=chunk)[783](index=783&type=chunk)[784](index=784&type=chunk) [XVI. Commitments and Contingencies](index=195&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company has significant commitments, including an equity cooperation intention and various guarantees, and faces a CNY 317 million subsidiary litigation case awaiting judgment. - The company has an equity cooperation intention with Sonepar Group, but failed to reach an agreement on future development strategies and other matters, thus the conditions for control transfer were not met[780](index=780&type=chunk)[781](index=781&type=chunk) - Details of the company's asset mortgages and pledges can be found in the notes on accounts receivable financing, other equity instrument investments, fixed assets, intangible assets, restricted assets by ownership or right-of-use, and monetary funds not classified as cash and cash equivalents[781](index=781&type=chunk) - As of June 30, 2025, the total amount of quality and performance guarantees issued by the company and its subsidiaries was **CNY 45.6235 million**[782](index=782&type=chunk) - The company provides guarantees for notes payable and performance guarantees of its subsidiaries Zhejiang Hite New Energy Co., Ltd. and Zhejiang Hite Electric Industrial Co., Ltd[784](index=784&type=chunk) - Subsidiary Smart Energy is involved in a sales contract dispute with Yuandong New Energy Co., Ltd., with a provisional amount of approximately **CNY 317 million**, which has been heard but not yet judged[790](index=790&type=chunk) - The company has no other significant contingencies requiring disclosure[787](index=787&type=chunk) [XVII. Events After the Balance Sheet Date](index=197&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) A subsidiary's CNY 317 million sales contract dispute, heard but not yet judged, creates uncertainty for future profits, with no other significant post-balance sheet events. - The company's subsidiary Smart Energy was involved in a sales contract dispute with a customer, with a provisional amount of approximately **CNY 317 million**, which has been heard but not yet judged, and the specific impact on the company's future profits remains uncertain[790](index=790&type=chunk) - The company had no significant non-adjusting events, profit distribution, or sales returns[789](index=789&type=chunk)[790](index=790&type=chunk) [XVIII. Other Significant Matters](index=197&type=section&id=XVIII.%20Other%20Significant%20Matters) The company had no prior accounting error corrections or debt restructurings, and segments its business into industrial electrical automation, new energy, and industrial information technology. - The company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations during the reporting period[791](index=791&type=chunk)[793](index=793&type=chunk)[794](index=794&type=chunk)[796](index=796&type=chunk) - The company determines its reportable segments based on business nature and type, including industrial electrical automation, new energy, and industrial information technology businesses[797](index=797&type=chunk) Financial Information of Reportable Segments | Item | Industrial Electrical Automation Business (CNY) | New Energy Business (CNY) | Industrial Information Technology Business (CNY) | Inter-segment Eliminations (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 688,019,784.95 | 415,358,608.85 | 198,284,197.10 | -30,132,655.20 | 1,271,529,935.70 | | Main Business Cost | 631,307,048.09 | 374,310,768.74 | 117,777,451.10 | -11,822,727.84 | 1,111,572,540.09 | | Total Assets | 1,026,837,601.89 | 1,435,027,638.02 | 1,717,832,370.14 | -967,390,460.13 | 3,212,307,149.92 | | Total Liabilities | 471,514,531.53 | 1,289,448,753.35 | 456,174,694.34 | -424,380,717.81 | 1,792,757,261.41 | - As of June 30, 2025, some subsidiaries' registered capital had not yet been fully paid in, and they had not commenced actual operations[801](index=801&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=199&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) Parent company accounts receivable totaled CNY 296.61 million, with 66.20% from related parties, and long-term equity investments were CNY 559.05 million. Parent Company Accounts Receivable Disclosed by Bad Debt Provision Method | Category | Period-End Carrying Amount (CNY) | Proportion | Bad Debt Provision (CNY) | Provision Rate | Carrying Value (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable for which Bad Debt Provisions are Made by Portfolio | 296,609,492.78 | 100.00% | 24,295,879.24 | 8.19% | 272,313,613.54 | | Of which: Industrial Information Technology Business Portfolio | 100,263,865.50 | 33.80% | 24,295,879.24 | 24.23% | 75,967,986.26 | | Related Party Portfolio within Consolidation Scope | 196,345,627.28 | 66.20% | 0.00 | 0.00% | 196,345,627.28 | Parent Company Long-Term Equity Investments | Item | Period-End Carrying Value (CNY) | Beginning-of-Period Carrying Value (CNY) | | :--- | :--- | :--- | | Investments in Subsidiaries | 546,339,907.98 | 546,339,907.98 | | Investments in Associates and Joint Ventures | 12,705,764.54 | 13,045,671.47 | | Total | 559,045,672.52 | 559,385,579.45 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 162,750,490.54 | 109,113,646.72 | 205,720,673.74 | 143,256,865.03 | | Other Businesses | 7,422,773.25 | 896,666.34 | 7,216,031.32 | 1,106,989.17 | | Total | 170,173,263.79 | 110,010,313.06 | 212,936,705.06 | 144,363,854.20 | - Parent company's investment income for the current period was **CNY -89,380.05**[858](index=858&type=chunk) [XX. Supplementary Information](index=209&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial details, including non-recurring gains and losses of CNY 16.99 million, a 0.97% weighted average return on net assets, and no accounting data differences. Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 26,541.76 | | Government Subsidies Included in Current Profit and Loss | 13,440,687.98 | | 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, Excluding Effective Hedge Accounting Related to the Company's Normal Business Operations | 196,998.57 | | Gains and Losses from Entrusting Others to Invest or Manage Assets | 365,170.03 | | Other Non-Operating Income and Expenses Apart from the Above Items | 4,755,849.86 | | Gains from Remeasuring Equity Held Before the Acquisition Date in Non-Same-Control Business Combinations at Fair Value | 8,752,112.88 | | Less: Income Tax Impact | 764,411.87 | | Impact on Minority Interests (After Tax) | 9,782,282.13 | | Total | 16,990,667.08 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (CNY/share) | Diluted Earnings Per Share (CNY/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 0.97% | 0.0314 | 0.0314 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | -0.52% | -0.0169 | -0.0169 | - The company reported no differences in accounting data under domestic and overseas accounting standards[862](index=862&type=chunk) Section 9 Other Submitted Data [I. Other Significant Social Safety Issues](index=211&type=section&id=I.%20Other%20Significant%20Social%20Safety%20Issues) The listed company and its subsidiaries have no other significant social safety issues and were not subject to administrative penalties during the reporting period. - The listed company and its subsidiaries have no other significant social safety issues and were not subject to administrative penalties during the reporting period[864](index=864&type=chunk) [II. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=211&type=section&id=II.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company hosted three research activities with institutional investors, focusing on company overview and future development strategy. - The company hosted **three research activities** on March 6, May 15, and May 16, 2025[864](index=864&type=chunk) - Reception methods included on-site research and online platform exchanges, with institutional investors as the primary recipients[864](index=864&type=chunk) - The main topics discussed were understanding the company's situation and its future development strategy[864](index=864&type=chunk) [III. Fund Transfers Between Listed Company and Controlling Shareholder and Other Related Parties](index=211&type=section&id=III.%20Fund%20Transfers%20Between%20Listed%20Company%20and%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) The company had no fund transfers with its controlling shareholder or other related parties during the reporting period. - The company had no fund transfers with its controlling shareholder or other related parties during the reporting period[865](index=865&type=chunk)

江苏连云港港口股份有限公司2025 年半年度报告 公司代码：601008 公司简称：连云港 江苏连云港港口股份有限公司 2025 年半年度报告 1 / 212 江苏连云港港口股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王国超、主管会计工作负责人徐云及会计机构负责人（会计主管人员）徐云声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告内容涉及的未来计划等前瞻性陈述存在不确定因素，不构成公司对投资者的实质承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险，敬请查阅"第三节管理层讨论与分析"之"五、 ...

江苏京源环保股份有限公司2025 年半年度报告 公司代码：688096 公司简称：京源环保 江苏京源环保股份有限公司 2025 年半年度报告 1 / 231 江苏京源环保股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 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，有关内容敬 请查阅本报告第三节"管理层讨论与分析"之"四、风险因素"相关内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 √适用 □不适用 本报告中所涉及的未来规划、发展战略、经营计划等前瞻性描述，不构成公司对投资者的实 际承诺，敬请投资者注意风险。 九、 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 五、 公司负责人李武林、主管会计工作负责人钱烨及会计机构负责人（会计主管人员）钱烨声 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 ...

Section 1 Definitions [Common Terms Definitions](index=4&type=section&id=Common%20Terms%20Definitions) This section defines key terms used throughout the report, covering regulatory bodies, corporate entities, and specific business projects - The reporting period is from **January 1, 2025, to June 30, 2025**[15](index=15&type=chunk) - The company's stock tickers are "Kaikai Industrial" (A-share) and "Kaikai B-Share" (B-share), with Shanghai Kaikai (Group) Co, Ltd as the controlling shareholder[15](index=15&type=chunk) - SPD is defined as a regionalized supply chain management business for medical consumables and reagents, achieving centralized procurement and direct distribution through unified logistics information management[15](index=15&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its name, legal representative, and contact details for the board secretary - The company's Chinese name is Shanghai Kaikai Industrial Co, Ltd, and the legal representative is Zhuang Qianyun[17](index=17&type=chunk) - The registered address is Room K02, 201, No 921 Xinzha Road, Jing'an District, Shanghai, and the office address is 1st Floor, No 678 Changping Road, Jing'an District, Shanghai[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew 10.95% driven by the SPD business, while net profit fell 61.94% due to the absence of prior-year non-recurring gains **Key Accounting Data for H1 2025** | Key Accounting Data | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 543,143,362.01 | 489,520,495.53 | 10.95 | | Total Profit | 26,821,146.54 | 54,866,860.45 | -51.12 | | Net Profit Attributable to Shareholders | 11,800,953.25 | 31,009,018.96 | -61.94 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 3,008,353.65 | 3,293,810.28 | -8.67 | | Net Cash Flow from Operating Activities | 103,794,141.27 | -27,934,426.71 | N/A | | **As of Period End** | **As of Prior Year-End** | **Change (%)** | | | Net Assets Attributable to Shareholders | 619,968,500.81 | 618,859,547.56 | 0.18 | | Total Assets | 1,536,277,870.82 | 1,484,859,580.95 | 3.46 | **Key Financial Indicators for H1 2025** | Key Financial Indicators | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.049 | 0.128 | -61.72 | | Diluted Earnings Per Share (Yuan/Share) | 0.049 | 0.128 | -61.72 | | Basic EPS (Excluding Non-recurring Items) (Yuan/Share) | 0.012 | 0.014 | -14.29 | | Weighted Average Return on Equity (%) | 1.89 | 5.07 | Decreased by 3.18 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 0.48 | 0.54 | Decreased by 0.06 percentage points | - **Operating revenue increased by 10.95%**, driven by the "Grand Health" strategy, with the pharmaceutical segment's SPD project revenue reaching approximately **290 million yuan, a 52% year-on-year increase**[25](index=25&type=chunk) - **Net profit attributable to parent company shareholders decreased by 61.94%**, mainly because the **28.44 million yuan** in housing expropriation compensation income recognized in the prior period was absent this year[25](index=25&type=chunk) - **Net cash flow from operating activities turned positive to 103.79 million yuan**, an increase of 131.73 million yuan year-on-year, due to lower payments for goods, SPD business growth, and improved accounts receivable management[26](index=26&type=chunk) [IX. Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=IX.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section details non-recurring profit and loss items totaling 8,792,599.60 yuan, primarily from government grants and fair value changes **Non-recurring Profit and Loss Items for H1 2025** | Non-recurring Profit and Loss Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 19,400.01 | | Government Grants Recognized in Current Profit or Loss | 7,904,964.09 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities | 1,170,753.47 | | Other Non-operating Income and Expenses | 1,271,031.42 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 93,955.51 | | Less: Income Tax Impact | 1,664,801.30 | | Less: Minority Interest Impact (After Tax) | 2,703.60 | | **Total** | **8,792,599.60** | Section 3 Management Discussion and Analysis [I. Description of the Company's Industry and Main Business during the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) The company's main businesses, pharmaceutical services and apparel retail, face challenges from market adjustments and consumption upgrades - The company operates in the retail industry (F52), with China's consumer market showing a moderate recovery and structural optimization toward high-value consumption[32](index=32&type=chunk)[33](index=33&type=chunk) - **Pharmaceutical Segment**: Retail pharmacies are positioned as "core health promotion scenarios," expanding diversified services and accelerating digital transformation[34](index=34&type=chunk) - **Apparel Segment**: Facing insufficient demand and increased competition, the focus is on brand positioning, product innovation, and digital transformation[35](index=35&type=chunk) - The company's dual-main-business model of pharmaceutical distribution and apparel retail remains unchanged[36](index=36&type=chunk) - The pharmaceutical segment is transitioning from traditional retail to a "Grand Health" service model, including sales of medicines, medical devices, and diagnostic services[36](index=36&type=chunk)[37](index=37&type=chunk) - The apparel segment focuses on wholesale and retail of "Kaikai" brand clothing and offers innovative "private customization" services[36](index=36&type=chunk)[38](index=38&type=chunk) - The pharmaceutical segment deepens its "Grand Health" strategy, focusing on "medical health, healthcare, and medical care" through an "Internet+" platform[39](index=39&type=chunk) - The apparel segment adheres to a policy of "improving quality and increasing efficiency," focusing on group purchasing to stabilize business and brand development to expand its market[40](index=40&type=chunk) - The company's two main brands, "Leiyunshang" and "Kaikai," are both "China Time-honored Brands" with strong brand heritage and market recognition[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [II. Discussion and Analysis of Operating Performance](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) The company advanced its "Grand Health" strategy, completed a private placement, and drove revenue growth through digital empowerment - **Total assets reached 1.54 billion yuan**, an increase of 3.46% from the beginning of the year; net assets attributable to parent company shareholders were **619.97 million yuan**, up 0.18%[45](index=45&type=chunk) - **Operating revenue was 543.14 million yuan**, up 10.95% year-on-year; net profit attributable to parent company shareholders was **11.80 million yuan**, down 61.94%[45](index=45&type=chunk) - The company successfully completed a private placement, issuing 19,651,945 A-shares and raising **net proceeds of 155.49 million yuan** to supplement working capital[47](index=47&type=chunk)[48](index=48&type=chunk) - The pharmaceutical segment's digital initiatives drove the **SPD project's operating revenue to approximately 290 million yuan, a 52% year-on-year increase**[49](index=49&type=chunk)[50](index=50&type=chunk) - The apparel segment enhanced data analysis to optimize product selection and accelerated online-offline marketing integration[51](index=51&type=chunk) - The company strengthened internal controls by revising management rules and establishing a public opinion management system to enhance risk prevention[53](index=53&type=chunk) - Financial risk control was enhanced through an integrated system of comprehensive budgeting, capital management, and internal control on a financial information platform[54](index=54&type=chunk) - The pharmaceutical segment improved value-added services for Chinese herbal medicine decoction pieces by optimizing procurement and leveraging its "Cloud Pharmacy" platform[56](index=56&type=chunk) - The apparel segment expanded its product categories and introduced new items like high-quality wool sweaters and silk blouses[57](index=57&type=chunk) - The "Leiyunshang" and "Kaikai" brands engaged in cross-industry collaborations with museums and film studios to enhance brand influence[58](index=58&type=chunk) - The company strengthened its corporate culture and training systems, with **91.05% of employees holding a college degree or higher**[60](index=60&type=chunk)[61](index=61&type=chunk) - As a state-controlled enterprise, the company actively fulfills its social responsibilities through rural revitalization programs and charitable donations[62](index=62&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness lies in its strong talent pool, well-established time-honored brands, and prime geographical location in Shanghai - The company has built a high-quality talent team with an experienced core management layer and skilled grassroots employees, providing a solid foundation for development[64](index=64&type=chunk) - "Leiyunshang" and "Kaikai" are nationally recognized "China Time-honored Brands" that continue to innovate and collaborate to enhance brand value[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - The company's operations are deeply rooted in Shanghai's Jing'an District, with key retail stores located in core commercial areas with high foot traffic[67](index=67&type=chunk) [IV. Key Operating Activities during the Reporting Period](index=14&type=section&id=IV.%20Key%20Operating%20Activities%20during%20the%20Reporting%20Period) This section analyzes financial statement changes, showing revenue growth but a significant profit decline due to reduced non-recurring gains **Analysis of Financial Statement Item Changes for H1 2025** | Item | Current Period (Yuan) | Same Period Last Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 543,143,362.01 | 489,520,495.53 | 10.95 | | Operating Costs | 456,972,550.95 | 397,186,647.60 | 15.05 | | Total Profit | 26,821,146.54 | 54,866,860.45 | -51.12 | | Net Profit Attributable to Shareholders | 11,800,953.25 | 31,009,018.96 | -61.94 | | Net Cash Flow from Operating Activities | 103,794,141.27 | -27,934,426.71 | N/A | | Net Cash Flow from Investing Activities | -1,221,775.15 | 25,883,454.68 | -104.72 | | Net Cash Flow from Financing Activities | -17,069,052.96 | 676,570.72 | -2,622.88 | | Gains from Asset Disposal | 23,959.68 | 28,485,263.76 | -99.92 | | Non-operating Income | 1,482,074.57 | 378,265.73 | 291.81 | - Changes in financial expenses were mainly due to exchange rate fluctuations affecting receivables from Falcon International Group Limited[68](index=68&type=chunk) - **Gains from asset disposal decreased by 99.92%** due to the absence of income from housing expropriation compensation recognized in the prior year[69](index=69&type=chunk) - **Non-operating income increased by 291.81%**, primarily from compensation received for the early termination of a property lease[69](index=69&type=chunk) - In 2025, the company received government grants totaling **4.59 million yuan**, including 4.26 million yuan in special subsidies from the controlling shareholder[72](index=72&type=chunk) **Changes in Assets and Liabilities as of H1 2025** | Item | Period-End Balance (Yuan) | % of Total Assets | Prior Year-End Balance (Yuan) | % of Total Assets | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 190,499,893.15 | 12.40 | 105,005,688.11 | 7.07 | 81.42 | | Notes Receivable | 271,571.00 | 0.02 | 1,044,867.85 | 0.07 | -74.01 | | Prepayments | 1,019,856.22 | 0.07 | 784,339.03 | 0.05 | 30.03 | | Construction in Progress | 1,663,548.55 | 0.11 | 67,924.53 | - | 2,349.11 | | Deferred Tax Assets | 2,277,384.08 | 0.15 | 3,500,422.30 | 0.24 | -34.94 | | Other Non-current Assets | - | - | 345,927.43 | 0.02 | -100.00 | | Contract Liabilities | 12,223,656.67 | 0.80 | 6,710,821.24 | 0.45 | 82.15 | | Taxes Payable | 6,999,351.02 | 0.46 | 12,122,910.92 | 0.82 | -42.26 | | Lease Liabilities | 2,684,397.79 | 0.17 | 5,374,515.63 | 0.36 | -50.05 | - **Monetary funds increased by 81.42%** due to higher collections from sales receivables[73](index=73&type=chunk) - **Construction in progress grew by 2,349.11%** due to increased investment in the renovation of the second floor of the pharmacy building[73](index=73&type=chunk)[328](index=328&type=chunk) - **Contract liabilities rose by 82.15%** due to an increase in advance payments received from the pharmaceutical business[75](index=75&type=chunk) - The company plans to publicly list for sale its 11.11% stake in Nanjing Tianshi Software Technology Co, Ltd, with a preliminary valuation of 17.41 million yuan; the transaction remains uncertain[76](index=76&type=chunk) **Financial Assets Measured at Fair Value for H1 2025** | Asset Class | Opening Balance (Yuan) | Fair Value Change (Yuan) | Purchases (Yuan) | Sales/Redemptions (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other - Trading Financial Assets | 120,359,232.88 | 555,561.65 | 120,000,000.00 | 120,000,000.00 | 120,284,328.78 | | Other - Other Equity Investments | - | - | - | - | - | | Other - Other Non-current Financial Assets | 5,789,867.20 | - | - | - | 5,789,867.20 | | **Total** | **126,149,100.08** | **555,561.65** | **120,000,000.00** | **120,000,000.00** | **126,074,195.98** | - Key subsidiaries in the pharmaceutical and apparel segments operated stably, and the SPD business of a controlled subsidiary showed smooth operations[79](index=79&type=chunk)[80](index=80&type=chunk) - To optimize the internal structure of the pharmaceutical segment, Leixi Company will absorb its wholly-owned subsidiary, Shibei Clinic, to improve operational efficiency[83](index=83&type=chunk) [V. Other Disclosure Matters](index=20&type=section&id=V.%20Other%20Disclosure%20Matters) This section outlines risks from economic fluctuations and policy changes, and details the company's action plan to enhance quality and returns - The company faces risks from **macroeconomic fluctuations**, as the retail industry is sensitive to economic growth and consumer spending[85](index=85&type=chunk) - The pharmaceutical industry faces **policy change risks** from measures like medical insurance cost control and volume-based procurement, which intensify market competition[86](index=86&type=chunk) - The "Grand Health" strategic transformation and apparel segment reforms pose **transitional development risks**, as new business cultivation may impact short-term performance[87](index=87&type=chunk)[88](index=88&type=chunk) - The company reported on the execution of its "2025 Action Plan for Quality and Efficiency Improvement and Shareholder Return," with H1 revenue up 10.95% and net profit down 61.94%[89](index=89&type=chunk) - The pharmaceutical segment's **SPD project revenue grew 52% to approximately 290 million yuan**, while the apparel segment continued to develop co-branded cultural products[90](index=90&type=chunk) - The company successfully completed a private placement, with **net proceeds of 155.49 million yuan** fully received, enhancing its financial strength and competitiveness[91](index=91&type=chunk)[92](index=92&type=chunk) - Corporate governance and risk control were strengthened through the revision of internal management systems and the establishment of a public opinion management policy[93](index=93&type=chunk)[94](index=94&type=chunk) - The company has paid cash dividends for thirteen consecutive years, with the 2024 dividend of **0.44 yuan per 10 shares** representing over 30% of net profit[95](index=95&type=chunk) - The company actively participated in a collective earnings conference for listed companies in Shanghai to enhance communication with investors[96](index=96&type=chunk) - The company adheres to Party leadership, implements the spirit of the 20th National Congress, and fulfills its social responsibilities as a state-owned enterprise[97](index=97&type=chunk) - The company ensures directors, supervisors, and senior management fulfill their duties by organizing regular participation in regulatory training[98](index=98&type=chunk) Section 4 Corporate Governance, Environment, and Society [II. Profit Distribution or Capitalization of Capital Reserve Plan](index=23&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) The company has no profit distribution or capitalization of capital reserve plan for the first half of the year - The company has no semi-annual profit distribution plan or plan to convert capital reserves into share capital[101](index=101&type=chunk) [V. Specifics on Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization Efforts](index=23&type=section&id=V.%20Specifics%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization%20Efforts) As a state-controlled enterprise, the company actively fulfills its social responsibilities by supporting rural revitalization and making charitable donations - The company plans to continue its four-year partnership with Xiexing Village in Chongming District, providing up to **900,000 yuan** in support funds[102](index=102&type=chunk) - A wholly-owned subsidiary will continue its five-year partnership with Xiajinchang Village in Yunnan Province, providing up to **1.5 million yuan** in support funds[103](index=103&type=chunk) - A wholly-owned subsidiary donated shirts and other materials worth nearly **100,000 yuan** to the Shanghai Charity Foundation for philanthropic purposes[103](index=103&type=chunk) Section 5 Significant Matters [I. Fulfillment of Commitments](index=25&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company's controlling shareholders, management, and other related parties were strictly fulfilled during the reporting period - Shanghai Kaikai (Group) Co, Ltd committed to a **36-month lock-up period** for the shares subscribed in the private placement and an 18-month non-disposal period for existing shares[105](index=105&type=chunk) - Shanghai Jing'an State-owned Assets Management Co committed to an **18-month non-disposal period** for its existing shares[105](index=105&type=chunk) - The company's directors and senior management committed to not improperly interfere with company operations and to link their compensation to shareholder return measures[106](index=106&type=chunk) - The controlling shareholder, Shanghai Kaikai (Group) Co, Ltd, committed to bear any losses arising from historical bill disputes related to the "Zhang Chen Incident"[107](index=107&type=chunk) - All commitments were strictly and timely fulfilled[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) [X. Significant Related-Party Transactions](index=28&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses significant related-party transactions, including routine operational dealings and the private placement of shares - The company's routine related-party transactions for 2024 and estimates for 2025 have been approved by the Board of Directors and Supervisory Committee[109](index=109&type=chunk) **Related-Party Purchases of Goods/Services for H1 2025** | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Jing'an Pharmaceutical Co, Ltd | Purchase of goods | 441,774.16 | 1,331,549.23 | | Shanghai Kaikai (Group) Co, Ltd | Purchase of goods | 6,473.01 | - | | Shanghai Lantang-Bobu Leather Shoes Co, Ltd | Purchase of goods | 4,552.21 | 38,197.34 | **Related-Party Sales of Goods/Services for H1 2025** | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Jing'an Pharmaceutical Co, Ltd | Sale of goods | 10,079.65 | 25,835.93 | | Shanghai Kaikai (Group) Co, Ltd | Sale of goods | 3,889.56 | - | | Shanghai Jing'an Cereals, Oils and Foodstuffs Co, Ltd | Provision of services | 158,175.00 | - | | Shanghai Kaikai (Group) Co, Ltd | Provision of services | 58,212.00 | - | **Related-Party Leases (Company as Lessee) for H1 2025** | Lessor Name | Leased Asset Type | Rent Paid (Yuan) | Lease Liability Interest Expense (Yuan) | Rent Paid (Prior Period) (Yuan) | Lease Liability Interest Expense (Prior Period) (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Kaikai (Group) Co, Ltd | Buildings | 2,939,547.53 | 120,851.14 | 1,931,350.02 | 135,811.66 | | Shanghai No.1 Siberia Fur Co, Ltd | Buildings | 683,050.00 | 18,897.12 | 683,050.00 | 48,029.40 | | Shanghai Jing'an Cereals, Oils and Foodstuffs Co, Ltd | Buildings | 236,466.00 | 7,219.88 | 216,810.00 | 16,059.23 | | Shanghai Lantang-Bobu Leather Shoes Co, Ltd | Buildings | 392,754.60 | 3,946.67 | - | - | - The private placement of 19,651,945 A-shares has been completed, with **net proceeds of 155,490,031.03 yuan** fully received and placed in designated supervised accounts[112](index=112&type=chunk)[114](index=114&type=chunk) Section 6 Changes in Share Capital and Shareholders [I. Changes in Share Capital](index=31&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital remained unchanged during the reporting period, with a private placement completed subsequently - During the reporting period, the company's total number of shares and share capital structure did not change[117](index=117&type=chunk) - After the reporting period, the company completed a private placement of **19,651,945 A-shares**, raising net proceeds of **155,490,031.03 yuan**[118](index=118&type=chunk) - The new shares were registered, custodied, and placed under restriction on July 15, 2025, and will be tradable upon expiration of the lock-up period[119](index=119&type=chunk) - The issuance of new shares did not have a significant impact on the company's earnings per share or net assets per share for the latest fiscal year and period[120](index=120&type=chunk) [II. Shareholder Information](index=31&type=section&id=II.%20Shareholder%20Information) As of the period end, the company had 36,200 common shareholders, with Shanghai Kaikai (Group) Co, Ltd being the largest shareholder - As of the end of the reporting period, the total number of common shareholders was **36,200**[121](index=121&type=chunk) **Top Ten Shareholders as of Period End** | Shareholder Name | Shares Held (Shares) | Percentage (%) | Restricted Shares (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Kaikai (Group) Co, Ltd | 64,409,783 | 26.51 | - | None | 0 | | Shanghai Jing'an State-owned Assets Management Co, Ltd | 6,000,000 | 2.47 | - | None | 0 | | Shanghai Jinxing Trading Company | 3,000,000 | 1.23 | 3,000,000 | Frozen | 3,000,000 | | Li Xiaohua | 1,377,900 | 0.57 | - | None | 0 | | Jin Zhangxian | 1,350,000 | 0.56 | - | None | 0 | - The **3,000,000 restricted shares** held by Shanghai Jinxing Trading Company are frozen, preventing the payment of share reform consideration; they can be listed for trading after being unfrozen and the consideration is paid[125](index=125&type=chunk) Section 7 Bond-related Matters [I. Corporate Bonds (including Enterprise Bonds) and Non-financial Enterprise Debt Financing Instruments](index=34&type=section&id=I.%20Corporate%20Bonds%20(including%20Enterprise%20Bonds)%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no outstanding or defaulted corporate bonds or non-financial enterprise debt financing instruments during the reporting period [II. Convertible Corporate Bonds](index=34&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period Section 8 Financial Report [I. Audit Report](index=35&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report is unaudited[7](index=7&type=chunk) [II. Financial Statements](index=35&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the first half of 2025 **Consolidated Balance Sheet (as of June 30, 2025)** | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 958,995,940.42 | 893,630,452.37 | | Total Non-current Assets | 577,281,930.40 | 591,229,128.58 | | **Total Assets** | **1,536,277,870.82** | **1,484,859,580.95** | | Total Current Liabilities | 702,479,262.46 | 652,472,832.14 | | Total Non-current Liabilities | 175,881,184.34 | 183,394,817.65 | | **Total Liabilities** | **878,360,446.80** | **835,867,649.79** | | Total Equity Attributable to Parent Company | 619,968,500.81 | 618,859,547.56 | | Minority Interest | 37,948,923.21 | 30,132,383.60 | | **Total Equity** | **657,917,424.02** | **648,991,931.16** | | **Total Liabilities and Equity** | **1,536,277,870.82** | **1,484,859,580.95** | **Consolidated Income Statement (Jan-Jun 2025)** | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 543,143,362.01 | 489,520,495.53 | | Total Operating Costs | 526,554,670.68 | 469,570,674.02 | | Operating Profit | 25,554,674.79 | 54,515,615.68 | | Total Profit | 26,821,146.54 | 54,866,860.45 | | Net Profit | 19,617,492.86 | 37,545,154.65 | | Net Profit Attributable to Parent Company | 11,800,953.25 | 31,009,018.96 | | Minority Interest Income | 7,816,539.61 | 6,536,135.69 | | Basic Earnings Per Share (Yuan/Share) | 0.049 | 0.128 | | Diluted Earnings Per Share (Yuan/Share) | 0.049 | 0.128 | **Consolidated Cash Flow Statement (Jan-Jun 2025)** | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 103,794,141.27 | -27,934,426.71 | | Net Cash Flow from Investing Activities | -1,221,775.15 | 25,883,454.68 | | Net Cash Flow from Financing Activities | -17,069,052.96 | 676,570.72 | | Net Increase in Cash and Cash Equivalents | 85,494,205.04 | -1,373,510.81 | | Closing Balance of Cash and Cash Equivalents | 190,499,893.15 | 156,780,640.58 | [III. Basic Company Information](index=47&type=section&id=III.%20Basic%20Company%20Information) The company's main business is pharmaceutical services and apparel retail, with its ultimate controller being the Shanghai Jing'an SASAC - The company has a registered capital of **243 million yuan** and a total share capital of **243 million shares**[148](index=148&type=chunk) - As of June 30, 2025, restricted shares accounted for **1.23%** of the total share capital, while unrestricted shares accounted for **98.77%**[149](index=149&type=chunk) - The company operates a dual-main-business model of pharmaceutical distribution and services, and apparel wholesale and retail[150](index=150&type=chunk) - The ultimate controller of the company is the State-owned Assets Supervision and Administration Commission of Jing'an District, Shanghai[151](index=151&type=chunk) [V. Significant Accounting Policies and Estimates](index=47&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the accounting standards, policies, and estimates used in preparing the financial statements, covering key areas like revenue and assets - The financial statements are prepared in accordance with the Enterprise Accounting Standards on a going concern basis, using the accrual basis and historical cost method[152](index=152&type=chunk)[156](index=156&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[176](index=176&type=chunk)[182](index=182&type=chunk) - Inventory is measured at the lower of cost and net realizable value, with cost determined using the specific identification method[201](index=201&type=chunk)[203](index=203&type=chunk) - Long-term equity investments are accounted for using the cost method or equity method, depending on the level of influence over the investee[211](index=211&type=chunk) - Revenue is recognized when the customer obtains control of the goods, based on the nature of the performance obligation[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) - Government grants are classified as asset-related or income-related and are recognized accordingly as deferred income or in current profit or loss[251](index=251&type=chunk)[252](index=252&type=chunk) - As a lessee, the company recognizes a right-of-use asset and a corresponding lease liability, with depreciation calculated on a straight-line basis[257](index=257&type=chunk)[258](index=258&type=chunk) [VI. Taxes](index=70&type=section&id=VI.%20Taxes) This section lists the company's main taxes and tax rates, including VAT and corporate income tax, and discloses applicable tax incentives **Main Taxes and Tax Rates** | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services | 0%, 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Taxable income | 5%, 7% | | Corporate Income Tax | Taxable income | See table below | | Hong Kong Profits Tax | Taxable profits generated in Hong Kong | 8.25% | **Corporate Income Tax Rates for Different Entities** | Entity Name | Income Tax Rate (%) | | :--- | :--- | | Shanghai Leiyunshang West Pharmaceutical Co, Ltd | 25 | | Shanghai Leiyunshang West Drug Retail Co, Ltd | 20 | | Shanghai Yuanyuan Chemical Reagent Co, Ltd | 20 | | Shanghai Leixi Jingyi Supply Chain Management Co, Ltd | 25 | | China Leiyunshang National Medicine (Hong Kong) Co, Ltd | 8.25 | | Shanghai Kaikai Department Store Co, Ltd | 20 | | Shanghai Kaikai Shirt General Factory Co, Ltd | 25 | | Shanghai Qiangshang Industrial Co, Ltd | 20 | - The company and some of its subsidiaries are eligible for preferential tax policies for small and micro enterprises, which will continue until December 31, 2027[276](index=276&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=71&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major items in the consolidated financial statements, explaining balances and significant changes **Monetary Funds at Period-End** | Item | Closing Balance (Yuan) | | :--- | :--- | | Cash on Hand | 57,703.08 | | Bank Deposits | 190,442,190.07 | | **Total** | **190,499,893.15** | **Trading Financial Assets at Period-End** | Item | Closing Balance (Yuan) | | :--- | :--- | | Structured Deposits | 120,284,328.78 | | **Total** | **120,284,328.78** | **Accounts Receivable Aging Analysis (Gross Amount at Period-End)** | Aging | Closing Gross Amount (Yuan) | | :--- | :--- | | Within 1 year | 569,632,513.33 | | 1 to 2 years | 599,045.44 | | 2 to 3 years | 53,100.96 | | Over 5 years | 277,975,734.52 | | **Total** | **848,260,394.25** | **Allowance for Bad Debts on Accounts Receivable (at Period-End)** | Category | Gross Amount (Yuan) | Allowance (Yuan) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Individually Assessed (Falcon International Group Limited) | 277,782,629.38 | 277,782,629.38 | 100.00 | | Collectively Assessed | 570,477,764.87 | 5,924,692.66 | 1.04 | | **Total** | **848,260,394.25** | **283,707,322.04** | **-** | **Inventory by Category (Carrying Value at Period-End)** | Item | Carrying Value (Yuan) | | :--- | :--- | | Finished Goods | 73,080,891.04 | | Revolving Materials | 1,766,632.37 | | Raw Materials | 132,630.73 | | **Total** | **74,980,154.14** | **Long-term Equity Investments (Carrying Value at Period-End)** | Investee | Closing Balance (Carrying Value) (Yuan) | | :--- | :--- | | Shanghai Dingfeng Technology Development Co, Ltd | 101,163,786.00 | | Guangdong Zhongshencai Financing Guarantee Investment Co, Ltd | - | | Shanghai Jing'an Pharmaceutical Co, Ltd | - | | **Total** | **101,163,786.00** | **Fixed Assets Carrying Value (at Period-End)** | Item | Closing Carrying Value (Yuan) | | :--- | :--- | | Buildings and Structures | 226,084,017.37 | | Machinery and Equipment | 1,595,180.20 | | Transportation Equipment | 2,125,352.59 | | Electronic Equipment | 13,438,327.53 | | Other Equipment | 1,059,230.14 | | **Total** | **244,302,107.83** | **Construction in Progress (Carrying Value at Period-End)** | Project | Closing Carrying Value (Yuan) | | :--- | :--- | | Pharmacy Building 2nd Floor Renovation | 1,663,548.55 | | **Total** | **1,663,548.55** | **Accounts Payable (at Period-End)** | Item | Closing Balance (Yuan) | | :--- | :--- | | Balance | 533,487,166.84 | | Of which: balance over 1 year | 7,758,685.84 | | **Total** | **533,487,166.84** | **Contract Liabilities (at Period-End)** | Item | Closing Balance (Yuan) | | :--- | :--- | | Advances from Customers | 12,223,656.67 | | **Total** | **12,223,656.67** | **Operating Revenue and Costs (H1 2025)** | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 530,581,345.74 | 451,971,312.00 | | Other Business | 12,562,016.27 | 5,001,238.95 | | **Total** | **543,143,362.01** | **456,972,550.95** | **Financial Expenses (H1 2025)** | Item | Current Period Amount (Yuan) | | :--- | :--- | | Interest Expense | 440,605.27 | | Interest Income | -433,808.65 | | Foreign Exchange Gains/Losses | 1,165,468.63 | | Other | 878,279.27 | | **Total** | **2,050,544.52** | **Investment Income (H1 2025)** | Item | Current Period Amount (Yuan) | | :--- | :--- | | Income from Long-term Equity Investments under Equity Method | -1,623,532.64 | | Income from Disposal of Trading Financial Assets | 615,191.82 | | Income from Other Non-current Financial Assets during Holding Period | - | | **Total** | **-1,008,340.82** | **Credit Impairment Losses (H1 2025)** | Item | Current Period Amount (Yuan) | | :--- | :--- | | Bad Debt Loss on Accounts Receivable | 1,306,856.94 | | Bad Debt Loss on Other Receivables | 36,083.14 | | **Total** | **1,342,940.08** | [IX. Equity in Other Entities](index=113&type=section&id=IX.%20Equity%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including key financial information for significant entities **Composition of the Enterprise Group (Selected Subsidiaries)** | Subsidiary Name | Registered Capital (10k Yuan) | Business Nature | Shareholding (%) Direct | | :--- | :--- | :--- | :--- | | Shanghai Leiyunshang West Pharmaceutical Co, Ltd | 13,678.00 | Pharmaceuticals | 100.00 | | Shanghai Leixi Jingyi Supply Chain Management Co, Ltd | 3,000.00 | Pharmaceuticals | 40.00 | | Shanghai Kaikai Department Store Co, Ltd | 900.00 | Commerce | 100.00 | | Shanghai Jing'an Pharmaceutical Co, Ltd | 3,300.00 | Chinese Patent Medicine Manufacturing | - | - The minority interest in Shanghai Leixi Jingyi Supply Chain Management Co, Ltd is **60.00%**, with profit attributable to minority shareholders for the period being **7,816,539.61 yuan**[114](index=114&type=chunk) **Key Financial Information of Significant Associates (as of June 30, 2025 / H1 2025)** | Item | Shanghai Dingfeng Technology Development Co, Ltd (Yuan) | Shanghai Jing'an Pharmaceutical Co, Ltd (Yuan) | | :--- | :--- | :--- | | Total Assets | 227,744,839.36 | 27,250,284.18 | | Total Liabilities | 126,320.86 | 27,879,592.98 | | Equity Attributable to Parent Company | 227,618,518.50 | -629,308.80 | | Share of Net Assets based on Ownership | 101,163,786.00 | -266,977.97 | | Operating Revenue | - | 13,706,901.76 | | Net Profit | -625.44 | -4,455,573.82 | | Total Comprehensive Income | -625.44 | -4,455,573.82 | - The unrecognized loss for Shanghai Jing'an Pharmaceutical Co, Ltd for the current period is **266,977.97 yuan**, with a cumulative unrecognized loss of the same amount[117](index=117&type=chunk) [X. Government Grants](index=117&type=section&id=X.%20Government%20Grants) This section discloses government grants recognized as liabilities and those included in current profit or loss during the reporting period **Liability Items Related to Government Grants (at Period-End)** | Financial Statement Item | Opening Balance (Yuan) | Current Period Decrease (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 174,055,524.66 | 3,637,314.84 | 170,418,209.82 | Asset-related | | **Total** | **174,055,524.66** | **3,637,314.84** | **170,418,209.82** | **-** | **Government Grants Recognized in Current Profit or Loss (H1 2025)** | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related | 3,637,314.84 | 3,637,314.84 | | Income-related | 4,267,649.25 | 1,915,694.34 | | **Total** | **7,904,964.09** | **5,553,009.18** | [XI. Risks Related to Financial Instruments](index=118&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) This section describes the company's exposure to credit, market, and liquidity risks and the strategies used to manage them - The company is exposed to **credit risk, market risk (exchange rate, interest rate, and other price risks), and liquidity risk**[118](index=118&type=chunk) - Credit risk is managed through customer credit ratings, credit limits, and regular monitoring of receivables; funds are held with highly-rated banks[118](index=118&type=chunk) - Interest rate risk has a minor impact, and exchange rate risk is limited as most business is conducted in RMB[118](index=118&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and strong relationships with banks to meet debt obligations[118](index=118&type=chunk) **Maturity Analysis of Financial Liabilities (Undiscounted Contractual Obligations as of June 30, 2025)** | Item | Closing Balance (Yuan) | Within 1 Year (Yuan) | 1-3 Years (Yuan) | Over 3 Years (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings (incl. interest) | 10,009,166.67 | 10,009,166.67 | - | - | | Accounts Payable | 533,487,166.84 | 525,728,481.00 | 6,727,473.12 | 1,031,212.72 | | Other Payables | 119,447,787.45 | 9,748,385.12 | 14,535,728.33 | 95,163,674.00 | | Other Current Liabilities | 1,476,134.75 | 1,476,134.75 | - | - | | Lease Liabilities (incl. current portion) | 9,759,851.79 | 7,075,454.00 | 2,684,397.79 | - | | **Total** | **674,180,107.50** | **554,037,621.54** | **23,947,599.24** | **96,194,886.72** | [XII. Fair Value Disclosures](index=120&type=section&id=XII.%20Fair%20Value%20Disclosures) This section discloses the fair value of assets and liabilities measured at fair value, primarily trading and other non-current financial assets **Assets and Liabilities Measured at Fair Value at Period-End** | Item | Closing Fair Value (Yuan) | | :--- | :--- | | **I. Continuous Fair Value Measurement** | | | (A) Trading Financial Assets | 120,284,328.78 | | 1. Financial assets at FVTPL | 120,284,328.78 | | (1) Debt instruments (Structured Deposits) | 120,284,328.78 | | (D) Other Non-current Financial Assets | 5,789,867.20 | | **Total Assets Continuously Measured at Fair Value** | **126,074,195.98** | - The fair value of trading financial assets is determined based on closing prices from the Shanghai and Shenzhen Stock Exchanges[120](index=120&type=chunk) - The fair value of structured deposits is calculated based on the expected rate of return and holding period as specified in the product description[121](index=121&type=chunk) - Investments in certain unlisted companies are reasonably estimated at their investment cost net of impairment provisions[121](index=121&type=chunk) - Investments in two companies are estimated at zero fair value due to deterioration in their operating environment and financial condition[121](index=121&type=chunk) [XIII. Related Parties and Related-Party Transactions](index=121&type=section&id=XIII.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's related parties and transactions, including sales, purchases, leases, and outstanding balances - The company's parent is Shanghai Kaikai (Group) Co, Ltd, with a 26.51% stake, and the ultimate controller is the Shanghai Jing'an SASAC[121](index=121&type=chunk)[122](index=122&type=chunk) **Related-Party Purchases of Goods/Services for H1 2025** | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Jing'an Pharmaceutical Co, Ltd | Purchase of goods | 441,774.16 | 1,331,549.23 | | Shanghai Kaikai (Group) Co, Ltd | Purchase of goods | 6,473.01 | - | | Shanghai Lantang-Bobu Leather Shoes Co, Ltd | Purchase of goods | 4,552.21 | 38,197.34 | **Related-Party Sales of Goods/Services for H1 2025** | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Jing'an Pharmaceutical Co, Ltd | Sale of goods | 10,079.65 | 25,835.93 | | Shanghai Kaikai (Group) Co, Ltd | Sale of goods | 3,889.56 | - | | Shanghai Jing'an Cereals, Oils and Foodstuffs Co, Ltd | Provision of services | 158,175.00 | - | | Shanghai Kaikai (Group) Co, Ltd | Provision of services | 58,212.00 | - | **Related-Party Leases (Company as Lessee) for H1 2025** | Lessor Name | Leased Asset Type | Rent Paid (Yuan) | Lease Liability Interest Expense (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Kaikai (Group) Co, Ltd | Buildings | 2,939,547.53 | 120,851.14 | | Shanghai No.1 Siberia Fur Co, Ltd | Buildings | 683,050.00 | 18,897.12 | | Shanghai Jing'an Cereals, Oils and Foodstuffs Co, Ltd | Buildings | 236,466.00 | 7,219.88 | | Shanghai Lantang-Bobu Leather Shoes Co, Ltd | Buildings | 392,754.60 | 3,946.67 | **Payables to Related Parties (at Period-End)** | Item | Related Party | Closing Balance (Yuan) | | :--- | :--- | :--- | | Other Payables | Shanghai Dingfeng Technology Development Co, Ltd | 95,163,674.00 | | Accounts Payable | Shanghai Jing'an Pharmaceutical Co, Ltd | 317,494.11 | - The **95,163,674.00 yuan** in other payables to Shanghai Dingfeng Technology Development Co, Ltd is over one year old and remains unpaid as the counterparty has not requested payment[125](index=125&type=chunk)[96](index=96&type=chunk) [XVI. Subsequent Events](index=127&type=section&id=XVI.%20Subsequent%20Events) This section discloses the completion of post-balance sheet procedures related to the private placement, which had no financial impact - As of the report disclosure date, the company has completed the capital verification, share registration, and accounting entries for the private placement[127](index=127&type=chunk) - The financial impact of this event on the company's financial position and operating results cannot be estimated[127](index=127&type=chunk) [XVII. Other Important Matters](index=127&type=section&id=XVII.%20Other%20Important%20Matters) This section discloses the company's annuity plan and a historical bill dispute, for which the parent company has guaranteed any losses - A wholly-owned subsidiary participates in the Changjiang Golden Evening (Collective) Enterprise Annuity Plan, which is registered with the authorities[128](index=128&type=chunk) - The company was involved in a historical bill dispute related to the "Zhang Chen Incident," but as of the financial statement approval date, all related asset restrictions have been lifted[128](index=128&type=chunk)[129](index=129&type=chunk) - The parent company, Shanghai Kaikai (Group) Co, Ltd, has committed to bear any losses arising from the "Zhang Chen Incident" bill matters[128](index=128&type=chunk) [XVIII. Notes to Parent Company Financial Statement Items](index=129&type=section&id=XVIII.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on the parent company's financial statement items, including receivables, investments, and revenue **Parent Company Accounts Receivable Aging Analysis (Gross Amount at Period-End)** | Aging | Closing Gross Amount (Yuan) | | :--- | :--- | | Within 1 year | 2,673,785.72 | | 1 to 2 years | 254,257.00 | | 2 to 3 years | 53,100.96 | | Over 5 years | 277,782,629.38 | | **Total** | **280,763,773.06** | - A receivable of **277.78 million yuan** from Falcon International Group Limited has been fully provided for as it is deemed unrecoverable[130](index=130&type=chunk)[131](index=131&type=chunk) **Parent Company Other Receivables by Nature (at Period-End)** | Nature | Closing Gross Amount (Yuan) | | :--- | :--- | | Intercompany balances | 86,000,000.00 | | Deposits/Advances/Guarantees | 1,153,947.70 | | Expense-related items | 47,562.32 | | **Total** | **87,201,510.02** | **Parent Company Long-term Equity Investments (Carrying Value at Period-End)** | Item | Closing Balance (Carrying Value) (Yuan) | | :--- | :--- | | Investments in subsidiaries | 171,979,427.09 | | Investments in associates and joint ventures | 101,163,786.00 | | **Total** | **273,143,213.09** | **Parent Company Operating Revenue and Costs (H1 2025)** | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 14,012,390.74 | 11,942,261.29 | | Other Business | 1,401,871.45 | - | | **Total** | **15,414,262.19** | **11,942,261.29** | **Parent Company Investment Income (H1 2025)** | Item | Current Period Amount (Yuan) | | :--- | :--- | | Income from long-term equity investments under cost method | 31,504,939.75 | | Income from disposal of trading financial assets | 615,191.82 | | Income from long-term equity investments under equity method | -277.97 | | **Total** | **32,119,853.60** | - The parent company received a cash dividend of **31,504,939.75 yuan** from its subsidiary, Shanghai Leiyunshang West Pharmaceutical Co, Ltd[139](index=139&type=chunk) [XIX. Supplementary Information](index=139&type=section&id=XIX.%20Supplementary%20Information) This section provides supplementary financial data, including a detailed breakdown of non-recurring items and calculations for ROE and EPS **Detailed Breakdown of Non-recurring Items for H1 2025** | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 19,400.01 | | Government Grants Recognized in Current Profit or Loss | 7,904,964.09 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities | 1,170,753.47 | | Other Non-operating Income and Expenses | 1,271,031.42 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 93,955.51 | | Less: Income Tax Impact | 1,664,801.30 | | Less: Minority Interest Impact (After Tax) | 2,703.60 | | **Total** | **8,792,599.60** | **Return on Equity (ROE) and Earnings Per Share (EPS) for H1 2025** | Profit for the Period | Weighted Average ROE (%) | EPS (Yuan/Share) Basic | EPS (Yuan/Share) Diluted | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 1.89 | 0.049 | 0.049 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | 0.48 | 0.012 | 0.012 |

公司代码：603615 公司简称：茶花股份 茶花现代家居用品股份有限公司 2025 年半年度报告 1 / 164 茶花现代家居用品股份有限公司2025 年半年度报告 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈葵生、主管会计工作负责人林杰及会计机构负责人（会计主管人员）郑青锋 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，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 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。 茶花现代家居用品股份有限公司2025 年半年度报告 重要提示 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，公司不存在对生产经营产生实质性影响的 ...

成都燃气集团股份有限公司2025 年半年度报告 公司代码：603053 公司简称：成都燃气 成都燃气集团股份有限公司 2025 年半年度报告 1 / 167 成都燃气集团股份有限公司2025 年半年度报告 重要提示 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 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王柄皓、主管会计工作负责人高文及会计机构负责人（会计主管人员）张屏声 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 公司的未来计划、战略的实现，以及对未来的分析或测算，需要依托客观条件不发生重大变化， 该等计划不构成公司对投资者的实质承诺，请投资者注意投资风险。 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性 ...

南京海辰药业股份有限公司 2025 年半年度报告全文 南京海辰药业股份有限公司 2025 年半年度报告 2025-047 2025 年 8 月 1 南京海辰药业股份有限公司 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。 公司负责人曹于平、主管会计工作负责人陈建仁及会计机构负责人(会计 主管人员)李小卫声明：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。 本公司提请投资者认真阅读本半年度报告全文，并特别注意公司在本报 告中详细描述存在的主要风险，包括：行业政策变化风险、新药研发风险、 项目投资风险、经营管理风险、环保风险等。详细内容请查阅本报告第三节 "管理层讨论与分析"。 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 | | 2 | 1.2 | | --- | --- | --- | | | | > | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司 ...

哈尔滨电气集团佳木斯电机股份有限公司 2025 年半年度报告全文 哈尔滨电气集团佳木斯电机股份有限公司 2025 年半年度报告 2025 年 8 月 1 哈尔滨电气集团佳木斯电机股份有限公司 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。 公司负责人刘清勇、主管会计工作负责人韩思蒂及会计机构负责人(会计 主管人员)刘洋声明：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。 本年度报告中有关经营计划、经营目标等前瞻性陈述并不代表公司对 2025 年下半年的盈利预测，能否实现取决于市场状况变化等多种因素，存在 一定的不确定性，不构成公司对广大投资者的实质承诺，投资者及相关人士 应当对此保持足够的风险认识，并且应当理解计划、预测和承诺之间的差异。 敬请广大投资者注意投资风险。 公司在本报告第三节： "管理层讨论与分析"之十中的"公司面临的风 险和应对措施"部分，描述了公司经营中可能存在的风险及应对措施，敬请 ...