江苏凤凰置业投资股份有限公司2025 年半年度报告 公司代码：600716 公司简称：凤凰股份 江苏凤凰置业投资股份有限公司 2025 年半年度报告 1 / 152 江苏凤凰置业投资股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王译萱、主管会计工作负责人颜树云及会计机构负责人（会计主管人员）陈超 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 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 本报告已描述了公司面临的风险，敬请投资者查阅"第三节 管理层讨论与分析"之"五、其他披 露事项"中（一）可能面对的风险。 六、 前瞻性陈述的风险声明 √适用 □不适用 受到风险、不明朗因素及假设的影响，本报告所涉及的未来经济及行业的主观假定和判断、企 ...

公司 2025 年半年度报告全文 华润博雅生物制药集团股份有限公司 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。 公司负责人任辉、主管会计工作负责人潘宇轩及会计机构负责人(会计主管人员)王子贺声明：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。 本公司在此声明：如本报告中有涉及未来计划等前瞻性陈述，该陈述不构成公司对投资者的实质 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差 异。 2025 年半年度报告 2025-057 2025 年 8 月 1 公司 2025 年半年度报告全文 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 | 8 | | 第四节 | 公司治理、环境和社会 | 28 | | 第五节 | 重要事项 | 31 | | 第六节 | 股份变动及 ...

Company Profile and Key Financial Indicators This section covers the company's basic information, key financial performance, and non-recurring items [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Zhejiang Yilida Fan Co., Ltd. (stock code: 002686) is a company listed on the Shenzhen Stock Exchange, with Wu Xiaoming as its legal representative Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Yilida | | Stock Code | 002686 | | Listing Exchange | Shenzhen Stock Exchange | | Full Chinese Name | Zhejiang Yilida Fan Co., Ltd. | | Legal Representative | Wu Xiaoming | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, operating revenue and net profit attributable to shareholders increased, but net profit after non-recurring items and operating cash flow significantly declined, indicating core business deterioration Key Financial Indicators | Key Financial Indicators | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 757,650,785.92 | 673,088,132.58 | 12.56% | | Net Profit Attributable to Shareholders of the Listed Company (Yuan) | 40,030,942.36 | 33,834,194.22 | 18.32% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses (Yuan) | 21,228,392.57 | 31,871,808.63 | -33.39% | | Net Cash Flow from Operating Activities (Yuan) | -30,004,944.04 | 75,488,363.05 | -139.75% | | Basic Earnings Per Share (Yuan/share) | 0.0707 | 0.0598 | 18.23% | | Weighted Average Return on Net Assets | 2.43% | 2.08% | 0.35% | | **Asset and Liability Indicators** | **Period-End** | **Prior Year-End** | **Year-on-Year Change** | | Total Assets (Yuan) | 3,083,228,509.76 | 3,143,812,542.58 | -1.93% | | Net Assets Attributable to Shareholders of the Listed Company (Yuan) | 1,655,628,569.07 | 1,624,090,077.03 | 1.94% | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses amounted to 18.80 million Yuan, primarily from asset disposal and government subsidies, significantly contributing to current net profit attributable to shareholders Non-Recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 13,218,834.69 | | Government Subsidies Recognized in Current Profit and Loss | 8,397,388.20 | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets/Liabilities | 1,220,691.06 | | Other Non-Operating Income and Expenses | -351,206.67 | | Less: Income Tax Impact | 3,357,622.64 | | Less: Impact on Minority Interests (After Tax) | 325,534.85 | | **Total** | **18,802,549.79** | Management Discussion and Analysis This section analyzes the company's main operations, core competencies, financial performance, asset status, subsidiary results, and risk management strategies [Main Business](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business includes fan manufacturing (central air conditioning and building ventilation) and diversified operations in new energy vehicle components, new materials, and aluminum alloy die-castings - The company's core business is fan manufacturing, primarily categorized into central air conditioning fans and building ventilation fans[23](index=23&type=chunk) - The company actively expands diversified businesses, including: - **New Energy Vehicle Components**: Subsidiary Tiecheng Information produces on-board chargers (OBC), serving clients such as SAIC-GM-Wuling, Chery, and Geely[23](index=23&type=chunk) - **New Materials**: Subsidiary Qingdao Ocean is engaged in the R&D and production of polymer functional new materials[24](index=24&type=chunk) - **Aluminum Alloy Die-Casting**: Subsidiary Sanjin Technology provides aluminum alloy castings for the automotive, electromechanical, and other industries[24](index=24&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies stem from its brand, technological manufacturing, comprehensive cost-effectiveness, and service advantages, holding a leading position in the central air conditioning fan industry - The company and several subsidiaries are high-tech enterprises, possessing provincial-level technology centers and research institutes, with a cumulative total of **328 patent technologies**, including **105 invention patents**[26](index=26&type=chunk) - The company focuses on **QCDS (Quality, Cost, Delivery, Service)** comprehensive capability competition, enhancing customer supply chain efficiency through rapid delivery, quality control, and expert full-process services[27](index=27&type=chunk) [Analysis of Main Business](index=10&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by 12.56% driven by automotive parts manufacturing, but traditional fan business declined, and overall profitability faces challenges due to low margins in new segments and negative operating cash flow Key Financial Data | Key Financial Data | Current Reporting Period | Prior Year Period | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 757,650,785.92 | 673,088,132.58 | 12.56% | - | | Operating Cost | 591,240,554.56 | 500,011,790.13 | 18.25% | - | | Financial Expenses | 4,682,737.25 | 3,370,269.81 | 38.94% | Decrease in exchange gains year-on-year | | Net Cash Flow from Operating Activities | -30,004,944.04 | 75,488,363.05 | -139.75% | Operating outflows exceeded inflows | | Net Cash Flow from Investing Activities | 58,360,673.21 | -16,884,781.88 | 445.64% | Maturity of structured deposits and receipt of land expropriation compensation | | Gains from Asset Disposal | 13,218,834.69 | 501,699.71 | 2,534.81% | Sale of idle assets and receipt of land expropriation compensation | Operating Revenue and Gross Profit Margin by Industry/Product | By Industry/Product | Operating Revenue (Yuan) | Proportion of Total Revenue | Year-on-Year Change | Gross Profit Margin | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | **Fan Manufacturing** | 410,443,401.99 | 54.17% | -12.60% | 29.68% | -0.14% | | **Automotive Parts Manufacturing** | 300,073,005.60 | 39.61% | 113.49% | 10.38% | -5.47% | | Air Conditioning Fans and Accessories | 353,296,437.17 | 46.64% | -9.38% | 30.16% | 3.15% | | Automotive Parts | 296,807,858.79 | 39.17% | 126.48% | 9.66% | -1.91% | [Analysis of Assets and Liabilities](index=11&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At period-end, total assets decreased slightly to 3.083 billion Yuan, with a stable asset structure and 203 million Yuan in restricted assets, mainly from bank acceptance bill deposits and pledged notes receivable Restricted Assets | Item | Carrying Amount at Period-End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Capital | 168,860,503.47 | Bank acceptance bill deposit, letter of guarantee deposit, pre-litigation property preservation | | Financing of Receivables | 34,276,420.80 | Pledged notes receivable | | **Total** | **203,136,924.27** | - | [Analysis of Major Holding and Participating Companies](index=13&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Subsidiary performance varied, with Guangdong Yilida and Tiecheng Information being key profit contributors, while Tiecheng Information showed strong revenue growth, and Qingdao Ocean New Materials incurred a loss Major Holding and Participating Companies' Performance | Company Name | Main Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Guangdong Yilida Fan Co., Ltd. | Fans, Motors | 107,289,587.38 | 6,899,289.21 | | Zhejiang Yilida Technology Co., Ltd. | Fans, Motors | 126,542,404.94 | 3,496,552.76 | | Jiangsu Fulihua General Equipment Co., Ltd. | Fans | 42,041,110.93 | 1,665,248.89 | | Qingdao Ocean New Materials Technology Co., Ltd. | Protective and Functional Materials | 16,768,578.76 | -1,335,391.27 | | Tiecheng Information Technology Co., Ltd. | Chargers, Converters | 288,777,971.48 | 7,947,607.75 | | Zhejiang Sanjin Technology Co., Ltd. | Gearbox Housings | 13,007,732.26 | 436,141.67 | [Risks and Countermeasures](index=14&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces market demand fluctuations, tightening environmental policies, and new product market acceptance risks, addressed by optimizing product structure, technological innovation, and talent management - The company faces major operational risks including: - **Market Demand Fluctuation Risk**: Changes in industrial structure across different regions and markets may lead to demand fluctuations[48](index=48&type=chunk) - **Policy Risk**: Increased national requirements for environmental protection and energy saving may impact the company's products[48](index=48&type=chunk) - **New Product Market Acceptance Risk**: New products such as energy-efficient motors and on-board chargers require a market introduction period[48](index=48&type=chunk) - The company's response strategies include: - **Products and Market**: Innovating and optimizing product structure, closely monitoring market changes, and making rapid adjustments[49](index=49&type=chunk) - **Internal Management**: Intensifying transformation and upgrading, improving operational efficiency, enhancing technical processes, and boosting "intelligent" manufacturing and management capabilities[49](index=49&type=chunk) - **Talent**: Effectively utilizing existing talent and recruiting new talent to achieve common development for the enterprise and employees[49](index=49&type=chunk) Corporate Governance, Environment, and Society This section details changes in the company's board and senior management, profit distribution plans, and its commitment to social responsibility across governance, environmental protection, and employee welfare [Changes in Directors, Supervisors, and Senior Management](index=16&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Zhai Feng, a director and board secretary, resigned for personal reasons, and Jiang Hexiang was elected as a new director and appointed as the board secretary - Zhai Feng (Director, Deputy General Manager, Board Secretary) resigned on June 20, 2025, and Jiang Hexiang was elected as a director on July 17, 2025, and appointed as Board Secretary on August 21[52](index=52&type=chunk) [Profit Distribution Plan](index=16&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no profit distribution for the first half of 2025, meaning no cash dividends, no bonus shares, and no capitalization of reserves - The company plans no cash dividends, no bonus shares, and no capitalization of reserves for the half-year period[53](index=53&type=chunk) [Social Responsibility](index=16&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company prioritizes social responsibility, investing in corporate governance, environmental protection, employee rights, and public welfare, adhering to regulations and fostering employee growth - The company strictly adheres to laws such as the "Company Law" and "Securities Law," establishing an internal control system to safeguard shareholder interests[55](index=55&type=chunk) - The company emphasizes environmental protection and energy conservation, establishing specialized organizations, developing energy-efficient fans and motors, and obtaining qualification as a testing laboratory for fan energy efficiency labels[56](index=56&type=chunk) - The company adheres to a people-oriented approach, complies with labor laws, focuses on employee health, safety, and growth, and builds harmonious labor relations[57](index=57&type=chunk) Significant Matters This section details the company's litigation status, significant contracts, and their performance, including guarantees and wealth management activities [Litigation Matters](index=18&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company faces several lawsuits, primarily sales contract disputes involving subsidiary Tiecheng Information with Anhui Jianghuai Automobile Group, with some cases in enforcement but no recoveries yet - Subsidiary Tiecheng Information is involved in two sales contract disputes with Anhui Jianghuai Automobile Group, with amounts of **10.70 million Yuan** and **4.53 million Yuan** respectively; first-instance judgments have been rendered, and Tiecheng Information has appealed[66](index=66&type=chunk) - Subsidiary Qingdao Ocean's debt settlement dispute with Liu Yanyiyi's heir (involving **3.20 million Yuan**) and Tiecheng Information's sales contract dispute with Hebei Yujie Times Automobile (involving **4.27 million Yuan**) are both in the court enforcement stage, but no recoveries have been made yet[66](index=66&type=chunk)[67](index=67&type=chunk) [Significant Contracts and Their Performance](index=21&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company generated 3.01 million Yuan in operating lease income, provided 194.45 million Yuan in guarantees for subsidiaries, and invested 362 million Yuan in bank wealth management products Guarantee Information | Guarantee Information | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 120,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-End | 19,445.33 | | Proportion of Total Actual Guarantee to Company's Net Assets | 11.74% | | Debt Guarantee Balance Provided for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 18,945.33 | Wealth Management Information | Wealth Management Information | Amount (Ten Thousand Yuan) | | :--- | :--- | | Source of Funds | Own Funds | | Amount of Wealth Management Transactions | 36,200 | | Unmatured Balance | 11,000 | | Overdue Unrecovered Amount | 0 | Share Changes and Shareholder Information This section outlines changes in the company's share capital and provides details on its shareholder structure, including major shareholders and their holdings [Share Change Information](index=25&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged, with an ongoing share repurchase plan having accumulated 1,143,300 shares, representing 0.2019% of total capital, for 7.21 million Yuan - As of July 31, 2025, the company had cumulatively repurchased **1,143,300 shares** through centralized bidding transactions, representing **0.2019%** of total share capital, with a total transaction amount of **7,207,661 Yuan**[90](index=90&type=chunk) [Shareholder Numbers and Shareholding Information](index=26&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 22,802 common shareholders, with Zhejiang Zheshang Asset Management Co., Ltd. as the largest shareholder holding 37.11% of the shares Top Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at Period-End | | :--- | :--- | :--- | :--- | | Zhejiang Zheshang Asset Management Co., Ltd. | State-owned Legal Person | 37.11% | 210,131,981 | | Chen Xinquan | Domestic Natural Person | 9.21% | 52,154,400 | | Shanghai Muxin Private Equity Fund Management Co., Ltd. - Muxin Tianzehui No. 1 | Other | 2.00% | 11,312,381 | Financial Report This section presents the company's unaudited financial statements, including the balance sheet, income statement, and cash flow statement, along with detailed notes on key financial items [Financial Statements](index=29&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The unaudited financial statements show total assets of 3.083 billion Yuan, net owner's equity of 1.656 billion Yuan, increased revenue and net profit, but significantly negative operating cash flow [Consolidated Balance Sheet](index=29&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) At period-end, total assets decreased slightly to 3.083 billion Yuan, total liabilities decreased, and owner's equity attributable to the parent company increased, resulting in a lower debt-to-asset ratio Consolidated Balance Sheet | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | **Total Assets** | **3,083,228,509.76** | **3,143,812,542.58** | | Total Current Assets | 1,855,015,679.91 | 1,861,612,007.22 | | Total Non-Current Assets | 1,228,212,829.85 | 1,282,200,535.36 | | **Total Liabilities** | **1,308,305,156.67** | **1,400,528,060.23** | | Total Current Liabilities | 1,119,082,599.46 | 1,189,400,495.22 | | Total Non-Current Liabilities | 189,222,557.21 | 211,127,565.01 | | **Total Owner's Equity** | **1,774,923,353.09** | **1,743,284,482.35** | | Total Owner's Equity Attributable to Parent Company | 1,655,628,569.07 | 1,624,090,077.03 | [Consolidated Income Statement](index=33&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, total operating revenue increased by 12.56%, but costs grew faster; net profit attributable to parent company shareholders rose by 18.32%, partly due to significant gains from asset disposal Consolidated Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 757,650,785.92 | 673,088,132.58 | | II. Total Operating Costs | 736,624,313.15 | 641,382,368.53 | | Including: Operating Cost | 591,240,554.56 | 500,011,790.13 | | R&D Expenses | 42,511,092.44 | 36,522,901.84 | | III. Operating Profit | 50,191,620.75 | 41,531,981.94 | | IV. Total Profit | 49,967,079.72 | 42,331,033.38 | | V. Net Profit | 42,334,932.59 | 35,228,938.45 | | Net Profit Attributable to Parent Company Shareholders | 40,030,942.36 | 33,834,194.22 | [Consolidated Cash Flow Statement](index=37&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash flow from operating activities significantly deteriorated to -30 million Yuan, while investing and financing cash flows turned positive, with period-end cash and cash equivalents at 264 million Yuan Consolidated Cash Flow Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -30,004,944.04 | 75,488,363.05 | | Net Cash Flow from Investing Activities | 58,360,673.21 | -16,884,781.88 | | Net Cash Flow from Financing Activities | 4,756,884.25 | -45,397,447.74 | | Net Increase in Cash and Cash Equivalents | 33,627,488.06 | 15,012,202.95 | | Cash and Cash Equivalents at Period-End | 263,690,995.13 | 210,007,863.53 | [Notes to Consolidated Financial Statements](index=70&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Notes detail the composition and changes of assets, liabilities, and profit/loss items, including accounts receivable, inventory, goodwill, and borrowings [Accounts Receivable](index=72&type=section&id=4%E3%80%81%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) At period-end, accounts receivable carrying value decreased to 408 million Yuan, with a total bad debt provision of 128 million Yuan, and a high 94.06% provision rate for individually assessed items Accounts Receivable by Category | Category | Carrying Balance at Period-End (Yuan) | Bad Debt Provision at Period-End (Yuan) | Provision Rate | | :--- | :--- | :--- | :--- | | Bad Debt Provision by Individual Item | 78,461,452.53 | 73,800,663.47 | 94.06% | | Bad Debt Provision by Portfolio | 457,549,260.69 | 54,453,533.13 | 11.90% | | **Total** | **536,010,713.22** | **128,254,196.60** | **23.93%** | [Inventory](index=84&type=section&id=8%E3%80%81%E5%AD%98%E8%B4%A7) At period-end, inventory carrying value decreased to 530 million Yuan, primarily composed of raw materials, work in progress, and goods in transit, with 46.47 million Yuan provided for impairment Inventory Details | Item | Carrying Balance at Period-End (Yuan) | Inventory Impairment Provision at Period-End (Yuan) | Carrying Amount at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 188,481,865.12 | 12,544,733.02 | 175,937,132.10 | | Work in Progress | 125,885,695.63 | 3,127,195.59 | 122,758,500.04 | | Finished Goods | 110,152,900.76 | 9,589,308.38 | 100,563,592.38 | | Goods in Transit | 146,265,697.43 | 21,002,313.46 | 125,263,383.97 | | **Total** | **576,718,510.49** | **46,466,147.80** | **530,252,362.69** | [Goodwill](index=92&type=section&id=15%E3%80%81%E5%95%86%E8%AA%89) Original goodwill was 600 million Yuan, mainly from acquisitions, with cumulative impairment provisions of 430 million Yuan, resulting in a net carrying value of 170 million Yuan Goodwill Details | Events Leading to Goodwill Formation | Balance at Beginning of Period (Yuan) | Impairment Provision at Period-End (Yuan) | Carrying Amount at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Tiecheng Information Technology Co., Ltd. | 450,685,001.50 | 344,882,293.99 | 105,802,707.51 | | Qingdao Ocean New Materials Technology Co., Ltd. | 66,432,506.37 | 66,432,506.37 | 0.00 | | Aisen Technology Co., Ltd. | 52,281,637.35 | 18,354,553.34 | 33,927,084.01 | | **Total** | **600,372,627.13** | **430,497,792.52** | **169,874,834.61** |

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