濮阳惠成电子材料股份有限公司 2025 年半年度报告全文 濮阳惠成电子材料股份有限公司 2025 年半年度报告 2025-053 2025 年 8 月 1 濮阳惠成电子材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人吴悲鸿、主管会计工作负责人范晓霞及会计机构负责人(会计 主管人员)娄建军声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在经营中可能存在的风险因素内容已在本报告"第三节管理层讨论与 分析"之"十、公司面临的风险和应对措施"详细描述了公司经营中可能存在的 风险，敬请投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 291,855,438 股为基 数，向全体股东每 10 股派发现金红利 2 元（含税），送红股 0 股（含税）， 不以公积金转增股本。 2 濮阳惠成电子材料股份有限公司 2025 年半年度报告全文 | ਲ | | --- | | 第一节 ...

安徽中环环保科技股份有限公司 2025 年半年度报告全文 安徽中环环保科技股份有限公司 2025 年半年度报告 2025-048 2025 年 8 月 1 安徽中环环保科技股份有限公司 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。 公司负责人张伯中、主管会计工作负责人王炜及会计机构负责人(会计主 管人员)孙宝声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士应对此保持足够的风 险认识，并且应当理解计划、预测与承诺的差异。 公司在经营管理中可能面临的风险与对策举措已在本报告中第三节"管 理层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述。敬 请广大投资者关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一 ...

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北大医药股份有限公司 2025 年半年度报告全文 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。 北大医药股份有限公司 公司负责人徐晰人、主管会计工作负责人赵全波及会计机构负责人(会计 主管人员)赵全波声明：保证本半年度报告中财务报告的真实、准确、完整。 2025 年半年度报告 所有董事均已出席了审议本次半年报的董事会会议。 【2025 年 8 月】 本报告中如有涉及未来计划、业绩预测等方面的前瞻性陈述，均不构成 公司对投资者的实质承诺，投资者及相关人士均应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，敬请投资者注意投资风险。 1 北大医药股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司未来经营发展受各种风险因素影响，公司在本报告第三节"管理层 讨论与分析"之"十、公司面临的风险和应对措施"中描述了公司可能面临 的风险和应对措施，敬请投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 595,987,425 股为基 数，向全体股东每 10 ...

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云南临沧鑫圆锗业股份有限公司 2025 年半年度报告全文 云南临沧鑫圆锗业股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 云南临沧鑫圆锗业股份有限公司 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、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。 公司负责人包文东、主管会计工作负责人杨元杰及会计机构负责人(会计 主管人员)王先琴声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告所涉公司未来计划等前瞻性陈述，属于计划性事项，不构成公司 对任何投资者及相关人士的实质承诺，能否实现取决于市场状况变化、经营 团队的努力程度等多种因素，存在较大不确定性，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。 公司生产经营活动受各种风险因素影响，相关风险公司在本报告第三节 "管理层讨论与分析"之"十、公司面临的风险和应对措施"部分进行了专 门说明，敬请广大投资者注意投资风险。 公司计划不派发现金 ...

大博医疗科技股份有限公司2025年半年度报告全文 大博医疗科技股份有限公司 2025年半年度报告 2025 年 08 月 1 大博医疗科技股份有限公司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。 公司负责人林志雄、主管会计工作负责人陈丹荷及会计机构负责人(会计 主管人员)陈丹荷声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺。 投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测 与承诺之间的差异。 公司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、公司面临的风险和应对措 施"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 | | --- | --- | --- | -- ...

[Section 1 Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines common terms used in the report, including legal and regulatory bodies, associated parties, and the reporting period from January 1 to June 30, 2025 [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for common terms used in the report, including legal and regulatory bodies, associated parties, and the reporting period from January 1 to June 30, 2025 - Reporting period defined as **January 1 to June 30, 2025**[15](index=15&type=chunk) - Abbreviations for the Company, Shandong Steel Group, China Baowu, and other key entities are clarified in the report[15](index=15&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=4&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, changes in registration, information disclosure, stock details, and key financial performance for the first half of 2025 [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section introduces the basic information of Shandong Iron and Steel Co., Ltd., including its Chinese name, abbreviation, foreign name, and legal representative Xie Qi - Company's Chinese name is Shandong Iron and Steel Co., Ltd., abbreviated as Shandong Steel, with Xie Qi as the legal representative[12](index=12&type=chunk) [II. Contact Persons and Information](index=4&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary Tang Bangxiu and Securities Affairs Representative Jing Ju, including address, phone, fax, and email - Board Secretary is Tang Bangxiu, Securities Affairs Representative is Jing Ju, both with contact address at No. 99 Fuqian Street, Gangcheng District, Jinan City, Shandong Province[13](index=13&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered address changed in 2019 from "No. 21 Industrial North Road, Jinan City, Shandong Province" to "No. 99 Fuqian Street, Gangcheng District, Jinan City, Shandong Province," with the office address consistent with the registered address - Company's registered address changed in **2019** to No. 99 Fuqian Street, Gangcheng District, Jinan City, Shandong Province[14](index=14&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) The company designates "China Securities Journal," "Shanghai Securities News," "Securities Daily," and "Securities Times" as information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's Board Office - Company's information disclosure newspapers include "China Securities Journal," "Shanghai Securities News," "Securities Daily," and "Securities Times"[17](index=17&type=chunk) - Semi-annual report is published on the Shanghai Stock Exchange website (http://www.sse.com.cn)[17](index=17&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Shandong Steel" and stock code "600022," previously "Jinan Steel" - Company's stock abbreviation is **"Shandong Steel,"** stock code **"600022,"** listed on the Shanghai Stock Exchange[18](index=18&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating performance significantly improved, achieving a turnaround from loss to profit, with operating revenue decreasing by 18.60% year-on-year, but total profit and net profit attributable to shareholders both seeing substantial growth, and net cash flow from operating activities increasing by 88.31% year-on-year 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) Amount (Yuan) | Prior Year Same Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 36,806,041,679.71 | 45,214,504,187.76 | -18.60 | | Total Profit | 292,498,850.00 | -1,060,503,685.37 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | 12,525,845.94 | -968,103,878.24 | Not Applicable | | Net Cash Flow from Operating Activities | 2,821,202,535.87 | 1,498,154,236.51 | 88.31 | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 18,737,678,880.14 | 18,782,768,532.67 | -0.24 | | Total Assets (Period-End) | 65,537,673,049.44 | 65,308,443,591.92 | 0.35 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Same Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.0012 | -0.0906 | Not Applicable | | Diluted Earnings Per Share (Yuan/share) | 0.0012 | -0.0906 | Not Applicable | | Weighted Average Return on Net Assets (%) | 0.07 | -0.05 | Not Applicable | 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -42,189,081.26 | | Government grants recognized in current profit or loss | 21,839,958.07 | | Other non-operating income and expenses | 628,800.81 | | Income tax impact | -2,253,737.45 | | Impact on minority interests (after tax) | -11,484,419.93 | | Total | -5,982,165.00 | [Section 3 Management Discussion and Analysis](index=6&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main business, operational performance, core competitiveness, and key operating activities during the reporting period, highlighting a significant turnaround and strategic achievements [I. Explanation of the Company's Industry and Main Business during the Reporting Period](index=6&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) In the first half of 2025, global economic growth slowed, while China's economy maintained steady progress, with the steel industry seeing some easing of supply-demand imbalances, but the market generally declined, and the company's main business remained unchanged, possessing a complete production process and diverse product range [(1) Industry Development during the Reporting Period](index=6&type=section&id=%281%29%20Industry%20Development%20during%20the%20Reporting%20Period) In H1 2025, global economy faced challenges, China's GDP grew 5.3%, steel industry supply-demand eased but market declined, crude steel output fell 3.0%, and steel inventory was at a 4-year low, with industry profits surging 13.7 times aided by cost reduction, and steel exports growing 9.2% with policy driving green transformation and carbon market management - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, an increase of **0.3 percentage points** compared to the same period in 2024[25](index=25&type=chunk) - The average national steel price decreased by **7.4%**, with the closing price of Shanghai rebar main contract falling by approximately **23%**[26](index=26&type=chunk) - China's crude steel output was **514.83 million tons**, a year-on-year decrease of **3.0%**[27](index=27&type=chunk) - The average monthly steel inventory of key statistical steel enterprises was **18.91 million tons**, the lowest level in nearly 4 years[29](index=29&type=chunk) - The cumulative total profit of the ferrous metal smelting and rolling processing industry was **46.28 billion yuan**, a year-on-year increase of **13.7 times**[30](index=30&type=chunk) - China exported **58.15 million tons** of steel, a year-on-year increase of **9.2%**; net crude steel exports reached **62.64 million tons**, up **21.1%** year-on-year[33](index=33&type=chunk) - As of June 30, a total of **193 steel enterprises** had completed or partially completed ultra-low emission transformations and assessment monitoring[35](index=35&type=chunk) [(2) Company's Business Operations during the Reporting Period](index=8&type=section&id=%282%29%20Company's%20Business%20Operations%20during%20the%20Reporting%20Period) The company possesses a complete production system from coking to rolling, with main products including heavy plates, cold/hot rolled coils, sections, special steel, and rebar, widely used in automotive, petroleum, and construction sectors, and exported globally, with no significant changes in its main business, product uses, operating model, or performance drivers during the reporting period - The company possesses a complete production process system from coking, sintering, pelletizing, ironmaking, steelmaking to rolling[36](index=36&type=chunk) - Main products include heavy plates, cold and hot rolled coils, sections, special steel, and rebar, making it a renowned production base for plates, gear steel, and H-beams nationwide[36](index=36&type=chunk) - During the reporting period, there were no significant changes in the company's main business, product uses, operating model, or performance drivers[36](index=36&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, Shandong Steel achieved a turnaround from loss to profit by deepening Baosteel Co., Ltd. synergy, refining cost accounting, optimizing production and product management, advancing market-oriented reforms, and driving innovation, significantly enhancing operational quality, with notable progress in cost reduction, efficiency, market positioning, and high-end product development - The company successfully achieved a turnaround from loss to profit, with significantly improved operating performance[37](index=37&type=chunk) 2025 Semi-Annual Operating Performance Overview | Indicator | Current Reporting Period Amount | Change from Prior Year Same Period | | :--- | :--- | :--- | | Total Operating Revenue | 36.806 billion yuan | Down 18.60% | | Total Profit | 292 million yuan | Profit increase of 1.353 billion yuan | | Net Profit Attributable to Shareholders of Listed Company | 12.5258 million yuan | Profit increase of 981 million yuan | | Net Cash Flow from Operating Activities | 2.821 billion yuan | Up 88.31% year-on-year | | Gross Profit Margin | 6.02% | Up 4.15 percentage points from prior year same period | | Asset-Liability Ratio | 56.92% | Down 0.10 percentage points from end of prior year | | Interest-Bearing Debt Scale | 12.063 billion yuan | Down 1.132 billion yuan from end of prior year | | Total Accounts Receivable and Inventory Occupancy | 5.559 billion yuan | Down 188 million yuan from end of prior year | - The company cumulatively produced **5.197 million tons** of pig iron, **7.450 million tons** of crude steel, and **7.789 million tons** of commercial billets and rolled products[38](index=38&type=chunk) - Jinan Gangcheng Base and Rizhao Base deepened synergistic support, with purchase-sale price differences of **879 yuan/ton** for Jinan Gangcheng Base and **991 yuan/ton** for Rizhao Base, both higher than last year[38](index=38&type=chunk)[39](index=39&type=chunk) - The company's comparable costs decreased by **65.90 yuan/ton** compared to the same period last year, demonstrating significant achievements in cost reduction and efficiency improvement[40](index=40&type=chunk) - Local sales ratio increased by **11 percentage points**, direct sales to end-users ratio increased by **8.6 percentage points**, and high-end product ratio increased by **3.8 percentage points**[42](index=42&type=chunk) - Steel exports reached **642,600 tons**, a year-on-year increase of **3.71%**[42](index=42&type=chunk) - A total of **47 new products** were developed, with a promotion volume of **344,000 tons**, and the proportion of unique leading products increased to **8.4%**[44](index=44&type=chunk) - An AI Digital Intelligence Department was established to accelerate the application of AI+steel scenarios, with **15 projects** under construction/research, of which **3 have been launched**[46](index=46&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness lies in its complete process equipment, rich product structure, superior regional market and industrial layout, synergistic advantages with Baosteel Co., Ltd., strong R&D innovation capabilities, leading green development level, and high-quality talent pool - The company possesses complete process equipment from coking to rolling, with multiple production lines reaching domestic leading levels[47](index=47&type=chunk) - Products cover five major series: heavy plates, cold and hot rolled coils, sections, special steel, and rebar, with a complete range and capability to produce extreme specifications[48](index=48&type=chunk) - Located in the East China region, between the Bohai Rim and Yangtze River Delta economic circles, it enjoys strong regional market advantages[49](index=49&type=chunk) - The strategic layout of "emphasizing coastal areas and optimizing inland areas" continues to advance, with Rizhao Base's coastal advantages prominent and Jinan Gangcheng Base completing its old-to-new kinetic energy conversion[50](index=50&type=chunk) - The controlling shareholder, Shandong Steel Group, is the leading enterprise in Shandong Province's steel industry chain, and synergistic support from Baosteel Co., Ltd. continues to deepen, yielding significant synergistic benefits[51](index=51&type=chunk) - An open technological innovation system has been established, with multiple innovation platforms including a national-level enterprise technology center; **161 patents** were applied for and **125 patents** were authorized during the reporting period[52](index=52&type=chunk)[53](index=53&type=chunk) - The company has achieved environmental performance A-level across all areas, with comprehensive energy consumption per ton of steel decreasing year-on-year, continuously consolidating its green development level[46](index=46&type=chunk)[54](index=54&type=chunk) - Possesses abundant human resources and a stable core management team with high educational backgrounds and practical experience[55](index=55&type=chunk) [IV. Key Operating Conditions during the Reporting Period](index=11&type=section&id=IV.%20Key%20Operating%20Conditions%20during%20the%20Reporting%20Period) This section details the company's key operating conditions during the reporting period, including changes in financial statement items, asset and liability status, investment activities, and the operating performance of major subsidiaries and associates, with operating revenue decreasing but profit significantly improving, asset and liability structure remaining stable, and derivative investments primarily for hedging [(1) Analysis of Main Business](index=11&type=section&id=%281%29%20Analysis%20of%20Main%20Business) The company's operating revenue decreased by 18.60% year-on-year to 36.806 billion yuan, mainly due to lower steel sales volume and prices; operating costs decreased by 22.04% year-on-year, mainly due to lower sales volume and raw material procurement prices; selling expenses increased by 20.14% year-on-year, primarily due to concentrated payment of prior year's employee compensation in Q1 and increased export volume; R&D expenses decreased by 28.88% year-on-year, mainly due to reduced new product trial production costs; net cash flow from operating activities increased by 88.31% year-on-year to 2.821 billion yuan Analysis of Changes in Financial Statement Related Items | Item | Current Period Amount (Yuan) | Prior Year Same Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 36,806,041,679.71 | 45,214,504,187.76 | -18.60 | | Operating Cost | 34,591,989,605.53 | 44,370,905,293.92 | -22.04 | | Selling Expenses | 178,050,849.49 | 148,207,698.46 | 20.14 | | Administrative Expenses | 512,213,846.23 | 534,166,010.80 | -4.11 | | Financial Expenses | 145,948,668.38 | 140,864,005.73 | 3.61 | | R&D Expenses | 702,616,820.88 | 987,908,997.19 | -28.88 | | Net Cash Flow from Operating Activities | 2,821,202,535.87 | 1,498,154,236.51 | 88.31 | - The decrease in operating revenue was mainly due to the decline in steel sales volume and prices[57](index=57&type=chunk) - Net cash flow from operating activities increased by **1.323 billion yuan**, mainly due to changes in steel sales volume and market prices of steel and raw materials[58](index=58&type=chunk) [(3) Analysis of Assets and Liabilities](index=12&type=section&id=%283%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were 65.538 billion yuan, a 0.35% increase from the end of the previous year; net assets attributable to shareholders were 18.738 billion yuan, a slight decrease of 0.24%, with significant year-on-year changes observed in derivative financial assets, accounts receivable, contract assets, notes receivable financing, taxes payable, other payables, and lease liabilities Major Changes in Assets and Liabilities | Item Name | Current Period-End Amount (10,000 Yuan) | Current Period-End % of Total Assets | Prior Year-End Amount (10,000 Yuan) | Prior Year-End % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 364.84 | 0.01 | 0.00 | 0.00 | 100.00 | New floating profit from iron ore hedging | | Notes Receivable | 27,957.13 | 0.43 | 40,230.61 | 0.62 | -30.51 | Increased endorsement of notes | | Accounts Receivable | 123,491.75 | 1.88 | 48,344.54 | 0.74 | 155.44 | Sales policy adjustment and increased export volume | | Notes Receivable Financing | 57,143.03 | 0.87 | 33,772.04 | 0.52 | 69.20 | Increased amount of notes financing | | Contract Assets | 3,338.58 | 0.05 | 0.00 | 0.00 | 100.00 | Shanxin Software recognizes revenue by time period | | Other Current Assets | 17,719.94 | 0.27 | 48,667.59 | 0.75 | -63.59 | Decreased import mineral prices, reduced customs input VAT to be certified | | Construction in Progress | 106,346.20 | 1.62 | 201,552.36 | 3.09 | -47.24 | Completion and capitalization of construction projects | | Taxes Payable | 19,281.27 | 0.29 | 12,436.13 | 0.19 | 55.04 | Increased VAT payable | | Other Payables | 55,281.79 | 0.84 | 41,670.48 | 0.64 | 32.66 | Annual settlement expenses amortized monthly | | Other Current Liabilities | 28,583.53 | 0.44 | 21,941.06 | 0.34 | 30.27 | Adjustment of collection model, increased corresponding tax amount | | Lease Liabilities | 4,824.43 | 0.07 | 495.27 | 0.01 | 874.10 | Lease renewal upon expiration, recognition of lease liabilities | | Less: Treasury Stock | 20,039.38 | 0.31 | 12,037.95 | 0.18 | 66.47 | Company repurchased shares | | Other Comprehensive Income | -196.37 | -0.00 | -127.22 | -0.00 | 54.35 | Fair value changes of other equity instrument investments | | Special Reserve | 7,178.70 | 0.11 | 4,869.68 | 0.07 | 47.42 | Safety expense projects to be listed not yet settled, increased balance | Major Asset Restrictions at the End of the Reporting Period | Item | Year-End Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 1,846,542,023.73 | Margin deposits, etc | | Notes Receivable | 69,135,424.15 | Endorsed but unmatured commercial bills | | Fixed Assets | 959,754,497.91 | Finance lease | | Other Non-Current Assets | 1,191,771,527.78 | Finance company deposits and interest | | Total | 4,067,203,473.57 | - | [(4) Analysis of Investment Status](index=13&type=section&id=%284%29%20Analysis%20of%20Investment%20Status) At the end of the reporting period, the company's equity investment balance was 1.818 billion yuan, a decrease of 19 million yuan from the beginning of the year, with commodity derivative investments for hedging purposes having a book value of 3.6484 million yuan at period-end, accounting for 0.01% of net assets, effectively mitigating raw material price fluctuation risks - At the end of this period, the company's equity investment balance was **1.818 billion yuan**, a decrease of **19 million yuan** from the beginning of the year[64](index=64&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change in Current Period (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | | Derivative Instruments | 0.00 | 3,648,400.00 | 3,648,400.00 | | Other Equity Instrument Investments | 3,727,756.15 | -691,481.95 | 3,036,274.20 | | Other (Notes Receivable Financing) | 337,720,409.80 | 0.00 | 571,430,275.57 | | Total | 341,448,165.95 | 2,956,918.05 | 578,114,949.77 | - The company's commodity financial derivative business is based on hedging principles, effectively mitigating raw material price fluctuation risks, with good hedging effectiveness[69](index=69&type=chunk) [(6) Analysis of Major Holding and Participating Companies](index=16&type=section&id=%286%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company established Jinan Shandong Steel Steel Sales Co., Ltd. to optimize regional operations and market layout, with major subsidiaries, including Shandong Steel Group Rizhao Co., Ltd. and Shanxin Software Co., Ltd., all achieving profitability - During the reporting period, Jinan Shandong Steel Steel Sales Co., Ltd. was newly established, which is beneficial for optimizing regional operations and market layout[70](index=70&type=chunk) Operating Performance of Major Holding and Participating Companies | Company Name | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Steel Group Rizhao Co., Ltd. | 3,822,685.25 | 1,907,619.78 | 1,625,831.42 | 51,065.40 | 39,164.58 | | Shanxin Software Co., Ltd. | 71,868.34 | 40,576.06 | 31,550.38 | 3,960.04 | 3,695.98 | | Jinan Shandong Steel Steel Sales Co., Ltd. | 3,038.68 | 2,032.71 | 4,555.37 | 34.43 | 32.71 | [V. Other Disclosure Matters](index=17&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces macroeconomic policy, market, and safety production risks, and has formulated countermeasures, while actively promoting the "2025 Valuation Enhancement Plan and Quality Improvement, Efficiency Increase, and High Returns Action Plan," achieving significant progress in operating performance, new quality productive forces development, corporate governance, compliance risk control, investor returns, and investor relations management - The company faces macroeconomic policy risks such as rising global trade protectionism, increased steel export tariffs, and an unchanged supply-demand imbalance[71](index=71&type=chunk) - The company addresses macroeconomic policy risks by strengthening macroeconomic analysis, exploring international markets, focusing on industry capacity policies, and promoting green and low-carbon production[71](index=71&type=chunk) - Steel overcapacity and the industry entering a period of structural adjustment with reduced output are market risks faced by the company[71](index=71&type=chunk) - The company addresses market risks by closely monitoring market changes, optimizing product structure, deepening product operations, and strengthening the marketing team[72](index=72&type=chunk) - The steel industry, as a high-risk production area, has long operating processes and dense hazard sources, posing safety production risks[72](index=72&type=chunk) - The company addresses safety production risks by strengthening responsibility implementation and assessment, conducting hazard identification and risk assessment, revising management systems, and urging relevant parties to improve safety management systems[72](index=72&type=chunk) - Through the "2025 Valuation Enhancement Plan and Quality Improvement, Efficiency Increase, and High Returns Action Plan," the company made progress in six aspects: operating performance, new quality productive forces development, corporate governance, compliance risks, investor returns, and investor relations management[73](index=73&type=chunk) - In terms of operating performance, pig iron, crude steel, and commercial billets and rolled products output all completed **48.6%-49.5%** of the annual plan, achieving a total profit of **292 million yuan** and net profit attributable to the parent company of **12.5258 million yuan**[73](index=73&type=chunk) - In terms of new quality productive forces, **161 patents** were applied for and **125 patents** were authorized; an AI Digital Intelligence Department was established to accelerate the application of AI+steel scenarios, with **15 projects** under construction/research, of which **3 have been launched**[74](index=74&type=chunk) - In terms of investor returns, **154 million shares** were repurchased, with **200 million yuan** paid; controlling shareholder Shandong Steel Group increased its stake by **400 million shares**, with **500 million yuan** paid[75](index=75&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=19&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, environmental information disclosure, and efforts in poverty alleviation and rural revitalization [I. Changes in Company Directors, Supervisors, and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's board of directors elected Wang Xiangdong and Zhang Runsheng as directors, appointed Zhang Runsheng as General Manager, and Wang Peiwen as Deputy General Manager, with former directors Lu Ming and Luo Wenjun resigning, and employee supervisor Qi Dengye resigning but continuing to perform duties, and General Manager Zhang Runsheng passing away on June 26, 2025, leading to the appointment of Li Hongjian as General Manager on August 1, 2025 - During the reporting period, Wang Xiangdong and Zhang Runsheng were elected as directors, Zhang Runsheng was appointed as General Manager, and Wang Peiwen was appointed as Deputy General Manager[77](index=77&type=chunk) - Former directors Lu Ming and Luo Wenjun resigned, and employee supervisor Qi Dengye resigned but will continue to perform duties[77](index=77&type=chunk) - General Manager Zhang Runsheng passed away on **June 26, 2025**, and the company appointed Li Hongjian as General Manager on **August 1, 2025**[77](index=77&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution or capital reserve conversion plan for this semi-annual period - The company has no profit distribution or capital reserve conversion plan for this semi-annual period[78](index=78&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=20&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company has two major subsidiaries included in the list of enterprises required to disclose environmental information by law, Shandong Iron and Steel Co., Ltd. Laiwu Branch and Shandong Steel Group Rizhao Co., Ltd., whose environmental information disclosure reports can be found on the designated website - The company has **2 subsidiaries** included in the list of enterprises required to disclose environmental information by law[80](index=80&type=chunk) - Environmental information disclosure reports for Shandong Iron and Steel Co., Ltd. Laiwu Branch and Shandong Steel Group Rizhao Co., Ltd. can be found at http://221.214.62.226:8090/EnvironmentDisclosure/[80](index=80&type=chunk) [V. Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=20&type=section&id=V.%20Specific%20Situation%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) During the reporting period, the company actively fulfilled its social responsibilities by purchasing over 58,000 yuan worth of Xinjiang specialty agricultural products through employee welfare and over 25,000 kg of watermelons from Juancheng County, Heze City, through the "Summer Cooling" activity, contributing to poverty alleviation and rural revitalization - The company purchased over **58,000 yuan** worth of Xinjiang specialty agricultural products through employee welfare[80](index=80&type=chunk) - Over **25,000 kg** of watermelons from Juancheng County, Heze City, were purchased through the "Summer Cooling" initiative[80](index=80&type=chunk) [Section 5 Significant Matters](index=21&type=section&id=Section%205%20Significant%20Matters) This section details the company's fulfillment of commitments, significant related-party transactions, and major contracts, including equity trusteeship and leasing arrangements [I. Fulfillment of Commitments](index=21&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, Shandong Steel Group Co., Ltd., strictly fulfilled its commitments to resolve horizontal competition and complete share increase on schedule during the reporting period, with no instances of failure to perform in a timely manner - Shandong Steel Group Co., Ltd. committed to injecting relevant assets and equity of Yinshan Section Steel into the company when conditions are met; this commitment remains valid and has been strictly fulfilled[82](index=82&type=chunk) - Shandong Steel Group Co., Ltd. committed to completing its share increase plan within **12 months** from **June 13, 2024**, and not reducing its shares within **6 months** after the completion of the increase; this commitment has been strictly fulfilled[82](index=82&type=chunk) [X. Significant Related-Party Transactions](index=22&type=section&id=X.%20Significant%20Related-Party%20Transactions) During the reporting period, the company engaged in numerous daily operating related-party transactions, including commodity purchases and sales, provision and acceptance of labor services, and financial business dealings with related financial companies, all priced at market rates, with the purchase and sale of commodities with Laiwu Steel Group Yinshan Section Steel Co., Ltd. being substantial [(1) Related-Party Transactions Related to Daily Operations](index=22&type=section&id=%281%29%20Related-Party%20Transactions%20Related%20to%20Daily%20Operations) The company engaged in daily related-party transactions involving commodity purchases and sales and provision/acceptance of labor services with multiple related parties, all priced at market rates, with sales of goods to Laiwu Steel Group Yinshan Section Steel Co., Ltd. amounting to 6.4339535 billion yuan, and purchases of goods from Shandong Steel Group International Trade Co., Ltd. amounting to 6.1736235 billion yuan, both significant amounts Related-Party Transactions Related to Daily Operations (Sales of Goods/Provision of Services) | Related Party | Related Transaction Content | Related Transaction Amount (10,000 Yuan) | | :--- | :--- | :--- | | Laiwu Steel Group Yinshan Section Steel Co., Ltd. | Steel products, raw and auxiliary materials, software and electronics, etc | 643,395.35 | | Shandong Steel Group International Trade Co., Ltd. | Steel products, software and electronics, etc | 215,873.98 | | Baoshan Iron & Steel Co., Ltd. | Steel products, software and electronics, etc | 105,964.13 | | Subtotal (Sales of Goods) | / | 1,047,545.78 | | Subtotal (Provision of Services) | / | 5,802.36 | | Total | / | 1,053,348.14 | Related-Party Transactions Related to Daily Operations (Purchase of Goods/Acceptance of Services) | Related Party | Related Transaction Content | Related Transaction Amount (10,000 Yuan) | | :--- | :--- | :--- | | Laiwu Steel Group Yinshan Section Steel Co., Ltd. | Steel products, raw and auxiliary materials, etc | 575,641.70 | | Shandong Steel Group International Trade Co., Ltd. | Raw and auxiliary materials, etc | 492,664.17 | | Laiwu Steel Group Co., Ltd. | Steel products, raw and auxiliary materials, etc | 116,441.95 | | Subtotal (Purchase of Goods) | / | 1,391,184.74 | | Subtotal (Acceptance of Services) | / | 109,238.95 | | Total | / | 1,500,423.69 | [(5) Financial Business between the Company and Related Financial Companies, and between the Company's Controlled Financial Company and Related Parties](index=25&type=section&id=%285%29%20Financial%20Business%20between%20the%20Company%20and%20Related%20Financial%20Companies%2C%20and%20between%20the%20Company's%20Controlled%20Financial%20Company%20and%20Related%20Parties) The company has deposit, loan, and credit line business dealings with Shandong Steel Group Finance Co., Ltd., with a period-end deposit balance of 3.046 billion yuan, a total credit line of 8.75 billion yuan, and an actual utilized amount of 456.1761 million yuan Deposit Business with Related Financial Company | Related Party | Related Relationship | Beginning Balance (10,000 Yuan) | Period-End Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Shandong Steel Group Finance Co., Ltd. | Under common control of Shandong Steel Group | 314,206.14 | 304,568.95 | Credit Line Business with Related Financial Company | Related Party | Related Relationship | Business Type | Total Amount (10,000 Yuan) | Actual Amount Incurred (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Shandong Steel Group Finance Co., Ltd. | Under common control of Shandong Steel Group | Credit Line | 875,000.00 | 45,617.61 | - The company had no loan business with Shandong Steel Group Finance Co., Ltd[93](index=93&type=chunk) [XI. Significant Contracts and Their Performance](index=26&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) The company has equity trusteeship and leasing arrangements, managing the equity of Shandong Steel Group International Trade Co., Ltd. and Laiwu Steel Group Yinshan Section Steel Co., Ltd. held by Shandong Steel Group Co., Ltd., and acting as both lessor and lessee in related-party leasing transactions [(1) Trusteeship, Contracting, and Leasing Matters](index=26&type=section&id=%281%29%20Trusteeship%2C%20Contracting%20and%20Leasing%20Matters) The company manages the equity of Shandong Steel Group International Trade Co., Ltd. and Laiwu Steel Group Yinshan Section Steel Co., Ltd. held by Shandong Steel Group Co., Ltd., with zero trusteeship income, and as a lessor, recognized 11.2711 million yuan in leasing income this period from leasing land and machine equipment to related parties, while as a lessee, paid 53.7705 million yuan in rent this period for leasing houses and land from related parties Related-Party Trusteeship | Entrusting Party Name | Entrusted Party Name | Entrusted Asset Description | Trusteeship Start Date | Trusteeship End Date | Trusteeship Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Steel Group Co., Ltd. | Shandong Iron and Steel Co., Ltd. | Equity of Shandong Steel Group International Trade Co., Ltd. | 2024-07-10 | Note 1 | 0 | | Shandong Steel Group Co., Ltd. | Shandong Iron and Steel Co., Ltd. | Equity of Laiwu Steel Group Yinshan Section Steel Co., Ltd. | 2021-12-15 | Note 2 | 0 | Related-Party Leasing (As Lessor) | Lessee Name | Type of Leased Asset | Leasing Income Recognized in Current Period (Yuan) | | :--- | :--- | :--- | | Shandong Cheng'an Group Co., Ltd. | Land | 600,000.00 | | Shandong Cheng'an Group Co., Ltd. | Machine Equipment | 137,079.65 | | Shandong Taidong Industrial Co., Ltd. | Land | 3,742,200.00 | | Shandong Lishante Intelligent Technology Co., Ltd. | Land | 216,000.00 | | Laiwu Steel Group Lunan Mining Co., Ltd. | Land | 1,950,000.00 | | Shandong Lubi Group Co., Ltd. | Land | 5,873,400.00 | | Total | / | 12,518,679.65 | Related-Party Leasing (As Lessee) | Lessor Name | Type of Leased Asset | Rent Paid in Current Period (10,000 Yuan) | | :--- | :--- | :--- | | Shandong Steel Group Co., Ltd. | Houses | 388.11 | | Laiwu Steel Group Co., Ltd. | Houses | 1,200.00 | | Laiwu Steel Group Co., Ltd. | Land | 3,725.10 | | Laiwu Steel Group Co., Ltd. | Houses | 64.28 | | Total | / | 5,377.49 | [Section 6 Share Changes and Shareholder Information](index=27&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, shareholder structure, and shareholdings of directors, supervisors, and senior management during the reporting period [I. Changes in Share Capital](index=27&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[97](index=97&type=chunk) [II. Shareholder Information](index=28&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 207,228 common shareholders, with the top two shareholders being Shandong Steel Group Co., Ltd. and Laiwu Steel Group Co., Ltd., holding 40.03% and 18.66% respectively, and the company completed a share repurchase of 154 million shares, while controlling shareholder Shandong Steel Group completed an increase of 400 million shares - As of the end of the reporting period, the total number of common shareholders was **207,228**[99](index=99&type=chunk) Top Ten Shareholders' Shareholdings as of the End of the Reporting Period | Shareholder Name | Period-End Shareholding (Shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shandong Steel Group Co., Ltd. | 4,283,149,851 | 40.03 | State-owned Legal Person | | Laiwu Steel Group Co., Ltd. | 1,996,785,424 | 18.66 | State-owned Legal Person | | Yu Zhong | 87,828,348 | 0.82 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 39,722,549 | 0.37 | Unknown | | Dalian Dasheng Investment Management Co., Ltd. - Dasheng Investment Zunrong No. 1 Private Securities Investment Fund | 29,109,700 | 0.27 | Unknown | | Fang Zhe | 27,794,700 | 0.26 | Domestic Natural Person | | Shandong Provincial Financial Investment Group Co., Ltd. | 26,885,236 | 0.25 | State-owned Legal Person | | Fang Xing | 23,068,900 | 0.22 | Domestic Natural Person | | Zhao Ming | 20,929,300 | 0.20 | Domestic Natural Person | | Chen Qiuxu | 20,228,150 | 0.19 | Domestic Natural Person | - The company completed a share repurchase of **154 million shares**, accounting for **1.4348%** of the total share capital, with a cumulative payment of **200 million yuan**[102](index=102&type=chunk) - Shandong Steel Group completed an increase of **400 million shares** in the company's stock, accounting for **3.74%** of the total share capital, with a cumulative payment of **500 million yuan**[75](index=75&type=chunk)[102](index=102&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=29&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, 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[103](index=103&type=chunk) [Section 7 Bond-Related Information](index=31&type=section&id=Section%207%20Bond-Related%20Information) This section confirms that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=31&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during this reporting period [II. Convertible Corporate Bonds](index=31&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during this reporting period [Section 8 Financial Report](index=32&type=section&id=Section%208%20Financial%20Report) This section presents the company's semi-annual consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial statement items [II. Financial Statements](index=32&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation [Consolidated Balance Sheet](index=32&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 65.538 billion yuan, with current assets of 14.105 billion yuan and non-current assets of 51.433 billion yuan, total liabilities were 37.307 billion yuan, comprising current liabilities of 32.967 billion yuan and non-current liabilities of 4.340 billion yuan, and total owners' equity was 28.231 billion yuan Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 6,061,049,992.88 | 4,864,781,300.19 | | Accounts Receivable | 1,234,917,525.66 | 483,445,382.35 | | Inventories | 4,324,337,848.29 | 5,263,983,221.05 | | Fixed Assets | 40,642,129,896.23 | 40,180,351,188.98 | | Construction in Progress | 1,063,461,971.40 | 2,015,523,632.92 | | Total Assets | 65,537,673,049.44 | 65,308,443,591.92 | | Short-Term Borrowings | 5,036,823,292.44 | 6,967,428,526.79 | | Notes Payable | 12,657,215,487.28 | 12,717,681,586.61 | | Total Liabilities | 37,307,171,858.94 | 37,236,953,221.38 | | Total Owners' Equity Attributable to Parent Company | 18,737,678,880.14 | 18,782,768,532.67 | | Total Owners' Equity | 28,230,501,190.50 | 28,071,490,370.54 | [Consolidated Income Statement](index=36&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of 36.806 billion yuan, a year-on-year decrease of 18.60%, with total profit of 292 million yuan, net profit of 215 million yuan, and net profit attributable to parent company shareholders of 12.5258 million yuan, achieving a turnaround from loss to profit Key Data from Consolidated Income Statement (January-June 2025) | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 36,806,041,679.71 | 45,214,504,187.76 | | Total Operating Cost | 36,310,876,368.62 | 46,344,943,849.07 | | Total Profit | 292,498,850.00 | -1,060,503,685.37 | | Net Profit | 214,941,400.91 | -1,073,946,016.92 | | Net Profit Attributable to Parent Company Shareholders | 12,525,845.94 | -968,103,878.24 | | Basic Earnings Per Share (Yuan/share) | 0.0012 | -0.0906 | [Consolidated Cash Flow Statement](index=38&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was 2.821 billion yuan, a year-on-year increase of 88.31%, with net cash outflow from investing activities of 68 million yuan, and net cash outflow from financing activities of 1.462 billion yuan Key Data from Consolidated Cash Flow Statement (January-June 2025) | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 2,821,202,535.87 | 1,498,154,236.51 | | Net Cash Flow from Investing Activities | -67,599,445.84 | -173,868,381.41 | | Net Cash Flow from Financing Activities | -1,461,659,139.16 | -1,498,219,377.87 | | Net Increase in Cash and Cash Equivalents | 1,291,967,733.92 | -173,421,998.86 | | Period-End Cash and Cash Equivalents Balance | 4,214,507,969.15 | 4,240,475,178.27 | [III. Company Basic Information](index=46&type=section&id=III.%20Company%20Basic%20Information) Shandong Iron and Steel Co., Ltd., formerly Jinan Iron and Steel Co., Ltd., was established on December 29, 2000, and listed on the Shanghai Stock Exchange on June 29, 2004, with its main business being ferrous metal smelting and rolling processing, and primary products including sections, plates, bars, coils, rebar, coke, and coking chemical products - The company's predecessor was Jinan Iron and Steel Co., Ltd., renamed on **February 27, 2012**[130](index=130&type=chunk) - The company was listed and traded on the Shanghai Stock Exchange on **June 29, 2004**[130](index=130&type=chunk) - The company belongs to the ferrous metal smelting and rolling processing industry, primarily engaged in steel smelting business[130](index=130&type=chunk) [IV. Basis for Preparation of Financial Statements](index=46&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, adhering to the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations, with no significant doubts about its going concern ability identified after evaluation - The company's financial statements are prepared on a going concern basis, complying with the requirements of enterprise accounting standards[131](index=131&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk) - The company evaluated its going concern ability for **12 months** from the end of the reporting period and found no significant doubts[132](index=132&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=46&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the significant accounting policies and estimates adopted by the company in preparing its financial statements, covering financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, employee benefits, and leases, ensuring the truthfulness and completeness of the financial report - The company formulated specific accounting policies and estimates for bad debt provisions for accounts receivable, inventory impairment provisions, depreciation of fixed assets, amortization of intangible assets, revenue recognition and measurement, etc., based on its actual production and operation characteristics[133](index=133&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[145](index=145&type=chunk) - Inventories are measured at the lower of cost or net realizable value, using the weighted average method to determine actual cost, and inventory impairment provisions are made[177](index=177&type=chunk)[178](index=178&type=chunk) - Fixed assets are depreciated using the straight-line method; buildings and structures have a depreciation period of **30-40 years**, and machinery and equipment **15-20 years**[190](index=190&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, primarily from the sale of goods and raw materials[207](index=207&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) [VI. Taxes](index=61&type=section&id=VI.%20Taxes) This section lists the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, and enterprise income tax, with several subsidiaries enjoying a 15% enterprise income tax preferential rate due to high-tech enterprise certificates, and Shandong Steel Group Rizhao Co., Ltd. also benefiting from land use tax reduction and VAT input tax deduction policies Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | 7% | | Enterprise Income Tax | 25%, 20%, 15% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Local Water Conservancy Construction Fund | 0.5% | | Property Tax | 1.2% | - Shandong Steel Group Rizhao Co., Ltd., Shanxin Software Co., Ltd., Shandong Laigang Huanyou Chemical Energy Co., Ltd., Laiwu Tianyuan Gas Co., Ltd., Laiwu Steel Group Electronics Co., Ltd., and Laiwu Steel Metallurgy Ecological Engineering Technology Co., Ltd. and other subsidiaries pay enterprise income tax at a rate of **15%**[225](index=225&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk) - Subsidiary Shandong Steel Group Rizhao Co., Ltd. enjoys land use tax reduction (**September 1, 2018 to August 31, 2028**) and a **5%** VAT input tax deduction policy for advanced manufacturing enterprises (**January 1, 2023 to December 31, 2027**)[226](index=226&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=62&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures of the period-end balances, beginning balances, and period-on-period changes for each item in the consolidated financial statements, with explanations for significant changes, including monetary funds, accounts receivable, inventories, fixed assets, construction in progress, various liabilities, and key financial data such as operating revenue, costs, and profits Composition of Monetary Funds | Item | Period-End Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Bank Deposits | 331,612,375.02 | 94,851,921.07 | | Other Monetary Funds | 1,846,542,023.73 | 1,942,241,064.96 | | Deposits with Finance Company | 3,882,895,594.13 | 2,827,688,314.16 | | Total | 6,061,049,992.88 | 4,864,781,300.19 | - Period-end derivative financial assets amounted to **3,648,400.00 yuan**, primarily commodity derivatives[232](index=232&type=chunk) - Accounts receivable period-end balance was **1,234,917,525.66 yuan**, an increase of **155.44%** from the beginning of the period, mainly due to adjustments in sales policies and increased export volume[61](index=61&type=chunk)[246](index=246&type=chunk) - Inventories period-end book value was **4,324,337,848.29 yuan**, a decrease of **17.86%** from the beginning of the period, mainly due to reductions in raw materials and work-in-progress[283](index=283&type=chunk) - Construction in progress period-end book value was **1,063,461,971.40 yuan**, a decrease of **47.24%** from the beginning of the period, mainly due to the completion and capitalization of construction projects[61](index=61&type=chunk)[292](index=292&type=chunk) - Short-term borrowings period-end balance was **5,036,823,292.44 yuan**, a decrease of **27.73%** from the beginning of the period[108](index=108&type=chunk)[323](index=323&type=chunk) - Operating revenue was **36,806,041,679.71 yuan**, operating cost was **34,591,989,605.53 yuan**, with main revenue sources being sections, plates, coils, rebar, etc[365](index=365&type=chunk)[367](index=367&type=chunk) - R&D expenses incurred this period amounted to **702,616,820.88 yuan**, a year-on-year decrease of **28.88%**[57](index=57&type=chunk)[376](index=376&type=chunk) - Net cash flow from operating activities was **2,821,202,535.87 yuan**, a year-on-year increase of **88.31%**[57](index=57&type=chunk)[119](index=119&type=chunk) [VIII. R&D Expenses](index=121&type=section&id=VIII.%20R%26D%20Expenses) The company's total R&D expenses for this period were 703 million yuan, primarily comprising direct labor, direct input costs, and depreciation/amortization, all expensed, with R&D expenses decreasing by 28.88% year-on-year, mainly due to reduced new product trial production costs R&D Expenses by Nature of Expense | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Direct Labor | 151,571,023.22 | 227,604,833.34 | | Direct Input Costs | 509,217,973.52 | 701,418,289.39 | | Depreciation and Amortization | 33,948,278.96 | 35,376,721.88 | | New Product Design Fees | 103,773.58 | 2,760,510.21 | | Office Expenses | 265,689.28 | 39,894.73 | | Technical Service Fees | 2,703,083.15 | 1,301,886.78 | | Other | 4,806,999.17 | 19,406,860.86 | | Total | 702,616,820.88 | 987,908,997.19 | | Of which: Expensed R&D Expenses | 702,616,820.88 | 987,908,997.19 | - All R&D expenses for this period were expensed, with no capitalized R&D expenses[411](index=411&type=chunk) [IX. Changes in Consolidation Scope](index=121&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed due to the investment and establishment of Jinan Shandong Steel Steel Sales Co., Ltd., aimed at optimizing regional operations and market layout - On **May 20, 2025**, the company invested and established a sales subsidiary, Jinan Shandong Steel Steel Sales Co., Ltd., in Gangcheng District, Jinan City, with a registered capital of **20 million yuan**[412](index=412&type=chunk) - The newly established subsidiary aims to better leverage enterprise-local synergy and optimize regional operations and market layout[412](index=412&type=chunk) [X. Interests in Other Entities](index=122&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, with the company owning 9 subsidiaries, including Shandong Steel Group Rizhao Co., Ltd. as a significant non-wholly-owned subsidiary, and also investing in joint ventures like Baosteel Shandong Steel (Shandong) Steel Plate Co., Ltd. and associates like Shandong Steel Group Finance Co., Ltd Subsidiary Composition | Subsidiary Name | Registered Capital (10,000 Yuan) | Business Nature | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Laiwu Steel Metallurgy Ecological Engineering Technology Co., Ltd. | 1,000.00 | Engineering Construction | 51.00 | | Shandong Steel Qingdao Economic and Trade Co., Ltd. | 822.00 | Commodity Sales | 100.00 | | Shandong Laigang Huanyou Chemical Energy Co., Ltd. | 30,000.00 | Industrial Processing | 100.00 | | Laiwu Tianyuan Gas Co., Ltd. | 50,581.10 | Industrial Processing | 100.00 | | Shandong Steel Group Rizhao Co., Ltd. | 392,698.36 | Metal Smelting | 50.60 | | Anhui Shandong Steel Trading Co., Ltd. | 1,200.00 | Commodity Sales | 100.00 | | Zibo Shandong Steel Economic and Trade Co., Ltd. | 1,400.00 | Commodity Sales | 100.00 | | Shanxin Software Co., Ltd. | 18,861.14 | Computer Technology | 69.94 (Direct) + 6.03 (Indirect) | | Jinan Shandong Steel Steel Sales Co., Ltd. | 2,000.00 | Commodity Sales | 100.00 | - Shandong Steel Group Rizhao Co., Ltd. is a significant non-wholly-owned subsidiary, with minority shareholders holding **49.40%** of the shares, and the profit attributable to minority shareholders for this period was **193,473,030.20 yuan**[415](index=415&type=chunk) Important Joint Ventures and Associates | Joint Venture or Associate Name | Business Nature | Shareholding Ratio (%) | Accounting Method | | :--- | :--- | :--- | :--- | | Shandong Steel Group Finance Co., Ltd. | Financial Services, etc | 26.02 | Equity Method | | Baosteel Shandong Steel (Shandong) Steel Plate Co., Ltd. | Steel Production and Sales | 50.00 | Equity Method | | Shan Jiao Sales Rizhao Co., Ltd. | Coal Mining and Washing | 18.54 | Equity Method | | Rizhao Port Shandong Steel Terminal Co., Ltd. | Water Transport | 35.00 | Equity Method | [XI. Government Grants](index=127&type=section&id=XI.%20Government%20Grants) At the end of the reporting period, government grants recognized by the company based on receivable amounts totaled 433 million yuan, but funds were not disbursed due to policy and local fiscal factors, with total government grants recognized in profit or loss for this period being 105 million yuan, including 87.5443 million yuan related to income and 17.4598 million yuan related to assets - At the end of the reporting period, government grants recognized based on receivable amounts totaled **433,400,000.00 yuan**; the failure to receive them in a timely manner was due to policy and local fiscal factors[425](index=425&type=chunk) Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Transferred to Other Income in Current Period (Yuan) | Period-End Balance (Yuan) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 460,920,510.88 | 0.00 | 17,459,786.01 | 443,460,724.87 | Asset | | Deferred Income | 42,960,282.45 | 4,719,736.91 | 3,273,674.88 | 44,406,344.48 | Income | | Total | 503,880,793.33 | 4,719,736.91 | 20,733,460.89 | 487,867,069.35 | / | Government Grants Recognized in Profit or Loss for the Current Period | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Related to Income | 87,544,280.86 | 111,574,438.52 | | Related to Assets | 17,459,786.01 | 18,170,274.33 | | Total | 105,004,066.87 | 129,744,712.85 | [XII. Risks Related to Financial Instruments](index=128&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (exchange rate, interest rate, price), credit risk, and liquidity risk, which are managed by closely monitoring exchange rate fluctuations, tracking interest rate changes, conducting credit approvals, and negotiating financing, with an unused bank borrowing limit of 33.473 billion yuan at the end of the reporting period - The company's foreign exchange risk is primarily related to **USD** and **EUR**, managed by closely monitoring exchange rate fluctuations[428](index=428&type=chunk)[429](index=429&type=chunk) - The company's interest rate risk arises from bank borrowings and other interest-bearing debts, managed by monitoring interest rate changes and regularly reviewing borrowings[430](index=430&type=chunk) - The company faces market price fluctuation risks for raw material procurement and steel sales[431](index=431&type=chunk) - The company mitigates credit risk by establishing dedicated departments to determine credit limits, conducting credit approvals, and reviewing accounts receivable collection[432](index=432&type=chunk) - Among the company's accounts receivable and contract assets, the top five amounts totaled **832 million yuan**, accounting for **63.93%** of the total[434](index=434&type=chunk) - The company manages liquidity risk by ensuring sufficient funding liquidity, regularly analyzing liability structure and maturity, monitoring bank borrowing utilization, and negotiating financing with financial institutions[435](index=435&type=chunk) - As of **June 30, 2025**, the company's unused bank borrowing limit was **33.473 billion yuan**[435](index=435&type=chunk) - The company converted **88 million yuan** of accounts payable to suppliers into financial liabilities supported by bank credit through reverse factoring, extending payment terms[437](index=437&type=chunk) Interest Rate Risk Sensitivity Analysis (Impact on Net Profit and Shareholders' Equity) | Item | Interest Rate Change | Impact on Net Profit (Yuan) for Jan-Jun 2025 | Impact on Shareholders' Equity (Yuan) for Jan-Jun 2025 | | :--- | :--- | :--- | :--- | | Floating Rate Borrowings | Increase 1% | -32,172,967.94 | -32,172,967.94 | | Floating Rate Borrowings | Decrease 1% | 32,172,967.94 | 32,172,967.94 | Financial Asset Transfer Information | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (Yuan) | Derecognition Status | | :--- | :--- | :--- | :--- | | Bill Endorsement/Bill Discounting | Notes Receivable | 69,135,424.15 | Not Derecognized | | Bill Endorsement/Bill Discounting | Notes Receivable, Notes Receivable Financing | 4,794,878,193.96 | Derecognized | | Total | / | 4,864,013,618.11 | / | [XIII. Disclosure of Fair Value](index=131&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the period, primarily including trading financial assets (derivative financial assets) and other equity instrument investments, and notes receivable financing, with derivative financial assets and notes receivable financing measured using Level 2 fair value, and other equity instrument investments measured using Level 3 fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets (Derivative Financial Assets) | 0.00 | 3,648,400.00 | 0.00 | 3,648,400.00 | | Other Equity Instrument Investments | 0.00 | 0.00 | 3,036,274.20 | 3,036,274.20 | | Notes Receivable Financing | 571,430,275.57 | 0.00 | 0.00 | 571,430,275.57 | | Total Assets Measured at Fair Value on a Recurring Basis | 571,430,275.57 | 3,648,400.00 | 3,036,274.20 | 578,114,949.77 | - Notes receivable financing and derivative financial assets are measured using **Level 2** fair value[450](index=450&type=chunk) - Other equity instrument investments (non-listed company equity) are measured using **Level 3** fair value, with the held equity serving as a reasonable estimate of fair value[451](index=451&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=133&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's related parties and related-party transactions, with the company's parent company being Shandong Steel Group Co., Ltd., and the ultimate controlling party being the Shandong Provincial State-owned Assets Supervision and Administration Commission, and the company engaging in extensive related-party transactions with subsidiaries, joint ventures, associates, and other related parties controlled or significantly influenced by Shandong Steel Group, including commodity purchases and sales, provision of labor services, financial business, and unsettled items - The company's parent company is Shandong Steel Group Co., Ltd., and the ultimate controlling party is the Shandong Provincial State-owned Assets Supervision and Administration Commission[452](index=452&type=chunk) - The company has significant commodity purchase and sale transactions with related parties such as Laiwu Steel Group Yinshan Section Steel Co., Ltd. and Shandong Steel Group International Trade Co., Ltd[458](index=458&type=chunk)[460](index=460&type=chunk) - The company has deposit and credit line financial business with Shandong Steel Group Finance Co., Ltd[88](index=88&type=chunk)[90](index=90&type=chunk) - Key management personnel compensation for this period amounted to **737,600 yuan**[467](index=467&type=chunk) Period-End Balance of Receivables from Related Parties | Item Name | Related Party | Period-End Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Receivable | Shandong Steel Group International Trade Co., Ltd. | 414,770,180.46 | | Accounts Receivable | Laiwu Steel Group Yinshan Section Steel Co., Ltd. | 65,934,232.99 | | Notes Receivable | Laiwu Steel Group Yinshan Section Steel Co., Ltd. | 313,081,570.75 | | Prepayments | Shandong Steel Group International Trade Co., Ltd. | 431,862,114.84 | | Other Receivables | Shandong Steel Group Rizhao International Trade Co., Ltd. | 30,000,000.00 | Period-End Balance of Payables to Related Parties | Item Name | Related Part

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