成都高新发展股份有限公司 2025 年半年度报告全文 证券代码：000628 证券简称：高新发展 公告编号：2025-36 成都高新发展股份有限公司 2025 年半年度报告 2025 年 8 月 1 成都高新发展股份有限公司 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。 公司负责人周志先生、主管会计工作负责人张月女士及会计机构负责人 （会计主管人员）魏文萍女士声明：保证本半年度报告中财务报告的真实、 准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告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。 本公司请投资者认真阅读本半年度报告全文。公司在本报告第三节"管理 层讨论与分析"中"公司面临的风险和应对措施"部分描述了公司未来经营中可 能面临的风险以及应对措施，敬请广大投资者注意查阅。 公司计划不派发现金红利，不送红 ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section covers the company's important declarations, the directory of reference documents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, having attended the review meeting, detailed operating risks, and declared no cash dividends, bonus shares, or capital reserve conversions for the period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[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) - The company elaborates on potential operating risks in "Section III Management Discussion and Analysis," specifically "X. Risks Faced by the Company and Countermeasures"[4](index=4&type=chunk) [Catalogue of Reference Documents](index=4&type=section&id=Catalogue%20of%20Reference%20Documents) This section lists original copies of all publicly disclosed documents and announcements during the reporting period, along with original financial statements signed and sealed by the legal representative, chief accountant, and head of accounting, available at the company's securities department - Reference documents include original financial statements bearing the signatures of the legal representative, chief accountant, and head of accounting department[9](index=9&type=chunk) - Original copies of all documents and announcements publicly disclosed by the company in Securities Times, Shanghai Securities News, and Juchao Information Network during the reporting period are available for reference[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, regulatory bodies, business types (e.g., supply chain management, carbon peaking, carbon neutrality, distributed PV power stations, independent energy storage stations, industrial and commercial energy storage stations, combined foreign exchange sales), and financial units, ensuring accurate report interpretation - “Reporting Period/This Reporting Period” refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - “Company/Listed Company/Parent Company/Prolto” refers to Guangdong Prolto Supply Chain Management Co., Ltd[12](index=12&type=chunk) - “Green Investment” refers to Guangdong Green Investment Operation Co., Ltd., the company's controlling shareholder[12](index=12&type=chunk) - “Supply Chain Management” is defined as integrating and optimizing logistics, capital flows, and information flows among enterprises at various nodes in the supply chain to improve operational efficiency, reduce costs, and enhance competitiveness[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and highlights its key accounting data and financial performance indicators for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides the company's basic information, including its stock abbreviation "Prolto," stock code "002769," full name "Guangdong Prolto Supply Chain Management Co., Ltd.," and legal representative Song Haigang Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Prolto | | Stock Code | 002769 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Guangdong Prolto Supply Chain Management Co., Ltd. | | Legal Representative | Song Haigang | [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides the contact information for the company's Board Secretary, Yu Bin, including address, phone, fax, and email, to facilitate investor communication Board Secretary Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yu Bin | 21st Floor, Building A, Shenzhen International Innovation Center, 1006 Shennan Avenue, Futian District, Shenzhen | 0755-82874201 | 0755-83203373 | ir@prolto.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, the company's registered address, office address, website, email, information disclosure website and media, and report availability location remained unchanged, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, as well as the report's availability location, remained unchanged during the reporting period[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's key financial indicators for H1 2025 showed strong performance, with operating revenue up **39.77%** YoY, net profit attributable to shareholders turning profitable with a **165.39%** increase, and significantly improved net cash flow from operating activities, while total assets decreased by **56.28%** YoY, and net assets attributable to shareholders slightly increased Key Accounting Data and Financial Indicators (YoY Change) | Indicator | Current Period (RMB) | Prior Year Same Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 388,003,889.68 | 277,598,293.57 | 39.77% | | Net Profit Attributable to Shareholders of Listed Company | 33,324,261.48 | -50,962,523.89 | 165.39% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 30,883,830.46 | -54,544,022.64 | 156.62% | | Net Cash Flow from Operating Activities | 159,269,913.58 | -263,563,029.38 | 160.43% | | Basic Earnings Per Share (RMB/share) | 0.09 | -0.14 | 164.29% | | Diluted Earnings Per Share (RMB/share) | 0.09 | -0.14 | 164.29% | | Weighted Average Return on Net Assets | 2.87% | -4.12% | 169.66% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Change from Prior Year-End** | | Total Assets | 3,910,509,171.09 | 8,944,245,168.21 | -56.28% | | Net Assets Attributable to Shareholders of Listed Company | 1,179,808,838.16 | 1,145,797,656.87 | 2.97% | [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International or foreign accounting standards and those prepared under Chinese accounting standards - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards[20](index=20&type=chunk) - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under foreign accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **RMB 2,440,431.02**, primarily comprising non-current asset disposal gains/losses, government subsidies, and other non-operating income/expenses; certain investment income, such as from combined foreign exchange sales, is classified as recurring to reflect its normal operating nature Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -4,946,569.79 | | Government Subsidies Included in Current Profit and Loss | 1,082,518.28 | | Other Non-operating Income and Expenses Apart from the Above | 429,835.17 | | Other Profit and Loss Items Meeting the Definition of Non-recurring Gains and Losses | 4,632,665.03 | | Less: Income Tax Impact | 982,915.65 | | Impact on Minority Interests (After Tax) | -2,224,897.98 | | Total | 2,440,431.02 | - The company classifies investment income of **RMB 879,310.02** from combined foreign exchange sales as recurring gains and losses, as it aims to reduce exchange rate risks and purchasing costs, constituting normal operating activities[24](index=24&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's main business activities, core competencies, financial performance, and risk factors during the reporting period [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main businesses span supply chain management and new energy sectors, with supply chain deeply rooted in ICT, and new energy focusing on smart PV energy service platforms, new energy asset operation and maintenance management platforms, and novel energy storage battery R&D platforms, actively responding to national policies to promote green and low-carbon transformation [(I) Industry Development Overview](index=9&type=section&id=(I)%20Industry%20Development%20Overview) The supply chain industry, benefiting from national strategic emphasis and new quality productive forces, is accelerating its digital, intelligent, and green transformation; new energy market reforms are deepening, with policies promoting electricity spot and ancillary service markets, creating development space for new entities like energy storage and virtual power plants - National policies elevate supply chain industry development to a strategic level, emphasizing enhanced resilience and security, and promoting digitalization, intelligence, and efficiency[26](index=26&type=chunk)[27](index=27&type=chunk) - In January 2025, the nation deepened market-oriented reform of new energy on-grid tariffs, with all new energy electricity entering the power market and prices determined by market transactions, marking a shift from "policy-driven" to "market-driven" new energy development[28](index=28&type=chunk) - In April 2025, the nation mandated nationwide coverage of electricity spot markets by end-2025 and included new operating entities like energy storage companies and virtual power plants in the electricity ancillary service market, accelerating new power system construction[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [(II) Main Business Activities During the Reporting Period](index=10&type=section&id=(II)%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's supply chain business specializes in ICT, offering diverse services like component procurement, server module sourcing, PV component export, and agency procurement; its new energy business centers on distributed PV power station investment and operation, expanding into market-based electricity trading and integrated energy services, and developing novel energy storage batteries, though sodium-ion battery industrialization still faces challenges - The company's supply chain business provides services in the ICT sector, including component procurement, server module sourcing and sales, PV component export, and agency procurement for JD.com's UK and European export goods[32](index=32&type=chunk) - New energy business encompasses distributed PV power station investment and operation, market-based electricity trading (with power sales licenses in Guangdong and Guangxi provinces), and integrated energy services[33](index=33&type=chunk)[34](index=34&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) - Energy storage business includes sales of energy storage equipment systems, investment and operation of industrial and commercial energy storage stations and independent energy storage stations, covering peak-valley price difference regions like Guangdong, Zhejiang, and Jiangsu, and expanding into overseas markets[40](index=40&type=chunk) - Novel energy storage battery R&D focuses on sodium battery material systems, aiming to create low-cost, long-life, high-safety, high-energy-density, and high-rate performance sodium-ion battery products, but the sodium-ion battery industry has not yet achieved stable scale and market[41](index=41&type=chunk)[42](index=42&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include professional talent, R&D, and management advantages in the PV sector, an experienced supply chain management team, digital supply chain information system support, strong bank credit, and solid backing and resource empowerment from its state-owned controlling shareholder - The company's PV business operating entity is recognized as a National High-Tech Enterprise, possesses EPC qualifications and power sales licenses, has a core team with over **10 years** of industry experience, and has established comprehensive operation and maintenance management systems and remote data monitoring systems[43](index=43&type=chunk) - The company possesses an experienced supply chain management team and professional talent, proficient in international trade, customs affairs, and logistics management[44](index=44&type=chunk) - The company has built its core management system based on the Kingdee Cloud Starry Sky microservice platform, achieving business and financial integration, supporting personalized needs and mobile office capabilities[45](index=45&type=chunk) - The company maintains strong bank credit and ample bank credit lines, providing financial assurance for its supply chain and new energy businesses[46](index=46&type=chunk) - The controlling shareholder changed to Guangdong Green Investment Operation Co., Ltd., and the actual controller changed to Guangzhou Huadu District State-owned Assets Supervision and Administration Bureau, with state-owned shareholders providing abundant high-quality resources and strategic synergy support[47](index=47&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's main business revenue increased by **39.77%** YoY, primarily driven by growth in supply chain management and new energy businesses; new energy revenue surged by **420.23%** YoY, significantly increasing its proportion, while overseas business revenue experienced explosive growth, and North China region revenue also substantially increased Key Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year Same Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 388,003,889.68 | 277,598,293.57 | 39.77% | Increase in traditional supply chain management and new energy businesses | | Operating Cost | 211,881,327.52 | 153,285,174.74 | 38.23% | Increase in traditional supply chain management and new energy businesses | | Selling Expenses | 3,823,493.82 | 7,390,843.56 | -48.27% | Decrease in market expansion expenses | | Income Tax Expense | 16,213,912.79 | 5,776,862.69 | 180.67% | Increase in deferred income tax expense and taxable income | | R&D Investment | 2,999,904.83 | 10,672,020.46 | -71.89% | Decrease in R&D personnel | | Net Cash Flow from Operating Activities | 159,269,913.58 | -263,563,029.38 | 160.43% | Recovery of receivables | | Net Cash Flow from Investing Activities | -164,992,468.62 | -56,524,101.38 | -191.90% | Increase in fixed asset investment and purchase of wealth management products | | Net Cash Flow from Financing Activities | -656,210.02 | -17,288,190.01 | 96.20% | Decrease in repayment of raised funds | | Net Increase in Cash and Cash Equivalents | -6,624,518.47 | -337,237,668.99 | 98.04% | Recovery of receivables | Operating Revenue Composition (By Industry) | Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Same Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Supply Chain | 313,842,332.24 | 80.89% | 263,342,814.48 | 94.86% | 19.18% | | New Energy | 74,161,557.44 | 19.11% | 14,255,479.09 | 5.14% | 420.23% | Operating Revenue Composition (By Region) | Region | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Same Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | North China Region | 144,916,127.75 | 37.35% | 75,706,441.31 | 27.27% | 91.42% | | South China Region | 159,203,071.05 | 41.03% | 124,437,972.88 | 44.83% | 27.94% | | Overseas | 64,634,612.14 | 16.66% | 1,709,360.35 | 0.62% | 3,681.22% | [IV. Analysis of Non-Main Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) The company had no non-main business analysis during the reporting period [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets significantly decreased by **56.28%** YoY, primarily due to reductions in other receivables and short-term borrowings; fixed assets and long-term borrowings increased, reflecting the company's investments in new energy businesses Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 173,465,702.83 | 4.44% | 338,725,798.25 | 3.79% | 0.65% | | Accounts Receivable | 162,142,430.08 | 4.15% | 153,692,250.64 | 1.72% | 2.43% | | Other Receivables | 2,729,468,990.07 | 69.80% | 7,671,173,024.85 | 85.77% | -15.97% | | Fixed Assets | 396,296,069.83 | 10.13% | 243,895,079.10 | 2.73% | 7.40% | | Short-term Borrowings | 44,860,000.00 | 1.15% | 160,734,145.29 | 1.80% | -0.65% | | Other Payables | 2,389,225,595.72 | 61.10% | 7,219,138,835.88 | 80.71% | -19.61% | | Long-term Borrowings | 45,432,604.77 | 1.16% | 40,739,194.77 | 0.46% | 0.70% | - As of the end of the reporting period, the company had restricted asset rights, detailed in the financial report notes[58](index=58&type=chunk) [VI. Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company had no significant equity investments, non-equity investments, securities investments, or derivative investments, nor any use of raised funds - The company had no securities investments during the reporting period[59](index=59&type=chunk) - The company had no derivative investments during the reporting period[60](index=60&type=chunk) - The company had no use of raised funds during the reporting period[61](index=61&type=chunk) [VII. Significant Asset and Equity Disposals](index=16&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of any significant assets during the reporting period[62](index=62&type=chunk) - The company did not dispose of any significant equity during the reporting period[63](index=63&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company had no important holding or participating company information requiring disclosure during the reporting period - The company had no important holding or participating company information requiring disclosure during the reporting period[63](index=63&type=chunk) [IX. Structured Entities Controlled by the Company](index=16&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[64](index=64&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=16&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces policy and market competition risks in the new energy sector, along with the risk of energy storage battery industrialization falling short of expectations; it will address these challenges by closely monitoring policies, innovating business models, expanding new energy business scale, and optimizing sodium-ion battery technology - The new energy industry faces significant policy adjustments and intensified market competition, posing a risk of declining market share for the company[64](index=64&type=chunk) - The company will closely monitor policy dynamics, research source-load aggregation business models, accelerate the expansion of its new energy business, and increase market share[64](index=64&type=chunk) - The industrialization of energy storage batteries (sodium-ion batteries) has not yet achieved stable scale and market, posing risks of overcapacity and market application falling short of expectations[65](index=65&type=chunk)[66](index=66&type=chunk) - The company will continue to optimize core sodium-ion battery technology, enhance its substitution potential in niche application areas, and monitor industry development trends to adjust strategies as appropriate[66](index=66&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan [XII. Implementation of 'Dual Improvement in Quality and Returns' Action Plan](index=17&type=section&id=XII.%20Implementation%20of%20%E2%80%98Dual%20Improvement%20in%20Quality%20and%20Returns%E2%80%99%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan [Section IV Corporate Governance, Environment, and Society](index=18&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section outlines the company's governance structure, changes in key personnel, profit distribution policies, and its commitment to environmental protection and social responsibility [I. Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Board Secretary Yu Bin, Chief Accountant Shi Shuai, and Deputy General Manager Chen Xiaosan were appointed due to job transfers, reflecting personnel adjustments within the company's management Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yu Bin | Board Secretary | Appointment | March 25, 2025 | Job Transfer | | Shi Shuai | Deputy General Manager, CFO | Appointment | May 16, 2025 | Job Transfer | | Chen Xiaosan | Deputy General Manager | Appointment | May 16, 2025 | Job Transfer | [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=18&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%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[70](index=70&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=III.%20Implementation%20of%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 and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[71](index=71&type=chunk) [IV. Environmental Information Disclosure](index=18&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law [V. Social Responsibility](index=18&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities, balancing economic and social benefits, with concrete practices in protecting the rights of employees, customers, suppliers, and investors, as well as in environmental protection and sustainable development - The company legally signs labor contracts with employees, implements a distribution system based on work, provides a safe and comfortable working environment, and fosters a positive corporate culture[73](index=73&type=chunk) - The company actively builds strategic partnerships with suppliers and customers, provides high-quality products and services, and promptly addresses customer issues and suggestions[74](index=74&type=chunk) - The company operates legally and compliantly, improves its corporate governance structure, strictly fulfills information disclosure obligations, ensures equal access to company information for all shareholders, and contributes to social sustainable development[76](index=76&type=chunk) [Section V Significant Matters](index=20&type=section&id=Section%20V%20Significant%20Matters) This section details significant events and issues impacting the company, including commitments, fund occupation, guarantees, litigation, and other material developments during the reporting period [I. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=20&type=section&id=I.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, the company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, the company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself[78](index=78&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=20&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties[79](index=79&type=chunk) [III. Irregular External Guarantees](index=20&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[80](index=80&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=20&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was unaudited - The company's semi-annual report was unaudited[81](index=81&type=chunk) [V. Board of Directors' and Supervisory Board's Explanation of 'Non-Standard Audit Report' for the Current Period](index=20&type=section&id=V.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20of%20%E2%80%98Non-Standard%20Audit%20Report%E2%80%99%20for%20the%20Current%20Period) The company had no non-standard audit report during the reporting period [VI. Board of Directors' Explanation of 'Non-Standard Audit Report' for the Prior Year](index=20&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20of%20%E2%80%98Non-Standard%20Audit%20Report%E2%80%99%20for%20the%20Prior%20Year) The company had no non-standard audit report for the prior year during the reporting period [VII. Bankruptcy and Reorganization Matters](index=20&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[82](index=82&type=chunk) [VIII. Litigation Matters](index=21&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company was involved in multiple litigation and arbitration cases, with a cumulative amount of **RMB 120.78 million** as plaintiff, mostly still in trial or execution, and concluded cases having no significant impact; as defendant, the amount involved was **RMB 22.05 million**, with some cases withdrawn or concluded, and the remainder still in trial, also without significant impact Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Other litigation and arbitration matters not meeting the disclosure threshold for significant litigation (company and controlled subsidiaries as plaintiffs) | 10,871.32 | No | Still in trial and execution stages | No significant impact | | Other litigation and arbitration matters not meeting the disclosure threshold for significant litigation (company and controlled subsidiaries as plaintiffs) | 1,206.82 | No | Concluded | All litigations concluded and executed | | Other litigation and arbitration matters not meeting the disclosure threshold for significant litigation (company and controlled subsidiaries as defendants) | 2,204.73 | No | Cases with a cumulative amount of 93.11万元 were withdrawn or concluded during the reporting period; other cases are still in trial and execution stages | No significant impact | [IX. Penalties and Rectification](index=21&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[84](index=84&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=21&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company had no disclosure regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period [XI. Significant Related Party Transactions](index=21&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[85](index=85&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[86](index=86&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[88](index=88&type=chunk) [XII. Significant Contracts and Their Performance](index=22&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trusteeship, contracting, leasing, or other significant contract matters; it provided several joint liability guarantees for subsidiaries, with the actual guarantee balance totaling **RMB 73.32 million** at period-end, representing **6.21%** of the company's net assets - The company had no trusteeship, contracting, or leasing situations during the reporting period[92](index=92&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Guaranteed Amount (RMB 10,000) | Actual Guaranteed Amount (RMB 10,000) | Guarantee Type | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Huizhou Puhua New Energy Co., Ltd. | 294 | 170.72 | Joint Liability Guarantee | No | | Dongguan Purui Times Energy Technology Co., Ltd. | 518 | 323.81 | Joint Liability Guarantee | No | | Shenzhen Silk Road Era Supply Chain Technology Co., Ltd. | 1,000 | 986 | Joint Liability Guarantee | No | | Dongguan Shenguoli New Energy Technology Co., Ltd. | 2,000 | 1,253.19 | Joint Liability Guarantee | No | | Guilin Purui Times Energy Technology Co., Ltd. | 900 | 750.24 | Joint Liability Guarantee | No | | Shantou Purui Times Energy Technology Co., Ltd. | 416 | 350 | Joint Liability Guarantee | No | | Dongguan Purui Green Energy Co., Ltd. | 200 | 176 | Joint Liability Guarantee | No | | Hunan Puyue New Energy Technology Co., Ltd. | 1,520 | 1,330 | Joint Liability Guarantee | No | | Zhanjiang Puyue New Energy Technology Co., Ltd. | 200 | 185 | Joint Liability Guarantee | No | | Zhaoqing Purui Times Energy Technology Co., Ltd. | 400 | 385 | Joint Liability Guarantee | No | | Guangzhou Prolto Supply Chain Management Co., Ltd. | 1,000 | 1,000 | Joint Liability Guarantee | No | | Guangdong Xinyunheng New Energy Co., Ltd. | 480 | 421.88 | Joint Liability Guarantee | No | | Shenzhen Purui Times Energy Co., Ltd. | 300 | 0 | Joint Liability Guarantee | No | | Heyuan Purui Times Energy Technology Co., Ltd. | 216 | 0 | Joint Liability Guarantee | No | Total Guarantee Amount | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries During Reporting Period (B1) | 0 | | Total Actual Guarantees for Subsidiaries During Reporting Period (B2) | 9,444 | | Total Approved Guarantee Limit for Subsidiaries at Period-End (B3) | 82,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-End (B4) | 7,331.83 | | Proportion of Total Actual Guarantees to Company's Net Assets | 6.21% | | Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 3,070.72 | [XIII. Explanation of Other Significant Matters](index=28&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) On February 18, 2024, the company approved a share repurchase plan, intending to use **RMB 30 million** to **RMB 50 million** to repurchase shares for equity incentives or employee stock ownership plans; as of January 24, 2025, the company had cumulatively repurchased **6,829,589 shares**, representing **1.83%** of total share capital, with a total transaction amount of **RMB 39,140,342.29**, completing the repurchase plan - On February 18, 2024, the company approved a share repurchase plan, intending to repurchase shares with a total fund of no less than **RMB 30 million** and no more than **RMB 50 million** for equity incentives or employee stock ownership plans[104](index=104&type=chunk) - As of January 24, 2025, the company had cumulatively repurchased **6,829,589 shares**, representing **1.83%** of total share capital, with a total transaction amount of **RMB 39,140,342.29**, and the repurchase plan has been completed[105](index=105&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=29&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant subsidiary matters to disclose during the reporting period [Section VI Share Changes and Shareholder Information](index=30&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance, shareholder numbers, and the shareholdings of directors, supervisors, and senior management [I. Share Change Information](index=30&type=section&id=I.%20Share%20Change%20Information) During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased while unrestricted shares increased, primarily because high-level executive restricted shares held by certain departing executives (Zhang Yun, Zhao Ye, Jiang Hong, Wu Jun, Zou Yong) converted to unrestricted tradable shares after their lock-up period expired Share Change Information | Share Type | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 47,320,230 | 12.68% | -47,012,406 | 307,824 | 0.08% | | II. Unrestricted Shares | 325,997,824 | 87.32% | 47,012,406 | 373,010,230 | 99.92% | | III. Total Shares | 373,318,054 | 100.00% | 0 | 373,318,054 | 100.00% | - The main reason for share changes is that after some senior executives (Zhang Yun, Zhao Ye, Jiang Hong, Wu Jun) left their positions, their restricted shares, subject to executive lock-up, converted to unrestricted tradable shares after the six-month lock-up period expired[110](index=110&type=chunk) - As of January 24, 2025, the company had completed the repurchase of **6,829,589 shares**, representing **1.83%** of total share capital, with a total transaction amount of **RMB 39,140,342.29**, and the repurchase plan has been completed[111](index=111&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released During Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Zhang Yun | 25,877,963 | 25,877,963 | 0 | Executive Lock-up Shares | | Zhao Ye | 20,917,401 | 20,917,401 | 0 | Executive Lock-up Shares | | Jiang Hong | 30,000 | 30,000 | 0 | Executive Lock-up Shares | | Wu Jun | 181,041 | 181,041 | 0 | Executive Lock-up Shares | | Zou Yong | 6,001 | 6,001 | 0 | Executive Lock-up Shares | | Total | 47,012,406 | 47,012,406 | 0 | -- | [II. Securities Issuance and Listing](index=32&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing during the reporting period [III. Number of Shareholders and Shareholding Information](index=32&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the end of the reporting period, the company had **44,754** common shareholders; among the top ten shareholders, Chen Shuzhi held **12.18%**, being the largest shareholder but having waived voting rights; the controlling shareholder, Guangdong Green Investment Operation Co., Ltd., held **10.38%** and indirectly held shares through Shenzhen Juzhitong Information Technology Co., Ltd., with both being parties acting in concert - The total number of common shareholders at the end of the reporting period was **44,754**[116](index=116&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 Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Chen Shuzhi | Domestic Natural Person | 12.18% | 45,483,664 | 45,483,664 | | Guangdong Green Investment Operation Co., Ltd. | State-owned Legal Person | 10.38% | 38,732,834 | 38,732,834 | | Zhang Yun | Domestic Natural Person | 6.93% | 25,877,963 | 25,877,963 | | Zhao Ye | Domestic Natural Person | 5.60% | 20,917,401 | 20,917,401 | | Shenzhen Juzhitong Information Technology Co., Ltd. | State-owned Legal Person | 5.29% | 19,743,607 | 19,743,607 | - Mr. Chen Shuzhi signed the "Voting Rights Waiver Agreement" on September 12, 2023, waiving all voting rights corresponding to his **12.18%** shareholding in the company effective March 25, 2024[117](index=117&type=chunk) - Guangdong Green Investment Operation Co., Ltd. holds **100%** of Shenzhen Juzhitong Information Technology Co., Ltd., and both are parties acting in concert[116](index=116&type=chunk)[117](index=117&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[119](index=119&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=34&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 remained unchanged during the reporting period[120](index=120&type=chunk) - The company's actual controller remained unchanged during the reporting period[121](index=121&type=chunk) [VI. Preferred Shares Information](index=35&type=section&id=VI.%20Preferred%20Shares%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[122](index=122&type=chunk) [Section VII Bond-Related Information](index=36&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period [Bond-Related Information](index=36&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period [Section VIII Financial Report](index=37&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies, taxation, and financial instrument risks [I. Audit Report](index=37&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[126](index=126&type=chunk) [II. Financial Statements](index=37&type=section&id=II.%20Financial%20Statements) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively illustrating the financial position, operating results, and cash flows at the end of the reporting period - The consolidated balance sheet shows total assets of **RMB 3,910,509,171.09** at period-end, with total owners' equity attributable to the parent company amounting to **RMB 1,179,808,838.16**[130](index=130&type=chunk) - The consolidated income statement shows total operating revenue of **RMB 388,003,889.68** for the current period, and net profit attributable to parent company shareholders of **RMB 33,324,261.48**[136](index=136&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **RMB 159,269,913.58** and net cash flow from investing activities of **RMB -164,992,468.62**[142](index=142&type=chunk) [III. Company Basic Information](index=54&type=section&id=III.%20Company%20Basic%20Information) The company, formerly Shenzhen Prolto Supply Chain Management Co., Ltd., listed in 2015 with a registered capital of **RMB 373,318,054.00**, is ultimately controlled by Guangzhou Huadu District State-owned Assets Supervision and Administration Bureau; its main business is supply chain management, expanding into new energy (PV and energy storage) in 2021, with **82** subsidiaries included in the consolidated scope this period - The company's registered capital is **RMB 373,318,054.00**, and its actual controller is Guangzhou Huadu District State-owned Assets Supervision and Administration Bureau[160](index=160&type=chunk) - The company's main business is supply chain management, and it began to strategically develop new energy businesses in 2021, primarily including smart PV energy service platforms and energy storage ecosystem operation service platforms[161](index=161&type=chunk) - The company included a total of **82** subsidiaries in its consolidated scope this period, an increase of **10** and a decrease of **7** compared to the previous period[162](index=162&type=chunk) [IV. Basis of Financial Statement Preparation](index=55&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on the going concern assumption, with no significant doubts about its ability to continue as a going concern identified - The company prepares its financial statements in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "No. 15 Rules for Information Disclosure by Companies Issuing Securities Publicly – General Provisions on Financial Reports" (Revised 2023) issued by the China Securities Regulatory Commission[164](index=164&type=chunk) - These financial statements are prepared on a going concern basis, and no matters or circumstances have been identified that cast significant doubt on the company's ability to continue as a going concern[165](index=165&type=chunk) [V. Significant Accounting Policies and Estimates](index=56&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for inventory valuation, bad debt provisions for receivables, fixed asset depreciation, intangible asset amortization, and revenue recognition, ensuring the financial statements accurately and completely reflect the company's financial position and operating results; there were no significant changes in accounting policies or estimates during the reporting period - The company determines specific accounting policies and estimates based on its production and operating characteristics, primarily reflected in inventory valuation methods, bad debt provision methods for receivables, depreciation of fixed assets and amortization of intangible assets, and revenue recognition timing[166](index=166&type=chunk) - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards, truly and completely reflecting the company's financial position, operating results, cash flows, and other relevant information for the reporting period[167](index=167&type=chunk) - The company had no significant changes in accounting policies or estimates during the reporting period[37](index=37&type=chunk)[43](index=43&type=chunk) [VI. Taxation](index=88&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge; the company and its subsidiaries apply different corporate income tax rates and benefit from small and micro-enterprise income tax incentives and tax exemptions/reductions for energy performance contracting projects Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of Goods and Taxable Services Revenue | 13%, 10%, 9%, 6%, 3%, 0% | | Urban Maintenance and Construction Tax | Actual VAT Paid | 7%, 5% | | Corporate Income Tax | Taxable Income | See notes (20% or 25%) | | Education Surcharge | Actual VAT Paid | 3% | | Local Education Surcharge | Actual VAT Paid | 2% | - Some of the company's subsidiaries apply a **20%** corporate income tax rate, while others enjoy tax exemption policies in 2025[348](index=348&type=chunk)[349](index=349&type=chunk) - The company benefits from small and micro-enterprise income tax preferential policies, as well as income tax exemptions and reductions for eligible energy service companies implementing energy performance contracting projects and public infrastructure projects[350](index=350&type=chunk)[351](index=351&type=chunk)[352](index=352&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=91&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end balances, beginning balances, and changes for each consolidated financial statement item, including cash and bank balances, accounts receivable, other receivables, fixed assets, short-term borrowings, and other payables; notable changes occurred in other receivables and fixed assets, and restricted asset rights are also explained Cash and Bank Balances | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 181,989.29 | 188,552.88 | | Bank Deposits | 145,755,377.05 | 152,345,133.27 | | Other Cash and Bank Balances | 27,528,336.49 | 186,192,112.10 | | Total | 173,465,702.83 | 338,725,798.25 | | Including: Total Funds Deposited Overseas | 32,546,857.08 | 10,396,941.00 | Details of Restricted Cash and Bank Balances | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Loan Pledge Deposits | 0 | 148,677,305.32 | | Letter of Credit Deposits | 149,427.71 | 150,890.25 | | Letter of Guarantee Deposits | 15,537,773.95 | 24,215,970.59 | | Bank Acceptance Bill Deposits | 11,800,216.20 | 7,623,722.76 | | Other | 3,192,850.34 | 3,127,933.47 | | Total | 30,680,268.20 | 183,795,822.39 | Assets with Restricted Ownership or Use Rights | Item | Period-End Book Balance (RMB) | Period-End Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 30,680,268.20 | 30,680,268.20 | Deposit | Account Restricted | | Fixed Assets | 40,209,532.98 | 35,998,473.92 | Affordable Housing, Mortgage | No property certificate; mortgaged PV power stations | | Accounts Receivable | 5,841,930.08 | 5,783,510.77 | Pledge | Pledged PV power station collection rights | | Total | 76,731,731.26 | 72,462,252.89 | | | [VIII. Research and Development Expenses](index=143&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenses amounted to **RMB 2,999,904.83**, a **71.89%** YoY decrease, primarily comprising salaries, depreciation and amortization, travel expenses, and other costs; all R&D expenditures were expensed, with no R&D projects meeting capitalization criteria Composition of R&D Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Salaries | 2,062,318.66 | 7,605,677.09 | | Direct Input | 0.00 | 628,355.65 | | Depreciation and Amortization | 642,766.98 | 329,545.42 | | Travel Expenses | 66,681.80 | 665,022.55 | | Other | 228,137.39 | 1,443,419.75 | | Total | 2,999,904.83 | 10,672,020.46 | | Of which: Expensed R&D Expenditures | 2,999,904.83 | 10,672,020.46 | - Current period R&D investment decreased by **71.89%** YoY, mainly due to a reduction in R&D personnel[50](index=50&type=chunk) - There were no R&D projects meeting capitalization criteria during the reporting period[636](index=636&type=chunk) [IX. Changes in Consolidation Scope](index=144&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope underwent multiple changes, including the establishment of **10** new subsidiaries, acquisition of **5** non-operating subsidiaries, and dissolution of **6** subsidiaries; additionally, the company disposed of its equity in Xianrun Times (Guangdong) Food Technology Co., Ltd., losing control - This period saw the establishment of **10** new subsidiaries, primarily involved in new energy and general trade businesses, such as Yibin Puyue New Energy Technology Co., Ltd. and Guangzhou Pusheng Agricultural Development Co., Ltd[162](index=162&type=chunk)[648](index=648&type=chunk)[649](index=649&type=chunk) - This period saw the acquisition of **5** non-operating subsidiaries, mainly new energy companies such as Lianjiang Jiziguang New Energy Co., Ltd. and Xinrui Energy Technology Co., Ltd[650](index=650&type=chunk) - This period saw the dissolution of **6** subsidiaries, including Changzhou Puyue Times New Energy Co., Ltd. and Jingmen Prolto Supply Chain Management Co., Ltd[650](index=650&type=chunk)[651](index=651&type=chunk)[652](index=652&type=chunk) - The company disposed of **51.00%** equity in Xianrun Times (Guangdong) Food Technology Co., Ltd., losing control, with a disposal price of **RMB 4,496,261.21**[647](index=647&type=chunk) [X. Interests in Other Entities](index=148&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, including **82** consolidated subsidiaries covering new energy and general trade businesses; during the reporting period, the company's ownership equity share in subsidiaries changed but control was maintained, and there were no significant joint ventures or associates - The company included a total of **82** subsidiaries in its consolidated scope this period, with main operating and registered locations distributed across Lianjiang, Yibin, Huizhou, Maoming, Jinan, Vietnam, Guangzhou, Myanmar, Hong Kong, Dongguan, Yangjiang, Foshan, Shanwei, Meizhou, Meishan, Nanning, Zhanjiang, Shenzhen, Chengdu, Wuhu, Dezhou, Zhaoqing, Shantou, Shaoyang, Guilin, Chongqing, Shaoguan, Heyuan, Changsha, Qingyuan, Jiaxing, Suzhou, and other cities[162](index=162&type=chunk)[654](index=654&type=chunk)[655](index=655&type=chunk)[656](index=656&type=chunk)[657](index=657&type=chunk)[658](index=658&type=chunk)[659](index=659&type=chunk) - The company's ownership equity share in subsidiaries changed, but control over subsidiaries was maintained, with no significant impact on minority interests or owners' equity attributable to the parent company[154](index=154&type=chunk)[664](index=664&type=chunk)[665](index=665&type=chunk) - The company had no significant joint ventures or associates[665](index=665&type=chunk)[666](index=666&type=chunk)[667](index=667&type=chunk)[668](index=668&type=chunk)[669](index=669&type=chunk) [XI. Government Grants](index=157&type=section&id=XI.%20Government%20Grants) During the reporting period, the company's total government grants recognized in current profit and loss amounted to **RMB 1,082,518.28**, primarily including foreign trade support funds, business growth support, and stable employment subsidies Government Grants Recognized in Current Profit and Loss | Type of Government Grant | Current Period Amount (RMB) | Amount Recognized in Current Profit and Loss (RMB) | | :--- | :--- | :--- | | Foreign Trade Support Funds | 891,191.00 | 891,191.00 | | Business Operation Growth Support | 181,030.00 | 181,030.00 | | Stable Employment Subsidies | 10,297.28 | 10,297.28 | | Total | 1,082,518.28 | 1,082,518.28 | [XII. Risks Related to Financial Instruments](index=157&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and price risk); it manages these risks through credit policies, cash flow monitoring, obtaining credit lines, and utilizing combined foreign exchange sales products to mitigate potential financial losses - The company manages credit risk by formulating credit policies, continuously monitoring accounts receivable balances and recovery, and using aging analysis to assess impairment losses[674](index=674&type=chunk)[675](index=675&type=chunk) Book Balance and Expected Credit Impairment Loss of Related Assets | Item | Book Balance (RMB) | Impairment Provision (RMB) | | :--- | :--- | :--- | | Notes Receivable | 2,000,000.00 | 0 | | Accounts Receivable | 272,856,357.63 | 110,713,927.55 | | Other Receivables | 2,987,382,106.61 | 257,913,116.54 | | Long-term Receivables (Including Amounts Due Within One Year) | 5,397,169.63 | 0 | | Total | 3,267,635,633.87 | 368,627,044.09 | - The company manages liquidity risk and exchange rate risk by continuously monitoring funding needs, obtaining credit lines from financial institutions, and utilizing combined foreign exchange sales products[677](index=677&type=chunk)[678](index=678&type=chunk) - The company faces interest rate risk arising from bank borrowings, and management will make timely adjustments based on market conditions to mitigate risk[679](index=679&type=chunk) [XIII. Disclosure of Fair Value](index=160&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) At period-end, the company's total assets measured at fair value amounted to **RMB 196,211,164.00**, primarily comprising financial assets held for trading and other non-current financial assets measured using Level 3 valuation techniques; the carrying amounts of financial assets and liabilities not measured at fair value were very close to their fair values Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 50,000,000.00 | 0 | 50,000,000.00 | | (3) Derivative Financial Assets | 50,000,000.00 | 0 | 50,000,000.00 | | (VI) Other Non-current Financial Assets | 0 | 146,211,164.00 | 146,211,164.00 | | Total Assets Continuously Measured at Fair Value | 50,000,000.00 | 146,211,164.00 | 196,211,164.00 | - For financial instruments traded in active markets, the company determines fair value based on their active market quotations[684](index=684&type=chunk) - For financial instruments not traded in active markets, the company uses valuation techniques to determine fair value, primarily the market comparable company model[685](index=685&type=chunk) - The carrying amounts of financial assets and liabilities not measured at fair value (such as receivables, short-term borrowings, etc.) are very close to their fair values[689](index=689&type=chunk)[690](index=690&type=chunk) [XIV. Related Parties and Related Party Transactions](index=161&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's controlling shareholder is Guangdong Green Investment Operation Co., Ltd., with the ultimate controlling party being Guangzhou Huadu District State-owned Assets Supervision and Administration Bureau; during the reporting period, the company engaged in minor transportation service procurement transactions with related party Guangdong Xibainian Supply Chain Technology Co., Ltd., and disclosed key management personnel compensation; there were no related party fund borrowings, asset transfers, or debt restructuring situations - The company's controlling shareholder is Guangdong Green Investment Operation Co., Ltd., and the ultimate controlling party is Guangzhou Huadu District State-owned Assets Supervision and Administration Bureau[691](index=691&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services | Related Party | Related Party Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Guangdong Xibainian Supply Chain Technology Co., Ltd. | Transportation Services | 7,981.65 | 17,798.16 | Key Management Personnel Compensation | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,818,884.78 | 3,264,082.19 | - The company had no related party fund borrowings, asset transfers, or debt restructuring situations during the reporting period[706](index=706&type=chunk)[707](index=707&type=chunk) [XV. Share-based Payment](index=164&type=section&id=XV.%20Share-based%20Payment) The company had no overall share-based payment information, equity-settled share-based payment information, cash-settled share-based payment information, or share-based payment expenses during the reporting period [XVI. Commitments and Contingencies](index=165&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the date of approval for issuance of the financial report, the company had no significant commitments or contingencies requiring disclosure - The company had no significant commitments requiring disclosure[714](index=714&type=chunk) - As of the date of approval for issuance of the financial report, the company had no significant contingencies requiring disclosure[715](index=715&type=chunk)[716](index=716&type=chunk) [XVII. Events After the Balance Sheet Date](index=165&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) The company had no significant non-adjusting events, profit distribution, sales returns, debt restructuring, asset exchanges, annuity plans, discontinued operations, or segment information after the reporting period [XVIII. Other Significant Matters](index=167&type=section&id=XVIII.%20Other%20Significant%20Matters) At period-end, the company had customs duty guarantees, quality guarantees, and performance guarantees; it also disclosed multiple significant litigation matters involving contract disputes with Hubei Longteng Automobile Trade Co., Ltd., Beijing Xuanyu Wantong Technology Co., Ltd., Henan Tongbo Medical Equipment Co., Ltd., Shanghai Qihang Commerce and Trade Co., Ltd., and Henan Wankao Commerce and Trade Co., Ltd., with some cases having bad debt provisions or still being under trial Unexpired Irrevocable Guarantees at Period-End | Item Name | June 30, 2025 (RMB 10,000) | | :--- | :--- | | Customs Duty Guarantee | 15,000.00 | | Quality Guarantee | 3.66 | | Performance Guarantee | 350.00 | - The company has a contract dispute with Hubei Longteng Automobile Trade Co., Ltd., involving **RMB 26,529,879.29**, for which a specific bad debt provision has been made[730](index=730&type=chunk) - The company has contract disputes with Beijing Xuanyu Wantong Technology Co., Ltd. and Henan Tongbo Medical Equipment Co., Ltd.; some amounts have been recovered, and specific bad debt provisions have been made for the remainder[731](index=731&type=chunk) - The company's sales contract dispute with Shanghai Qihang Commerce and Trade Co., Ltd. involves **RMB 9.91 million**, for which compulsory enforcement has been applied, and a specific bad debt provision has been made[732](index=732&type=chunk) - The company has a contract dispute with Henan Wankao Commerce and Trade Co., Ltd., involving **RMB 5.50 million**, and the case remains undecided as of the reporting date[733](index=733&type=chunk) [XIX. Notes to Parent Company Financial Statement Major Items](index=168&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section details the period-end balances, beginning balances, and changes for major parent company financial statement items, including accounts receivable, other receivables, long-term equity investme

国脉科技股份有限公司 Guomai Technologies, Inc. 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。 公司负责人陈学华、主管会计工作负责人张文斌及会计机构负责人(会计 主管人员)朱巧莲声明：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。 公司已在本报告中描述了可能存在的相关风险，敬请投资者查阅本报告第 三节"管理层讨论与分析"之"十、公司面临的风险和应对措施"。 公司经本次董事会审议通过的利润分配预案为：以总股本 1,007,500,000 扣 除回购专户后的股数 991,963,341 为基数，向全体股东每 10 股派发现金红利 0.4 元（含税），送红股 0 股（含税），不以公积金转增股本。 2 2025 年半年度报告 2025 年 08 月 国脉科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 | 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 ...

甘肃能化股份有限公司 2025 年半年度报告全文 甘肃能化股份有限公司 2025 年半年度报告 2025-67 【2025.8】 1 甘肃能化股份有限公司 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。 公司负责人谢晓锋、主管会计工作负责人王文建及会计机构负责人(会计 主管人员)徐斌声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应 对措施"部分描述了经营中可能存在的风险及应对措施，敬请投资者关注相 关内容。 本报告中所涉及的发展战略、经营计划等前瞻性描述不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | | 第三节 | 管理层 ...

北京四维图新科技股份有限公司 2025 年半年度报告全文 北京四维图新科技股份有限公司 NavInfo Co., Ltd. 2025 年半年度报告 二〇二五年八月 北京四维图新科技股份有限公司 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。 公司负责人程鹏、主管会计工作负责人姜晓明及会计机构负责人(会计主 管人员)耿亚宁声明：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。 公司请投资者认真阅读本半年度报告全文。公司在本报告第三节"管理层 讨论与分析"中"公司面临的风险和应对措施"部分描述了公司未来经营中可能 面临的风险以及应对措施，敬请广大投资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 1 | | --- | --- | | 第二节 | 公司简介和主要财务指标 5 | | 第三节 | 管理层讨论与分析 ...

实丰文化发展股份有限公司 2025 年半年度报告全文 实丰文化发展股份有限公司 2025 年半年度报告 2025 年 8 月 1 实丰文化发展股份有限公司 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。 公司负责人蔡俊权、主管会计工作负责人吴宏及会计机构负责人(会计主 管人员)林冰莹声明：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。 本报告涉及的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。 公司面临的风险及应对措施详见本报告"第三节管理层讨论与分析"中 的"第十点公司面临的风险和应对措施"，敬请投资者注意阅读。 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 | | --- | --- | --- | --- | | 第二节 | ...

武汉祥龙电业股份有限公司2025 年半年度报告 公司代码：600769 公司简称：祥龙电业 武汉祥龙电业股份有限公司 2025 年半年度报告 1 / 130 武汉祥龙电业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 公司负责人董耀军、主管会计工作负责人王凤娟及会计机构负责人（会计主管人员）王凤 娟声明：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 本报告中所涉及的未来计划、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 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for key terms used in the report, including company names, related entities, subsidiaries, and financial periods, ensuring accuracy and consistency Common Terms Definitions | Common Term | Definition | | :--- | :--- | | China Securities Regulatory Commission | China Securities Regulatory Commission (CSRC) | | Shanghai Stock Exchange | Shanghai Stock Exchange (SSE) | | The Company, Terun Dairy | Xinjiang Terun Dairy Co., Ltd. | | State-owned Assets Supervision and Administration Commission of the Twelfth Division (Actual Controller) | State-owned Assets Supervision and Administration Commission of the Twelfth Division of Xinjiang Production and Construction Corps | | Twelfth Division State-owned Assets Company (Largest Shareholder) | Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Investment and Development Group Co., Ltd. | | BingTuan Dairy (Second Largest Shareholder) | Xinjiang Production and Construction Corps Dairy Group Co., Ltd. | | Reporting Period | January 1, 2025 to June 30, 2025 | | Prior Period | January 1, 2024 to June 30, 2024 | Section II Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the basic information of Xinjiang Terun Dairy Co., Ltd., including its Chinese name, abbreviation, English name, and legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Chinese Name | 新疆天润乳业股份有限公司 | | Chinese Abbreviation | 天润乳业 | | English Name | Xinjiang Terun Dairy Co., Ltd. | | Legal Representative | 刘让 | [II. Contact Persons and Information](index=4&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, facilitating investor and stakeholder communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 冯育菠 | No. 2702, Wuchang Road, Economic and Technological Development Zone (Toutunhe District), Urumqi, Xinjiang | 0991-3960621 | 0991-3930013 | zqb600419@126.com | | Securities Affairs Representative | 陶茜 | No. 2702, Wuchang Road, Economic and Technological Development Zone (Toutunhe District), Urumqi, Xinjiang | 0991-3960621 | 0991-3930013 | zqb600419@126.com | [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details the historical changes in the company's registered address and provides its current office address, postal code, and website - Company's registered address changed in December 2013 and December 2019, with the current address being No. 9-181, Dingxiang First Street, Urumqi Industrial Park, Xishan, Urumqi, Xinjiang[17](index=17&type=chunk) - Company's office address is No. 2702, Wuchang Road, Economic and Technological Development Zone (Toutunhe District), Urumqi, Xinjiang, postal code 830088, and website www.xjtrry.com[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report custody - The company's designated newspapers for information disclosure are "China Securities Journal" and "Securities Times"[18](index=18&type=chunk) - The semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn)[18](index=18&type=chunk) - The company's semi-annual report is kept at the company's Securities Investment Department[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Terun Dairy | 600419 | Xinjiang Tianhong | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a year-on-year decrease in operating revenue but a significant increase in net profit attributable to shareholders after deducting non-recurring gains and losses, along with improved net cash flow from operating activities Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,395,475,232.14 | 1,443,161,097.72 | -3.30 | | Total Profit | -42,021,296.99 | -44,047,412.29 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -21,856,358.48 | -27,907,796.16 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 57,791,197.94 | 23,947,641.78 | 141.32 | | Net Cash Flow from Operating Activities | 269,107,448.38 | 246,734,511.84 | 9.07 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,384,544,280.82 | 2,412,903,415.80 | -1.18 | | Total Assets (Period-end) | 5,632,032,489.83 | 6,192,266,178.65 | -9.05 | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | -0.0693 | -0.0885 | Not applicable | | Diluted Earnings Per Share (Yuan/Share) | -0.0693 | -0.0885 | Not applicable | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/Share) | 0.1781 | 0.0759 | 134.65 | | Weighted Average Return on Net Assets (%) | -0.91 | -1.18 | Increased by 0.27 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 2.34 | 1.01 | Increased by 1.33 percentage points | - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by **141.32%** year-on-year, primarily due to adjustments in the company's bull sales strategy, reduced losses from bulk milk powder sales, and decreased asset impairment losses[22](index=22&type=chunk) [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses items and their amounts during the reporting period, which collectively had a negative impact on net profit Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Items | Amount (Yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets, including the reversal of asset impairment provisions | -164,862,061.43 | Primarily due to losses from subsidiary's cattle disposal | | Government subsidies recognized in current profit or loss, excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 77,753,883.63 | | | Other non-operating income and expenses apart from the above | 321,581.91 | | | Less: Income tax impact | 1,613,006.24 | | | Impact on minority interests (after tax) | -8,752,045.71 | | | Total | -79,647,556.42 | | Section III Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section elaborates on the company's main business, operating model, and the overall dairy industry situation, highlighting challenges and policy support [(I) Main Business](index=7&type=section&id=%28I%29%20Main%20Business) Company's main business is dairy product manufacturing and animal husbandry, with revenue and profit primarily derived from dairy product sales - The company primarily engages in dairy product manufacturing and animal husbandry, with operating revenue mainly from dairy product sales and operating profit mainly from dairy product sales business[26](index=26&type=chunk) [(II) Operating Model](index=7&type=section&id=%28II%29%20Operating%20Model) The company has established an independent and complete system from dairy farming to sales, adopting a "production based on sales" model and expanding markets through direct and distribution channels - The company possesses an independent and complete system for dairy farming, dairy product R&D, procurement, production, and sales, operating independently[26](index=26&type=chunk) - The company owns nine dairy farming enterprises with a total of **24** pastures, increasing its proportion of self-produced milk sources and providing high-quality raw milk[26](index=26&type=chunk) - The production model adopts "production based on sales," where the sales company formulates monthly demand plans based on market conditions, and production units implement specific production plans[27](index=27&type=chunk) - Sales models are divided into direct sales (large chain supermarkets) and distribution (main regional distributors)[27](index=27&type=chunk) [(III) Industry Situation](index=7&type=section&id=%28III%29%20Industry%20Situation) The state highly values dairy development, issuing multiple policies to support stable production, promote consumption, and foster integrated development, despite ongoing challenges of raw milk oversupply and farming losses - The state highly values dairy development, with the Ministry of Agriculture and Rural Affairs and seven other departments jointly issuing the "Notice on Promoting Stable Development of Beef and Dairy Cattle Production," deploying measures to stabilize capacity, promote student milk consumption, and boost milk consumption[27](index=27&type=chunk) - The Central Document No. 1 (February 2025) explicitly supports stable development of animal husbandry, promotes relief for beef and dairy cattle industries, and stabilizes basic production capacity[28](index=28&type=chunk) - The oversupply of raw milk continues, with cumulative income losses in the dairy farming industry reaching **70 billion yuan** from 2023-2025, but the extent of farming losses has eased, with Holstein cattle inventory decreasing by **4.2%** year-on-year in June, and per kilogram milk cost decreasing by **7.7%** year-on-year[28](index=28&type=chunk) - Policy-wise, some provinces have introduced childcare-related policies to boost dairy demand, major milk-producing provinces have issued full industry chain subsidy policies, and the 16th Dairy Industry Conference released several strategic guiding documents to promote stable dairy development[28](index=28&type=chunk)[29](index=29&type=chunk) [II. Discussion and Analysis of Operating Performance](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) Facing severe challenges in the dairy industry, Terun Dairy achieved sales growth and narrowed losses through strategic adjustments and refined management, with dairy product sales increasing by **8.89%** year-on-year - In the first half of 2025, the company's dairy product sales reached **162,300 tons**, a year-on-year increase of **8.89%**[29](index=29&type=chunk) 2025 H1 Operating Performance | Indicator | Amount (10,000 Yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 139,547.52 | Decreased by 3.30% | | Net Profit Attributable to Shareholders of Listed Company | -2,185.64 | Loss narrowed | | Net Cash Flow from Operating Activities | 26,910.74 | Increased by 9.07% | | Taxes and Fees Paid | 3,120.89 | | [(I) Sales Segment: Channel Breakthroughs and Brand Upgrades](index=8&type=section&id=%28I%29%20Sales%20Segment%3A%20Channel%20Breakthroughs%20and%20Brand%20Upgrades) The company actively responded to market pressures by establishing an e-commerce subsidiary, expanding multi-channel online and offline presence, and deepening brand communication and cultural tourism integration, thereby enhancing brand influence and sales conversion - Established an e-commerce subsidiary, focusing on self-operated online retail business, integrating channel resources such as traditional e-commerce, live streaming e-commerce, and community marketing[30](index=30&type=chunk) - Sub-brand Jiali E-commerce successfully transitioned to a direct sales model, completing JD Supermarket signing and Tmall, Douyin C-end supply chain setup[30](index=30&type=chunk) - Offline expansion includes entering Urumqi Tianshan International Airport brand experience stores, collaborating with PetroChina Xinjiang Sales Co., Ltd. to customize products for its stores, and introducing XinNong Organic Pure Milk into Hema Fresh channels[30](index=30&type=chunk) - The number of Terun Dairy factory stores in Urumqi expanded from **14** to **41**, accumulating over **10,000** members, laying the foundation for home delivery services[30](index=30&type=chunk) - Built a new media communication matrix, deeply cultivating platforms like WeChat, Weibo, and Xiaohongshu, focusing on new product promotion and influencer marketing[30](index=30&type=chunk) - Deepened joint promotion with scenic spots and holiday marketing, co-branding with Urumqi International Grand Bazaar and Duku Highway to create exclusive IPs, enhancing brand awareness and sales conversion[30](index=30&type=chunk) [(II) Dairy Segment: Lean Operations and Quality Enhancement](index=8&type=section&id=%28II%29%20Dairy%20Segment%3A%20Lean%20Operations%20and%20Quality%20Enhancement) The company achieved cost reduction and efficiency improvement through equipment upgrades, process optimization, and procurement cost control, while continuously driving product technology innovation and strengthening quality inspections, achieving zero food safety incidents and BRCGS/IFS EU dual certification - Through equipment upgrades and process optimization, implemented energy-saving and consumption-reducing modifications, strictly enforced procurement rotation system, and promoted supplier diversification, significantly reducing packaging procurement costs[31](index=31&type=chunk) - In the first half, developed over **60** new reserve products, including zero-additive yogurt, kefir yogurt, and fresh milk tea, and successfully piloted and launched **8** new products such as milk skin yogurt, Kalajun handmade yogurt, and dry yogurt[31](index=31&type=chunk) - Developed **8** ready-to-drink products, including cold brew Greek yogurt and milk beer specials, for Terun Dairy factory stores[31](index=31&type=chunk) - Persisted in strengthening quality inspections and assessments, conducting special factory system inspections focusing on four key points: raw and auxiliary material control, equipment cleaning and maintenance, production process, and inspection and release, achieving zero food safety incidents[31](index=31&type=chunk) - In April 2025, the company's pasteurized milk, milk beer, and other products obtained BRCGS/IFS EU dual certification[31](index=31&type=chunk) [(III) Animal Husbandry Segment: Cost Reduction, Efficiency Improvement, and Biological Asset Optimization](index=8&type=section&id=%28III%29%20Animal%20Husbandry%20Segment%3A%20Cost%20Reduction%2C%20Efficiency%20Improvement%2C%20and%20Biological%20Asset%20Optimization) The animal husbandry segment significantly reduced raw milk oversupply and milk powder loss by increasing the culling of low-yield cattle and optimizing nutritional formulas and feed structures, achieving deep capacity structure adjustment and a notable decrease in per kilogram milk cost - Increased the culling of low-yield cattle, reducing raw milk oversupply and milk powder loss; as of the end of the reporting period, the company's cattle inventory was **54,400 head**[33](index=33&type=chunk) - Average annual single cow yield for adult cows increased to **11.70 tons**, a year-on-year increase of **10.48%**[33](index=33&type=chunk) - Per kilogram milk cost decreased to **3.19 yuan/kg**, a year-on-year decrease of **11.14%**, demonstrating significant achievements in cost reduction and efficiency improvement[33](index=33&type=chunk) - Strictly implemented cattle vaccination, "two diseases" testing, and other procedures, achieving outstanding results in epidemic prevention and control[33](index=33&type=chunk) - In May 2025, the company's pastures obtained the "Excellent Grade Raw Milk" certification for its quality dairy project[33](index=33&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its superior natural resources, stable milk source, excellent talent, refined management, strong innovation, and robust quality control and sales system - The company's pastures and production bases are located in the 45-degree North Latitude golden milk source belt, possessing **860 million mu** of high-quality grasslands, with unique natural conditions and geographical advantages[34](index=34&type=chunk) - The company is a national key leading enterprise in agricultural industrialization, owning **24** cattle farms with a total cattle inventory of approximately **54,400 head**, adhering to a self-owned and controllable milk source strategy to ensure stable and safe milk supply[34](index=34&type=chunk) - The company possesses a progressive management team and seasoned industry experts, has established advanced, comprehensive, and professional production and equipment management systems, masters modern dairy farming advanced technologies, and employs ERP for refined management[35](index=35&type=chunk) - The company emphasizes technology R&D and innovation, with over **60** products in R&D reserve and **8** new products launched in the first half of 2025, holding **84** patents (including **12** invention patents), and its milk beer holds a national patent[36](index=36&type=chunk)[37](index=37&type=chunk) - The company has established a sound and mature product quality control system within the industry, monitoring the entire process from source to terminal, and has obtained ISO9001, HACCP22000, and other management system certifications, ensuring high product quality[37](index=37&type=chunk) - The company has been deeply involved in the dairy industry for over **20** years, establishing a marketing network centered in Urumqi, covering all county-level markets within Xinjiang, and extending to the national market, strengthening its brand image through e-commerce platforms, specialty stores, and factory stores[38](index=38&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=10&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's key operating performance, including changes in financial statement items, asset and liability status, and the operating performance of major controlled and investee companies [(I) Main Business Analysis](index=10&type=section&id=%28I%29%20Main%20Business%20Analysis) Operating revenue decreased by **3.30%** year-on-year, but net profit attributable to shareholders after deducting non-recurring gains and losses significantly increased by **141.32%**, primarily due to strategic adjustments and reduced losses Analysis of Changes in Financial Statement Items (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,395,475,232.14 | 1,443,161,097.72 | -3.30 | | Operating Cost | 1,160,078,927.86 | 1,193,542,329.63 | -2.80 | | Selling Expenses | 88,828,262.76 | 86,178,845.07 | 3.07 | | Administrative Expenses | 52,722,868.14 | 51,001,267.31 | 3.38 | | Financial Expenses | 14,565,401.28 | 18,364,991.80 | -20.69 | | R&D Expenses | 10,029,796.73 | 10,948,685.81 | -8.39 | | Net Cash Flow from Operating Activities | 269,107,448.38 | 246,734,511.84 | 9.07 | | Net Cash Flow from Investing Activities | -101,821,892.57 | -312,682,108.78 | Not applicable | | Net Cash Flow from Financing Activities | -335,643,408.80 | 198,498,059.12 | -269.09 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 57,791,197.94 | 23,947,641.78 | 141.32 | | Other Income | 77,181,983.61 | 18,743,707.37 | 311.78 | | Credit Impairment Loss | -1,296,260.34 | -981,759.40 | Not applicable | | Asset Impairment Loss | -14,365,749.94 | -56,589,458.77 | Not applicable | - Changes in net cash flow from investing activities were primarily due to a decrease in investment payments by the company during the reporting period[39](index=39&type=chunk) - Changes in net cash flow from financing activities were primarily due to the company reducing bank borrowings and timely repaying bank loans during the reporting period[39](index=39&type=chunk) - Changes in net profit attributable to shareholders after deducting non-recurring gains and losses were primarily due to adjustments in bull sales strategy, reduced losses from bulk milk powder, and decreased asset impairment losses[40](index=40&type=chunk) - Changes in other income were primarily due to an increase in government subsidies received by the company during the reporting period[40](index=40&type=chunk) - Changes in asset impairment losses were primarily due to the company strictly controlling milk powder inventory, resulting in a decrease in inventory impairment provisions compared to the prior period[40](index=40&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent several changes at the end of the reporting period, reflecting changes in debt repayment, capital structure optimization, and business dealings Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (Yuan) | Proportion of Total Assets at Current Period-end (%) | Prior Year-end Amount (Yuan) | Proportion of Total Assets at Prior Year-end (%) | YoY Change in Current Period-end Amount (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 200,000,000.00 | 3.55 | 544,313,642.56 | 8.79 | -63.26 | Primarily due to timely repayment of bank borrowings during the reporting period | | Notes Receivable | 3,804,007.40 | 0.07 | 7,881,065.93 | 0.13 | -51.73 | Primarily due to a decrease in unmatured bank acceptance bills compared to the beginning of the period | | Other Receivables | 16,325,307.23 | 0.29 | 10,921,690.16 | 0.18 | 49.48 | Primarily due to an increase in prepaid material expenses and intercompany balances during the reporting period | | Other Non-current Assets | 12,521,751.65 | 0.22 | 7,066,131.64 | 0.11 | 77.21 | Primarily due to an increase in prepaid engineering and equipment payments compared to the beginning of the period | | Taxes Payable | 12,041,004.41 | 0.21 | 6,085,897.58 | 0.10 | 97.85 | Primarily due to a decrease in VAT input during the reporting period | | Non-current Liabilities Due Within One Year | 37,247,016.83 | 0.66 | 58,276,699.37 | 0.94 | -36.09 | Primarily due to a decrease in lease liabilities classified as due within one year during the reporting period | | Other Current Liabilities | 11,416,288.55 | 0.20 | 16,880,730.57 | 0.27 | -32.37 | Primarily due to a decrease in advance receipts from customers during the reporting period | [(IV) Analysis of Investment Status](index=12&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) During the reporting period, the company did not undertake significant equity or non-equity investments, nor did it hold financial assets measured at fair value, securities investments, private equity investments, or derivative investments [(VI) Analysis of Major Controlled and Investee Companies](index=13&type=section&id=%28VI%29%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) This section discloses the financial status and operating results of the company's major controlled and investee companies, and explains the disposal of subsidiary Xinjiang Xinken Supply Chain Management Co., Ltd. due to bankruptcy liquidation, which reduced the company's losses Major Subsidiary Financial Data (Unit: 10,000 Yuan) | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Terun Technology | Subsidiary | Dairy products, beverage production, processing and sales, etc. | 23,629.50 | 199,392.24 | 66,413.10 | 95,839.27 | 5,046.39 | 3,809.72 | | Terun Beiting | Subsidiary | Dairy farming; raw milk acquisition, sales | 50,725.00 | 84,014.29 | 54,771.64 | 13,120.74 | 2,671.89 | 1,278.70 | | Sales Company | Subsidiary | Dairy product sales | 1,000.00 | 36,184.10 | -4,374.84 | 118,503.00 | -3,704.54 | -2,887.92 | | XinNong Dairy | Subsidiary | Dairy products, beverage production, processing and sales, etc. | 70,200.00 | 103,807.32 | 5,606.61 | 21,923.26 | 4,319.12 | -494.02 | - Xinjiang Xinken Supply Chain Management Co., Ltd. was ruled to terminate its bankruptcy proceedings on May 19, 2025, due to insufficient assets to cover bankruptcy expenses, resulting in a loss reduction of **40,422.22 yuan** for the company's overall production, operation, and performance[45](index=45&type=chunk) [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This section details the potential risks faced by the company, including industry and market risks, environmental risks, natural disaster risks, and product quality control risks, emphasizing the company's measures in environmental protection and quality control [(I) Potential Risks](index=14&type=section&id=%28I%29%20Potential%20Risks) The company faces multiple risks, including increased costs due to stricter industry regulation, major epidemics in the upstream animal husbandry industry, intensified market competition, reliance on regional markets for sales, and difficulties in expanding outside Xinjiang - Stricter industry regulation may lead to continuous investment in quality and safety control, testing equipment, and personnel, increasing costs and limiting profit margins[47](index=47&type=chunk) - A large-scale dairy cattle epidemic in the upstream animal husbandry industry would severely impact raw milk supply, increase consumer panic, and affect overall dairy product market consumption[47](index=47&type=chunk) - Market competition in the dairy industry is intensifying; if the company fails to effectively scale up, innovate products, upgrade technology, and expand markets, it may adversely affect future profitability and sustainable growth potential[48](index=48&type=chunk) - The company has a high dependence on the Xinjiang market; if adverse changes occur in the regional market and the company fails to adjust in time, it will face operational risks[48](index=48&type=chunk) - Expanding into markets outside Xinjiang faces intensified competition from national first-tier brands; if the company fails to take effective measures, expansion may be hindered[48](index=48&type=chunk) - Dairy production and pastures generate polluting emissions; if not properly handled or if environmental regulations are not strictly enforced, the company may face high pollution treatment fees and penalties for violations[49](index=49&type=chunk) - The animal husbandry segment faces natural disaster risks, such as snowstorms and droughts, which could cause losses to dairy cattle farming and affect operating results[49](index=49&type=chunk)[50](index=50&type=chunk) - Product quality control risks: if product quality or food safety issues arise due to operational negligence, inadequate control over distributor behavior, or imperfect quality control measures, it will significantly and adversely affect the company's reputation, market sales, and operating performance[50](index=50&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=16&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, company supervisor Wang Qiang resigned due to work adjustments and was appointed as the company's Deputy General Manager, while Fan Ke was elected as a non-employee supervisor - On April 15, 2025, company supervisor Wang Qiang resigned due to work adjustments[53](index=53&type=chunk) - On May 15, 2025, Fan Ke was elected as a non-employee supervisor of the company's Eighth Board of Supervisors[53](index=53&type=chunk) - On May 15, 2025, Wang Qiang was appointed as the company's Deputy General Manager[53](index=53&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=16&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that no profit distribution or capital reserve conversion to share capital will be carried out for this reporting period - The profit distribution plan or capital reserve conversion to share capital plan for this reporting period is "None"[6](index=6&type=chunk) Semi-Annual Profit Distribution Plan | Whether to Distribute or Convert | No | | :--- | :--- | | Number of Bonus Shares per 10 Shares (Shares) | 0 | | Dividend per 10 Shares (Yuan) (Tax Inclusive) | 0 | | Number of Shares Converted from Capital Reserve per 10 Shares (Shares) | 0 | [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=16&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's subsidiary, Xinjiang Terun Biotechnology Co., Ltd., is listed as a key wastewater polluter, but its main pollutant discharge concentrations were all compliant in the first half of 2025, with no exceedances, and no environmental pollution incidents were reported by any subsidiary - Xinjiang Terun Biotechnology Co., Ltd. is a subsidiary included in the list of enterprises required to disclose environmental information by law[57](index=57&type=chunk) - Terun Technology's main pollutants are chemical oxygen demand and ammonia nitrogen; in the first half of 2025, average discharge concentrations were **23.778 mg/L** and **9.039 mg/L**, respectively, with total discharge volumes of **2.4 tons** and **3.1 tons**, and no exceedances occurred[57](index=57&type=chunk) - Subsidiaries Terun Tangwangcheng, Terun Qiyuan, XinNong Dairy, Shawan Gairui, and other non-key wastewater polluters, all had compliant monitoring results[58](index=58&type=chunk) - Subsidiaries Terun Fenghuotai, Shawan Terun, and other pastures are equipped with manure treatment facilities and have completed fixed pollution source discharge registration[58](index=58&type=chunk) - In the first half of 2025, neither the company nor its subsidiaries experienced any environmental pollution incidents[58](index=58&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Initiatives](index=17&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Initiatives) Terun Dairy actively fulfills its social responsibilities by supporting rural revitalization through various forms such as party branch co-building, consumption assistance, and industrial assistance, effectively boosting farmers' income and local animal husbandry development - In January 2025, the party branch of subsidiary Terun Tangwangcheng visited Bulakesu Township, Shufu County, Kashgar Prefecture, Xinjiang, for poverty alleviation and assistance research, delivering new year comfort goods worth **8,480 yuan**[59](index=59&type=chunk) - In April 2025, Terun Dairy collaborated with the People's Government of Bachu County, Kashgar Prefecture, Xinjiang, to donate **300 head** of high-quality fattening cattle worth **687,000 yuan** from its subsidiary Bachu Terun Animal Husbandry to **8** townships, contributing to rural revitalization through an "industrial assistance + technology empowerment" model[60](index=60&type=chunk) - In June 2025, the company purchased "Daolang Earth Melons" from Ying'er Village, Xiyitun Township, Makit County, Kashgar Prefecture, Xinjiang, for employee benefits, totaling **27,500 yuan**, demonstrating its commitment to social responsibility[60](index=60&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=18&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments made by the company's actual controller, shareholders, and related parties during or continuing into the reporting period, with all commitments strictly fulfilled - BingTuan Dairy's commitment to resolve horizontal competition: For dairy assets such as Yinqiao International Holdings (Kuitun City, Xinjiang) Dairy Co., Ltd., it committed to determine an integration or disposal plan by December 31, 2017; as of December 31, 2019, all entrusted targets were loss-making, equity entrustment terminated, BingTuan Dairy legally disposed of the entrusted targets, RunDa Animal Husbandry's biological assets were transferred and sold, and Aoliya Dairy's related assets were listed for transfer[62](index=62&type=chunk)[63](index=63&type=chunk) - BingTuan Dairy's commitment to standardize related-party transactions: Committed to avoid and standardize related-party transactions; for unavoidable related-party transactions, it will sign standardized agreements, fulfill approval procedures, ensure fair transaction prices, and not harm the interests of the listed company and non-related shareholders; the commitment remains valid[63](index=63&type=chunk) - Twelfth Division State-owned Assets Company's commitment to maintain the listed company's independence: Committed not to use controlling or controlled relationships to harm the interests of the listed company and other shareholders, maintain independence in personnel, organization, assets, finance, and business, not provide guarantees in violation of regulations, not occupy listed company funds, and standardize related-party transactions; the commitment remains valid[63](index=63&type=chunk)[64](index=64&type=chunk) - Twelfth Division State-owned Assets Company's commitment to resolve horizontal competition: Committed not to engage in businesses that compete with Terun Dairy's current or future businesses, and to grant Terun Dairy priority development, priority right to acquire new technologies and products, and priority right to purchase related assets or businesses; the commitment remains valid[63](index=63&type=chunk)[64](index=64&type=chunk) - Twelfth Division State-owned Assets Company's commitment to standardize related-party transactions: Committed to avoid and standardize related-party transactions; for unavoidable related-party transactions, it will sign standardized agreements, fulfill approval procedures, ensure fair transaction prices, and not harm the interests of the listed company and non-related shareholders; the commitment remains valid[64](index=64&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=21&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller all maintained good integrity, with no adverse situations such as unfulfilled effective court judgments or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller had no adverse integrity issues such as unfulfilled effective court judgments or overdue large debts[66](index=66&type=chunk) [X. Significant Related-Party Transactions](index=21&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the execution of the company's daily related-party transactions in the first half of 2025, with actual sales of goods to related parties and acceptance of related-party services totaling **493,700 yuan**, within the annual estimated limit of **10 million yuan** - The company's Eighteenth Meeting of the Eighth Board of Directors approved the estimated daily related-party transactions for 2025, with an estimated total amount of approximately **10 million yuan** with related parties[67](index=67&type=chunk) Actual Daily Related-Party Transactions in Jan-Jun 2025 (Unit: 10,000 Yuan) | Type of Related-Party Transaction | Specific Content | Related Party | Estimated Amount for 2025 (10,000 Yuan) | Actual Amount in Jan-Jun 2025 (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Acceptance of Related-Party Services | Entrusted processing of dairy products | Xinjiang Aoliya Dairy Co., Ltd. | 300 | 29.53 | | Sales of Goods | Sales of milk powder | Xinjiang Aoliya Dairy Co., Ltd. | 500 | 0.00 | | Other | | | 200 | 19.84 | | Total | | | 1,000 | 49.37 | [XI. Significant Contracts and Their Fulfillment](index=22&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section primarily discloses the company's significant guarantee situations during the reporting period, with a total guarantee amount of **185.818 million yuan** for subsidiaries, all within approved limits and without overdue or irregular guarantees Company's Total Guarantee Amount (Unit: 10,000 Yuan) | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total amount of guarantees provided to subsidiaries during the reporting period | 18,581.80 | | Total outstanding guarantees to subsidiaries at the end of the reporting period (B) | 18,581.80 | | Total Guarantees (A+B) | 18,581.80 | | Proportion of total guarantees to the company's net assets (%) | 7.79 | | Of which: Debt guarantee amount provided directly or indirectly to guaranteed parties with asset-liability ratio exceeding 70% (D) | 9,931.38 | | Total of the above three guarantee amounts (C+D+E) | 9,931.38 | - The company's estimated guarantee limit for subsidiary loans from commercial banks in 2025 is not to exceed **1.012756 billion yuan**; the actual guarantee amount incurred during the reporting period was within the approved limit, with no overdue or irregular guarantees[74](index=74&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=24&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section explains the overall use of the company's raised funds and details of the investment projects, with cumulative investment of **647.8696 million yuan** and the "Annual Production of 200,000 Tons of Dairy Products Processing Project" extended to December 31, 2025 Overall Use of Raised Funds (Unit: 10,000 Yuan) | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total Raised Funds | 99,000.00 | | Net Raised Funds (1) | 97,931.46 | | Cumulative total raised funds invested as of the end of the reporting period (4) | 64,786.96 | | Cumulative investment progress of raised funds as of the end of the reporting period (%) (6) | 66.16 | | Amount invested in current year (8) | 1,405.10 | | Proportion of current year's investment amount to total raised funds (%) (9) | 1.43 | Details of Raised Fund Investment Projects (Unit: 10,000 Yuan) | Name of Raised Fund Project | Total Planned Investment of Raised Funds (10,000 Yuan) | Amount Invested in Current Year (10,000 Yuan) | Cumulative Total Raised Funds Invested as of the End of the Reporting Period (2) (10,000 Yuan) | Cumulative Investment Progress as of the End of the Reporting Period (%) (3) | | :--- | :--- | :--- | :--- | :--- | | Annual Production of 200,000 Tons of Dairy Products Processing Project | 71,230.00 | 1,405.10 | 38,085.50 | 53.47 | | Replenishment of Working Capital | 26,701.46 | 0 | 26,701.46 | 100.00 | | Total | 97,931.46 | 1,405.10 | 64,786.96 | 66.16 | - The scheduled completion date for the "Annual Production of 200,000 Tons of Dairy Products Processing Project" has been extended from December 31, 2024, to **December 31, 2025**, primarily due to the actual arrival time of raised funds being later than expected and construction restrictions during winter in Xinjiang[78](index=78&type=chunk) - The company used idle raised funds for cash management, with a cash management balance of **334.4118 million yuan** as of the end of the reporting period, not exceeding the authorized limit[80](index=80&type=chunk) Section VI Share Changes and Shareholder Information [I. Changes in Share Capital](index=26&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's share capital experienced a minor change due to "Terun Convertible Bonds" conversion, with the total number of shares increasing by **13,839 shares**, and unrestricted tradable shares increasing accordingly Share Change Statement (Unit: Shares) | Category | Quantity Before This Change (Shares) | Increase/Decrease in This Change (+, -) (Shares) | Quantity After This Change (Shares) | | :--- | :--- | :--- | :--- | | Unrestricted Tradable Shares | 320,190,246 | +13,839 | 320,204,085 | | Total Shares | 320,190,246 | +13,839 | 320,204,085 | - From April 30, 2025, when "Terun Convertible Bonds" entered the conversion period, to June 30, 2025, a cumulative total of **115,000.00 yuan** of "Terun Convertible Bonds" were converted into company shares, resulting in **13,839 shares**[85](index=85&type=chunk) [II. Shareholder Information](index=27&type=section&id=II.%20Shareholder%20Information) This section discloses the shareholding status of the company's top ten shareholders and top ten unrestricted tradable shareholders as of the end of the reporting period, with Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Management (Group) Co., Ltd. as the largest shareholder Top Ten Shareholders' Shareholding (As of the end of the reporting period) | Shareholder Name | Number of Shares Held at Period-end (Shares) | Proportion (%) | Pledged, Marked, or Frozen Status (Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Management (Group) Co., Ltd. | 99,577,302 | 31.10 | None (0) | State-owned Legal Person | | Xinjiang Production and Construction Corps Dairy Group Co., Ltd. | 18,411,532 | 5.75 | Frozen (10,188,419) | State-owned Legal Person | | Bank of China Co., Ltd. - E Fund Hong Kong Stock Connect Dividend Flexible Allocation Mixed Securities Investment Fund | 3,826,000 | 1.19 | None (0) | Other | | China Construction Bank Co., Ltd. - Harvest Agricultural Industry Stock Investment Fund | 3,376,860 | 1.05 | None (0) | Other | | Bank of China Co., Ltd. - China Merchants Industry Select Stock Investment Fund | 2,400,000 | 0.75 | None (0) | Other | | Agricultural Bank of China Co., Ltd. - Penghua Convertible Bond Fund | 2,041,800 | 0.64 | None (0) | Other | | Bank of Beijing Co., Ltd. - Penghua Dual Debt Plus Bond Fund | 1,798,920 | 0.56 | None (0) | Other | | Bank of China Co., Ltd. Enterprise Annuity Plan - Agricultural Bank of China Co., Ltd. | 1,623,900 | 0.51 | None (0) | Other | | Jinhua Yuheng Capital Management Co., Ltd. - Yuheng Capital Shuanglong No. 1 Private Securities Investment Fund | 1,592,300 | 0.50 | None (0) | Other | | Industrial and Commercial Bank of China Co., Ltd. - Penghua Quality Governance Stock Investment Fund (LOF) | 1,542,000 | 0.48 | None (0) | Other | - As of the end of the reporting period, the company's special repurchase securities account held **4,799,955** ordinary RMB shares, accounting for **1.50%** of the company's total share capital[89](index=89&type=chunk) - The largest shareholder of Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Management (Group) Co., Ltd. and Xinjiang Production and Construction Corps Dairy Group Co., Ltd. is the State-owned Assets Supervision and Administration Commission of the Twelfth Division of Xinjiang Production and Construction Corps, indicating an associated relationship[89](index=89&type=chunk)[90](index=90&type=chunk) Section VII Bond-Related Information [II. Convertible Corporate Bonds](index=30&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section details the issuance, holders, changes, conversion, and credit status of the company's convertible corporate bonds, which were issued in October 2024 and listed in November 2024, with a stable credit status and manageable repayment pressure [(I) Convertible Bond Issuance](index=30&type=section&id=%28I%29%20Convertible%20Bond%20Issuance) The company issued **9.9 million** convertible corporate bonds totaling **990 million yuan** on October 24, 2024, which were listed and traded on the Shanghai Stock Exchange on November 15, 2024 - The company issued **9.9 million** convertible corporate bonds on October 24, 2024, with a total issuance amount of **990 million yuan**[93](index=93&type=chunk) - Original shareholders preferentially subscribed for **626.962 million yuan** (**63.33%**), online public investors subscribed for **356.209 million yuan** (**35.98%**), and CITIC Securities underwrote **6.829 million yuan** (**0.69%**)[93](index=93&type=chunk) - The convertible bonds were listed and traded on the Shanghai Stock Exchange on November 15, 2024, with bond abbreviation "Terun Convertible Bonds" and bond code "110097"[94](index=94&type=chunk) [(II) Convertible Bond Holders and Guarantors During the Reporting Period](index=30&type=section&id=%28II%29%20Convertible%20Bond%20Holders%20and%20Guarantors%20During%20the%20Reporting%20Period) As of the end of the reporting period, there were **8,272** holders of Terun Convertible Bonds and no guarantors, with Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Management (Group) Co., Ltd. holding the largest amount - As of the end of the period, there were **8,272** convertible bond holders, and the company's convertible bonds had no guarantors[95](index=95&type=chunk) Top Ten Convertible Bond Holders (Period-end) | Name of Convertible Corporate Bond Holder | Amount of Bonds Held at Period-end (Yuan) | Holding Proportion (%) | | :--- | :--- | :--- | | Xinjiang Production and Construction Corps Twelfth Division State-owned Assets Management (Group) Co., Ltd. | 301,939,000 | 30.50 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 44,580,000 | 4.50 | | China Asset Management Co., Ltd. Yannian Yishou No. 9 Fixed Income Pension Product - China Merchants Bank Co., Ltd. | 41,953,000 | 4.24 | | China Merchants Kangxing Fixed Income Pension Product - China Merchants Bank Co., Ltd. | 26,142,000 | 2.64 | | China Asset Management Co., Ltd. Yannian Yishou No. 7 Fixed Income Pension Product - CITIC Bank Co., Ltd. | 23,516,000 | 2.38 | | CITIC Group Corporation Enterprise Annuity Plan - CITIC Bank Co., Ltd. | 22,684,000 | 2.29 | | China Galaxy Securities Co., Ltd. | 18,603,000 | 1.88 | | China Merchants Bank Co., Ltd. - Penghua Fengli Bond Fund (LOF) | 17,846,000 | 1.80 | | Guotai Multi-Strategy Absolute Return Mixed Pension Product - CITIC Bank Co., Ltd. | 15,047,000 | 1.52 | | Bank of China Co., Ltd. Enterprise Annuity Plan - Agricultural Bank of China Co., Ltd. | 14,471,000 | 1.46 | [(III) Changes in Convertible Bonds During the Reporting Period](index=31&type=section&id=%28III%29%20Changes%20in%20Convertible%20Bonds%20During%20the%20Reporting%20Period) During the reporting period, Terun Convertible Bonds decreased by **115,000.00 yuan** due to conversion, with a period-end balance of **989.885 million yuan** Changes in Convertible Bonds During the Reporting Period (Unit: Yuan) | Name of Convertible Corporate Bond | Before This Change (Yuan) | Increase/Decrease in This Change (Conversion) (Yuan) | After This Change (Yuan) | | :--- | :--- | :--- | :--- | | Terun Convertible Bonds | 990,000,000.00 | 115,000.00 | 989,885,000.00 | [(IV) Cumulative Convertible Bond Conversion During the Reporting Period](index=31&type=section&id=%28IV%29%20Cumulative%20Convertible%20Bond%20Conversion%20During%20the%20Reporting%20Period) During the reporting period, the cumulative conversion amount for Terun Convertible Bonds was **115,000.00 yuan**, resulting in **13,839 shares**, accounting for **0.00432%** of the company's total shares issued before conversion Cumulative Convertible Bond Conversion During the Reporting Period | Indicator | Amount/Quantity | | :--- | :--- | | Conversion Amount During Reporting Period (Yuan) | 115,000.00 | | Number of Shares Converted During Reporting Period (Shares) | 13,839 | | Cumulative Number of Shares Converted (Shares) | 13,839 | | Proportion of cumulative converted shares to total shares issued before conversion (%) | 0.00432 | | Unconverted Amount (Yuan) | 989,885,000.00 | | Proportion of unconverted convertible bonds to total convertible bond issuance (%) | 99.98838 | [(V) Historical Adjustments to Conversion Price](index=31&type=section&id=%28V%29%20Historical%20Adjustments%20to%20Conversion%20Price) The conversion price of Terun Convertible Bonds was adjusted to **8.28 yuan/share** on June 27, 2025, due to the implementation of the 2024 annual equity distribution - On June 27, 2025, the conversion price of Terun Convertible Bonds was adjusted to **8.28 yuan/share** due to the implementation of the 2024 annual equity distribution[102](index=102&type=chunk) - As of the end of this reporting period, the latest conversion price is **8.28 yuan/share**[102](index=102&type=chunk) [(VI) Company's Debt Situation, Credit Rating Changes, and Cash Arrangements for Debt Repayment in Future Years](index=31&type=section&id=%28VI%29%20Company%27s%20Debt%20Situation%2C%20Credit%20Rating%20Changes%2C%20and%20Cash%20Arrangements%20for%20Debt%20Repayment%20in%20Future%20Years) The company's financial condition is stable, with no debt defaults, and its credit rating is good, with manageable future principal and interest repayment pressure - During the reporting period, the company's overall financial condition was stable, with no defaults or inability to repay debts on time, demonstrating good solvency and credit status[103](index=103&type=chunk) - China Chengxin International Credit Rating Co., Ltd. maintained the company's main credit rating at **AA** with a stable outlook, and maintained the credit rating of "Terun Convertible Bonds" at **AA**[103](index=103&type=chunk) - The arrival of these raised funds significantly strengthened the company's financial position; with a relatively low convertible bond coupon rate and good company cash flow, significant pressure from future principal and interest repayments is not anticipated[103](index=103&type=chunk) Section VIII Financial Report [II. Financial Statements](index=32&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=32&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **5.632 billion yuan**, a decrease of **9.05%** from the beginning of the period; total liabilities were **3.032 billion yuan**, a decrease of **14.49%**; and total owners' equity was **2.599 billion yuan**, a decrease of **1.76%** Key Data from Consolidated Balance Sheet (As of June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 5,632,032,489.83 | 6,192,266,178.65 | | Total Liabilities | 3,032,417,873.92 | 3,546,112,489.57 | | Total Owners' Equity | 2,599,614,615.91 | 2,646,153,689.08 | [Parent Company Balance Sheet](index=34&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **4.326 billion yuan**, an increase of **8.67%** from the beginning of the period; total liabilities were **2.180 billion yuan**, an increase of **19.79%**; and total owners' equity was **2.146 billion yuan**, a decrease of **0.70%** Key Data from Parent Company Balance Sheet (As of June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 4,325,920,289.02 | 3,980,756,996.96 | | Total Liabilities | 2,180,370,382.75 | 1,820,145,690.38 | | Total Owners' Equity | 2,145,549,906.27 | 2,160,611,306.58 | [Consolidated Income Statement](index=36&type=section&id=Consolidated%20Income%20Statement) For January-June 2025, the company's consolidated total operating revenue was **1.395 billion yuan**, a year-on-year decrease of **3.30%**; total profit was **-42.0213 million yuan**, with a net loss of **40.2566 million yuan**, and net profit attributable to parent company shareholders was **-21.8564 million yuan**, indicating a narrowed loss compared to the prior period Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,395,475,232.14 | 1,443,161,097.72 | | Total Operating Cost | 1,335,103,993.26 | 1,367,696,110.40 | | Total Profit | -42,021,296.99 | -44,047,412.29 | | Net Profit | -40,256,620.28 | -42,338,579.39 | | Net Profit Attributable to Parent Company Shareholders | -21,856,358.48 | -27,907,796.16 | [Parent Company Income Statement](index=38&type=section&id=Parent%20Company%20Income%20Statement) For January-June 2025, the parent company's operating revenue was **535.4507 million yuan**, a year-on-year increase of **2.50%**; net profit was **-8.5586 million yuan**, indicating an expanded loss compared to the prior period Key Data from Parent Company Income Statement (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 535,450,727.00 | 522,376,094.31 | | Operating Profit | -9,479,633.18 | 201,284.19 | | Total Profit | -9,367,522.52 | 201,284.19 | | Net Profit | -8,558,623.81 | -153,109.07 | [Consolidated Cash Flow Statement](index=39&type=section&id=Consolidated%20Cash%20Flow%20Statement) For January-June 2025, the company's consolidated net cash flow from operating activities was **269.1074 million yuan**, an increase of **9.07%**; net cash flow from investing activities was **-101.8219 million yuan**, with reduced outflow; and net cash flow from financing activities was **-335.6434 million yuan**, with a significant increase in outflow Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 269,107,448.38 | 246,734,511.84 | | Net Cash Flow from Investing Activities | -101,821,892.57 | -312,682,108.78 | | Net Cash Flow from Financing Activities | -335,643,408.80 | 198,498,059.12 | | Net Increase in Cash and Cash Equivalents | -168,357,852.99 | 132,550,462.18 | | Cash and Cash Equivalents at Period-end | 680,704,825.50 | 643,301,199.82 | [Parent Company Cash Flow Statement](index=41&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For January-June 2025, the parent company's net cash flow from operating activities was **62.1674 million yuan**, a decrease of **74.75%**; net cash flow from investing activities was **1.1561 million yuan**, changing from net outflow to net inflow; and net cash flow from financing activities was **-10.9841 million yuan**, with a significant decrease in outflow Key Data from Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 62,167,354.00 | 246,185,107.37 | | Net Cash Flow from Investing Activities | 1,156,139.85 | -52,695.13 | | Net Cash Flow from Financing Activities | -10,984,101.90 | -96,236,068.44 | | Net Increase in Cash and Cash Equivalents | 52,339,391.95 | 149,896,343.80 | | Cash and Cash Equivalents at Period-end | 297,626,874.90 | 475,937,921.20 | [Consolidated Statement of Changes in Owners' Equity](index=43&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For January-June 2025, the company's consolidated total owners' equity decreased by **46.5391 million yuan**, primarily due to net profit losses and profit distribution impacts Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Balance at Beginning of Period (Yuan) | Increase/Decrease in Current Period (Yuan) | Balance at End of Period (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 2,646,153,689.08 | -46,539,073.17 | 2,599,614,615.91 | | Total Owners' Equity Attributable to Parent Company | 2,412,903,415.80 | -28,359,134.98 | 2,384,544,280.82 | | Minority Interests | 233,250,273.28 | -18,179,938.19 | 215,070,335.09 | [Parent Company Statement of Changes in Owners' Equity](index=45&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For January-June 2025, the parent company's total owners' equity decreased by **15.0614 million yuan**, primarily due to net profit losses and profit distribution impacts Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Balance at Beginning of Period (Yuan) | Increase/Decrease in Current Period (Yuan) | Balance at End of Period (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 2,160,611,306.58 | -15,061,400.31 | 2,145,549,906.27 | [III. Basic Company Information](index=48&type=section&id=III.%20Basic%20Company%20Information) This section introduces the overview, historical evolution, and business scope of Xinjiang Terun Dairy Co., Ltd., which transformed from a paper company to a dairy company through asset restructuring - Company Name: Xinjiang Terun Dairy Co., Ltd., Legal Representative: Liu Rang, Registered Capital: **320,190,246.00 yuan**[133](index=133&type=chunk) - The company, formerly Xinjiang Tianhong Paper Co., Ltd., was established in 1999 and listed on the Shanghai Stock Exchange in 2001[133](index=133&type=chunk)[134](index=134&type=chunk) - In 2013, the company's controlling shareholder changed to the Twelfth Division State-owned Assets Company, and the actual controller changed to the State-owned Assets Supervision and Administration Commission of the Twelfth Division of Xinjiang Production and Construction Corps[135](index=135&type=chunk) - In 2013, the company acquired Terun Technology equity through asset swap and share issuance, and officially changed its name to Xinjiang Terun Dairy Co., Ltd. on December 31, 2013[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk) - The company's business scope includes dairy industry investment and management, animal husbandry investment and management, processing and sales of milk and dairy products, feed processing and sales, crop cultivation and processing, etc[141](index=141&type=chunk) [IV. Basis of Financial Statement Preparation](index=49&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section explains the basis for preparing the company's financial statements, which is the going concern assumption, adherence to "Enterprise Accounting Standards" and relevant disclosure regulations, and the accrual basis and historical cost as measurement bases - The Group's financial statements are prepared on a going concern basis, based on actual transactions and events, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[142](index=142&type=chunk) - The Group's accounting is based on the accrual basis, and except for certain financial instruments, these financial statements are measured at historical cost[142](index=142&type=chunk) - The company will continue to operate for **12 months** from the reporting period, and there are no significant doubts about its ability to continue as a going concern[143](index=143&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=49&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, inventories, fixed assets, biological assets, intangible assets, revenue recognition, government grants, deferred income tax, and other aspects - The financial statements prepared by the company comply with the requirements of enterprise accounting standards and truly and completely reflect the financial position, operating results, and cash flows of the company and the Group[145](index=145&type=chunk) - The company's accounting year adopts the calendar year, i.e., from January 1 to December 31 each year[146](index=146&type=chunk) - The company uses **12 months** as an operating cycle and as the standard for classifying assets and liabilities as current or non-current[147](index=147&type=chunk) - The company's functional currency is RMB[148](index=148&type=chunk) - The company classifies financial assets into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[163](index=163&type=chunk) - The company classifies financial liabilities as financial liabilities measured at fair value through profit or loss and other financial liabilities upon initial recognition[165](index=165&type=chunk) - The company depreciates fixed assets using the straight-line method, with depreciation periods of **10-40 years** for buildings, **10-20 years** for machinery and equipment, **5-10 years** for transportation vehicles, **5 years** for electronic equipment, and **5-13 years** for other equipment[195](index=195&type=chunk) - The company depreciates productive biological assets (adult dairy cows) using the straight-line method, with a useful life of **6-8 years**, an estimated net residual value of **30%**, and an annual depreciation rate of **11.67%-8.75%**[199](index=199&type=chunk) - The company recognizes revenue when the customer obtains control of the related goods, and revenue is recognized based on the progress of performance or at a specific point in time[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) [VI. Taxation](index=69&type=section&id=VI.%20Taxation) This section details the main tax types and applicable tax rates for the company and its subsidiaries, and explains the tax preferential policies enjoyed, including enterprise income tax exemption for initial processing of agricultural products, Western Development enterprise income tax incentives, enterprise income tax exemption for agriculture, forestry, animal husbandry, and fishery projects, and small and micro enterprise income tax incentives Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income is used to calculate output VAT at the applicable rate, and VAT is paid based on the difference after deducting

Definitions This section provides definitions of key terms and reporting period details for clarity and accurate understanding of the report [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines key terms, including company names, regulatory bodies, currency units, and industry-specific terminology, to ensure accurate report comprehension - The company's abbreviation is **'Swan Stock'**, and its full name is Shandong Swan Cotton Machinery Co., Ltd[9](index=9&type=chunk) - The reporting period is from **January 1, 2025, to June 30, 2025**[9](index=9&type=chunk) - Main business involves the cotton machinery industry, including cotton processing machinery such as machine-picked cotton, ginning, delinting, and baling, as well as harvesting machinery like cotton pickers and grain combine harvesters[9](index=9&type=chunk) Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and key financial performance, highlighting significant changes in revenue, profit, and asset-liability structure for the reporting period [Company Information](index=5&type=section&id=Company%20Information) This section outlines the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative, clarifying its identity and legal status - The company's Chinese name is Shandong Swan Cotton Machinery Co., Ltd, abbreviated as **Swan Stock**[11](index=11&type=chunk) - The company's legal representative is **Wang Xinting**[11](index=11&type=chunk) [Contact Person and Information](index=5&type=section&id=Contact%20Person%20and%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties - The Board Secretary is **Wu Weizhong**, and the Securities Affairs Representative is **Wang Weijing**[12](index=12&type=chunk) - Contact phone and fax numbers are **0531-58675810**, and the email address is **swan@sdmj.com.cn**[12](index=12&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section states that the company's registered and office addresses have not changed, maintaining stability - The company's registered and office addresses are both **No. 99 Daweizhuang East Road, Tianqiao District, Jinan City**, with no historical changes during the reporting period[13](index=13&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section lists the company's designated information disclosure newspapers and website, along with the storage location for the semi-annual report, ensuring transparency and accessibility of information disclosure - The company's selected information disclosure newspapers include **China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily**[14](index=14&type=chunk) - The website address for publishing the semi-annual report is **www.sse.com.cn**[14](index=14&type=chunk) [Overview of Company Shares](index=5&type=section&id=Overview%20of%20Company%20Shares) This section provides basic information about the company's shares, including share type, listing exchange, stock abbreviation, and code - The company's shares are **A-shares**, listed on the **Shanghai Stock Exchange**, with the stock abbreviation **Swan Stock** and stock code **603029**[15](index=15&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 23.47% to CNY 321.09 million, and net profit attributable to shareholders increased by 20.41% to CNY 18.10 million. However, net profit excluding non-recurring gains and losses decreased by 9.76%, and net cash flow from operating activities remained negative, indicating that while revenue grew, non-recurring items significantly contributed to net profit, and operating cash flow pressure persists [Key Accounting Data](index=5&type=section&id=Key%20Accounting%20Data) In the first half of 2025, the company's operating revenue and total profit grew significantly, but net profit excluding non-recurring gains and losses declined, and net cash flow from operating activities remained negative, reflecting challenges in core business profitability and cash flow management 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 321,093,404.70 | 260,057,008.78 | 23.47 | | Total Profit | 22,671,017.86 | 15,163,578.70 | 49.51 | | Net Profit Attributable to Shareholders of Listed Company | 18,096,326.43 | 15,028,717.78 | 20.41 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 8,320,380.77 | 9,219,813.23 | -9.76 | | Net Cash Flow from Operating Activities | -161,249,274.92 | -161,170,408.81 | N/A | 2025 H1 Asset and Liability Data | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of Listed Company | 894,506,042.16 | 896,641,102.42 | -0.24 | | Total Assets | 2,216,803,856.90 | 2,240,568,625.18 | -1.06 | [Key Financial Indicators](index=6&type=section&id=Key%20Financial%20Indicators) In the first half of 2025, the company's basic and diluted earnings per share both increased by 25%, but basic earnings per share excluding non-recurring gains and losses decreased by 12.5%, and the weighted average return on net assets (after non-recurring items) also slightly declined, indicating a need to improve the quality of the company's earnings 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) (CNY/share) | Prior Year Period (CNY/share) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.15 | 0.12 | 25.00 | | Diluted Earnings Per Share | 0.15 | 0.12 | 25.00 | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses | 0.07 | 0.08 | -12.5 | | Weighted Average Return on Net Assets (%) | 2.03 | 1.78 | increased by 0.25 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 0.93 | 1.09 | decreased by 0.16 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In the first half of 2025, the company's total non-recurring gains and losses amounted to CNY 9.78 million, primarily from government subsidies, disposal gains on non-current assets, and reversal of impairment provisions for receivables, which positively impacted current net profit 2025 H1 Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 217,372.30 | | Government subsidies included in current profit and loss | 8,456,515.00 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 1,201,135.76 | | Other non-operating income and expenses | 988,082.36 | | Less: Income tax impact | 1,087,159.76 | | Total | 9,775,945.66 | Management Discussion and Analysis This section analyzes the company's industry, main business operations, core competitiveness, and key financial performance during the reporting period, including market strategies, R&D efforts, and risk factors [Explanation of the Company's Industry and Main Business during the Reporting Period](index=8&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) The company primarily engages in the R&D, production, and sales of complete sets of cotton harvesting and processing machinery, belonging to the special equipment manufacturing industry. Industry development benefits from national policy support and the concentration of the Xinjiang cotton industry, but faces challenges from domestic market stock updates and intensified competition. The company actively expands international markets and has laid out three product categories around the cotton industry chain, adopting order-based production and a combination of direct and distribution sales models, maintaining a leading market position - The company's industry is **"Special Equipment Manufacturing (C35)"** under **"Agricultural, Forestry, Animal Husbandry, and Fishery Special Machinery Manufacturing (C357)"**[20](index=20&type=chunk) - Xinjiang's cotton planting area and output account for **over 86% of the national total**, making it the company's primary market[21](index=21&type=chunk) - The domestic cotton picker market has entered a cycle of **stock replacement and upgrade**, with fierce competition; international markets (e.g., Uzbekistan) offer **incremental growth opportunities**[24](index=24&type=chunk)[25](index=25&type=chunk) [Industry Development of the Company's Sector](index=8&type=section&id=Industry%20Development%20of%20the%20Company%27s%20Sector) China's cotton industry is concentrating in Xinjiang's advantageous production areas, with national policies supporting stable cotton production, quality improvement, and agricultural machinery scrap-and-replace programs. The cotton processing industry is undergoing structural adjustment, focusing on existing equipment upgrades and digital transformation. The cotton picker market is saturated, transitioning from spindle-type to baling cotton pickers, with scrap-and-replace subsidies stimulating the market. Simultaneously, the "Belt and Road" initiative provides opportunities for international market expansion, enhancing the competitiveness of domestic brands overseas, leading to increased international competition - In 2024, Xinjiang's cotton planting area and output were **36.72 million mu and 5.69 million tons**, respectively, accounting for **86.24% and 92.25%** of the national total[21](index=21&type=chunk) - In 2024, Xinjiang's cotton picker ownership exceeded **8,900 units**, including **4,871 spindle-type and 4,068 baling cotton pickers**, indicating a saturated market accelerating towards baling cotton pickers[23](index=23&type=chunk)[24](index=24&type=chunk) - National policies increased subsidies for old agricultural machinery scrap-and-replace, raising the maximum subsidy for a single cotton picker from **CNY 60,000 to CNY 80,000**[24](index=24&type=chunk) [Company's Main Business Operations](index=9&type=section&id=Company%27s%20Main%20Business%20Operations) The company has developed three main product categories around the cotton industry chain: cotton processing machinery, harvesting machinery, and other agricultural equipment. Cotton processing machinery provides comprehensive, intelligent solutions; harvesting machinery includes baling cotton pickers and grain harvesters; other agricultural products cover grain drying and straw baling. The company adopts order-based production, processes core components in-house, and uses a sales model primarily based on direct sales supplemented by distribution, maintaining a leading market position - The company's product portfolio includes **three major categories**: cotton processing machinery, harvesting machinery, and other agricultural equipment[26](index=26&type=chunk) - Cotton processing machinery offers **one-stop supply and services** from opening and feeding cotton to cotton seed delinting, including ginning machines and delinting machines[27](index=27&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Harvesting machinery primarily includes **six-row, four-row, and three-row self-propelled baling cotton pickers and spindle-type cotton pickers**, as well as grain combine harvesters, corn kernel combine harvesters, and tomato harvesters[32](index=32&type=chunk)[33](index=33&type=chunk) - The company is the **leading enterprise and the only listed company** in China's cotton processing machinery manufacturing industry, with its baling cotton picker market share ranking among the top in the industry[39](index=39&type=chunk) [Discussion and Analysis of Operating Performance](index=14&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Performance) In the first half of 2025, the company achieved operating revenue of CNY 321.09 million, a year-on-year increase of 23.47%; net profit attributable to shareholders was CNY 18.10 million, a year-on-year increase of 20.41%. The company actively responded to industry competition by focusing on domestic and international market expansion, product innovation across its three main segments, and quality and service upgrades. Overseas business significantly improved, R&D investment reached CNY 17.65 million, and digital production and localized service system construction continued to advance 2025 H1 Operating Performance | Indicator | Amount (CNY '0,000) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 32,109.34 | 23.47 | | Net Profit Attributable to Shareholders of Listed Company | 1,809.63 | 20.41 | - The company's R&D investment was **CNY 17.65 million**, focusing on product innovation across the three major segments of cotton processing, harvesting, and agricultural machinery[44](index=44&type=chunk) - Overseas business achieved **significant improvement**, with increased promotion of four-row spindle-type cotton pickers in the Uzbekistan market and active expansion into South American and African markets[42](index=42&type=chunk) - **27 new national patents** (including 6 invention patents) and **3 new software copyrights** were granted, bringing the total effective patents to 245 and software copyrights to 14; the company led or participated in the revision of **33 national and industry standards**[48](index=48&type=chunk) [Focusing on Both Domestic and International Markets, Stabilizing Existing and Expanding New Business](index=14&type=section&id=Focusing%20on%20Both%20Domestic%20and%20International%20Markets%2C%20Stabilizing%20Existing%20and%20Expanding%20New%20Business) Domestically, the company strengthens its leading position by promoting intelligent machine-picked cotton production lines and new technology products, consolidating its market share; internationally, it actively implements the "Foreign Trade Breakthrough" three-year action plan, seizes opportunities in the Central Asian cotton picker market, intensifies promotion in Uzbekistan, and expands into South America and Africa, enhancing international brand influence through strategic cooperation with leading domestic enterprises - In the domestic cotton machinery market, the company continues to increase market promotion of **intelligent 60 bales/hour machine-picked cotton production line overall solutions**, stimulating demand for existing equipment upgrades through technological advancements[41](index=41&type=chunk) - Overseas business achieved **significant improvement**, with a focus on promoting **four-row spindle-type cotton pickers in the Uzbekistan market**, while actively expanding into South American and African markets[42](index=42&type=chunk) - Through the **"going global with partners" model**, indirect exports were driven, successfully deploying high-end equipment such as intelligent cotton pickers and intelligent cotton processing production lines in Central Asian markets[42](index=42&type=chunk) [Focusing on Product Innovation Across Three Major Segments, Stabilizing Foundations and Expanding New Products](index=14&type=section&id=Focusing%20on%20Product%20Innovation%20Across%20Three%20Major%20Segments%2C%20Stabilizing%20Foun%20dations%20and%20Expanding%20New%20Products) The company continues to implement an innovation-driven strategy, with R&D investment of CNY 17.65 million during the reporting period. On one hand, it enhances the performance and digitalization of core products like seed cotton cleaners, ginning machines, and cotton pickers through technological iteration; on the other hand, it actively develops new products such as the 208 ginning machine, high-density baling cotton pickers, large grain combine harvesters, and self-propelled chili harvesters, and expands grain drying tower specifications to build a serialized product matrix. The company highly values intellectual property, with 27 new authorized national patents and leadership or participation in the revision of 33 national and industry standards - R&D investment during the reporting period was **CNY 17.65 million**, focusing on innovation in the three major segments of cotton processing, harvesting, and agricultural machinery[44](index=44&type=chunk) - In the first half of the year, the company conducted R&D on cotton processing machinery, primarily the **208 ginning machine and 70-bale lint baler**, and multiple harvesting machinery products, including **high-density baling cotton pickers, extended-range baling cotton pickers, large grain combine harvesters with feeding capacity over 15kg/s, and self-propelled chili harvesters**[45](index=45&type=chunk) - **27 new national patents** (including 6 invention patents) and **3 new software copyrights** were granted, bringing the total effective patents to 245 and software copyrights to 14; the company led or participated in the revision of **33 national and industry standards**[48](index=48&type=chunk) [Focusing on Continuous Efforts in Quality and Service, Stabilizing Foundations and Opening New Horizons](index=15&type=section&id=Focusing%20on%20Continuous%20Efforts%20in%20Quality%20and%20Service%2C%20Stabilizing%20Foundations%20and%20Opening%20New%20Horizons) The company continues to advance its "Quality Improvement, Service Upgrade" three-year action plan, enhancing product quality through targeted breakthroughs, core process innovation, and optimized supplier management. Simultaneously, it accelerates digital transformation of manufacturing, with the first domestic saw blade automation production line in operation, a subsidiary selected as one of the first 5G smart factories in Xinjiang Production and Construction Corps, and multiple management system certifications obtained. In terms of service, it focuses on localized service system construction, deploying a "5S" service network domestically and internationally, and deepening digital technology empowerment for the "Swan Service Connect" platform - The **first domestic automated production line for saw blades**, a key component in cotton processing, was successfully put into operation and trial run at Huyanghe Swan[49](index=49&type=chunk) - Subsidiary Xinjiang Swan's **"Cloud-Edge-End Collaborative Smart Factory for Cotton Pickers"** was successfully selected as one of the first 5G smart factories in Xinjiang Production and Construction Corps[49](index=49&type=chunk) - The **Huyanghe Swan Smart Agriculture Comprehensive Service Center** in Northern Xinjiang has officially commenced operations, and the first phase of the **Tumushuk Swan Smart Agriculture Comprehensive Service Center** in Southern Xinjiang has begun construction[50](index=50&type=chunk) [Analysis of Core Competitiveness during the Reporting Period](index=16&type=section&id=Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness lies in its industry-leading position, continuous technological innovation, high-caliber talent team, strong brand influence, comprehensive marketing and service system, and advanced digital equipment manufacturing capabilities. The company is a major player across the entire cotton harvesting and processing machinery industry chain, possessing multiple national-level scientific innovation platforms and patents, high product market share, and actively promoting intelligent manufacturing upgrades - The company is a **leading enterprise** in China's cotton harvesting and processing machinery production, offering a full range of equipment, and is the **only listed company** in the industry[51](index=51&type=chunk) - It possesses **seven provincial-level scientific innovation platforms**; as of the end of the reporting period, it held **245 national patents** and **13 software copyrights**, and led or participated in the revision of **33 national and industry standards**[52](index=52&type=chunk)[53](index=53&type=chunk) - A **comprehensive cotton machinery marketing and service system** has been established, with "5S" service stores in major domestic cotton-producing areas, extending to **over 30 countries and regions internationally**[56](index=56&type=chunk) - It boasts **first-class intelligent manufacturing production lines for high-end cotton pickers**, and subsidiary Xinjiang Swan was selected as one of the first **5G smart factories** in Xinjiang Production and Construction Corps[57](index=57&type=chunk)[58](index=58&type=chunk) [Industry Position Advantage](index=16&type=section&id=Industry%20Position%20Advantage) The company is a leading enterprise in China's cotton harvesting and processing machinery production, offering a full range of equipment, and has become one of the main providers of complete mechanized equipment for machine-picked cotton harvesting and processing, achieving localized production in Xinjiang's cotton-producing areas, and is the only listed company in the cotton machinery industry - The company is a **leading enterprise** in China's cotton harvesting and processing machinery production, with products covering a **full range of equipment** required for cotton harvesting and processing[51](index=51&type=chunk) - The company has become one of the main providers of **complete mechanized equipment for machine-picked cotton harvesting and processing** in China, achieving **localized production** in Xinjiang's cotton-producing areas[51](index=51&type=chunk) [Technological Innovation Advantage](index=16&type=section&id=Technological%20Innovation%20Advantage) The company possesses an excellent R&D team and a comprehensive R&D mechanism; both the company and its subsidiaries are national high-tech enterprises, owning seven provincial-level scientific innovation platforms. As of the end of the reporting period, the company held 245 national patents and 13 software copyrights, and led or participated in the formulation and revision of 33 national and industry standards, receiving multiple national and provincial/ministerial level scientific and technological awards - The company and its subsidiaries Xinjiang Swan and Yedian Iron Bull are all **national high-tech enterprises**, possessing **seven provincial-level scientific innovation platforms**[52](index=52&type=chunk)[53](index=53&type=chunk) - As of the end of the reporting period, the company held **245 national patents** and **13 software copyrights**, and led or participated in the formulation and revision of **33 national and industry standards**[53](index=53&type=chunk) [Talent Advantage](index=17&type=section&id=Talent%20Advantage) The company highly values talent development and construction, establishing a comprehensive talent acquisition system and R&D incentive mechanism. As of June 30, 2025, the company has 1 expert enjoying special government allowances from the State Council, 4 Jinan "Haiyou Plan" industry leading talents, 20 senior technical titles, 36 intermediate technical titles, 67 senior technicians and technicians, with 53.03% holding a university degree or higher[54](index=54&type=chunk) [Brand Advantage](index=17&type=section&id=Brand%20Advantage) The company has built the core competitiveness of the "Swan" brand through advanced product technology, comprehensive product categories, stable product quality, and a complete after-sales service system. The company's cotton machinery products hold a high market share in the domestic market, are a leading brand in the domestic cotton machinery industry, with baling cotton picker market share ranking among the top, and have been listed as "Shandong Manufacturing · Qilu Fine Product"[55](index=55&type=chunk) [Marketing and Service Advantage](index=17&type=section&id=Marketing%20and%20Service%20Advantage) Adhering to the philosophy of "regional quantification, seamless segmentation, nanny-style service," the company has established a comprehensive cotton machinery marketing and service system, setting up "5S" service stores in major domestic cotton-producing areas to provide one-stop, full-process, all-round, all-weather, zero-distance service. Currently, the Huyanghe Swan Smart Agriculture Comprehensive Service Center in Northern Xinjiang has commenced operations, and the first phase of the Tumushuk Swan Smart Agriculture Comprehensive Service Center in Southern Xinjiang is under construction, with the marketing and service network extended to over 30 countries and regions internationally[56](index=56&type=chunk) [Digital Equipment Manufacturing Advantage](index=17&type=section&id=Digital%20Equipment%20Manufacturing%20Advantage) The company continuously promotes the digital and automated upgrade of production equipment, introducing advanced equipment such as robot welding production lines and CNC flexible machining centers, mastering advanced core manufacturing technologies for domestic cotton processing machinery. The company has a localized fully automated saw blade production line and a first-class intelligent manufacturing production line for high-end cotton pickers, establishing an MES system to achieve shared and collaborative management of production data. Subsidiary Xinjiang Swan's "Cloud-Edge-End Collaborative Smart Factory for Cotton Pickers" was successfully selected as one of the first 5G smart factories in Xinjiang Production and Construction Corps[57](index=57&type=chunk)[58](index=58&type=chunk) [Major Operating Performance during the Reporting Period](index=18&type=section&id=Major%20Operating%20Performance%20during%20the%20Reporting%20Period) In the first half of 2025, the company's operating revenue increased by 23.47%, primarily due to increased revenue from harvesting machinery products and a significant increase in cotton picker exports. Operating costs increased with revenue. Financial expenses increased due to higher interest expenses from increased bank loans. Non-operating items such as government subsidies and demolition compensation contributed significantly to profit, but credit impairment losses and increased inventory also brought financial pressure. Total assets and net assets slightly decreased, with overseas assets accounting for 0.36% 2025 H1 Financial Statement Related Item Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 321,093,404.70 | 260,057,008.78 | 23.47 | | Operating Cost | 229,693,561.18 | 181,728,725.75 | 26.39 | | Selling Expenses | 13,556,990.45 | 14,643,744.14 | -7.42 | | Administrative Expenses | 34,345,872.03 | 31,270,549.22 | 9.83 | | Financial Expenses | 1,087,221.48 | -895,496.65 | N/A | | R&D Expenses | 17,645,073.89 | 21,437,288.23 | -17.69 | | Net Cash Flow from Operating Activities | -161,249,274.92 | -161,170,408.81 | N/A | | Net Cash Flow from Investing Activities | -16,112,592.76 | -15,172,300.24 | N/A | | Net Cash Flow from Financing Activities | -10,838,200.42 | -36,312,636.03 | N/A | - The change in operating revenue was primarily due to **increased revenue from harvesting machinery products** and a **significant increase in cotton picker export sales revenue**[59](index=59&type=chunk) - The increase in financial expenses was primarily due to the company's **increased bank loans**, leading to higher interest expenses[60](index=60&type=chunk) - Non-operating items significantly impacted profit, including **other income of CNY 7.32 million** (government subsidies and VAT super deduction), **non-operating income of CNY 3.57 million** (demolition compensation and industrial revitalization project subsidies), and **credit impairment losses of CNY -8.44 million**[61](index=61&type=chunk) [Analysis of Main Business](index=18&type=section&id=Analysis%20of%20Main%20Business) The company's main business revenue increased by 23.47%, primarily due to increased revenue from harvesting machinery products and a significant increase in cotton picker exports. Operating costs increased with revenue. Selling and administrative expenses remained stable, while R&D expenses decreased. Financial expenses increased due to higher interest expenses from increased bank loans, and net cash flow from operating activities remained negative, reflecting the seasonal nature of the company's production and operations - Operating revenue growth was primarily due to **increased revenue from harvesting machinery products** and a **significant increase in cotton picker export sales revenue**[59](index=59&type=chunk) - Financial expenses increased primarily because the company **increased bank loans**, leading to higher interest expenses[60](index=60&type=chunk) [Explanation of Significant Changes in Profit Due to Non-Operating Activities](index=18&type=section&id=Explanation%20of%20Significant%20Changes%20in%20Profit%20Due%20to%20Non-Operating%20Activities) During the reporting period, non-operating activities significantly impacted the company's profit. Other income of CNY 7.32 million primarily came from government subsidies and VAT super deduction; non-operating income of CNY 3.57 million mainly consisted of demolition compensation and industrial revitalization subsidies. Simultaneously, credit impairment losses amounted to CNY -8.44 million, primarily due to the provision for expected credit losses on accounts receivable, other receivables, and cotton picker mortgage loan guarantee business - Other income of **CNY 7.32 million** was primarily due to various government subsidies received by the company and VAT super deduction[61](index=61&type=chunk) - Non-operating income of **CNY 3.57 million** was primarily due to demolition compensation, industrial revitalization, and technological transformation project subsidies recognized in phases by the company[61](index=61&type=chunk) - Credit impairment losses of **CNY -8.44 million** were primarily due to the company's provision for expected credit losses on accounts receivable, other receivables, and cotton picker mortgage loan guarantee business[61](index=61&type=chunk) [Analysis of Assets and Liabilities](index=18&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds decreased by 51.22% year-on-year to CNY 170.71 million, mainly due to production stocking and dividend distribution. Inventory increased by 14.91% to CNY 1.23 billion, primarily due to increased production stocking. Construction in progress increased by 33.71%, mainly due to increased construction of the Tumushuk Swan project. Taxes payable decreased by 71.44%, mainly due to the payment of corporate income tax and value-added tax. Estimated liabilities increased by 39.19%, mainly due to the provision for expected credit losses related to guarantees. Overseas assets accounted for 0.36% of total assets 2025 H1 Asset and Liability Status Changes | Item Name | End of Current Period (CNY) | % of Total Assets at Period End | End of Prior Year (CNY) | % of Total Assets at Prior Year End | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 170,705,224.69 | 7.70 | 349,961,310.14 | 15.62 | -51.22 | | Inventory | 1,231,883,395.30 | 55.57 | 1,072,069,766.08 | 47.85 | 14.91 | | Construction in Progress | 7,838,134.67 | 0.35 | 5,862,039.00 | 0.26 | 33.71 | | Short-term Borrowings | 129,907,769.44 | 5.86 | 115,083,833.32 | 5.14 | 12.88 | | Taxes Payable | 4,091,109.07 | 0.18 | 14,326,025.90 | 0.64 | -71.44 | | Estimated Liabilities | 26,058,332.37 | 1.18 | 18,721,768.28 | 0.84 | 39.19 | - Overseas assets amounted to **CNY 8.04 million**, accounting for **0.36% of total assets**[64](index=64&type=chunk) 2025 H1 Major Asset Restriction Status | Item | Book Value at Period End (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Fixed Assets | 72,183,819.56 | Loan collateral | | Monetary Funds | 55,149,066.42 | Security deposit | | Intangible Assets | 60,647,254.01 | Loan collateral | | Total | 187,980,139.99 | / | [Analysis of Investment Status](index=20&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company's external investments primarily focused on the construction of smart agriculture comprehensive service centers in Northern and Southern Xinjiang. The Northern Xinjiang project has been completed and put into use, with a cumulative investment of CNY 33.56 million; the first phase of the Southern Xinjiang project is under construction, with a cumulative investment of CNY 10.61 million - The **Northern Xinjiang Smart Agriculture Comprehensive Service Center project** has been completed and put into use, with a cumulative investment of **CNY 33.56 million**[67](index=67&type=chunk) - The **first phase of the Southern Xinjiang Smart Agriculture Comprehensive Service Center project** is under construction, with a cumulative investment of **CNY 10.61 million**[67](index=67&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries, Xinjiang Swan and Yedian Iron Bull, both achieved profitability during the reporting period. Xinjiang Swan had total assets of CNY 564.58 million and net profit of CNY 6.30 million; Yedian Iron Bull had total assets of CNY 312.67 million and net profit of CNY 1.40 million, indicating good operating conditions for the subsidiaries Major Subsidiary Financial Data (2025 H1) | Company Name | Total Assets (CNY '0,000) | Net Assets (CNY '0,000) | Operating Revenue (CNY '0,000) | Operating Profit (CNY '0,000) | Net Profit (CNY '0,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Swan | 56,458.15 | 18,674.66 | 7,932.09 | 707.41 | 630.16 | | Yedian Iron Bull | 31,267.28 | 7,900.78 | 2,561.93 | 60.13 | 140.12 | [Other Disclosure Matters](index=21&type=section&id=Other%20Disclosure%20Matters) The company faces multiple risks, including market risks such as national policy adjustments, insufficient market demand, and intensified industry competition. Financial risks primarily manifest in large balances of accounts receivable and inventory, as well as potential default risks from cotton picker mortgage guarantee business. Additionally, technology and talent loss, uncertainty in new product R&D, risks in recovering equity transfer payments, and patent litigation with John Deere also constitute significant risks - Policy risk: Increased government support and financial investment in agricultural development, but policy adjustments may adversely affect the market prospects of the company's products and services[69](index=69&type=chunk) - Market risk: The domestic cotton processing machinery market has entered a cyclical adjustment with insufficient effective demand; the cotton picker market primarily relies on equipment updates, and if update demand falls short of expectations or new market expansion lags, sales may decline. International market expansion faces challenges in legal regulations, business environment, customer acceptance, and after-sales service[70](index=70&type=chunk)[71](index=71&type=chunk) - Financial risk: Accounts receivable book value of **CNY 137.45 million** and inventory book value of **CNY 1.23 billion** pose risks of bad debts and inventory write-downs[72](index=72&type=chunk) - Mortgage guarantee risk: As of June 30, 2025, the outstanding balance of cotton picker mortgage loan guarantees was **CNY 374.48 million**, accounting for **41.76% of net assets**, with an estimated liability of **CNY 26.06 million** provided, indicating default risk[73](index=73&type=chunk)[74](index=74&type=chunk) - Pending patent litigation risk: John Deere filed a patent infringement lawsuit against the company, claiming **CNY 10 million** in damages; the case is currently suspended, and the impact on the company's profit cannot yet be determined[79](index=79&type=chunk) [Potential Risks](index=21&type=section&id=Potential%20Risks) The company faces multi-faceted risks including policy, market, financial, mortgage guarantee, technology and talent, R&D, equity transfer payment recovery, and patent litigation. Policy adjustments, insufficient market demand, and intensified competition may impact performance; high accounts receivable and inventory balances pose bad debt and inventory write-down risks; cotton picker mortgage guarantees may lead to defaults; loss of core technology and R&D uncertainty affect competitiveness; unrecovered equity transfer payments and patent litigation with John Deere also constitute potential financial and operational risks - National policy adjustments, insufficient market demand, and intensified industry competition may lead to **performance decline**[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - Accounts receivable book value of **CNY 137.45 million** and inventory book value of **CNY 1.23 billion** pose **bad debt and inventory write-down risks**[72](index=72&type=chunk) - Cotton picker mortgage loan guarantee balance of **CNY 374.48 million**, accounting for **41.76% of net assets**, with an estimated liability of **CNY 26.06 million** provided, indicating **default risk**[73](index=73&type=chunk)[74](index=74&type=chunk) - Patent infringement lawsuit by John Deere claiming **CNY 10 million** in damages is currently suspended, and the impact on the company's profit cannot yet be determined[79](index=79&type=chunk) Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, including directors, supervisors, and senior management, as well as its policies and actions regarding profit distribution, employee incentives, environmental information, and rural revitalization initiatives [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, maintaining the stability of the management team [Profit Distribution or Capital Reserve Conversion Plan](index=24&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion to share capital plan is "No," meaning no profit distribution or capital reserve conversion to share capital will occur - The company's proposed semi-annual profit distribution plan or capital reserve conversion to share capital plan is **"No"**[82](index=82&type=chunk) [Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=24&type=section&id=Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) During the reporting period, the company did not disclose any progress or changes regarding equity incentive plans, employee stock ownership plans, or other employee incentive measures [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=24&type=section&id=Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) During the reporting period, the company did not disclose environmental information of listed companies and their major subsidiaries included in the list of enterprises required to disclose environmental information by law [Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=24&type=section&id=Specific%20Information%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) During the reporting period, the company did not disclose specific information on consolidating and expanding poverty alleviation achievements, rural revitalization, and other related work Material Matters This section details the company's fulfillment of commitments, absence of irregular fund occupation or guarantees, major litigation, related-party transactions, and other significant events impacting its operations and financial position [Fulfillment of Commitments](index=25&type=section&id=Fulfillment%20of%20Commitments) The company's controlling shareholder, Shandong Supply and Marketing Group Co., Ltd., and its ultimate controlling party, Shandong Supply and Marketing Cooperative Federation, have strictly fulfilled their commitments regarding resolving horizontal competition and regulating related-party transactions. These commitments aim to avoid business competition with the listed company and ensure fairness and impartiality in related-party transactions, safeguarding the legitimate rights and interests of the listed company and its minority shareholders - Controlling shareholder Shandong Supply and Marketing Group Co., Ltd. committed to taking legal and effective measures to **avoid horizontal competition** with the listed company and to **regulate related-party transactions** according to market fairness principles[85](index=85&type=chunk)[86](index=86&type=chunk) - The ultimate controlling party, Shandong Supply and Marketing Cooperative Federation, committed that it and other enterprises it controls would **not engage in businesses identical or similar to Swan Stock**, avoiding horizontal competition, and ensuring Swan Stock has **priority rights to acquire and produce new technologies and products**[86](index=86&type=chunk)[87](index=87&type=chunk) - All commitments were **timely and strictly fulfilled** during the reporting period[85](index=85&type=chunk)[86](index=86&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties during the Reporting Period](index=27&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20during%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the company [Irregular Guarantees](index=27&type=section&id=Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures [Semi-Annual Report Audit Status](index=28&type=section&id=Semi-Annual%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has **not been audited**[5](index=5&type=chunk) [Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Annual Report](index=28&type=section&id=Changes%20and%20Handling%20of%20Matters%20Involving%20Non-Standard%20Audit%20Opinions%20in%20the%20Previous%20Annual%20Report) During the reporting period, there were no changes or handling of matters involving non-standard audit opinions in the company's previous annual report [Bankruptcy and Reorganization Matters](index=28&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy and reorganization related matters [Major Litigation and Arbitration Matters](index=28&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) The company is involved in several major litigation and arbitration matters. A patent infringement lawsuit with John Deere, claiming CNY 10 million in damages, is currently suspended, and its impact on the company's profit cannot yet be determined. Additionally, the company, as plaintiff, is involved in multiple sales contract disputes and guarantee liability subrogation disputes, some of which have been settled by judgment or mediation, with partial funds recovered. In lawsuits where the company is a defendant, some judgments have ruled that the company is not liable for compensation - John Deere filed a patent infringement lawsuit against the company, claiming **CNY 10 million** in damages; the case is currently suspended, and the specific extent of its impact on the company's current or future profit cannot yet be determined[79](index=79&type=chunk)[89](index=89&type=chunk) - The company, as plaintiff, is involved in multiple **sales contract disputes and guarantee liability subrogation disputes**; some cases have been settled by first-instance judgment or mediation, and some subrogation payments have been recovered[91](index=91&type=chunk)[92](index=92&type=chunk) - As a defendant, in the sales contract dispute with Panjin Xinyuan Agricultural Machinery Manufacturing Co., Ltd., the court dismissed the plaintiff's claims; in the sales contract dispute with Zhang Zhiliang, the court ruled that the company was **not liable for compensation**[92](index=92&type=chunk)[93](index=93&type=chunk) [Alleged Violations, Penalties, and Rectification of Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller](index=32&type=section&id=Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no alleged violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholder, or actual controller [Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller during the Reporting Period](index=32&type=section&id=Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status, with no significant dishonest conduct [Major Related-Party Transactions](index=32&type=section&id=Major%20Related-Party%20Transactions) The company has daily operating related-party transactions such as leasing, labor services, and goods purchases with related parties, with pricing based on fair principles, which have not adversely affected the company's financial position and operating results. Additionally, the equity repurchase agreement with Wang Xiaowei is still ongoing, and as of the report disclosure date, CNY 39.27 million in equity transfer payments are overdue 2025 H1 Daily Operating Related-Party Transactions | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount (CNY '0,000) | | :--- | :--- | :--- | :--- | :--- | | Shandong Supply and Marketing Financing Guarantee Co., Ltd. | Subsidiary of shareholder | Lease in/out | Property rental | 30.75 | | Shandong Supply and Marketing Supply Chain Management Group Co., Ltd. | Subsidiary of shareholder | Lease in/out | Property rental | 10.63 | | Shandong Supply and Marketing Agricultural Service Group Co., Ltd. | Subsidiary of shareholder | Lease in/out | Property rental | 24.52 | | Shandong Supply and Marketing Comprehensive Service Platform Co., Ltd. | Other related party | Lease in/out | Property rental | 3.27 | | Shandong Supply and Marketing Renewable Resources Development Co., Ltd. | Subsidiary of shareholder | Lease in/out | Property rental | 10.60 | | Shandong Supply and Marketing Supply Chain Management Group Market Construction Development Co., Ltd. Swan Building Branch | Other related party | Lease in/out | Property rental | 8.79 | | Shandong Lugong Modern Agricultural Development (Group) Co., Ltd. | Subsidiary of shareholder | Lease in/out | Property lease | 0.50 | | Shandong Lugong Modern Agricultural Development (Group) Co., Ltd. | Subsidiary of shareholder | Provide labor | Property services | 359.20 | | Shandong Supply and Marketing Cooperative Federation | Indirect controlling shareholder | Purchase goods | Purchase goods | 7.08 | | Shandong Supply and Marketing Supply Chain Management Group Co., Ltd. | Subsidiary of shareholder | Purchase goods | Purchase goods | 0.25 | | Total | / | / | / | 455.34 | - Regarding the equity repurchase agreement with Wang Xiaowei, as of the report disclosure date, the counterparty has paid **CNY 134.88 million** in transfer payments, with an overdue outstanding balance of **CNY 39.27 million**[96](index=96&type=chunk) [Major Contracts and Their Fulfillment](index=33&type=section&id=Major%20Contracts%20and%20Their%20Fulfillment) The company had no entrustment, contracting, or leasing matters during the reporting period, but there were significant guarantee situations for cotton picker customers' mortgage loans. As of June 30, 2025, the total guarantee amount was CNY 374.48 million, accounting for 41.76% of the company's net assets. The company has cumulatively paid CNY 10.52 million in defaults and recovered CNY 1.20 million, with future default risks existing 2025 H1 Company's External Guarantees (Excluding Guarantees to Subsidiaries) | Guarantor | Guaranteed Party | Guarantee Amount (CNY '0,000) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company Headquarters | Cotton picker mortgage customers | 2,267.32 | 2021.08.31 | 2026.02.28-2026.04.17 | Joint and several liability guarantee | No | | Company Headquarters | Cotton picker mortgage customers | 11,928.09 | 2022.07.20 | 2025.09.20-2025.12.25 | General guarantee | No | | Company Headquarters | Cotton picker mortgage customers | 20,686.77 | 2023.02.24-2023.10.23 | 2025.09.20-2026.10.15 | General guarantee | No | | Company Headquarters | Cotton picker mortgage customers | 2,565.83 | 2024.09.30 | 2027.09.25-2027.12.25 | General guarantee | No | | Total Guarantee Balance at Period End (A) | 37,448.01 | / | / | / | / | - The total guarantee amount accounts for **41.76% of the company's net assets**[99](index=99&type=chunk) - The company has cumulatively paid **CNY 10.52 million** for cotton picker mortgage guarantee defaults and recovered **CNY 1.20 million** in guarantee default payments[100](index=100&type=chunk) [Explanation of Progress in Use of Raised Funds](index=36&type=section&id=Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) During the reporting period, the company had no explanation regarding the progress in the use of raised funds [Explanation of Other Major Matters](index=36&type=section&id=Explanation%20of%20Other%20Major%20Matters) During the reporting period, the company had no other major matters requiring explanation Changes in Shares and Shareholder Information This section outlines the company's share capital structure, changes in restricted shares, and the composition of its shareholder base, including information on top shareholders and any changes in controlling parties [Changes in Share Capital](index=37&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital and share structure remained unchanged, maintaining stability - During the reporting period, the company's **total share capital and share structure remained unchanged**[103](index=103&type=chunk) [Changes in Restricted Shares](index=37&type=section&id=Changes%20in%20Restricted%20Shares) During the reporting period, there were no changes in the company's restricted shares [Shareholder Information](index=37&type=section&id=Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was 18,054. Among the top ten shareholders, Shandong Supply and Marketing Group Co., Ltd. held a significant 58.39% stake, serving as the controlling shareholder. Other top ten shareholders were primarily funds and natural persons, holding relatively small stakes, and it is unknown whether there are any related-party relationships or concerted actions among them - As of the end of the reporting period, the total number of common shareholders was **18,054**[103](index=103&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shandong Supply and Marketing Group Co., Ltd. | 70,856,752 | 58.39 | Domestic non-state-owned legal person | | Industrial and Commercial Bank of China - China Life-CMB Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) | 1,607,700 | 1.32 | Other | | Liu Jianhui | 910,000 | 0.75 | Domestic natural person | | China Construction Bank - Noah Multi-Strategy Stock Investment Fund | 568,200 | 0.47 | Other | | Feng Shuangshuang | 312,930 | 0.26 | Domestic natural person | | Cheng Dey | 311,000 | 0.26 | Domestic natural person | | Jia Liying | 255,300 | 0.21 | Domestic natural person | | Liu Wei | 243,400 | 0.20 | Domestic natural person | | Guo Jianjun | 236,000 | 0.19 | Domestic natural person | | Yu Wenran | 235,464 | 0.19 | Domestic natural person | - The company is **unaware** whether there are any related-party relationships or concerted actions among the top ten shareholders as defined by the "Measures for the Administration of the Acquisition of Listed Companies"[106](index=106&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=38&type=section&id=Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's current and former directors, supervisors, and senior management, nor were they granted any equity incentives [Changes in Controlling Shareholder or Actual Controller](index=38&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller [Information on Preferred Shares](index=38&type=section&id=Information%20on%20Preferred%20Shares) During the reporting period, the company had no information related to preferred shares Bond Related Information This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=39&type=section&id=Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [Convertible Corporate Bonds](index=39&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds Financial Report This section presents the company's unaudited 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 instrument risks [Audit Report](index=40&type=section&id=Audit%20Report) This semi-annual report has not been audited - This semi-annual report has **not been audited**[5](index=5&type=chunk) [Financial Statements](index=40&type=section&id=Financial%20Statements) This section presents 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. The consolidated statements show total assets of CNY 2.22 billion and net assets attributable to parent company shareholders of CNY 895 million; operating revenue of CNY 321 million and net profit attributable to parent company shareholders of CNY 18.10 million were achieved in the first half, with net cash flow from operating activities at CNY -161 million. The parent company statements also reflect similar financial positions and operating trends 2025 H1 Consolidated Balance Sheet Summary | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 2,216,803,856.90 | 2,240,568,625.18 | | Total Liabilities | 1,322,287,271.47 | 1,343,959,580.55 | | Total Owners' Equity Attributable to Parent Company | 894,506,042.16 | 896,641,102.42 | 2025 H1 Consolidated Income Statement Summary | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 321,093,404.70 | 260,057,008.78 | | Total Profit | 22,671,017.86 | 15,163,578.70 | | Net Profit Attributable to Parent Company Shareholders | 18,096,326.43 | 15,028,717.78 | | Total Comprehensive Income | 17,997,230.68 | 14,762,365.15 | 2025 H1 Consolidated Cash Flow Statement Summary | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -161,249,274.92 | -161,170,408.81 | | Net Cash Flow from Investing Activities | -16,112,592.76 | -15,172,300.24 | | Net Cash Flow from Financing Activities | -10,838,200.42 | -36,312,636.03 | | Net Increase in Cash and Cash Equivalents | -188,167,611.85 | -212,635,290.15 | [Consolidated Balance Sheet](index=40&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were CNY 2.22 billion, a slight decrease from the end of the previous year. Among current assets, monetary funds significantly decreased by 51.22% to CNY 170.71 million, while inventory increased by 14.91% to CNY 1.23 billion. Non-current assets remained stable. On the liability side, short-term borrowings increased by 12.88% to CNY 130 million, taxes payable significantly decreased by 71.44%, and estimated liabilities increased by 39.19%. Owners' equity attributable to the parent company slightly decreased 2025 June 30 Consolidated Balance Sheet Key Items | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 170,705,224.69 | 349,961,310.14 | | Inventory | 1,231,883,395.30 | 1,072,069,766.08 | | Total Assets | 2,216,803,856.90 | 2,240,568,625.18 | | Short-term Borrowings | 129,907,769.44 | 115,083,833.32 | | Taxes Payable | 4,091,109.07 | 14,326,025.90 | | Estimated Liabilities | 26,058,332.37 | 18,721,768.28 | | Total Owners' Equity Attributable to Parent Company | 894,506,042.16 | 896,641,102.42 | [Parent Company Balance Sheet](index=42&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were CNY 2.28 billion, an increase from the end of the previous year. Among current assets, monetary funds decreased, while other receivables and inventory significantly increased. On the liability side, both short-term borrowings and accounts payable saw significant growth, while contract liabilities slightly decreased. Owners' equity slightly decreased 2025 June 30 Parent Company Balance Sheet Key Items | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 149,893,176.84 | 296,729,259.19 | | Other Receivables | 413,476,176.44 | 242,901,122.75 | | Inventory | 977,454,333.16 | 837,983,793.68 | | Total Assets | 2,275,019,868.67 | 2,159,283,821.42 | | Short-term Borrowings | 110,093,000.00 | 100,068,555.55 | | Accounts Payable | 463,262,989.14 | 340,453,079.82 | | Contract Liabilities | 578,225,642.13 | 591,915,304.39 | | Total Owners' Equity | 873,231,182.30 | 890,947,555.02 | [Consolidated Income Statement](index=44&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue increased by 23.47% to CNY 321.09 million, total profit increased by 49.51% to CNY 22.67 million, and net profit attributable to parent company shareholders increased by 20.41% to CNY 18.10 million. Other income and non-operating income positively contributed to profit, while credit impairment losses and asset impairment losses negatively impacted profit 2025 Jan-Jun Consolidated Income Statement Key Items | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 321,093,404.70 | 260,057,008.78 | | Total Operating Cost | 299,927,007.84 | 250,744,376.29 | | Total Profit | 22,671,017.86 | 15,163,578.70 | | Net Profit Attributable to Parent Company Shareholders | 18,096,326.43 | 15,028,717.78 | | Other Income | 7,319,108.80 | 2,667,067.97 | | Credit Impairment Losses | -8,441,133.64 | -641,167.80 | | Asset Impairment Losses | -1,071,843.80 | 10,608.64 | | Non-operating Income | 3,570,840.56 | 4,273,212.44 | [Parent Company Income Statement](index=46&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue increased by 20.53% to CNY 305.46 million, but operating profit and net profit significantly decreased year-on-year. Operating profit fell from CNY 15.15 million to CNY 2.05 million, and net profit from CNY 16.97 million to CNY 3.22 million. Credit impairment losses and asset impairment losses had a significant negative impact on profit 2025 Jan-Jun Parent Company Income Statement Key Items | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 305,459,087.11 | 253,421,590.33 | | Operating Cost | 250,412,778.18 | 195,680,650.68 | | Operating Profit | 2,048,038.99 | 15,145,096.07 | | Net Profit | 3,220,872.80 | 16,965,200.79 | | Credit Impairment Losses | -8,261,708.06 | -598,619.31 | | Asset Impairment Losses | -973,195.46 | 10,608.64 | [Consolidated Cash Flow Statement](index=48&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was CNY -161.25 million, largely consistent with the prior year, primarily due to seasonal production investments. Net cash flow from investing activities was CNY -16.11 million, mainly due to continuous investment in production facility upgrades. Net cash flow from financing activities was CNY -10.84 million, primarily due to an increase in net bank borrowings 2025 Jan-Jun Consolidated Cash Flow Statement Key Items | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -161,249,274.92 | -161,170,408.81 | | Net Cash Flow from Investing Activities | -16,112,592.76 | -15,172,300.24 | | Net Cash Flow from Financing Activities | -10,838,200.42 | -36,312,636.03 | | Net Increase in Cash and Cash Equivalents | -188,167,611.85 | -212,635,290.15 | - Net cash flow from operating activities was **generally stable** compared to the prior year, as the company's production and operations are highly seasonal, with the first half primarily being a period of production investment[60](index=60&type=chunk) - The change in net cash flow from financing activities was primarily due to an **increase in net bank borrowings** during the reporting period[60](index=60&type=chunk) [Parent Company Cash Flow Statement](index=49&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was CNY -140.77 million, net cash flow from investing activities was CNY -2.57 million, and net cash flow from financing activities was CNY -12.40 million. All cash flows were negative, indicating that the company faces pressure in cash management and fund turnover 2025 Jan-Jun Parent Company Cash Flow Statement Key Items | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -140,773,143.65 | -129,316,942.06 | | Net Cash Flow from Investing Activities | -2,572,694.35 | -48,830,558.62 | | Net Cash Flow from Financing Activities | -12,401,770.75 | -29,748,606.02 | | Net Increase in Cash and Cash Equivalents | -155,747,608.75 | -207,896,106.70 | [

中山华利实业集团股份有限公司 2025 年半年度报告全文 证券代码：300979 证券简称：华利集团 公告编号：2025-048 中山华利实业集团股份有限公司 2025 年半年度报告 2025 年 08 月 1 中山华利实业集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人张聪渊、主管会计工作负责人邬欣延及会计机构负责人(会计 主管人员)莫健钧声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及的未来发展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。本公司请投资者认真阅读本半年度报告全文， 并特别注意公司面临的风险因素，详见本报告第三节"管理层讨论与分析"之 "十一、公司面临的风险和应对措施"部分。 公司经本次董事会审议通过的利润分配预案为：以 1,167,000,000 股为基 ...