宁波理工环境能源科技股份有限公司 2025 年半年度报告全文 宁波理工环境能源科技股份有限公司 2025 年半年度报告 2025-038 【2025 年 8 月 22 日】 1 宁波理工环境能源科技股份有限公司 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。 公司负责人周方洁、主管会计工作负责人王惠芬及会计机构负责人(会计 主管人员)叶侃声明：保证本半年度报告中财务报告的真实、准确、完整。 | | | | 第二节 | 公司简介和主要财务指标 6 | | --- | --- | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 22 | | 第五节 | 重要事项 25 | | 第六节 | 股份变动及股东情况 34 | | 第七节 | 债券相关情况 39 | | 第八节 | 财务报告 40 | | 第九节 | 其他报送数据 148 | 宁波理工环境能源科技股份有限公司 2025 年半年度报告全文 备查文件目录 所有董事均 ...

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial information, including the report's table of contents and definitions, ensuring clarity and transparency [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors, Supervisory Board, and senior management declare the semi-annual report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions, with financial report authenticity guaranteed by key personnel. The company faces risks including changes in downstream industry, raw material price fluctuations, declining gross margins, project implementation, capacity digestion, and production safety, with no plans for semi-annual cash dividends, bonus shares, or capital reserve conversions - The company's Board of Directors, Supervisory Board, and senior management guarantee the semi-annual report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company primarily faces risks such as changes in the downstream industry operating environment, raw material price fluctuations, declining gross margins, implementation of fundraising projects, digestion of new capacity from fundraising projects, and production safety[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section presents the complete report directory structure, including nine main chapters and their corresponding starting page numbers, providing investors with quick navigation of the report content Report Chapter Directory | Chapter | Title | Page Number | | :--- | :--- | :--- | | Section I | Important Notes, Table of Contents, and Definitions | 2 | | Section II | Company Profile and Key Financial Indicators | 6 | | Section III | Management Discussion and Analysis | 9 | | Section IV | Corporate Governance, Environment, and Society | 27 | | Section V | Significant Matters | 29 | | Section VI | Share Changes and Shareholder Information | 35 | | Section VII | Bond-Related Information | 39 | | Section VIII | Financial Report | 40 | | Section IX | Other Submitted Data | 120 | [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) This section provides a list of the company's reference documents for the reporting period, including signed and sealed financial statements, original copies of all company documents and announcements publicly disclosed on the CSRC-designated website, and the original semi-annual report text, ensuring complete and traceable information disclosure - Reference documents include financial statements signed and sealed by the company's legal representative, chief financial officer, and head of accounting department[9](index=9&type=chunk) - Reference documents include original copies of all company documents and announcements publicly disclosed on the CSRC-designated website during the reporting period[10](index=10&type=chunk) - Reference documents include the original text of the 2025 semi-annual report signed by the company's legal representative[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, covering company names, controlling shareholders, subsidiaries, product types, industry terms, and certification standards, to ensure clear understanding of the report content - "Hetaichain Electromechanical" refers to Hangzhou Hetaichain Electromechanical Co., Ltd., primarily engaged in material handling equipment[13](index=13&type=chunk) - "Bucket elevator" is a continuous conveying equipment that uses buckets to vertically lift materials, categorized into chain, plate chain, and belt types[13](index=13&type=chunk) - "Reporting period" refers to January 1, 2025, to June 30, 2025[13](index=13&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 outlines the company's fundamental information and presents key financial performance metrics for the reporting period [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) This section introduces the company's basic information, including stock ticker, code, listing exchange, Chinese and English names and abbreviations, and legal representative Tong Jianen, also confirming no changes in contact information, information disclosure, and document storage locations during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hetaichain Electromechanical | | Stock Code | 001225 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 杭州和泰机电股份有限公司 | | Legal Representative | Tong Jianen | - The company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk)[18](index=18&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During this reporting period, the company's operating revenue slightly increased by 0.44% to **RMB 123.52 million**, but net profit attributable to shareholders significantly decreased by 34.87% to **RMB 19.26 million**, with non-recurring net profit down 48.63%, and net cash flow from operating activities decreasing by 52.81%, while total assets and net assets attributable to shareholders also declined, with no retrospective adjustments or restatements of prior-year accounting data Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 123,516,829.59 | 122,975,544.77 | 0.44% | | Net Profit Attributable to Shareholders of Listed Company | 19,263,583.63 | 29,577,133.47 | -34.87% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 14,776,508.78 | 28,764,868.58 | -48.63% | | Net Cash Flow from Operating Activities | 18,774,211.71 | 39,782,291.05 | -52.81% | | Basic Earnings Per Share (RMB/share) | 0.30 | 0.46 | -34.78% | | Diluted Earnings Per Share (RMB/share) | 0.30 | 0.46 | -34.78% | | Weighted Average Return on Net Assets | 1.35% | 2.06% | -0.71% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Change from Prior Year-End (%)** | | Total Assets | 1,511,242,842.29 | 1,561,924,146.98 | -3.24% | | Net Assets Attributable to Shareholders of Listed Company | 1,367,242,548.36 | 1,426,289,083.84 | -4.14% | - The company's financial reports for the reporting period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[21](index=21&type=chunk)[22](index=22&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for this reporting period amounted to **RMB 4.49 million**, primarily from disposal of fixed assets, government grants, fair value changes and disposal gains from wealth management products, after deducting charitable fund donations and income tax effects Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 172,630.88 | Disposal of fixed assets | | Government Grants Included in Current Profit or Loss | 1,076,774.12 | Government grants | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities and Disposal Gains/Losses | 3,096,672.25 | Fair value change gains from wealth management products | | Gains/Losses from Entrusted Investments or Asset Management | 1,381,217.52 | Gains from disposal of wealth management products | | Other Non-Operating Income and Expenses | -202,804.91 | Primarily donation expenses for endowed charitable funds | | Less: Income Tax Impact | 1,037,415.01 | | | Total | 4,487,074.85 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&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 operations, financial condition, and future outlook [1. Main Business Activities During the Reporting Period](index=9&type=section&id=1.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in R&D, design, manufacturing, and sales of material handling equipment, serving industries like cement, ports, steel, chemicals, coal, and power, with the industry transitioning towards intelligence and green practices, offering eco-friendly and efficient bulk material handling solutions through a "make-to-order" direct sales model - The company's main business involves the R&D, design, manufacturing, and sales of material handling equipment, widely used in industries such as cement and building materials, ports, steel, chemicals, coal, and power[27](index=27&type=chunk) - National policies such as the "Implementation Plan for Promoting Equipment Upgrades in the Industrial Sector" and the "Notice on Intensifying and Expanding Large-Scale Equipment Upgrades and Trade-in Policies in 2025" are expected to bring more market opportunities to the material handling equipment manufacturing industry[29](index=29&type=chunk) - The company's main products include plate chain bucket elevators, belt bucket elevators, and various other series of conveying equipment and their accessories, as well as SCD chain bucket conveyors, FU chain conveyors, and MSR buried scraper conveyors[30](index=30&type=chunk)[39](index=39&type=chunk) - The company's business model remained unchanged, primarily adopting a "make-to-order" independent production model, supplemented by outsourcing a small number of non-core processes, and serving end-customers and non-end-customers through a direct sales model[40](index=40&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk) [(I) Development Status of the Conveying Equipment Manufacturing Industry](index=9&type=section&id=(I)%20Development%20Status%20of%20the%20Conveying%20Equipment%20Manufacturing%20Industry) China's conveying equipment manufacturing industry is rapidly developing, with leading domestic enterprises in vertical lifting matching international technical standards and actively expanding overseas, driven by supply-side reform and green development, the industry is moving towards intelligent and information-based transformation, with market share consolidating among major brands, supported by national policies for equipment upgrades and industrial transformation - China's conveying equipment manufacturing industry is developing rapidly, with leading domestic enterprises in the vertical lifting segment showing no significant difference from foreign products and continuously expanding into overseas markets[27](index=27&type=chunk) - Material handling equipment has become an important component of automated production lines, and the industry is undergoing intelligent and information-based transformation by introducing industrial robots and "Internet of Things" technology[28](index=28&type=chunk) - The issuance of policies such as the "Implementation Plan for Promoting Equipment Upgrades in the Industrial Sector" and the "Notice on Intensifying and Expanding Large-Scale Equipment Upgrades and Trade-in Policies in 2025" is expected to bring more market opportunities to the material handling equipment manufacturing industry[29](index=29&type=chunk) [(II) Company's Main Products](index=9&type=section&id=(II)%20Company's%20Main%20Products) The company's main products include plate chain bucket elevators, belt bucket elevators, and their wear parts (chains, buckets, steel cord belts), as well as other conveyors like SCD chain bucket conveyors, FU chain conveyors, and MSR buried scraper conveyors, with plate chain elevators suitable for high temperature and large capacity, and belt elevators offering higher lift and lower power consumption but temperature-limited, while wear parts, especially chains, are core products with a 2-3 year lifespan - The company's main products include plate chain bucket elevators, belt bucket elevators, and various other series of conveying equipment and their accessories, widely used in multiple industries such as cement and building materials, ports, steel, and chemicals[30](index=30&type=chunk) - Plate chain bucket elevators use steel chains as traction components, featuring large conveying capacity, strong durability, and high lifting height, capable of lifting materials with temperatures not exceeding 250℃[32](index=32&type=chunk) - Belt bucket elevators use heat-resistant, high-strength steel cord rubber belts as traction components, capable of lifting materials up to 150m, with low power consumption and stable operation, but generally used for materials below 150℃[35](index=35&type=chunk) - Chains, buckets, and steel cord belts are wear parts with a typical lifespan of 2-3 years and high replacement frequency, with chains being the company's core product[37](index=37&type=chunk) [(III) Company's Main Business Model](index=12&type=section&id=(III)%20Company's%20Main%20Business%20Model) The company's business model remained unchanged during the reporting period, primarily adopting inquiry and tender procurement for raw materials and components, a "make-to-order" production model with in-house core processes and outsourced non-core processes, and a direct sales model serving major domestic cement producers and non-end customers - The company's procurement model primarily uses inquiry and tender procurement methods, establishing good cooperative relationships with numerous high-quality suppliers, ensuring stable supply channels[41](index=41&type=chunk) - The company's production and operation primarily adopt a "make-to-order" model, scheduling production based on contract technical solutions, with core processes produced in-house and a small number of non-core processes outsourced[42](index=42&type=chunk)[43](index=43&type=chunk) - The company conducts sales through a direct sales model, with customers mainly divided into end-customers (e.g., Hongshi Group, China Resources Cement) and non-end-customers (e.g., China National Materials International Engineering Co., Ltd.)[44](index=44&type=chunk) [(IV) Company's Industry Position](index=13&type=section&id=(IV)%20Company's%20Industry%20Position) The company is a leading domestic material handling equipment manufacturer, recognized as a National High-tech Enterprise and Zhejiang "Specialized, Refined, Unique, and New" SME, with a provincial-level enterprise technology center, boasting over thirty years of industry experience, a strong reputation, "Zhejiang Famous Brand Product" status, and over a decade as a "Top 100 Supplier in China's Cement Industry," actively expanding into overseas markets with CE and ATEX certifications, serving clients across Southeast Asia, the Middle East, Africa, and the Americas - The company is a National High-tech Enterprise and a Zhejiang "Specialized, Refined, Unique, and New" SME, one of the leading domestic material handling equipment manufacturers, and possesses a Zhejiang provincial-level enterprise technology center[45](index=45&type=chunk) - The company's products have been successively recognized as "Zhejiang Famous Brand Products," with major customers including China National Building Material Group, Hongshi Group, and China Resources Cement, all well-known domestic cement producers[45](index=45&type=chunk) - The company has been rated as a "Top 100 Supplier in China's Cement Industry" for over ten consecutive years, and has obtained product certifications such as CE certification and ATEX explosion-proof certification, with customers spanning Southeast Asia, the Middle East, Africa, and the Americas[45](index=45&type=chunk) - During the reporting period, Hetaichain Conveying was recognized as one of the "First Batch of Zhejiang Province Specialized, Refined, Unique, and New SMEs in 2025"[47](index=47&type=chunk) [(V) Analysis of Operating Performance](index=13&type=section&id=(V)%20Analysis%20of%20Operating%20Performance) In the first half of 2025, influenced by contracting demand in the downstream cement industry and intensified market competition, the company's operating revenue increased by 0.44% to **RMB 123.52 million**, but gross margin declined, coupled with increased depreciation and energy costs from the Hetaichain Intelligent Factory, and reduced cash management and interest income, leading to a 34.87% year-on-year decrease in net profit attributable to shareholders to **RMB 19.26 million**, which the company is actively addressing through market expansion, diversification, smart manufacturing transformation, lean production, R&D innovation, and talent management - In the first half of 2025, the company's operating revenue was **RMB 123.5168 million**, a year-on-year increase of 0.44%; net profit attributable to shareholders of the listed company was **RMB 19.2636 million**, a year-on-year decrease of 34.87%[48](index=48&type=chunk) - The decline in net profit was primarily due to intensified market competition caused by contracting demand in the cement industry, a decrease in gross margin, increased expenses such as equipment depreciation and energy consumption after the Hetaichain Intelligent Factory commenced operations, and a year-on-year decrease in cash management income and interest income[48](index=48&type=chunk) - The company actively expanded market areas and deepened its diversification strategy, successfully developing new customers in industries such as chemicals and grain, and actively expanding into overseas markets[49](index=49&type=chunk)[50](index=50&type=chunk) - The company accelerated its intelligent manufacturing transformation, with automated production lines for roller sleeves and other components officially put into operation at the Yinong factory, optimized AGV intelligent distribution system, and initiated a transition from a "make-to-order" to a "standard product safety stock" model[51](index=51&type=chunk) - The company continuously optimized product processes and enhanced R&D innovation capabilities, adding **15 authorized patents** during this reporting period, including **1 invention patent**[53](index=53&type=chunk) [2. Analysis of Core Competencies](index=15&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in product quality, technological R&D, market expansion and customer resources, marketing services, and its core management team, ensuring high-quality, long-life products through key chain technology and strict quality control, with a 50-member R&D team driving innovation and 15 new patents this period, maintaining strong relationships with major domestic cement and building material enterprises while actively expanding overseas, supported by a comprehensive marketing and service network and an experienced management team providing strategic guidance and efficient operations - The company possesses advantages in product quality, mastering key technologies such as "anti-wear clinker conveying chain technology," which can extend product lifespan by 2-3 years, and is certified under quality management systems such as ISO9001:2015[57](index=57&type=chunk)[58](index=58&type=chunk) - The company has a strong R&D capability with over **50 R&D personnel**, adding **15 authorized patents** during this reporting period, including **1 invention patent**, bringing the total effective patents to **127** as of the end of the reporting period[59](index=59&type=chunk)[60](index=60&type=chunk) - The company maintains good cooperative relationships with major enterprises in China's cement and building materials industry, such as China National Building Material Group, Hongshi Group, and China Resources Cement, laying a foundation for expanding domestic and international markets with its high-quality customer resources[61](index=61&type=chunk) - The company's marketing and service system is comprehensive, with a sales and service network covering all provinces and cities nationwide, enhancing product added value and customer satisfaction through professional marketing and after-sales services[62](index=62&type=chunk) - The company's core management team members have over twenty years of industry experience, providing stable and efficient strategic planning and operational management for the company's development[63](index=63&type=chunk) [3. Analysis of Main Business](index=17&type=section&id=3.%20Analysis%20of%20Main%20Business) During this reporting period, the company's operating revenue slightly increased by 0.44%, but operating costs surged by 15.02%, leading to an 8.66% decline in gross margin, while financial expenses rose by 44.30% due to reduced interest income from bank deposits and large-denomination certificates, and income tax expenses decreased by 65.20% due to lower total profit, with net cash flow from operating activities falling by 52.81%; product-wise, belt bucket elevator revenue grew by 10.75% but its gross margin dropped by 23.69%, and wear parts revenue decreased by 6.78% but its gross margin increased by 1.78%, with domestic revenue up 2.82% and international revenue down 35.34% Key Financial Data Year-on-Year Change | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 123,516,829.59 | 122,975,544.77 | 0.44% | | | Operating Cost | 84,362,759.46 | 73,344,738.67 | 15.02% | | | Financial Expenses | -7,413,885.89 | -13,310,428.19 | 44.30% | Primarily due to a decrease in interest income from bank deposits and large-denomination certificates of deposit in the current period | | Income Tax Expenses | 1,527,568.17 | 4,390,057.29 | -65.20% | Primarily due to a decrease in total profit in the current period compared to the prior year period | | Net Cash Flow from Operating Activities | 18,774,211.71 | 39,782,291.05 | -52.81% | Primarily due to a decrease in acceptance bills and letter of guarantee deposits that matured and were reversed in the current period, and a decrease in interest income from bank deposits and large-denomination certificates of deposit compared to the prior year period | Operating Revenue Composition (by Product and Region) | Category | Item | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | | **By Product** | Plate Chain Bucket Elevator | 54,471,147.58 | 44.10% | 1.47% | | | Belt Bucket Elevator | 17,799,734.49 | 14.41% | 10.75% | | | Wear Parts | 33,802,803.60 | 27.37% | -6.78% | | | Other Accessories | 14,413,305.49 | 11.67% | 13.96% | | **By Region** | Domestic | 118,557,764.35 | 95.99% | 2.82% | | | International | 4,959,065.24 | 4.01% | -35.34% | Gross Margin Change | Category | Item | Gross Margin (%) | Gross Margin Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | **By Industry** | General Equipment Manufacturing | 31.70% | -8.66% | | **By Product** | Plate Chain Bucket Elevator | 16.36% | -11.11% | | | Belt Bucket Elevator | 18.27% | -23.69% | | | Wear Parts | 48.62% | 1.78% | | | Other Accessories | 59.08% | -4.90% | | **By Region** | Domestic | 29.80% | -8.68% | [4. Analysis of Non-Core Business](index=18&type=section&id=4.%20Analysis%20of%20Non-Core%20Business) Non-core business contributed 12.46% to total profit this period, primarily from investment gains on disposal of wealth management products, fair value changes of unexpired wealth management products, government grants, and VAT input tax deductions, while asset impairment and credit impairment losses negatively impacted total profit; investment gains and fair value changes are not sustainable, but amortized asset-related government grants and VAT input tax deductions are relatively sustainable within policy validity Impact of Non-Core Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,381,217.52 | 6.64% | Primarily investment income from disposal of wealth management products | No | | Gains/Losses from Fair Value Changes | 3,096,672.25 | 14.89% | Primarily fair value change gains from unexpired wealth management products | No | | Asset Impairment | -2,113,843.81 | -10.17% | Primarily provision for inventory depreciation and contract asset impairment | No | | Credit Impairment Losses | -829,558.63 | -3.99% | Primarily provision for bad debts on accounts receivable and other receivables | No | | Other Income | 2,590,699.98 | 12.46% | Primarily government grants and VAT input tax deductions obtained during the reporting period | Amortized government grants related to assets are relatively sustainable within the asset's useful life; input tax deductions arising from VAT preferential policies are relatively sustainable within the policy's effective period | [5. Analysis of Assets and Liabilities](index=19&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets decreased by 3.24% from the previous year-end, with cash and cash equivalents significantly down by 26.81% primarily due to dividend payments and wealth management product purchases, while trading financial assets and other current assets notably increased by 18.90% and 5.45% respectively, mainly due to unexpired bank wealth management products and large-denomination certificates of deposit; construction in progress rose by 1.39%, reflecting capital expenditure on fundraising projects, and on the liabilities side, notes payable substantially increased, leading to an overall rise in total current liabilities, with **RMB 15.21 million** in restricted cash at period-end, mainly for letter of guarantee and acceptance bill deposits Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 145,019,040.34 | 9.60% | -26.81% | Primarily due to dividend payments for 2024 and unexpired portions of bank wealth management products and large-denomination certificates of deposit purchased in the current period | | Trading Financial Assets | 422,032,354.71 | 27.93% | 18.90% | Primarily due to unexpired portions of bank wealth management products purchased in the current period | | Other Current Assets | 228,940,964.38 | 15.15% | 5.45% | Primarily due to unexpired portions of large-denomination certificates of deposit with a holding period of less than one year | | Construction in Progress | 47,609,094.36 | 3.15% | 1.39% | | | Other Non-Current Assets | 195,996,444.15 | 12.97% | -1.74% | Primarily due to redemption of some large-denomination certificates of deposit with a holding period exceeding one year | - The company's assets and liabilities measured at fair value totaled **RMB 426,195,641.88** at the end of the reporting period, primarily comprising trading financial assets (structured deposits and wealth management products) and notes receivable financing[75](index=75&type=chunk) - As of the end of the reporting period, **RMB 15,209,288.67** of the company's cash and cash equivalents were restricted, mainly for letter of guarantee deposits, acceptance bill deposits, and investment deposits, and were not readily available for withdrawal[76](index=76&type=chunk) [6. Analysis of Investment Status](index=20&type=section&id=6.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to **RMB 0.2 million**, a 100% year-on-year increase, primarily for equity contributions to wholly-owned subsidiaries Shanghai Hetaichain and Hefei Hetaichain, with no significant equity, non-equity, securities, or derivative investments; as of June 30, 2025, cumulative investment in fundraising projects reached **RMB 236 million**, accounting for 34.32% of net raised funds, with some projects delayed due to site issues but without significant changes to feasibility, and unused funds mainly held in special accounts and cash management - During the reporting period, the company's investment amounted to **RMB 0.2 million**, a year-on-year increase of 100%, primarily representing the total paid-in equity investment in wholly-owned subsidiaries Shanghai Hetaichain Co., Ltd. and Hefei Hetaichain Co., Ltd[77](index=77&type=chunk) - The company had no significant equity investments, non-equity investments, securities investments, or derivative investments during the reporting period[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (RMB '0,000) | Total Raised Funds Used in Current Period (RMB '0,000) | Total Raised Funds Used Cumulatively (RMB '0,000) | Proportion of Raised Funds Used at Period-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 | Initial Public Offering | 68,836.88 | 3,860.45 | 23,627.22 | 34.32% | - The fundraising projects "R&D and Industrialization Project for Unloading Elevators" and "Construction Project for Lifting Equipment Technology R&D Center" were delayed due to issues with implementation sites, but the project feasibility has not undergone significant changes[83](index=83&type=chunk) - As of June 30, 2025, unused raised funds amounted to **RMB 478 million**, of which **RMB 414 million** was used to purchase large-denomination bank certificates of deposit and structured deposits, and the remaining **RMB 64.2662 million** was held in special accounts for raised funds[81](index=81&type=chunk)[84](index=84&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=24&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main controlled subsidiaries include Hangzhou Hetaichain Conveying Equipment Co., Ltd. (Hetaichain Conveying) and Hangzhou Hetaichain Intelligent Manufacturing Co., Ltd. (Hetaichain Intelligent Manufacturing); Hetaichain Conveying, primarily engaged in material handling equipment and accessories production, saw an 18.14% year-on-year increase in net profit this period, mainly due to improved product gross margins after production function adjustments, while Hetaichain Intelligent Manufacturing, as the implementing entity for fundraising projects, reported operating revenue of **RMB 20.76 million** this period but experienced a year-on-year decline in net profit, primarily due to increased expenses such as equipment depreciation and personnel salaries after the intelligent factory commenced operations Operating Performance of Major Subsidiaries | Company Name | Main Business | Registered Capital (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Hetaichain Conveying Equipment Co., Ltd. | Manufacturing of material handling equipment and accessories | 150,000,000.00 | 80,667,500.61 | 20,917,839.67 | | Hangzhou Hetaichain Intelligent Manufacturing Co., Ltd. | Manufacturing and sales of material handling equipment; R&D of mechanical equipment | 150,000,000.00 | 20,758,285.45 | 853,495.88 | - Hetaichain Conveying's net profit for the current period increased by 18.14% year-on-year, primarily due to an increase in product gross margin after production function adjustments in the prior year[88](index=88&type=chunk) - Hetaichain Intelligent Manufacturing's operating revenue for the current period increased by **RMB 20.7583 million** compared to the prior period, but its net profit decreased by **RMB 839,879.70** year-on-year, primarily due to increased expenses such as equipment depreciation and personnel salaries after the intelligent factory commenced operations[89](index=89&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=24&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks including changes in downstream industry operating environment, raw material price fluctuations, declining gross margins, implementation and capacity digestion of fundraising projects, and production safety; to address these challenges, the company plans to consolidate its market position and achieve sustainable development by enhancing product quality and services, expanding application areas and overseas markets, optimizing raw material procurement strategies, continuous R&D innovation, lean production for cost reduction and efficiency improvement, scientific planning of fundraising projects, and strengthening safety production management and training - The company faces risks from a downturn in the downstream industry and the impact of geopolitical factors and trade protectionism on overseas markets[90](index=90&type=chunk) - Direct materials constitute a high proportion of the company's main business costs, and fluctuations in steel prices will affect gross margin levels, posing a risk of inventory depreciation[91](index=91&type=chunk) - The company's gross margin decreased year-on-year in this reporting period, primarily due to intensified market competition, suboptimal capacity utilization, and increased depreciation costs from the new factory[92](index=92&type=chunk) - Fundraising projects face risks of delay due to market environment, industrial policy changes, implementation sites, and raw material procurement, as well as the risk that new capacity cannot be absorbed in a timely manner after completion and full operation[93](index=93&type=chunk)[94](index=94&type=chunk) - The company's production and processing operations have high safety production requirements, posing a risk of safety production accidents due to urgent orders, tight production schedules, and other circumstances[95](index=95&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=27&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental practices, and social responsibility initiatives [1. Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, consistent with the information disclosed in the 2024 annual report - The company's directors, supervisors, and senior management did not change during the reporting period, as detailed in the 2024 annual report[99](index=99&type=chunk) [2. Profit Distribution and Capital Reserve to Share Capital Conversion for the Current Reporting Period](index=27&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20for%20the%20Current%20Reporting%20Period) The company plans no semi-annual profit distribution, meaning no cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[100](index=100&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[101](index=101&type=chunk) [4. Environmental Information Disclosure](index=27&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[102](index=102&type=chunk) [5. Social Responsibility](index=27&type=section&id=5.%20Social%20Responsibility) The company upholds high social responsibility, actively safeguarding the interests of shareholders, employees, customers, and suppliers; it strictly adheres to laws and regulations, enhances operational compliance, maintains high cash dividend payouts, completing **RMB 79.02 million** in 2024 profit distribution this period; it is ISO14001:2015 certified, promotes energy conservation, builds photovoltaic power stations, cares for employees through stock ownership platforms and charitable foundations, fosters win-win cooperation with clients and suppliers, and actively engages in public welfare initiatives like establishing charitable funds and the "Qingyun Common Prosperity" project, while strengthening Party organization building - The company strictly adheres to laws and regulations to enhance its level of standardized operation, actively organizes training for directors, supervisors, and senior management, strictly fulfills information disclosure obligations, and communicates with investors through various channels[103](index=103&type=chunk) - The company adheres to a high cash dividend policy, completing the 2024 profit distribution during the reporting period, with cash dividends amounting to **RMB 79.0228 million**[103](index=103&type=chunk) - The company is certified under the ISO14001:2015 environmental management system, strictly implements environmental protection regulations, adopts effective prevention and control measures, and constructs photovoltaic power stations to promote energy conservation and emission reduction[104](index=104&type=chunk)[105](index=105&type=chunk) - The company cares for its employees, establishing an employee stock ownership platform and a charitable foundation, and providing employees with "five social insurances and one housing fund," health examinations, and various activities to enhance their sense of belonging[106](index=106&type=chunk) - The company actively participates in social welfare initiatives, establishing an endowed charitable fund with cumulative donations of **RMB 1.7 million**, and collaborating with Ningxin Village to establish the "Qingyun Common Prosperity" project to support employment[108](index=108&type=chunk) [Section V Significant Matters](index=29&type=section&id=Section%20V%20Significant%20Matters) This section addresses key events and issues that significantly impact the company's operations and financial position [1. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=29&type=section&id=1.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself[110](index=110&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=29&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[111](index=111&type=chunk) [3. Irregular External Guarantees](index=29&type=section&id=3.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[112](index=112&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=29&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report is unaudited, thus not involving the appointment or dismissal of accounting firms - The company's semi-annual report is unaudited[113](index=113&type=chunk) [7. Bankruptcy Reorganization Matters](index=29&type=section&id=7.%20Bankruptcy%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy reorganization matters - The company had no bankruptcy reorganization matters during the reporting period[114](index=114&type=chunk) [8. Litigation Matters](index=29&type=section&id=8.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during this reporting period, though some other litigation and labor arbitration cases below the disclosure threshold exist, with some settled or withdrawn but not fully executed, and others concluded or pending, none of which are expected to have a material impact on the company's operations or financial condition - The company had no significant litigation or arbitration matters during this reporting period[115](index=115&type=chunk) - There were lawsuits below the significant litigation disclosure threshold that have been ruled effective/settled but not yet fully executed, involving **RMB 0.6625 million**, where the court ordered the defendant to pay overdue payments, which will not have a significant impact on the company's operations and financial condition[116](index=116&type=chunk) - There were lawsuits below the significant litigation disclosure threshold that have been ruled closed, involving **RMB 0.3466 million**, where the defendant has paid the goods, and the company withdrew the lawsuit, which will not have a significant impact on the company's operations and financial condition[116](index=116&type=chunk) - There were 5 labor arbitration cases below the significant arbitration disclosure threshold, of which 4 have been concluded and 1 is pending, which will not have a significant impact on the company's operations and financial condition[116](index=116&type=chunk) [9. Penalties and Rectification](index=30&type=section&id=9.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[117](index=117&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=30&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[118](index=118&type=chunk) [11. Significant Related Party Transactions](index=30&type=section&id=11.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party debt/credit, nor any deposit, loan, credit, or other financial business with affiliated finance companies; however, there were routine related party transactions below the significant disclosure threshold, primarily sales of complete machines and accessories to Guizhou Jinping Hetaichain Cement Co., Ltd. and Habahe County Ashan Cement Co., Ltd., and product sales to Hongshi Group and its subsidiaries, and Fujian Jinniu and its subsidiaries, all conducted at market fair prices - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party debt/credit[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - The company had no deposit, loan, credit, or other financial business with affiliated finance companies[122](index=122&type=chunk)[123](index=123&type=chunk) Daily Related Party Transactions from January to June 2025 (Actual Occurrence) | Related Party | Related Transaction Content | Actual Amount (Excluding Tax, RMB '0,000) | Estimated Amount (Excluding Tax, RMB '0,000) | | :--- | :--- | :--- | :--- | | Guizhou Jinping Hetaichain Cement Co., Ltd. | Sales of complete machines and accessories | 7.09 | 50.00 | | Habahe County Ashan Cement Co., Ltd. | Sales of complete machines and accessories | 6.80 | 20.00 | Daily Transactions with Entities Managed as Related Parties from January to June 2025 | Counterparty | Transaction Content | Actual Amount (Excluding Tax, RMB '0,000) | Estimated Amount (Excluding Tax, RMB '0,000) | | :--- | :--- | :--- | :--- | | Hongshi Group and its subsidiaries | Sales of complete machines and accessories | 478.73 | 2,000.00 | | Fujian Jinniu and its subsidiaries | Sales of complete machines and accessories | 13.98 | 200.00 | [12. Significant Contracts and Their Performance](index=32&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters; it approved a total guarantee limit of **RMB 140 million** for subsidiaries, but no actual guarantees occurred; wealth management transactions amounted to **RMB 538 million**, comprising **RMB 207 million** from own funds and **RMB 331 million** from raised funds, with an unexpired balance of **RMB 419 million** at period-end, and no other significant contracts - The company had no entrustment, contracting, or leasing situations during the reporting period[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - During the reporting period, the company approved a total guarantee limit of **RMB 140 million** for its subsidiaries, but the actual guarantee amount and balance were both **RMB 0**[131](index=131&type=chunk)[132](index=132&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (RMB '0,000) | Unexpired Balance (RMB '0,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 20,700 | 11,500 | | Bank Wealth Management Products | Raised Funds | 33,100 | 30,400 | | Total | | 53,800 | 41,900 | - The company had no other significant contracts during the reporting period[135](index=135&type=chunk) [13. Explanation of Other Significant Matters](index=34&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[136](index=136&type=chunk) [14. Significant Matters of Company Subsidiaries](index=34&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) For significant matters concerning company subsidiaries, please refer to "Section III Management Discussion and Analysis," "8. Analysis of Major Holding and Participating Companies" of this report - For significant matters concerning company subsidiaries, please refer to "Section III Management Discussion and Analysis," "8. Analysis of Major Holding and Participating Companies" of this report[137](index=137&type=chunk) [Section VI Share Changes and Shareholder Information](index=35&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [1. Share Changes](index=35&type=section&id=1.%20Share%20Changes) During the reporting period, the company's total share capital remained unchanged at **64,666,800 shares**, with no changes in the number or proportion of restricted and unrestricted shares; restricted shares primarily belong to the controlling shareholder Hangzhou Hetaichain Holding Co., Ltd., employee stock ownership platform Hangzhou Haitai Jinghua Venture Capital Partnership (Limited Partnership), and certain natural persons, with all initial public offering restricted shares scheduled for release on August 22, 2026 Share Changes | Item | Number Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 43,628,027 | 67.47% | 0 | 43,628,027 | 67.47% | | II. Unrestricted Shares | 21,038,773 | 32.53% | 0 | 21,038,773 | 32.53% | | III. Total Shares | 64,666,800 | 100.00% | 0 | 64,666,800 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Hetaichain Holding Co., Ltd. | 39,000,000 | 39,000,000 | IPO Restricted Commitment | August 22, 2026 | | Hangzhou Haitai Jinghua Venture Capital Partnership (Limited Partnership) | 3,628,027 | 3,628,027 | IPO Restricted Commitment | August 22, 2026 | | XU QING | 510,000 | 510,000 | IPO Restricted Commitment | August 22, 2026 | | XU YING | 490,000 | 490,000 | IPO Restricted Commitment | August 22, 2026 | [2. Securities Issuance and Listing](index=36&type=section&id=2.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing during the reporting period[143](index=143&type=chunk) [3. Number of Shareholders and Shareholding Structure](index=36&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Structure) At the end of the reporting period, the total number of common shareholders was **8,582**; among the top ten shareholders, Hangzhou Hetaichain Holding Co., Ltd. held 60.31% as the controlling shareholder, and Hangzhou Haitai Jinghua Venture Capital Partnership (Limited Partnership) held 13.14% as the employee stock ownership platform; XU QING (Xu Qing) is the company's actual controller and director, with Xu Ying as his concerted party, and the top ten unrestricted shareholders primarily include Hangzhou Haitai Jinghua Venture Capital Partnership (Limited Partnership) and various funds and natural persons, with explanations of related party relationships or concerted actions among shareholders already disclosed - The total number of common shareholders at the end of the reporting period was **8,582**[144](index=144&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Hetaichain Holding Co., Ltd. | Domestic Non-State-Owned Legal Person | 60.31% | 39,000,000 | 39,000,000 | 0 | | Hangzhou Haitai Jinghua Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 13.14% | 8,500,000 | 3,628,027 | 4,871,973 | | XU QING | Overseas Natural Person | 0.79% | 510,000 | 510,000 | 0 | | XU YING | Domestic Natural Person | 0.76% | 490,000 | 490,000 | 0 | - Hangzhou Hetaichain Holding Co., Ltd. is the company's controlling shareholder, Mr. XU QING (Xu Qing) is the company's actual controller and director, and Ms. Xu Ying is a concerted party of Mr. XU QING (Xu Qing)[145](index=145&type=chunk) - Shareholder Shen Shulan holds **0 shares** through a regular securities account and **210,000 shares** through a Caitong Securities Co., Ltd. client credit trading guarantee securities account, totaling **210,000 shares** actually held[146](index=146&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific information available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period, as detailed in the 2024 annual report[147](index=147&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=38&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, neither the company's controlling shareholder nor its actual controller changed - The company's controlling shareholder did not change during the reporting period[148](index=148&type=chunk) - The company's actual controller did not change during the reporting period[148](index=148&type=chunk) [6. Preferred Share Information](index=38&type=section&id=6.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[149](index=149&type=chunk) [Section VII Bond-Related Information](index=39&type=section&id=Section%20VII%20Bond-Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[151](index=151&type=chunk) [Section VIII Financial Report](index=40&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements and related disclosures [1. Audit Report](index=40&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[153](index=153&type=chunk) [2. Financial Statements](index=40&type=section&id=2.%20Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owner's equity; the consolidated statements show total assets of **RMB 1.51 billion**, total liabilities of **RMB 144 million**, and owner's equity of **RMB 1.37 billion** at period-end, with a net profit of **RMB 19.26 million** for the current period, while the parent company statements show total assets of **RMB 1.29 billion**, total liabilities of **RMB 129 million**, and owner's equity of **RMB 1.17 billion** at period-end, with a net profit of **RMB 17.82 million** for the current period Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (RMB) | | :--- | :--- | | Total Assets | 1,511,242,842.29 | | Total Liabilities | 144,000,293.93 | | Total Owner's Equity | 1,367,242,548.36 | Consolidated Income Statement (Current Period Occurrence) | Item | Current Period Occurrence (RMB) | | :--- | :--- | | Total Operating Revenue | 123,516,829.59 | | Total Profit | 20,791,151.80 | | Net Profit | 19,263,583.63 | Consolidated Cash Flow Statement (Current Period Occurrence) | Item | Current Period Occurrence (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 18,774,211.71 | | Net Cash Flow from Investing Activities | -368,329,838.25 | | Net Cash Flow from Financing Activities | -79,512,521.60 | | Net Increase in Cash and Cash Equivalents | -429,119,959.05 | [3. Company Basic Information](index=57&type=section&id=3.%20Company%20Basic%20Information) Hangzhou Hetaichain Electromechanical Co., Ltd., formerly Xiaoshan Hetaichain Electromechanical Industrial Co., Ltd., established in 1995, was restructured into a joint-stock company in 2020 and listed on the Shenzhen Stock Exchange on February 22, 2023, with a registered capital of **RMB 64.67 million**, primarily engaged in general equipment manufacturing, producing various material handling equipment and accessories; these financial statements were approved for external release by the 9th meeting of the 2nd Board of Directors on August 21, 2025 - Hangzhou Hetaichain Electromechanical Co., Ltd., formerly Xiaoshan Hetaichain Electromechanical Industrial Co., Ltd., was established on June 23, 1995, and restructured into a joint-stock company on November 9, 2020[186](index=186&type=chunk) - The company's shares were listed and traded on the Shenzhen Stock Exchange on February 22, 2023, with a registered capital of **RMB 64.6668 million**[186](index=186&type=chunk) - The company belongs to the general equipment manufacturing industry, with its main business activities being the R&D, production, and sales of electromechanical products, including NBC, NBH series bucket elevators, TGD belt elevators, and various other series of conveying equipment and their accessories[187](index=187&type=chunk) - These financial statements were approved for external release by the company's 9th meeting of the 2nd Board of Directors on August 21, 2025[188](index=188&type=chunk) [4. Basis of Financial Statement Preparation](index=57&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no events or circumstances that would cast significant doubt on its ability to continue as a going concern for the 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[189](index=189&type=chunk) - The company has no events or circumstances that would cast significant doubt on its ability to continue as a going concern for the 12 months from the end of the reporting period[190](index=190&type=chunk) [5. Significant Accounting Policies and Estimates](index=57&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the enterprise accounting standards followed in preparing the company's financial statements and discloses specific accounting policies and estimates for financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition; the company uses RMB as its functional currency, has a 12-month operating cycle, and experienced no significant changes in accounting policies or estimates during the reporting period - 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, and cash flows, among other relevant information[192](index=192&type=chunk) - The company uses a 12-month period as the liquidity classification standard for assets and liabilities and adopts RMB as its functional currency[194](index=194&type=chunk)[195](index=195&type=chunk) - The company has established specific accounting policies and estimates for transactions or events such as financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition[191](index=191&type=chunk) - The company had no significant changes in accounting policies or significant changes in accounting estimates during the reporting period[303](index=303&type=chunk) [6. Taxation](index=74&type=section&id=6.%20Taxation) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, enterprise income tax, property tax, education surcharge, and local education surcharge; the company and its subsidiaries enjoy various tax incentives based on high-tech enterprise certification, small and micro-profit enterprise policies, and VAT input tax deduction policies for advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services, calculated as output tax minus input tax | 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Enterprise Income Tax | Taxable income | 15%, 20%, 25% | - The company and Hetaichain Conveying Co., Ltd., as high-tech enterprises, are expected to pay enterprise income tax at a 15% rate for 2025 and enjoy VAT input tax deduction policies for advanced manufacturing enterprises[305](index=305&type=chunk) - Shanghai Hetaichain Co., Ltd. and Hefei Hetaichain Co., Ltd. qualify as small and micro-profit enterprises for 2025, enjoying preferential policies of calculating taxable income at 25% and paying enterprise income tax at a 20% rate[306](index=306&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=75&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items for assets, liabilities, owner's equity, and profit/loss; cash and cash equivalents at period-end were **RMB 145 million**, with **RMB 15.21 million** restricted; trading financial assets increased to **RMB 422 million**, mainly structured deposits and wealth management products; bad debt provisions for accounts receivable and contract assets were **RMB 3.87 million** and **RMB 0.65 million** respectively; inventory impairment provision was **RMB 5.45 million**; construction in progress balance was **RMB 47.61 million**, primarily for the "Annual Production of 3 Million Sections of Large Pitch Conveying Equipment Chains Intelligent Manufacturing Project"; operating revenue was **RMB 123 million**, operating costs **RMB 84.36 million**; financial expenses were **RMB -7.41 million**, mainly due to reduced interest income; net profit was **RMB 19.26 million** Period-End Balances of Major Asset and Liability Items | Item | Period-End Balance (RMB) | | :--- | :--- | | Cash and Cash Equivalents | 145,019,040.34 | | Trading Financial Assets | 422,032,354.71 | | Accounts Receivable | 30,422,008.34 | | Contract Assets | 8,593,001.60 | | Inventories | 101,559,853.22 | | Fixed Assets | 205,792,065.18 | | Construction in Progress | 47,609,094.36 | | Notes Payable | 34,993,272.78 | | Accounts Payable | 45,309,783.93 | | Contract Liabilities | 37,589,242.09 | Current Period Occurrence of Major Profit and Loss Items | Item | Current Period Occurrence (RMB) | | :--- | :--- | | Operating Revenue | 123,516,829.59 | | Operating Cost | 84,362,759.46 | | Selling Expenses | 3,367,745.48 | | Administrative Expenses | 13,633,048.04 | | Research and Development Expenses | 10,912,742.36 | | Financial Expenses | -7,413,885.89 | | Net Profit | 19,263,583.63 | - At period-end, **RMB 15,209,288.67** of cash and cash equivalents were restricted, primarily for letter of guarantee deposits, acceptance bill deposits, and investment deposits, and were not readily available for withdrawal[395](index=395&type=chunk) - In the current period, a bad debt provision of **RMB 0.8014 million** was made for accounts receivable, a contract asset impairment provision of **RMB -0.3244 million**, and an inventory depreciation provision of **RMB 2.4383 million**[316](index=316&type=chunk)[327](index=327&typ

红宝丽集团股份有限公司 2025 年半年度报告全文 红宝丽集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 红宝丽集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人芮益民、主管会计工作负责人陈洪明及会计机构负责人(会计 主管人员)史青寿声明：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。 公司不存在对生产经营状况、财务状况和持续盈利能力有严重影响的重大 风险因素。关于对未来发展战略和经营目标实现产生不利影响之风险因素， 详见第三节经营情况讨论与分析之相应内容。敬请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | 1 œ | | --- | --- | | 1 | | | 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 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section outlines key disclaimers, risk warnings, and the company's dividend policy for the reporting period - The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility[4](index=4&type=chunk) - The company advises investors to be aware of potential risks including industry fluctuations, policy changes, R&D failures, operational challenges, and force majeure events[4](index=4&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this semi-annual period[5](index=5&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's profile and key financial performance indicators for the first half of 2025 [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue grew modestly while net profit attributable to shareholders declined significantly, though operating cash flow improved dramatically Financial Performance Summary | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,216,097,359.13 | 2,093,910,754.84 | 5.84% | | Net Profit Attributable to Shareholders (Yuan) | 13,724,413.32 | 32,978,516.71 | -58.38% | | Net Profit Attributable to Shareholders (Non-recurring Items Excluded) (Yuan) | -4,138,685.31 | 27,360,917.96 | -115.13% | | Net Cash Flow from Operating Activities (Yuan) | 379,526,497.97 | -9,343,872.78 | 4,161.77% | | Basic Earnings Per Share (Yuan/Share) | 0.02 | 0.05 | -60.00% | | Total Assets (Yuan) | 8,580,342,419.67 | 8,541,999,872.43 | 0.45% (vs. Prior Year-End) | | Net Assets Attributable to Shareholders (Yuan) | 2,308,285,210.40 | 2,294,445,620.37 | 0.60% (vs. Prior Year-End) | - Non-recurring gains and losses totaled **17.86 million yuan**, primarily from non-current asset disposals (12.30 million yuan) and government grants (8.91 million yuan), explaining the variance between net profit and adjusted net profit[23](index=23&type=chunk)[24](index=24&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's business operations, core competencies, financial performance, and risk factors [Business Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates a synergistic business model across intelligent computing, electronics, and chemicals, with the electronics segment driving overall growth - The company's business structure is clearly defined by the synergistic development of its **intelligent computing, electronics, and chemical segments**, ensuring stable operations[26](index=26&type=chunk) Segment Performance | Segment | Operating Revenue (Billion Yuan) | Net Profit Attributable to Parent (Billion Yuan) | Revenue YoY Change | Revenue Mix | | :--- | :--- | :--- | :--- | :--- | | Chemical | 1.27 | -0.06 | -2.82% | 57.30% | | Electronics | 0.95 | 0.07 | +20.19% | 42.70% | | **Total** | **2.22** | **0.01** | **+5.84%** | **100%** | [Core Competency Analysis](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its diversified business portfolio, AI solution capabilities, and strategic positioning in the computing infrastructure market - The company has established a diversified business layout with **synergies between its chemical, electronics, and intelligent computing segments**, where the traditional chemical business provides stable cash flow to support technological transformation[32](index=32&type=chunk) - Through its subsidiary Superengine (an NVIDIA dual Elite partner), the company provides integrated AI solutions including servers, switches, and optical modules to various industries[34](index=34&type=chunk) - The company is actively expanding its computing power business by investing in infrastructure and focusing on operational management, positioning itself as a key enabler in the digital economy[35](index=35&type=chunk) [Analysis of Main Business Operations](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue growth was driven by the electronics segment, particularly intelligent computing products, despite rising operating expenses and a decline in chemical sales Key Financial Metrics Analysis | Financial Metric | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Primary Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 39,659,363.69 | 29,882,432.56 | 32.72% | Increased marketing and promotion fees | | Finance Expenses | 81,067,252.44 | 35,267,805.28 | 129.86% | Increased financing scale | | Net Operating Cash Flow | 379,526,497.97 | -9,343,872.78 | 4,161.77% | Improved cash collection | | Net Investing Cash Flow | -783,703,697.24 | -1,355,437,417.08 | 42.18% | Reduced procurement of computing equipment | Revenue Breakdown | Business/Product Category | Current Period Revenue (Yuan) | Revenue Mix | YoY Change | | :--- | :--- | :--- | :--- | | **By Industry** | | | | | Chemical Business | 1,269,830,570.66 | 57.30% | -2.82% | | Electronics Business | 946,266,788.47 | 42.70% | 20.19% | | **By Product** | | | | | Electronics - Intelligent Computing | 762,481,986.34 | 34.41% | 87.87% | | Electronics - Electronic Components | 153,195,240.25 | 6.91% | -50.04% | | **By Region** | | | | | Overseas | 229,496,094.42 | 10.36% | 856.80% | - The company updated its product classification methodology to more accurately reflect the rapid growth in revenue and profit from the intelligent computing business since its launch in 2023[42](index=42&type=chunk) [Analysis of Major Subsidiaries and Investees](index=16&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Subsidiary performance varied, with the AI business showing strong growth while traditional chemical and electronics segments faced market headwinds Subsidiary Performance Summary | Company Name | Main Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Hangjin Jinxi Chlor-Alkali Chemical Co, Ltd | Chemical Products | 1,269,832,891.03 | -60,897,756.10 | | Changsha Shaoguang Semiconductor Co, Ltd | Military Products | 35,799,152.77 | 14,614,196.27 | | Viko Electronic Module (Shenzhen) Co, Ltd | Integrated Circuits | 117,396,087.48 | -6,098,589.74 | | Hangjin (Wuhan) Artificial Intelligence Technology Co, Ltd | Computing Services | 762,481,986.34 | 116,214,054.44 | - During the period, four new subsidiaries were established and an equity transfer was completed, with minimal impact on current overall operations and performance[60](index=60&type=chunk) [Risks and Countermeasures](index=17&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from industry cycles, policy changes, R&D, operations, and supply chain, which it addresses through diversification and proactive management Risk Management Overview | Risk Type | Risk Description | Countermeasure | | :--- | :--- | :--- | | Industry Fluctuation Risk | Persistently low chemical product prices may cause performance volatility in the chemical segment | Adopt flexible sales policies, implement refined cost controls, and deepen industrial synergy | | Policy Change Risk | Stricter environmental and energy-saving policies pose higher requirements for the chemical industry | Closely monitor policy dynamics, increase environmental investment, and develop green chemical processes | | R&D Failure Risk | High-tech fields like chip design carry the risk of technical development failures | Increase R&D investment, attract high-end talent, and collaborate with universities and research institutes | | Operational Risk | The intelligent computing center is in its early stages and requires close integration with application scenarios | Build a flexible, green, and energy-efficient computing platform to provide enabling solutions | | Force Majeure Risk | Advanced GPU servers for the intelligent computing business are subject to price volatility and delivery risks | Strengthen communication with upstream and downstream partners and optimize the supply chain to ensure dynamic security | [Corporate Governance, Environment, and Society](index=18&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in corporate governance, management, and the company's environmental and social responsibility initiatives [Corporate Governance](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company experienced several changes in its board and senior management during the period and has decided against a semi-annual profit distribution - The company's board and senior management underwent multiple changes, including the election of Li Haibo, Shao Ziwei, and He Ying, and the departure of Wang Ming and Li Xinwei[66](index=66&type=chunk) - The company plans **no semi-annual cash dividend**, bonus shares, or conversion of capital reserves into share capital[67](index=67&type=chunk) [Environmental and Social Responsibility](index=18&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company's key subsidiary is subject to mandatory environmental disclosures, reflecting a commitment to sustainable and responsible operations - The company's main subsidiary, Hangjin Jinxi Chlor-Alkali Chemical Co, Ltd, has been included in the list of enterprises required to disclose environmental information by law[69](index=69&type=chunk) [Significant Matters](index=19&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses significant events including commitments, litigation, related-party transactions, contracts, and share repurchases [Commitments](index=19&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The subsidiary Superengine is subject to a performance commitment for the 2023-2025 period, which is currently being fulfilled as planned - Subsidiary Superengine has committed to achieving a cumulative audited net profit of **no less than 160.7 million yuan** for the 2023-2025 period, with monetary compensation required if performance falls below 85% of the target (136.6 million yuan)[72](index=72&type=chunk) [Litigation and Integrity Status](index=20&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company has no material litigation, and its outstanding lawsuits are not expected to significantly impact operations or financial status - As of the reporting date, the company and its subsidiaries were involved in 19 pending lawsuits with a total amount of **35.83 million yuan**, representing 1.55% of net assets attributable to the parent, with no material impact expected[77](index=77&type=chunk) - The company, its controlling shareholder, and actual controller maintain a good integrity record, with no major administrative or criminal penalties, significant economic disputes, or unfulfilled commitments[79](index=79&type=chunk)[80](index=80&type=chunk) [Significant Related-Party Transactions](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company has approved future financing and investment transactions with related parties but has not engaged in any significant operational related-party transactions - The company has received approval to conduct wealth management business of **up to 500 million yuan** with related party Huayuan Securities, though no transactions occurred during the period[87](index=87&type=chunk) - The company is authorized to secure loans of **up to 1 billion yuan** from related parties Hankou Bank and Hubei Financial Leasing, with loan interest of 5.77 million yuan incurred with Hubei Financial Leasing during the period[87](index=87&type=chunk)[88](index=88&type=chunk) [Significant Contracts and Guarantees](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's external guarantees are exclusively for its subsidiaries, with the total outstanding balance representing a significant portion of its net assets Guarantee Summary | Guarantee Details | Amount (Ten Thousand Yuan) | | :--- | :--- | | Approved guarantee limit for subsidiaries during the period | 876,500 | | Outstanding actual guarantee balance for subsidiaries at period-end | 444,980.3 | | Ratio of total actual guarantees to company's net assets | 192.78% | | Debt guarantee balance for guaranteed parties with asset-liability ratio over 70% | 261,971.19 | [Share Repurchase and Cancellation](index=28&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company completed its share repurchase plan and subsequently cancelled the repurchased shares, reducing its total share capital - The company completed its share repurchase, buying back **19,155,961 shares** for a total consideration of **392 million yuan**[102](index=102&type=chunk) - The company finalized the cancellation of these repurchased shares on June 4, 2025, resulting in a corresponding reduction in total share capital[103](index=103&type=chunk) [Changes in Share Capital and Shareholders](index=30&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital structure and provides an overview of its major shareholders [Changes in Share Capital](index=30&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital decreased following the cancellation of repurchased shares during the reporting period - Due to the cancellation of repurchased shares, the company's total share capital decreased by **19,155,961 shares**, from 679 million to 660 million shares[108](index=108&type=chunk)[110](index=110&type=chunk) [Shareholder Information](index=32&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had over 118,000 shareholders at the end of the period, with the top shareholder holding a controlling interest through direct ownership and delegated voting rights - As of the end of the reporting period, the company had a total of **118,050 shareholders**[115](index=115&type=chunk) Top Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares | Pledged/Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Wuhan New Energy Industry Development Co, Ltd | State-owned Legal Entity | 17.18% | 113,363,924 | None | | Xinyu Haoyue Information Technology Co, Ltd | Domestic Non-state-owned Legal Entity | 9.84% | 64,968,276 | Pledged 51,190,000 shares | | Hong Kong Securities Clearing Company Ltd | Overseas Legal Entity | 2.11% | 13,942,244 | None | - The second-largest shareholder, Xinyu Haoyue Information Technology Co, Ltd, has delegated all voting rights corresponding to its shares to the largest shareholder, Wuhan New Energy Industry Development Co, Ltd[115](index=115&type=chunk) [Bond-Related Matters](index=35&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of any corporate bonds or related matters during the reporting period - The company had no bond-related matters during the reporting period[121](index=121&type=chunk) [Financial Report](index=36&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's audited financial statements, key accounting policies, and detailed notes to the financial statements [Financial Statements](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements show total assets of 8.58 billion yuan, a debt-to-asset ratio of 67.9%, and positive operating cash flow of 380 million yuan for the first half of 2025 Key Financial Statement Data | Item | Closing Balance / Current Period Amount (Yuan) | | :--- | :--- | | **Consolidated Balance Sheet** | | | Total Assets | 8,580,342,419.67 | | Total Liabilities | 5,829,492,609.39 | | Equity Attributable to Parent Company Owners | 2,308,285,210.40 | | **Consolidated Income Statement** | | | Total Operating Revenue | 2,216,097,359.13 | | Net Profit | 55,938,059.82 | | Net Profit Attributable to Parent Company Shareholders | 13,724,413.32 | | **Consolidated Cash Flow Statement** | | | Net Cash Flow from Operating Activities | 379,526,497.97 | | Net Cash Flow from Investing Activities | -783,703,697.24 | | Net Cash Flow from Financing Activities | 359,068,052.32 | [Company Basic Information](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company operates in the chemical and electronics industries and is ultimately controlled by the Wuhan Municipal State-owned Assets Supervision and Administration Commission - The company's actual controller is the **Wuhan Municipal State-owned Assets Supervision and Administration Commission**[154](index=154&type=chunk)[156](index=156&type=chunk) - The company's business scope covers the chemical industry (sodium hydroxide, propylene oxide) and the electronics industry (IC manufacturing, design, packaging, and AI software development)[157](index=157&type=chunk)[158](index=158&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company's financial statements are prepared on a going-concern basis, adhering to PRC GAAP with key policies for credit losses, inventory, R&D, and revenue recognition - The company uses an **expected credit loss model** for impairment of receivables, applying a simplified approach to measure lifetime expected credit losses for receivables from revenue and lease contracts[191](index=191&type=chunk)[195](index=195&type=chunk) - R&D expenditures are expensed during the research phase and capitalized as intangible assets during the development phase if specific criteria are met[233](index=233&type=chunk) - Revenue is recognized when control of goods or services is transferred to the customer, with specific timing for chemical sales (customer pickup), electronics sales (customer acceptance), and services (over the service period)[246](index=246&type=chunk)[247](index=247&type=chunk) [Notes to Consolidated Financial Statement Items](index=75&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Key balance sheet items include 900 million yuan in cash, 2.60 billion yuan in fixed assets, and a significant increase in construction in progress for cloud computing projects Key Asset Items | Asset Item | Closing Book Value/Balance (Yuan) | Impairment/Write-down Provision (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 900,045,399.18 | - | | Accounts Receivable | 691,862,041.65 | 80,199,464.61 | | Inventory | 730,429,956.85 | 138,281,670.71 | | Fixed Assets | 2,597,720,405.22 | 57,761,704.38 | | Construction in Progress | 809,602,739.53 | 6,343,797.83 | | Goodwill | 188,978,077.69 | 834,528,459.69 | Key Liability Items | Liability Item | Closing Balance (Yuan) | | :--- | :--- | | Short-term Borrowings | 1,490,917,108.55 | | Accounts Payable | 192,064,647.70 | | Long-term Borrowings | 504,447,041.66 | | Long-term Payables | 1,884,266,182.48 | - **Construction in progress** increased significantly to **810 million yuan** (from 411 million yuan at the beginning of the period), primarily driven by the cloud computing project, which had a closing balance of 683 million yuan[414](index=414&type=chunk)[416](index=416&type=chunk) [Other Submitted Data](index=176&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) This section discloses details of non-operating fund transfers between the company and its related parties [Related-Party Fund Transfers](index=176&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) Subsidiaries had a total non-operating fund balance of 1.32 billion yuan payable to the parent company at the end of the period Non-operating Fund Transfers with Subsidiaries | Counterparty Name (All are subsidiaries) | Nature of Transfer | Closing Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | | Hangjin Jinxi Chlor-Alkali Chemical Co, Ltd | Non-operating transfer | 15,695.83 | | Shenzhen Zhongdian Huaxing Electronic Technology Co, Ltd | Non-operating transfer | 6,330.2 | | Wuhan Navigation and Location Services Industrial Technology Research Institute | Non-operating transfer | 9.05 | | Hangjin (Wuhan) Artificial Intelligence Technology Co, Ltd | Non-operating transfer | 110,351.82 | | **Total** | **--** | **132,386.9** |

中饮巴比食品股份有限公司2025 年半年度报告 公司代码：605338 公司简称：巴比食品 中饮巴比食品股份有限公司 2025 年半年度报告 1 / 197 中饮巴比食品股份有限公司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、公司负责人刘会平、主管会计工作负责人苏爽及会计机构负责人（会计主管人员）苏爽声明： 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 本公司2025年半年度报告中涉及的公司未来计划、发展战略等前瞻性陈述，因存在不确定性， 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 ...

[Glossary](index=4&type=section&id=Item%201.%20Glossary) This chapter defines professional terms and company entity abbreviations used in the report for better investor understanding - This chapter primarily defines professional terms and company entity abbreviations used in the report[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Basic Company Information](index=5&type=section&id=Item%202.1.%20Basic%20Company%20Information) This chapter provides an overview of the company's basic business registration, contact details, stock listing, and code Basic Company Information | Item | Content | | :--- | :--- | | Chinese Name | Shandong Jinqilin Co., Ltd. | | Chinese Abbreviation | Jinqilin | | Legal Representative | Sun Peng | | Stock Exchange | Shanghai Stock Exchange | | Stock Abbreviation | Jinqilin | | Stock Code | 603586 | [Key Accounting Data and Financial Indicators](index=5&type=section&id=Item%202.7.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) H1 2025 saw significant performance growth, with operating revenue, net profit, and operating cash flow all increasing substantially Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 964,374,020.37 CNY | 775,604,102.52 CNY | 24.34% | | Net Profit Attributable to Shareholders | 107,696,721.46 CNY | 33,021,644.47 CNY | 226.14% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 106,268,189.44 CNY | 33,959,727.84 CNY | 212.92% | | Net Cash Flow from Operating Activities | 102,579,493.39 CNY | 27,269,798.93 CNY | 276.17% | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.55 | 0.17 | 223.53% | | Weighted Average Return on Net Assets (%) | 4.64% | 1.46% | 3.18 percentage points increase | - The growth in the company's financial indicators is primarily attributed to increased sales of main products, receipt of investment fund dividends, and the impact of exchange rate fluctuations during the reporting period[23](index=23&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=Item%202.9.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **1.43 million CNY**, primarily from entrusted investment gains and government subsidies Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government Subsidies | 984,192.03 | | Gains/Losses from Entrusted Investment or Asset Management | 1,050,333.33 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities | -281,318.08 | | Other Non-operating Income and Expenses | -138,106.72 | | Gains/Losses from Disposal of Non-current Assets | -5,768.10 | | Income Tax Impact | -180,800.44 | | **Total** | **1,428,532.02** | [Management Discussion and Analysis](index=8&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) [Industry and Main Business Overview during the Reporting Period](index=8&type=section&id=Item%203.1.%20Industry%20and%20Main%20Business%20Overview%20during%20the%20Reporting%20Period) The company manufactures friction materials and braking products for global automotive AM and OEM markets, with overseas AM as its main revenue source - The company primarily engages in the R&D, production, and sales of friction materials and braking products, belonging to the automotive parts and accessories manufacturing industry, with its development closely linked to the downstream automotive sector[29](index=29&type=chunk) - The company's main products are automotive brake pads and brake discs, with over **300 formulas** capable of producing **6,800 types of brake pads** and over **4,600 types of brake discs** suitable for mainstream global vehicle models, primarily targeting the overseas AM market while also supplying OEM parts to manufacturers like Daimler[33](index=33&type=chunk) - The company employs diversified sales models: the overseas AM market primarily uses ODM, leveraging core R&D technology; the domestic AM market sells through distributors under its own brands (e.g., "LPB Jinqilin"); and the OEM market directly supplies braking system integrators[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=Item%203.2.%20Discussion%20and%20Analysis%20of%20Operations) H1 2025 saw strong revenue and net profit growth, driven by international market expansion, domestic aftermarket sales, and R&D initiatives Key Operating Indicators | Indicator | H1 2025 | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 964 million CNY | 24.34% | | Net Profit Attributable to Shareholders | 108 million CNY | 226.14% | | Net Cash Flow from Operating Activities | 103 million CNY | 276.17% | - In terms of market expansion, the company actively responded to Sino-US trade friction, maintaining cooperation with US customers while focusing on developing emerging markets through global exhibitions, with **5 new customers** entering the transaction stage, and domestic aftermarket brake disc sales increasing by **44.65%**[46](index=46&type=chunk)[47](index=47&type=chunk) - In R&D and innovation, the company continues to advance formula development compliant with Euro 7 brake dust emission regulations, steadily progressing the European Mercedes-Benz OES project for mass production, and increasing R&D investment in new energy vehicle products[49](index=49&type=chunk) [Analysis of Core Competencies during the Reporting Period](index=15&type=section&id=Item%203.3.%20Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) Core competencies include advanced technology, extensive customer base, broad product range, high-quality systems, and 'one-stop' supply capability - Technology and Manufacturing Advantage: The company possesses independent R&D capabilities, a "National Certified Enterprise Technology Center," and masters over **300 brake friction material formulas**, including high-end ceramic formulas[52](index=52&type=chunk) - Scale and Product Variety Advantage: The company is one of the largest enterprises in the domestic industry, offering over **6,800 varieties of brake pads** and over **4,600 varieties of brake discs** to meet customers' "small batch, multi-variety" demands[53](index=53&type=chunk) - Quality Advantage: The company has passed high-level quality system certifications such as IATF16949:2016, with products meeting strict domestic and international standards including GB5763-2018, AMECA, NSF, and ECER90, and a large number of products have obtained E-Mark certification[53](index=53&type=chunk)[54](index=54&type=chunk) [Main Operating Conditions during the Reporting Period](index=16&type=section&id=Item%203.4.%20Main%20Operating%20Conditions%20during%20the%20Reporting%20Period) Key financial accounts showed significant changes, including increased revenue and costs, decreased financial expenses due to exchange rates, and higher operating cash flow, alongside reduced contract liabilities and long-term borrowings Income Statement Items | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 964,374,020.37 | 775,604,102.52 | 24.34 | Increased sales of main products | | Operating Cost | 752,739,616.02 | 609,255,845.77 | 23.55 | Increased sales of main products | | Financial Expenses | -16,893,128.66 | 5,823,544.23 | -390.08 | Exchange rate fluctuations | | Net Cash Flow from Operating Activities | 102,579,493.39 | 27,269,798.93 | 276.17 | Increased sales and collections | Balance Sheet Items | Asset/Liability Item | Period-End Amount (CNY) | Prior Year-End Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Contract Liabilities | 2,802,028.53 | 12,890,118.41 | -78.26 | Decrease in product sales prepayments | | Long-term Borrowings | 30,000,000.00 | 60,000,000.00 | -50.00 | Reclassification of some long-term borrowings due within one year | | Non-current Liabilities Due Within One Year | 60,642,937.09 | 974,974.19 | 6,119.95 | Reclassification of long-term borrowings due within one year | [Analysis of Investment Status](index=18&type=section&id=Item%203.4.4.%20Analysis%20of%20Investment%20Status) Main equity investments include a new energy vehicle fund and a 50/50 joint venture with Brembo (Boqilin) for the international brake pad aftermarket - The company, as a limited partner, invested **75 million CNY** (accounting for **29.70%**) to establish Zhuhai Shangqi Huajin Automotive Industry Equity Investment Fund, primarily investing in new energy and intelligent connected vehicle sectors[62](index=62&type=chunk) - In 2022, the company established a joint venture, Boqilin, with Brembo, with both parties contributing **50%** each, aiming to combine their strengths to serve the aftermarket for passenger vehicles, light commercial vehicles, and heavy-duty trucks[63](index=63&type=chunk) [Potential Risks](index=19&type=section&id=Item%203.5.1.%20Potential%20Risks) The company faces risks in product quality, export operations, raw material price volatility, RMB appreciation, and operational management due to scale expansion - Product Quality Risk: Brake pads and discs are critical automotive safety components, and any significant quality issues could lead to substantial losses and impact product certification and sales[64](index=64&type=chunk) - Export Business Operational Risk: Over **80%** of the company's main business revenue comes from exports, and changes in the political and economic environment or trade policies of destination countries and regions will adversely affect operating performance[64](index=64&type=chunk) - Raw Material Price Fluctuation Risk: Significant fluctuations in the prices of major raw materials like steel, if product price adjustments lag, will have a considerable impact on production costs and profitability[65](index=65&type=chunk) - Exchange Loss Risk: The company's exports are primarily settled in USD, and RMB appreciation will lead to exchange losses, adversely affecting operating performance[65](index=65&type=chunk) [Corporate Governance, Environment, and Society](index=21&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) No changes occurred in directors, supervisors, or senior management, no half-year profit distribution plan was set, and a subsidiary was listed for environmental disclosure - During the reporting period, there were no changes in the company's directors, supervisors, or senior management[69](index=69&type=chunk) - The company has no half-year profit distribution or capital reserve capitalization plan[69](index=69&type=chunk) - The subsidiary "Jinan Jinqilin Brake System Co., Ltd." was included in the list of enterprises required to disclose environmental information by law[70](index=70&type=chunk) [Significant Matters](index=22&type=section&id=Item%205.%20Significant%20Matters) [Fulfillment of Commitments](index=22&type=section&id=Item%205.1.%20Fulfillment%20of%20Commitments) The company and related parties strictly fulfilled all IPO commitments, including resolving horizontal competition and share lock-up - The company's controlling shareholder, Jinqilin Investment, and actual controller, Sun Zhongyi, committed not to engage in businesses that compete with the company, and this long-term commitment was strictly fulfilled during the reporting period[73](index=73&type=chunk) [Significant Related Party Transactions](index=26&type=section&id=Item%205.10.%20Significant%20Related%20Party%20Transactions) Significant related party transactions with joint venture Boqilin totaled **107 million CNY**, and the financing counter-guarantee obligation was fulfilled - The company expects to have ordinary related party transactions with affiliate Boqilin not exceeding **307.2412 million CNY** for 2025, with actual transactions during the reporting period amounting to **106.6382 million CNY**, of which material sales transactions were **97.5222 million CNY**[78](index=78&type=chunk)[79](index=79&type=chunk) - As of April 2025, Boqilin had repaid the **40 million CNY** loan, and the company's counter-guarantee obligation for it was fulfilled[82](index=82&type=chunk)[86](index=86&type=chunk) [Significant Contracts and Their Fulfillment](index=27&type=section&id=Item%205.11.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company's **25 million CNY** guarantee for joint venture Boqilin was fulfilled, resulting in a zero external guarantee balance at period-end - The company's guarantee for joint venture Boqilin was fulfilled by April 2025, as Boqilin repaid the **40 million CNY** loan on schedule[86](index=86&type=chunk) Guarantee Information | Guarantee Status | Amount (million CNY) | | :--- | :--- | | Total Guarantees Issued During Reporting Period | -25.00 | | Total Guarantee Balance at Period-End | 0.00 | [Explanation of Proceeds Utilization Progress](index=30&type=section&id=Item%205.12.%20Explanation%20of%20Proceeds%20Utilization%20Progress) All IPO fundraising projects are complete, with **103.47 million CNY** from a brake disc project transferred to working capital, and all special accounts closed - The company's net proceeds from its initial public offering amounted to **1.04 billion CNY**, with a cumulative investment of **900 million CNY** as of the end of the reporting period, representing an investment progress of **86.52%**[88](index=88&type=chunk) - During the reporting period, the company completed the "Annual Production of 6 Million High-Performance Automotive Brake Discs Project" and permanently transferred the remaining **103.4688 million CNY** of raised funds to supplement working capital[92](index=92&type=chunk) - All special fundraising accounts opened by the company for its initial public offering have been closed[93](index=93&type=chunk) [Share Changes and Shareholder Information](index=33&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) Total share capital and structure remained unchanged, with **20,483** common shareholders and stable equity among the top three shareholders - During the reporting period, the company's total share capital and capital structure remained unchanged[96](index=96&type=chunk) Top Three Shareholders | Shareholder Name | Shares Held at Period-End | Proportion (%) | | :--- | :--- | :--- | | Shandong Jinqilin Investment Management Co., Ltd. | 90,672,757 | 46.25 | | Sun Zhongyi | 19,300,062 | 9.84 | | Leling Jinfeng Investment Management Co., Ltd. | 7,012,698 | 3.58 | [Bond-Related Information](index=36&type=section&id=Item%207.%20Bond-Related%20Information) This chapter clarifies that the company has no outstanding corporate bonds, enterprise bonds, or convertible corporate bonds - The company has no outstanding corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[103](index=103&type=chunk) - The company has no outstanding convertible corporate bonds[103](index=103&type=chunk) [Financial Report](index=37&type=section&id=Item%208.%20Financial%20Report) [Financial Statements](index=37&type=section&id=Item%208.2.%20Financial%20Statements) This chapter presents the company's unaudited H1 2025 consolidated and parent company financial statements, reflecting financial position, operating results, and cash flows - Consolidated balance sheet and parent company balance sheet as of June 30, 2025 are provided[105](index=105&type=chunk)[108](index=108&type=chunk) - Consolidated income statement and parent company income statement for January-June 2025 are provided[110](index=110&type=chunk)[114](index=114&type=chunk) - Consolidated cash flow statement and parent company cash flow statement for January-June 2025 are provided[117](index=117&type=chunk)[120](index=120&type=chunk) [Significant Accounting Policies and Estimates](index=60&type=section&id=Item%208.5.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details fundamental accounting principles, policies, and estimates for financial instruments, inventories, fixed assets, revenue recognition, and government grants - Financial statements are prepared on a going concern basis and in accordance with the requirements of the Enterprise Accounting Standards[135](index=135&type=chunk)[136](index=136&type=chunk) - Revenue recognition policy: Revenue is recognized when the customer obtains control of the related goods or services, typically for export business, when export customs procedures are completed and bills of lading or other documents are obtained[223](index=223&type=chunk)[227](index=227&type=chunk) - Impairment of financial instruments adopts the expected credit loss model, with bad debt provisions for receivables calculated based on aging portfolios[165](index=165&type=chunk)[167](index=167&type=chunk) [Notes to Consolidated Financial Statements](index=90&type=section&id=Item%208.7.%20Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed notes for major consolidated financial statement items, including assets, liabilities, and owners' equity - As of period-end, the company's monetary funds balance was **746 million CNY**, of which **1.0058 million CNY** were restricted funds (primarily deposits)[252](index=252&type=chunk) - Accounts receivable had a book balance of **660 million CNY** at period-end, with bad debt provisions of **40.2359 million CNY**, resulting in a book value of **619 million CNY**, and the top five customers' accounts receivable collectively accounted for **49.53%** of the total[262](index=262&type=chunk)[265](index=265&type=chunk) - Long-term equity investments had a book value of **69.5831 million CNY** at period-end, entirely comprising investments in joint venture Shandong Boqilin Friction Material Technology Co., Ltd[296](index=296&type=chunk)

浙江中晶科技股份有限公司 2025 年半年度报告全文 浙江中晶科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 浙江中晶科技股份有限公司 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。 | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 6 | | 第三节 管理层讨论与分析 9 | | 第四节 公司治理、环境和社会 18 | | 第五节 重要事项 20 | | 第六节 股份变动及股东情况 24 | | 第七节 债券相关情况 29 | | 第八节 财务报告 30 | | 第九节 其他报送数据 159 | 公司负责人徐一俊、主管会计工作负责人黄朝财及会计机构负责人(会计 主管人员)尹瑾声明：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。 本半年度报告中所涉及的未来计划、发展战略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。 ...

北京直真科技股份有限公司 2025 年半年度报告全文 北京直真科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略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，注意投资风险。 公司存在客户相对集中的风险、经营业绩季节性波动的风险、市场竞争加 剧的风险、研发投入效果不及预期的风险等，敬请广大投资者查阅本报告 "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"相关内 容。 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 北京直真科技股份有限公司 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。 公司负责人袁隽、主管会计工作负责人饶燕及会计机构负责人(会计主管 人员)胡旦声明：保证本半年度报告中财务报告的真实、准确、完整。 北京直真科技股份有限公司 2025 年 ...

广州迈普再生医学科技股份有限公司 2025 年半年度报告全文 广州迈普再生医学科技股份有限公司 2025 年半年度报告 公告编号：2025-059 2025 年 8 月 22 日 1 广州迈普再生医学科技股份有限公司 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。 公司负责人袁玉宇、主管会计工作负责人骆雅红及会计机构负责人(会计 主管人员)孙治国声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等前瞻性陈述，均不构成公司对 任何投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足够风 险认识，并且应当理解计划、预测与承诺之间的差异，最后公司敬请投资者 注意投资风险。 公司需遵守《深圳证券交易所上市公司自律监管指引第 4 号——创业板行 业信息披露》"第三章生物产业"之"第二节医疗器械业务"的披露要求。 请投资者注意阅读本报告"第三节 管理层讨论与分析"之"十、公司面临 ...

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This chapter defines key professional terms and company abbreviations used in the report, providing a foundation for understanding its content Definitions of Common Terms | Term | Definition | | :--- | :--- | | Company, Jishi Media | Jishi Media Co., Ltd. | | I-PON Technology | A PON solution based on 10-gigabit IP broadcast technology, providing ultra-bandwidth (10G and above) broadcast TV and broadband access services to users | | IDC | Internet Data Center | | IPTV | Interactive network television, a technology utilizing broadband networks to provide various interactive services to home users via IP protocol | [Company Profile and Key Financial Indicators](index=4&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key accounting data and financial performance metrics [Company Basic Information](index=4&type=section&id=I.%20Company%20Information) Jishi Media Co., Ltd., listed on the Shanghai Stock Exchange (stock code 601929), saw its legal representative resign in April 2025, with the General Manager now acting as Chairman - Company Chairman Chu Chunyan resigned on April 18, 2025, with Director and General Manager You Zhiqiang temporarily assuming the chairman's duties[10](index=10&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company reported operating revenue of 997.16 million yuan, a 8.70% increase, but net profit attributable to shareholders declined by 18.82% to -232.22 million yuan, with operating cash flow turning negative Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 997,162,843.58 | 917,357,198.69 | 8.70% | | Net Profit Attributable to Shareholders | -232,218,671.47 | -195,440,084.68 | -18.82% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -231,711,444.83 | -199,062,559.28 | -16.40% | | Net Cash Flow from Operating Activities | -19,748,306.57 | 135,012,910.12 | -114.63% | | **Asset Status** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **YoY Change (%)** | | Total Assets | 12,655,958,761.88 | 13,072,785,903.05 | -3.19% | | Net Assets Attributable to Shareholders | 5,119,046,213.51 | 5,366,047,007.69 | -4.60% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (CNY/share) | -0.0665 | -0.0560 | -18.75% | | Weighted Average ROE (%) | -4.42% | -3.01% | Decrease of 1.41 percentage points | [Non-Recurring Gains and Losses](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses totaled -0.51 million yuan, primarily from government subsidies and other non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 354,533.47 | | Government Grants Recognized in Current Profit/Loss | 2,296,130.65 | | Other Non-Operating Income and Expenses | -3,169,601.38 | | **Total** | **-507,226.64** | [Management Discussion and Analysis](index=8&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main business operations, core competencies, and key financial performance during the reporting period [Industry and Main Business Overview](index=8&type=section&id=I.%20Overview%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) As Jilin Province's sole cable TV operator, the company is transforming into a comprehensive cultural technology enterprise, focusing on smart broadcasting, data services, and digital innovation - The company's main business is divided into three segments, serving public, government/enterprise, and future vertical markets, reflecting a strategic shift from traditional broadcasting to diversified technology services[25](index=25&type=chunk)[30](index=30&type=chunk)[34](index=34&type=chunk) - Public customer business offers comprehensive smart broadcasting services including broadcast 5G, broadband internet, live TV, video-on-demand, IPTV, and smart home solutions[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Government and enterprise customer business leverages IDC and optical network resources to provide computing power leasing, big data applications, private network services, and social informatization solutions like smart cities and smart agriculture[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - Digital innovation services include data element services, localized deployment of large models (e.g., "Jilin Cultural Tourism Large Model"), and sales of digital products (e.g., AI all-in-one machines), exploring new growth areas[34](index=34&type=chunk)[35](index=35&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) In H1 2025, the company achieved "stable and improving" results with leading growth in government/enterprise business, while facing challenges like declining user retention and ARPU - The company's H1 operations showed a "stable and improving" trend, with government and enterprise business growth ranking first nationally, cable business "operation evaluation index" ranking third nationally, and digital transformation achievements recognized by national authorities[36](index=36&type=chunk)[38](index=38&type=chunk) - The mass market effectively mitigated user churn pressure through marketing activities; the enterprise market focused on key industries, signing projects in urban governance and data centers[37](index=37&type=chunk)[38](index=38&type=chunk) - The company faces four key challenges: weak user service system leading to declining renewal rates; low ARPU due to inefficient full-service synergy; imperfect market response mechanisms; and insufficient market development and innovation capabilities in subsidiaries[36](index=36&type=chunk) [Analysis of Core Competencies](index=15&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from its platform, extensive I-PON fiber network, centralized customer service, and proprietary I-PON technology with multiple patents - Platform Advantage: Established a "New Era Mainstream Media Convergence Platform" and a "Big Data Application Platform," driving transformation from digitalization to intelligence[41](index=41&type=chunk) - Network Advantage: Utilizes I-PON technology to build a province-wide fiber optic network covering **9.77 million households**, achieving 10-gigabit broadcast TV access[42](index=42&type=chunk) - Technological Advantage: The I-PON technology standard independently developed by its controlled subsidiary holds a leading edge in the industry, with multiple domestic and international invention patents and industry standards[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Key Operating Performance](index=17&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Operating revenue increased by 8.70%, but rising costs squeezed profit margins, and net cash flow from operating activities significantly declined due to reduced cash from sales Analysis of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 997,162,843.58 | 917,357,198.69 | 8.70 | Increase in business revenue | | Operating Cost | 899,804,312.40 | 804,372,190.20 | 11.86 | Increase in fixed costs | | Net Cash Flow from Operating Activities | -19,748,306.57 | 135,012,910.12 | -114.63 | Decrease in cash received from sales of goods and services | | Net Cash Flow from Financing Activities | 111,527,407.68 | -182,970,027.86 | 160.95 | Increase in cash received from borrowings | Analysis of Changes in Key Asset and Liability Items | Item Name | End of Current Period (CNY) | End of Prior Year (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 179,432,894.03 | 310,257,242.93 | -42.17 | Due to loan repayment | | Short-term Borrowings | 727,993,239.09 | 406,356,592.59 | 79.15 | Due to new borrowings | | Non-current Liabilities Due Within One Year | 1,427,718,511.51 | 806,414,279.99 | 77.05 | Due to increase in bonds payable due within one year | | Bonds Payable | 0 | 797,969,055.62 | -100.00 | Reclassified to bonds payable due within one year | - Among the company's major controlled and associate companies, Jilin Northeast Asia Big Data Co., Ltd. and Jishi Media Venture Capital Co., Ltd. incurred significant losses during the reporting period, with net profits of **-246 million yuan** and **-52 million yuan**, respectively[56](index=56&type=chunk) [Other Disclosures](index=24&type=section&id=V.%20Other%20Disclosures) The company faces market competition and technological risks from emerging media and rapid tech iteration, while also emphasizing investor returns through share repurchases and a market value management system - Market Competition Risk: Emerging media such as IPTV, internet TV, and mobile video are increasingly diverting users from traditional broadcast TV services, intensifying industry competition and increasing user churn risk[58](index=58&type=chunk) - Technological Risk: The shortening upgrade cycle of internet technology puts pressure on the company's technical team and capital expenditures[58](index=58&type=chunk) - To prioritize investor returns, the company completed a share repurchase in 2024, buying back **50.9135 million shares**, representing **1.46%** of its total share capital[59](index=59&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's board and senior management, as well as its profit distribution plans [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company experienced personnel changes, with the Chairman and a Supervisor resigning, and a new Vice General Manager appointed Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Chu Chunyan | Chairman | Resigned | | Cui Feng | Supervisor | Resigned | | Wang Jiujiu | Vice General Manager | Appointed | [Profit Distribution Plan](index=25&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Plan) The company has no profit distribution or capital reserve to share capital plan for the first half of 2025 - The proposed semi-annual profit distribution plan and capital reserve to share capital plan is "none"[64](index=64&type=chunk)[65](index=65&type=chunk) [Significant Matters](index=26&type=section&id=Item%205.%20Significant%20Matters) This section details significant related-party transactions during the reporting period [Significant Related-Party Transactions](index=27&type=section&id=IX.%20Significant%20Related-Party%20Transactions) The company engaged in related-party transactions with Jilin Xiangyun, providing services like property leasing, data transmission, and system integration, with an estimated annual total of 79 million yuan - The company provides services such as property leasing, data transmission, and system integration to related party Jilin Xiangyun, with an estimated annual transaction total of up to **79 million yuan**[68](index=68&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's shareholder structure, including the total number of shareholders and the top ten shareholders [Shareholder Information](index=31&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had 113,511 common shareholders, with Jilin Broadcasting Station and its subsidiary being the largest shareholders, holding a combined 31.4% - As of the end of the reporting period, the company had a total of **113,511 shareholders**[78](index=78&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Jilin Broadcasting Station | 995,697,364 | 28.53 | State-owned Legal Person | | Jilin Jishi Investment Co., Ltd. | 100,000,000 | 2.87 | State-owned Legal Person | | Changchun Broadcasting Station | 39,116,179 | 1.12 | State-owned Legal Person | | Yushu Rongxing Urban Development Co., Ltd. | 33,500,000 | 0.96 | State-owned Legal Person | | Huadian Cultural Tourism Development Co., Ltd. | 27,976,218 | 0.80 | State-owned Legal Person | - Jilin Broadcasting Station and Jilin Jishi Investment Co., Ltd. are parties acting in concert[81](index=81&type=chunk) [Bond-Related Information](index=33&type=section&id=Item%207.%20Bond-Related%20Information) This section details the company's outstanding bonds and analyzes its key solvency indicators, which show a weakening trend [Company Bond Information](index=33&type=section&id=I.%20Company%20Bonds%20(Including%20Corporate%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company has one outstanding private placement bond, "23 Jishi 01," with an 800 million yuan balance and a 5.00% interest rate, maturing in 2026 Basic Information on Company Bonds | Bond Abbreviation | Bond Code | Bond Balance (CNY) | Interest Rate (%) | Maturity Date | | :--- | :--- | :--- | :--- | :--- | | 23 Jishi 01 | 250052.SH | 800,000,000.00 | 5.00 | April 3, 2026 | Key Solvency Financial Indicators | Key Indicator | End of Current Period/Current Period | End of Prior Year/Prior Year Period | Reason for Change | | :--- | :--- | :--- | :--- | | Current Ratio | 0.38 | 0.43 | Due to decrease in cash and cash equivalents | | Quick Ratio | 0.20 | 0.27 | Due to decrease in cash and cash equivalents | | Asset-Liability Ratio (%) | 59.25 | 58.57 | Due to decrease in assets | | Interest Coverage Ratio | -1.40 | -0.95 | Due to decrease in profit | | Cash Interest Coverage Ratio | -0.18 | 1.18 | Due to decrease in net cash flow from operating activities | [Financial Report](index=36&type=section&id=Item%208.%20Financial%20Report) This comprehensive section includes the company's unaudited semi-annual financial statements, basic company information, and significant accounting policies [Financial Statements](index=36&type=section&id=II.%20Financial%20Statements) This chapter presents the company's unaudited semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity, and parent company statement of changes in owner's equity[90](index=90&type=chunk)[94](index=94&type=chunk)[97](index=97&type=chunk)[101](index=101&type=chunk)[104](index=104&type=chunk)[108](index=108&type=chunk)[111](index=111&type=chunk)[118](index=118&type=chunk) [Company Basic Information](index=58&type=section&id=III.%20Company%20Basic%20Information) This chapter details the company's historical evolution from its 2001 founding to its 2012 IPO, alongside its extensive business scope covering traditional cable TV to emerging cloud and telecom services - The company was established in January 2010 through a comprehensive restructuring of Jilin Provincial Radio and Television Information Network Group Co., Ltd., and listed in February 2012[123](index=123&type=chunk)[127](index=127&type=chunk) - The company's business scope is extensive, covering broadcast television, communication networks, information services, system integration, cloud platform services, and basic and value-added telecommunications services[131](index=131&type=chunk) [Significant Accounting Policies and Estimates](index=61&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter outlines the company's key accounting policies and estimates, including financial instrument classification, revenue recognition, long-term equity investments, investment property measurement, and fixed asset depreciation - Financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and based on the going concern assumption[133](index=133&type=chunk)[134](index=134&type=chunk) - Revenue Recognition: Revenue is recognized when the customer obtains control of the related goods or services[226](index=226&type=chunk) - Investment Properties: Subsequent measurement is performed using the fair value model[196](index=196&type=chunk) - Long-term Equity Investments: Accounted for using the cost method for subsidiaries and the equity method for associates and joint ventures[191](index=191&type=chunk)[192](index=192&type=chunk) [Notes to Consolidated Financial Statement Items](index=96&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on major consolidated financial statement items, including accounts receivable, fixed assets, construction in progress, goodwill, and borrowings - Accounts receivable balance at period-end was **910 million yuan**, with bad debt provisions of **317 million yuan**, resulting in a carrying value of **592 million yuan**. Accounts receivable overdue for more than one year accounted for approximately **42.5%** of the balance[257](index=257&type=chunk)[258](index=258&type=chunk) - Fixed assets carrying value at period-end was **7.725 billion yuan**, with transmission lines and equipment accounting for the largest portion at **5.492 billion yuan**[311](index=311&type=chunk)[313](index=313&type=chunk) - Construction in progress carrying value at period-end was **1.049 billion yuan**, primarily invested in new urban network construction, renovation, and private network projects[327](index=327&type=chunk)[328](index=328&type=chunk) - Short-term borrowings balance at period-end was **728 million yuan**, and long-term borrowings balance was **3.102 billion yuan**[357](index=357&type=chunk)[381](index=381&type=chunk)