优利德科技（中国）股份有限公司2025 年半年度报告 公司代码：688628 公司简称：优利德 优利德科技（中国）股份有限公司 2025 年半年度报告 1 / 236 优利德科技（中国）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营构成实质性影响的重大风险。公司已于本报告中详细描述 了存在的相关风险，详见"第三节管理层讨论与分析"中关于公司风险因素的相应内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人洪少俊、主管会计工作负责人张兴及会计机构负责人（会计主管人员）高志超 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司 2025 年度半年度利润分配预案为：公司拟以实施权益分派股权登记日登记的总股本扣减 公司回购专用证券账户中股份为基数，向全体股东每 10 股派发现金红利 3.00 元（含 ...

[Section 1 Definitions](index=5&type=section&id=Section%201%20Definitions) This section defines key terms, company and subsidiary names, and technical acronyms like FFC, LED, and RoHS for clarity [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) Key terms, company and subsidiary names, and technical acronyms such as FFC, LED, and RoHS are defined for clear understanding - The report defines abbreviations for the company and its subsidiaries, such as Lair Technology, Hehui Electronics, Shirui Technology, and Jingyan Technology[13](index=13&type=chunk) - Multiple professional technical and material terms are explained, including FFC (Flexible Flat Cable), LED (Light Emitting Diode), PET (Polyethylene Terephthalate), PI (Polyimide), PVC (Polyvinyl Chloride), MCC (Micro Coaxial Cable), RoHS (Restriction of Hazardous Substances Directive), UV (Ultraviolet), V-By-ONE (Digital Interface Standard), and carbon-coated foil[13](index=13&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, disclosure changes, stock information, and key financial performance metrics [I. Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) This section details the company's official names, legal representative, registered address, website, email, and lists its main subsidiaries - The company's Chinese abbreviation is “莱尔科技” (Lair Technology), and its legal representative is Wu Zhongqian[14](index=14&type=chunk) - The company's registered address changed in May 2023 to No 1-1, Shunhong Road, Wusha Community, Daliang Street, Shunde District, Foshan City, Guangdong Province[14](index=14&type=chunk) - The company owns several wholly-owned and controlled subsidiaries, including Hehui Electronics, Shirui Technology, Jingyan Technology, Foshan Dawei, Guangdong Yida, Sichuan Lair, Chengdu Lair, Henan Lair, and Herui Technology (Hong Kong) Holdings Limited[13](index=13&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including addresses, phone numbers, fax, and email - The Board Secretary is Liang Yunxiang, and the Securities Affairs Representative is Wu Qi, both with the contact address at No 1, Shunhong Road, Wusha Community, Daliang Street, Shunde District, Foshan City, Guangdong Province[15](index=15&type=chunk) [III. Brief Introduction to Information Disclosure and Document Placement Location Changes](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Information%20Disclosure%20and%20Document%20Placement%20Location%20Changes) This section outlines the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report placement - The company designates China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily as its information disclosure newspapers[16](index=16&type=chunk) - The semi-annual report is published on the Shanghai Stock Exchange website (http://www.sse.com.cn)[16](index=16&type=chunk) [IV. Overview of Company Shares/Depositary Receipts](index=6&type=section&id=IV.%20Overview%20of%20Company%20Shares%2FDepositary%20Receipts) This section provides a brief overview of the company's A-share listing on the Shanghai Stock Exchange STAR Market, including its stock abbreviation and code - The company's A-shares are listed on the Shanghai Stock Exchange STAR Market, with stock abbreviation “莱尔科技” (Lair Technology) and stock code 688683[17](index=17&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved significant growth in revenue and net profit, driven by the rapid expansion of its new energy battery current collector business Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 384,308,029.15 | 226,905,356.11 | 69.37 | | Total Profit | 22,264,342.17 | 18,582,540.94 | 19.81 | | Net Profit Attributable to Shareholders of Listed Company | 19,932,472.02 | 17,560,800.50 | 13.51 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 17,788,422.00 | 16,029,672.37 | 10.97 | | Net Cash Flow from Operating Activities | 920,808.43 | 15,061,282.99 | -93.89 | | Basic Earnings Per Share (RMB/share) | 0.13 | 0.11 | 18.18 | | Diluted Earnings Per Share (RMB/share) | 0.13 | 0.11 | 18.18 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (RMB/share) | 0.12 | 0.10 | 20.00 | | Weighted Average Return on Net Assets (%) | 1.97 | 1.73 | Increased by 0.24 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | 1.76 | 1.58 | Increased by 0.18 percentage points | | R&D Investment as % of Operating Revenue (%) | 5.16 | 6.36 | Decreased by 1.20 percentage points | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,012,806,005.81 | 1,003,015,805.27 | 0.98 | | Total Assets (Period-end) | 1,542,625,750.12 | 1,451,886,440.69 | 6.25 | - Operating revenue significantly increased by **69.37%**, primarily due to active market expansion in the new energy battery current collector business[20](index=20&type=chunk)[21](index=21&type=chunk) - Net cash flow from operating activities decreased significantly by **93.89%** year-on-year, mainly due to increased working capital investment driven by the rapid growth of the new energy battery current collector business[22](index=22&type=chunk)[70](index=70&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to RMB 2.14 million, primarily from government subsidies and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -60,607.55 | | Government Subsidies Included in Current Profit and Loss | 2,518,619.26 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 264,512.13 | | Other Non-Operating Income and Expenses | -17,035.30 | | Other Income and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 55,358.82 | | Less: Income Tax Impact | 439,717.22 | | Minority Interest Impact (After Tax) | 177,080.13 | | **Total** | **2,144,050.02** | [Section 3 Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business operations, core competencies, risk factors, and key operating performance during the reporting period [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=9&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of functional materials, benefiting from AI technology innovation, growing demand for new energy materials, and green development trends - The company belongs to the computer, communication, and other electronic equipment manufacturing industry, specifically electronic components and special materials manufacturing[25](index=25&type=chunk) - Deep integration of AI technology is reshaping user experience, driving up AI smartphone penetration, with global AI smartphone share projected to reach **34% in 2025**[26](index=26&type=chunk) - The humanoid robot industry is at a critical turning point, with China's patent applications for humanoid robots expected to account for **2/3 of the global total in 2025**, accelerating penetration into household, industrial, and medical fields[27](index=27&type=chunk) - In H1 2025, national power battery cumulative installed capacity reached **299.6 GWh**, a year-on-year increase of **47.3%**, and new energy vehicle cumulative sales reached **6.937 million units**, a year-on-year increase of **40.3%**[29](index=29&type=chunk) - As of H1 2025, the cumulative installed capacity of new energy storage projects nationwide reached **94.91 GW / 222 GWh**, an increase of approximately **29%** from the end of 2024[30](index=30&type=chunk) - The company's main business involves R&D, production, and sales of functional materials, including functional coated films and application products, new energy battery current collectors, and carbon nanotube powders and slurries[32](index=32&type=chunk) [II. Discussion and Analysis of Operations](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company's operating revenue reached RMB 384.31 million, up 69.37%, and net profit attributable to shareholders was RMB 19.93 million, up 13.51%, driven by rapid growth in new energy battery current collectors Operating Performance for H1 2025 | Indicator | Amount (RMB 10,000) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 38,430.80 | 69.37 | | Net Profit Attributable to Shareholders of Listed Company | 1,993.25 | 13.51 | - The company's new energy battery current collector business achieved explosive growth, with revenue increasing by **408.33%** year-on-year, successfully ranking among the top three in the industry[36](index=36&type=chunk) - The company's functional coated film products successfully entered international connector giant clients, participating in FFC connection solution development and expanding application space in new energy vehicles[35](index=35&type=chunk) - The company has strategically developed new energy battery current collector products, including safety coatings, solid-state electrolyte coatings, functional thermal insulation coatings, carbon-coated copper foil for fast charging and silicon-carbon anodes, and special substrate-coated current collectors[37](index=37&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its technological advantages, synergistic industrial chain, diversified product portfolio, strong customer base, and robust talent team - The company and its subsidiaries are all National High-Tech Enterprises and Guangdong 'Specialized, Refined, Unique, and New' Enterprises, holding **362 patents**, including **83 invention patents**[39](index=39&type=chunk)[44](index=44&type=chunk) - The company's industrial chain synergy is evident in its functional coated film materials used in downstream FFC and flexible circuit board applications, extending upstream to carbon nanotubes and conductive slurries[40](index=40&type=chunk) - The company's product portfolio covers over a hundred types of film products across 3C, new energy vehicles, home appliances, servers, medical electronics, and security, with new additions in new energy power current collectors and carbon nanotube projects[41](index=41&type=chunk) - The company has established stable cooperative relationships with renowned enterprises such as Samsung, Foxconn, Sumitomo Japan, New Kinpo Group, Hisense Group, Jabil, and Luxshare Precision[42](index=42&type=chunk) - The company possesses an R&D team centered around Zhang Qiang, Zhou Songhua, and Luo Shaojing, continuously strengthening its talent pool through external recruitment and internal development[43](index=43&type=chunk) [IV. Risk Factors](index=20&type=section&id=IV.%20Risk%20Factors) The company faces various risks including new product R&D, loss of key technical personnel, patent infringement, raw material price fluctuations, high accounts receivable, declining gross margins, exchange rate volatility, and macroeconomic shifts - The company faces R&D risks for new products and technologies, requiring continuous innovation to meet the technological upgrade demands of downstream manufacturers[55](index=55&type=chunk) - There is a risk of losing key technical personnel, which could impact the company's technological leadership and competitiveness[56](index=56&type=chunk)[57](index=57&type=chunk) - As of June 30, 2025, the company's net accounts receivable amounted to **RMB 356.90 million**, accounting for **23.14%** of total assets, posing a risk of accounts receivable losses[60](index=60&type=chunk) - The company's main business export sales account for **12.11%** of its main business revenue, and fluctuations in the RMB exchange rate may lead to exchange losses[62](index=62&type=chunk) - Macroeconomic cyclical fluctuations may affect the prosperity of downstream industries such as consumer electronics, LED lighting, and new energy, thereby impacting the company's performance[67](index=67&type=chunk) [V. Key Operating Performance During the Reporting Period](index=22&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Operating revenue increased by 69.37% and net profit attributable to shareholders by 13.51%, driven by new energy battery current collector growth, while operating cash flow significantly decreased due to increased working capital Key Financial Data Changes for H1 2025 | Account | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 384,308,029.15 | 226,905,356.11 | 69.37 | New energy battery current collector business growth | | Operating Cost | 311,965,775.20 | 171,436,278.03 | 81.97 | Driven by revenue growth | | Financial Expenses | -376,451.66 | -2,403,176.29 | 84.34 | Decrease in interest income and exchange gains | | R&D Expenses | 19,828,133.47 | 14,423,220.37 | 37.47 | Increase in R&D investment | | Net Cash Flow from Operating Activities | 920,808.43 | 15,061,282.99 | -93.89 | Increase in working capital investment | | Net Cash Flow from Investing Activities | -20,536,441.17 | -144,925,121.59 | 85.83 | Decrease in fixed asset investment | | Net Cash Flow from Financing Activities | -3,099,584.73 | 10,543,335.25 | -129.40 | Decrease in capital contributions from minority shareholders | Asset and Liability Changes for H1 2025 | Item Name | Current Period-end Amount (RMB) | Change from Prior Year-end (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 119,062,369.71 | -18.19 | Payment for fixed asset purchases | | Financial Assets Held for Trading | 15,593,250.84 | -39.03 | Maturity and redemption of structured deposits | | Accounts Receivable | 356,898,583.82 | 42.42 | Rapid revenue growth | | Receivables Financing | 25,557,929.71 | 208.33 | Increase in bank acceptance bills received | | Accounts Payable | 192,083,579.30 | 81.74 | Increase in payables for goods | - As of the end of the reporting period, the company's overseas assets amounted to **RMB 3.264 million**, accounting for **0.21%** of total assets[74](index=74&type=chunk) - On July 7, 2025, the company signed an investment agreement to acquire **60% equity** in Guangdong Tianyuan Schleiter New Material Co., Ltd., making it a controlled subsidiary[78](index=78&type=chunk) - Key controlled subsidiaries include Foshan Shunde Hehui Electronics Co., Ltd., Foshan Dawei Technology Co., Ltd., and Henan Lair New Material Technology Co., Ltd., whose operating revenue and net profit significantly impact the company[80](index=80&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=28&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's key personnel, profit distribution plans, and employee incentive programs, reflecting its governance and social responsibilities [I. Changes in Company Directors, Supervisors, Senior Management, and Core Technical Personnel](index=28&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, core technical personnel Zhou Yanfa resigned due to personal reasons and no longer holds any position in the company - Core technical personnel Zhou Yanfa resigned in August 2025 due to personal reasons and no longer holds any position in the company[83](index=83&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=28&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) During the reporting period, the company's board of directors resolved that there was no profit distribution or capital reserve conversion plan - The company has no profit distribution or capital reserve to share capital conversion plan for this reporting period[83](index=83&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) In July 2025, the company approved the '2025 Employee Stock Ownership Plan (Draft)' and its summary, agreeing to implement the employee stock ownership plan - On July 3 and 23, 2025, the company reviewed and approved the '2025 Employee Stock Ownership Plan (Draft)' and its summary, agreeing to implement the employee stock ownership plan[84](index=84&type=chunk)[85](index=85&type=chunk) [Section 5 Significant Matters](index=30&type=section&id=Section%205%20Significant%20Matters) This section details the company's fulfillment of commitments, absence of illegal guarantees, significant litigation, related party transactions, major contracts, and progress on raised funds utilization [I. Fulfillment of Commitments](index=30&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its actual controllers, shareholders, and related parties strictly fulfilled all commitments related to initial public offering and refinancing during the reporting period - Directors, supervisors, senior management, and Foshan Hexin committed not to transfer or entrust others to manage their directly or indirectly held company shares within **12 months** from the date of the company's initial public offering and listing[87](index=87&type=chunk)[91](index=91&type=chunk) - Controlling shareholder Tenair and actual controller Wu Zhongqian committed to long-term holding of company shares, and that the reduction price within **two years** after the lock-up period expires will not be lower than the issue price[96](index=96&type=chunk)[97](index=97&type=chunk) - The company committed that if the prospectus contains false records, misleading statements, or major omissions, it will initiate a share repurchase program and compensate investors for losses[101](index=101&type=chunk) - The controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel all issued 'Commitment Letters to Avoid Horizontal Competition' and 'Commitment Letters to Avoid Fund Occupation', and committed to strictly fulfill them[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) - The company committed that for the next **three years** after listing, the annual cash dividend will be no less than **20%** of the distributable profit achieved in that year[105](index=105&type=chunk) [III. Illegal Guarantees](index=43&type=section&id=III.%20Illegal%20Guarantees) During the reporting period, the company had no instances of illegal guarantees - There were no illegal guarantees by the company during the reporting period[127](index=127&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=44&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) The company's controlled subsidiary, Henan Lair, is involved in a construction contract dispute with China Construction Fifth Engineering Bureau Co., Ltd., with its land use rights currently frozen - Controlled subsidiary Henan Lair is involved in a construction project contract dispute lawsuit with China Construction Fifth Engineering Bureau Co., Ltd., with the case currently in the first-instance trial stage[128](index=128&type=chunk) - The People's Court of Liangyuan District, Shangqiu City, Henan Province, ruled to seize the land use rights under Henan Lair's name[128](index=128&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=44&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court obligations or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity[129](index=129&type=chunk) [X. Significant Related Party Transactions](index=45&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company's estimated daily related party transactions for 2025 have been disclosed, including labor services provided to Guangdong Tianruide New Material Co., Ltd. in H1 - The company's estimated daily related party transactions for 2025 have been disclosed[130](index=130&type=chunk) - During the reporting period, the company provided labor services such as water, electricity, property management, and natural gas to related party Guangdong Tianruide New Material Co., Ltd., with a current period amount of **RMB 13,518.3**[169](index=169&type=chunk)[489](index=489&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=46&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company and its subsidiaries provided joint liability guarantees for Sichuan Lair's long-term loans totaling RMB 380 million, with RMB 155.35 million disbursed as of the reporting period end Guarantees by the Company and its Subsidiaries for Subsidiaries | Guarantor | Guaranteed Party | Guaranteed Amount (RMB) | Guarantee Start Date | Guarantee End Date | Guarantee Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Lair New Material Technology Co., Ltd. | Sichuan Lair New Material Technology Co., Ltd. | 380,000,000 | June 24, 2024 | June 30, 2032 | Joint and Several Liability Guarantee | | Chengdu Lair Nano Technology Co., Ltd. | Sichuan Lair New Material Technology Co., Ltd. | 380,000,000 | June 24, 2024 | June 30, 2032 | Joint and Several Liability Guarantee | - As of the end of the reporting period, the company's total guarantees amounted to **RMB 155.35 million**, accounting for **15.34%** of the company's net assets[134](index=134&type=chunk)[135](index=135&type=chunk) - The guarantees are primarily to meet the funding needs of controlled subsidiary Sichuan Lair for its 'Annual Production of **3,800 tons** of Carbon Nanotubes and **38,000 tons** of Carbon Nanotube Conductive Slurry Project'[135](index=135&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=49&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) As of the reporting period end, the company's IPO raised funds were 99.69% utilized, and funds from targeted issuance were 89.26% utilized, with some projects concluded and surplus funds transferred to working capital Overall Utilization of Raised Funds | Source of Raised Funds | Net Amount of Raised Funds (RMB) | Total Committed Investment (RMB) | Cumulative Investment as of Period-end (RMB) | Cumulative Investment Progress as of Period-end (%) | Amount Invested in Current Year (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering (IPO) | 294,836,106.50 | 553,660,000.00 | 293,918,028.08 | 99.69 | 505,542.35 | | Targeted Issuance of Shares | 117,475,061.59 | 120,999,981.97 | 104,853,039.38 | 89.26 | 4,085,006.45 | | **Total** | **412,311,168.09** | **674,659,981.97** | **398,771,067.46** | **-** | **4,590,548.80** | - On January 8, 2024, the company's board of directors approved the resolution to conclude certain raised fund investment projects and permanently transfer the remaining **RMB 15.54 million** to supplement working capital[141](index=141&type=chunk)[145](index=145&type=chunk) - During the reporting period, idle raised funds deposited in the company's special accounts generated a total interest income of **RMB 451,093.96**[144](index=144&type=chunk) [Section 6 Share Changes and Shareholder Information](index=54&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, total number of shareholders, and the shareholding structure of its top ten shareholders [I. Share Capital Changes](index=54&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[148](index=148&type=chunk) [II. Shareholder Information](index=54&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had 3,513 ordinary shareholders, with Guangdong Tenair Investment Co., Ltd. holding 51.55% and Fan Xiaoping holding 8.75% Top Ten Shareholders' Shareholding as of Period-end | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Guangdong Tenair Investment Co., Ltd. | 80,000,000 | 51.55 | Domestic Non-State-Owned Legal Person | | Fan Xiaoping | 13,575,060 | 8.75 | Domestic Natural Person | | Gong Weiquan | 3,796,493 | 2.45 | Domestic Natural Person | | Shanghai Ruiting Asset Management Co., Ltd. - Shanghai Ruiting Shouya Multi-Strategy No. 1 Private Securities Investment Fund | 2,080,000 | 1.34 | Other | | Liu Fangqiu | 1,461,200 | 0.94 | Domestic Natural Person | | Shi Yonghua | 1,379,062 | 0.89 | Domestic Natural Person | | Liu Xueheng | 1,267,661 | 0.82 | Domestic Natural Person | | Shanghai Ruiting Asset Management Co., Ltd. - Shanghai Ruiting Multi-Strategy No. 2 Private Securities Investment Fund | 1,198,000 | 0.77 | Other | | Foshan Hexin Investment Partnership (Limited Partnership) | 1,153,725 | 0.74 | Other | | Wang Yini | 1,122,150 | 0.72 | Domestic Natural Person | - As of the end of the reporting period, the total number of ordinary shareholders was **3,513**[149](index=149&type=chunk) - The company's special share repurchase account held **1,507,149 shares** as of the end of the reporting period, accounting for **0.97%** of the company's total share capital[152](index=152&type=chunk) - Mr Fan Xiaoping, the company's chairman, holds a **60.71%** capital contribution in Foshan Hexin[152](index=152&type=chunk) [Section 7 Bond-Related Information](index=59&type=section&id=Section%207%20Bond-Related%20Information) This section confirms the absence of company bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [I. Company Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=59&type=section&id=I.%20Company%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no company bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company had no company bonds or non-financial enterprise debt financing instruments during the reporting period[157](index=157&type=chunk) [II. Convertible Corporate Bonds](index=59&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds during the reporting period[157](index=157&type=chunk) [Section 8 Financial Report](index=60&type=section&id=Section%208%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and financial items [I. Audit Report](index=60&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report is unaudited[4](index=4&type=chunk)[159](index=159&type=chunk) [II. Financial Statements](index=60&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for H1 2025 - Consolidated balance sheet, consolidated income statement, consolidated cash flow statement, and consolidated statement of changes in owner's equity are provided[159](index=159&type=chunk)[165](index=165&type=chunk)[172](index=172&type=chunk)[178](index=178&type=chunk) - Parent company balance sheet, parent company income statement, parent company cash flow statement, and parent company statement of changes in owner's equity are provided[162](index=162&type=chunk)[169](index=169&type=chunk)[175](index=175&type=chunk)[188](index=188&type=chunk) [III. Company Basic Information](index=83&type=section&id=III.%20Company%20Basic%20Information) This section provides an overview of the company, including its name, listing information, registered capital, and share capital - The company was listed and traded on the Shanghai Stock Exchange STAR Market on April 12, 2021, with stock code '688683'[193](index=193&type=chunk) - As of June 30, 2025, the company's registered capital and share capital both amounted to **RMB 155,177,929.00**[193](index=193&type=chunk) [IV. Basis of Financial Statement Preparation](index=83&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to accounting standards and regulatory disclosure requirements, using accrual accounting and historical cost measurement - The financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and the China Securities Regulatory Commission's 'Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No 15'[194](index=194&type=chunk) - Accounting is based on the accrual method, and except for certain financial instruments, all measurements are based on historical cost[194](index=194&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=83&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's accounting policies and estimates for various items, including financial instruments, inventory, fixed assets, intangible assets, revenue recognition, and government grants - The company defines a business cycle as **12 months**, which serves as the criterion for classifying assets and liabilities as current or non-current[199](index=199&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[218](index=218&type=chunk) - For financial assets such as notes receivable, accounts receivable, and contract assets, the company accrues impairment provisions based on expected credit losses[229](index=229&type=chunk)[234](index=234&type=chunk) - Inventories are valued at actual cost upon acquisition, at weighted average cost upon issuance, and measured at the lower of cost or net realizable value, with provisions for inventory depreciation[242](index=242&type=chunk)[245](index=245&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **40 years** for buildings, **10 years** for machinery, **5 years** for transportation equipment, and **3 years** for electronic equipment and others[267](index=267&type=chunk) - Intangible assets (such as land use rights, patent rights, office software) are amortized using the straight-line method over their estimated useful lives[271](index=271&type=chunk)[272](index=272&type=chunk) - Revenue is recognized when customers obtain control of the related goods, primarily from sales of functional film materials, FFC flexible flat cables, LED flexible circuit boards, and carbon-coated aluminum foil[295](index=295&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized over the asset's useful life, while income-related grants are recognized in current profit or loss or deferred income based on the compensation object[298](index=298&type=chunk)[300](index=300&type=chunk) [VI. Taxation](index=112&type=section&id=VI.%20Taxation) This section outlines the company's main tax categories and rates, including VAT and corporate income tax, with several subsidiaries enjoying high-tech enterprise tax incentives and export tax rebates Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Based on taxable income | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Based on payable turnover tax | 7% | | Education Surcharge | Based on payable turnover tax | 3% | | Local Education Surcharge | Based on payable turnover tax | 2% | | Corporate Income Tax | Based on taxable income | 25%, 20%, 15% | - The company and several subsidiaries, including Hehui Electronics, Shirui Technology, and Dawei Technology, enjoy high-tech enterprise income tax preferential policies, paying corporate income tax at **15%**[312](index=312&type=chunk)[313](index=313&type=chunk) - Jingyan New Materials, Yida Electronics, Chengdu Lair, and other subsidiaries enjoy small and micro-profit enterprise income tax preferential policies, paying corporate income tax at a **20%** rate[314](index=314&type=chunk) - The export tax rebate rate for the company's functional film materials, LED flexible circuit boards, FFC flexible flat cables, MCC, and related products is **13%**[314](index=314&type=chunk) - The company and its subsidiaries Hehui Electronics, Shirui Technology, and Dawei Technology enjoy a **5%** additional VAT deduction policy for advanced manufacturing enterprises[314](index=314&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=114&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including cash, receivables, inventory, fixed assets, payables, and income/expense accounts, with period-end balances and changes Composition of Cash and Cash Equivalents (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Bank Deposits | 103,642,117.14 | | Accrued Interest | 1,491,780.83 | | Other Cash and Cash Equivalents | 13,928,471.74 | | **Total** | **119,062,369.71** | Classification of Notes Receivable (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Bank Acceptance Bills | 11,856,259.24 | | Commercial Acceptance Bills | 5,491,524.70 | | **Subtotal** | **17,347,783.94** | | Less: Impairment Provision | 202,247.76 | | **Total** | **17,145,536.18** | - The amount of bank acceptance bills endorsed or discounted and not yet due at period-end was **RMB 23,533,146.88**[320](index=320&type=chunk) Aging Analysis of Accounts Receivable (Period-end) | Aging | Period-end Book Balance (RMB) | | :--- | :--- | | Within 1 year | 357,684,551.25 | | 1 to 2 years | 3,700,825.48 | | 2 to 3 years | 3,329,146.16 | | Over 3 years | 1,966,787.32 | | **Subtotal** | **366,681,310.21** | | Less: Impairment Provision | 9,782,726.39 | | **Total** | **356,898,583.82** | Inventory Classification (Period-end) | Item | Book Balance (RMB) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Raw Materials | 31,657,466.66 | 1,822,480.16 | 29,834,986.50 | | Work in Progress | 3,630,302.54 | 0.00 | 3,630,302.54 | | Finished Goods | 28,688,087.48 | 3,682,664.37 | 25,005,423.11 | | Semi-finished Goods | 12,520,745.29 | 624,443.25 | 11,896,302.04 | | Outsourced Materials | 957,023.02 | 0.00 | 957,023.02 | | Goods in Transit | 2,791,245.80 | 154,360.34 | 2,636,885.46 | | **Total** | **80,244,870.79** | **6,283,948.12** | **73,960,922.67** | Book Value of Fixed Assets (Period-end) | Item | Period-end Book Value (RMB) | | :--- | :--- | | Buildings and Structures | 353,979,964.67 | | Machinery and Equipment | 115,598,084.98 | | Transportation Equipment | 5,141,363.41 | | Electronic Equipment and Others | 4,254,194.66 | | **Total** | **478,973,607.72** | - The book value of construction in progress at period-end was **RMB 249,538,552.03**, primarily comprising new plant construction and equipment awaiting installation[372](index=372&type=chunk) Book Value of Intangible Assets (Period-end) | Item | Period-end Book Value (RMB) | | :--- | :--- | | Land Use Rights | 76,439,132.23 | | Office Software | 2,771,513.43 | | Patent Rights | 13,636,618.58 | | **Total** | **92,847,264.24** | - The original book value of goodwill at period-end was **RMB 28,478,541.84**, primarily from Foshan Dawei Technology Co., Ltd and Guangdong Shunde Yida Electronic Film Devices Co., Ltd[378](index=378&type=chunk) Classification of Short-term Borrowings (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Credit Loans | 18,160,000.00 | | **Total** | **18,160,000.00** | Accounts Payable Listing (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Goods Payable | 157,125,267.10 | | Project Payables | 15,166,860.96 | | Equipment Payables | 10,440,179.86 | | Others | 9,351,271.38 | | **Total** | **192,083,579.30** | Employee Compensation Listing (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Salaries, Bonuses, Allowances, and Subsidies | 6,167,716.35 | | Union Funds and Employee Education Funds | 21,111.48 | | **Total** | **6,188,827.83** | Taxes Payable Listing (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Value-Added Tax (VAT) | 2,607,031.38 | | Corporate Income Tax | 1,076,407.46 | | Individual Income Tax | 216,557.86 | | Urban Maintenance and Construction Tax | 194,810.26 | | Education Surcharge | 83,490.12 | | Local Education Surcharge | 55,660.08 | | Stamp Duty | 158,964.78 | | Property Tax | 159,995.22 | | Land Use Tax | 50,005.77 | | **Total** | **4,602,922.93** | Classification of Long-term Borrowings (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Mortgage and Guaranteed Loans | 155,350,000.00 | | **Total** | **155,350,000.00** | Operating Revenue and Operating Cost (Current Period) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 375,044,851.59 | 306,161,881.23 | | Other Businesses | 9,263,177.56 | 5,803,893.97 | | **Total** | **384,308,029.15** | **311,965,775.20** | Composition of Selling Expenses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Employee Compensation | 5,099,662.55 | | Marketing and Promotion Fees | 1,375,663.25 | | Travel and Entertainment Expenses | 3,155,825.05 | | Depreciation and Amortization Expenses | 182,688.51 | | Others | 494,408.16 | | **Total** | **10,308,247.52** | Composition of Administrative Expenses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Employee Compensation | 12,927,002.69 | | Intermediary and Consulting Fees | 981,064.86 | | Office Expenses | 773,721.30 | | Business Entertainment Expenses | 741,508.72 | | Depreciation and Amortization Expenses | 2,308,291.79 | | Others | 2,673,093.60 | | **Total** | **20,404,682.96** | Composition of R&D Expenses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Personnel Expenses | 10,704,345.48 | | Direct Input Expenses | 7,189,283.81 | | Depreciation Expenses | 1,114,464.25 | | Outsourced R&D | 236,948.16 | | Others | 583,091.77 | | **Total** | **19,828,133.47** | Composition of Financial Expenses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Interest Expense | 517,136.31 | | Less: Interest Income | -832,200.34 | | Add: Exchange Gains and Losses | -191,051.29 | | Bank Charges | 129,663.66 | | **Total** | **-376,451.66** | Composition of Investment Income (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | 4,959.77 | | Wealth Management Income | 56,840.56 | | **Total** | **61,800.33** | Composition of Credit Impairment Losses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Impairment Loss on Notes Receivable | 5,207.75 | | Impairment Loss on Accounts Receivable | 212,286.02 | | Impairment Loss on Other Receivables | 179,700.00 | | **Total** | **397,193.77** | Composition of Asset Impairment Losses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Inventory Impairment Loss and Contract Performance Cost Impairment Loss | -1,508,690.98 | | **Total** | **-1,508,690.98** | Composition of Income Tax Expense (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Current Income Tax Expense | 2,278,256.19 | | Deferred Income Tax Expense | -461,335.66 | | **Total** | **1,816,920.53** | Supplementary Information to Cash Flow Statement (Current Period) | Supplementary Information | Current Period Amount (RMB) | | :--- | :--- | | Net Profit | 20,447,421.64 | | Add: Asset Impairment Provisions | 1,508,690.98 | | Credit Impairment Losses | -397,193.77 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 12,780,720.84 | | Amortization of Intangible Assets | 2,400,590.34 | | Amortization of Long-term Deferred Expenses | 679,788.13 | | Losses from Disposal of Fixed Assets, Intangible Assets, and Other Long-term Assets | 54,765.60 | | Losses from Scrapping Fixed Assets | 5,841.95 | | Losses from Fair Value Changes | -207,671.57 | | Investment Losses | -61,800.33 | | Decrease in Deferred Income Tax Assets | -271,436.30 | | Increase in Deferred Income Tax Liabilities | -189,929.36 | | Decrease in Inventories | 6,836,078.53 | | Decrease in Operating Receivables | -121,992,587.97 | | Increase in Operating Payables | 79,327,529.72 | | **Net Cash Flow from Operating Activities** | **920,808.43** | [VIII. R&D Expenses](index=157&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, the company's total R&D investment was RMB 19.83 million, entirely expensed, primarily for personnel and direct input costs R&D Expenses by Nature of Expense (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Personnel Expenses | 10,704,345.48 | | Direct Input Expenses | 7,189,283.81 | | Depreciation Expenses | 1,114,464.25 | | Outsourced R&D | 236,948.16 | | Others | 583,091.77 | | **Total** | **19,828,133.47** | - All R&D investments in the current period were expensed, with no capitalized R&D expenditures[453](index=453&type=chunk) [IX. Changes in Consolidation Scope](index=158&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the company's consolidation scope due to business combinations or disposals of subsidiaries - The company's consolidation scope did not change during the reporting period[158](index=158&type=chunk)[159](index=159&type=chunk) [X. Interests in Other Entities](index=159&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's group structure, including its nine subsidiaries, with information on their operations, registered capital, and equity stakes Composition of the Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (RMB 10,000) | Business Nature | Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Foshan Shunde Hehui Electronics Co., Ltd. | 3,100.00 | Computer, Communication, and Other Electronic Equipment Manufacturing | 100 (Direct) | Business Combination under Common Control | | Foshan Dawei Technology Co., Ltd. | 1,352.20 | Metal Products Manufacturing | 90 (Direct) | Business Combination not under Common Control | | Sichuan Lair New Material Technology Co., Ltd. | 10,000.00 | Non-metallic Mineral Products Manufacturing | 70 (Direct) | Establishment | | Henan Lair New Material Technology Co., Ltd. | 10,000.00 | Metal Products Manufacturing | 80 (Direct) | Establishment | Summarized Financial Information of Insignificant Associates (Current Period) | Item | Period-end Balance/Current Period Amount (RMB) | | :--- | :--- | | Total Book Value of Investments | 4,381,897.60 | | Net Profit | 4,959.77 | | Total Comprehensive Income | 4,959.77 | [XI. Government Grants](index=163&type=section&id=XI.%20Government%20Grants) At period-end, deferred government grants totaled RMB 7.71 million, with RMB 2.52 million recognized in current profit or loss, primarily from provincial and municipal subsidies Liability Items Involving Government Grants (Period-end) | Financial Statement Item | Beginning Balance (RMB) | Decrease in Current Period (RMB) | Period-end Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,999,082.31 | 289,019.26 | 7,710,063.05 | Asset Related | | **Total** | **7,999,082.31** | **289,019.26** | **7,710,063.05** | **-** | Government Grants Recognized in Current Profit or Loss (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Guangdong Provincial Department of Commerce 2022 Provincial Stable Foreign Trade Subsidy Funds | 20,000.00 | | 2023 National and Provincial Major Science and Technology Special Project Municipal Matching Reward and Subsidy Funds Project | 450,000.00 | | Digital and Intelligent Transformation Development Project Loan Interest Subsidy Project | 212,420.01 | | Post-Event Reward and Subsidy for Industrial Enterprise Technological Transformation | 173,708.57 | | Technological Transformation Project Subsidy | 115,310.69 | | 2024 Provincial Department of Industry and Information Technology Government Subsidy (New Energy Carbon-Coated Aluminum Foil Industrialization) | 1,580,000.00 | | Preferential Reductions for Key Groups | 19,500.00 | | Henan Province 2025 Industrial Enterprise Q1 Full-Load Production Award | 200,000.00 | | Foshan City Manufacturing Digital and Intelligent Transformation Project | 380,100.00 | | Meishan City Incentive for Enterprises to Continue Production and Work Award | 50,000.00 | | **Total** | **2,518,619.26** | [XII. Risks Related to Financial Instruments](index=164&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages market risks (exchange rate, interest rate), credit risk, and liquidity risk through various strategies, including foreign currency transactions, credit limits, and maintaining sufficient cash - The company's main financial instruments include cash and cash equivalents, financial assets and liabilities held for trading, borrowings, receivables, and payables[465](index=465&type=chunk) - The company's foreign exchange risk is primarily related to the US dollar, managed through market exchange rate foreign currency transactions and forward foreign exchange settlement and sales[467](index=467&type=chunk) - As of June 30, 2025, the company's interest-bearing debt primarily consisted of RMB-denominated fixed-rate contracts, totaling **RMB 173,510,000.00**[468](index=468&type=chunk) - Credit risk primarily arises from financial assets, managed through procedures such as setting credit limits, credit approval, and recovering overdue receivables[469](index=469&type=chunk)[470](index=470&type=chunk) - The company manages liquidity risk by maintaining sufficient cash and cash equivalents and monitoring the utilization of bank borrowings[472](index=472&type=chunk) Analysis of Financial Liabilities by Undiscounted Remaining Contractual Obligations Maturity (Period-end) | Item | Within 1 year (RMB) | 8 years (RMB) | | :--- | :--- | :--- | | Short-term Borrowings | 18,160,000.00 | - | | Notes Payable | 37,426,491.45 | - | | Accounts Payable | 192,083,579.30 | - | | Other Payables | 5,769,038.05 | - | | Long-term Borrowings (Including Interest) | - | 155,350,000.00 | | Other Current Liabilities | 23,571,447.28 | - | Financial Assets Derecognized Due to Transfer (Current Period) | Item | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets (RMB) | | :--- | :--- | :--- | | Unmatured Acceptance Bills in Receivables Financing | Endorsement | 103,886,304.79 | Transferred Financial Assets with Continuing Involvement (Period-end) | Item | Method of Asset Transfer | Amount of Assets Arising from Continuing Involvement (RMB) | Amount of Liabilities Arising from Continuing Involvement (RMB) | | :--- | :--- | :--- | :--- | | Unmatured Acceptance Bills in Notes Receivable | Endorsement | 23,533,146.88 | 23,533,146.88 | [XIII. Disclosure of Fair Value](index=167&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value at period-end, including financial assets held for trading and receivables financing, using Level 1 and Level 2 fair value measurements Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 15,593,250.84 | - | 15,593,250.84 | | Receivables Financing | - | 25,557,929.71 | 25,557,929.71 | | **Total Assets Continuously Measured at Fair Value** | **15,593,250.84** | **25,557,929.71** | **41,151,180.55** | - Financial assets held for trading use public market quotations as the basis for market price determination[481](index=481&type=chunk) - Receivables financing (bank acceptance bills) uses the face amount as fair value due to its short remaining maturity[482](index=482&type=chunk) [XIV. Related Parties and Related Party Transactions](index=168&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section identifies the company's related parties and details significant related party transactions during the reporting period, including sales, services, leases, and key management compensation - The company's parent company is Guangdong Tenair Investment Co., Ltd, with a shareholding of **51.55%**, and the ultimate controlling party is Wu Zhongqian[485](index=485&type=chunk) - During the reporting period, the company provided labor services such as water, electricity, property management, and natural gas to associate Guangdong Tianruide New Material Co., Ltd, with a current period amount of **RMB 13,518.3**[489](index=489&type=chunk) - As a lessor, the company leased properties to Guangdong Tianruide New Material Co., Ltd, recognizing lease income of **RMB 72,792.66** in the current period[491](index=491&type=chunk) Key Management Personnel Compensation | Item | Current Period Amount (RMB 10,000) | Prior Period Amount (RMB 10,000) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 558.36 | 450.19 | Receivables from Related Parties (Period-end) | Item Name | Related Party | Book Balance (RMB) | Impairment Provision (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Guangdong Tianruide New Material Co., Ltd. | 97.64 | 4.88 | Payables to Related Parties (Period-end) | Item Name | Related Party | Period-end Book Balance (RMB) | | :--- | :--- | :--- | | Other Payables | Guangdong Tianruide New Material Co., Ltd. | 79,344 | [XV. Share-based Payment](index=173&type=section&id=XV.%20Share-based%20Payment) During the reporting period, the company had no share-based payment arrangements, including equity-settled or cash-settled plans, or related expenses - The company had no share-based payment related situations during the reporting period[173](index=173&type=chunk) [XVI. Commitments and Contingencies](index=173&type=section&id=XVI.%20Commitments%20and%20Contingencies) During the reporting period, the company had no significant commitments or contingencies requiring disclosure - The company had no significant commitments or contingencies during the reporting period[173](index=173&type=chunk) [XVII. Events After the Balance Sheet Date](index=174&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) From the reporting period end to the approval date of the financial report, the company had no significant non-adjusting events, profit distributions, sales returns, or other post-balance sheet events - The company had no significant non-adjusting events after the reporting period[174](index=174&type=chunk) [XVIII. Other Significant Matters](index=174&type=section&id=XVIII.%20Other%20Significant%20Matters) During the reporting period, the company had no prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, segment information, or other significant transactions - The company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, segment information, or other significant matters during the reporting period[174](index=174&type=chunk)[175](index=175&type=chunk) [XIX. Notes to Parent Company Financial Statement Major Items](index=175&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section provides detailed notes on the parent company's financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income Aging Analysis of Parent Company Accounts Receivable (Period-end) | Aging | Period-end Book Balance (RMB) | | :--- | :--- | | Within 1 year | 116,223,733.82 | | 1 to 2 years | 1,165,956.09 | | 2 to 3 years | 2,670,522.77 | | Over 3 years | 1,526,209.52 | | **Subtotal** | **121,586,422.20** | | Less: Impairment Provision | 4,783,996.12 | | **Total** | **116,802,426.08** | Parent Company Other Receivables Listing (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Dividends Receivable | 15,000,000.00 | | Other Receivables | 44,599,507.75 | | **Total** | **59,599,507.75** | - Parent company's dividends receivable primarily from Foshan Shunde Hehui Electronics Co., Ltd, with a period-end balance of **RMB 15,000,000.00**[516](index=516&type=chunk) Parent Company Long-term Equity Investments (Period-end) | Item | Book Value (RMB) | | :--- | :--- | | Investments in Subsidiaries | 372,970,942.01 | | Investments in Associates and Joint Ventures | 4,381,897.60 | | **Total** | **377,352,839.61** | Parent Company Operating Revenue and Operating Cost (Current Period) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 102,360,614.58 | 78,763,721.70 | | Other Businesses | 10,739,881.03 | 9,870,790.51 | | **Total** | **113,100,495.61** | **88,634,512.21** | Parent Company Investment Income (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Cost Method | 30,000,000.00 | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | 4,959.77 | | **Total** | **30,004,959.77** | [XX. Supplementary Information](index=185&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, and key metrics such as return on net assets and earnings per share Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -60,607.55 | | Government Subsidies Included in Current Profit and Loss | 2,518,619.26 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 264,512.13 | | Other Non-Operating Income and Expenses | -17,035.30 | | Other Income and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 55,358.82 | | Less: Income Tax Impact | 439,717.22 | | Minority Interest Impact (After Tax) | 177,080.13 | | **Total** | **2,144,050.02** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB) | Diluted Earnings Per Share (RMB) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 1.97 | 0.13 | 0.13 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 1.76 | 0.12 | 0.12 |

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[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section provides crucial information regarding the company's profit distribution plan and risk disclosures [Profit Distribution Plan](index=2&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) The board approved a semi-annual profit distribution plan for 2025, proposing a cash dividend of 2 yuan (tax inclusive) per 10 shares, totaling 60.61 million yuan, with no capital reserve conversion 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Description | | :--- | :--- | | Cash dividend per 10 shares (tax inclusive) | 2 Yuan | | Total share capital (as of August 20, 2025) | 303,049,751 Shares | | Total proposed cash dividend (tax inclusive) | 60,609,950.20 Yuan | | Capital reserve conversion to share capital | No | - If total share capital changes between the disclosure date and the equity distribution record date, the company will maintain the per-share distribution ratio, adjusting the total distribution amount accordingly[5](index=5&type=chunk) [Risk Statement and Disclaimer](index=2&type=section&id=%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E%E4%B8%8E%E6%8F%90%E7%A4%BA) The company clarifies that forward-looking statements are not substantive commitments and advises investors to be aware of investment risks, noting no major risks in the reporting period - Forward-looking statements do not constitute substantive commitments; investors should be aware of investment risks[6](index=6&type=chunk) - No major risk matters existed during the reporting period; detailed risks are disclosed in "Section III Management Discussion and Analysis V. Other Disclosure Matters (I) Potential Risks" chapter[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including abbreviations for the company, its predecessors, subsidiaries, affiliates, and key partners, to ensure clear understanding [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter provides definitions for frequently used terms, ensuring clarity and consistency throughout the report - "The Company", "Company", and "Huakang Shares" all refer to Zhejiang Huakang Pharmaceutical Co., Ltd[13](index=13&type=chunk) - Lists abbreviations for several subsidiaries and affiliates, including Huakang Limited, Kaihua Huakang Pharmaceutical Factory, Jiaozuo Huakang, Sichuan Yanhua, Yibin Yanhua, Jinggong Agriculture, Yuxin Sugar Alcohol, Huakang Trading, and Huakang Europe[13](index=13&type=chunk) - Mentions well-known partners or affiliates such as Coca-Cola, PepsiCo, Nongfu Spring, and Citibank[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&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 presents the company's basic information and key financial performance metrics for the reporting period [Company Basic Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section outlines the company's fundamental registration details, contact information, disclosure channels, stock overview, and details of its accounting firm and sponsor Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | Zhejiang Huakang Pharmaceutical Co., Ltd. | | Stock Abbreviation | Huakang Shares | | Stock Code | 605077 | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | Chen Deshui | - Company's registered and office address is located at No. 18 Huagong Road, Huabu Town, Kaihua County, Zhejiang Province[17](index=17&type=chunk) - Information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily; the designated website is http://www.sse.com.cn/[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%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) Revenue grew significantly by 37.32% due to new production lines, but net profit attributable to shareholders decreased by 3.38% due to lower gross margins and convertible bond interest expense, while operating cash flow surged by 247.72% Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,865,861,711.37 Yuan | 1,358,743,168.18 Yuan | 37.32 | | Total Profit | 150,412,515.85 Yuan | 146,185,849.78 Yuan | 2.89 | | Net Profit Attributable to Listed Company Shareholders | 133,705,194.39 Yuan | 138,380,202.93 Yuan | -3.38 | | Net Cash Flow from Operating Activities | 83,163,471.32 Yuan | -56,296,980.30 Yuan | 247.72 | | Total Assets (Current Period End vs. Prior Year End) | 7,564,597,016.89 Yuan | 6,992,028,952.79 Yuan | 8.19 | | Net Assets Attributable to Listed Company Shareholders (Current Period End vs. Prior Year End) | 3,230,073,124.83 Yuan | 3,243,431,005.24 Yuan | -0.41 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.45 | 0.46 | -2.17 | | Diluted Earnings Per Share (Yuan/Share) | 0.42 | 0.39 | 7.69 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/Share) | 0.41 | 0.44 | -6.82 | | Weighted Average Return on Net Assets (%) | 4.13 | 4.39 | -0.26 | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 3.75 | 4.13 | -0.38 | - Operating revenue increased by **37.32%**, primarily due to the gradual commissioning of new production lines at Zhoushan Huakang, generating sales revenue[23](index=23&type=chunk) - Net profit attributable to listed company shareholders decreased by **3.38%**, mainly due to a decline in gross profit margin from increased liquid product business at Zhoushan Huakang and the capitalization of convertible bond interest[23](index=23&type=chunk) - Net cash flow from operating activities increased by **247.72%**, primarily due to increased cash received from sales during the period[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring gains and losses for the period amounted to 12.19 million yuan, mainly from government subsidies, fair value changes of financial assets/liabilities, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -206,527.85 | | Government grants recognized in current profit or loss | 3,283,698.32 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | 10,476,810.81 | | Other non-operating income and expenses apart from the above | 1,189,284.58 | | Less: Income tax impact | 2,552,091.05 | | Impact on minority interests (after tax) | -0.77 | | Total | 12,191,175.58 | [Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) Net profit after deducting share-based payment impact for the current reporting period was 138.21 million yuan, a decrease of 11.63% compared to the same period last year Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 138,208,183.35 Yuan | 156,389,454.39 Yuan | -11.63 | [Section III Management Discussion and Analysis](index=8&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 provides an in-depth analysis of the company's industry, main business operations, financial performance, core competitiveness, and potential risks during the reporting period [Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company specializes in R&D, production, and sales of functional sugar alcohols and starch sugars, operating within the food manufacturing sector, with a strong market position and expanding applications - The company's main business involves the R&D, production, and sales of **functional sugar alcohols and starch sugar products**, including xylitol, sorbitol, maltitol, erythritol, and high-fructose corn syrup[31](index=31&type=chunk)[41](index=41&type=chunk) - The global functional sugar alcohol market is projected to reach **$7.7 billion by 2030**, with a compound annual growth rate of approximately **6.7%**[32](index=32&type=chunk) - China's functional sugar alcohol output exceeded **1.89 million tons in 2024**, a **14.49% increase** from 2023, with the market size expected to reach **21 billion yuan by 2027**[33](index=33&type=chunk) - The company has become one of the world's leading producers of **xylitol, crystalline sorbitol, and crystalline maltitol**, with products sold in major domestic and international markets[41](index=41&type=chunk)[48](index=48&type=chunk) - The company employs a project-based R&D model, a make-to-order production model, and a sales strategy combining direct sales with trade customers[43](index=43&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) [Industry Overview](index=8&type=section&id=%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The functional sugar alcohol industry is experiencing stable growth globally and in China, driven by increasing demand for healthy food and personal care products, supported by national sugar reduction policies - Functional sugar alcohols, as low-calorie, non-cariogenic sweeteners, are widely used in food, beverages, and daily chemicals, driving continuous industry development[32](index=32&type=chunk) - China's functional sugar alcohol manufacturing is primarily concentrated in East and North China, establishing the country as a significant global producer of these products[34](index=34&type=chunk)[36](index=36&type=chunk) - The application fields for functional sugar alcohols such as sorbitol, xylitol, maltitol, and erythritol are continuously expanding, including their use in health foods and new beverage products[37](index=37&type=chunk) - High-fructose corn syrup is extensively used by renowned food and beverage companies like Coca-Cola, PepsiCo, Mengniu, Yili, and Nongfu Spring, indicating stable market demand[40](index=40&type=chunk) [Main Business Profile](index=10&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%A6%82%E5%86%B5) The company is a high-tech enterprise focused on the R&D, production, and sales of functional sugar alcohols and starch sugars, holding a leading position globally in xylitol, crystalline sorbitol, and crystalline maltitol production - The company's main products include **xylitol, sorbitol, maltitol, erythritol, and high-fructose corn syrup**[41](index=41&type=chunk) - The company's products are widely applied in downstream industries such as food, beverages, pharmaceuticals, and daily chemicals, having established long-term partnerships with well-known domestic and international enterprises[41](index=41&type=chunk) [Company's Main Business Model](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's operating model encompasses project-based R&D, procurement based on annual plans and market conditions, make-to-order production with strict quality control, and a sales approach primarily through direct channels, supplemented by B2B and B2C - The R&D model adopts a project-based system, covering improvements to existing products and processes, new product development, and fundamental research on functional sugar alcohol applications[43](index=43&type=chunk) - Key raw materials, including corn, starch, xylose, and corn cobs, are procured based on annual plans and market conditions[45](index=45&type=chunk) - The production model is make-to-order, with production plans formulated and dynamically adjusted based on sales and inventory levels[46](index=46&type=chunk) - The sales model is primarily direct, with market expansion through domestic and international business departments, complemented by B2B and B2C approaches[47](index=47&type=chunk) [Company's Industry Position](index=12&type=section&id=%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) The company holds a leading position in the sugar alcohol industry, recognized for its strong brand and reputation, designated as a "Manufacturing Single Champion Product" producer for xylitol, and actively involved in drafting national and industry standards - The company is a vice-chairman unit of the China Bio-Fermentation Industry Association and the China Starch Industry Association, participating in the drafting of over **40 national, industry, and group standards**[49](index=49&type=chunk) - The company has obtained multiple system certifications, including **GMP, ISO9001, ISO14001, ISO50001, ISO22000, OHSAS18001, FSSC22000, and Zhejiang Manufacturing**[49](index=49&type=chunk) - The company's food-grade xylitol product was recognized as a "Manufacturing Single Champion Product" and successfully re-evaluated in 2022[49](index=49&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company advanced its Zhoushan Huakang project and an acquisition, leading to a 37.32% revenue increase but a 3.38% net profit decrease, with future growth expected from project completion and the pending acquisition - The company continues to advance the Zhoushan Huakang "2 Million Tons Corn Deep Processing Healthy Food Ingredients Project" and the "Asset Acquisition by Issuing Shares and Paying Cash Project" to enhance overall competitiveness[50](index=50&type=chunk) Key Operating Data for H1 2025 | Indicator | Amount | | :--- | :--- | | Operating Revenue | 1.866 Billion Yuan | | Net Profit Attributable to Listed Company Shareholders | 0.134 Billion Yuan | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 0.122 Billion Yuan | | Net Assets Attributable to Listed Company Shareholders | 3.230 Billion Yuan | | Total Assets | 7.565 Billion Yuan | - The first phase of Zhoushan Huakang's "1 Million Tons Corn Deep Processing Healthy Food Ingredients Project" is largely complete, with the second phase's product lines planned for construction when opportune[51](index=51&type=chunk) - The company plans to acquire **100% equity of Henan Yuxin Sugar Alcohol Co., Ltd. for 1,098 million yuan**, comprising **732 million yuan in share payment** and **366 million yuan in cash payment**, pending review by the Shanghai Stock Exchange and the China Securities Regulatory Commission[52](index=52&type=chunk)[53](index=53&type=chunk) - With the commissioning of the Zhoushan Huakang project and the completion of the Yuxin Sugar Alcohol acquisition, the company's operating revenue is expected to **increase year-on-year in 2025**[54](index=54&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%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 competitiveness stems from its integrated industrial chain, prominent industry position, diverse product portfolio, leading R&D capabilities, extensive sales network, strong customer relationships, and a highly skilled management team - The company has built a complete industrial chain around functional sugar alcohols and starch sugars, from upstream xylose production to midstream technological innovation and downstream sales channels, ensuring profitability[55](index=55&type=chunk) - The company is one of the world's leading producers of **xylitol, crystalline sorbitol, and crystalline maltitol**, with xylitol recognized as a "Manufacturing Single Champion Product," highlighting its prominent industry position[56](index=56&type=chunk) - The company boasts a rich product line, including **xylitol, sorbitol, maltitol, erythritol, and high-fructose corn syrup**, and is strategically expanding into high-tech, high-value-added areas[58](index=58&type=chunk) - The company's research institute comprises six major modules: synthetic biology, fermentation, chemical engineering, biomass, application, and intellectual property, with fermentation as a core advantage[59](index=59&type=chunk) - The company has established a sales network rooted in China and oriented globally, fostering long-term strategic partnerships with renowned domestic and international food enterprises[60](index=60&type=chunk) - The company possesses an experienced and highly qualified management and sales team with deep industry knowledge and market insight, supported by an effective incentive mechanism[61](index=61&type=chunk) [Key Operating Performance During the Reporting Period](index=14&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details the company's financial statement changes, asset-liability status, investment activities, and subsidiary performance, alongside potential risks such as price fluctuations, capacity digestion, and market competition Financial Statement Item Variation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount | Prior Year Period Amount | Change Ratio (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,865,861,711.37 | 1,358,743,168.18 | 37.32 | Gradual commissioning of new production lines at Zhoushan Huakang | | Operating Cost | 1,533,705,644.06 | 1,064,705,608.64 | 44.05 | Increase in sales volume | | Selling Expenses | 25,576,129.84 | 24,806,142.33 | 3.1 | Increase in employee count | | Administrative Expenses | 60,534,195.81 | 62,221,589.29 | -2.71 | Decrease in share-based payment expenses | | Financial Expenses | 36,738,041.21 | 3,898,272.39 | 842.42 | Capitalization of convertible bond interest | | R&D Expenses | 68,811,567.02 | 64,025,339.16 | 7.48 | Increase in R&D investment | | Net Cash Flow from Operating Activities | 83,163,471.32 | -56,296,980.30 | 247.72 | Increase in cash received from sales | | Net Cash Flow from Investing Activities | -259,742,549.74 | -920,325,237.84 | 71.78 | Decrease in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets | | Net Cash Flow from Financing Activities | 285,286,417.49 | -422,677,867.96 | 167.49 | Increase in bill discounting borrowings and Zhoushan Huakang project loans | Asset and Liability Status Variation (Current Period End vs. Prior Year End) | Item Name | Current Period End Amount (Ten Thousand Yuan) | Change Ratio (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 80,056.46 | 84.37 | Increase in other monetary fund deposits | | Trading Financial Assets | 3,000.00 | 107,042.86 | Purchase of wealth management products in current period | | Fixed Assets | 309,003.92 | 37.12 | Transfer of some Zhoushan Huakang projects to fixed assets | | Construction in Progress | 55,576.08 | -58.20 | Transfer of some Zhoushan Huakang projects to fixed assets | | Short-Term Borrowings | 53,798.16 | 257.94 | Increase in bill discounting borrowings | | Long-Term Borrowings | 102,193.82 | 46.71 | Increase in Zhoushan Huakang project loans | - The company's overseas assets amount to **15.35 million yuan**, accounting for **0.20% of total assets**[68](index=68&type=chunk) - The company plans to acquire **100% equity of Henan Yuxin Sugar Alcohol Co., Ltd. through a combination of share issuance and cash payment**, with the transaction pending review by the Shanghai Stock Exchange and registration approval by the China Securities Regulatory Commission[71](index=71&type=chunk) Key Financial Information of Major Holding Subsidiaries | Company Name | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhoushan Huakang | 259,259.54 | 93,206.75 | 87,781.02 | -2,035.7 | -1,418.05 | | Jiaozuo Huakang | 47,634.81 | 41,879.36 | 13,725.04 | 3,922.57 | 3,498.2 | | Gaomi Tongli | 10,213.56 | 7,410.11 | 6,279.39 | 13.83 | -40.28 | | Huahe Thermal Power | 29,213.98 | 21,865.51 | 11,199.28 | 3,232.31 | 2,579.09 | - The company faces risks including **product price fluctuations, raw material price volatility, market digestion of new capacity from the Zhoushan project, intensified market competition, environmental policy changes, and export policy adjustments**[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) [Main Business Analysis](index=14&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by 37.32% due to new production lines, while operating costs rose by 44.05% with sales volume. Financial expenses surged by 842.42% due to convertible bond interest capitalization, and operating cash flow improved significantly by 247.72% - Operating revenue increased by **37.32%**, primarily due to the gradual commissioning of new production lines at Zhoushan Huakang, generating sales revenue[64](index=64&type=chunk) - Financial expenses increased by **842.42%**, mainly due to the capitalization of convertible bond interest[64](index=64&type=chunk) - Net cash flow from operating activities increased by **247.72%**, primarily due to increased cash received from sales during the period[64](index=64&type=chunk) [Analysis of Assets and Liabilities](index=15&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Total assets increased by 8.19% driven by higher monetary funds, trading financial assets, and fixed assets, while construction in progress decreased due to asset transfers. Both short-term and long-term borrowings significantly rose, mainly from increased bill discounting and Zhoushan Huakang project loans - Monetary funds at period-end totaled **800.56 million yuan**, an **84.37% increase** from the prior year-end, mainly due to increased other monetary fund deposits[66](index=66&type=chunk) - Fixed assets at period-end totaled **3,090.04 million yuan**, a **37.12% increase** from the prior year-end, primarily due to the transfer of some Zhoushan Huakang projects to fixed assets[67](index=67&type=chunk) - Construction in progress at period-end totaled **555.76 million yuan**, a **58.20% decrease** from the prior year-end, mainly due to the transfer of some Zhoushan Huakang projects to fixed assets[67](index=67&type=chunk) - Short-term borrowings at period-end totaled **537.98 million yuan**, a **257.94% increase** from the prior year-end, primarily due to increased bill discounting borrowings[67](index=67&type=chunk) - Long-term borrowings at period-end totaled **1,021.94 million yuan**, a **46.71% increase** from the prior year-end, primarily due to increased loans for the Zhoushan Huakang project[67](index=67&type=chunk) [Analysis of Investment Status](index=16&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company continued its major equity investment to acquire Henan Yuxin Sugar Alcohol Co., Ltd., receiving an inquiry from the Shanghai Stock Exchange. It also engaged in financial asset investments, including wealth management products, and derivative investments for hedging purposes - The company plans to acquire **100% equity of Henan Yuxin Sugar Alcohol Co., Ltd. through share issuance and cash payment**, having received and responded to an inquiry letter from the Shanghai Stock Exchange[71](index=71&type=chunk) Changes in Financial Assets Measured at Fair Value (Units: Yuan) | Asset Category | Beginning Balance | Fair Value Change Gain/Loss for Current Period | Amount Purchased in Current Period | Amount Sold/Redeemed in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading financial assets and other non-current financial assets | 28,000.00 | 4,100,429.81 | 50,000,000.00 | 20,000,000.00 | 30,000,000.00 | | Notes receivable financing | 71,440,944.16 | -1,386,224.31 | - | - | 97,838,945.34 | | Derivative financial liabilities | 3,719,920.00 | -1,963,146.40 | - | - | 18,500.00 | | Total | 75,188,864.16 | 751,059.10 | 50,000,000.00 | 20,000,000.00 | 127,857,445.34 | Derivative Investment Status (Units: Ten Thousand Yuan) | Derivative Investment Type | Beginning Book Value | Fair Value Change Gain/Loss for Current Period | Ending Book Value | Ending Book Value as % of Company's Net Assets at Period-End | | :--- | :--- | :--- | :--- | :--- | | Futures contracts | 751.22 | 367.34 | 118.26 | 0.04 | | Foreign exchange options | 1,439.00 | - | - | - | | Total | 751.22 | 367.34 | 118.26 | 0.04 | - During the period, futures investments realized a loss of **1.54 million yuan**, while foreign exchange options yielded a gain of **0.0161 million yuan**[75](index=75&type=chunk) - The company's hedging activities effectively **reduced spot procurement costs, minimized exchange losses, and increased company revenue**[75](index=75&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%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) This section lists the financial information for the company's major holding subsidiaries, including Zhoushan Huakang, Jiaozuo Huakang, Gaomi Tongli, and Huahe Thermal Power, noting that Zhoushan Huakang and Gaomi Tongli reported net losses Key Financial Information of Major Holding Subsidiaries (Units: Ten Thousand Yuan) | Company Name | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhoushan Huakang | Manufacturing of bio-based materials, production and sales of food additives, etc. | 100,000.00 | 259,259.54 | 93,206.75 | 87,781.02 | -2,035.7 | -1,418.05 | | Jiaozuo Huakang | Production and sales of food additives, heat production and supply, etc. | 10,000.00 | 47,634.81 | 41,879.36 | 13,725.04 | 3,922.57 | 3,498.2 | | Gaomi Tongli | Production and sales of xylose, xylose mother liquor, etc. | 2,080.00 | 10,213.56 | 7,410.11 | 6,279.39 | 13.83 | -40.28 | | Huahe Thermal Power | Operation of steam, hot water, coal, cogeneration centralized heating, etc. | 13,200.00 | 29,213.98 | 21,865.51 | 11,199.28 | 3,232.31 | 2,579.09 | [Potential Risks](index=21&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces multiple operational risks, including product price volatility influenced by macroeconomics and market competition, cost pressures from raw material price fluctuations, market digestion risks for new capacity from the Zhoushan project, intensified industry competition, and potential impacts from environmental and export policy changes - Product prices are subject to **fluctuation risks** influenced by macroeconomic conditions, downstream demand, market competition, and raw material prices[78](index=78&type=chunk) - **Price fluctuations of key raw materials** such as corn, corn starch, and xylose, if not promptly passed on, will adversely affect performance[79](index=79&type=chunk) - The Zhoushan project, upon completion, will add significant new capacity, posing a **market risk of insufficient digestion**[81](index=81&type=chunk) - The functional sugar alcohol industry is experiencing increasing market concentration, exposing the company to **intensified market competition**[82](index=82&type=chunk) - Stricter national or local environmental standards may **increase the company's environmental expenditures**, negatively impacting production and operations[83](index=83&type=chunk) - Adjustments to export policies may **affect the international sales** of the company's functional sugar alcohol products[84](index=84&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=23&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 the company's governance, profit distribution plans, employee incentive measures, environmental information disclosure, and contributions to poverty alleviation and rural revitalization [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%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) During the reporting period, Mr. Chen Huasheng resigned as a supervisor for personal reasons, and the company subsequently elected Mr. Zheng Yuhao as a non-employee supervisor Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Chen Huasheng | Supervisor | Resigned | | Zheng Yuhao | Supervisor | Elected | - Mr. Chen Huasheng resigned from his position as a company supervisor for personal reasons and holds no other positions in the company after his resignation[87](index=87&type=chunk) - The company has elected Mr. Zheng Yuhao as a non-employee supervisor, with his term lasting until the expiration of the Sixth Supervisory Board's term[87](index=87&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=23&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company proposes a cash dividend of 2 yuan (tax inclusive) per 10 shares, totaling 60.61 million yuan, with no capital reserve conversion, maintaining the per-share distribution ratio if total share capital changes Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Whether to distribute or convert | Yes | | Number of bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (Yuan) (tax inclusive) | 2 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | - As of **August 20, 2025**, the company's total share capital is **303.05 million shares**, with a proposed cash dividend of **60.61 million yuan (tax inclusive)**[88](index=88&type=chunk) - If the total share capital changes, the company intends to maintain the per-share distribution ratio and adjust the total distribution amount accordingly[88](index=88&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company completed the repurchase and cancellation of some restricted shares on May 13, 2025, due to the failure to meet the 2024 company-level performance targets - The company approved the "Proposal on Repurchasing and Cancelling Part of Restricted Shares" on **February 26, 2025**[89](index=89&type=chunk) - The number of restricted shares repurchased and cancelled totaled **2.821 million shares**, comprising **2.3985 million shares** from the initial grant of the 2023 Restricted Stock Incentive Plan and **0.4225 million shares** from the reserved grant[171](index=171&type=chunk) - The repurchase and cancellation procedures were completed on **May 9, 2025**, and an announcement was disclosed on **May 13, 2025**[172](index=172&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=24&type=section&id=%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and its four major subsidiaries (Huakang Shares, Jiaozuo Huakang, Gaomi Tongli, and Huahe Thermal Power) are on the list of enterprises required to disclose environmental information, with corresponding report query indexes provided Enterprises Included in the List of Enterprises Required to Disclose Environmental Information | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Huakang Shares | https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search | | 2 | Jiaozuo Huakang | http://221.214.62.226:8090/EnvironmentDisclosure/ | | 3 | Gaomi Tongli | http://222.143.24.250:8247/home/home | | 4 | Huahe Thermal Power | https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search | [Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=24&type=section&id=%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company's total public welfare expenditures and sponsorships for the year amounted to 0.4512 million yuan, primarily supporting local education and road lighting projects - The company's total public welfare expenditures and sponsorships for the year amounted to **0.4512 million yuan**[93](index=93&type=chunk) - This primarily includes a **100,000 yuan donation** for Kaihua Middle School scholarships and an **84,700 yuan donation** for road lighting projects[93](index=93&type=chunk) [Section V Significant Matters](index=25&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 details the fulfillment of commitments, significant related-party transactions, major contracts, and the progress of raised capital utilization [Fulfillment of Commitments](index=25&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controllers, controlling shareholders, directors, senior management, and transaction counterparts strictly fulfilled all commitments during the reporting period, covering share lock-ups, information disclosure, avoiding competition, regulating related-party transactions, and maintaining independence - The company's actual controllers and controlling shareholders committed not to transfer shares within **36 months** from the listing date and to ensure that the reduction price is not lower than the offering price for two years after the lock-up period expires[97](index=97&type=chunk) - The company, its actual controllers, and controlling shareholders committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear corresponding legal liabilities[99](index=99&type=chunk)[100](index=100&type=chunk) - The controlling shareholders and actual controllers committed to avoid **horizontal competition** and to ensure that related enterprises promptly transfer or terminate businesses if such competition arises[105](index=105&type=chunk)[106](index=106&type=chunk) - The controlling shareholders and actual controllers committed to minimize and avoid related-party transactions with the company and its controlled subsidiaries, ensuring fairness and impartiality[107](index=107&type=chunk) - The transaction counterpart committed not to transfer the listed company shares acquired in this transaction within **12 months** from the completion date of the new share issuance[144](index=144&type=chunk) [Significant Related-Party Transactions](index=43&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company continued to advance the related-party transaction for acquiring 100% equity of Henan Yuxin Sugar Alcohol Co., Ltd. through share issuance and cash payment, which has been accepted by the Shanghai Stock Exchange and received an inquiry letter - The company approved proposals including the "Report on Asset Acquisition by Issuing Shares and Paying Cash and Related-Party Transaction (Draft)" and its summary on **March 26, 2025, and April 14, 2025**[148](index=148&type=chunk) - On **April 29, 2025**, the company received notification from the Shanghai Stock Exchange regarding the acceptance of its application for asset acquisition by issuing shares[149](index=149&type=chunk) - On **May 14, 2025**, the company received an "Inquiry Letter" from the Shanghai Stock Exchange and disclosed its response report on **July 4, 2025**[149](index=149&type=chunk) [Major Contracts and Their Performance](index=45&type=section&id=%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) During the reporting period, the company's external guarantees primarily involved guarantees for subsidiaries, totaling **319.6 million yuan**, representing **9.89% of the company's net assets**, with no guarantees provided for shareholders or actual controllers Company's Total Guarantee Situation (Including Guarantees for Subsidiaries) | Indicator | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total guarantees for subsidiaries incurred during the reporting period | 31,960 | | Total outstanding guarantees for subsidiaries at the end of the reporting period (B) | 31,960 | | Total guarantees (A+B) | 31,960 | | Total guarantees as % of company's net assets | 9.89 | | Amount of guarantees provided for shareholders, actual controllers, and their related parties (C) | 0 | [Explanation of Progress in Use of Raised Funds](index=47&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company has invested **2,588.09 million yuan** from its initial public offering and **1,220.82 million yuan** from convertible bonds, with investment progress at 99.45% and 94.39% respectively. Some projects saw reduced investment due to cost savings, and idle funds were used for temporary working capital and cash management Overall Use of Raised Funds (Units: Ten Thousand Yuan) | Source of Raised Funds | Total Raised Funds (1) | Cumulative Investment at Period-End (4) | Investment Progress (%) (6) | | :--- | :--- | :--- | :--- | | Initial Public Offering | 150,499.82 | 136,727.48 | 99.45 | | Issuance of Convertible Bonds | 130,302.30 | 122,081.85 | 94.39 | | Total | 280,802.12 | 258,809.33 | / | Detailed Use of Raised Investment Projects (Units: Ten Thousand Yuan) | Project Name | Committed Investment Amount from Raised Funds (1) | Cumulative Investment Amount from Raised Funds at Period-End (2) | Investment Progress (%) (3) | | :--- | :--- | :--- | :--- | | Annual Output of 30,000 Tons D-Xylose Green Intelligent Upgrade Project | 25,743.97 | 25,743.97 | 100.00 | | Annual Output of 30,000 Tons High-Purity Crystalline Erythritol Project | 35,041.25 | 36,268.27 | 103.50 | | Annual Output of 30,000 Tons Sorbitol Technical Transformation Project | 20,694.67 | 21,001.23 | 101.48 | | Functional Sugar Alcohol Technology R&D Center Construction Project | 15,810.41 | 9,862.07 | 62.38 | | Comprehensive Upgrade Project for Energy Saving, Water Saving, Emission Reduction, and Green Development for the Entire Plant | 17,262.05 | 16,838.46 | 97.55 | | Replenishment of Working Capital and Repayment of Loans | 22,924.80 | 27,013.48 | 117.84 | | 1 Million Tons Corn Deep Processing Healthy Food Ingredients Project | 129,338.53 | 122,081.85 | 94.39 | - The investment amount for the "Annual Output of 30,000 Tons D-Xylose Green Intelligent Upgrade Project" was reduced, primarily due to the company's cost-saving and rational principles in project construction, lowering material, civil engineering, and procurement costs, thereby improving the efficiency of raised fund utilization[163](index=163&type=chunk)[164](index=164&type=chunk) - The company used idle raised funds not exceeding **50 million yuan** for temporary replenishment of working capital, with a term not exceeding **12 months**[165](index=165&type=chunk) - The company conducted cash management with idle raised funds, with an authorized limit of **800 million yuan**[167](index=167&type=chunk) [Section VI Share Changes and Shareholder Information](index=52&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, restricted shares, and shareholder structure, including information on the top ten shareholders and changes in holdings of directors, supervisors, and senior management [Share Capital Changes](index=52&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's restricted shares decreased by **2.8327 million shares** due to the repurchase and cancellation of some restricted shares, leading to a corresponding reduction in total share capital to **303.048234 million shares** at period-end Share Capital Change Table (Units: Shares) | Category | Quantity Before This Change | Increase/Decrease in This Change (+, -) | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 6,453,200 | -2,832,700 | 3,620,500 | | 3. Other Domestic Shares | 6,453,200 | -2,832,700 | 3,620,500 | | Domestic Natural Person Shares | 6,453,200 | -2,832,700 | 3,620,500 | | II. Unrestricted Tradable Shares | 299,427,734 | 0 | 299,427,734 | | 1. RMB Ordinary Shares | 299,427,734 | 0 | 299,427,734 | | III. Total Shares | 305,880,934 | -2,832,700 | 303,048,234 | - The company repurchased and cancelled a total of **2.8327 million restricted shares** from the 2023 Restricted Stock Incentive Plan, with the cancellation procedures completed on **May 9, 2025**[171](index=171&type=chunk)[172](index=172&type=chunk) [Changes in Restricted Shares](index=53&type=section&id=%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's restricted shares decreased by **2.8327 million shares** due to the repurchase and cancellation of equity incentives, resulting in **3.6205 million restricted shares** at period-end Changes in Restricted Shares (Units: Shares) | Shareholder Name | Beginning Restricted Shares | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Ending Restricted Shares | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Incentive Restricted Shares | 6,453,200 | 2,832,700 | 0 | 3,620,500 | Equity Incentive Restriction | | Total | 6,453,200 | 2,832,700 | - | 3,620,500 | / | - Restricted conditions include a **12, 24, 36-month lock-up period** for initially granted restricted shares, with release ratios of **30%, 30%, and 40%** respectively; and a **12, 24-month lock-up period** for reserved restricted shares, with release ratios of **50% and 50%** respectively[174](index=174&type=chunk) [Shareholder Information](index=53&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **17,091 common shareholders**. Among the top ten shareholders, Chen Deshui held the largest stake at **15.58%**. Several major shareholders had pledged shares. Chen Deshui, Yu Jianming, Cheng Xinping, Xu Xiaorong, and Kaihua Jinyue (controlled by them) are acting in concert - As of the end of the reporting period, the total number of common shareholders was **17,091**[174](index=174&type=chunk) Top Ten Shareholders' Shareholding (Units: Shares) | Shareholder Name | Ending Shareholding Quantity | Proportion (%) | Pledged, Marked, or Frozen Status (Quantity) | | :--- | :--- | :--- | :--- | | Chen Deshui | 47,208,121 | 15.58 | None | | Cheng Xinping | 16,685,055 | 5.51 | Pledged 9,000,000 | | Xu Xiaorong | 15,691,337 | 5.18 | Pledged 9,500,000 | | Cao Jianhong | 15,691,335 | 5.18 | Pledged 6,000,000 | | Fujian YaKe | 14,510,674 | 4.79 | None | | Yu Jianming | 13,143,335 | 4.34 | Pledged 7,000,000 | - Chen Deshui, Yu Jianming, Cheng Xinping, Xu Xiaorong, and Kaihua Jinyue (controlled by them) are **parties acting in concert**[177](index=177&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=55&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, senior management members Wu Zhiping and Wang Jiafa saw a reduction in their shareholdings due to the repurchase and cancellation of equity incentives Changes in Shareholdings of Directors, Supervisors, and Senior Management (Units: Shares) | Name | Position | Beginning Shareholding | Ending Shareholding | Change in Quantity | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Zhiping | Senior Management | 325,000 | 227,500 | -97,500 | Equity incentive repurchase and cancellation | | Wang Jiafa | Senior Management | 1,764,880 | 1,718,080 | -46,800 | Equity incentive repurchase and cancellation | [Section VII Bond-Related Information](index=57&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 provides details on the company's convertible corporate bonds, including issuance, conversion terms, conversion status, and credit ratings [Convertible Corporate Bonds](index=57&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company issued "Huakang Convertible Bonds" in December 2023, totaling **1,303.023 million yuan** with a 6-year term, convertible from July 1, 2024, at an initial price of **22.66 yuan/share**, adjusted to **16.46 yuan/share**. As of June 30, 2025, **0.778 million yuan** of bonds were converted, representing **0.0597%** of the total issuance. The company's credit rating is AA- with a stable outlook - The company issued "Huakang Convertible Bonds" on **December 25, 2023**, with a total issuance amount of **1,303.023 million yuan** and a 6-year term[184](index=184&type=chunk) - "Huakang Convertible Bonds" became convertible from **July 1, 2024**, with an initial conversion price of **22.66 yuan/share**, and the latest conversion price is **16.46 yuan/share**[185](index=185&type=chunk) Cumulative Conversion Status of "Huakang Convertible Bonds" | Indicator | Value | | :--- | :--- | | Conversion amount in current period (Yuan) | 0 | | Number of shares converted in current period (shares) | 0 | | Cumulative number of shares converted (shares) | 46,054 | | Cumulative number of shares converted as % of total shares issued before conversion | 0.0151% | | Unconverted amount (Yuan) | 1,302,245,000 | | Unconverted bonds as % of total bonds issued | 99.9403% | - The company's main credit rating is **AA-**, and the rating outlook remains "stable"[195](index=195&type=chunk) [Section VIII Financial Report](index=59&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 comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, taxes, and financial risks [Financial Statements](index=59&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025, offering a comprehensive view of its financial position, operating results, and cash flows - The consolidated balance sheet shows total assets of **7,564.60 million yuan** as of **June 30, 2025**, with current assets of **3,086.73 million yuan** and non-current assets of **4,477.86 million yuan**[198](index=198&type=chunk)[199](index=199&type=chunk) - The consolidated income statement shows total operating revenue of **1,865.86 million yuan** for Jan-Jun 2025, net profit of **135.05 million yuan**, and net profit attributable to parent company shareholders of **133.71 million yuan**[205](index=205&type=chunk)[206](index=206&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **83.16 million yuan**, net cash flow from investing activities of **-259.74 million yuan**, and net cash flow from financing activities of **285.29 million yuan** for Jan-Jun 2025[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk) [Company Basic Information](index=83&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Zhejiang Huakang Pharmaceutical Co., Ltd., formerly Zhejiang Huakang Pharmaceutical Co., Ltd., was restructured into a joint-stock company in 2007, listed on the Shanghai Stock Exchange in 2021, and primarily engages in the R&D, production, and sales of crystalline sugar alcohols and liquid sugars/alcohols - The company, formerly Zhejiang Huakang Pharmaceutical Co., Ltd., was restructured into a joint-stock company on **December 13, 2007**[234](index=234&type=chunk) - The company's shares were listed on the Shanghai Stock Exchange on **February 9, 2021**[234](index=234&type=chunk) - The company's main business involves the R&D, production, and sales of **crystalline sugar alcohol products and liquid sugar, alcohol, and other products**[235](index=235&type=chunk) [Basis of Financial Statement Preparation](index=83&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, with no significant doubts regarding its ability to continue as a going concern for the next 12 months from the end of the reporting period - The company's financial statements are prepared on a **going concern basis**[236](index=236&type=chunk) - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the **12 months** from the end of the reporting period[237](index=237&type=chunk) [Significant Accounting Policies and Estimates](index=83&type=section&id=%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) This section details the company's accounting policies and estimates for financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, all in compliance with enterprise accounting standards - The company's financial statements comply with **Enterprise Accounting Standards**, accurately and completely reflecting its financial position, operating results, and cash flows[239](index=239&type=chunk) - The company's accounting year runs from **January 1 to December 31**, with **12 months** used as the liquidity classification standard for assets and liabilities[240](index=240&type=chunk)[241](index=241&type=chunk) - The company classifies, recognizes, measures, and derecognizes financial assets and liabilities, and applies the **expected credit loss model** to accrue impairment provisions[251](index=251&type=chunk)[256](index=256&type=chunk) - The company depreciates fixed assets using the **straight-line method**, measures construction in progress at **actual cost**, and systematically amortizes intangible assets over their useful lives[275](index=275&type=chunk)[276](index=276&type=chunk)[280](index=280&type=chunk) - Revenue recognition principles are based on contract assessment, identification of distinct performance obligations, and recognition of revenue over time or at a point in time[300](index=300&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk) [Taxes](index=106&type=section&id=%E7%A8%8E%E9%A1%B9) This section outlines the company's main tax categories and rates, including VAT, property tax, urban maintenance and construction tax, education surcharges, and corporate income tax, highlighting various tax incentives for high-tech enterprises, small and micro-profit enterprises, and advanced manufacturing Main Tax Categories and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 6%, 9%, 13%, 21% (Export products are subject to export tax refund policy) | | Property Tax | 1.2%, 12% | | Urban Maintenance and Construction Tax | 5%, 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 19%, 20%, 25% | - The company and Jiaozuo Huakang are recognized as **high-tech enterprises**, subject to a **15% corporate income tax rate**[317](index=317&type=chunk) - Huakang Trading and Xinyisheng meet the criteria for **small and micro-profit enterprises**, subject to a **20% corporate income tax rate**[317](index=317&type=chunk) - Jiaozuo Huakang and Gaomi Tongli enjoy a tax incentive where **90% of xylose sales revenue** is used to calculate taxable income[318](index=318&type=chunk) - The company benefits from the **advanced manufacturing enterprise VAT super deduction policy**, with an actual super-deducted VAT amount of **6.0157 million yuan** for the current period[319](index=319&type=chunk) [Notes to Consolidated Financial Statement Items](index=107&type=section&id=%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) This section provides detailed notes for each item in the consolidated financial statements, covering assets, liabilities, equity, income, expenses, and cash flows, offering comprehensive insights into the company's financial accounts - Monetary funds at period-end totaled **800.56 million yuan**, comprising **491.51 million yuan in bank deposits** and **309.05 million yuan in other monetary funds**[321](index=321&type=chunk) - Accounts receivable at period-end had a book value of **664.48 million yuan**, with an impairment provision rate of **5.03%**[335](index=335&type=chunk) - Inventories at period-end had a book value of **766.43 million yuan**, including an inventory impairment provision of **2.23 million yuan** for finished goods[365](index=365&type=chunk) - Fixed assets at period-end had a book value of **3,090.04 million yuan**, and construction in progress had a book value of **554.36 million yuan**[380](index=380&type=chunk)[390](index=390&type=chunk) - Short-term borrowings at period-end totaled **537.98 million yuan**, and long-term borrowings totaled **1,021.94 million yuan**[419](index=419&type=chunk)[438](index=438&type=chunk) - Operating revenue for the current period was **1,865.86 million yuan**, and operating cost was **1,533.71 million yuan**[460](index=460&type=chunk) [Research and Development Expenses](index=153&type=section&id=%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's total R&D expenses for the current period amounted to **68.81 million yuan**, all expensed, primarily consisting of direct inputs, personnel costs, and depreciation R&D Expenses by Nature of Expense (Units: Yuan) | Item | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | | Direct input | 38,445,557.98 | 40,320,297.68 | | Personnel costs | 19,757,682.99 | 17,614,319.16 | | Depreciation and long-term amortized expenses | 6,095,991.77 | 1,771,144.84 | | External R&D expenses | - | 1,472,330.10 | | Amortization of intangible assets | 441,272.25 | 346,617.14 | | Other expenses | 4,071,062.03 | 2,500,630.24 | | Total | 68,811,567.02 | 64,025,339.16 | | Of which: Expensed R&D expenses | 68,811,567.02 | 64,025,339.16 | [Interests in Other Entities](index=155&type=section&id=%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's equity interests in subsidiaries and associates, including wholly-owned subsidiaries like Jiaozuo Huakang and Zhoushan Huakang, and a 50% equity stake in Sichuan Yanhua Biological Co., Ltd. accounted for using the equity method Composition of the Enterprise Group | Subsidiary Name | Registered Place | Business Nature | Shareholding Ratio (%) (Direct) | | :--- | :--- | :--- | :--- | | Jiaozuo Huakang | Jiaozuo, Henan | Manufacturing | 100.00 | | Gaomi Tongli | Gaomi, Shandong | Manufacturing | 100.00 | | Huakang Trading | Hangzhou, Zhejiang | Commercial | 100.00 | | Huakang Europe | Netherlands | Commercial | 100.00 | | Zhoushan Huakang | Zhoushan, Zhejiang | Manufacturing | 100.00 | | Huahe Thermal Power | Zhoushan, Zhejiang | Manufacturing | 95.00 | | Xinyisheng | Zhoushan, Zhejiang | Commercial | 95.00 | | Jinggong Agriculture | Zhoushan, Zhejiang | Other Agriculture | 100.00 (Indirect) | - The company holds a **50% equity stake in Sichuan Yanhua Biological Co., Ltd.**, accounted for using the equity method[512](index=512&type=chunk) Key Financial Information of Significant Associate Sichuan Yanhua Company (Units: Yuan) | Item | Ending Balance/Amount for Current Period | | :--- | :--- | | Total Assets | 210,019,482.25 | | Total Liabilities | 99,743,189.22 | | Equity Attributable to Parent Company Shareholders | 110,276,293.03 | | Operating Revenue | 58,328,336.54 | | Net Profit | -1,525,596.49 | | Total Comprehensive Income | -1,525,596.49 | [Government Grants](index=159&type=section&id=%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At the end of the reporting period, government grant-related liabilities primarily consisted of deferred income totaling **136.65 million yuan**. Total government grants recognized in profit or loss for the current period amounted to **7.83 million yuan**, including both income-related and asset-related subsidies Liability Items Involving Government Grants (Units: Yuan) | Financial Statement Item | Beginning Balance | New Grants in Current Period | Transferred to Other Income in Current Period | Ending Balance | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred income | 109,973,398.14 | 28,947,000.00 | 4,965,687.72 | 133,954,710.42 | Related to assets | | Deferred income | - | 2,730,000.00 | 31,921.09 | 2,698,078.91 | Related to income | | Total | 109,973,398.14 | 31,677,000.00 | 4,997,608.81 | 136,652,789.33 | / | Government Grants Recognized in Profit or Loss for the Current Period (Units: Yuan) | Type | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | | Related to income | 3,539,376.24 | 1,683,314.91 | | Related to assets | 4,295,132.18 | 4,268,264.76 | | Total | 7,834,508.42 | 5,951,579.67 | [Risks Related to Financial Instruments](index=159&type=section&id=%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks by assessing creditworthiness, diversifying financing, and monitoring interest rate and foreign exchange fluctuations to balance risk and return - The company faces **credit risk, liquidity risk, and market risk**, which are balanced through risk management policies[517](index=517&type=chunk) - **Credit risk** primarily arises from monetary funds and receivables, controlled through credit assessment and monitoring of receivable balances[519](index=519&type=chunk) - **Liquidity risk** is managed through various financing methods such as bill settlements, bank borrowings, and corporate bonds, combined with both long-term and short-term financing[520](index=520&type=chunk) - **Market risk** mainly includes interest rate risk and foreign exchange risk, managed by maintaining an appropriate portfolio of financial instruments and trading foreign currencies[523](index=523&type=chunk)[524](index=524&type=chunk)[525](index=525&type=chunk) [Disclosure of Fair Value](index=163&type=section&id=%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, including trading financial assets (wealth management products, accounts receivable financing) and trading financial liabilities (derivative financial liabilities), using Level 1 and Level 2 inputs Fair Value Measurement Items at Period-End (Units: Yuan) | Item | Level 2 Fair Value Measurement | Level 1 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | | Total trading financial assets | 127,838,945.34 | - | 127,838,945.34 | | Of which: Bank wealth management products | 30,000,000.00 | - | 30,000,000.00 | | Notes receivable financing | 97,838,945.34 | - | 97,838,945.34 | | Total trading financial liabilities | - | 18,500.00 | 18,500.00 | | Of which: Derivative financial liabilities | - | 18,500.00 | 18,500.00 | - For unexpired futures contracts at period-end, the fair value of trading financial assets or liabilities is determined based on **unadjusted quotes from the futures market**[530](index=530&type=chunk) - For bills receivable and bank wealth management products held, fair value is determined by their **face amount**; for accounts receivable sold to banks, fair value is determined by the amount after deducting **impairment provisions**[531](index=531&type=chunk) [Related Parties and Related-Party Transactions](index=165&type=section&id=%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate control rests with Chen Deshui, Cheng Xinping, Xu Xiaorong, and Yu Jianming, along with Kaihua Jinyue. This section details related-party transactions, including purchases and sales of goods, provision and acceptance of services, key management personnel compensation, and balances of receivables and payables with related parties - The company's ultimate controlling parties are **Chen Deshui, Cheng Xinping, Xu Xiaorong, and Yu Jianming**, who collectively control **32.01% of the company's shares**[533](index=533&type=chunk) Related-Party Transactions for Purchase and Sale of Goods, Acceptance of Services (Units: Yuan) | Related Party | Related Transaction Content | Amount for Current Period | | :--- | :--- | :--- | | Sichuan Yanhua Company | Purchase of goods | 57,915,040.96 | | Ruitong Logistics Company | Acceptance of services | 13,684,903.10 | | Quzhou Xinhui Logistics Co., Ltd. and its related parties | Acceptance of services | 27,459,145.13 | | Kaihua County Guosheng Equipment Installation Co., Ltd. and its related parties | Acceptance of services | 2,889,221.78 | | Fujian YaKe Company | Purchase of goods | 103,468.14 | Related-Party Transactions for Sale of Goods/Provision of Services (Units: Yuan) | Related Party | Related Transaction Content | Amount for Current Period | | :--- | :--- | :--- | | Sichuan Yanhua Company | Sugar alcohol products | 1,460.18 | | Fujian YaKe Company | Sugar alcohol products | 414,154.87 | | YaKe China Company | Sugar alcohol products | 100,380.53 | | Xinhui Logistics Company | Sugar alcohol products | 67,493.36 | - Key management personnel compensation for the current period amounted to **4.7371 million yuan**[542](index=542&type=chunk) Period-End Balances of Receivables from Related Parties (Units: Yuan) | Item Name | Related Party | Book Balance | | :--- | :--- | :--- | | Accounts receivable | Fujian YaKe Company | 364,360.00 | | Accounts receivable | YaKe China Company | 23,522.00 | Period-End Balances of Payables to Related Parties (Units: Yuan) | Item Name | Related Party | Book Balance | | :--- | :--- | :--- | | Accounts payable | Ruitong Logistics Company | 7,333,606.80 | | Accounts payable | Quzhou Xinhui Logistics Co., Ltd. and its related parties | 14,095,864.05 | | Advance payments | Sichuan Yanhua Company | 9,244,530.00 | [Share-Based Payment](index=169&type=section&id=%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company repurchased and cancelled some restricted shares due to the failure to meet 2024 company-level performance targets. Equity-settled share-based payment expenses for the current period tota

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