兰州兰石重型装备股份有限公司2025 年半年度报告 公司代码：603169 公司简称：兰石重装 兰州兰石重型装备股份有限公司 2025 年半年度报告 1 / 194 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 兰州兰石重型装备股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人郭富永、主管会计工作负责人卫桐言及会计机构负责人（会计主管人员） 吴迪声明：保证半年度报告中财务报告的真实、准确、完整。 本报告包含若干公司对未来发展战略、业务规划、经营计划等前瞻性陈述。这些陈述乃 基于当前能够掌握的信息与数据对未来所做出的估计或预测，不构成公司对投资者的实质承 诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以 ...

岳阳林纸股份有限公司2025 年半年度报告 公司代码：600963 公司简称：岳阳林纸 岳阳林纸股份有限公司 2025 年半年度报告 1 / 189 岳阳林纸股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘立新、主管会计工作负责人杨映辉及会计机构负责人（会计主管 人员）张高松声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承 诺，敬请投资者对此保持足够的风险意识，并且应当理解经营计划、发展战略与业绩 承诺之间的差异。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准 ...

1 中国东方航空股份有限公司 2025 年半年度报告 目录 第一节 释义 2 中国东方航空股份有限公司 2025 年半年度报告 第二节 公司简介和主要财务指标 第三节 管理层讨论与分析 第四节 公司治理、环境和社会 第五节 重要事项 第六节 股份变动及股东情况 第七节 债券相关情况 第八节 财务报告 重要提示 本公司 2025 年半年度报告涉及国际和国内经济形势、本公司 2025 年下半年 工作计划等前瞻性陈述，不构成本公司对投资者的实质承诺，请投资者注意 投资风险。 否 3 中国东方航空股份有限公司 2025 年半年度报告 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、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。 公司全体董事出席董事会会议。 本半年度报告未经审计。 公司负责人王志清、主管会计工作负责人周启民及会计机构负责人（会计主 管人员）邵祖敏声明：保证半年度报告中财务报表的真实、准确、完整。 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。 报告期内，本公司未拟定半年度利润分配预案或公积金转增股本预案。 前瞻性陈述的风险声明 是否存在被 ...

凯盛新能源股份有限公司2025 年半年度报告 公司代码：600876 公司简称：凯盛新能 凯盛新能源股份有限公司 2025 年半年度报告 1 / 167 凯盛新能源股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人谢军、主管会计工作负责人陈红照及会计机构负责人（会计主管人员）李雪娇 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的经营计划、发展战略等前瞻性描述不构成本公司对投资者的实质承诺，敬请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，不存在对 ...

Important Notice [Statement on Report Authenticity](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%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%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's board of directors, supervisory board, and all directors, supervisors, and senior management declare the semi-annual report's content to be true, accurate, and complete, bearing legal responsibility - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report's content[3](index=3&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential operating risks in "Section III Management Discussion and Analysis - IV. Risk Factors," advising investors to be aware of investment risks - The company has elaborated on operating risks; investors should refer to “Section III Management Discussion and Analysis - IV. Risk Factors”[3](index=3&type=chunk) [Board Meeting Attendance](index=2&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%85%A8%E4%BD%93%E8%91%A3%E4%BA%8B%E5%87%BA%E5%B8%AD%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%BC%9A%E8%AE%AE%E3%80%82) All company directors attended the board meetings during this reporting period - All company directors attended the board meetings[4](index=4&type=chunk) [Audit Status](index=2&type=section&id=%E5%9B%9B%E3%80%81%E6%9C%AC%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1%E3%80%82) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [Financial Report Responsibility Statement](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%B4%9F%E8%B4%A3%E4%BA%BA%E9%83%AD%E6%AF%85%E5%86%9B%E3%80%81%E4%B8%BB%E7%AE%A1%E4%BC%9A%E8%AE%A1%E5%B7%A5%E4%BD%9C%E8%B4%9F%E8%B4%A3%E4%BA%BA%E7%99%BD%E9%9B%AA%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%9C%BA%E6%9E%84%E8%B4%9F%E8%B4%A3%E4%BA%BA%EF%BC%88%E4%BC%9A%E8%AE%A1%E4%B8%BB%E7%AE%A1%E4%BA%BA%E5%91%98%EF%BC%89%E8%92%8B%E8%B6%85%E5%A3%B0%E6%98%8E%EF%BC%9A%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E4%B8%AD%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E3%80%81%E5%87%86%E7%A1%AE%E3%80%81%E5%AE%8C%E6%95%B4%E3%80%82) Company head Guo Yijun, chief accountant Bai Xue, and head of accounting department Jiang Chao declare the financial report's truthfulness, accuracy, and completeness - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[4](index=4&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The board of directors did not approve any profit distribution or capital reserve to share capital increase plan for this reporting period - No profit distribution or capital reserve to share capital increase plan was approved by the board of directors[4](index=4&type=chunk) Section I Definitions [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 section defines common terms used in the report, including company abbreviations, related party names, laws and regulations, and medical device-related professional terms, specifying the reporting period as January 1 to June 30, 2025 - The reporting period is from January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Defined common terms such as the Company, Xishan Technology, Xishan Investment, Tongxin Investment, and Xingfuzhe[12](index=12&type=chunk) - Explained professional terms like medical devices, minimally invasive surgery, surgical power tools, endoscope systems, and energy surgical equipment[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Chongqing Xishan Science & Technology Co., Ltd. (Xishan Technology) has Guo Yijun as its legal representative, with its registered and office address at No. 2 Kangzhu Road, Kangmei Street, Liangjiang New Area, Chongqing, unchanged during the reporting period - The company's Chinese name is Chongqing Xishan Science & Technology Co., Ltd., abbreviated as Xishan Technology[10](index=10&type=chunk) - The legal representative is Guo Yijun[10](index=10&type=chunk) - The company's registered and office address is No. 2 Kangzhu Road, Kangmei Street, Liangjiang New Area, Chongqing, unchanged during the reporting period[10](index=10&type=chunk) [Contact Persons and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's contacts are Bai Xue and Li Zhengyang, both at No. 2 Kangzhu Road, Kangmei Street, Liangjiang New Area, Chongqing, with phone/fax 023-65764806 and email xishangufen@xishantech.com.cn - Contact persons include Bai Xue and Li Zhengyang[13](index=13&type=chunk) - Contact phone number is 023-65764806, and email is xishangufen@xishantech.com.cn[13](index=13&type=chunk) [Information Disclosure and Document Availability](index=5&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates five newspapers for information disclosure, publishes its semi-annual report on www.sse.com.cn, and makes the report available at the company's Board Secretary Office, with no changes during the reporting period - The company's selected newspapers for information disclosure include "China Securities Journal," "Shanghai Securities News," "Securities Daily," "Securities Times," and "Economic Reference News"[14](index=14&type=chunk) - The website address for the semi-annual report is www.sse.com.cn[14](index=14&type=chunk) - The company's semi-annual report is available at the Board Secretary Office[14](index=14&type=chunk) [Company Stock Profile](index=5&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Xishan Technology and stock code 688576 - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[15](index=15&type=chunk) - The stock abbreviation is Xishan Technology, and the stock code is 688576[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue grew 2.40% to 155 million yuan, but net profit attributable to shareholders decreased 41.62% to 34.382 million yuan, with non-recurring net profit down 30.87%, mainly due to reduced investment income, biopsy needle procurement price cuts, and new park operating costs; operating cash flow increased 145.25% due to tighter credit policies and accounts receivable recovery; total assets and net assets slightly decreased due to share repurchases and cash dividends 2025 H1 Key Accounting Data | 主要会计数据 | 本报告期（1－6月） | 上年同期 | 本报告期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | 营业收入 (Yuan) | 155,035,804.26 | 151,404,503.49 | 2.40 | | 利润总额 (Yuan) | 35,320,769.21 | 63,309,587.30 | -44.21 | | 归属于上市公司股东的净利润 (Yuan) | 34,382,000.32 | 58,894,600.71 | -41.62 | | 归属于上市公司股东的扣除非经常性损益的净利润 (Yuan) | 28,939,837.10 | 41,864,946.90 | -30.87 | | 经营活动产生的现金流量净额 (Yuan) | 17,525,062.41 | -38,725,231.91 | 145.25 | | **本报告期末** | **上年度末** | **本报告期末比上年度末增减(%)** | | | 归属于上市公司股东的净资产 (Yuan) | 1,708,215,861.18 | 1,765,030,666.76 | -3.22 | | 总资产 (Yuan) | 1,850,979,402.69 | 1,925,782,570.99 | -3.88 | 2025 H1 Key Financial Indicators | 主要财务指标 | 本报告期（1－6月） | 上年同期 | 本报告期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | 基本每股收益（元／股） | 0.76 | 1.12 | -32.14 | | 稀释每股收益（元／股） | 0.76 | 1.12 | -32.14 | | 扣除非经常性损益后的基本每股收益（元／股） | 0.64 | 0.80 | -20.00 | | 加权平均净资产收益率（%） | 1.97 | 2.75 | 减少0.78个百分点 | | 扣除非经常性损益后的加权平均净资产收益率（%） | 1.66 | 1.96 | 减少0.30个百分点 | | 研发投入占营业收入的比例（%） | 15.96 | 15.20 | 增加0.76个百分点 | - Net profit decline primarily due to a significant reduction in investment income, decreased gross profit from biopsy needle centralized procurement, and increased depreciation and operating expenses for the new park[19](index=19&type=chunk) - Net cash flow from operating activities increased by **145.25%** year-on-year, mainly due to tighter credit policies and recovery of prior accounts receivable[19](index=19&type=chunk) - Total assets and net assets slightly decreased, primarily due to share repurchases and cash dividends in the current period[19](index=19&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 5.4422 million yuan, mainly from gains on entrusted investments (5.7579 million yuan) and government subsidies (0.9464 million yuan), also including losses from disposal of non-current assets (-0.2676 million yuan) and other non-operating income/expenses 2025 H1 Non-Recurring Gains and Losses Items | 非经常性损益项目 | 金额 (元) | | :--- | :--- | | 非流动性资产处置损益 | -267,573.13 | | 计入当期损益的政府补助 | 946,379.09 | | 委托他人投资或管理资产的损益 | 5,757,913.70 | | 除上述各项之外的其他营业外收入和支出 | -34,174.70 | | 减：所得税影响额 | 960,381.74 | | 合计 | 5,442,163.22 | Section III Management Discussion and Analysis [Industry and Main Business Overview](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%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 the minimally invasive surgical tools segment of the medical device industry, benefiting from global industry growth and national policy support, positioning itself as a "total solution provider for minimally invasive surgical tools" with mature R&D, procurement, production, and sales models [Industry Development Overview](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The company operates in the minimally invasive surgical tools market within the medical device industry, experiencing rapid growth driven by global aging and health awareness, with China's market accelerating domestic high-end medical device substitution supported by national policies, and sub-segments like surgical power tools, endoscope systems, and energy surgical equipment showing significant innovation and market expansion - The company belongs to “C35 Special Equipment Manufacturing” under “C358 Medical Instrument and Device Manufacturing,” specifically the minimally invasive surgical tools industry[25](index=25&type=chunk) Global and China Medical Device Market Size | 指标 | 2023年全球市场规模 | 2024年中国市场规模 | | :--- | :--- | :--- | | 金额 | 582.6 billion USD | 1.35 trillion Yuan | | 复合增速（2020-2024年全球） | 8.1% | 6% (同比) | - National policies (e.g., "Special Review Procedure for Innovative Medical Devices") strongly support the development of domestic medical devices, accelerating the import substitution of high-end medical devices[27](index=27&type=chunk) - In the surgical power tools sector, disposable blades are gaining acceptance due to reduced infection risk, improved surgical efficiency, and reduced burden on medical staff, gradually being included in medical insurance service prices[28](index=28&type=chunk)[29](index=29&type=chunk) - The endoscope system market continues to expand, with the global market expected to exceed **$49.65 billion** by 2037, showing increased demand for traditional rigid, flexible, and disposable endoscopes[30](index=30&type=chunk) [Company's Main Business](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) As a national high-tech enterprise, the company is strategically positioned as a "total solution provider for minimally invasive surgical tools," with main products including surgical power tools, endoscope systems, and energy surgical equipment, holding 14 Class III and 61 Class II medical device registration certificates, 118 domestic invention patents, and leading the drafting of 8 national pharmaceutical industry standards as of June 30, 2025, with no significant changes to its main business or products during the reporting period - The company's strategic positioning is “total solution provider for minimally invasive surgical tools,” with main products including surgical power tools, endoscope systems, and energy surgical equipment[31](index=31&type=chunk) Company Product Registration Certificates and Patents (as of June 30, 2025) | 类型 | 数量 | | :--- | :--- | | 三类医疗器械产品注册证 | 14项 | | 二类医疗器械产品注册证 | 61项 | | 境内发明专利 | 118项 | | 牵头起草国家医药行业标准 | 8项 | - Surgical power tools cover neurosurgery, ENT, orthopedics, breast surgery, etc., with the breast lesion vacuum-assisted biopsy system being the first domestically certified and industrialized product[32](index=32&type=chunk) - The endoscope system builds a dual-track technology system of rigid and flexible endoscopy, independently developing an ultra-high-definition endoscope camera system supporting 4K/10-bit image output[32](index=32&type=chunk)[33](index=33&type=chunk) - Energy surgical equipment includes ultrasonic bone tissue surgical equipment, plasma surgical equipment, and high-frequency surgical equipment, synergizing with surgical power tools and endoscope systems to provide comprehensive solutions[33](index=33&type=chunk)[34](index=34&type=chunk) [Main Business Model](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company adheres to a technology innovation and independent R&D model, with projects driven by clinical needs and market trends; procurement involves market-based inquiries, supplier evaluation, and on-site audits by the supply department to ensure material quality; production combines make-to-order with safety stock, primarily in-house manufacturing, with some non-core processes outsourced; sales are mainly domestic buy-out distribution, supplemented by direct sales and delivery, with limited international sales through a distributor network for promotion and delivery - R&D Model: Adheres to technological innovation and independent R&D, with projects originating from clinical needs, industry trends, and new technology insights[34](index=34&type=chunk) - Procurement Model: Managed by the supply department, through market inquiries and comprehensive supplier evaluation (quality, delivery speed, service) to establish a qualified supplier list, with regular audits[35](index=35&type=chunk) - Production Model: Combines make-to-order with safety stock, primarily in-house production, with some non-core processes (e.g., machining, precision carving) outsourced to external manufacturers[35](index=35&type=chunk) - Sales Model: Domestically, primarily buy-out distribution, supplemented by direct sales and delivery; internationally, adopts a buy-out distribution model, with products covering **46 countries and regions**[36](index=36&type=chunk)[37](index=37&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=%E4%BA%8C%E3%80%81%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's total operating revenue increased by 2.40%, but net profit attributable to shareholders decreased by 41.62%, and non-recurring net profit decreased by 30.87%, mainly due to reduced investment income, biopsy needle centralized procurement price cuts, and increased new park operating expenses; the company addresses market challenges and enhances core competitiveness by building a technology innovation mechanism, promoting "four modernizations" in capacity upgrades, strengthening end-sales channel construction, expanding multi-department total solutions, and reinforcing talent development and incentives [Performance During the Reporting Period](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%9A%E7%BB%A9%E8%A1%A8%E7%8E%B0) In H1 2025, the company's total operating revenue increased by 2.40% to 155 million yuan, but total operating costs increased by 15.99%; net profit attributable to shareholders decreased by 41.62% to 34.382 million yuan, with non-recurring net profit down 30.87%; R&D expenses increased by 7.52%, administrative expenses by 61.09%, and selling expenses decreased by 4.81% 2025 H1 Performance Overview | 指标 | 金额 (万元) | 同比增减 (%) | | :--- | :--- | :--- | | 营业总收入 | 15,503.58 | 2.40 | | 营业总成本 | 12,720.02 | 15.99 | | 归属于上市公司股东净利润 | 3,438.20 | -41.62 | | 归属于上市公司股东的扣非后净利润 | 2,893.98 | -30.87 | | 研发费用 | - | 7.52 | | 管理费用 | - | 61.09 | | 销售费用 | - | -4.81 | [Key Operating Initiatives](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E9%87%8D%E7%82%B9%E7%BB%8F%E8%90%A5%E5%B7%A5%E4%BD%9C) In the first half of the year, the company focused on five key areas: 1. Technological Innovation: Completed 85 patent applications, obtained 74 authorizations, added 10 medical device registration certificates, and overcame core technical challenges in electronic digestive flexible endoscopes; 2. Capacity Enhancement: New park fully operational, strengthening in-house production of core components, deepening modular and automated production, and establishing WMS/MES information systems; 3. Channel Development: Focused on hospital user development, increasing market share, optimizing channel strategies, and intensifying market promotion; 4. Market Expansion: Deepened minimally invasive surgery, built multi-department total solutions, increased international registration and promotion, with products covering 46 countries and regions; 5. Talent Development: Advanced "talent-driven development" strategy, optimized talent structure, upgraded performance and incentive mechanisms, and recruited full-time postdoctoral researchers - Built a technology innovation mechanism: Completed patent applications **85 items** (21 invention patents), obtained authorized patents **74 items** (2 invention patents), added Class III medical device registration certificates **2 items**, Class II **8 items**[38](index=38&type=chunk) - Overcame core technical bottlenecks in electronic digestive flexible endoscopes, with product registration progressing orderly[39](index=39&type=chunk) - Capacity enhancement: New park fully operational, strengthening in-house production of core components, deepening modular and automated production, establishing WMS/MES information systems for full traceability[41](index=41&type=chunk)[42](index=42&type=chunk) - Strengthened end-sales channel development: Focused on hospital user development, increasing equipment allocation and consumable usage, and enhancing market share through “maintain existing, promote growth” strategies[42](index=42&type=chunk)[43](index=43&type=chunk) - Expanded new markets: Deepened minimally invasive surgery, built multi-department product total solutions, increased international registration and promotion investment, with products covering **46 countries and regions**[43](index=43&type=chunk)[44](index=44&type=chunk) - Talent development and incentive mechanisms: Optimized talent structure, increased recruitment for key positions, upgraded performance and incentive plans, and successfully recruited full-time postdoctoral researchers[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=%E4%B8%89%E3%80%81%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 lies in technological leadership, R&D innovation, professional services, talent team, and quality cooperation resources, possessing multiple internationally advanced core technologies and patents in surgical power tools, being one of the domestic enterprises with the most registration certificates, continuously launching new products through agile R&D and "industry-academia-research-medical" collaborative innovation, and building competitive advantages through a professional pre-sales and after-sales service network, a stable core technical team, and deep cooperation with renowned institutions [Core Competitiveness](index=13&type=section&id=(%E4%B8%80)%20%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 includes technological leadership (e.g., cranial drill auto-stop, variable-angle burr, suspended sheath oscillating saw, breast biopsy technology), R&D innovation (extensive experience in surgical power tools, numerous registration certificates, strong new product development capabilities), professional service advantages (comprehensive pre-sales and after-sales service network, professional service engineers), talent team advantages (experienced, highly educated, stable core technical team), and quality cooperation resources (deep collaboration with renowned institutions and academic leaders to promote clinical application and talent training) - Technological leadership: Mastered core technologies such as medical micro-motor and transmission, cutter design and manufacturing, identification and control, and breast biopsy, with multiple technologies reaching international advanced levels[47](index=47&type=chunk)[48](index=48&type=chunk) - R&D innovation: Over **twenty years** of experience in surgical power tool R&D, being the domestic enterprise with the most registration certificates and product types in the surgical power tool field[49](index=49&type=chunk) - Professional service advantages: Established a comprehensive pre-sales service network and management system, cultivated a team of professional service engineers, providing all-round, all-time, and all-process after-sales service[50](index=50&type=chunk)[51](index=51&type=chunk) - Talent team advantages: Core technical team dedicated to surgical instrument development for a long time, possessing rich industry experience and diverse knowledge structures, with over **95%** of R&D personnel holding bachelor's degrees or higher[51](index=51&type=chunk)[52](index=52&type=chunk) - Quality cooperation resources: Engaged in deep industry-academia-research-medical cooperation with renowned institutions and academic leaders, jointly participating in research projects, establishing training centers, and promoting clinical applications[52](index=52&type=chunk)[53](index=53&type=chunk) [Core Technologies and R&D Progress](index=14&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company possesses 12 core technologies, including cranial drill auto-stop, variable-angle burr, suspended sheath oscillating saw, burr immediate stop control, cutter automatic identification, magnetic drive static seal, cutting window adjustment and monitoring, medical micro-motor, precision optical mechanical design, digital image processing, high-frequency output power adaptive control, and plasma signal sampling and energy control, all at industry-leading levels; during the reporting period, the company strengthened intellectual property protection, adding 2 authorized invention patents and applying for 21, with 51 authorized utility model patents and 58 applications; total R&D investment was 24.7419 million yuan, a 7.52% year-on-year increase, accounting for 15.96% of operating revenue; ongoing R&D projects include 10 items such as surgical power tool upgrades, disposable consumable upgrades, endoscope camera system upgrades, rigid endoscopes, flexible endoscopes, ultrasonic cutting and hemostasis systems, plasma surgical equipment, high-frequency surgical systems, and ultrasonic osteotomy systems, with a cumulative investment of 149.4921 million yuan - The company possesses 12 core technologies, including cranial drill auto-stop, variable-angle burr, suspended sheath oscillating saw, burr immediate stop control, cutter automatic identification, magnetic drive static seal, cutting window adjustment and monitoring, medical micro-motor, precision optical mechanical design, digital image processing, high-frequency output power adaptive control, and plasma signal sampling and energy control, all at industry advanced levels[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - During the reporting period, the company added invention patent authorizations **2 items**, applied for **21 items**; utility model patent authorizations **51 items**, applied for **58 items**; design patent authorizations **21 items**, applied for **6 items**[59](index=59&type=chunk) 2025 H1 R&D Investment | 指标 | 本期数 (元) | 上年同期数 (元) | 变化幅度 (%) | | :--- | :--- | :--- | :--- | | 费用化研发投入 | 24,741,852.25 | 23,011,841.76 | 7.52 | | 研发投入合计 | 24,741,852.25 | 23,011,841.76 | 7.52 | | 研发投入总额占营业收入的比例 | 15.96% | 15.20% | 增加0.76个百分点 | - Ongoing R&D projects include 10 items such as surgical power tool upgrades, disposable consumable upgrades, endoscope camera system upgrades, rigid endoscopes, flexible endoscopes, ultrasonic cutting and hemostasis systems, plasma surgical equipment, high-frequency surgical systems and ultrasonic osteotomy systems, with an estimated total investment of **226.18 million yuan**, current period investment of **24.7419 million yuan**, and cumulative investment of **149.4921 million yuan**[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) 2025 H1 R&D Personnel | 指标 | 本期数 | 上年同期数 | | :--- | :--- | :--- | | 研发人员数量（人） | 136 | 135 | | 研发人员数量占公司总人数的比例（%） | 21.02 | 21.33 | | 研发人员薪酬合计（万元） | 1,176.17 | 1,063.60 | | 研发人员平均薪酬（万元） | 8.65 | 7.88 | [Risk Factors](index=24&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces multiple risks, including intensified market competition, lower-than-expected market penetration of disposable consumables, R&D project suspension or failure, price reductions due to volume-based procurement policies, impact of "two-invoice system" on sales circulation, industry policy changes, product registration and renewal risks, product quality control risks, accounts receivable recovery risks, economic environment changes, and fundraising project delays - Intensified market competition risk: Intense competition from domestic and international brands; if the company fails to maintain advantages in technological innovation and channel development, it may face market share and performance decline[71](index=71&type=chunk) - Risk of lower-than-expected market penetration for disposable consumables: The company's business growth primarily relies on disposable consumables; if market promotion is hindered or penetration is below expectations, it may adversely affect performance[71](index=71&type=chunk) - Risk of R&D project suspension, new product R&D failure, or lack of market acceptance: Medical device R&D involves high investment, long cycles, and high uncertainty; new products may not meet clinical needs or penetrate existing competitive landscapes[72](index=72&type=chunk)[73](index=73&type=chunk) - Impact of “volume-based procurement” policy: Some of the company's products are already included in centralized procurement, and the scope may expand in the future, posing risks of failing to win bids or significant price reductions after winning bids[74](index=74&type=chunk)[75](index=75&type=chunk) - Impact of “two-invoice system” policy: Some of the company's products have implemented the two-invoice system in certain provinces; if implemented nationwide, it will significantly impact sales and distribution channels[76](index=76&type=chunk) - Product quality control risk: As Class II and Class III medical devices, product quality directly relates to patient safety; failure of the quality management system may lead to legal disputes, economic claims, or loss of market access[79](index=79&type=chunk) - Risk of fundraising project delays: Some fundraising projects (e.g., “Surgical Power System Industrialization Project,” “R&D Center Construction Project”) have been extended to December 31, 2026, with a risk of further delays[80](index=80&type=chunk) [Key Operating Conditions](index=26&type=section&id=%E4%BA%94%E3%80%81%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) During the reporting period, the company's total operating revenue increased by 2.40% to 155 million yuan, but net profit attributable to shareholders decreased by 41.62%; in surgical power tools, neurosurgery, ENT, and orthopedics consumables revenue grew, but breast surgery biopsy needle revenue declined due to centralized procurement price cuts; sales revenue for energy surgical equipment and endoscope products both increased; total operating costs increased by 15.99%, mainly due to increased depreciation and operating expenses for the new park and reduced gross profit from biopsy needles; in terms of assets and liabilities, trading financial assets and employee compensation decreased significantly, while accounts receivable financing, prepayments, and construction in progress increased significantly [Main Business Analysis](index=26&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue increased by 2.40%, mainly driven by growth in neurosurgery, ENT, and orthopedics consumables, as well as increased sales of energy surgical equipment and endoscope products; however, operating costs increased by 21.34% year-on-year, and administrative expenses increased by 61.09%, leading to a significant decline in total profit and net profit; net cash flow from operating activities increased by 145.25% year-on-year, net cash flow from investing activities increased by 576.77% year-on-year, and net cash flow from financing activities decreased by 9.87% year-on-year Financial Statement Items Change Analysis (2025 H1 vs. 2024 H1) | 科目 | 本期数 (元) | 上年同期数 (元) | 变动比例 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 155,035,804.26 | 151,404,503.49 | 2.40 | | 营业成本 | 53,793,039.41 | 44,332,689.41 | 21.34 | | 销售费用 | 35,602,161.17 | 37,399,550.16 | -4.81 | | 管理费用 | 17,200,142.75 | 10,677,034.82 | 61.09 | | 财务费用 | -6,604,366.46 | -6,918,995.27 | 4.55 | | 研发费用 | 24,741,852.25 | 23,011,841.76 | 7.52 | | 经营活动产生的现金流量净额 | 17,525,062.41 | -38,725,231.91 | 145.25 | | 投资活动产生的现金流量净额 | 193,306,200.25 | 28,562,849.13 | 576.77 | | 筹资活动产生的现金流量净额 | -92,227,053.06 | -102,323,127.91 | 9.87 | - Changes in administrative expenses mainly due to increased depreciation and operating expenses from the new park's operation[84](index=84&type=chunk) - Increase in net cash flow from operating activities mainly due to tighter credit policies and recovery of prior accounts receivable[84](index=84&type=chunk) - Increase in net cash flow from investing activities mainly due to reduced net purchases of wealth management products[85](index=85&type=chunk) - Changes in net cash flow from financing activities mainly due to reduced share repurchase amounts[85](index=85&type=chunk) [Analysis of Assets and Liabilities](index=27&type=section&id=(%E4%B8%89)%20%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) At the end of the reporting period, the company's total assets and net assets decreased by 3.88% and 3.22% respectively compared to the end of the previous year; trading financial assets significantly decreased by 57.60%, accounts receivable financing significantly increased by 1120.92%, prepayments increased by 84.38%, and construction in progress increased by 141.65%; on the liability side, contract liabilities increased by 173.70%, employee compensation and taxes payable significantly decreased, and other current liabilities increased by 339.83% Changes in Assets and Liabilities (Period-end vs. Period-start) | 项目名称 | 本期期末数 (元) | 本期期末数占总资产的比例 (%) | 上年期末数 (元) | 上年期末数占总资产的比例 (%) | 本期期末金额较上年期末变动比例 (%) | 情况说明 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 交易性金融资产 | 184,272,383.57 | 9.96 | 434,570,958.90 | 22.57 | -57.60 | 未到期结构性存款减少 | | 应收款项融资 | 18,574,571.99 | 1.00 | 1,521,364.00 | 0.08 | 1,120.92 | 收到银行承兑汇票增加 | | 预付款项 | 14,137,239.55 | 0.76 | 7,667,253.06 | 0.40 | 84.38 | 技术服务费等预付款增多 | | 在建工程 | 34,642,602.11 | 1.87 | 14,335,607.14 | 0.74 | 141.65 | 新园区建设投入 | | 合同负债 | 21,539,051.26 | 1.16 | 7,869,652.39 | 0.41 | 173.70 | 预收账款增加 | | 应付职工薪酬 | 10,327,200.63 | 0.56 | 20,232,306.83 | 1.05 | -48.96 | 支付2024年年终奖金 | | 应交税费 | 6,282,001.83 | 0.34 | 16,910,498.47 | 0.88 | -62.85 | 支付2024年度计提的企业所得税 | | 其他流动负债 | 4,905,537.96 | 0.27 | 1,115,318.35 | 0.06 | 339.83 | 已背书转让但尚未终止确认的银行承兑汇票增加 | - The main restricted asset at period-end was accounts receivable of **2,675,504.32 yuan**, not derecognized[88](index=88&type=chunk) [Analysis of Investment Status](index=30&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's financial assets measured at fair value totaled 202.847 million yuan at period-end, with purchases of 715 million yuan and sales/redemptions of 961 million yuan during the period, resulting in a fair value change loss of -4.2986 million yuan Changes in Financial Assets Measured at Fair Value | 资产类别 | 期初数 (元) | 本期公允价值变动损益 (元) | 本期购买金额 (元) | 本期出售/赎回金额 (元) | 期末数 (元) | | :--- | :--- | :--- | :--- | :--- | :--- | | 其他 | 436,092,322.90 | -4,298,575.33 | 715,000,000.00 | 961,000,000.00 | 202,846,955.56 | | 合计 | 436,092,322.90 | -4,298,575.33 | 715,000,000.00 | 961,000,000.00 | 202,846,955.56 | Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=32&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel; after the reporting period, Mr. Bian Benben resigned as Deputy General Manager for personal reasons but will continue to serve as the company's National Sales Director - During the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel[93](index=93&type=chunk) - On July 28, 2025, Mr. Bian Benben resigned as Deputy General Manager but will continue to serve as the company's National Sales Director[93](index=93&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=32&type=section&id=%E4%BA%8C%E3%80%81%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 has no profit distribution or capital reserve to share capital increase plan for this semi-annual period - The company has no profit distribution or capital reserve to share capital increase plan for this semi-annual period[93](index=93&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=32&type=section&id=%E4%B8%89%E3%80%81%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) During the reporting period, the company had no previously disclosed equity incentive matters with no subsequent progress or changes, nor any undisclosed or subsequently progressing incentive situations - No equity incentive matters previously disclosed in temporary announcements had no subsequent progress or changes[94](index=94&type=chunk) - No incentive situations were undisclosed in temporary announcements or had subsequent progress[94](index=94&type=chunk) [Environmental Information](index=32&type=section&id=%E5%9B%9B%E3%80%81%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 is not classified as a heavy polluting industry or a heavy polluting enterprise under relevant regulations, its production and operation activities do not involve environmental pollution, and there were no environmental violations during the reporting period - The company is not classified as a heavy polluting industry or a heavy polluting enterprise[95](index=95&type=chunk) - Production and operation activities do not involve environmental pollution, and there were no environmental violations during the reporting period[95](index=95&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=34&type=section&id=%E4%B8%80%E3%80%81%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 controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel have strictly fulfilled all commitments related to the initial public offering, including share lock-up, share price stabilization, fraudulent issuance share repurchase, measures to offset dilution of immediate returns, profit distribution policy, compensation or indemnification liabilities, restrictive measures for unfulfilled commitments, avoidance of horizontal competition, standardization and reduction of related party transactions, shareholder information disclosure, ensuring company independence, use of unregistered leased properties, re-lending related matters, and social insurance and housing provident fund contributions; all commitments were strictly fulfilled on time, with no uncompleted or untimely fulfillments - Controlling shareholder, actual controller, and their concerted parties, relatives, directors, supervisors, senior management, and core technical personnel have all fulfilled share lock-up commitments[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - The company, controlling shareholder, actual controller, directors (excluding independent directors), and senior management have made commitments and measures regarding stabilizing the company's share price[113](index=113&type=chunk) - The company, controlling shareholder, and actual controller committed that there were no fraudulent issuance and listing circumstances, and committed to repurchase shares[114](index=114&type=chunk) - The company, controlling shareholder, actual controller, directors, and senior management committed to measures to offset the dilution of immediate returns[115](index=115&type=chunk)[116](index=116&type=chunk) - Controlling shareholder, actual controller, and their concerted parties committed to avoiding horizontal competition and standardizing and reducing related party transactions[120](index=120&type=chunk)[121](index=121&type=chunk) [Significant Related Party Transactions](index=42&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no significant related party transactions related to daily operations, asset or equity acquisition/disposal, joint external investments, related party creditor-debtor relationships, or financial business with related financial companies - No significant related party transactions related to daily operations during the reporting period[128](index=128&type=chunk) - No related party transactions involving asset or equity acquisition or disposal during the reporting period[128](index=128&type=chunk) - No significant related party transactions involving joint external investments during the reporting period[129](index=129&type=chunk) - No related party creditor-debtor relationships during the reporting period[129](index=129&type=chunk) [Progress of Raised Funds Utilization](index=45&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%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) As of the end of the reporting period, the company's total raised funds from its initial public offering amounted to 1,799.3998 million yuan, with a net amount of 1,631.5286 million yuan, and a cumulative investment of 1,037.4031 million yuan, representing an investment progress of 63.58%; over-raised funds cumulatively invested 580 million yuan, with an investment progress of 59.78%; the construction progress of the fundraising projects "Surgical Power System Industrialization Project," "R&D Center Construction Project," "Information System Construction Project," and "Marketing Service Network Upgrade Project" were 53.53%, 81.71%, 71.38%, and 71.37% respectively, all extended to December 31, 2026; the company utilized idle raised funds for cash management, with a period-end balance of 24 million yuan Overall Utilization of Raised Funds (as of Period-end) | 指标 | 金额 (万元) | | :--- | :--- | | 募集资金总额 | 179,939.98 | | 募集资金净额 | 163,152.86 | | 招股书承诺投资总额 | 66,123.45 | | 超募资金总额 | 97,029.41 | | 截至报告期末累计投入募集资金总额 | 103,740.31 | | 截至报告期末超募资金累计投入总额 | 58,000.00 | | 截至报告期末募集资金累计投入进度 (%) | 63.58 | | 截至报告期末超募资金累计投入进度 (%) | 59.78 | | 本年度投入金额 | 6,971.15 | Detailed Utilization of Fundraising Projects (as of Period-end) | 项目名称 | 募集资金计划投资总额 (万元) | 截至报告期末累计投入募集资金总额 (万元) | 截至报告期末累计投入进度 (%) | 项目达到预定可使用状态日期 | | :--- | :--- | :--- | :--- | :--- | | 手术动力系统产业化项目 | 29,168.08 | 15,613.96 | 53.53 | 2026年12月 | | 研发中心建设项目 | 18,291.37 | 14,946.51 | 81.71 | 2026年12月 | | 营销服务网络升级项目 | 8,047.60 | 5,743.41 | 71.37 | 2026年12月 | | 信息化建设项目 | 4,616.40 | 3,295.29 | 71.38 | 2026年12月 | | 补充流动资金 | 6,000.00 | 6,141.14 | 102.35 | 不适用 | - The company has extended the completion deadline for some fundraising projects to December 31, 2026[80](index=80&type=chunk) - The company used idle raised funds for cash management, with a period-end balance of **24 million yuan**, not exceeding the authorized limit[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) [Other Significant Matters](index=50&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company completed its first share repurchase on March 20, 2025, canceling 3,124,532 shares, reducing total share capital from 49,627,313 shares to 46,502,781 shares; subsequently, the company changed the purpose of some repurchased shares, canceling 1,002,721 shares to reduce registered capital, completed on June 5, 2025, further reducing total share capital to 45,500,060 shares - The company completed a share repurchase on March 20, 2025, canceling **3,124,532 shares**, reducing total share capital from **49,627,313 shares** to **46,502,781 shares**[141](index=141&type=chunk) - The company changed the purpose of some repurchased shares, canceling **1,002,721 shares** to reduce registered capital, completed on June 5, 2025[142](index=142&type=chunk) - After this cancellation, the company's total share capital decreased from **46,502,781 shares** to **45,500,060 shares**[142](index=142&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Changes](index=51&type=section&id=%E4%B8%80%E3%80%81%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 total share capital changed due to share repurchases and cancellations, and the listing of some strategically placed restricted shares; the total share capital decreased by 4,127,253 shares from 49,627,313 shares at the beginning of the period to 45,500,060 shares at the end of the period; restricted shares decreased by 441,826 shares, and unrestricted tradable shares decreased by 3,685,427 shares Share Capital Change Table | | 本次变动前数量 | 本次变动前比例(%) | 本次变动增减（+,-）小计 | 本次变动后数量 | 本次变动后比例(%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 一、有限售条件股份 | 24,149,647 | 48.66 | -441,826 | 23,707,821 | 52.11 | | 二、无限售条件流通股份 | 25,477,666 | 51.34 | -3,685,427 | 21,792,239 | 47.89 | | 三、股份总数 | 49,627,313 | 100.00 | -4,127,253 | 45,500,060 | 100.00 | - The company canceled **3,124,532 shares** on March 20, 2025, reducing total share capital to **46,502,781 shares**[145](index=145&type=chunk) - Some strategically placed shares from the initial public offering, totaling **441,826 shares**, became tradable on June 6, 2025[145](index=145&type=chunk) - The company canceled **1,002,721 shares** on June 5, 2025, reducing total share capital to **45,500,060 shares**[146](index=146&type=chunk) [Shareholder Information](index=52&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 4,846 common shareholders; among the top ten shareholders, Chongqing Xishan Investment Co., Ltd. held the highest proportion at 42.01%, all as restricted shares; the actual controller, Guo Yijun, held 1,658,610 shares, of which 1,638,241 were restricted shares; among the top ten unrestricted shareholders, China Medical Investment Co., Ltd. held the most shares; the controlling shareholder, actual controller, and their concerted parties have related party relationships - As of the end of the reporting period, the total number of common shareholders was **4,846**[149](index=149&type=chunk) Top Ten Shareholders' Holdings (as of Period-end) | 股东名称 | 期末持股数量 | 比例 (%) | 持有有限售条件股份数量 | 股东性质 | | :--- | :--- | :--- | :--- | :--- | | 重庆西山投资有限公司 | 19,114,290 | 42.01 | 19,114,290 | 境内非国有法人 | | 重庆同心投资管理中心（有限合伙） | 2,314,290 | 5.09 | 2,314,290 | 其他 | | 中国医药投资有限公司 | 1,947,779 | 4.28 | 0 | 国有法人 | | 郭毅军 | 1,658,610 | 3.65 | 1,638,241 | 境内自然人 | | 苏州金阖二期股权投资合伙企业（有限合伙） | 1,457,649 | 3.20 | 0 | 其他 | | 上海鸿富私募基金管理有限公司－福建颂德股权投资合伙企业（有限合伙） | 1,362,443 | 2.99 | 0 | 其他 | | 重庆幸福者企业管理中心（有限合伙） | 641,000 | 1.41 | 641,000 | 其他 | | 刘洪泉 | 514,918 | 1.13 | 0 | 境内自然人 | | 黄海生 | 389,868 | 0.86 | 0 | 境内自然人 | | 黄玮 | 342,311 | 0.75 | 0 | 境内自然人 | - Xishan Investment, Tongxin Investment, Xingfuzhe, and Guo Yijun are concerted parties[153](index=153&type=chunk) - Chongqing Xishan Science & Technology Co., Ltd. Repurchase Special Securities Account held **310,000 shares**, with a shareholding ratio of **0.68%**[153](index=153&type=chunk) [Directors, Supervisors, Senior Management, and Core Technical Personnel](index=56&type=section&id=%E4%B8%89%E3%80%81%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%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of the company's current and resigned directors, supervisors, senior management, and core technical personnel, nor were they granted any equity incentives - During the reporting period, the shareholding changes of the company's directors, supervisors, senior management, and core technical personnel were “not applicable”[157](index=157&type=chunk) - During the reporting period, the company's directors, supervisors, senior management, and core technical personnel were not granted equity incentives[157](index=157&type=chunk) Section VII Bond-Related Information [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=57&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no outstanding or overdue corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[159](index=159&type=chunk) [Convertible Corporate Bonds](index=57&type=section&id=%E4%BA%8C%E3%80%81%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) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[159](index=159&type=chunk) Section VIII Financial Report [Audit Report](index=58&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[161](index=161&type=chunk) [Financial Statements](index=58&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's balance sheet as of June 30, 2025, income statement, cash flow statement, and statement of changes in owners' equity for January-June 2025, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flow during the period - Financial statements include the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity[161](index=161&type=chunk)[164](index=164&type=chunk)[167](index=167&type=chunk)[170](index=170&type=chunk) [Balance Sheet](index=58&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total assets were 1.851 billion yuan, total liabilities were 143 million yuan, and owners' equity was 1.708 billion yuan; total current assets were 1.038 billion yuan, and total non-current assets were 813 million yuan; major asset changes included a 57.60% decrease in trading financial assets, a 1120.92% increase in accounts receivable financing, and a 141.65% increase in construction in progress Balance Sheet Key Data (June 30, 2025) | 项目 | 期末余额 (元) | 期初余额 (元) | | :--- | :--- | :--- | | 资产总计 | 1,850,979,402.69 | 1,925,782,570.99 | | 负债合计 | 142,763,541.51 | 160,751,904.23 | | 所有者权益合计 | 1,708,215,861.18 | 1,765,030,666.76 | | 货币资金 | 677,021,119.84 | 558,452,319.69 | | 交易性金融资产 | 184,272,383.57 | 434,570,958.90 | | 应收款项融资 | 18,574,571.99 | 1,521,364.00 | | 预付款项 | 14,137,239.55 | 7,667,253.06 | | 在建工程 | 34,642,602.11 | 14,335,607.14 | | 合同负债 | 21,539,051.26 | 7,869,652.39 | | 应付职工薪酬 | 10,327,200.63 | 20,232,306.83 | [Income Statement](index=60&type=section&id=%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the company achieved operating revenue of 155 million yuan, a year-on-year increase of 2.40%; net profit was 34.382 million yuan, a year-on-year decrease of 41.62%; total profit was 35.3208 million yuan, a year-on-year decrease of 44.21%; basic earnings per share were 0.76 yuan/share, a year-on-year decrease of 32.14% Income Statement Key Data (January-June 2025) | 项目 | 本期发生额 (元) | 上期发生额 (元) | | :--- | :--- | :--- | | 营业收入 | 155,035,804.26 | 151,404,503.49 | | 营业成本 | 53,793,039.41 | 44,332,689.41 | | 销售费用 | 35,602,161.17 | 37,399,550.16 | | 管理费用 | 17,200,142.75 | 10,677,034.82 | | 研发费用 | 24,741,852.25 | 23,011,841.76 | | 财务费用 | -6,604,366.46 | -6,918,995.27 | | 利润总额 | 35,320,769.21 | 63,309,587.30 | | 净利润 | 34,382,000.32 | 58,894,600.71 | | 基本每股收益(元/股) | 0.76 | 1.12 | [Cash Flow Statement](index=61&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, net cash flow from operating activities was 17.5251 million yuan, turning positive from negative in the prior year, an increase of 145.25%; net cash flow from investing activities was 193 million yuan, a year-on-year increase of 576.77%; net cash flow from financing activities was -92.2271 million yuan, a year-on-year decrease of 9.87%; cash and cash equivalents at period-end totaled 677 million yuan Cash Flow Statement Key Data (January-June 2025) | 项目 | 本期发生额 (元) | 上期发生额 (元) | | :--- | :--- | :--- | | 经营活动产生的现金流量净额 | 17,525,062.41 | -38,725,231.91 | | 投资活动产生的现金流量净额 | 193,306,200.25 | 28,562,849.13 | | 筹资活动产生的现金流量净额 | -92,227,053.06 | -102,323,127.91 | | 现金及现金等价物净增加额 | 118,568,800.15 | -112,425,561.76 | | 期末现金及现金等价物余额 | 677,021,119.84 | 599,822,568.59 | [Statement of Changes in Owners' Equity](index=63&type=section&id=%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) From January to June 2025, total owners' equity decreased by 56.8148 million yuan to 1.708 billion yuan; paid-in capital decreased by 4.1273 million yuan due to share repurchases and cancellations, capital surplus decreased by 268.3242 million yuan, treasury stock decreased by 226.4447 million yuan, and retained earnings decreased by 10.8081 million yuan Changes in Owners' Equity (January-June 2025) | 项目 | 期初余额 (元) | 本期增减变动金额 (元) | 期末余额 (元) | | :--- | :--- | :--- | | 实收资本（或股本） | 49,627,313.00 | -4,127,253.00 | 45,500,060.00 | | 资本公积 | 1,721,493,479.29 | -268,324,209.59 | 1,453,169,269.70 | | 减：库存股 | 250,058,611.78 | -226,444,716.69 | 23,613,895.09 | | 未分配利润 | 221,915,416.17 | -10,808,059.68 | 211,107,356.49 | | 所有者权益合计 | 1,765,030,666.76 | -56,814,805.58 | 1,708,215,861.18 | [Company Basic Information](index=66&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Chongqing Xishan Science & Technology Co., Ltd. was listed on the STAR Market of the Shanghai Stock Exchange on June 6, 2023, stock code 688576; during the reporting period, the company's total share capital decreased from 53,001,466 shares at the beginning of the period to 45,500,060 shares at the end of the period due to multiple share repurchases and cancellations; the company's registered and headquarters addresses are both at No. 2 Kangzhu Road, Kangmei Street, Liangjiang New Area, Chongqing, with its main business being the R&D, production, and sales of surgical power tools - The company was listed on the Shanghai Stock Exchange on June 6, 2023, stock code: **688576**[174](index=174&type=chunk) - The company's total share capital decreased from **53,001,466 shares** to **45,500,060 shares** due to multiple share repurchases and cancellations[175](index=175&type=chunk)[176](index=176&type=chunk) - The company's registered and headquarters addresses are both at No. 2 Kangzhu Road, Kangmei Street, Liangjiang New Area, Chongqing[176](index=176&type=chunk) - The company's main operating activities are the R&D, production, and sales of surgical power tools, with main products including surgical power tool systems, consumables, and accessories[176](index=176&type=chunk) [Basis of Financial Statement Preparation](index=66&type=section&id=%E5%9B%9B%E3%80%81%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, in accordance with "Enterprise Accounting Standards" and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)," using the accrual basis of accounting, and measured at historical cost except for certain financial instruments - Financial statements are prepared on a going concern basis, in compliance with “Enterprise Accounting Standards” and relevant disclosure regulations[177](index=177&type=chunk) - Accounting is based on the accrual method, and except for certain financial instruments, all items are measured at historical cost[177](index=177&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting its going concern ability[178](index=178&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, and materiality criteria; it focuses on the classification, recognition, measurement, and derecognition methods for financial instruments, particularly the measurement of expected credit losses; additionally, it covers the provision for bad debts for notes receivable, accounts receivable, accounts receivable financing, and other receivables; the classification, valuation, inventory system, and impairment provisions for inventories; the amortization methods for intangible assets and capitalization conditions for R&D expenditures; and the accounting treatment for contract liabilities, employee compensation, provisions, share-based payments, revenue recognition, and government grants; for lease accounting, as a lessee, the company applies simplified treatment for short-term leases and low-value asset leases, and recognizes right-of-use assets and lease liabilities - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[188](index=188&type=chunk) - The company performs impairment testing for financial assets measured at amortized cost, debt instruments measured at fair value through other comprehensive income, and contract assets, based on expected credit losses[194](index=194&type=chunk) - Inventories are valued using the weighted-average method at month-end and measured at the lower of cost and net realizable value, with provisions for inventory impairment[212](index=212&type=chunk)[213](index=213&type=chunk) - R&D expenditures are distinguished between research and development phases, with development phase expenditures capitalized as intangible assets when specific conditions are met[222](index=222&type=chunk) - Revenue recognition principle: Identify distinct performance obligations, determine if performed over time or at a point in time, and recognize revenue based on progress or when the customer obtains control[236](index=236&type=chunk)[237](index=237&type=chunk) - Government grants are classified as asset-related or income-related, recognized when conditions are met, and accounted for as deferred income or current profit or loss based on their nature[241](index=241&type=chunk)[242](index=242&type=chunk) [Taxation](index=80&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (13%), urban maintenance and construction tax (7%), education surcharge (3%), and corporate income tax (15%); as a high-tech enterprise, the company enjoys a preferential corporate income tax rate of 15%; additionally, the company benefits from tax incentives such as 100% super deduction for R&D expenses, immediate VAT refund for software products, and a 5% VAT super deduction for advanced manufacturing enterprises Main Tax Categories and Rates | 税种 | 税率 | | :--- | :--- | | 增值税 | 13% | | 城市维护建设税 | 7% | | 教育费附加 | 3% | | 企业所得税 | 15% | - As a high-tech enterprise, the company pays corporate income tax at a reduced rate of **15%**[249](index=249&type=chunk) - The company enjoys tax incentives such as **100% super deduction for R&D expenses**, **immediate VAT refund for software products**, and a **5% VAT super deduction for advanced manufacturing enterprises**[249](index=249&type=chunk)[250](index=250&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on various asset, liability, and owners' equity items in the consolidated financial statements; these include cash and bank balances, trading financial assets, notes receivable, accounts receivable, accounts receivable financing, prepayments, other receivables, inventories, other current assets, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets restricted in ownership or use, accounts payable, contract liabilities, employee compensation payable, ta

浙江帕瓦新能源股份有限公司2025 年半年度报告 公司代码：688184 公司简称：ST 帕瓦 浙江帕瓦新能源股份有限公司 2025 年半年度报告 1 / 194 浙江帕瓦新能源股份有限公司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 公司已在本报告中描述可能存在的风险，敬请查阅本报告"第三节管理层讨论与分析"之"四、 风险因素"部分。随着市场环境变化、行业竞争加剧，原材料价格波动、加工费水平下降及产能 利用率不足等带来的经营压力进一步凸显，公司存在毛利率下滑、资产减值、业绩持续亏损的风 险。鉴于公司共同实际控制人之一、董事张宝涉嫌职务侵占被公安机关立案侦查（详见公司于 2025 年 8 月 4 日在上海证券交易所网站（www.sse.com.cn）披露的《关于公司共同实际控制人之一、 董事张宝被立案侦查的公告》），张宝所涉职务侵占事项以及相关事项处于公安机关立案侦查阶 段，尚待公安机关及相关司法机构查明。敬请投资者注意投资风险。 三、 ...

公司代码：603628 公司简称：清源股份 清源科技股份有限公司2025 年半年度报告 清源科技股份有限公司 2025 年半年度报告 1 / 190 清源科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人HONG DANIEL、主管会计工作负责人方蓉闽及会计机构负责人（会计主管人 员）方蓉闽声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的公司发展战略、经营计划等前瞻性描述不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 十、 重大风险提示 不适用 十一、 其他 □适用 √不适用 2 / 190 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半 ...

[Glossary](index=4&type=section&id=Part%20I%20Glossary) This section defines key terms and abbreviations used throughout the report, ensuring clarity and consistent understanding of financial and operational terminology [Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This chapter defines key terms used in the report, covering professional terminology for company entities, reporting periods, and main business products like edible fungi, ham, and coffee, ensuring clarity and consistency - The reporting period is defined as **January 1, 2025, to June 30, 2025**[12](index=12&type=chunk) - The company's full name is Yunnan Bowent Technology Industrial Co., Ltd., stock abbreviation Bowent Technology, stock code **600883**[12](index=12&type=chunk) - Major subsidiaries include Kunming Bowent Technology Development Co., Ltd., Shangri-La Bowent Food Co., Ltd., Nujiang Bowent Coffee Co., Ltd., and Yunnan Nuodeng Jintui Food Technology Co., Ltd[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This chapter provides essential company registration details, contact information, and a summary of key accounting data and financial indicators for the reporting period [Company Information and Contact Details](index=5&type=section&id=2.1%20Company%20Information%20and%20Contact%20Details) This section provides the company's basic registration information, legal representative, contact details, and information disclosure channels, offering investors important avenues to access public company information - The company's legal representative is **Liu Zhibo**[16](index=16&type=chunk) - The company's registered address is Xiaobaozi, Yongsheng Street, Longyang District, Baoshan City, Yunnan Province (Baoshan Industrial Park), and its office address is Room 806, Donghang Investment Building, No. 219 Chuncheng Road, Guandu District, Kunming City, Yunnan Province[18](index=18&type=chunk) - The company's stock abbreviation is **'Bowent Technology'**, stock code **'600883'**, listed on the Shanghai Stock Exchange[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a significant year-on-year increase in operating revenue, but a substantial decrease in total profit and net profit attributable to shareholders, with negative net cash flow from operating activities Key Accounting Data for H1 2025 | Item | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,689,692.67 | 16,701,183.10 | 71.78 | | Total Profit | 13,983,240.35 | 39,164,521.58 | -64.30 | | Net Profit Attributable to Shareholders of Listed Company | 14,351,381.57 | 39,744,271.72 | -63.89 | | Net Cash Flow from Operating Activities | -4,921,919.78 | -1,789,010.60 | N/A | Key Financial Indicators for H1 2025 | Item | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0608 | 0.1683 | -63.87 | | Diluted Earnings Per Share (RMB/share) | 0.0608 | 0.1683 | -63.87 | | Basic EPS after Non-recurring Gains/Losses (RMB/share) | 0.0607 | 0.1408 | -56.89 | | Weighted Average Return on Net Assets (%) | 1.4545 | 4.3043 | Decrease by 2.8498 percentage points | - Total non-recurring gains and losses amounted to **RMB 26,810.88**[25](index=25&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This chapter offers a comprehensive analysis of the company's industry, main business operations, core competencies, and significant financial performance during the reporting period [Industry and Main Business Overview for the Reporting Period](index=7&type=section&id=3.1%20Industry%20and%20Main%20Business%20Overview%20for%20the%20Reporting%20Period) This section details the industry overview for the company's three main businesses—edible fungi, ham, and coffee—including national and Yunnan province market size, development trends, competitive landscape, and the company's operating model and product status. During the reporting period, edible fungi and coffee business revenues achieved significant growth, while ham business revenue slightly decreased but gross profit margin improved - The company's main business scope includes three segments: **edible fungi, ham, and coffee**[27](index=27&type=chunk) Edible Fungi Business Performance | Item | Current Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 19,431,425.82 | 44.26 | | Gross Profit Margin | -2.2 percentage points | Decrease by 2.2 percentage points | Ham Business Performance | Item | Current Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 2,027,595.80 | -10.54 | | Gross Profit Margin | +2.42 percentage points | Increase by 2.42 percentage points | Coffee Business Performance | Item | Current Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 7,128,884.86 | 719.22 | | Gross Profit Margin | +40.54 percentage points | Increase by 40.54 percentage points | [Discussion and Analysis of Operations](index=14&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) This section summarizes the company's operational management efforts during the reporting period, focusing on stable operations, synergistic management, continuous exploration, and risk control, emphasizing the implementation of its main business transformation strategy and the management of long-term equity investments and entrusted wealth management. The company's operating revenue significantly increased, but net profit attributable to the parent company substantially decreased due to reduced investment income from associates - The company maintained stable operations, guided by market demand, improving the operating efficiency of its edible fungi business, resulting in **year-on-year growth in operating revenue**[51](index=51&type=chunk) - Strengthened efforts in the ham business to 'expand markets and reduce inventory,' achieving a **slight increase in gross profit margin** through adjusted operating strategies and production cost control[51](index=51&type=chunk)[52](index=52&type=chunk) - Continuously explored the coffee business, focusing on green coffee bean trade and deep-processed products, expanding operations, and gradually entering the entire coffee industry chain[52](index=52&type=chunk) - Strengthened long-term equity investment management, with the company holding **6.65% of Xinjiang Zhonghe shares**, making it the second-largest shareholder, participating in its major operating decisions by appointing directors and supervisors[53](index=53&type=chunk) - Steadily conducted entrusted wealth management business, investing **no more than RMB 100 million** of its own funds in highly secure and liquid wealth management products[53](index=53&type=chunk) - During the reporting period, the company achieved cumulative operating revenue of **RMB 28,689,692.67**, a **71.78% year-on-year increase**; net profit attributable to parent company shareholders was **RMB 14,351,381.57**, a **63.89% year-on-year decrease**[54](index=54&type=chunk) [Analysis of Core Competencies for the Reporting Period](index=15&type=section&id=3.3%20Analysis%20of%20Core%20Competencies%20for%20the%20Reporting%20Period) This section analyzes the company's core competencies in its three main businesses—edible fungi, ham, and coffee—noting that the main business transformation and upgrading structure has largely formed, but each business segment still needs further improvement in brand influence, market competitive advantage, and operational management experience, while facing market and policy risks - The company's main business is agricultural and sideline food processing (edible fungi, ham, and coffee businesses) with Yunnan plateau characteristics, and the pattern of main business transformation and upgrading has largely formed[55](index=55&type=chunk) - The edible fungi business has a single product structure, and the competitive influence of its self-created **'Geli La' brand** in domestic and international markets needs further enhancement[55](index=55&type=chunk) - The ham business core team possesses key processing technologies for Nuodeng ham and owns the **'Yitui' trademark**, but market competitive advantage and brand effect require further improvement[55](index=55&type=chunk) - The coffee business is still in its early stages of operation, facing risks of not achieving expected operating targets due to factors such as production and operation management experience, industry policies, and market competition[56](index=56&type=chunk) [Major Operating Performance for the Reporting Period](index=16&type=section&id=3.4%20Major%20Operating%20Performance%20for%20the%20Reporting%20Period) This section provides a detailed analysis of the company's major operating performance during the reporting period, including changes in financial statement items, the impact of non-core businesses on profit, asset and liability status, and investment conditions, along with an analysis of major controlled and associated companies. Operating revenue and net cash flow from investing activities significantly increased, but total profit and fair value change gains substantially decreased Analysis of Changes in Financial Statement Items | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,689,692.67 | 16,701,183.10 | 71.78 | | Operating Cost | 27,085,453.30 | 15,894,612.55 | 70.41 | | Selling Expenses | 2,139,540.79 | 1,541,322.78 | 38.81 | | Total Profit | 13,983,240.35 | 39,164,521.58 | -64.30 | | Net Cash Flow from Operating Activities | -4,921,919.78 | -1,789,010.60 | N/A | | Net Cash Flow from Investing Activities | 86,305,644.22 | -21,893,597.60 | N/A | Profit Changes from Non-Core Businesses | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Entrusted Wealth Management Income | 233,702.68 | 271,203.13 | -13.83 | | Securities Investment Dividend Income | 797,979.00 | 1,398,651.80 | -42.95 | | Fair Value Change Gains | -2,501,844.00 | 4,652,800.00 | -153.77 | Changes in Asset and Liability Status | Item Name | Current Period End (RMB) | Prior Period End (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 107,377,557.04 | 34,816,072.54 | 208.41 | | Accounts Receivable | 2,276,751.09 | 3,359,197.05 | -32.22 | | Non-current Assets Due Within One Year | 0 | 32,875,315.07 | -100.00 | | Accounts Payable | 652,360.59 | 4,439,140.96 | -85.30 | - The company established a wholly-owned subsidiary, Nujiang Bowent Coffee Co., Ltd., in Lushui City, Nujiang Lisu Autonomous Prefecture, Yunnan Province, with **RMB 20 million** of its own funds, and invested in a coffee planting base project with an estimated total of **RMB 16 million**[64](index=64&type=chunk)[65](index=65&type=chunk)[70](index=70&type=chunk) - As of the end of the reporting period, the company held **RMB 37,568,986.00** in Yunnan Baiyao shares and **RMB 62,325,500.00** in Zhonghe convertible bonds[71](index=71&type=chunk)[72](index=72&type=chunk) - Investment income from long-term equity investment in associate Xinjiang Zhonghe Co., Ltd., accounted for using the equity method, was **RMB 26.2533 million**, a **39.66% year-on-year decrease**[79](index=79&type=chunk) [Other Disclosures](index=25&type=section&id=3.5%20Other%20Disclosures) This section discloses potential risks faced by the company, including operational risks in the edible fungi business, pork price fluctuations and food safety risks in the ham business, operational uncertainties in the coffee business, market fluctuation risks in long-term equity investments, and fair value change risks in securities investments, with a particular emphasis on delisting risks if certain financial indicators are not met - The edible fungi business faces operational risks such as a single product structure, raw material production affected by seasonality and natural factors, and intense market competition[81](index=81&type=chunk) - The ham business faces risks including the impact of pork price fluctuations on costs, food quality and safety risks, liquidity risks due to the long production cycle of Nuodeng ham, and risks of investments not meeting expectations[81](index=81&type=chunk)[82](index=82&type=chunk) - As a new business, the coffee business faces operational uncertainties and price fluctuation risks due to factors such as policy changes, market competition, lack of operational management experience, international coffee supply and demand, and exchange rate changes[83](index=83&type=chunk) - Long-term equity investments (e.g., Xinjiang Zhonghe) and securities investments (e.g., Yunnan Baiyao shares and Zhonghe convertible bonds) are affected by securities market fluctuations, posing risks of uncertain investment returns and fair value changes[84](index=84&type=chunk) - The company faces delisting risk; if its net profit after deducting non-recurring gains and losses is negative and operating revenue is **below RMB 300 million** in 2025, it will trigger mandatory delisting indicators based on financial criteria[85](index=85&type=chunk) [Corporate Governance, Environment and Society](index=27&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This chapter outlines the company's corporate governance structure, including personnel changes and profit distribution plans, alongside its environmental and social responsibility initiatives [Corporate Governance and Profit Distribution](index=27&type=section&id=4.1%20Corporate%20Governance%20and%20Profit%20Distribution) This section states that there were no changes in the company's directors, supervisors, or senior management during the reporting period, and no half-year profit distribution or capital reserve capitalization plan was formulated - Changes in the company's directors, supervisors, and senior management during the reporting period were **'not applicable'**, meaning no changes occurred[88](index=88&type=chunk) - No half-year profit distribution plan or capital reserve capitalization plan was proposed[88](index=88&type=chunk) [Environmental and Social Responsibility](index=27&type=section&id=4.2%20Environmental%20and%20Social%20Responsibility) This section discloses that the company and its major subsidiaries were not listed as key pollutant discharge units for 2025, and no poverty alleviation or rural revitalization work was carried out during the reporting period, but the company commits to actively fulfilling social responsibilities in the future - Neither the company nor its major subsidiaries were listed as key pollutant discharge units in their respective locations for **2025**[89](index=89&type=chunk) - The company did not carry out poverty alleviation or rural revitalization work during the reporting period but commits to actively fulfilling social responsibilities in the future[90](index=90&type=chunk) [Significant Matters](index=28&type=section&id=Part%20V%20Significant%20Matters) This chapter details the company's fulfillment of commitments, significant litigation and arbitration cases, and its integrity status, including related party transactions and guarantees [Fulfillment of Commitments](index=28&type=section&id=5.1%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments by the company's actual controller, shareholders, and related parties during or continuing into the reporting period, primarily involving share lock-up commitments and profit forecasts and compensation commitments for controlled subsidiaries, all of which were fulfilled on schedule or are ongoing - Shenzhen Derong Investment Development Co., Ltd.'s share lock-up commitment has been fulfilled or is ongoing[92](index=92&type=chunk) - Share lock-up commitments by shareholders such as Beijing Peking University Resources Technology Co., Ltd. and Yunnan Chuanqi Investment Co., Ltd. have been fulfilled or are ongoing[92](index=92&type=chunk) - Majinqiao Company committed to the net profit achieved by Jintui Company from **2023 to 2027** and formulated cash and equity compensation plans[92](index=92&type=chunk)[94](index=94&type=chunk) [Significant Litigation and Arbitration Matters](index=30&type=section&id=5.2%20Significant%20Litigation%20and%20Arbitration%20Matters) This section discloses significant litigation and arbitration matters involving the company during the reporting period, primarily cement sales contract disputes, with some cases concluding execution proceedings due to the absence of executable assets from the defendants - The company sued Yunnan Baiyi Construction Engineering Co., Ltd. and Liu Zhongzhen over a cement sales contract dispute; the court ruled to terminate the current enforcement proceedings as the defendants currently have no executable assets[96](index=96&type=chunk) - The company sued Zhang Xueming over a cement sales contract dispute; an agreement was reached through mediation, but the defendant failed to fulfill repayment obligations, leading the company to apply for compulsory enforcement[96](index=96&type=chunk) - The company sued Lin Shengliang over a cement sales contract dispute; an agreement was reached through mediation, but the defendant failed to repay the debt, and the court ruled to terminate the current enforcement proceedings due to the absence of other executable assets from the defendant[96](index=96&type=chunk)[98](index=98&type=chunk) [Integrity Status and Related Party Transactions](index=31&type=section&id=5.3%20Integrity%20Status%20and%20Related%20Party%20Transactions) This section states that during the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no illegal activities, penalties, or investigations, and no irregular guarantees or significant related party transactions - During the reporting period, the company, its largest shareholder, and actual controller strictly complied with national laws and regulations, maintaining **good integrity**[99](index=99&type=chunk) - There were no instances of failing to fulfill obligations determined by effective court legal documents or significant overdue debts remaining unpaid[99](index=99&type=chunk) - There were no instances of being investigated by competent authorities, receiving criminal penalties, administrative penalties, or administrative regulatory measures[99](index=99&type=chunk) - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties[95](index=95&type=chunk) - During the reporting period, there were no instances of providing external guarantees in violation of prescribed decision-making procedures[95](index=95&type=chunk) [Share Changes and Shareholder Information](index=34&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This chapter presents information on the company's share capital structure, any changes during the period, and the details of its major shareholders [Changes in Share Capital](index=34&type=section&id=6.1%20Changes%20in%20Share%20Capital) This section states that there were no changes in the company's total share capital or share structure during the reporting period - During the reporting period, there were **no changes** in the company's total share capital or share structure[104](index=104&type=chunk) [Shareholder Information](index=34&type=section&id=6.2%20Shareholder%20Information) This section discloses the total number of common shareholders and the shareholding status of the top ten shareholders and top ten unrestricted tradable share shareholders as of the end of the reporting period, with Shenzhen Derong Investment Development Co., Ltd. being the largest shareholder - As of the end of the reporting period, the total number of common shareholders was **13,169**[105](index=105&type=chunk) Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shenzhen Derong Investment Development Co., Ltd. | 40,500,000 | 17.15 | Domestic Non-State-Owned Legal Person | | Beijing Peking University Resources Technology Co., Ltd. | 27,836,605 | 11.79 | Domestic Non-State-Owned Legal Person | | Yunnan Chuanqi Investment Co., Ltd. | 25,190,000 | 10.67 | Domestic Non-State-Owned Legal Person | | Shanghai Depeng Industrial Co., Ltd. | 15,531,700 | 6.58 | Domestic Non-State-Owned Legal Person | | Wang Guowei | 2,066,800 | 0.88 | Domestic Natural Person | - Shenzhen Derong Investment Development Co., Ltd. is the company's largest shareholder, with a shareholding ratio of **17.15%**[109](index=109&type=chunk) [Bond-Related Information](index=37&type=section&id=Part%20VII%20Bond-Related%20Information) This chapter confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Bond-Related Information](index=37&type=section&id=7.1%20Bond-Related%20Information) This section states that the company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments[113](index=113&type=chunk) - The company has **no convertible corporate bonds**[113](index=113&type=chunk) [Financial Report](index=38&type=section&id=Part%20VIII%20Financial%20Report) This chapter contains the company's unaudited financial statements, including the balance sheet, income statement, cash flow statement, and detailed notes on accounting policies and financial items [Audit Report](index=38&type=section&id=8.1%20Audit%20Report) This section states that this semi-annual report has not been audited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [Financial Statements](index=38&type=section&id=8.2%20Financial%20Statements) This section includes the company's unaudited consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively presenting the company's financial position at the end of the reporting period, operating results, and cash flow during the reporting period Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 107,377,557.04 | 34,816,072.54 | | Financial Assets Held for Trading | 99,894,486.00 | 132,396,330.00 | | Long-term Equity Investments | 749,232,455.66 | 757,218,175.10 | | Total Assets | 1,035,908,717.08 | 1,044,393,826.69 | | Total Liabilities | 60,192,645.42 | 59,460,750.85 | | Total Equity Attributable to Parent Company Owners | 970,667,670.06 | 979,516,533.02 | Key Consolidated Income Statement Data (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 28,689,692.67 | 16,701,183.10 | | Total Operating Cost | 39,722,580.68 | 26,997,523.94 | | Total Profit | 13,983,240.35 | 39,164,521.58 | | Net Profit Attributable to Parent Company Shareholders | 14,351,381.57 | 39,744,271.72 | Key Consolidated Cash Flow Statement Data (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -4,921,919.78 | -1,789,010.60 | | Net Cash Flow from Investing Activities | 86,305,644.22 | -21,893,597.60 | | Net Cash Flow from Financing Activities | -8,896,110.54 | -10,638,714.90 | | Net Increase in Cash and Cash Equivalents | 72,561,484.50 | -34,119,186.74 | [Company Basic Information](index=57&type=section&id=8.3%20Company%20Basic%20Information) This section introduces the company's historical evolution, registration information, main business scope, and primary products, clarifying its positioning as a listed company in the agricultural and sideline food processing industry - The company was listed on the Shanghai Stock Exchange on **December 8, 1995**, with the stock abbreviation **'Bowent Technology'**[162](index=162&type=chunk) - The company and its subsidiaries are primarily engaged in the procurement and sales of edible fungi and related products, production and sales of ham and related products, and production and sales of coffee and related products[163](index=163&type=chunk) - The company's main products include matsutake and its products, edible fungi and their products; ham and its products, cured meats, and canned foods; green coffee beans, and coffee products[164](index=164&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and relevant regulations of the China Securities Regulatory Commission, and measured at historical cost - The Group's financial statements are prepared on a **going concern basis**, in accordance with actual transactions and events, and the disclosure requirements of the 'Enterprise Accounting Standards' issued by the Ministry of Finance and 'Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)' by the China Securities Regulatory Commission[166](index=166&type=chunk) - The Group's accounting is based on the **accrual basis**, and except for certain financial instruments, these financial statements are measured at **historical cost**[166](index=166&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for revenue recognition, financial instruments, long-term equity investments, fixed assets, intangible assets, impairment of long-term assets, employee compensation, provisions, share-based payments, government grants, and deferred income tax, as well as changes in accounting policies for the current period - The company classifies financial assets into three categories based on the business model for managing financial assets and contractual cash flow characteristics: **measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss**[191](index=191&type=chunk) - The company accounts for long-term equity investments where it has joint control or significant influence over the investee using the **equity method**, and for long-term equity investments where it exercises control over the investee using the **cost method**[219](index=219&type=chunk) - Fixed assets are initially measured at cost, considering the impact of estimated dismantling costs, and **depreciation is calculated using the straight-line method**[229](index=229&type=chunk)[230](index=230&type=chunk) - The company recognizes government grants related to assets as **deferred income**, amortizing them into profit or loss over the useful life of the related assets; government grants related to income are recognized in profit or loss or offset against related costs and expenses based on the compensation period[266](index=266&type=chunk) - The company implemented 'Interpretation No. 17 of Enterprise Accounting Standards' and 'Interpretation No. 18 of Enterprise Accounting Standards' from **January 1, 2024**, which had **no significant impact** on its financial position and operating results[285](index=285&type=chunk) [Taxation](index=82&type=section&id=8.6%20Taxation) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, corporate income tax, land use tax, and property tax, and explains the tax preferential policies enjoyed by the company, such as 'six taxes and two fees' reductions and VAT credit refunds Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Receivable Sales Revenue | 13% for sales of matsutake and edible fungi products, ham products, coffee products, and resale of electricity; 9% for sales of fresh matsutake, ham raw materials and cured product raw materials, green coffee beans, and resale of water; 5% for leasing services | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | Calculated at 5% or 7% of actual turnover tax paid | | Corporate Income Tax | Taxable Income | Calculated at 20% or 25% of taxable income | - The company enjoys the **'six taxes and two fees' reduction policy**, allowing small and micro-profit enterprises to reduce resource tax, urban maintenance and construction tax, property tax, urban land use tax, stamp duty, etc., by up to **50%** of the tax amount[287](index=287&type=chunk) - Eligible small and micro enterprises can apply for **VAT credit refunds** at the end of the period[288](index=288&type=chunk) [Notes to Consolidated Financial Statement Items](index=83&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including cash and cash equivalents, financial assets held for trading, accounts receivable, other receivables, inventories, long-term equity investments, fixed assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax, short-term borrowings, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, lease liabilities, deferred income, share capital, capital reserves, other comprehensive income, surplus reserves, retained earnings, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, non-operating income and expenses, cash flow statement items, and foreign currency monetary items, detailing their period-end balances, period-beginning balances, current period changes, and related accounting treatments Cash and Cash Equivalents Period-End Balance | Item | Period-End Balance (RMB) | | :--- | :--- | | Cash on Hand | 6,095.71 | | Bank Deposits | 106,371,055.19 | | Other Cash and Cash Equivalents | 1,000,406.14 | | Total | 107,377,557.04 | Financial Assets Held for Trading Period-End Balance | Item | Period-End Balance (RMB) | | :--- | :--- | | Equity Instrument Investments | 37,568,986.00 | | Hybrid Instrument Investments | 62,325,500.00 | | Total | 99,894,486.00 | - The company holds **673,400 shares of Yunnan Baiyao stock**, with a period-end market value of **RMB 37,568,986.00**; it holds **500,000 units of Zhonghe convertible bonds**, with a period-end market value of **RMB 62,325,500.00**[293](index=293&type=chunk)[294](index=294&type=chunk) Operating Revenue and Operating Cost | Item | Current Period Amount - Revenue (RMB) | Current Period Amount - Cost (RMB) | | :--- | :--- | :--- | | Main Business | 28,587,906.48 | 26,995,236.45 | | Other Businesses | 101,786.19 | 90,216.85 | | Total | 28,689,692.67 | 27,085,453.30 | Investment Income | Item | Current Period Amount (RMB) | | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | 26,253,279.34 | | Investment Income from Financial Assets Held for Trading During Holding Period | 797,979.00 | | Investment Income from Disposal of Financial Assets Held for Trading | 233,702.68 | | Total | 27,284,961.02 | [R&D Expenses](index=127&type=section&id=8.8%20R%26D%20Expenses) This section discloses the company's R&D expenditures during the reporting period, including expensed R&D and development expenditures for R&D projects eligible for capitalization, primarily involving coffee product R&D and ham R&D R&D Expenditure | Item | Current Period Amount (RMB) | | :--- | :--- | | Coffee Product R&D | 153,242.64 | | Ham R&D | 25,930.90 | | Total | 179,173.54 | | Of which: Expensed R&D | 179,173.54 | - The R&D project eligible for capitalization is **'New Utility Patent - A New Edible Fungi Cleaning Equipment'**, with a period-end balance of **RMB 8,910.88**[436](index=436&type=chunk) [Changes in Consolidation Scope](index=129&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) This section states that the company's consolidation scope changed during the reporting period due to the establishment of a new subsidiary, Nujiang Bowent Coffee Co., Ltd - On **March 25, 2025**, the company established a wholly-owned subsidiary, Nujiang Bowent Coffee Co., Ltd., with a registered capital of **RMB 20 million**, which has completed industrial and commercial registration procedures and was included in the consolidation scope for the current period[438](index=438&type=chunk) [Interests in Other Entities](index=130&type=section&id=8.10%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries and associates, including the composition of the enterprise group, and key financial information of significant non-wholly-owned subsidiaries and associates - The company holds **100% equity** in Kunming Bowent Technology Development Co., Ltd., Shangri-La Bowent Food Co., Ltd., and Nujiang Bowent Coffee Co., Ltd., and **51% equity** in Yunnan Nuodeng Jintui Food Technology Co., Ltd[441](index=441&type=chunk) - Yunnan Nuodeng Jintui Food Technology Co., Ltd. is a significant non-wholly-owned subsidiary, with a **49% minority interest**[443](index=443&type=chunk) - Xinjiang Zhonghe Co., Ltd. is a significant associate of the company, with a **6.6501% shareholding**, accounted for using the equity method[447](index=447&type=chunk) Key Financial Information of Significant Associate Xinjiang Zhonghe Co., Ltd. | Item | Current Period Amount / Period-End Balance (RMB) | | :--- | :--- | | Total Assets | 19,666,804,444.82 | | Total Liabilities | 7,680,109,913.06 | | Equity Attributable to Parent Company Shareholders | 11,197,614,030.31 | | Operating Revenue | 4,003,340,079.54 | | Net Profit | 393,869,820.27 | | Total Comprehensive Income | 323,557,614.90 | [Government Grants](index=134&type=section&id=8.11%20Government%20Grants) This section discloses government grant-related liability items and government grants recognized in profit or loss during the reporting period, primarily deferred income related to assets and various income-related grants Government Grant-Related Liability Items | Financial Statement Item | Period-Beginning Balance (RMB) | Amount Recognized in Non-Operating Income for Current Period (RMB) | Transferred to Other Income for Current Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,613,176.31 | 0 | 120,362.56 | 2,492,813.75 | Asset-related | Government Grants Recognized in Profit or Loss for the Current Period | Type | Current Period Amount (RMB) | | :--- | :--- | | Fiscal Interest Subsidy | 633.34 | | Fiscal R&D Expense Subsidy | 25,930.90 | | Individual Income Tax Withholding Fee | 13,661.81 | | Market Development Exhibition Subsidy | 96,001.17 | | Government Grant for Renovation | 94,431.66 | | Export Credit Insurance Premium Subsidy | 30,079.68 | | Total | 260,738.56 | [Risks Related to Financial Instruments](index=134&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) This section describes the market risks (including exchange rate risk, interest rate risk, and other price risks), credit risk, and liquidity risk faced by the company, and outlines the company's objectives and strategies for managing these risks - The company faces **exchange rate risk**, primarily related to the US dollar, but has not yet taken measures to hedge against it[452](index=452&type=chunk)[454](index=454&type=chunk) - **Interest rate risk** primarily arises from interest-bearing debts such as bank borrowings; the Group's interest-bearing debts are mainly RMB-denominated fixed-rate loan contracts[454](index=454&type=chunk) - **Other price risks** mainly stem from investments in financial assets measured at fair value, bearing the risk of securities market price fluctuations[454](index=454&type=chunk) - **Credit risk** primarily arises from losses on financial assets due to the failure of a counterparty to fulfill its obligations; the company mitigates this risk by establishing credit limits, credit approval, and monitoring procedures[455](index=455&type=chunk) - **Liquidity risk** refers to the risk of cash shortages when an enterprise fulfills obligations settled by delivering cash or other financial assets; the company manages this risk by maintaining sufficient cash and cash equivalents[455](index=455&type=chunk) [Disclosure of Fair Value](index=136&type=section&id=8.13%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair value of the company's assets and liabilities measured at fair value, primarily including financial assets held for trading, and explains the basis for determining market prices for Level 1 fair value measurement items Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Period-End Fair Value (RMB) | | :--- | :--- | | Financial Assets Held for Trading | | | Equity Instrument Investments | 37,568,986.00 | | Hybrid Instrument Investments | 62,325,500.00 | | Total Assets Continuously Measured at Fair Value | 99,894,486.00 | - The fair value of the company's equity instrument investments (Yunnan Baiyao shares) and hybrid instrument investments (Xinjiang Zhonghe convertible bonds) is determined by their **closing prices on the secondary market as of June 30, 2025**[461](index=461&type=chunk) [Related Parties and Related Party Transactions](index=138&type=section&id=8.14%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's parent company, subsidiaries, associates, and other related parties, and describes the status of receivables from related parties during the reporting period - The company's parent company is Shenzhen Derong Investment Development Co., Ltd., with a **17.15% shareholding**, and the ultimate controlling party is **Wang Suiyi**[464](index=464&type=chunk) - Other related parties include shareholders holding **over 5%** (Beijing Peking University Resources Technology Co., Ltd., Yunnan Chuanqi Investment Co., Ltd., Shanghai Depeng Industrial Co., Ltd.), minority shareholders of significant subsidiaries (Yunlong County Nuodeng Majinqiao Commercial and Trade Co., Ltd.), and key management personnel[465](index=465&type=chunk) Period-End Balance of Receivables from Related Parties | Item Name | Related Party | Period-End Book Balance (RMB) | | :--- | :--- | :--- | | Prepayments | Yunlong County Nuodeng Majinqiao Commercial and Trade Co., Ltd. | 515,115.05 | [Commitments and Contingencies](index=141&type=section&id=8.15%20Commitments%20and%20Contingencies) This section discloses significant commitments existing at the balance sheet date, primarily involving profit forecasts and compensation arrangements for controlled subsidiaries - According to the 'Capital Increase and Share Expansion Agreement,' Majinqiao Company committed to the net profit achieved by Jintui Company from **2023 to 2027** and stipulated cash and equity compensation arrangements[471](index=471&type=chunk) [Events After the Balance Sheet Date](index=142&type=section&id=8.16%20Events%20After%20the%20Balance%20Sheet%20Date) This section discloses significant non-adjusting events occurring after the balance sheet date, specifically the establishment of a new wholly-owned subsidiary, Nujiang Bowent Coffee Co., Ltd - On **March 26, 2025**, the company announced its intention to establish a wholly-owned subsidiary, Nujiang Bowent Coffee Co., Ltd., in Lushui City, Nujiang Lisu Autonomous Prefecture, Yunnan Province, with **RMB 20 million** of its own funds, primarily engaged in coffee cultivation and preliminary processing, and has completed industrial and commercial registration procedures[473](index=473&type=chunk) [Notes to Parent Company Financial Statement Items](index=143&type=section&id=8.17%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for the main items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income, reflecting the parent company's financial position and operating results Parent Company Accounts Receivable Period-End Balance | Aging | Period-End Book Balance (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 62,082.47 | | 1 to 2 years | 2,440.00 | | Over 5 years | 5,974,844.57 | | Total | 6,039,367.04 | | Less: Provision for Bad Debts | 5,978,192.69 | | Total | 61,174.35 | Parent Company Other Receivables Period-End Balance | Item | Period-End Balance (RMB) | | :--- | :--- | | Interest Receivable | 1,741,216.44 | | Other Receivables | 30,389,924.03 | | Total | 32,131,140.47 | Parent Company Investments in Subsidiaries Period-End Balance | Investee | Period-End Balance (Book Value) (RMB) | | :--- | :--- | | Kunming Bowent Technology Development Co., Ltd. | 33,111,040.45 | | Shangri-La Bowent Food Co., Ltd. | 30,000,000.00 | | Yunnan Nuodeng Jintui Food Technology Co., Ltd. | 15,044,400.00 | | Nujiang Bowent Coffee Co., Ltd. | 1,500,000.00 | | Total | 79,655,440.45 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Amount - Revenue (RMB) | Current Period Amount - Cost (RMB) | | :--- | :--- | :--- | | Main Business | 7,113,965.65 | 6,384,589.93 | | Other Businesses | 20,081.91 | 2,707.31 | | Total | 7,134,047.56 | 6,387,297.24 | Parent Company Investment Income | Item | Current Period Amount (RMB) | | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | 26,253,279.34 | | Investment Income from Financial Assets Held for Trading During Holding Period | 797,979.00 | | Investment Income from Disposal of Financial Assets Held for Trading | 233,702.68 | | Total | 27,284,961.02 | [Supplementary Information](index=153&type=section&id=8.18%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses for the current period, return on net assets, and earnings per share, further detailing the company's financial performance Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Profit or Loss for the Current Period | 260,105.22 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | -1,703,865.00 | | Gains and Losses from Entrusted Investment or Asset Management | 233,702.68 | | Other Non-Operating Income and Expenses Apart from the Above | -1,924.70 | | Other Income and Expense Items Meeting the Definition of Non-Recurring Gains and Losses | 1,254,563.03 | | Less: Income Tax Impact | 0 | | Minority Interest Impact (After Tax) | 15,770.35 | | Total | 26,810.88 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share - Basic Earnings Per Share | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 1.4545 | 0.0608 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 1.4518 | 0.0607 |

公司代码：688318 公司简称：财富趋势 深圳市财富趋势科技股份有限公司 2025 年半年度报告 深圳市财富趋势科技股份有限公司2025 年半年度报告 1 / 178 深圳市财富趋势科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、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 公司已在本报告中详细阐述在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告第三 节"经营情况的讨论与分析"。 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、 公司负责人黄山、主管会计工作负责人黄山及会计机构负责人（会计主管人员）陈丹声明： 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 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 九、 是否存在被控股股东 ...

上海国际机场股份有限公司2025 年半年度报告 公司代码：600009 公司简称：上海机场 上海国际机场股份有限公司 2025 年半年度报告 1 / 156 上海国际机场股份有限公司2025 年半年度报告 重要提示 四、公司负责人董事长冯昕先生、主管会计工作负责人财务总监徐宁先生及会计机构负责人（会计主 管人员）计划财务部总经理汤贺女士声明：保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年度中期决定以实施权益分派股权登记日登记的总股本扣除公司股份回购专用证券账户 的股份数后的股本为基数分配利润。本次利润分配方案为：拟向全体股东每10股派发现金红利2.1元（含 税），截至2025年6月30日，公司总股本为2,488,481,340股，扣除回购专用证券账户股份数144,351股， 拟以2,488,336,989股共计派发现金红利522,550,767.69元（含税），2025年度中期公司现金分红比例 为50.05%。如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股/回购股份/股权激励 授予股份回购注销/重大资产重组股份回购注销 ...