Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used throughout the report, ensuring clarity and consistent understanding of company-specific and technical terminology - The reporting period refers to **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) - Core business-related terms include Copper Clad Laminate (CCL), Printed Circuit Board (PCB), and aluminum-plastic composite film for lithium-ion soft-pack batteries[13](index=13&type=chunk)[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Information](index=5&type=section&id=I.%20Company%20Information) This section discloses the company's basic registration information, including Chinese name, abbreviation, foreign name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Company Chinese Name | 浙江华正新材料股份有限公司 | | Company Chinese Abbreviation | 华正新材 | | Legal Representative | 刘涛 | [Contact Person and Contact Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email Contact Person Information | Name | Zhu Yuwen | Lin Jinjin | | :--- | :--- | :--- | | Phone | 0571-88650709 | 0571-88650709 | | Email | hzxc@hzccl.com | hzxc@hzccl.com | [Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the company's registered address, office address, website, and email, stating no historical changes during the reporting period - The company's registered and office addresses are both No. 2 Huali Road, Yuhang Street, Yuhang District, Hangzhou City, Zhejiang Province, with no changes during the reporting period[19](index=19&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section specifies the company's designated newspaper and website for information disclosure, and the location for report placement, with no changes during the reporting period - The company's designated information disclosure newspaper is Shanghai Securities News, and the website is www.sse.com.cn[20](index=20&type=chunk) [Brief Introduction to Company Shares](index=6&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Shares) This section provides information on the company's stock exchange, abbreviation, and code Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 华正新材 | 603186 | [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key accounting data and financial indicators for the current reporting period (Jan-Jun 2025) compared to the same period last year, showing significant improvement in profitability Key Accounting Data (Jan-Jun 2025 vs. Same Period Last Year) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,095,079,347.25 | 1,942,110,329.36 | 7.88 | | Total Profit | 46,463,736.00 | 1,897,300.27 | 2,348.94 | | Net Profit Attributable to Shareholders of Listed Company | 42,669,003.72 | 9,972,548.29 | 327.86 | | Net Cash Flow from Operating Activities | 158,575,468.53 | -19,252,392.43 | Turned Loss into Profit | Key Financial Indicators (Jan-Jun 2025 vs. Same Period Last Year) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.30 | 0.07 | 328.57 | | Diluted Earnings Per Share (Yuan/share) | 0.30 | 0.07 | 328.57 | | Weighted Average Return on Net Assets (%) | 2.89 | 0.64 | Increased by 2.25 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses items and their amounts for the reporting period, totaling **8.34 million yuan** Non-recurring Gains and Losses Items (Jan-Jun 2025) | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Government Subsidies Included in Current Profit and Loss | 9,873,864.57 | | Gains and Losses from Disposal of Non-current Assets | -177,207.38 | | Other Non-operating Income and Expenses | 69,867.61 | | Total | 8,340,340.01 | Management Discussion and Analysis [Explanation of the Company's Industry and Main Business during the Reporting Period](index=8&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) This section details the company's main business, product types, operating model, and industry overview, emphasizing technological innovation and market layout in copper clad laminates, composite materials, and film materials - The company's main business includes copper clad laminates and prepregs, composite materials, and film materials, widely used in 5G communication, AI servers, new energy vehicles, and other fields[28](index=28&type=chunk) - Copper clad laminate products are dedicated to the development of "three highs" (high frequency, high speed, high thermal conductivity) and "three lows" (Low Dk, Low Df, Low CTE) technologies, and have gradually transitioned to high-grade products[28](index=28&type=chunk) - The operating model covers R&D under the IPD integrated product development model, a flexible production system, strategic cooperative procurement, and a customer-centric sales strategy[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) Global CCL and PCB Market Size Forecast | Indicator | 2024 Global CCL Market Size (Billion USD) | 2025 Global PCB Market Size (Forecast, Billion USD) | 2029 Global PCB Market Size (Forecast, Billion USD) | 2024-2029 PCB CAGR | | :--- | :--- | :--- | :--- | :--- | | Amount | 15 | 78.6 | 94.7 | 5.2% | | YOY Growth | 17.9% | 6.8% | - | - | | China's Share | 74.8% | - | - | - | [Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, operating revenue increased by **7.88%** year-on-year, driven by R&D innovation, product structure optimization, market expansion, strengthened management, and digital upgrades, with significant progress in AI servers and automotive electronics - Operating revenue in H1 2025 reached **2.095 billion yuan**, a **7.88% year-on-year increase**, primarily driven by increased sales of copper clad laminates[45](index=45&type=chunk)[63](index=63&type=chunk) - Copper clad laminate business focuses on AI servers, switches, optical modules, and automotive electronics, with significant sales growth in high-layer and high-end products, and Ultra low loss grade materials achieving mass sales[46](index=46&type=chunk)[47](index=47&type=chunk) - Semiconductor packaging materials (BT packaging materials, CBF laminated insulating film) have achieved mass delivery or verification in application scenarios such as Mini&Micro LED, Memory, and CPU/GPU[49](index=49&type=chunk) - Functional composite materials are successfully applied in flagship mobile phones, computers, tablet internal structural parts and back covers, and expanded to medical equipment and new energy battery packs[50](index=50&type=chunk)[51](index=51&type=chunk) - Aluminum-plastic film products continue to advance customer verification, securing small batch orders in solid-state and semi-solid-state battery fields[52](index=52&type=chunk) - The company achieves lean management and cost reduction through a comprehensive quality management system, process optimization, secondary digital upgrade, and organizational efficiency improvement[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Analysis of Core Competitiveness during the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness lies in brand, R&D, resource integration, market, team, and intelligent manufacturing, with significant advantages in high-end product technology, customer relationships, and digital production - The company is one of the most comprehensive copper clad laminate manufacturers globally, participating in the formulation of **30 national and industry standards**, demonstrating significant brand advantage[56](index=56&type=chunk) - Leveraging the National Enterprise Technology Center platform, an IPD management system has been established, forming technological advantages in high-end copper clad laminates, semiconductor packaging materials, and aluminum-plastic films[57](index=57&type=chunk)[58](index=58&type=chunk) - Possesses diversified resource integration capabilities, collaborates on market expansion, and provides diverse product solutions to customers[59](index=59&type=chunk) - Strategic products have passed end-customer certification, holding a first-mover advantage in the mid-to-high-end market, and establishing business relationships with most of the **top 100 PCB industry enterprises**[60](index=60&type=chunk) - Possesses an experienced R&D technical and professional management team, continuously improving the employee training system[61](index=61&type=chunk) - Qingshanhu manufacturing base was selected as a 'Future Factory' pilot in Zhejiang Province, achieving intelligent manufacturing through deep application of AI, 5G, big data, and other technologies via an industrial internet platform[62](index=62&type=chunk) [Main Operating Conditions during the Reporting Period](index=16&type=section&id=IV.%20Main%20Operating%20Conditions%20during%20the%20Reporting%20Period) This chapter analyzes the changes and reasons for the company's main financial statement items during the reporting period, detailing asset and liability structure changes and restricted assets, indicating revenue growth, strengthened working capital control, and optimized asset structure [Analysis of Main Business](index=16&type=section&id=(I)%20Analysis%20of%20Main%20Business) This section analyzes the changes in operating revenue, costs, expenses, and cash flow during the reporting period, primarily due to increased copper clad laminate sales, intensified market expansion, and working capital control Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Same Period Last Year) | Item | Current Period Amount (Yuan) | Same Period Last Year Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,095,079,347.25 | 1,942,110,329.36 | 7.88 | Increased sales of copper clad laminates | | Total Profit | 46,463,736.00 | 1,897,300.27 | 2,348.94 | - | | Selling Expenses | 47,651,105.28 | 42,427,612.67 | 12.31 | Intensified market expansion efforts | | R&D Expenses | 94,870,987.53 | 90,536,974.25 | 4.79 | Increased R&D investment | | Net Cash Flow from Operating Activities | 158,575,468.53 | -19,252,392.43 | Turned Loss into Profit | Strengthened working capital control, increased receivables, reduced payables | | Net Cash Flow from Investing Activities | 54,183,349.98 | -176,073,572.13 | Turned Loss into Profit | Received first installment of land and building relocation compensation | | Net Cash Flow from Financing Activities | -139,669,487.65 | 272,173,727.02 | -151.32 | Increased repayment of borrowings | [Analysis of Assets and Liabilities](index=16&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes changes in the company's asset and liability structure, including decreases in investment properties and construction in progress, significant increases in non-current liabilities due within one year and other current liabilities, and discloses restricted assets at period-end Changes in Assets and Liabilities (Current Period End vs. Last Year End) | Item Name | Current Period End Amount (Yuan) | Last Year End Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Investment Properties | 2,198,631.57 | 3,373,269.71 | -34.82 | Leased properties reclassified to fixed assets | | Construction in Progress | 124,475,978.67 | 227,044,596.55 | -45.18 | Due to transfer to fixed assets | | Financial Liabilities Held for Trading | - | 843,345.00 | -100.00 | Fair value changes of forward foreign exchange contracts | | Employee Benefits Payable | 40,865,523.29 | 59,692,013.46 | -31.54 | Paid annual bonuses and incentives accrued last year | | Non-current Liabilities Due Within One Year | 307,288,006.11 | 173,896,277.86 | 76.71 | Increase in long-term borrowings due within one year | | Other Current Liabilities | 299,189,319.16 | 91,952,666.05 | 225.37 | Received first installment of land and building relocation compensation | Main Restricted Assets (Period End) | Item | Book Value (Yuan) | Restriction Status | | :--- | :--- | :--- | | Cash and Bank Balances | 206,121,488.88 | Pledged for issuing bank acceptance bills/conducting forward foreign exchange transactions | | Notes Receivable | 147,307,609.35 | Endorsed notes receivable not derecognized as not yet due | | Fixed Assets | 965,345,126.55 | Mortgaged for obtaining bank credit lines | | Intangible Assets | 158,042,997.32 | Mortgaged for obtaining bank credit lines | | Investment Properties | 30,001.01 | Mortgaged for obtaining bank credit lines | | Total | 1,476,847,223.11 | - | [Analysis of Investment Status](index=19&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company plans to invest in a new copper clad laminate production base in Thailand, with a total project amount not exceeding **60 million USD**, currently in the planning stage - The company plans to invest in a new copper clad laminate production base in Thailand, with a total project amount not exceeding **60 million USD**, having obtained domestic filing certificates and currently in the planning stage[71](index=71&type=chunk) [Significant Asset and Equity Sales](index=19&type=section&id=(V)%20Significant%20Asset%20and%20Equity%20Sales) The company has resolved to relocate certain land and buildings in Yuhang District, Hangzhou City, receiving total compensation of **RMB 300,589,768**, with the first payment already received - The company's partial land and buildings will be relocated, receiving total compensation of **RMB 300,589,768**[72](index=72&type=chunk)[73](index=73&type=chunk) - The first relocation compensation payment was received on **February 12, 2025**, and relocation work is actively progressing[73](index=73&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section discloses financial data for the company's major holding subsidiaries, with Zhuhai Huazheng, Hangzhou Huazheng, Hangzhou Huaju, and Juehao Technology contributing most operating revenue and net profit, while Huazheng Energy remains in a loss-making state Financial Performance of Major Holding Subsidiaries (Unit: Ten Thousand Yuan) | Company Name | Main Business | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | | Liansheng Insulation | Copper clad laminates and insulation materials | 12,281.45 | 679.66 | | Juehao Technology | Product trade and composite materials | 6,461.51 | 907.14 | | Hangzhou Huaju | Honeycomb composite materials | 13,920.34 | 928.32 | | Hangzhou Huazheng | Copper clad laminates | 67,955.29 | 1,535.59 | | Huazheng Energy | Lithium-ion battery films, etc. | 2,241.75 | -1,497.85 | | Zhuhai Huazheng | Composite materials, electronic insulation materials, etc. | 85,454.08 | 2,982.14 | | Shenzhen Zhongke | Electronic special materials | 29.47 | -453.22 | [Potential Risks](index=21&type=section&id=(I)%20Potential%20Risks) The company faces major risks including industry fluctuations, market competition, raw material price volatility, exchange rate fluctuations, and uncertainty in R&D investment and output - The company faces industry fluctuation risks, requiring it to grasp the pace of industry changes and increase product sales share[77](index=77&type=chunk) - Market competition is fierce, necessitating deep understanding of customer needs and proactive R&D and technology reserves[78](index=78&type=chunk) - Raw material prices fluctuate significantly, requiring attention to industry policies and supplier conditions, and improving supply chain risk response mechanisms[79](index=79&type=chunk) - Overseas business accounts for a relatively high proportion, and exchange rate fluctuations impact operating performance, requiring attention to macroeconomic environment and exchange rate changes, and conducting forward foreign exchange transactions[80](index=80&type=chunk) - R&D investment and output carry uncertainty risks, requiring a balance between input and output to ensure reasonable profit contribution[81](index=81&type=chunk) Corporate Governance, Environment, and Society [Changes in Company Directors, Supervisors, and Senior Management](index=23&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Mr. Zhou Yang resigned as Deputy General Manager due to personal reasons and no longer holds any position in the company Changes in Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Zhou Yang | Senior Management | Resigned | [Profit Distribution or Capital Reserve Conversion Plan](index=23&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved not to carry out profit distribution or capital reserve conversion during this reporting period - The company will not conduct profit distribution or capital reserve conversion during this reporting period[85](index=85&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=23&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) Three of the company's subsidiaries are included in the list of enterprises required to disclose environmental information, with query indexes provided, while other subsidiaries also actively fulfill their environmental protection responsibilities Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information | No. | Enterprise Name | | :--- | :--- | | 1 | Hangzhou Huazheng New Materials Co., Ltd. | | 2 | Zhuhai Huazheng New Materials Co., Ltd. | | 3 | Yangzhou Maistong Composite Materials Co., Ltd. | - In addition to the above subsidiaries, all other subsidiaries of the company actively fulfill their corporate environmental protection responsibilities, strictly complying with environmental protection laws, regulations, and standards[87](index=87&type=chunk) Significant Matters [Fulfillment of Commitments](index=25&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, actual controller, directors, supervisors, and senior management strictly fulfilled all commitments related to initial public offering and refinancing during the reporting period, including share lock-up, resolution of horizontal competition, related party transactions, and share reduction - During the reporting period, the company's actual controller, controlling shareholder, and directors, supervisors, and senior management strictly fulfilled pre-listing commitments such as share lock-up, resolution of horizontal competition, and related party transactions[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) - The commitments made by the controlling shareholder, actual controller, and the company's directors, supervisors, and senior management regarding the dilutive effect on immediate returns and the implementation of compensatory measures for convertible bonds were also strictly fulfilled[93](index=93&type=chunk)[94](index=94&type=chunk) [Explanation of the Integrity Status of the Company and Its Controlling Shareholder and Actual Controller during the Reporting Period](index=30&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholder%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled large debts, unperformed commitments, or public condemnations - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no instances of unfulfilled large debts, unperformed commitments, or public condemnation by the CSRC or SSE[96](index=96&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had related party transactions with its controlling shareholder, Huali Group, primarily involving the payment of guarantee fees for convertible corporate bonds - The company paid guarantee fees for convertible corporate bonds to its controlling shareholder, Huali Group, calculated at an annualized rate of **1%** of the actual remaining principal balance of the untransferred convertible bonds[97](index=97&type=chunk) [Significant Guarantees Performed and Not Yet Fulfilled during the Reporting Period](index=32&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Not%20Yet%20Fulfilled%20during%20the%20Reporting%20Period) During the reporting period, the company primarily provided guarantees for its subsidiaries, with total guarantee amount of **782.79 million yuan**, and a period-end guarantee balance of **1.478 billion yuan**, accounting for **98.66%** of the company's net assets Company's Total Guarantee Situation | Indicator | Amount (Yuan) | Percentage of Company's Net Assets (%) | | :--- | :--- | :--- | | Total Guarantee Amount for Subsidiaries during the Reporting Period | 782,786,280.86 | - | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 1,477,872,446.41 | - | | Total Guarantee Amount (A+B) | 1,477,872,446.41 | 98.66 | | Debt Guarantee Amount Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 947,319,586.40 | - | | Amount of Total Guarantee Exceeding 50% of Net Assets (E) | 728,902,593.82 | - | | Total of the Above Three Guarantee Amounts (C+D+E) | 1,676,222,180.22 | - | Share Changes and Shareholder Information [Changes in Share Capital](index=33&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[103](index=103&type=chunk) [Shareholder Information](index=33&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **23,740** common shareholders, with the top ten shareholders and top ten unrestricted circulating share shareholders disclosed, and controlling shareholder Huali Group holding **40.07%** of shares - As of the end of the reporting period, the company had **23,740 common shareholders**[104](index=104&type=chunk) Top Ten Shareholders' Shareholding (Period End) | Shareholder Name | Shares Held at Period End (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Huali Group Co., Ltd. | 56,902,768 | 40.07 | Domestic Non-State-Owned Legal Person | | Guo Jiangcheng | 1,177,481 | 0.83 | Domestic Natural Person | | Xu Limin | 1,022,200 | 0.72 | Domestic Natural Person | | Bank of China Co., Ltd. - China Merchants Quantitative Selection Stock Initiated Securities Investment Fund | 933,200 | 0.66 | Other | | Liu Tao | 914,046 | 0.64 | Domestic Natural Person | - Except for shareholder Guo Jiangcheng, who is a director of the company's controlling shareholder Huali Group, the company is unaware of any related party relationships or concerted actions among other shareholders[108](index=108&type=chunk) Bond-Related Information [Convertible Corporate Bonds](index=36&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company issued **570 million yuan** in convertible corporate bonds on **January 24, 2022**, named 'Huazheng Convertible Bond' (code '113639'), with a **6-year term**, convertible to shares from **July 28, 2022**. At period-end, there were **4,962** bondholders, with **569.93 million yuan** yet to be converted, accounting for **99.9882%** of the total issuance. The company's credit rating is 'AA-', with a 'stable' outlook, and Huazheng Convertible Bond's credit rating is 'AA+' - The company issued **570 million yuan** in convertible corporate bonds on **January 24, 2022**, named 'Huazheng Convertible Bond', code '113639', with a **6-year term**[111](index=111&type=chunk) - 'Huazheng Convertible Bond' became convertible into company shares from **July 28, 2022**, with an initial conversion price of **39.09 yuan/share** and a latest conversion price of **38.51 yuan/share**[112](index=112&type=chunk) Convertible Corporate Bond Holders and Conversion Status | Indicator | Value | | :--- | :--- | | Number of Bondholders at Period End | 4,962 | | Amount Not Yet Converted (Yuan) | 569,933,000 | | Percentage of Unconverted Bonds to Total Issued Bonds (%) | 99.9882 | - Controlling shareholder Huali Group Co., Ltd. provided an irrevocable guarantee for this convertible bond issuance[113](index=113&type=chunk)[119](index=119&type=chunk) - The company's corporate credit rating is 'AA-', with a 'stable' outlook, and Huazheng Convertible Bond's credit rating is 'AA+', with no change from the previous rating[118](index=118&type=chunk) Financial Report [Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This chapter provides detailed notes on consolidated financial statement items, covering major assets, liabilities, equity, and profit/loss Consolidated Balance Sheet Summary (June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 6,427,759,231.39 | 6,112,559,946.57 | | Total Liabilities | 4,886,484,066.23 | 4,615,440,489.47 | | Total Equity Attributable to Parent Company Owners | 1,497,939,705.19 | 1,455,270,701.47 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,095,079,347.25 | 1,942,110,329.36 | | Total Profit | 46,463,736.00 | 1,897,300.27 | | Net Profit Attributable to Parent Company Shareholders | 42,669,003.72 | 9,972,548.29 | | Basic Earnings Per Share (Yuan/share) | 0.30 | 0.07 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 158,575,468.53 | -19,252,392.43 | | Net Cash Flow from Investing Activities | 54,183,349.98 | -176,073,572.13 | | Net Cash Flow from Financing Activities | -139,669,487.65 | 272,173,727.02 | | Net Increase in Cash and Cash Equivalents | 75,338,830.16 | 80,937,150.60 | [Company Basic Information](index=62&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's establishment, share capital history, organizational structure, industry, and main operating activities, emphasizing its position in the computer, communication, and other electronic equipment manufacturing industry - The company was established on **March 6, 2003**, and listed on the Shanghai Stock Exchange on **January 3, 2017**[156](index=156&type=chunk) - As of **June 30, 2025**, the company's registered capital was **RMB 142,011,952.00**, and total share capital was **142,012,027.00 shares**[162](index=162&type=chunk) - The company primarily engages in the production, sales, technical development, and consulting services for products such as copper clad laminates, thermal conductive materials, functional composite materials, and composite materials for transportation and logistics[163](index=163&type=chunk) [Basis of Financial Statement Preparation](index=63&type=section&id=IV.%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 CSRC regulations, and confirms no significant doubts about going concern - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission[164](index=164&type=chunk) - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for 12 months from the end of the reporting period[165](index=165&type=chunk) [Significant Accounting Policies and Estimates](index=63&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section discloses specific accounting policies and estimates for impairment of receivables, depreciation of fixed assets, amortization of intangible assets, and revenue recognition, and explains the impact of Accounting Standard Interpretations No. 17 and 18 effective from 2024 - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting financial position, operating results, and cash flows[167](index=167&type=chunk) - The company defines a business cycle as **12 months**, which serves as the criterion for classifying assets and liabilities as current or non-current[169](index=169&type=chunk) - The company has adopted the provisions of 'Interpretation No. 17 of Enterprise Accounting Standards' regarding the classification of current and non-current liabilities and disclosure of supplier financing arrangements, effective from **January 1, 2024**, with no impact on comparable period financial statements[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) - The company has adopted the provisions of 'Interpretation No. 18 of Enterprise Accounting Standards' regarding the accounting treatment of guarantee-type quality assurances not constituting a single performance obligation, effective from **December 6, 2024**, with no impact on comparable period financial statements[289](index=289&type=chunk) [Taxation](index=90&type=section&id=VI.%20Taxation) This section introduces the company's main tax categories and rates, including VAT, property tax, urban maintenance and construction tax, education surcharges, and corporate income tax, detailing tax incentives for high-tech enterprises Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 3%、5%、6%、9%、13% | | Property Tax | 1.2%、12% | | Corporate Income Tax | 10%、15%、16.5%、23.2%、25% | - The company and several subsidiaries (e.g., Hangzhou Huaju, Hangzhou Huazheng, Zhejiang Huazheng Energy, Yangzhou Maistong, Zhuhai Huazheng, Hangzhou Juehao Technology) are recognized as high-tech enterprises, enjoying a **15% corporate income tax preferential rate**[292](index=292&type=chunk)[293](index=293&type=chunk)[294](index=294&type=chunk) - Subsidiary Hangzhou Liansheng Insulation Materials Co., Ltd., as a civil welfare enterprise, enjoys VAT limited refunds and corporate income tax deductions for welfare personnel wage costs[292](index=292&type=chunk) [Notes to Consolidated Financial Statement Items](index=92&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on consolidated financial statement items, covering major assets, liabilities, equity, and profit/loss Composition of Cash and Bank Balances (Period End) | Item | Period End Balance (Yuan) | | :--- | :--- | | Cash on Hand | 7,470.53 | | Bank Deposits | 348,201,733.20 | | Other Cash and Bank Balances | 206,121,488.88 | | Total | 554,330,692.61 | - Total overseas funds at period-end amounted to **1.22 million yuan**, primarily held by subsidiaries Huazheng New Materials Co., Ltd. (Japan) and Huazheng New Materials Co., Ltd. (Korea)[296](index=296&type=chunk) Aging Analysis of Accounts Receivable (Period End) | Aging | Period End Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 1,746,282,214.38 | | 1 to 2 years | 11,498,407.74 | | 2 to 3 years | 6,274,075.95 | | Over 3 years | 7,440,248.98 | | Total | 1,771,494,947.05 | Inventory Classification (Period End) | Item | Book Value (Yuan) | | :--- | :--- | | Raw Materials | 199,230,974.95 | | Work in Progress | 94,049,582.89 | | Finished Goods | 162,607,914.81 | | Goods in Transit | 22,884,722.63 | | Consigned Processing Materials | 5,144.23 | | Total | 478,778,339.51 | Operating Revenue and Operating Costs (Jan-Jun 2025) | Item | Operating Revenue (Yuan) | Operating Costs (Yuan) | | :--- | :--- | :--- | | Copper Clad Laminates | 1,625,135,817.06 | 1,484,489,584.34 | | Thermal Conductive Materials | 148,618,261.17 | 110,456,286.83 | | Functional Composite Materials | 80,304,647.77 | 56,036,691.25 | | Composite Materials for Transportation and Logistics | 162,342,536.17 | 129,070,060.41 | | Other | 78,678,085.08 | 43,960,675.89 | | Total | 2,095,079,347.25 | 1,824,013,298.72 | - During the reporting period, the company's overseas operating revenue was **308.91 million yuan**, and overseas operating costs were **274.80 million yuan**[452](index=452&type=chunk) [R&D Expenses](index=152&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, the company's total R&D expenditure was **94.87 million yuan**, with expensed R&D expenditure of **89.20 million yuan**, primarily invested in employee compensation and direct materials Composition of R&D Expenses (Jan-Jun 2025) | Item | Amount Incurred in Current Period (Yuan) | | :--- | :--- | | Employee Compensation | 33,170,645.62 | | Direct Materials | 44,132,717.62 | | Depreciation and Amortization | 12,190,768.39 | | Certification Fees | 2,265,700.30 | | Office Expenses | 201,106.65 | | Travel Expenses | 2,383,910.82 | | Other | 526,138.13 | | Total | 94,870,987.53 | - Expensed R&D expenditure for the current period was **89,203,990.75 yuan**[490](index=490&type=chunk) [Changes in Consolidation Scope](index=153&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons - During the reporting period, the company had no changes in consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons[492](index=492&type=chunk)[493](index=493&type=chunk) [Interests in Other Entities](index=154&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the composition of the company's enterprise group, including subsidiaries' registered locations, business nature, registered capital, and shareholding percentages, and discloses key financial information for important non-wholly-owned subsidiaries Example of Enterprise Group Composition | Subsidiary Name | Registered Location | Business Nature | Shareholding Percentage (Direct) | | :--- | :--- | :--- | :--- | | Hangzhou Liansheng Insulation Materials Co., Ltd. | Mainland China | Manufacturing | 100% | | Hangzhou Juehao Technology Co., Ltd. | Mainland China | Manufacturing | 70% | | Zhuhai Huazheng New Materials Co., Ltd. | Mainland China | Manufacturing | 100% | | Zhejiang Huazheng Energy Materials Co., Ltd. | Mainland China | Manufacturing | 92% | Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Jan-Jun 2025, Unit: Ten Thousand Yuan) | Subsidiary Name | Minority Shareholding Percentage (%) | Profit/Loss Attributable to Minority Shareholders for Current Period | Minority Interest Balance at Period End | | :--- | :--- | :--- | :--- | | Hangzhou Juehao Technology Co., Ltd. | 29.95 | 271.69 | 1,900.88 | | Hangzhou Zhongji Automobile Co., Ltd. | 25.00 | 39.17 | -104.29 | [Government Grants](index=159&type=section&id=XI.%20Government%20Grants) At period-end, government grants recognized at receivable amount totaled **119,816.30 yuan**. Deferred income included asset-related government grants of **178.43 million yuan** and income-related government grants of **4.35 million yuan**. Total government grants recognized in current profit and loss for the period were **20.60 million yuan** - Government grants recognized at receivable amount at period-end totaled **119,816.30 yuan**[504](index=504&type=chunk) Liability Items Involving Government Grants (Period End) | Financial Statement Item | Period End Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | | Deferred Income | 178,426,267.42 | Asset-related | | Deferred Income | 4,351,195.10 | Income-related | | Total | 182,777,462.52 | - | - Total government grants recognized in current profit and loss for the current period were **20,601,443.90 yuan**[507](index=507&type=chunk) [Risks Related to Financial Instruments](index=160&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, market risk (including exchange rate risk, interest rate risk), and liquidity risk, managed through diversified investments, monitoring exchange and interest rate changes, assessing debtor creditworthiness, and cash flow forecasting - The company faces credit risk, market risk (foreign exchange risk, interest rate risk), and liquidity risk, managed through diversified investments, risk management policies, and internal audits[507](index=507&type=chunk) - Exchange rate risk primarily arises from financial assets and liabilities denominated in USD and HKD; a **5% appreciation or depreciation of RMB against USD** would impact net profit by approximately **9.971 million yuan**[508](index=508&type=chunk)[509](index=509&type=chunk)[510](index=510&type=chunk) - Interest rate risk is mainly related to floating-rate borrowings; a **50 basis point increase or decrease in interest rates** would impact net profit by approximately **1.2266 million yuan**[510](index=510&type=chunk) - Credit risk primarily arises from bank deposits and receivables, controlled by assessing debtor creditworthiness, setting credit limits and terms, and regular monitoring[511](index=511&type=chunk) - Liquidity risk is managed by monitoring cash balances, marketable securities, and 12-month cash flow forecasts; the asset-liability ratio at period-end was **76.02%**[514](index=514&type=chunk)[516](index=516&type=chunk) Financial Asset Transfer Status | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (Yuan) | Derecognition Status | | :--- | :--- | :--- | :--- | | Bill Endorsement | Financing of Receivables | 374,912,478.84 | Derecognized | | Bill Endorsement | Notes Receivable | 118,187,907.07 | Not Derecognized | | Bill Discounting | Financing of Receivables | 878,999,317.82 | Derecognized | | Bill Discounting | Notes Receivable | 29,859,941.52 | Not Derecognized | | Total | / | 1,420,179,537.27 | / | [Disclosure of Fair Value](index=164&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the company's assets and liabilities measured at fair value at period-end, including other equity instrument investments and financing of receivables, explaining valuation techniques and parameters, noting that book values of financial assets and liabilities not measured at fair value are close to their fair values Fair Value Measurement Items at Period End | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Investments in Other Equity Instruments | 10,318,678.65 | - | - | 10,318,678.65 | | Financing of Receivables | - | 220,623,588.48 | - | 220,623,588.48 | | Total Assets Continuously Measured at Fair Value | 10,318,678.65 | 220,623,588.48 | - | 230,942,267.13 | - For forward foreign exchange contracts, fair value is determined using valuation techniques, with inputs including observable values of contract-linked underlying assets and forward exchange rates[524](index=524&type=chunk) - For bank acceptance bills with high credit ratings (financing of receivables), book cost is used as the best estimate of fair value at year-end[525](index=525&type=chunk) - The book values of financial assets and liabilities not measured at fair value differ very little from their fair values[526](index=526&type=chunk) [Related Parties and Related Party Transactions](index=166&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's parent company, ultimate controlling party, subsidiaries, and other related parties, detailing related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related party guarantees, and key management personnel compensation, as well as amounts payable to related parties at period-end - The company's parent company is Huali Group Co., Ltd., with a shareholding of **40.07%**, and the ultimate controlling party is Wang Licheng[528](index=528&type=chunk) Related Party Transactions for Purchase/Sale of Goods and Acceptance of Services (Jan-Jun 2025) | Related Party | Related Party Transaction Content | Amount Incurred in Current Period (Yuan) | | :--- | :--- | :--- | | Huali Group Co., Ltd. | Guarantee Fees | 2,666,267.08 | | Zhejiang Houda Intelligent Technology Co., Ltd. | Automated Warehouse for Finished Goods | 146,460.18 | | Hangzhou Huafang Chuangliang Investment Management Co., Ltd. | Fund Management Fees | 227,625.00 | | Total | - | 3,040,352.26 | - The company, as the guaranteed party, had Huali Group Co., Ltd. provide a guarantee for **569.93 million yuan** in convertible corporate bonds[535](index=535&type=chunk) Key Management Personnel Compensation | Item | Amount Incurred in Current Period (Ten Thousand Yuan) | Amount Incurred in Last Period (Ten Thousand Yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 514.98 | 416.21 | Items Payable to Related Parties (Period End) | Item Name | Related Party | Period End Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Payable | Zhejiang Houda Intelligent Technology Co., Ltd. | 49,060.00 | | Other Payables | Huali Group Co., Ltd. | 2,277,940.91 | [Commitments and Contingencies](index=171&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section discloses the company's significant external commitments at period-end, primarily property mortgage and pledge guarantees among consolidated entities, involving buildings, land use rights, machinery, patent rights, and cash, with total guaranteed borrowings exceeding **1.88 billion yuan** Property Mortgage Guarantees Among Consolidated Entities (Partial Example, Unit: Ten Thousand Yuan) | Guarantor | Mortgaged Item | Guaranteed Loan Balance/Bill Balance | | :--- | :--- | :--- | | Zhuhai Huazheng New Materials Co., Ltd. | Buildings, Land Use Rights, Machinery and Equipment | 37,600.00 | | Yangzhou Maistong Composite Materials Co., Ltd. | Buildings, Land Use Rights | 300.00 | | Zhejiang Huazheng Energy Materials Co., Ltd. | Buildings, Land Use Rights | 3,214.69 | | Zhejiang Huazheng New Materials Co., Ltd. | Buildings, Land Use Rights | 12,824.83 | | Hangzhou Huazheng New Materials Co., Ltd. | Buildings, Land Use Rights | 10,735.00 | | Hangzhou Liansheng Insulation Materials Co., Ltd. | Buildings, Land Use Rights | 1,000.00 | | Zhejiang Huaju Composite Materials Co., Ltd. | Land Use Rights | 10,873.14 | | Subtotal | - | 78,104.85 | Property Pledge Guarantees Among Consolidated Entities (Partial Example, Unit: Ten Thousand Yuan) | Guarantor | Pledged Item | Guaranteed Loan Balance/Bill Balance | | :--- | :--- | :--- | | Hangzhou Huaju Composite Materials Co., Ltd. | Patent Rights, Cash and Bank Balances | 4,576.50 | | Hangzhou Huazheng New Materials Co., Ltd. | Cash and Bank Balances | 16,835.70 | | Hangzhou Liansheng Insulation Materials Co., Ltd. | Cash and Bank Balances | 2,583.40 | | Yangzhou Maistong Composite Materials Co., Ltd. | Cash and Bank Balances | 438.06 | | Zhejiang Huazheng New Materials Co., Ltd. | Cash and Bank Balances | 30,000.00 | | Zhuhai Huazheng New Materials Co., Ltd. | Cash and Bank Balances | 32,973.55 | | Subtotal | - | 109,895.95 | Guarantee Situations Among Consolidated Entities (Partial Example, Unit: Ten Thousand Yuan) | Guarantor | Guaranteed Party | Guaranteed Loan Balance/Bill Balance | | :--- | :--- | :--- | | Zhejiang Huazheng New Materials Co., Ltd. | Zhuhai Huazheng New Materials Co., Ltd. | 73,723.16 | | Zhejiang Huazheng New Materials Co., Ltd. | Zhejiang Huazheng Energy Materials Co., Ltd. | 5,114.69 | | Zhejiang Huazheng New Materials Co., Ltd. | Zhejiang Huaju Composite Materials Co., Ltd. | 10,873.14 | | Zhejiang Huazheng New Materials Co., Ltd. | Yangzhou Maistong Composite Materials Co., Ltd. | 1,438.06 | | Zhejiang Huazheng New Materials Co., Ltd. | Hangzhou Liansheng Insulation Materials Co., Ltd. | 9,380.43 | | Zhejiang Huazheng New Materials Co., Ltd. | Hangzhou Juehao Technology Co., Ltd. | 1,000.00 | | Zhejiang Huazheng New Materials Co., Ltd. | Hangzhou Huazheng New Materials Co., Ltd. | 30,000.00 | | Hangzhou Liansheng Insulation Materials Co., Ltd. | Zhejiang Huazheng New Materials Co., Ltd. | 8,024.83 | | Hangzhou Huazheng New Materials Co., Ltd. | Zhejiang Huazheng New Materials Co., Ltd. | 23,488.40 | | Hangzhou Huaju Composite Materials Co., Ltd. | Zhejiang Huazheng New Materials Co., Ltd. | 5,007.92 | | Subtotal | - | 207,021.43 | [Supplementary Information](index=191&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, further refining the company's financial performance Detailed Statement of Non-recurring Gains and Losses (Jan-Jun 2025) | Item | Amount (Yuan) | | :--- | :--- | | Government Subsidies Included in Current Profit and Loss | 9,873,864.57 | | Gains and Losses from Disposal of Non-current Assets | -177,207.38 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | -75,486.20 | | Other Non-operating Income and Expenses | 69,867.61 | | Other Profit and Loss Items Meeting the Definition of Non-recurring Gains and Losses | 153,838.43 | | Less: Income Tax Impact | 1,485,187.10 | | Minority Interest Impact (After Tax) | 19,349.92 | | Total | 8,340,340.01 | Return on Net Assets and Earnings Per Share (Jan-Jun 2025) | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 2.89 | 0.30 | 0.30 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-recurring Gains and Losses | 2.32 | 0.24 | 0.24 |

浙大网新科技股份有限公司2025 年半年度报告 公司代码：600797 公司简称：浙大网新 浙大网新科技股份有限公司 2025 年半年度报告 1 / 197 浙大网新科技股份有限公司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、 公司负责人史烈先生、主管会计工作负责人黄涛先生及会计机构负责人（会计主管人员） 黄涛先生声明：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 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 ...

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国机通用机械科技股份有限公司2025 年半年度报告 公司代码：600444 公司简称：国机通用 国机通用机械科技股份有限公司 2025 年半年度报告 1 / 161 国机通用机械科技股份有限公司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、 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、 公司负责人吴顺勇、主管会计工作负责人徐旭中及会计机构负责人（会计主管人员）韩正 婷声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成对投资者的承诺，敬请广大投资 者理性投资，并注意投资风险。 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 ...

公司代码：605376 公司简称：博迁新材 江苏博迁新材料股份有限公司 2025 年半年度报告 江苏博迁新材料股份有限公司2025 年半年度报告 1 / 202 江苏博迁新材料股份有限公司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、 公司负责人王利平、主管会计工作负责人裘欧特及会计机构负责人（会计主管人员）裘欧 特声明：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 报告期内，公司不进行利润分配和资本公积转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性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 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 ...

广东德美精细化工集团股份有限公司 2025 年半年度报告全文 广东德美精细化工集团股份有限公司 2025 年半年度报告 2025-040 2025 年 8 月 1 广东德美精细化工集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人黄冠雄、主管会计工作负责人何国英及会计机构负责人(会计 主管人员)徐伟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司半年度报告中涉及未来的经营计划和经营目标等前瞻性陈述，不构成 公司对投资者的实质承诺。该未来经营计划和经营目标能否实现，取决于市 场状况变化等多种因素，存在一定的不确定性，请投资者注意投资风险。 公司存在经营环境变化风险、原材料价格波动风险、安全及环保风险、国 际汇率变动等风险因素，敬请广大投资者注意投资风险。详细内容如下： 1、经营环境变化风险 随着劳动力成本、环保处理成本以及资金成本的增加，部分客户面临经 营风险。这种 ...

公司代码：603112 公司简称：华翔股份 1 / 208 山西华翔集团股份有限公司2025 年半年度报告 山西华翔集团股份有限公司 2025 年半年度报告 山西华翔集团股份有限公司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、 公司负责人王春翔、主管会计工作负责人廖洲及会计机构负责人（会计主管人员）牛艳玲 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 本次公司拟向全体股东每 10 股派发现金红利 2.16 元（含税）。截至 2025 年 6 月 30 日，公 司总股本 539,170,563 股，以此为基数，计算合计派发现金红利 116,460,841.61 元（含税），占公 司 2025 年半年度财务报表（未经审计）中归属于上市公司股东的净利润 290,350,350.87 元的比例 为 40.11%，本次利润分配不 ...

安徽鸿路钢结构(集团)股份有限公司 2025 年半年度报告 二〇二五年八月 1 安徽鸿路钢结构(集团)股份有限公司 2025 年半年度报告全文 安徽鸿路钢结构(集团)股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王军民、主管会计工作负责人万胜平及会计机构负责人(会计 主管人员)张玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告内容所涉及的未来计划、发展战略等前瞻性描述，不构成公 司对投资者的实质性承诺，敬请投资者注意投资风险! 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应 对措施"中，详细描述了在公司经营中可能存在的风险及应对措施，敬请投 资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 备查文件目录 （一）载有公司法定代表人王军民先生签名的 2025 年半年度报告文本。 （二）载有公司法定代表人王军民先 ...

品渥食品股份有限公司 2025 年半年度报告全文 品渥食品股份有限公司 2025 年半年度报告 2025 年 8 月 1 品渥食品股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王牧、主管会计工作负责人朱国辉及会计机构负责人(会计主 管人员)潘宇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对 措施"部分详细描述了公司日常经营中可能存在的风险及应对措施，敬请投资 者及相关人士仔细阅读并注意风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 9 | | | --- | ...

上海普利特复合材料股份有限公司 2025 年半年度报告全文 上海普利特复合材料股份有限公司 2025 年半年度报告 2025 年 8 月 1 上海普利特复合材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人周文、主管会计工作负责人周臻纶及会计机构负责人(会计主 管人员)沈奕豪声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的发展战略、经营计划等前瞻性陈述不构成公司对投资者 的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 公司在经营中，面对有宏观及行业形势风险、原料价格波动风险、知识产 权风险、人民币汇率风险、重组后产业整合管理风险，详细内容见本报告 "第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | ...