鲁西化工集团股份有限公司 2025 年半年度报告全文 鲁西化工集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 鲁西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。 公司负责人王延吉、主管会计工作负责人毛江强及会计机构负责人(会计 主管人员)闫玉芝声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节之"十、公司面临的风险和应对措施"中详细阐述了 可能面对的风险和应对措施，敬请投资者注意阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 21 | | 第五节 | 重要事项 24 | | 第六节 | 股份变动及股东情况 ...

银川新华百货商业集团股份有限公司2025 年半年度报告 公司代码：600785 公司简称：新华百货 银川新华百货商业集团股份有限公司 2025 年半年度报告 1 / 165 银川新华百货商业集团股份有限公司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。 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年半年度实现归属于上市公司股东的净利润为86,008,122.91元，提议本次利润分配 以本报告期末公司总股本225,631,280股为基数，向全体股东按每10股派发现金红利1.00元（含税 ），共计分配现金红利22,563,128.00元，剩余未分配利润结转至下一次分配,公司不再进行资本 公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他 ...

山东卓创资讯股份有限公司 2025 年半年度报告全文 山东卓创资讯股份有限公司 2025 年半年度报告 公告编号：2025-037 2025 年 8 月 22 日 1 山东卓创资讯股份有限公司 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。 公司负责人叶秋菊、主管会计工作负责人路永军及会计机构负责人(会计 主管人员)刘晓静声明：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。 报告中所涉及未来的经营计划和经营目标等前瞻性陈述的，并不代表公司 的盈利预测，也不构成公司对投资者的实质承诺，能否实现取决于市场状况变 化等多种因素，存在不确定性，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——公司面临的风险和应对措 施"部分，详细描述了公司经营中可能存在的风险与应对措施，敬请投资者关 注相关内容。 公司经本次董事会审议通过的利润分配 ...

Section 1 Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, a structured index of the report's content, and definitions of key terms for consistent understanding [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, free from false statements, misleading representations, or major omissions[4](index=4&type=chunk) - Company's responsible person Yu Chunshan, head of accounting Dai Xiao, and head of accounting department Liu Yuanyuan declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section provides a structured index of the report, listing all major chapters and their starting page numbers for easy navigation - The report comprises nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[7](index=7&type=chunk)[8](index=8&type=chunk) [Definitions](index=6&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report to ensure consistent understanding and lists abbreviations for key subsidiaries - Defines key terms such as "Company/Xinlong Holdings", "CSRC", "SZSE", "Hainan Securities Regulatory Bureau", and "This Report"[12](index=12&type=chunk) - Lists abbreviations for major subsidiaries, including Hainan Xinlong Nonwovens, Yichang Xinlong Health Materials, Hunan Xinlong, and Guangdong Juyuantang[12](index=12&type=chunk) Section 2 Company Profile and Key Financial Indicators This section presents the company's basic information and key financial data and indicators for the reporting period [I. Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces Xinlong Holdings (Group) Co., Ltd.'s stock abbreviation, stock code, listing exchange, and legal representative - Stock Abbreviation: Xinlong Holdings, Stock Code: **000955**, Listing Exchange: Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's legal representative is Yu Chunshan[14](index=14&type=chunk) [II. Contact Persons and Information](index=7&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) This section discloses the names, addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Zhou Jufeng, and the Securities Affairs Representative is Wang Yan[15](index=15&type=chunk) - Contact address is 23rd Floor, Block B, Internet Finance Building, No. 3 Guoxing Avenue, Meilan District, Haikou City, Hainan Province[15](index=15&type=chunk) [III. Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that the company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period, referring to the 2024 annual report for details - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period, details can be found in the 2024 annual report[16](index=16&type=chunk) - The securities exchange website and media names/URLs for the company's semi-annual report disclosure, and the report's availability location, remained unchanged during the reporting period, details can be found in the 2024 annual report[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section discloses the company's key accounting data and financial indicators for the current and prior reporting periods, showing a 11.75% decrease in operating revenue but a significant 93.18% reduction in net loss attributable to shareholders, with positive operating cash flow - The company does not need to retrospectively adjust or restate prior year accounting data[18](index=18&type=chunk) Key Accounting Data and Financial Indicators Year-on-Year Change | Indicator | Current Period (RMB) | Prior Year (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 221,964,773.97 | 251,511,439.06 | -11.75% | | Net Profit Attributable to Shareholders of Listed Company | -843,292.24 | -12,372,617.07 | 93.18% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | -4,089,468.34 | -14,800,093.38 | 72.37% | | Net Cash Flow from Operating Activities | 818,405.83 | -22,817,663.85 | 103.59% | | Basic Earnings Per Share (RMB/share) | -0.0016 | -0.0230 | 93.04% | | Diluted Earnings Per Share (RMB/share) | -0.0016 | -0.0230 | 93.04% | | Weighted Average Return on Net Assets | -0.13% | -1.88% | 1.75% | | **Period-end Indicators vs. Prior Year-end:** | | | | | Total Assets (RMB) | 858,204,978.03 | 851,310,724.86 | 0.81% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 647,248,255.53 | 648,091,547.77 | -0.13% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) This section confirms that there are no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[20](index=20&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E5%B8%B8%E9%A3%8E%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section details the non-recurring gains and losses for the reporting period, totaling RMB 3,246,176.10, and confirms no reclassification of non-recurring items as recurring Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -88,520.85 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 1,361,413.79 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 1,447,618.80 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 41,618.48 | | Gains or losses from contingent events unrelated to the company's normal business operations | 1,208,941.66 | | Other non-operating income and expenses apart from the above | -330,796.69 | | Impact on minority interests (after tax) | 394,099.09 | | **Total** | **3,246,176.10** | - The company has not classified any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public – Non-recurring Gains and Losses" as recurring items[25](index=25&type=chunk) Section 3 Management Discussion and Analysis This section offers management's perspective on the company's operations, financial condition, and future outlook, covering business performance, core competencies, and risk factors [I. Principal Businesses During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) During the reporting period, the company maintained stable principal businesses, including nonwoven new materials, pharmaceutical health and consumer goods, and investment and trade, leveraging its advanced position in nonwoven materials for diverse applications - The company's principal businesses remained stable, primarily encompassing three segments: nonwoven new materials, pharmaceutical health and consumer goods, and investment and trade[27](index=27&type=chunk) - Nonwoven new materials business primarily includes spunlace and meltblown nonwovens; the company is the first domestic spunlace nonwoven manufacturer, positioning its products as high-end and differentiated[27](index=27&type=chunk) - Spunlace nonwovens are widely used in medical and health, personal care, protection, home cleaning, beauty and cosmetics, and industrial wiping; meltblown nonwovens are mainly used in air purification, high-efficiency masks, and industrial wiping[28](index=28&type=chunk) - Pharmaceutical health business primarily relies on Guangdong Juyuantang for wholesale and distribution; consumer goods business leverages the company's nonwoven new materials advantage to develop and sell mid-to-high-end health consumer products for families and individuals, mainly through OEM and ODM models[30](index=30&type=chunk)[31](index=31&type=chunk) - Investment and trade business focuses on strategic positioning, seeking investment opportunities aligned with national key industrial directions, with trade products primarily including natural rubber and oil products[31](index=31&type=chunk) [II. Analysis of Core Competencies](index=13&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Xinlong Holdings' core competencies remained stable, driven by its pioneering brand advantage, experienced talent, national-level R&D capabilities, robust standardized management, and strategic benefits from the Hainan Free Trade Port - The company was the first in China to introduce spunlace nonwoven manufacturing technology and is the first listed company in the nonwoven industry, possessing a pioneering advantage and a high-quality, high-end brand image[32](index=32&type=chunk) - The company has cultivated an excellent talent team with rich production management experience, technical R&D capabilities, and market sales expertise, enhancing team capabilities through external talent acquisition and optimized incentive mechanisms[32](index=32&type=chunk)[33](index=33&type=chunk) - The company possesses the nonwoven industry's only "National Nonwoven Materials Engineering Technology Research Center", "Postdoctoral Research Workstation", and "Asian Nonwoven Materials Engineering Technology Center", demonstrating strong continuous R&D and innovation capabilities[33](index=33&type=chunk)[34](index=34&type=chunk) - The company has established a relatively comprehensive standardized management system, having passed ISO9001, ISO14001, and other certifications, continuously optimizing its management approaches[34](index=34&type=chunk) - As a local listed company in Hainan, the company fully leverages the Hainan Free Trade Port's comprehensive policy advantages in talent introduction, industrial guidance, investment, and trade facilitation to actively deploy new business growth points[34](index=34&type=chunk) [III. Analysis of Principal Business](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, Xinlong Holdings faced global economic challenges but saw a recovery in the Chinese nonwoven sector, implementing "stabilize existing, expand new" strategies that improved nonwoven capacity utilization and revenue, significantly reducing net loss, despite a 47.15% decline in pharmaceutical health revenue - In H1 2025, global economic growth faced pressure, and US government tariff policies directly negatively impacted the domestic nonwoven industry[35](index=35&type=chunk)[36](index=36&type=chunk) - From January to June 2025, nonwoven fabric output from enterprises above designated size increased by **4.5%** year-on-year, with operating revenue and total profit growing by **3.1%** and **8.4%** respectively, indicating an overall recovery period for the industry[35](index=35&type=chunk) - The company's management focused on "stabilizing existing and expanding new" targets, expanding markets by developing customers in segmented industries, visiting key overseas clients to address tariffs, and continuously reforming and optimizing the marketing system[36](index=36&type=chunk) - The company accelerates product innovation and iteration by establishing a co-creation and win-win mechanism, promoting early involvement of the R&D system in customer innovation, and continuously iterating distinctive products[36](index=36&type=chunk) - The company employs multiple strategies to continuously strengthen cost reduction and efficiency improvement, including scientifically balancing sales and inventory, systematically reviewing production quality control points, and rationally allocating human resources[37](index=37&type=chunk) - Through these measures, the company's nonwoven business segment saw an increase in overall capacity utilization, revenue growth year-on-year, a significant reduction in net loss attributable to shareholders (excluding non-recurring items), and a trend of marginal improvement in operating performance[37](index=37&type=chunk) Key Financial Data Year-on-Year Change | Indicator | Current Period (RMB) | Prior Year (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 221,964,773.97 | 251,511,439.06 | -11.75% | Primarily due to the company's proactive adjustment of business structure, leading to reduced pharmaceutical sales revenue | | Operating Cost | 200,488,595.45 | 229,704,456.25 | -12.72% | Consistent with the change in operating revenue | | Selling Expenses | 6,345,364.46 | 11,467,110.05 | -44.66% | Primarily due to reduced market promotion expenses | | Administrative Expenses | 14,438,516.03 | 16,441,602.96 | -12.18% | Primarily due to decreased payroll costs | | Financial Expenses | 491,512.47 | 1,485,095.53 | -66.90% | Primarily due to reduced borrowing scale and increased exchange gains | | Income Tax Expense | 63,216.06 | -13,789.15 | 558.45% | Due to increased taxable income | | R&D Investment | 8,256,797.92 | 10,557,483.64 | -21.79% | Due to adjustment in R&D investment pace | | Net Cash Flow from Operating Activities | 818,405.83 | -22,817,663.85 | 103.59% | Primarily due to the company's adjustment and control of operating cash expenditures such as procurement based on business conditions in the current period | | Net Cash Flow from Investing Activities | 4,461,650.46 | -18,174,698.58 | 124.55% | Primarily due to the redemption of wealth management products in the current period | | Net Cash Flow from Financing Activities | 8,674,082.35 | -39,339,123.93 | 122.05% | Primarily due to new bank borrowings in the current period | | Net Increase in Cash and Cash Equivalents | 14,465,373.48 | -79,591,898.34 | 118.17% | Primarily due to redemption of wealth management products and increased bank borrowings in the current period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (RMB) | % of Operating Revenue | Prior Year Amount (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Textile Industry | 149,485,105.90 | 67.35% | 146,814,182.27 | 58.37% | 1.82% | | | Other Industries | 42,897,437.61 | 19.33% | 49,996,547.76 | 19.88% | -14.20% | | | Pharmaceutical Health Industry | 28,111,168.00 | 12.66% | 53,193,290.29 | 21.15% | -47.15% | | | Other Business Income | 1,471,062.46 | 0.66% | 1,507,418.74 | 0.60% | -2.41% | | **By Product** | Spunlace Products | 92,675,696.84 | 41.75% | 94,079,536.57 | 37.41% | -1.49% | | | Nonwoven Deep Processing Products | 23,894,098.88 | 10.77% | 25,212,285.45 | 10.02% | -5.23% | | | Hot Rolled and Interlining Products | 14,755.01 | 0.01% | - | 0.00% | 0.00% | | | Meltblown Nonwovens | 32,900,555.17 | 14.82% | 27,522,360.25 | 10.94% | 19.54% | | | Trade Business and Others | 42,897,437.61 | 19.33% | 49,996,547.76 | 19.88% | -14.20% | | | Pharmaceutical and Medical | 28,111,168.00 | 12.66% | 53,193,290.29 | 21.15% | -47.15% | | | Other Business Income | 1,471,062.46 | 0.66% | 1,507,418.74 | 0.60% | -2.41% | | **By Region** | Hainan Region | 141,598,947.75 | 63.79% | 152,875,146.93 | 60.79% | -7.38% | | | South China Region | 28,119,451.19 | 12.67% | 53,193,290.29 | 21.15% | -47.14% | | | Central-South Region | 51,378,507.75 | 23.15% | 45,230,036.53 | 17.98% | 13.59% | | | Northeast Region | 867,867.28 | 0.39% | 212,965.31 | 0.08% | 307.52% | [IV. Other Information Required by Disclosure Guidelines for Textile and Apparel Industries](index=18&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%BA%E7%BB%87%E6%9C%8D%E8%A3%85%E7%9B%B8%E5%85%B3%E8%A1%8C%E4%B8%9A%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%8C%87%E5%BC%95%E8%A6%81%E6%B1%82%E7%9A%84%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) Xinlong Holdings' textile business total capacity is 20,140 tons, with capacity utilization increasing to 44.67%; the company primarily uses a direct sales model, with online sales not exceeding 30%, and reported a 4.09% decrease in selling expenses Company's Own Capacity Status | Indicator | Current Period | Prior Year | | :--- | :--- | :--- | | Total Capacity | 20140 tons | 20140 tons | | Capacity Utilization Rate | 44.67% | 41.66% | - The company's nonwoven materials and OEM/ODM consumer product businesses generally adopt a low-risk, make-to-order operating model, primarily conducted through direct sales[46](index=46&type=chunk) Sales Channel Operating Revenue and Gross Margin | Sales Channel | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Online Sales | 12,404.41 | 8,059.64 | 35.03% | - | - | - | | Direct Sales | 149,472,701.49 | 133,862,588.21 | 10.44% | 1.81% | 0.41% | 1.25% | - Total selling expenses were **RMB 2,616,411.13**, a year-on-year decrease of **4.09%**, primarily due to a **61.81%** reduction in market promotion expenses[48](index=48&type=chunk) Inventory Status | Main Product | Inventory Turnover Days | Inventory Quantity | YoY Change in Inventory Balance | | :--- | :--- | :--- | :--- | | Spunlace Rolls | 54 days | 1,217.21 | 4.31% | | Meltblown Rolls | 21 days | 395.39 | -16.93% | | Finished Deep Processing Products | 35 days | 62.77 | -13.24% | | **Total** | - | 1,675.37 | -1.06% | - The company is not involved in the production and sale of branded apparel, accessories, or home textile products, nor does it have any trademark ownership disputes[51](index=51&type=chunk) [V. Analysis of Non-Principal Business](index=20&type=section&id=%E4%BA%94%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-principal business analysis during the reporting period - The company had no non-principal business analysis during the reporting period[52](index=52&type=chunk) [VI. Analysis of Assets and Liabilities](index=20&type=section&id=%E5%85%AD%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the reporting period end, Xinlong Holdings' total assets increased by 0.81% to RMB 858,204,978.03, with significant increases in monetary funds, long-term borrowings, and non-current liabilities due within one year, while accounts receivable and inventory decreased, and certain assets are restricted - Total assets at the end of the reporting period were **RMB 858,204,978.03**, an increase of **0.81%** compared to the end of the previous year[19](index=19&type=chunk)[53](index=53&type=chunk) Significant Changes in Asset Composition | Item | Current Period End Amount (RMB) | % of Total Assets | Prior Year End Amount (RMB) | % of Total Assets | % Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 235,734,046.53 | 27.47% | 218,199,793.05 | 25.63% | 1.84% | Primarily due to new bank borrowings in the current period | | Accounts Receivable | 57,850,000.05 | 6.74% | 67,122,286.51 | 7.88% | -1.14% | Primarily due to decreased revenue and strengthened sales collection efforts, controlling the scale of accounts receivable | | Inventories | 69,506,179.35 | 8.10% | 72,331,034.95 | 8.50% | -0.40% | Primarily due to a decrease in inventory for turnover | | Long-term Borrowings | 49,800,000.00 | 5.80% | 38,700,000.00 | 4.55% | 1.25% | Primarily due to new long-term borrowings in the current period | | Non-current Liabilities Due Within One Year | 26,900,000.00 | 3.13% | 14,066,574.44 | 1.65% | 1.48% | Primarily due to an increase in long-term borrowings due within one year | | Contract Liabilities | 2,691,634.38 | 0.31% | 6,284,576.90 | 0.74% | -0.43% | Primarily due to a decrease in advance receipts for goods | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Total Financial Assets | 21,544,598.25 | 525,075,270.40 | 525,075,270.40 | 21,034,021.84 | | Financial Liabilities | 0.00 | - | - | 0.00 | Asset Restrictions as of the End of the Reporting Period | Item | Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 3,068,880.00 | Judicial freeze due to contract dispute | | Fixed Assets | 115,170,432.72 | Mortgage for borrowings | | Intangible Assets | 47,862,352.72 | Mortgage for borrowings | | **Total** | **166,101,665.44** | - | [VII. Analysis of Investment Status](index=21&type=section&id=%E4%B8%83%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, Xinlong Holdings' investment amounted to RMB 525,000,000.00, a significant 541.03% increase year-on-year, primarily due to the redemption of wealth management products, with no major equity, non-equity, securities, or derivative investments Changes in Investment Amount During the Reporting Period | Investment Amount in Current Period (RMB) | Investment Amount in Prior Year (RMB) | Change Rate | | :--- | :--- | :--- | | 525,000,000.00 | 81,900,000.00 | 541.03% | - Net cash flow from investing activities increased by **124.55%** year-on-year, primarily due to the redemption of wealth management products in the current period[40](index=40&type=chunk) - The company had no significant equity investments, non-equity investments, securities investments, or derivative investments during the reporting period[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - The company had no use of raised funds during the reporting period[61](index=61&type=chunk) [VIII. Significant Asset and Equity Disposals](index=22&type=section&id=%E5%85%AB%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[62](index=62&type=chunk) - The company did not dispose of significant equity during the reporting period[63](index=63&type=chunk) [IX. Analysis of Major Holding and Participating Companies](index=22&type=section&id=%E4%B9%9D%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Xinlong Holdings disclosed that Hainan Xinlong Nonwovens achieved a net profit of RMB 2,110,690.01, while Guangdong Juyuantang Pharmaceutical, Hunan Xinlong Nonwoven Materials, and Yichang Xinlong Health Materials all reported net losses, with no acquisitions or disposals of subsidiaries during the period Financial Status of Major Subsidiaries | Company Name | Company Type | Principal Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Xinlong Nonwovens Co., Ltd. | Subsidiary | Production and sales of spunlace, meltblown products | 109,650,000.00 | 252,492,482.84 | 188,712,254.90 | 128,563,958.06 | 2,087,365.01 | 2,110,690.01 | | Guangdong Juyuantang Pharmaceutical Co., Ltd. | Subsidiary | Pharmaceutical sales | 10,050,000.00 | 33,958,481.86 | -5,354,826.54 | 28,127,455.61 | -2,105,692.14 | -2,289,226.36 | | Hunan Xinlong Nonwoven Materials Co., Ltd. | Subsidiary | Production and sales of meltblown products | 83,000,000.00 | 137,321,084.04 | 130,382,586.44 | 30,830,846.36 | -2,609,369.14 | -2,808,411.58 | | Yichang Xinlong Health Materials Co., Ltd. | Subsidiary | Production and sales of pure cotton spunlace | 80,000,000.00 | 62,110,966.64 | -25,002,022.44 | 31,909,209.64 | -1,442,355.78 | -1,420,509.95 | - The company neither acquired nor disposed of subsidiaries during the reporting period[64](index=64&type=chunk) [X. Information on Structured Entities Controlled by the Company](index=23&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[66](index=66&type=chunk) [XI. Risks Faced by the Company and Countermeasures](index=23&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) Xinlong Holdings faces macroeconomic, industry competition, credit, liquidity, market (foreign exchange, interest rate, raw material price), and talent retention risks, which it addresses through strategic analysis, business expansion, R&D, credit policy optimization, cash flow monitoring, procurement adjustments, and talent development - The company faces macroeconomic risks, as global economic conditions and rising trade protectionism may impact its performance and development prospects[66](index=66&type=chunk) - The company faces industry competition risks, with increased market competition due to the release of new investment capacity in the nonwoven industry and sluggish global economic recovery[66](index=66&type=chunk) - The company faces credit risk, primarily from monetary funds, accounts receivable, and other receivables, addressed by establishing credit policies, continuously monitoring credit exposure, and selecting banks with good credit standing[66](index=66&type=chunk)[67](index=67&type=chunk) - The company addresses liquidity risk by continuously monitoring its short-term and long-term funding needs, ensuring sufficient cash reserves and commitments for adequate backup funds[68](index=68&type=chunk) - The company faces market risks, including foreign exchange risk (export business affected by exchange rate fluctuations), interest rate risk (bank borrowing interest rate fluctuations), and price risk (raw material price fluctuations), addressed by adjusting settlement methods, conducting forward foreign exchange transactions, monitoring interest rate levels, and adjusting procurement strategies[68](index=68&type=chunk)[69](index=69&type=chunk) - The company addresses the risk of talent loss by strengthening talent development and succession planning, improving employee benefits and living conditions, enhancing employee cohesion, and strictly implementing technical innovation incentive policies[71](index=71&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or a valuation enhancement plan - The company has not formulated a market value management system[72](index=72&type=chunk) - The company has not disclosed a valuation enhancement plan[72](index=72&type=chunk) [XIII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=25&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an action plan for "Dual Improvement in Quality and Returns" - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[72](index=72&type=chunk) Section 4 Corporate Governance, Environment, and Society This section details changes in corporate governance, profit distribution, environmental disclosures, and social responsibility, emphasizing green development, innovation, and stakeholder welfare [I. Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were changes in the company's senior management and Supervisory Board members, with Vice President Ouyang Yu's dismissal and the departure of Supervisor Liu Zeyao, Zhao Ying, and Tan Weidong due to term expiration - Vice President Ouyang Yu was dismissed on March 12, 2025, due to personal reasons[74](index=74&type=chunk) - Supervisory Board Chairman Liu Zeyao, Supervisor Zhao Ying, and Employee Representative Supervisor Tan Weidong resigned on June 20, 2025, due to term expiration[74](index=74&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=26&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no profit distribution or capital reserve conversion to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[75](index=75&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&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%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[76](index=76&type=chunk) [IV. Environmental Information Disclosure](index=26&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its key subsidiary, Yichang Xinlong Health Materials Co., Ltd., are included in the list of enterprises required to disclose environmental information, and the listed company experienced no environmental accidents - The listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[77](index=77&type=chunk) - Yichang Xinlong Health Materials Co., Ltd. is one of the enterprises included in the list of those required to disclose environmental information by law[77](index=77&type=chunk) - The listed company experienced no environmental accidents[77](index=77&type=chunk) [V. Social Responsibility](index=26&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) Xinlong Holdings actively fulfilled its social responsibilities during the reporting period, promoting green development through technological upgrades, strengthening R&D and innovation, ensuring robust corporate governance and shareholder rights, fostering stable relationships with suppliers and customers, and prioritizing employee welfare and development - The company is steadfastly accelerating green development, implementing the national "dual carbon" strategy, promoting energy conservation, emission reduction, and sustainable development through equipment upgrades and production process optimization, and serving as a model national-level green factory[78](index=78&type=chunk)[79](index=79&type=chunk) - The company consistently prioritizes technological innovation, continuously strengthening its R&D capabilities, and has received multiple honors such as advanced manufacturing enterprise, innovative enterprise, and intellectual property advantage enterprise certifications[79](index=79&type=chunk) - The company strictly adheres to CSRC and SZSE requirements, formulating and improving various rules and regulations, actively promoting internal control system construction, perfecting corporate governance structure, and fully respecting and safeguarding the rights of all shareholders, especially minority shareholders[79](index=79&type=chunk)[80](index=80&type=chunk) - The company establishes long-term stable cooperative relationships with upstream raw material suppliers, and focusing on enhancing "product and service capabilities", deeply understands customer needs, and uses its technical R&D capabilities to meet customized customer requirements, becoming their most trusted partner[80](index=80&type=chunk) - The company adheres to a people-oriented philosophy, strictly complies with labor laws and regulations, establishes and continuously optimizes its compensation and incentive systems, prioritizes employee training, strengthens talent development, and safeguards employees' legitimate interests[80](index=80&type=chunk)[81](index=81&type=chunk) Section 5 Significant Events This section details significant events, including commitments, related party transactions, litigation, and other material matters affecting the company's operations and financial position [I. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company had no commitments from its controlling shareholder, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue during or as of the end of the reporting period - The company had no commitments from its controlling shareholder, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue during or as of the end of the reporting period[83](index=83&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=28&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company had no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - The company had no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period[84](index=84&type=chunk) [III. Illegal External Guarantees](index=28&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[85](index=85&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=28&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was not audited - The company's semi-annual report was not audited[86](index=86&type=chunk) [V. Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=28&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable - Not applicable[87](index=87&type=chunk) [VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=28&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable - Not applicable[87](index=87&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=28&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[87](index=87&type=chunk) [VIII. Litigation Matters](index=29&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) Xinlong Holdings is involved in a significant lawsuit with Hainan Zhuhua Industrial and Trade Co., Ltd. for alleged infringement, seeking RMB 23.58 million, currently under trial; subsidiaries also face multiple sales contract disputes totaling RMB 13.58 million, with 6 cases pending, 1 completed, and 1 settled - The company is involved in a significant litigation and arbitration matter, where Hainan Zhuhua Industrial and Trade Co., Ltd. sued the company for alleged infringement, seeking **RMB 23.58 million** in damages, with the case currently under trial[88](index=88&type=chunk) - Lawsuits involving subsidiaries within the consolidated scope primarily concern sales contract disputes, with a total amount of **RMB 13.58 million** involved[88](index=88&type=chunk) - As of the approval date of this report, subsidiaries have **6** pending lawsuits, **1** completed lawsuit, and **1** settled lawsuit[88](index=88&type=chunk) [IX. Penalties and Rectification Status](index=29&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[89](index=89&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller maintain a good integrity status - The company, its controlling shareholder, and actual controller maintain a good integrity status[90](index=90&type=chunk) [XI. Significant Related Party Transactions](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisitions or disposals, joint external investments, or related party creditor-debtor relationships - The company had no related party transactions related to daily operations during the reporting period[90](index=90&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[91](index=91&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[92](index=92&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[93](index=93&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies or related parties[94](index=94&type=chunk) - The company had no other significant related party transactions during the reporting period[96](index=96&type=chunk) [XII. Significant Contracts and Their Performance](index=30&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Xinlong Holdings had no entrustment, contracting, or leasing matters during the reporting period but provided guarantees for subsidiaries totaling RMB 39.7 million, representing 6.13% of net assets, and engaged in wealth management products worth RMB 190 million, all matured without outstanding amounts - The company had no entrustment, contracting, or leasing situations during the reporting period[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) Company's Guarantees for Subsidiaries | Guarantor Name | Announcement Date of Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Collateral (if any) | Counter-guarantee (if any) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Xinlong Nonwovens Co., Ltd. | March 23, 2023 | 15,000 | May 17, 2023 | 570 | Joint and several liability guarantee, mortgage | Land and property | - | 3 years | No | No | | Hainan Xinlong Nonwovens Co., Ltd. | March 23, 2023 | 15,000 | June 06, 2023 | 500 | Joint and several liability guarantee, mortgage | Land and property | - | 3 years | No | No | | Hainan Xinlong Nonwovens Co., Ltd. | March 23, 2023 | 15,000 | December 21, 2023 | 1,400 | Joint and several liability guarantee, mortgage | Land and property | - | 3 years | No | No | | Hainan Xinlong Nonwovens Co., Ltd. | January 09, 2025 | 15,000 | March 06, 2025 | 1,500 | Joint and several liability guarantee, mortgage | Land and property | - | 3 years | No | No | | Total approved guarantee limit for subsidiaries in current period (B1) | - | 15,000 | - | - | - | - | - | - | - | - | | Total actual guarantee amount for subsidiaries in current period (B2) | - | - | - | 1,500 | - | - | - | - | - | - | | Total approved guarantee limit for subsidiaries at period-end (B3) | - | 15,000 | - | - | - | - | - | - | - | - | | Total actual guarantee balance for subsidiaries at period-end (B4) | - | - | - | 3,970 | - | - | - | - | - | - | | Ratio of total actual guarantee amount (A4+B4+C4) to company's net assets | - | - | - | - | - | - | - | - | - | 6.13% | Wealth Management Status | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management (RMB 10,000) | Unmatured Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | Impairment Amount for Overdue Unrecovered Wealth Management (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 19,000 | 0 | 0 | 0 | | **Total** | - | **19,000** | **0** | **0** | **0** | [XIII. Explanation of Other Significant Matters](index=32&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 had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[105](index=105&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=32&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[106](index=106&type=chunk) Section 6 Share Changes and Shareholder Information This section details changes in share capital, shareholder structure, and holdings of directors, supervisors, and senior management, including controlling shareholders and actual controllers [I. Share Change Status](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total shares remained at 538,395,000, with restricted shares increasing by 51,850 to 402,025 (0.07%) due to changes in senior management locked shares, and unrestricted shares decreasing accordingly Share Change Status | | Number Before Change (shares) | Percentage Before Change | Net Increase/Decrease in Current Change (shares) | Number After Change (shares) | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 350,175.00 | 0.07% | 51,850 | 402,025 | 0.07% | | II. Unrestricted Shares | 538,044,825 | 99.93% | -51,850 | 537,992,975 | 99.93% | | III. Total Shares | 538,395,000 | 100.00% | 0 | 538,395,000 | 100.00% | - The main reason for share changes was the change in senior management locked shares[109](index=109&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Ouyang Yu | 66,675 | 22,225 | 88,900 | Locked after senior management departure | | Tan Weidong | 88,875 | 29,625 | 118,500 | Locked after supervisor departure | | **Total** | **155,550** | **51,850** | **207,400** | - | [II. Securities Issuance and Listing Status](index=34&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[113](index=113&type=chunk) [III. Number of Shareholders and Shareholding Status](index=34&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, Xinlong Holdings had 36,124 common shareholders; the top ten shareholders include Jiaxing Tiantang Silicon Valley Equity Investment Co., Ltd. and its concerted party, holding a combined 16.99% of total share capital, with Hainan Zhuhua Industrial and Trade Co., Ltd. holding 8.45%, some shares pledged and frozen - The total number of common shareholders at the end of the reporting period was **36,124**[114](index=114&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Change in Current Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number of Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Tiantang Silicon Valley Equity Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 10.24% | 55,144,810 | 0 | 0 | 55,144,810 | Not applicable | 0 | | Hainan Zhuhua Industrial and Trade Co., Ltd. | Domestic Non-State-Owned Legal Person | 8.45% | 45,508,591 | 0 | 0 | 45,508,591 | Pledged | 45,450,000 | | | | | | | | | Frozen | 15,788,591 | | Jiaxing Silicon Valley Tiantang Yingyang Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.75% | 36,345,100 | 2,710,800 | 0 | 36,345,100 | Not applicable | 0 | | SHANGLONG XU | Overseas Natural Person | 2.04% | 11,000,000 | 9,266,400 | 0 | 11,000,000 | Not applicable | 0 | | HAN WENJING | Domestic Natural Person | 1.03% | 5,570,000 | 5,570,000 | 0 | 5,570,000 | Not applicable | 0 | | JUANLING WU | Overseas Natural Person | 0.80% | 4,321,100 | 3,422,800 | 0 | 4,321,100 | Not applicable | 0 | | Tibet Xingrui Enterprise Management Service Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.75% | 4,029,902 | 2,549,902 | 0 | 4,029,902 | Not applicable | 0 | | CHEN JIE | Domestic Natural Person | 0.59% | 3,199,352 | 155,000 | 0 | 3,199,352 | Not applicable | 0 | | XU HAOTIAN | Overseas Natural Person | 0.56% | 3,016,401 | 3,016,401 | 0 | 3,016,401 | Not applicable | 0 | | LIU HUIMIN | Domestic Natural Person | 0.53% | 2,856,873 | -23,000 | 0 | 2,856,873 | Not applicable | 0 | - Jiaxing Tiantang Silicon Valley Equity Investment Co., Ltd. and Jiaxing Silicon Valley Tiantang Yingyang Investment Partnership (Limited Partnership) are both controlled by Silicon Valley Tiantang Industrial Group Co., Ltd., forming a concerted action relationship[115](index=115&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, details can be found in the 2024 annual report[116](index=116&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[117](index=117&type=chunk) - The company's actual controller remained unchanged during the reporting period[117](index=117&type=chunk) [VI. Preferred Share Information](index=36&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[118](index=118&type=chunk) Section 7 Bond Information This section confirms the absence of bond-related information during the reporting period [Bond Information](index=37&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[120](index=120&type=chunk) Section 8 Financial Report This section presents Xinlong Holdings' unaudited semi-annual financial statements, including balance sheet, income statement, cash flow, and equity changes, with notes on accounting policies, taxes, and financial items [I. Audit Report](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[122](index=122&type=chunk) [II. Financial Statements](index=38&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides Xinlong Holdings' consolidated and parent company financial statements for H1 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owner's equity, offering core data on financial position, operating results, and cash flow changes Key Consolidated Balance Sheet Data (Period-End Balance) | Item | Amount (RMB) | | :--- | :--- | | Monetary Funds | 235,734,046.53 | | Accounts Receivable | 57,850,000.05 | | Inventories | 69,506,179.35 | | Fixed Assets | 253,887,291.49 | | Total Assets | 858,204,978.03 | | Short-term Borrowings | 20,000,000.00 | | Long-term Borrowings | 49,800,000.00 | | Total Liabilities | 153,939,979.32 | | Total Equity Attributable to Parent Company Owners | 647,248,255.53 | | Total Owners' Equity | 704,264,998.71 | Key Consolidated Income Statement Data (Current Period) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 221,964,773.97 | | Total Operating Costs | 228,024,270.32 | | Operating Profit (Loss indicated by "-") | -1,713,094.22 | | Total Profit (Total Loss indicated by "-") | -2,043,890.91 | | Net Profit (Net Loss indicated by "-") | -2,107,106.97 | | Net Profit Attributable to Parent Company Shareholders (Net Loss indicated by "-") | -843,292.24 | | Basic Earnings Per Share (RMB/share) | -0.0016 | Key Consolidated Cash Flow Statement Data (Current Period) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 818,405.83 | | Net Cash Flow from Investing Activities | 4,461,650.46 | | Net Cash Flow from Financing Activities | 8,674,082.35 | | Net Increase in Cash and Cash Equivalents | 14,465,373.48 | | Cash and Cash Equivalents at Period-End | 232,665,166.53 | [III. Company Basic Information](index=56&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) This section outlines the company's registration, organizational form, headquarters, business nature, main operations, financial report approval body, and scope of consolidated financial statements, identifying its industry as manufacturing—textile and its actual controllers as Wang Linjiang and Li Guoxiang - The company's registered address is Laocheng Industrial Development Zone, Chengmai County, and its headquarters address is 23rd Floor, Block B, Internet Finance Building, No. 3 Guoxing Avenue, Meilan District, Haikou City, Hainan Province[159](index=159&type=chunk) - The company's industry is Manufacturing—C17 Textile Industry, with main products being spunlace, meltblown, and other nonwoven materials and their products[160](index=160&type=chunk) - The company's actual controllers are Wang Linjiang and Li Guoxiang[159](index=159&type=chunk) - A total of **15** subsidiaries were included in the scope of consolidated financial statements for the current period[163](index=163&type=chunk) [IV. Basis of Financial Statement Preparation](index=56&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) This section states that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards, and a 12-month going concern assessment found no significant doubts - These financial statements are prepared on a going concern basis, in accordance with actual transactions and relevant provisions of enterprise accounting standards[164](index=164&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters or circumstances that cast significant doubt on its going concern ability[165](index=165&type=chunk) [V. Significant Accounting Policies and Estimates](index=57&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 Xinlong Holdings' significant accounting policies and estimates for financial statement preparation, covering financial instrument recognition, expected credit loss for receivables and inventory, fixed asset depreciation, intangible asset amortization, and revenue recognition, all in compliance with enterprise accounting standards - The financial statements prepared by the company based on the aforementioned basis comply with the requirements of the latest Enterprise Accounting Standards and their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance (collectively referred to as "Enterprise Accounting Standards")[167](index=167&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and RMB is used as the functional currency[168](index=168&type=chunk)[170](index=170&type=chunk) - The company classifies financial assets based on its business model for managing financial assets and the cash flow characteristics of the financial assets, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[198](index=198&type=chunk) - The company applies the simplified model for expected credit losses to accounts receivable, always measuring loss provisions at the amount of expected credit losses over the entire lifetime[220](index=220&type=chunk) - Inventories are valued at planned cost (only for the nonwoven segment; pharmaceutical and trade segments' inventories are valued at purchase cost), and issued inventories are accounted for using the weighted average method at month-end[229](index=229&type=chunk)[230](index=230&type=chunk) - Fixed assets are depreciated using the straight-line method; all intangible assets have finite useful lives and are amortized using the straight-line method over their estimated useful lives[253](index=253&type=chunk)[264](index=264&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods[282](index=282&type=chunk) [VI. Taxes](index=82&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, along with tax incentives, including a 15% corporate income tax rate for high-tech enterprises and Hainan Free Trade Port companies, small and micro enterprise income tax benefits, R&D expense super deduction, and advanced manufacturing VAT credit Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods, provision of processing, repair and maintenance services, leasing services | Exempt, 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | | Property Tax | Based on 70%, 75% of original property value (or rental income) | 1.2%, 12% | | Land Use Tax | Based on land area | RMB 12, 6, 5, 3 / square meter | - Xinlong Holdings, Hainan Xinlong Nonwovens, Hunan Xinlong Nonwoven Materials Co., Ltd., and Yichang Xinlong Health Materials Co., Ltd. are recognized as high-tech enterprises, with corporate income tax rates applied at **15%**[314](index=314&type=chunk)[315](index=315&type=chunk) - Companies in the Hainan region are classified as encouraged enterprises, enjoying a preferential corporate income tax rate of **15%** under the Hainan Free Trade Port policy[316](index=316&type=chunk) - The company and its relevant subsidiaries qualify for the R&D expense super deduction policy (**100%** additional deduction) and the advanced manufacturing enterprise VAT credit policy (**5%** credit)[317](index=317&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=84&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 Xinlong Holdings' consolidated financial statement items, including restricted monetary funds, impairment provisions for accounts receivable and inventory, fixed and intangible asset composition and pledges, short-term and long-term borrowings, employee compensation, taxes, and various income and expense items - Monetary funds at period-end totaled **RMB 235,734,046.53**, of which **RMB 3,068,880.00** was judicially frozen[320](index=320&type=chunk) - Accounts receivable at period-end had a book value of **RMB 57,850,000.05**, with an allowance for doubtful accounts of **RMB 12,223,910.81**[331](index=331&type=chunk) - Inventories at period-end had a book value of **RMB 69,506,179.35**, with an inventory impairment provision of **RMB 19,089,838.24**[385](index=385&type=chunk) - Fixed assets at period-end had a book value of **RMB 253,887,291.49**, of which **RMB 516,787,162.75** in original cost (book value **RMB 115,170,432.72**) was pledged or guaranteed for borrowings[412](index=412&type=chunk)[417](index=417&type=chunk) - Intangible assets at period-end had a book value of **RMB 76,499,546.45**, of which **RMB 104,413,633.43** in original cost (book value **RMB 47,862,352.72**) was pledged for borrowings[426](index=426&type=chunk)[429](index=429&type=chunk) - Short-term borrowings at period-end totaled **RMB 20,000,000.00**, long-term borrowings totaled **RMB 49,800,000.00**, and non-current liabilities due within one year totaled **RMB 26,900,000.00**[454](index=454&type=chunk)[486](index=486&type=chunk)[482](index=482&type=chunk) - Operating revenue was **RMB 221,964,773.97**, and operating cost was **RMB 200,488,595.45**[522](index=522&type=chunk) - Investment income was **RMB 1,981,941.85**, primarily comprising income from long-term equity investments accounted for using the equity method, investment income from bank wealth management products, and gains/losses from other contingent events[542](index=542&type=chunk) - Credit impairment loss was **RMB -361,057.43**, and asset impairment loss was **RMB -1,723,900.53**[544](index=544&type=chunk)[546](index=546&type=chunk) [VIII. R&D Expenses](index=128&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the R&D expenses for the reporting period, totaling RMB 1,956,409.76, all of which were expensed R&D Expense Status | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 1,489,836.88 | 1,706,172.44 | | Other | 466,572.88 | 348,608.28 | | **Total** | **1,956,409.76** | **2,054,780.72** | | Of which: Expensed R&D | 1,956,409.76 | 2,054,780.72 | [IX. Changes in Consolidation Scope](index=129&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company had no changes in its consolidation scope during the reporting period due to non-same control business combinations, same control business combinations, reverse acquisitions, disposals of subsidiaries leading to loss of control, or other reasons - The company had no business combinations involving entities not under common control during the reporting period[585](index=585&type=chunk) - The company had no business combinations involving entities under common control during the reporting period[588](index=588&type=chunk) - The company had no reverse acquisitions during the reporting period[591](index=591&type=chunk) - The company had no transactions or events involving the disposal of subsidiaries leading to loss of co

宏润建设集团股份有限公司 2025 年半年度报告全文 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。 公司负责人郑宏舫、主管会计工作负责人黄全跃及会计机构负责人(会计 主管人员)陈俊声明：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。 报告期内，公司不存在对生产经营产生实质性影响的特别重大风险。公 司已在本报告中详细描述可能面对的各种风险及应对措施，敬请查阅"第三节 管理层讨论与分析"中"十、公司面临的风险和应对措施"的内容。 宏润建设集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 宏润建设集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 备查文件目录 一、载有公司法定代表人、主管会计工作负责人、会计机构负责人签名并盖章的会计报表。 二、报告期内公司公开披露的所有公司文件正本及公告原稿。 4 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | --- ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) [Important Notes](index=2&type=section&id=重要提示) The company's board and management confirm the report's accuracy and will not issue dividends for the period - The company's Board of Directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal liabilities[3](index=3&type=chunk) - Company head Xu Ronghuang, chief accounting officer Chen Xiliang, and head of the accounting department Cai Bijian affirm the truthfulness, accuracy, and completeness of the financial report[3](index=3&type=chunk) - The company **does not plan to distribute cash dividends**, issue bonus shares, or increase share capital from the capital reserve[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section lists the report's complete structure, providing quick navigation to its nine main chapters - The report's table of contents includes nine main chapters covering key areas such as company profile, management discussion, corporate governance, and financial statements[6](index=6&type=chunk) [List of Reference Documents](index=4&type=section&id=备查文件目录) This section provides a list of reference documents available for inspection, including signed financial statements and original public filings - Reference documents include financial statements signed and sealed by the company head, chief accounting officer, and head of the accounting department[8](index=8&type=chunk) - Reference documents also include originals of all company documents and announcements publicly disclosed during the reporting period[9](index=9&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines key terms used in the report, including company names, subsidiaries, and regulatory bodies - "The Company, This Company, TEYI Pharmaceutical" refers to TEYI Pharmaceutical Group Co, Ltd[11](index=11&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Major subsidiaries include Hainan Haili Pharmaceutical Co, Ltd, Guangdong Teyi Haili Pharmaceutical Co, Ltd, and Taishan Xinning Pharmaceutical Co, Ltd[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) [Company Profile](index=6&type=section&id=一、公司简介) This section provides basic company information, confirming no significant changes during the reporting period - The company's stock short name is "TEYI Pharmaceutical," stock code is "002728," and it is listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's legal representative is Xu Ronghuang[13](index=13&type=chunk) [Contacts](index=6&type=section&id=二、联系人和联系方式) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Xu Zilan, and the Securities Affairs Representative is Xu Shaohua[14](index=14&type=chunk) - The contact address is No 9 & 11, Changxing Road, Taicheng, Taishan City, and the phone number is 0750-5627588[14](index=14&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) This section confirms that the company's registered address, office address, and information disclosure channels remained unchanged - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - The information disclosure and document repository locations remained unchanged during the reporting period[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) The company's H1 2025 financial performance was strong, with significant growth in revenue and net profit Key Accounting Data and Financial Indicators for H1 2025 (YoY) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 491,142,874.06 | 313,748,456.95 | 56.54% | | Net Profit Attributable to Shareholders | 38,007,729.88 | 2,689,430.91 | 1,313.23% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 38,085,250.72 | 614,721.94 | 6,095.52% | | Net Cash Flow from Operating Activities | 146,206,331.36 | -42,669,893.26 | 442.65% | | Basic Earnings Per Share (CNY/Share) | 0.0800 | 0.005 | 1,500.00% | | Diluted Earnings Per Share (CNY/Share) | 0.0800 | 0.005 | 1,500.00% | | Weighted Average Return on Equity | 2.13% | 0.14% | 1.99% | Key Accounting Data and Financial Indicators at the End of H1 2025 (vs Year-End 2024) | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change vs Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 2,274,766,119.19 | 2,400,875,824.19 | -5.25% | | Net Assets Attributable to Shareholders | 1,773,410,928.25 | 1,764,933,238.57 | 0.48% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) The company confirms no discrepancies in net profit or net assets between Chinese and international accounting standards - There are **no differences** in net profit or net assets between financial reports prepared under IFRS and Chinese Accounting Standards[19](index=19&type=chunk) - There are **no differences** in net profit or net assets between financial reports prepared under foreign accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) Non-recurring items had a minor negative impact on net profit, totaling -77,520.84 CNY in H1 2025 Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -83,374.88 | | Government Grants Recognized in Current Profit/Loss (Excluding those with continuous impact) | 315,474.95 | | Gains/Losses from Entrusted Investments or Asset Management | 299,726.03 | | Other Non-operating Income and Expenses | -610,436.81 | | Less: Income Tax Impact | -1,089.87 | | Total | -77,520.84 | - The company has no other items that meet the definition of non-recurring profit and loss, nor has it reclassified any non-recurring items as recurring[24](index=24&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) [Principal Business Activities During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company focuses on pharmaceuticals, achieving significant revenue and profit growth through marketing reforms and brand building - The pharmaceutical industry is in a key transition phase from traditional to innovative medicine, with R&D as the new growth engine[27](index=27&type=chunk) - The company is primarily engaged in the R&D, production, and sales of traditional Chinese medicines, chemical preparations, and active pharmaceutical ingredients (APIs)[33](index=33&type=chunk) - The core product, **Zhi Ke Bao Pian**, has a century-long history, is listed as a Lingnan cultural heritage, and is a top-10 brand in its category[29](index=29&type=chunk)[30](index=30&type=chunk)[42](index=42&type=chunk) - Marketing reforms yielded positive results, with sales of the core product recovering to **61.29%** of the same period in 2023 and rapid growth in online business[43](index=43&type=chunk) - In H1 2025, the company achieved operating revenue of **491.14 million CNY**, a YoY increase of **56.54%**, and net profit attributable to shareholders of **38.01 million CNY**, a YoY increase of **1313.23%**[43](index=43&type=chunk) [Industry Overview, Development Stage, Cyclicality, and Company's Position](index=9&type=section&id=(一)%20所处行业基本情况、发展阶段、周期性特点以及公司所处的行业地位情况) The pharmaceutical industry is transitioning towards innovation, with the company's core product maintaining a strong market position - The pharmaceutical industry is in a key transition phase from traditional to innovative medicine, with R&D as the new growth engine[27](index=27&type=chunk) - The industry is characterized by policy adjustments and innovation-driven transformation, with policies like medical insurance cost control and volume-based procurement promoting standardized development[28](index=28&type=chunk) - The company's products are mainly sold in pharmacies and clinics, with limited exposure to policies like centralized procurement and medical insurance negotiations[28](index=28&type=chunk) - The core product, **Zhi Ke Bao Pian**, has a history of over 100 years and has been ranked among the top ten brands for cough, expectorant, and anti-asthmatic traditional Chinese medicines for many years[29](index=29&type=chunk)[30](index=30&type=chunk) [Impact of New Laws, Regulations, and Policies on the Industry](index=10&type=section&id=(二)%20新公布的法律、行政法规、部门规章、行业政策对所处行业的影响) National policies supporting traditional Chinese medicine (TCM) create both opportunities and challenges for the company's development - The State Council issued opinions on deepening drug and medical device regulatory reform and promoting high-quality development of the TCM industry[31](index=31&type=chunk) - Supported by national policies, the TCM industry is expected to see significant development opportunities, which also presents challenges for the company's operations[32](index=32&type=chunk) [Principal Business Activities During the Reporting Period](index=10&type=section&id=(三)%20报告期内公司从事的主要业务) The company's core business involves pharmaceuticals, with marketing reforms driving significant growth in revenue and profit - The company's main products include Zhi Ke Bao Pian, Ganmaoling Granules, Xuesaitong Dispersible Tablets, and Ginkgo Leaf Dispersible Tablets[34](index=34&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk) - The company deepened its marketing organization reform, adopting a hybrid model of self-operation and promotion service providers for OTC products, leading to rapid online business growth[40](index=40&type=chunk) - As of the end of the reporting period, the company had **19 products** that passed the consistency evaluation and held **37 invention patents**, 25 design patents, and 8 utility model patents[41](index=41&type=chunk) - During the reporting period, sales of the core product "TEYI" brand Zhi Ke Bao Pian reached **331 million tablets**, recovering to **61.29%** of the same period in 2023[43](index=43&type=chunk) - The company continued to increase brand-building investment, with a cumulative investment of **172 million CNY** during the period, effectively enhancing brand awareness[43](index=43&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=二、核心竞争力分析) The company's core strengths lie in its historic products, strong brand, diverse portfolio, and integrated production capabilities - The core product, **Zhi Ke Bao Pian**, has a century-long history, proven efficacy, high market recognition, and nationwide sales coverage[44](index=44&type=chunk) - The company's brand is recognized as a "Leading Brand in Guangdong's TCM and Herbal Slices Industry" and is included in the provincial key trademark protection list[45](index=45&type=chunk) - The company has a rich product portfolio covering traditional Chinese medicines, chemical drug preparations, and active pharmaceutical ingredients (APIs)[46](index=46&type=chunk) - The company possesses an integrated "API + Preparation" advantage, with its subsidiary Xinning Pharmaceutical supplying APIs to reduce production costs[47](index=47&type=chunk) - The company and its subsidiaries are recognized as high-tech enterprises, with the company also being a provincial-level enterprise technology center holding **37 invention patents**[50](index=50&type=chunk) [Main Business Analysis](index=15&type=section&id=三、主营业务分析) Revenue grew 56.54% YoY, driven by high-margin traditional Chinese medicine sales, while sales expenses rose due to brand investment YoY Changes in Key Financial Data (H1 2025 vs H1 2024) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 491,142,874.06 | 313,748,456.95 | 56.54% | Primarily due to significant YoY growth in sales of high-margin TCM products | | Sales Expenses | 191,003,573.05 | 70,264,094.22 | 171.84% | Primarily due to increased investment in brand building | | Finance Expenses | 1,597,915.76 | -546,772.39 | 392.25% | Primarily due to a YoY decrease in interest income | | Income Tax Expense | 10,048,595.98 | -1,593,103.74 | 730.76% | Primarily due to increased profitability from high-margin TCM product sales | | Net Cash Flow from Operating Activities | 146,206,331.36 | -42,669,893.26 | 442.65% | Primarily due to increased cash inflows from sales of high-margin TCM products | Operating Revenue Breakdown (H1 2025) | Category | Current Period Amount (CNY) | % of Revenue | Prior Year Amount (CNY) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product:** | | | | | | | Chemical Drug Preparations | 160,158,470.88 | 32.61% | 197,202,048.85 | 62.85% | -18.78% | | Traditional Chinese Medicine (TCM) | 299,618,501.95 | 61.00% | 83,895,259.38 | 26.74% | 257.13% | | Active Pharmaceutical Ingredients (APIs) | 28,359,038.17 | 5.78% | 28,982,764.36 | 9.24% | -2.15% | | **By Region:** | | | | | | | South China | 272,940,501.41 | 55.57% | 196,455,107.63 | 62.62% | 38.93% | | Southwest China | 34,559,054.68 | 7.04% | 13,893,705.96 | 4.43% | 148.74% | | Northeast China | 38,226,814.27 | 7.78% | 8,626,450.29 | 2.75% | 343.13% | - The gross profit margin for the pharmaceutical industry was **60.59%**, an increase of 20.88 percentage points YoY[54](index=54&type=chunk) - The gross profit margin for traditional Chinese medicine was **80.80%**, an increase of 23.94 percentage points YoY[54](index=54&type=chunk) [Non-core Business Analysis](index=16&type=section&id=四、非主营业务分析) The company had no non-core business activities during the reporting period - The company had **no non-core business activities** during the reporting period[55](index=55&type=chunk) [Analysis of Assets and Liabilities](index=17&type=section&id=五、资产及负债状况分析) Total assets slightly decreased, while cash and short-term borrowings fell significantly due to debt repayment Significant Changes in Asset Composition (Period-End vs Prior Year-End) | Item | End of Current Period (CNY) | % of Total Assets | End of Prior Year (CNY) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 286,258,083.96 | 12.58% | 457,414,315.11 | 19.05% | -6.47% | Primarily due to repayment of short-term borrowings | | Short-term Borrowings | 310,000,000.00 | 13.63% | 516,093,372.63 | 21.50% | -7.87% | Primarily due to the repayment of matured borrowings | | Accounts Payable | 71,053,369.56 | 3.12% | 34,502,828.32 | 1.44% | 1.68% | Primarily due to an increase in payables for marketing and engineering | - As of the end of the reporting period, restricted assets mainly consisted of a property maintenance fund of **452,591.62 CNY**[58](index=58&type=chunk) [Investment Analysis](index=18&type=section&id=六、投资状况分析) Investment decreased by 40.24% YoY, with several fundraising projects underway but some experiencing delays Investment Amount During the Reporting Period | Investment in Reporting Period (CNY) | Investment in Prior Year Period (CNY) | Change | | :--- | :--- | :--- | | 37,445,391.99 | 62,655,307.48 | -40.24% | Overall Use of Raised Funds (as of June 30, 2025) | Fundraising Year | Net Proceeds (1) (CNY 10k) | Cumulative Amount Used (2) (CNY 10k) | Utilization Rate (3)=(2)/(1) | | :--- | :--- | :--- | :--- | | 2017 | 34,635.74 | 32,347.1 | 93.39% | | 2021 | 18,490.54 | 16,460.97 | 89.02% | | 2023 | 26,889.13 | 20,889.13 | 77.69% | | Total | 80,015.41 | 54,808.07 | 68.50% | - The "TEYI Pharmaceutical Employee Dormitory Construction Project" is expected to be fully operational by **June 30, 2026**, and is currently in the interior decoration phase[74](index=74&type=chunk) - The "Xinning Pharmaceutical GMP Expansion Project" is fully operational but has not yet reached its projected benefits due to pre-market compliance inspections[74](index=74&type=chunk) - The company reallocated funds from the "Pharmaceutical Warehousing and Logistics Center and Information System Project" to the "Employee Dormitory Construction Project"[81](index=81&type=chunk) - The company changed the use of some 2023 fundraising proceeds from the "Modern TCM Slices Project" to the "Modern TCM Product Line Expansion and Technical Upgrade Project"[83](index=83&type=chunk) [Overall Situation](index=18&type=section&id=1、总体情况) The company's investment amount for the reporting period was 37,445,391.99 CNY, a decrease of 40.24% year-on-year Investment Amount During the Reporting Period | Investment in Reporting Period (CNY) | Investment in Prior Year Period (CNY) | Change | | :--- | :--- | :--- | | 37,445,391.99 | 62,655,307.48 | -40.24% | [Significant Equity Investments Acquired During the Reporting Period](index=18&type=section&id=2、报告期内获取的重大的股权投资情况) The company did not make any significant equity investments during the reporting period - The company had **no securities investments** during the reporting period[60](index=60&type=chunk) [Significant Non-equity Investments in Progress During the Reporting Period](index=18&type=section&id=3、报告期内正在进行的重大的非股权投资情况) The company had no significant ongoing non-equity investments during the reporting period - The company had **no derivative investments** during the reporting period[61](index=61&type=chunk) [Financial Asset Investments](index=18&type=section&id=4、金融资产投资) The company did not engage in securities or derivative investments during the reporting period - The company had **no securities investments** during the reporting period[60](index=60&type=chunk) - The company had **no derivative investments** during the reporting period[61](index=61&type=chunk) [Use of Raised Funds](index=18&type=section&id=5、募集资金使用情况) Fundraising projects from 2017, 2021, and 2023 are progressing, though some face delays and have had funds reallocated Overall Use of Raised Funds (as of June 30, 2025) | Fundraising Year | Net Proceeds (1) (CNY 10k) | Cumulative Amount Used (2) (CNY 10k) | Utilization Rate (3)=(2)/(1) | | :--- | :--- | :--- | :--- | | 2017 | 34,635.74 | 32,347.1 | 93.39% | | 2021 | 18,490.54 | 16,460.97 | 89.02% | | 2023 | 26,889.13 | 20,889.13 | 77.69% | | Total | 80,015.41 | 54,808.07 | 68.50% | - The "TEYI Pharmaceutical Employee Dormitory Construction Project" is expected to be fully operational by **June 30, 2026**[74](index=74&type=chunk) - The "Xinning Pharmaceutical GMP Expansion Project" is fully operational but has not yet reached its projected benefits due to pre-market compliance inspections[74](index=74&type=chunk) - The company reallocated funds from the "Pharmaceutical Warehousing and Logistics Center and Information System Project" to the "Employee Dormitory Construction Project"[81](index=81&type=chunk) - The company changed the use of some 2023 fundraising proceeds from the "Modern TCM Slices Project" to the "Modern TCM Product Line Expansion and Technical Upgrade Project"[83](index=83&type=chunk) [Sale of Major Assets and Equity](index=26&type=section&id=七、重大资产和股权出售) The company did not sell any major assets or equity during the reporting period - The company **did not sell any major assets** during the reporting period[84](index=84&type=chunk) - The company **did not sell any major equity** during the reporting period[85](index=85&type=chunk) [Analysis of Major Holding and Participating Companies](index=26&type=section&id=八、主要控股参股公司分析) The company's main subsidiaries contributed significantly to its net profit Net Profit Contribution of Major Subsidiaries (H1 2025) | Company Name | Net Profit (CNY) | | :--- | :--- | | Haili Pharmaceutical | 13,647,695.68 | | Xinning Pharmaceutical | 9,152,162.16 | | Teyi Haili | 18,423,667.53 | - The company did not acquire or dispose of any subsidiaries during the reporting period[86](index=86&type=chunk) [Structured Entities Controlled by the Company](index=27&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period - The company **did not control any structured entities** during the reporting period[87](index=87&type=chunk) [Risks and Countermeasures](index=27&type=section&id=十、公司面临的风险和应对措施) The company faces risks from industry policies, pricing pressure, and operations, which it addresses through strategic management and R&D - The company faces **industry policy risks** and will closely monitor changes, enhance core competitiveness, and actively participate in centralized procurement bidding[87](index=87&type=chunk) - To counter **drug pricing risks**, the company will expand sales scale, reduce costs, and develop high-value-added products[88](index=88&type=chunk) - The company addresses **operational risks** by deepening marketing reforms, strengthening brand building, optimizing financial strategies, and increasing R&D investment[91](index=91&type=chunk)[92](index=92&type=chunk) - The company will continue to deepen its industrial chain layout and explore new business channels to enhance its overall competitiveness and resilience to market fluctuations[93](index=93&type=chunk) [Development and Implementation of Market Value Management and Valuation Enhancement Plans](index=29&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company **did not formulate a market value management system** during the reporting period[94](index=94&type=chunk) - The company **did not disclose a valuation enhancement plan** during the reporting period[94](index=94&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=29&type=section&id=十二、“质量回报双提升”行动方案贯彻落实情况) The company did not disclose a "Dual Improvement in Quality and Returns" action plan during the reporting period - The company **did not disclose a "Dual Improvement in Quality and Returns" action plan** announcement during the reporting period[94](index=94&type=chunk) [Corporate Governance, Environment, and Society](index=30&type=section&id=第四节%20公司治理、环境和社会) [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=一、公司董事、监事、高级管理人员变动情况) Two independent directors resigned and were replaced during the reporting period due to personal reasons and work adjustments - Independent directors Cao Yanming and Li Guisheng resigned for personal reasons[96](index=96&type=chunk) - Zhao Xiaobo and Lai Hanqi were elected as new independent directors due to work adjustments[96](index=96&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=30&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company does not plan to distribute dividends or issue bonus shares for the first half of the year - The company plans **not to distribute cash dividends**, issue bonus shares, or increase share capital from the capital reserve for the semi-annual period[97](index=97&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The 2021 stock option incentive plan is ongoing, with adjustments to exercise price and quantity made during the period - The company's **2021 stock option incentive plan** is still in effect, with several adjustments made to the exercise price and quantity[98](index=98&type=chunk)[100](index=100&type=chunk)[102](index=102&type=chunk)[104](index=104&type=chunk) - As of December 9, 2024, there were **2,521,030 outstanding stock options** for 101 participants, with an exercise price of **6.24 CNY/share**[105](index=105&type=chunk) - During the reporting period, some stock options were canceled due to the departure or retirement of incentive recipients[102](index=102&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) [Environmental Information Disclosure](index=33&type=section&id=四、环境信息披露情况) The company and its main subsidiaries are included in the list of enterprises required to disclose environmental information - The company and its main subsidiaries (Taishan Xinning Pharmaceutical Co, Ltd, Hainan Haili Pharmaceutical Co, Ltd) are included in the list of enterprises required to disclose environmental information by law[107](index=107&type=chunk) [Social Responsibility](index=33&type=section&id=五、社会责任情况) The company actively fulfills its social responsibilities, focusing on stakeholder rights, environmental protection, and community engagement - The company adheres to laws and regulations, maintains a sound governance structure, and ensures timely and accurate information disclosure to protect stakeholder rights[108](index=108&type=chunk) - The company values employee rights, providing systematic human resources management, addressing employee needs, and encouraging training and growth[110](index=110&type=chunk)[111](index=111&type=chunk) - Adhering to a "Quality First, Integrity Foremost" philosophy, the company fosters win-win relationships with suppliers, customers, and consumers[112](index=112&type=chunk) - The company prioritizes product quality by establishing a comprehensive quality control system and safety assurance mechanism[113](index=113&type=chunk) - The company is committed to environmental protection and sustainable development, investing in environmental facilities to ensure compliant emissions[114](index=114&type=chunk)[115](index=115&type=chunk) - The company actively participates in social welfare, pays taxes legally, and contributes to local economic development through donations of cash and products[116](index=116&type=chunk)[117](index=117&type=chunk) [Significant Matters](index=36&type=section&id=第五节%20重要事项) [Commitments Fulfilled or Overdue by Controlling Shareholders, Related Parties, and the Company](index=36&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) There were no commitments fulfilled or overdue by the company's controlling shareholders or related parties during the period - There were **no commitments fulfilled or overdue** by the company's actual controller, shareholders, related parties, or the company itself during the reporting period[119](index=119&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=36&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - There was **no non-operating fund occupation** by controlling shareholders and other related parties during the reporting period[120](index=120&type=chunk) [Irregular External Guarantees](index=36&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had **no irregular external guarantees** during the reporting period[121](index=121&type=chunk) [Appointment and Dismissal of Accounting Firm](index=36&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report has not been audited - The company's semi-annual report **has not been audited**[122](index=122&type=chunk) [Board's Explanation on "Non-standard Audit Report" for the Current Period](index=36&type=section&id=五、董事会对会计师事务所本报告期“非标准审计报告”的说明) This section is not applicable as there was no non-standard audit report for the current period - There was **no non-standard audit report** for the current period[123](index=123&type=chunk) [Board's Explanation on "Non-standard Audit Report" for the Previous Year](index=36&type=section&id=六、董事会对上年度“非标准审计报告”相关情况的说明) This section is not applicable as there was no non-standard audit report for the previous year - There was **no non-standard audit report** for the previous year[123](index=123&type=chunk) [Bankruptcy and Reorganization Matters](index=36&type=section&id=七、破产重整相关事项) The company was not involved in any bankruptcy or reorganization matters during the reporting period - The company was **not involved in any bankruptcy or reorganization matters** during the reporting period[123](index=123&type=chunk) [Litigation Matters](index=36&type=section&id=八、诉讼事项) The company had no major litigation but settled a technology development contract dispute involving 2.52 million CNY - The company had **no major litigation or arbitration matters** during the reporting period[124](index=124&type=chunk) - The company and its subsidiary Haili Pharmaceutical filed a lawsuit over a technology development contract dispute involving **2.52 million CNY**[126](index=126&type=chunk) - As of the disclosure date, a settlement was reached, and the company received a refund of **2.52 million CNY**, resolving the legal dispute[126](index=126&type=chunk) [Penalties and Rectifications](index=37&type=section&id=九、处罚及整改情况) The company was not subject to any penalties or rectifications during the reporting period - The company was **not subject to any penalties or rectifications** during the reporting period[127](index=127&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controller](index=37&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) There were no issues concerning the integrity of the company, its controlling shareholders, or actual controller - There were **no issues concerning the integrity** of the company, its controlling shareholders, or actual controller during the reporting period[128](index=128&type=chunk) [Major Related-Party Transactions](index=37&type=section&id=十一、重大关联交易) The company did not engage in any major related-party transactions during the reporting period - The company had **no related-party transactions** related to daily operations during the reporting period[128](index=128&type=chunk) - The company had **no related-party transactions** involving the acquisition or sale of assets or equity[129](index=129&type=chunk) - There were **no related-party credit or debt transactions** during the reporting period[131](index=131&type=chunk) - The company had **no other major related-party transactions** during the reporting period[134](index=134&type=chunk) [Major Contracts and Their Performance](index=38&type=section&id=十二、重大合同及其履行情况) The company had no major contracts for custody, contracting, leasing, guarantees, or wealth management during the period - The company had **no custody arrangements** during the reporting period[135](index=135&type=chunk) - The company had **no major guarantees** during the reporting period[138](index=138&type=chunk) - The company had **no entrusted wealth management** during the reporting period[139](index=139&type=chunk) - The company had **no other major contracts** during the reporting period[140](index=140&type=chunk) [Explanation of Other Significant Matters](index=38&type=section&id=十三、其他重大事项的说明) There were no other significant matters to be disclosed for the reporting period - There were **no other significant matters** to be disclosed for the reporting period[142](index=142&type=chunk) [Significant Matters of Subsidiaries](index=39&type=section&id=十四、公司子公司重大事项) There were no significant matters concerning the company's subsidiaries during the reporting period - There were **no significant matters concerning subsidiaries** during the reporting period[143](index=143&type=chunk) [Share Capital Changes and Shareholder Information](index=40&type=section&id=第六节%20股份变动及股东情况) [Changes in Share Capital](index=40&type=section&id=一、股份变动情况) Total shares increased due to stock option exercises, and the company completed a share buyback plan totaling 13.73 million shares - In H1 2025, the total number of shares increased by **414,807** due to the exercise of options from the 2021 stock option incentive plan[148](index=148&type=chunk) - The company completed its share buyback plan on June 10, 2025, repurchasing a total of **13,729,618 shares**, representing **2.68%** of the total share capital[151](index=151&type=chunk) - The total cost of the buyback was **101,185,418.4 CNY**, with the shares intended for future equity incentive or employee stock ownership plans[151](index=151&type=chunk) - Based on the new share count, the basic and diluted earnings per share for H1 2025 were **0.07 CNY**, and the net assets per share attributable to common shareholders were **3.48 CNY**[152](index=152&type=chunk) Changes in Restricted Shares (as of June 30, 2025) | Shareholder Name | Restricted Shares at Period Start | Increase in Restricted Shares | Restricted Shares at Period End | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Zhang Yongzhao | 44,100 | 0 | 44,100 | Executive Lock-up Shares | | Xu Songqing | 30,429,000 | 0 | 30,429,000 | Executive Lock-up Shares | | Xu Danqing | 104,980,050 | 0 | 104,980,050 | Executive Lock-up Shares | | Chen Xiliang | 676,200 | 58,800 | 735,000 | Executive Lock-up Shares | | Total | 136,129,350 | 58,800 | 136,188,150 | -- | [Securities Issuance and Listing](index=42&type=section&id=二、证券发行与上市情况) The company did not issue or list any securities during the reporting period - The company **did not issue or list any securities** during the reporting period[154](index=154&type=chunk) [Number of Shareholders and Shareholding Status](index=42&type=section&id=三、公司股东数量及持股情况) The company had 52,800 common shareholders, with the top four related shareholders collectively holding 38.83% - Total number of common shareholders at the end of the reporting period: **52,800**[155](index=155&type=chunk) Shareholding of Top 10 Shareholders or Those Holding Over 5% (as of June 30, 2025) | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares | Number of Restricted Shares | Number of Unrestricted Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Danqing | Domestic Individual | 27.31% | 139,973,400 | 104,980,050 | 34,993,350 | | Xu Songqing | Domestic Individual | 7.91% | 40,572,000 | 30,429,000 | 10,143,000 | | Xu Lifang | Domestic Individual | 2.32% | 11,907,000 | 0 | 11,907,000 | | HKSCC NOMINEES LIMITED | Foreign Legal Entity | 1.71% | 8,791,324 | 0 | 8,791,324 | | Xu Hengqing | Domestic Individual | 1.29% | 6,594,977 | 0 | 6,594,977 | - Xu Danqing, Xu Songqing, Xu Hengqing, and Xu Lifang are related parties and members of the same family[157](index=157&type=chunk) - The company's special repurchase account is not included in the list of top 10 shareholders or those holding over 5%[159](index=159&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=四、董事、监事和高级管理人员持股变动) Director Chen Xiliang increased his holdings, while Vice General Manager Zhang Yongzhao decreased his holdings Changes in Shareholdings of Directors, Supervisors, and Senior Management (H1 2025) | Name | Position | Status | Shares at Period Start | Shares Increased | Shares Decreased | Shares at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Danqing | Chairman, General Manager | Current | 139,973,400 | 0 | 0 | 139,973,400 | | Xu Songqing | Vice Chairman, Vice GM | Current | 40,572,000 | 0 | 0 | 40,572,000 | | Chen Xiliang | Director, Board Sec, CFO, Vice GM | Current | 901,600 | 78,400 | 0 | 980,000 | | Zhang Yongzhao | Vice General Manager | Current | 58,800 | 0 | 58,800 | 0 | [Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=五、控股股东或实际控制人变更情况) There were no changes to the company's controlling shareholder or actual controller, which remains the Xu family - The company's controlling shareholder **did not change** during the reporting period[163](index=163&type=chunk) - The company's actual controller **did not change** during the reporting period[163](index=163&type=chunk) - The ultimate controlling party of the enterprise is the **Xu family**[150](index=150&type=chunk) [Information on Preferred Shares](index=46&type=section&id=六、优先股相关情况) The company does not have any preferred shares - The company **does not have any preferred shares**[164](index=164&type=chunk) [Bond-related Matters](index=47&type=section&id=第七节%20债券相关情况) [Bond-related Matters](index=47&type=section&id=债券相关情况) The company had no bond-related matters during the reporting period - The company had **no bond-related matters** during the reporting period[166](index=166&type=chunk) [Financial Report](index=48&type=section&id=第八节%20财务报告) [Audit Report](index=48&type=section&id=一、审计报告) The company's semi-annual financial report has not been audited - The company's semi-annual financial report **has not been audited**[168](index=168&type=chunk) [Financial Statements](index=48&type=section&id=二、财务报表) This section presents the consolidated and parent company financial statements for H1 2025 - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Equity, and Parent Company Statement of Changes in Equity[169](index=169&type=chunk)[173](index=173&type=chunk)[180](index=180&type=chunk)[186](index=186&type=chunk)[189](index=189&type=chunk)[196](index=196&type=chunk)[206](index=206&type=chunk) [Company Basic Information](index=66&type=section&id=三、公司基本情况) The company is registered in Taishan City with a registered capital of 510.79 million CNY and focuses on pharmaceuticals - The company's registered and head office address is No 9 & 11, Changxing Road, Taicheng, Taishan City[213](index=213&type=chunk) - As of June 30, 2025, the company's registered capital was **510,788,782 CNY**[213](index=213&type=chunk) - The company is primarily engaged in the R&D, production, and sales of traditional Chinese medicines, chemical preparations, and APIs, with main products including Zhi Ke Bao Pian and Roxithromycin Capsules[214](index=214&type=chunk) [Basis of Preparation of Financial Statements](index=67&type=section&id=四、财务报表的编制基础) The financial statements are prepared on a going concern basis in accordance with Chinese Accounting Standards - The financial statements are prepared on a **going concern basis** in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance[216](index=216&type=chunk) - The company has assessed its ability to continue as a going concern for the 12 months from June 30, 2025, and found no significant uncertainties[217](index=217&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=五、重要会计政策及会计估计) This section details the key accounting policies and estimates used in preparing the financial statements - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[239](index=239&type=chunk) - The company accounts for impairment of financial assets such as accounts receivable based on **expected credit losses** and recognizes a provision for bad debts[247](index=247&type=chunk) - Inventories are valued at the lower of cost (determined by the weighted average method) and net realizable value, with provisions made for inventory write-downs[258](index=258&type=chunk)[261](index=261&type=chunk) - Fixed assets are depreciated using the straight-line method, and intangible assets are amortized using the straight-line method, with reviews conducted annually[269](index=269&type=chunk)[276](index=276&type=chunk) - R&D expenditures are expensed during the research phase and capitalized during the development phase if specific criteria are met[278](index=278&type=chunk)[279](index=279&type=chunk) - Revenue is recognized when the customer obtains control of the goods or services, at the transaction price allocated to the performance obligation[293](index=293&type=chunk) [Taxes](index=87&type=section&id=六、税项) The company and its subsidiaries benefit from various tax incentives, including a reduced 15% corporate income tax rate for high-tech enterprises Main Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Revenue | 13%, 9%, 6%, 5%, 3%, 1% | | Urban Maintenance and Construction Tax | Payable Turnover Tax | 7%, 5% | | Corporate Income Tax | Taxable Income | 25%, 20%, 15% | - The company and its subsidiaries Hainan Haili Pharmaceutical and Taishan Xinning Pharmaceutical are qualified as high-tech enterprises and are subject to a reduced corporate income tax rate of **15%**[316](index=316&type=chunk)[317](index=317&type=chunk) - The subsidiary Teyi Drug Research (Guangdong) Co, Ltd is eligible for a reduced VAT rate of **1%** as a small-scale taxpayer[316](index=316&type=chunk) - The company and its subsidiaries Taishan Xinning Pharmaceutical and Hainan Haili Pharmaceutical are eligible for an additional **5% VAT deduction** as advanced manufacturing enterprises[316](index=316&type=chunk) - Some subsidiaries qualify as small and micro enterprises, enjoying a reduced corporate income tax rate of **20%** on 25% of their annual taxable income up to 3 million CNY[318](index=318&type=chunk) [Notes to Consolidated Financial Statements](index=88&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on items in the consolidated financial statements, covering assets, liabilities, equity, and income statement accounts Key Items from Consolidated Balance Sheet at Period-End (CNY) | Item | Closing Balance | | :--- | :--- | | Cash and Cash Equivalents | 286,258,083.96 | | Trading Financial Assets | 75,000,000.00 | | Notes Receivable | 71,589,420.53 | | Accounts Receivable | 67,970,396.27 | | Inventories | 286,205,647.15 | | Fixed Assets | 541,588,272.18 | | Construction in Progress | 184,645,723.95 | | Intangible Assets | 139,074,849.07 | | Goodwill | 517,600,671.30 | | Short-term Borrowings | 310,000,000.00 | | Notes Payable | 15,839,387.42 | | Accounts Payable | 71,053,369.56 | | Contract Liabilities | 21,105,271.52 | | Share Capital | 512,625,018.00 | | Capital Reserve | 846,299,636.22 | | Treasury Stock | 101,192,257.35 | | Undistributed Profits | 366,555,157.02 | Key Items from Consolidated Income Statement for the Current Period (CNY) | Item | Current Period Amount | | :--- | :--- | | Total Operating Revenue | 491,142,874.06 | | Total Operating Costs | 448,261,210.66 | | Sales Expenses | 191,003,573.05 | | Administrative Expenses | 34,673,875.06 | | R&D Expenses | 19,155,895.20 | | Finance Expenses | 1,597,915.76 | | Other Income | 3,266,371.35 | | Investment Income | 299,726.03 | | Credit Impairment Loss | 2,302,376.77 | | Net Profit | 38,007,729.88 | | Income Tax Expense | 10,048,595.98 | Key Items from Consolidated Cash Flow Statement for the Current Period (CNY) | Item | Current Period Amount | | :--- | :--- | | Net Cash Flow from Operating Activities | 146,206,331.36 | | Net Cash Flow from Investing Activities | -111,945,665.96 | | Net Cash Flow from Financing Activities | -51,416,896.55 | | Net Increase in Cash and Cash Equivalents | -17,156,231.15 | - At the end of the reporting period, the company's restricted assets primarily consisted of a property maintenance fund of **452,591.62 CNY**[500](index=500&type=chunk) [R&D Expenditures](index=138&type=section&id=八、研发支出) Total R&D investment in H1 2025 was 25.17 million CNY, an increase of 10.42% YoY, with 6.01 million CNY capitalized R&D Expenditure Details (H1 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Materials and Testing Fees | 5,566,565.11 | 9,478,079.66 | | Outsourced R&D Expenses | 6,245,997.12 | 1,137,896.99 | | Employee Compensation | 9,628,795.68 | 9,057,598.75 | | Depreciation and Amortization | 1,815,065.81 | 1,956,794.12 | | Office Expenses | 757,655.58 | 467,007.55 | | Other Expenses | 1,155,381.94 | 696,767.46 | | Total | 25,169,461.24 | 22,794,144.53 | | Of which: Expensed R&D | 19,155,895.20 | 21,656,247.54 | | Capitalized R&D | 6,013,566.04 | 1,137,896.99 | - For R&D projects subject to clinical filing or exemption, expenditures are capitalized after the completion of pilot process handover or industrial-scale process validation[630](index=630&type=chunk) [Changes in Consolidation Scope](index=139&type=section&id=九、合并范围的变更) The company's consolidation scope remained unchanged as there were no business combinations or disposals of subsidiaries - There were **no business combinations under non-common control** during the reporting period[631](index=631&type=chunk) - There were **no business combinations under common control** during the reporting period[635](index=635&type=chunk) - There were **no transactions or events leading to a loss of control** over subsidiaries during the reporting period[640](index=640&type=chunk) [Interests in Other Entities](index=142&type=section&id=十、在其他主体中的权益) This section discloses the company's interests in its subsidiaries, with no significant interests in non-wholly-owned subsidiaries or joint ventures Composition of the Enterprise Group | Subsidiary Name | Registered Capital (CNY) | Principal Place of Business | Business Nature | Ownership (Direct) | | :--- | :--- | :--- | :--- | :--- | | Hainan Haili Pharmaceutical Co, Ltd | 60,000,000.00 | Haikou City | Production & Sales | 100.00% | | Guangdong Teyi Haili Pharmaceutical Co, Ltd | 150,000,000.00 | Taishan City | Sales | 100.00% | | Taishan Xinning Pharmaceutical Co, Ltd | 100,000,000.00 | Taishan City | Production & Sales | 100.00% | | Teyi Drug Research (Guangdong) Co, Ltd | 10,000,000.00 | Taishan City | R&D | 100.00% | | Guangdong Temei Health Technology Industry Co, Ltd | 100,000,000.00 | Taishan City | Investment Management | 100.00% | - The company has **no significant non-wholly-owned subsidiaries**[644](index=644&type=chunk) - The company has **no significant interests in joint ventures or associates**[647](index=647&type=chunk) [Government Grants](index=146&type=section&id=十一、政府补助) The company recognized 3.27 million CNY in government grants in the current period, primarily recorded as other income - The company had **no government grants recognized based on receivable amounts** at the end of the reporting period[653](index=653&type=chunk) Liability Items Related to Government Grants (Deferred Income) | Account | Opening Balance (CNY) | Decrease in Current Period (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 20,568,580.93 | 1,670,686.86 | 18,897,894.07 | Asset-related | - The total amount of government grants recognized in the current period's profit or loss was **3,266,371.35 CNY**, primarily recorded as other income[658](index=658&type=chunk) [Risks Related to Financial Instruments](index=147&type=section&id=十二、与金融工具相关的风险) The company manages credit, liquidity, and market risks by balancing risk and return through established policies - The company's risk management objective is to achieve an appropriate balance between risk and return, minimizing the negative impact of risks on operating performance[658](index=658&type=chunk) - **Credit risk**, mainly from accounts receivable, is mitigated through credit limit management and bad debt provisions, with no significant concentration of credit risk[659](index=659&type=chunk) - **Liquidity risk** is managed by maintaining and monitoring sufficient cash and cash equivalents[662](index=662&type=chunk) - The company has **no foreign exchange operations** and thus no significant exchange rate risk; with zero floating-rate bank borrowings, interest rate risk is not material[664](index=664&type=chunk)[666](index=666&type=chunk) [Fair Value Disclosure](index=149&type=section&id=十三、公允价值的披露) Assets measured at fair value totaled 88.5 million CNY, primarily comprising bank wealth management products and other equity investments Fair Value of Assets and Liabilities at Period-End | Item | Level 2 Fair Value (CNY) | Level 3 Fair Value (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 75,000,000.00 | 0 | 75,000,000.00 | | Other Equity Instrument Investments | 0 | 13,500,000.00 | 13,500,000.00 | | Total Assets at Fair Value | 75,000,000.00 | 13,500,000.00 | 88,500,000.00 | - The carrying amounts of financial assets and liabilities not measured at fair value are a reasonable approximation of their fair values[672](index=672&type=chunk) - The investment in Beijing Tongkanghui Network Technology Co, Ltd is measured at cost as a reasonable estimate of its fair value[671](index=671&type=chunk) [Related Parties and Related-Party Transactions](index=150&type=section&id=十四、关联方及关联交易) The ultimate controlling party is the Xu family, and the company had no significant related-party transactions during the period - The company's ultimate controlling party is the **Xu family**, with major shareholders including Xu Danqing, Xu Songqing, Xu Lifang, and Xu Hengqing, who are related parties[673](index=673&type=chunk)[674](index=674&type=chunk) - The company had **no related-party transactions** involving the sale or purchase of goods or services during the reporting period[679](index=679&type=chunk) - The company had **no related-party management/contracting, leasing, guarantees, fund lending, or asset transfers/debt restructuring** during the reporting period[681](index=681&type=chunk)[682](index=682&type=chunk)[686](index=686&type=chunk)[688](index=688&type=chunk)[690](index=690&type=chunk) - Key management personnel compensation for the current period amounted to **1,359,222.44 CNY**[692](index=692&type=chunk) [Share-based Payments](index=153&type=section&id=十五、股份支付) Under the 2021 stock option plan, 414,807 options were exercised, and the cumulative amount in capital reserve is 4.66 million CNY - During the period, **414,807 stock options** were exercised, with a corresponding value of **2,588,395.68 CNY**[699](index=699&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in the capital reserve is **4,664,994.60 CNY**[701](index=701&type=chunk) - The company uses the **Black-Scholes model** to calculate the fair value of options, with parameters including grant date stock price, exercise price, vesting period, historical volatility, risk-free rate, and dividend yield[701](index=701&type=chunk)[702](index=702&type=chunk) - The number of exercisable equity instruments is estimated based on employee stability and the likelihood of achieving performance targets[701](index=701&type=chunk) [Commitments and Contingencies](index=154&type=section&id=十六、承诺及或有事项) The company had no significant commitments or contingencies to disclose as of June 30, 2025 - As of June 30, 2025, the company had **no significant commitments** to disclose[703](index=703&type=chunk) - As of June 30, 2025, the company had **no significant contingencies**, such as pending litigation or external guarantees, to disclose[704](index=704&type=chunk) [Post-Balance Sheet Events](index=155&type=section&id=十七、资产负债表日后事项) There were no significant post-balance sheet events to disclose as of the financial report's approval date - As of the financial report's approval date, the company had **no other significant post-balance sheet events** to disclose[708](index=708&type=chunk) [Other Significant Matters](index=155&type=section&id=十八、其他重要事项) The company had no other significant transactions or events to report for the period - The company had **no prior period accounting error corrections** during the reporting period[709](index=709&type=chunk) - The company had **no debt restructuring, asset swaps, annuity plans, discontinued operations, segment information, or other significant transactions** affecting investor decisions[713](index=713&type=chunk)[714](index=714&type=chunk)[715](index=715&type=chunk)[716](index=716&type=chunk)[720](index=720&type=chunk) [Notes to Parent Company Financial Statements](index=156&type=section&id=十九、母公司财务报表主要项目注释) This section provides detailed notes on the parent company's financial statement items, including receivables, investments, and revenue Parent Company Accounts Receivable at Period-End (CNY) | Aging | Closing Book Balance | | :--- | :--- | | Within 1 year | 39,790,566.57 | | 1 to 2 years | 2,878.80 | | Over 3 years | 50,779.80 | | Total | 39,844,225.17 | Parent Company Long-term Equity Investments at Period-End (CNY) | Item | Closing Book Value | | :--- | :--- | | Investments in Subsidiaries | 1,133,214,624.88 | | Total | 1,133,214,624.88 | Parent Company Operating Revenue and Costs (H1 2025) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 317,650,340.59 | 134,126,612.12 | | Other Business | 2,282,869.43 | 4,597,450.91 | | Total | 319,933,210.02 | 138,724,063.03 | - The parent company's investment income for the period, amounting to **170,849.32 CNY**, was primarily from trading financial assets held during the period[774](index=774&type=chunk) [Supplementary Information](index=166&type=section&id=二十、补充资料) This section provides details on non-recurring items and return on equity, with a weighted average ROE of 2.13% for H1 2025 Details of Non-recurring Profit and Loss for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -83,374.88 | | Government Grants Recognized in Current Profit/Loss (Excluding those with continuous impact) | 315,474.95 | | Gains/Losses from Entrusted Investments or Asset Management | 299,726.03 | | Other Non-operating Income and Expenses | -610,436.81 | | Less: Income Tax Impact | -1,089.87 | | Total | -77,520.84 | Return on Equity and Earnings Per Share for H1 2025 | Profit for the Period | Weighted Average ROE | Earnings Per Share (Basic/Diluted) (CNY/Share) | | :--- | :--- | :--- | | Net profit attributable to common shareholders | 2.13% | 0.0800 | | Net profit attributable to common shareholders (excluding non-recurring items) | 2.14% | 0.08 | - The company has **no differences** in net profit or net assets between financial reports prepared under IFRS and Chinese Accounting Standards[777](index=777&type=chunk) [Other Submitted Data](index=168&type=section&id=第九节%20其他报送数据) [Other Major Social Safety Issues](index=168&type=section&id=一、其他重大社会安全问题情况) The company and its subsidiaries had no major social safety issues or administrative penalties during the reporting period - The company and its subsidiaries had **no other major social safety issues**[779](index=779&type=chunk) - The company **was not subject to administrative penalties** during the reporting period[779](index=779&type=chunk) [Record of Investor Relations Activities](index=168&type=section&id=二、报告期内接待调研、沟通、采访等活动登记表) The company engaged with various institutions and media through online platforms to discuss its profile and development - During the period, the company engaged with institutions such as Huaan Securities, Bosera Funds, and Jianxin Funds, as well as media outlets[779](index=779&type=chunk) - Engagement methods included online meetings and written inquiries, focusing on the company's profile and development[779](index=779&type=chunk) [Fund Transfers between the Company and Related Parties](index=168&type=section&id=三、上市公司与控股股东及其他关联方资金往来情况) The company had non-operating fund transfers with a subsidiary, which were fully settled by the period's end Fund Transfers between the Company and Related Parties (CNY 10k) | Counterparty | Nature of Transfer | Opening Balance | Amount Transferred In | Amount Repaid | Closing Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Teyi Haili Pharmaceutical Co, Ltd | Non-operating | 116.29 | 19,913.95 | 20,030.24 | 0 | - These fund transfers are considered normal business transactions, have undergone internal approval processes, and have ensured the safety of company funds[784](index=784&type=chunk)

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the report's authenticity and accuracy, and plans no profit distribution for this period - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[4](index=4&type=chunk) - The company's person in charge Fu Chunlong, chief accountant Huang Tianyang, and head of the accounting department Huang Tianyang declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's structure, covering nine main chapters on company profile, financials, and operations - The report contains nine main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, important matters, shareholding changes, bond information, financial reports, and other submitted data[6](index=6&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for key terms used in the report, including regulatory bodies and major related parties - This section defines key terms such as regulatory bodies (CSRC, Shenzhen Stock Exchange), corporate entities (Tellus Group, SFD Group, SZIHC), and the reporting period[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Shenzhen Tellus (Group) Co, Ltd is listed on the Shenzhen Stock Exchange with stock codes 000025 and 200025 Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Tellus A, Tellus B | | Stock Code | 000025, 200025 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 深圳市特力(集团)股份有限公司 | | Legal Representative | Fu Chunlong | [Contact Persons and Methods](index=6&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) This section provides contact details for the company's Board Secretary and Securities Affairs Representative Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Qi Peng | 3/F, Tellus Building, No 56 Shuibei 2nd Road, Luohu District, Shenzhen | (0755)83989390 | (0755)83989386 | ir@tellus.cn | | Securities Affairs Representative | Liu Menglei | 3/F, Tellus Building, No 56 Shuibei 2nd Road, Luohu District, Shenzhen | (0755)88394183 | (0755)83989386 | liuml@tellus.cn | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's contact information and locations for information disclosure remained unchanged during the reporting period - The company's contact information, including registered address, office address, website, and email, remained unchanged during the reporting period[15](index=15&type=chunk) - The locations for information disclosure and document preparation remained unchanged during the reporting period[16](index=16&type=chunk) - There were no changes to other relevant information during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue decreased while net profit attributable to shareholders increased, driven by a significant rise in operating cash flow Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (RMB Yuan) | Prior Year Period (RMB Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 878,272,629.94 | 1,580,023,748.85 | -44.41% | | Net Profit Attributable to Shareholders | 84,013,429.35 | 76,662,479.69 | 9.59% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 76,473,401.54 | 70,454,786.31 | 8.54% | | Net Cash Flow from Operating Activities | 154,806,331.67 | 107,309,488.92 | 44.26% | | Basic Earnings Per Share (RMB Yuan/Share) | 0.1949 | 0.1778 | 9.62% | | Diluted Earnings Per Share (RMB Yuan/Share) | 0.1949 | 0.1778 | 9.62% | | Weighted Average Return on Equity | 4.77% | 4.66% | 0.11% | | **End of Current Period vs End of Prior Year** | | | | | Total Assets (RMB Yuan) | 2,725,442,964.28 | 2,594,459,237.89 | 5.05% | | Net Assets Attributable to Shareholders (RMB Yuan) | 1,767,792,226.91 | 1,726,884,629.56 | 2.37% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) There were no discrepancies in net profit or net assets between Chinese and international or foreign accounting standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%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%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled RMB 7.54 million, mainly from government grants and fair value changes Non-recurring Profit and Loss Items and Amounts | Item | Amount (RMB Yuan) | | :--- | :--- | | Profit or Loss from Disposal of Non-current Assets | -6,079.20 | | Government Grants Recognized in Current Profit or Loss | 1,056,727.69 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets and Liabilities Held by Non-financial Enterprises | 4,675,868.00 | | Other Non-operating Income and Expenses | 3,352,382.93 | | Less: Income Tax Impact | 2,218,656.63 | | Minority Interest Impact (After Tax) | -679,785.02 | | Total | 7,540,027.81 | - The company classifies effective hedging of gold futures (amounting to -RMB 14,224,744.55) as a recurring profit and loss item, as it is part of its normal risk-hedging business operations[23](index=23&type=chunk) - The company classifies the refund of withholding individual income tax handling fees (amounting to RMB 50,320.31) as a recurring profit and loss item, as it is other income related to daily activities and not of a special or occasional nature[23](index=23&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Principal Business Activities during the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main businesses include jewelry trading, a gold segment, and physical platform operations - The company's main business includes a jewelry trading segment, a gold segment, and a physical platform segment[25](index=25&type=chunk) - The jewelry trading segment is developing the Shenzhen International Jewelry and Jade Comprehensive Trade Platform, aiming to become an influential integrated service provider in the industry[25](index=25&type=chunk) - The gold segment focuses on product innovation, building an omni-channel operation system that coordinates B2B and B2C development to create a differentiated brand[25](index=25&type=chunk) - The physical platform, with properties like Tellus Jewelry Building and Tellus Gold & Diamond Building, maintains high occupancy rates and is actively pursuing a commercial operation transformation[26](index=26&type=chunk) - Gold and its products are mainly produced through a commission processing model, while diamonds and colored gemstones do not involve processing[29](index=29&type=chunk) - As of June 30, 2025, the company's jewelry business inventory balance was **RMB 65,098,057.50**, with RMB 64,651,775.39 measured at fair value, primarily consisting of commodity futures contracts, T+D contract hedging instruments, and leased gold inventory[33](index=33&type=chunk) [Jewelry Business Operating Models](index=9&type=section&id=%E7%8F%A0%E5%AE%9D%E4%B8%9A%E5%8A%A1%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 jewelry business operates through wholesale and retail sales, with production outsourced and diverse online sales channels Jewelry Business Sales Revenue Composition for H1 2025 | Sales Model | Operating Revenue (RMB 10,000) | Operating Cost (RMB 10,000) | Gross Margin | | :--- | :--- | :--- | :--- | | Wholesale | 31,952.93 | 30,747.71 | 3.77% | | Retail | 38,044.58 | 37,628.72 | 1.09% | | Other Services | 822.64 | 241.67 | 70.62% | | Total | 70,820.15 | 68,618.10 | 3.11% | - The company's gold and its products are primarily produced through a commission processing model, while diamonds and colored gemstones do not involve processing[29](index=29&type=chunk) Procurement Model Composition for H1 2025 | Procurement Model | Raw Material | Procurement Quantity (kg) | Procurement Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | | Spot Trading | Gold | 912.94 | 60,047.08 | | Spot Trading | Silver | 15.50 | 10.29 | | Rental Business | Gold | 83.00 | 5,376.06 | | Total | | 1,011.43 | 65,433.43 | - The company sells through multiple online platforms including Taobao, Tmall, JD.com, Pinduoduo, Jingya, WeChat, Dewu, and Douyin[32](index=32&type=chunk) - As of June 30, 2025, the company's jewelry business inventory balance was **RMB 65,098,057.50**, with RMB 64,651,775.39 measured at fair value[33](index=33&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its prime location, state-owned background, and management advantages in digitalization and risk control - The company is located in Shuibei, the core hub of Shenzhen's jewelry industry, which accounts for over **75% of China's gold and jewelry market share**, providing a significant geographical advantage[35](index=35&type=chunk) - Leveraging its state-owned background, the company deeply integrates resources from the supply and demand sides of the jewelry industry, establishing partnerships with domestic and international suppliers and authoritative testing institutions to expand its industry influence[36](index=36&type=chunk) - The company's physical platforms (Tellus Jewelry Building, Tellus Gold & Diamond Building) generate stable business income and cash flow, with plans to continuously unlock commercial value through quality improvements and renovations[36](index=36&type=chunk) - The company is vigorously promoting the digitalization of its trading platform, enhancing online trading, data analysis, and smart supervision functions, while establishing strict internal control processes and risk warning capabilities[37](index=37&type=chunk) - The company implements an integrated "assessment-training-practice" program for mid-to-senior management, enhancing leadership and execution through a "precise diagnosis → systematic empowerment → practical application" model[37](index=37&type=chunk) [Main Business Analysis](index=12&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue declined due to reduced gold business volume, though property leasing revenue grew and operating cash flow significantly increased YoY Changes in Key Financial Data | Indicator | Current Period (RMB Yuan) | Prior Year Period (RMB Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 878,272,629.94 | 1,580,023,748.85 | -44.41% | Decrease in gold business volume this year | | Operating Cost | 736,664,626.44 | 1,451,925,990.76 | -49.26% | Decreased with the reduction in gold business volume | | Selling Expenses | 6,551,375.74 | 10,655,583.07 | -38.52% | Decreased with the reduction in gold business volume | | Administrative Expenses | 25,702,432.63 | 23,758,940.40 | 8.18% | | | Finance Expenses | 2,287,888.06 | 3,685,893.43 | -37.93% | Mainly due to reduced interest expenses on gold business financing | | Income Tax Expense | 25,372,160.83 | 19,663,631.30 | 29.03% | Mainly due to an increase in total profit compared to the same period last year | | R&D Investment | 2,045,320.23 | 1,353,032.80 | 51.17% | Mainly due to increased R&D investment in subsidiary's IT development | | Net Cash Flow from Operating Activities | 154,806,331.67 | 107,309,488.92 | 44.26% | Mainly due to reduced inventory stocking for the gold business | | Net Cash Flow from Investing Activities | -233,644,957.72 | -136,462,605.64 | -71.22% | Mainly due to fewer redemptions of matured wealth management products compared to the same period last year | | Net Cash Flow from Financing Activities | -13,048,507.32 | 24,828,865.44 | -152.55% | Mainly due to increased dividend distribution in the current period | | Net Increase in Cash and Cash Equivalents | -91,887,133.37 | -4,323,672.93 | -2,025.21% | Primarily due to increased dividend distribution and fewer redemptions of matured wealth management products | Operating Revenue Composition (by Industry) | Industry | Current Period Amount (RMB Yuan) | % of Operating Revenue | Prior Year Period Amount (RMB Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Jewelry Wholesale and Retail | 708,201,538.25 | 80.64% | 1,441,734,815.25 | 91.25% | -50.88% | | Property Leasing and Services | 170,071,091.69 | 19.36% | 138,078,049.35 | 8.74% | 23.17% | | Others | 0.00 | 0.00% | 210,884.25 | 0.01% | -100.00% | Operating Revenue Composition (by Region) | Region | Current Period Amount (RMB Yuan) | % of Operating Revenue | Prior Year Period Amount (RMB Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | South China | 577,029,206.44 | 65.70% | 1,017,725,204.81 | 64.41% | -43.30% | | East China | 105,033,882.43 | 11.96% | 89,258,835.53 | 5.65% | 17.67% | | North China | 48,267,352.47 | 5.50% | 426,593,372.53 | 27.00% | -88.69% | | Central China | 134,032,831.63 | 15.26% | 37,329,652.67 | 2.36% | 259.05% | | Other Regions | 13,909,356.97 | 1.58% | 9,116,683.31 | 0.58% | 52.57% | [Non-core Business Analysis](index=13&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business activities include investment income, fair value changes, and non-operating income and expenses Impact of Non-core Business on Total Profit | Item | Amount (RMB Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 6,028,215.73 | 5.63% | Income from wealth management products and equity-method investments in associates | No | | Fair Value Change Gains/Losses | -2,801,386.05 | -2.62% | Fair value changes of unmatured wealth management products, gold leasing, and hedging instruments | No | | Non-operating Income | 3,456,068.88 | 3.23% | Fees for contract changes and penalties for early lease termination from tenants | No | | Non-operating Expenses | 103,685.95 | 0.10% | Payment of penalties | No | [Analysis of Assets and Liabilities](index=14&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets attributable to shareholders grew, with notable shifts in asset composition and a significant increase in trading financial liabilities Significant Changes in Asset Composition | Item | End of Current Period (RMB Yuan) | % of Total Assets | End of Prior Year (RMB Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 277,967,745.51 | 10.20% | 377,971,359.69 | 14.57% | -4.37% | | Accounts Receivable | 96,524,408.17 | 3.54% | 46,564,067.14 | 1.79% | 1.75% | | Inventory | 65,098,057.50 | 2.39% | 127,432,191.55 | 4.91% | -2.52% | | Investment Property | 1,080,852,577.15 | 39.66% | 1,099,772,133.10 | 42.39% | -2.73% | | Long-term Equity Investments | 97,002,094.11 | 3.56% | 85,091,833.20 | 3.28% | 0.28% | | Short-term Borrowings | 142,951,444.41 | 5.25% | 120,101,444.43 | 4.63% | 0.62% | | Trading Financial Liabilities | 63,472,251.57 | 2.33% | 0.00 | 0.00% | 2.33% | | Derivative Financial Liabilities | 0.00 | 0.00% | 46,660.00 | 0.00% | -0.00% | Restricted Assets as of the End of the Reporting Period | Item | Book Value at June 30, 2025 (RMB Yuan) | | :--- | :--- | | Gold Leasing Deposits and Interest | 30,350,972.23 | | Futures and Options Account Deposits | 1,080,805.01 | | Judicially Controlled Amounts | 1,066,174.00 | | Notes Payable Deposits and Interest | 36,080,959.01 | | Total | 68,578,910.25 | [Investment Status Analysis](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment significantly decreased year-over-year, with no major equity investments but derivative investments for hedging purposes Investment Amount Changes during the Reporting Period | Investment Amount in Reporting Period (RMB Yuan) | Investment Amount in Prior Year Period (RMB Yuan) | Change | | :--- | :--- | :--- | | 1,834,078.65 | 13,519,694.27 | -86.43% | - The company had no securities investments during the reporting period[53](index=53&type=chunk) - The company holds derivative investments, primarily gold futures, for hedging purposes, with a hedging effectiveness of **85%**, which is considered highly effective[55](index=55&type=chunk) - The company had no derivative investments for speculative purposes during the reporting period[56](index=56&type=chunk) - The company had no use of raised funds during the reporting period[57](index=57&type=chunk) [Sale of Major Assets and Equity](index=17&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major assets or equity were sold during the reporting period - The company did not sell any major assets during the reporting period[59](index=59&type=chunk) - The company did not sell any major equity during the reporting period[60](index=60&type=chunk) [Analysis of Major Subsidiaries and Investees](index=17&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section presents financial information for major subsidiaries and investees, highlighting significant profit contributions from property leasing entities Major Subsidiaries and Investees with >10% Impact on Net Profit | Company Name | Type | Main Business | Registered Capital | Total Assets (RMB Yuan) | Net Assets (RMB Yuan) | Operating Revenue (RMB Yuan) | Operating Profit (RMB Yuan) | Net Profit (RMB Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Jewelry Industry Service Co, Ltd | Subsidiary | Jewelry exhibition planning, consignment, conference services, transaction matchmaking | 100,000,000 | 61,941,420.30 | 35,323,933.52 | 1,798,206.72 | 1,333,272.60 | 1,333,329.80 | | Guorun Gold (Shenzhen) Co, Ltd | Subsidiary | Sales of investment gold bars and jewelry, gold recycling, gold refining/exchange services | 200,000,000 | 463,434,951.36 | 191,552,858.08 | 703,347,727.65 | 6,586,309.88 | 6,510,402.29 | | Shenzhen Tellus Baoku Supply Chain Technology Co, Ltd | Subsidiary | Purchase, sale, and leasing of gold jewelry and precious metal products, warehousing services | 50,000,000 | 99,312,662.05 | 49,068,552.27 | 3,055,603.88 | 1,817,694.72 | 1,817,694.83 | | Shenzhen Zhongtian Industrial Co, Ltd | Subsidiary | Property leasing, safe deposit box leasing | 366,221,900 | 578,144,877.23 | 482,839,732.34 | 76,360,175.62 | 57,008,660.06 | 43,921,879.47 | | Shenzhen Tellus Shuibei Jewelry Co, Ltd | Subsidiary | Property leasing | 18,960,000 | 196,666,159.76 | 165,699,240.43 | 21,731,531.63 | 24,054,726.13 | 19,722,076.19 | | Shenzhen Tellus Gmond Investment Co, Ltd | Associate | Industrial investment, property management, leasing | 53,704,960 | 359,657,182.75 | 136,860,074.26 | 66,419,256.82 | 32,688,421.60 | 24,428,065.74 | - The company did not acquire or dispose of any subsidiaries during the reporting period[62](index=62&type=chunk) [Structured Entities Controlled by the Company](index=18&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[62](index=62&type=chunk) [Risks and Countermeasures](index=18&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from market price volatility and talent shortages, which it addresses through risk management and human resource development - Risk 1: Market price volatility risk, mainly affected by price changes of raw materials such as gold and jewelry[63](index=63&type=chunk) - Countermeasure: Strengthen risk management, advance strategic transformation, empower with digital technology, innovate business models, and explore incremental markets[63](index=63&type=chunk) - Risk 2: Risk of inadequate talent pool, as existing professional staff cannot meet the company's rapid development needs[64](index=64&type=chunk) - Countermeasure: Accelerate internal professional training, recruit experienced personnel from the jewelry industry, and organize training and examinations for AI courses and auctioneers to upgrade employee professional capabilities[64](index=64&type=chunk) [Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[65](index=65&type=chunk) - The company has not disclosed a valuation enhancement plan[65](index=65&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=18&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[65](index=65&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Several changes occurred in the company's board and senior management, including retirements and new appointments Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Guo Xiaodong | Chairman of the Supervisory Committee | Resigned | Jan 01, 2025 | Retirement | | Yang Xi | General Manager | Appointed | Apr 24, 2025 | Work transfer | | Zhang Zheng | Deputy General Manager | Appointed | Apr 24, 2025 | Work transfer | | Yang Hong | Employee Supervisor | Elected | Apr 21, 2025 | Work transfer | [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=19&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period - The company plans **not to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[68](index=68&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&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%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[69](index=69&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[70](index=70&type=chunk) [Social Responsibility](index=19&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities through poverty alleviation procurement and volunteer activities - The company purchased **RMB 62,890** worth of poverty alleviation products to support the consolidation of poverty alleviation achievements and promote rural industrial development[70](index=70&type=chunk) - The company continues to carry out volunteer service and public welfare activities, demonstrating its corporate responsibility through practical actions[70](index=70&type=chunk) [Important Matters](index=20&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Commitments Fulfilled or Overdue by Relevant Parties](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) All commitments from the actual controller, controlling shareholder, and the company itself were being fulfilled without any overdue issues - Shenzhen Investment Holdings Co, Ltd has committed to maintaining the listed company's independence, avoiding horizontal competition, and reducing and standardizing related-party transactions, with all commitments being fulfilled[72](index=72&type=chunk) - Shenzhen Special Economic Zone Development Group Co, Ltd has committed to avoiding horizontal competition, and the commitment is being fulfilled[73](index=73&type=chunk) - Shenzhen Tellus (Group) Co, Ltd has committed that for the next three years (2023-2025), profits will first be used to cover losses and then to implement an active profit distribution policy, provided that operational and development needs are met; the commitment is being fulfilled[73](index=73&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled commitments[73](index=73&type=chunk) [Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=21&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%A5%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - The company had no non-operating fund occupation by its controlling shareholder and other related parties during the reporting period[74](index=74&type=chunk) [Irregular External Guarantees](index=21&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[75](index=75&type=chunk) [Appointment and Dismissal of Accounting Firm](index=21&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[76](index=76&type=chunk) [Explanation from the Board of Directors and Supervisory Committee on the "Non-standard Audit Report"](index=21&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report for the period - The company did not have a non-standard audit report during the reporting period[77](index=77&type=chunk) [Explanation from the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=22&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report for the period - The company did not have a non-standard audit report during the reporting period[78](index=78&type=chunk) [Bankruptcy and Reorganization Matters](index=22&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[78](index=78&type=chunk) [Litigation Matters](index=22&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in several major litigation and arbitration cases, with some concluded and others under appeal Major Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (RMB 10,000) | Whether Provision is Formed | Litigation (Arbitration) Progress | Trial Results and Impact | Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Land Lease Contract Dispute (Tellus Shuibei Jewelry Co as plaintiff) | 1,403.76 | No | Case closed | The second-instance judgment partially supported the company's claims | Fully executed, with RMB 7.294 million recovered | | Construction Contract Dispute (Zhongtian Industrial Co as defendant and counterclaimant) | 670.44 | No | In progress | The first-instance judgment partially supported the plaintiff's claims; the case is currently in the second-instance appeal period, with no judgment yet | None | | Unjust Enrichment Dispute (Tellus Group as plaintiff) | 175.94 | No | Retrial application filed | The second-instance judgment upheld the first-instance verdict | None | - The company has no other litigation matters to report for the period[79](index=79&type=chunk) [Penalties and Rectifications](index=22&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) No penalties or rectifications occurred during the reporting period - No penalties or rectifications occurred during the reporting period[80](index=80&type=chunk) [Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=22&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[81](index=81&type=chunk) [Significant Related-Party Transactions](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine related-party transactions for services like property leasing and management, totaling RMB 0.27 million Related-Party Transactions in the Ordinary Course of Business | Related Party | Relationship | Transaction Type | Transaction Content | Pricing Principle | Transaction Amount (RMB 10,000) | % of Similar Transactions | Approved Limit (RMB 10,000) | Exceeded Limit | Settlement Method | Market Price (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Tefa Property Management Co, Ltd | Subsidiary of controlling shareholder | Providing services | Property leasing | Market price or agreement | 23.18 | 0.09% | 35 | No | Per agreement | 23.18 | | Shenzhen Tefa Service Co, Ltd | Subsidiary of controlling shareholder | Receiving services | Property management services | Market price or agreement | 1.89 | 1.89% | 1050 | No | Per agreement | 1.89 | | Guoren Property & Casualty Insurance Co, Ltd | Subsidiary of indirect controlling shareholder's parent | Receiving services | Related insurance services | Market price or agreement | 2.17 | 62.56% | 100 | No | Per agreement | 2.17 | | Total | | | | -- | 27.24 | -- | 2745 | -- | -- | -- | - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[84](index=84&type=chunk) - The company had no related-party transactions involving joint external investments during the reporting period[85](index=85&type=chunk) - The company had no non-operating related-party credit or debt transactions during the reporting period[86](index=86&type=chunk) - The company has no deposits, loans, credit lines, or other financial business with related financial companies[87](index=87&type=chunk) - The company had no other significant related-party transactions during the reporting period[89](index=89&type=chunk) [Significant Contracts and Their Performance](index=25&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no custody, contracting, or leasing arrangements, but maintained an approved external guarantee limit and held entrusted wealth management products - The company had no custody arrangements during the reporting period[90](index=90&type=chunk) - The company had no contracting arrangements during the reporting period[91](index=91&type=chunk) - The company had no leasing arrangements during the reporting period[92](index=92&type=chunk) External Guarantees by the Company and its Subsidiaries | Guaranteed Party Name | Guarantee Limit Disclosure Date | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Fulfilled | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Zung Fu Tellus Motor Co, Ltd | Sep 30, 2014 | 3,500 | 0 | Pledge | Yes | Yes | | Total approved external guarantee limit during the reporting period (A1) | | 0 | | | | | | Total actual external guarantees provided during the reporting period (A2) | | 0 | | | | | | Total approved external guarantee limit at the end of the reporting period (A3) | | 3,500 | | | | | | Total outstanding external guarantee balance at the end of the reporting period (A4) | | 0 | | | | | Entrusted Wealth Management | Type | Source of Funds | Amount Incurred (RMB 10,000) | Outstanding Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 57,000 | 44,000 | 0 | - The company had no other significant contracts during the reporting period[96](index=96&type=chunk) [Other Significant Matters](index=26&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) There were no other significant matters to be explained during the reporting period - There were no other significant matters to be explained during the reporting period[97](index=97&type=chunk) [Significant Matters of Subsidiaries](index=26&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[98](index=98&type=chunk) [Share Capital Changes and Shareholder Information](index=27&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=27&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total number of shares remained unchanged at 431,058,320, all of which are unrestricted shares Share Capital Changes | Item | Before Change (Shares) | Before Change (%) | Change (+, -) (Shares) | After Change (Shares) | After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Shares with Selling Restrictions | 0 | 0.00% | 0 | 0 | 0.00% | | II. Shares without Selling Restrictions | 431,058,320 | 100.00% | 0 | 431,058,320 | 100.00% | | 1. RMB-denominated ordinary shares | 392,778,320 | 91.12% | 0 | 392,778,320 | 91.12% | | 2. Domestically listed foreign shares | 38,280,000 | 8.88% | 0 | 38,280,000 | 8.88% | | III. Total Shares | 431,058,320 | 100.00% | 0 | 431,058,320 | 100.00% | - The reasons for share changes, approvals, transfers, and share repurchase progress are not applicable for the reporting period[101](index=101&type=chunk) - Changes in restricted shares are not applicable[102](index=102&type=chunk) [Securities Issuance and Listing](index=28&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) There were no securities issued or listed during the reporting period - There were no securities issued or listed during the reporting period[102](index=102&type=chunk) [Number of Shareholders and Shareholding Information](index=28&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 50,855 ordinary shareholders, with the controlling shareholder holding a 49.09% stake - The total number of ordinary shareholders at the end of the reporting period was **50,855**[103](index=103&type=chunk) Shareholding of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End (Shares) | Change during Period (Shares) | Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Special Economic Zone Development Group Co, Ltd | State-owned legal person | 49.09% | 211,591,621 | 0 | 211,591,621 | | Shenzhen Yuanzhi Fuhai Jewelry Industry Investment Enterprise (Limited Partnership) | Domestic non-state-owned legal person | 3.96% | 17,052,853 | -4,866,300 | 17,052,853 | | Li Xiaoming | Domestic natural person | 0.75% | 3,229,100 | 159,600 | 3,229,100 | | ICBC - Southern CSI All Share Real Estate ETF | Other | 0.58% | 2,507,975 | 975,500 | 2,507,975 | | CMB - Southern CSI 1000 ETF | Other | 0.42% | 1,796,570 | 169,500 | 1,796,570 | | GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED | Foreign legal person | 0.39% | 1,691,956 | -91,535 | 1,691,956 | | HKSCC NOMINEES LIMITED | Foreign legal person | 0.39% | 1,690,055 | -887,184 | 1,690,055 | | Li Daoqing | Domestic natural person | 0.30% | 1,283,900 | 661,800 | 1,283,900 | | ABC - E Fund CSI SH-SZ-HK Gold Industry ETF | Other | 0.29% | 1,241,875 | 873,500 | 1,241,875 | | Ma Yongcheng | Domestic natural person | 0.26% | 1,139,280 | 100 | 1,139,280 | - Among the top ten shareholders, Shenzhen Special Economic Zone Development Group Co, Ltd has no related-party relationship with other shareholders and is not a party acting in concert as defined in the "Measures for the Administration of the Takeover of Listed Companies"[103](index=103&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=29&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[105](index=105&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=29&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[106](index=106&type=chunk) - The company's actual controller did not change during the reporting period[106](index=106&type=chunk) [Preferred Shares Information](index=29&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[107](index=107&type=chunk) [Bond-related Matters](index=30&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-related Matters](index=30&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[109](index=109&type=chunk) [Financial Report](index=31&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[111](index=111&type=chunk) [Financial Statements](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for the first half of 2025 - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Equity, and Parent Company Statement of Changes in Equity[112](index=112&type=chunk)[116](index=116&type=chunk)[120](index=120&type=chunk)[124](index=124&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk)[132](index=132&type=chunk)[139](index=139&type=chunk) [Consolidated Balance Sheet](index=31&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were RMB 2.73 billion, with total liabilities of RMB 0.79 billion Key Data from Consolidated Balance Sheet (Period-end Balance) | Item | Period-end Balance (RMB Yuan) | | :--- | :--- | | Total Assets | 2,725,442,964.28 | | Total Current Assets | 881,906,817.03 | | Total Non-current Assets | 1,843,536,147.25 | | Total Liabilities | 789,192,165.61 | | Total Equity | 1,936,250,798.67 | | Total Equity Attributable to Parent Company | 1,767,792,226.91 | | Minority Interest | 168,458,571.76 | [Parent Company Balance Sheet](index=33&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were RMB 1.89 billion, with total liabilities of RMB 0.31 billion Key Data from Parent Company Balance Sheet (Period-end Balance) | Item | Period-end Balance (RMB Yuan) | | :--- | :--- | | Total Assets | 1,889,891,035.49 | | Total Current Assets | 166,386,503.08 | | Total Non-current Assets | 1,723,504,532.41 | | Total Liabilities | 314,441,861.21 | | Total Equity | 1,575,449,174.28 | [Consolidated Income Statement](index=35&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the company's consolidated total operating revenue was RMB 878.27 million, with a net profit of RMB 81.63 million Key Data from Consolidated Income Statement (Current Period) | Item | H1 2025 (RMB Yuan) | | :--- | :--- | | Total Operating Revenue | 878,272,629.94 | | Total Operating Costs | 778,520,084.04 | | Operating Profit | 103,650,436.84 | | Total Profit | 107,002,819.77 | | Net Profit | 81,630,658.94 | | Net Profit Attributable to Parent Company Shareholders | 84,013,429.35 | | Minority Interest Loss | -2,382,770.41 | | Total Comprehensive Income | 81,630,658.94 | | Basic Earnings Per Share | 0.1949 | | Diluted Earnings Per Share | 0.1949 | [Parent Company Income Statement](index=37&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the parent company's operating revenue was RMB 58.62 million, with a net profit of RMB 96.74 million Key Data from Parent Company Income Statement (Current Period) | Item | H1 2025 (RMB Yuan) | | :--- | :--- | | Operating Revenue | 58,621,053.92 | | Operating Profit | 101,573,282.68 | | Total Profit | 102,588,186.11 | | Net Profit | 96,737,427.57 | | Total Comprehensive Income | 96,737,427.57 | [Consolidated Cash Flow Statement](index=39&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, net cash flow from operating activities was RMB 154.81 million, while net cash flow from investing activities was -RMB 233.64 million Key Data from Consolidated Cash Flow Statement (Current Period) | Item | H1 2025 (RMB Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 154,806,331.67 | | Net Cash Flow from Investing Activities | -233,644,957.72 | | Net Cash Flow from Financing Activities | -13,048,507.32 | | Net Increase in Cash and Cash Equivalents | -91,887,133.37 | | Period-end Balance of Cash and Cash Equivalents | 209,388,835.26 | [Parent Company Cash Flow Statement](index=40&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, the parent company's net cash flow from operating activities was RMB 7.90 million, with a net decrease in cash of RMB 16.23 million Key Data from Parent Company Cash Flow Statement (Current Period) | Item | H1 2025 (RMB Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 7,903,286.92 | | Net Cash Flow from Investing Activities | 18,964,942.26 | | Net Cash Flow from Financing Activities | -43,097,999.33 | | Net Increase in Cash and Cash Equivalents | -16,229,770.15 | | Period-end Balance of Cash and Cash Equivalents | 8,952,294.62 | [Consolidated Statement of Changes in Equity](index=41&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Consolidated total equity increased by RMB 38.52 million, driven by net profit and offset by dividend distributions - Total comprehensive income attributable to parent company owners for the period was **RMB 84,013,429.35**[134](index=134&type=chunk) - Distributions to owners (or shareholders) for the period amounted to **RMB 43,105,832.00**[134](index=134&type=chunk) - The period-end balance of total equity attributable to parent company owners was **RMB 1,767,792,226.91**[135](index=135&type=chunk) [Parent Company Statement of Changes in Equity](index=45&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Parent company total equity increased by RMB 53.63 million, reflecting net profit gains less dividend payments - The parent company's total comprehensive income for the period was **RMB 96,737,427.57**[141](index=141&type=chunk) - The parent company's distributions to owners (or shareholders) for the period amounted to **RMB 43,105,832.00**[141](index=141&type=chunk) - The period-end balance of the parent company's total equity was **RMB 1,575,449,174.28**[142](index=142&type=chunk) [Company Basic Information](index=48&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) Shenzhen Tellus (Group) Co, Ltd, established in 1986, operates in property leasing and gold and jewelry businesses - Shenzhen Tellus (Group) Co, Ltd was established on November 10, 1986, and was listed on the Shenzhen Stock Exchange on June 21, 1993[145](index=145&type=chunk)[146](index=146&type=chunk) - The company's registered capital is **RMB 431,058,320.00**, with a total of 431,058,320 shares[146](index=146&type=chunk)[149](index=149&type=chunk) - The company's main operating activities are property leasing and services, and gold and jewelry operations[150](index=150&type=chunk) - These financial statements and notes were approved by the 16th formal meeting of the 10th Board of Directors on August 20, 2025[151](index=151&type=chunk) [Basis of Preparation for Financial Statements](index=49&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 financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises and on a going concern basis - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and their application guides, interpretations, and other relevant regulations issued by the Ministry of Finance[152](index=152&type=chunk) - These financial statements are presented on a going concern basis[153](index=153&type=chunk) [Significant Accounting Policies and Estimates](index=50&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 key accounting policies and estimates used in preparing the financial statements - These financial statements comply with the requirements of the Accounting Standards for Business Enterprises, and truly and completely reflect the company's financial position, operating results, and cash flows[155](index=155&type=chunk) - The company's accounting period is the calendar year, its operating cycle is 6 months, and its functional currency is the Renminbi[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) - The company classifies financial assets into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[184](index=184&type=chunk) - The company uses an expected credit loss model for impairment accounting and recognizes loss provisions for items such as notes receivable, accounts receivable, and other receivables[200](index=200&type=chunk) - The company recognizes revenue when performance obligations in a contract are satisfied, i.e, when the customer obtains control of the related goods or services, primarily from property leasing and services, and gold and jewelry sales and services[269](index=269&type=chunk)[278](index=278&type=chunk) - The company continuously evaluates significant accounting estimates and key assumptions, such as financial asset classification, expected credit loss measurement for accounts receivable, deferred tax assets, and the fair value of unlisted equity investments, based on historical experience and reasonable expectations of future events[301](index=301&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk) [Taxation](index=75&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main taxes and tax rates, noting that some subsidiaries benefit from preferential tax policies Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 13%, 9%, 5%, 6%, 3% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25%, 20% | | Property Tax | 1.2% of the residual value after a 30% deduction from the original property value (ad valorem); 12% of rental income (rental basis) | 1.2%, 12% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | - Some of the company's subsidiaries enjoy preferential tax policies for small and micro enterprises, with their taxable income reduced by 25% and taxed at a rate of 20%, a policy extended until December 31, 2027[308](index=308&type=chunk) - Subsidiary Shanghai Fanyue Diamond Co, Ltd enjoys VAT exemption and an immediate refund policy on imported finished diamonds through the Shanghai Diamond Exchange[309](index=309&type=chunk)[310](index=310&type=chunk) - Subsidiary Shenzhen Huarui Automobile Sales and Service Co, Ltd is exempt from the education surcharge and local education surcharge as its monthly sales or turnover does not exceed RMB 100,000[311](index=311&type=chunk) [Notes to the Consolidated Financial Statements](index=76&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 items in the consolidated financial statements, including assets, liabilities, equity, income, and expenses - **Cash and cash equivalents** at the end of the period amounted to **RMB 277,967,745.51**, with restricted cash totaling RMB 68,578,910.25[313](index=313&type=chunk)[314](index=314&type=chunk) - **Trading financial assets** at the end of the period were **RMB 197,026,798.06**, mainly consisting of structured deposits and wealth management products[316](index=316&type=chunk) - The book value of **accounts receivable** at the end of the period was **RMB 96,524,408.17**, with individually assessed bad debt provisions of RMB 48,296,682.08[322](index=322&type=chunk) - The book value of **inventory** at the end of the period was **RMB 65,098,057.50**, including hedged items valued at RMB 37,863,854.83[365](index=365&type=chunk) - The book value of **investment property** at the end of the period was **RMB 1,080,852,577.15**, measured using the cost model[385](index=385&type=chunk)[386](index=386&type=chunk) - **Operating revenue** for the period was **RMB 878,272,629.94**, and operating cost was RMB 736,664,626.44, primarily from jewelry sales and services, and leasing and services[478](index=478&type=chunk)[479](index=479&type=chunk) - **Investment income** for the period was **RMB 6,028,215.73**, mainly from long-term equity investments accounted for using the equity method and gains from trading financial assets[495](index=495&type=chunk) [R&D Expenditures](index=111&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was RMB 2.05 million, all of which was expensed R&D Expenditure Composition | Item | Current Period (RMB Yuan) | Prior Period (RMB Yuan) | | :--- | :--- | :--- | | Personnel Costs | 1,854,234.24 | 1,203,314.39 | | Depreciation | 43,652.36 | 24,087.95 | | Other Expenses | 147,433.63 | 125,630.46 | | Total | 2,045,320.23 | 1,353,032.80 | | Of which: Expensed R&D | 2,045,320.23 | 1,353,032.80 | [Interests in Other Entities](index=111&type=section&id=%E4%B9%9D%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in its subsidiaries, joint ventures, and associates - The company has 15 subsidiaries, mostly engaged in commercial activities[529](index=529&type=chunk)[530](index=530&type=chunk) - The company effectively holds **51% of the voting rights** in Guorun Gold (Shenzhen) Co, Ltd through a concert party agreement with Shenzhen High-tech Investment Group Co, Ltd, thereby controlling the company[530](index=530&type=chunk) Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Shareholders (RMB Yuan) | Dividends Declared to Minority Shareholders (RMB Yuan) | Period-end Minority Interest Balance (RMB Yuan) | | :--- | :--- | :--- | :--- | :--- | | Guorun Gold (Shenzhen) Co, Ltd | 60.75% | -3,955,069.39 | 0 | 116,863,519.44 | - The significant joint venture is Shenzhen Tellus Gmond Investment Co, Ltd, and the significant associate is Shenzhen Zung Fu Tellus Motor Co, Ltd, both accounted for using the equity method[536](index=536&type=chunk) - Shenzhen Tellus Gmond Investment Co, Ltd reported a net profit of **RMB 24,428,065.74** for the period, while Shenzhen Zung Fu Tellus Motor Co, Ltd reported a net loss of **RMB -1,793,997.89**[539](index=539&type=chunk)[541](index=541&type=chunk) [Government Grants](index=115&type=section&id=%E5%8D%81%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company's government grants are primarily recorded as deferred income, with a total of RMB 1.11 million recognized in current profit and loss - The company had no government grants recognized based on receivable amounts at the end of the reporting period[547](index=547&type=chunk) Liability Items Involving Government Grants | Account | Opening Balance (RMB Yuan) | New Grants (RMB Yuan) | Recognized in Non-operating Income (RMB Yuan) | Transferred to Other Income (RMB Yuan) | Closing Balance (RMB Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,837,477.60 | 0 | 0 | 880,145.82 | 6,957,331.78 | Asset-related | - The total amount of government grants recognized in current profit and loss for the period was **RMB 1,107,048.00**[550](index=550&type=chunk) [Risks Related to Financial Instruments](index=116&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through diversified investments, credit assessments, and hedging activities - The company's main financial instruments include cash, accounts receivable, other receivables, and trading financial assets, exposing it to credit, liquidity, and market risks[550](index=550&type=chunk)[551](index=551&type=chunk) - Credit risk arises mainly from bank deposits and accounts receivable, which the company controls by assessing customer creditworthiness, regular monitoring, and purchasing credit guarantee insurance[553](index=553&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents, monitoring the use of bank borrowings, and securing backup funding commitments[555](index=555&type=chunk) - Market risk includes interest rate risk, foreign exchange risk, and commodity price risk, which are managed by balancing fixed and floating rate contracts and using hedging for commodity prices; foreign exchange risk is currently not significant[559](index=559&type=chunk)[560](index=560&type=chunk)[562](index=562&type=chunk)[563](index=563&type=chunk) - Subsidiaries Guorun Gold and Tellus Baoku use hedging instruments like gold spot deferred contracts and futures contracts to mitigate the risk of fair value fluctuations in gold raw materials, with **highly effective** hedging results[566](index=566&type=chunk) [Fair Value Disclosure](index=120&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities, categorized into three levels based on valuation inputs Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value (RMB Yuan) | Level 2 Fair Value (RMB Yuan) | Level 3 Fair Value (RMB Yuan) | Total (RMB Yuan) | | :--- | :--- | :--- | :--- | :--- | | **I. Continuous Fair Value Measurement** | | | | | | (I) Trading Financial Assets | 0 | 197,026,798.06 | 0 | 197,026,798.06 | | (II) Derivative Financial Assets | 108,160.00 | 0 | 0 | 108,160.00 | | (III) Other Debt Investments | 0 | 224,259,409.78 | 0 | 224,259,409.78 | | (IV) Hedged Items | 37,863,854.83 | 0 | 0 | 37,863,854.83 | | **Total Assets at Continuous Fair Value** | 37,972,014.83 | 421,286,207.84 | 0 | 459,258,222.67 | | (VII) Financial Liabilities Designated at FVTPL | 63,472,251.57 | 0 | 0 | 63,472,251.57 | | **Total Liabilities at Continuous Fair Value** | 63,472,251.57 | 0 | 0 | 63,472,251.57 | - Level 1 fair value items are determined by quoted prices in active markets, such as the closing price of gold transactions[572](index=572&type=chunk) - Level 2 fair value items are valued using techniques like the discounted cash flow method, such as for bank wealth management products[573](index=573&type=chunk) - Level 3 fair value items (e.g, unlisted equity investments) are estimated at their investment cost due to insufficient information or a wide range of fair value distributions[576](index=576&type=chunk) [Related Parties and Transactions](index=122&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling party is the Shenzhen SASAC, and it engages in various routine transactions with related parties - The company's parent company is Shenzhen Special Economic Zone Development Group Co, Ltd, and the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of the Shenzhen Municipal People's Government[579](index=579&type=chunk)[580](index=580&type=chunk) - The company engages in routine related-party transactions, including receiving services from Shenzhen Tefa Service Co, Ltd and purchasing services from Guoren Property & Casualty Insurance Co, Ltd[586](index=586&type=chunk) - As a lessor, the company provides property leasing services to related parties such as Shenzhen Tefa Service Co, Ltd and Shenzhen Tefa Microcredit Co, Ltd[588](index=588&type=chunk) - Key management personnel compensation for the period was **RMB 1,734,900.00**[590](index=590&type=chunk) - At the end of the reporting period, the company had outstanding balances with related parties, including accounts receivable, prepayments, other receivables, and long-term receivables

天顺风能（苏州）股份有限公司 2025 年半年度报告全文 天顺风能（苏州）股份有限公司 2025 年半年度报告 2025-057 2025 年 08 月 1 天顺风能（苏州）股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人严俊旭、主管会计工作负责人严俊旭及会计机构负责人(会计 主管人员)郑丽声明：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。 公司半年度报告中所涉及未来的战略目标、经营计划、经营目标等前瞻性 陈述，不代表公司的盈利预测，也不构成公司对投资者的实质承诺，请投资 者及相关人士对此保持足够的风险认识，并理解计划、预测与承诺之间的差 异，注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应 对措施"描述了公司未来经营中可能面临的风险与对策，敬请广大投资者注 意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 备查文件目录 一、载有公司负 ...

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