Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the truthfulness and accuracy of the semi-annual report and plans no dividend distribution - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibility[5](index=5&type=chunk) - The company's person in charge, chief accounting officer, and head of the accounting department declare that the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's eight main chapters and provides a directory of documents available for inspection - The report comprises eight main chapters, covering comprehensive information on company operations, finance, governance, and significant matters[8](index=8&type=chunk) - Documents available for inspection include signed and sealed financial statements, filings on designated websites, and the original semi-annual report[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including company names, shareholders, and core products - The full name of the company is Jiangsu Xiuqiang Glasswork Co, Ltd, referred to as Xiuqiang Stock[11](index=11&type=chunk) - The controlling shareholder is Zhuhai Port Co, Ltd, and the actual controller is the State-owned Assets Supervision and Administration Commission of Zhuhai Municipal People's Government[11](index=11&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) Company Profile and Key Financial Indicators [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) The company, Xiuqiang Stock (300160), is listed on the Shenzhen Stock Exchange, with no changes to its key information during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Xiuqiang Stock | | Stock Code | 300160 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Feng Xin | - The company's contact information, registered address, information disclosure, and filing locations remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk)[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) In H1 2025, revenue and net profit grew steadily, while cash flow from investing activities decreased significantly due to wealth management product purchases Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 840,291,924.76 | 756,814,965.47 | 11.03% | | Net Profit Attributable to Shareholders | 132,174,625.21 | 121,253,214.50 | 9.01% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 122,564,602.00 | 114,553,528.34 | 6.99% | | Net Cash Flow from Operating Activities | 104,244,444.62 | 102,643,124.04 | 1.56% | | Basic Earnings Per Share (Yuan/Share) | 0.17 | 0.16 | 6.25% | | Diluted Earnings Per Share (Yuan/Share) | 0.17 | 0.16 | 6.25% | | Weighted Average Return on Equity | 5.13% | 4.98% | 0.15% | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | Total Assets | 3,120,827,268.47 | 3,068,530,959.27 | 1.70% | | Net Assets Attributable to Shareholders | 2,579,901,901.63 | 2,525,021,905.62 | 2.17% | - Net cash flow from investing activities **decreased by 5,259.97%** year-on-year, primarily due to an increase in the purchase of bank wealth management products[57](index=57&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 9.61 million yuan, mainly from government subsidies and fair value gains on financial assets Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,241,018.93 | | Government Subsidies Included in Current Profit/Loss | 6,270,047.04 | | Fair Value Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 6,881,414.87 | | Fees for Capital Occupation Charged to Non-financial Enterprises | 68,369.79 | | Reversal of Impairment Provision for Individually Tested Receivables | 41,448.20 | | Other Non-operating Income and Expenses | -707,076.19 | | Less: Income Tax Impact | 1,694,372.46 | | Minority Interest Impact (After Tax) | 8,789.11 | | **Total** | **9,610,023.21** | Management Discussion and Analysis [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 focuses on glass deep processing, with home appliance glass as its main revenue source, while expanding into new energy glass - The company's main business is glass deep processing, classified under "C30 Non-metallic Mineral Products" and specifically "C3042 Special Glass Manufacturing"[25](index=25&type=chunk) - **Home appliance glass** is the primary source of the company's revenue and profit, supplying products for refrigerators, washing machines, air conditioners, and kitchen appliances[25](index=25&type=chunk) - In H1 2025, the glass deep processing industry faced pressure from upstream markets and structural growth downstream, with the home appliance market growing but facing intense price competition[28](index=28&type=chunk) [(I) Industry Overview During the Reporting Period](index=9&type=section&id=(%E4%B8%80)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The upstream flat glass industry faced pressure while the downstream home appliance market grew, albeit with intensified price competition - In H1 2025, national flat glass production **decreased by 5.2%** year-on-year to 484.97 million weight cases, impacting industry profitability[26](index=26&type=chunk) - In H1 2025, China's home appliance retail sales (excluding 3C products) reached **453.7 billion yuan**, a year-on-year increase of 9.2%[27](index=27&type=chunk) - The air conditioner market retail sales grew by **12.4%**, washing machine retail volume increased by over **10%**, and water purifiers saw growth exceeding **20%**[27](index=27&type=chunk) [(II) Principal Business Activities During the Reporting Period](index=10&type=section&id=(%E4%BA%8C)%20%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 focused on its core glass deep processing business, advancing automation, innovation, and international expansion - The company's main products cover nearly a thousand categories, including home appliance and new energy glass, utilizing various processing techniques like cutting, grinding, drilling, tempering, printing, and coating[29](index=29&type=chunk) - New energy BIPV glass products were successfully applied in several public and green demonstration projects, including the Fangting Water Courtyard project and the Wuxi Symphony Hall perovskite zero-carbon project[37](index=37&type=chunk) - The company initiated the construction of a **production base in Thailand** to align with key clients' global procurement strategies and mitigate trade risks[38](index=38&type=chunk) [(III) Business Model](index=11&type=section&id=(%E4%B8%89)%20%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model, centered on value-added glass processing and market-driven R&D, remained stable - The company's profit model relies on increasing product value through glass deep processing to supply downstream customers[39](index=39&type=chunk) - The R&D model follows a virtuous cycle of "R&D driving sales, and sales promoting R&D," divided into mass production and reserve R&D categories[40](index=40&type=chunk) - The production model combines make-to-order and make-to-stock strategies to ensure timely and high-quality delivery[43](index=43&type=chunk) [(III) Key Performance Drivers](index=12&type=section&id=(%E4%B8%89)%20%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance was driven by focusing on core business, technological innovation, and operational efficiency improvements - The company leverages its technical expertise and large-scale production advantages in glass deep processing to strengthen its core business competitiveness[46](index=46&type=chunk) - The company maintains a competitive edge in R&D, focusing on technical advancements in home appliance and BIPV glass to enhance customization capabilities[47](index=47&type=chunk) - Through lean management, the company promotes process improvements and cost reduction via automation and supply chain collaboration[49](index=49&type=chunk) [Core Competitiveness Analysis](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) The company's core strengths lie in its product range, technology, customer base, management, and international presence - The company offers nearly a thousand product categories and is a key drafter of the national standard for decorative crystal glass, demonstrating strong customization capabilities[51](index=51&type=chunk) - As a national high-tech enterprise, the company operates a "Provincial R&D Center" and held **68 authorized patents (including 35 invention patents)** as of the reporting period's end[52](index=52&type=chunk) - The company maintains long-term, stable partnerships with renowned domestic and international home appliance and new energy enterprises like LONGi and Jinko Solar[53](index=53&type=chunk) - The company enhances efficiency through refined management and production line automation, while accelerating its international expansion with a new production base in Thailand[54](index=54&type=chunk)[55](index=55&type=chunk) [Main Business Analysis](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) Revenue grew by 11.03%, while financial expenses increased significantly due to currency fluctuations and lower interest rates YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 840,291,924.76 | 756,814,965.47 | 11.03% | | Operating Costs | 596,958,033.55 | 537,082,336.71 | 11.15% | | Financial Expenses | -981,547.11 | -7,354,878.19 | 86.65% | | R&D Investment | 25,861,013.08 | 27,263,754.59 | -5.15% | | Net Cash Flow from Investing Activities | -1,008,175,191.32 | -18,809,358.33 | -5,259.97% | - **Financial expenses increased by 86.65%** year-on-year, mainly due to reduced exchange gains and interest income resulting from USD exchange rate fluctuations and declining bank interest rates[57](index=57&type=chunk) Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Glass Products | 827,389,703.72 | 593,514,826.15 | 28.27% | 11.56% | [Non-Core Business Analysis](index=15&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 had a minor impact on total profit, with investment income being the main positive contributor Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,162,849.62 | 1.43% | Income from structured and time deposits | No | | Fair Value Gains/Losses | 5,464,571.24 | 3.61% | Fair value gains from structured deposits | No | | Asset Impairment | -5,878,000.87 | -3.89% | Provision for inventory impairment loss | No | [Analysis of Assets and Liabilities](index=15&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 grew, while cash and cash equivalents decreased significantly due to investments in bank wealth management products Major Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 478,687,682.63 | 15.34% | 1,440,070,869.81 | 46.93% | -31.59% | | Accounts Receivable | 388,042,461.71 | 12.43% | 430,474,149.31 | 14.03% | -1.60% | | Inventory | 171,428,964.66 | 5.49% | 200,667,144.94 | 6.54% | -1.05% | | Short-term Borrowings | 30,018,333.33 | 0.96% | - | - | 0.96% | - **Cash and cash equivalents decreased by 31.59%**, primarily due to the purchase of bank structured deposits and time deposits during the reporting period[63](index=63&type=chunk) Financial Assets Measured at Fair Value at Period-End | Item | Period-End Balance (Yuan) | | :--- | :--- | | Trading Financial Assets | 912,351,726.03 | | Other Equity Instrument Investments | 665,667.82 | | Receivables Financing | 8,982,716.69 | | **Total** | **922,000,110.54** | - As of the end of the reporting period, the company had **26.57 million yuan** in restricted cash and cash equivalents, mainly for bill deposits[67](index=67&type=chunk) [Investment Analysis](index=17&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 increased by 122.38% due to cash management activities, while key fundraising projects were postponed Investment Amount Change During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment in Reporting Period | 2,117,504,943.16 | | Investment in Prior Year Period | 952,221,966.05 | | Change | 122.38% | - The significant increase in investment was mainly due to the company's use of idle raised funds and proprietary funds to purchase bank structured deposits and time deposits for cash management[68](index=68&type=chunk) - The "Intelligent Glass Production Line Project" and "BIPV Glass and Module Production Line Project" were both **postponed to December 31, 2025**, to mitigate risks and align with market demand[74](index=74&type=chunk)[76](index=76&type=chunk) [1. Overall Situation](index=17&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company's investment amount grew by 122.38% to 2.12 billion yuan, driven by cash management activities Investment Amount Change During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment in Reporting Period | 2,117,504,943.16 | | Investment in Prior Year Period | 952,221,966.05 | | Change | 122.38% | - The company was authorized to use up to **500 million yuan** of idle raised funds and **500 million yuan** of idle proprietary funds for cash management on a rolling basis[68](index=68&type=chunk) [5. Use of Raised Funds](index=17&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) Key fundraising projects were postponed to late 2025 due to market changes, with adjustments made to the BIPV project - As of June 30, 2025, the net amount of raised funds was **914.17 million yuan**, with **28.79 million yuan** used in the first half of the year[72](index=72&type=chunk) Status of Committed Fundraising Projects | Committed Investment Project | Total Committed Investment (10k Yuan) | Cumulative Investment to Date (10k Yuan) | Investment Progress | | :--- | :--- | :--- | :--- | | Intelligent Glass Production Line Project | 49,600 | 497.87 | 1.00% | | BIPV Glass and Module Production Line Project | 24,800 | 3,047.56 | 12.29% | | Supplementary Working Capital | 18,000 | 18,642.76 | 103.57% | - Both the "Intelligent Glass Production Line Project" and the "BIPV Glass and Module Production Line Project" have been **postponed to December 31, 2025**, with the BIPV project's scope and location being adjusted[74](index=74&type=chunk)[76](index=76&type=chunk) [Sale of Major Assets and Equity](index=21&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) 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[80](index=80&type=chunk) - The company did not sell any major equity during the reporting period[81](index=81&type=chunk) [Analysis of Major Holding and Participating Companies](index=21&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) The company's main subsidiaries were profitable, and a new subsidiary was established with no significant impact on performance Financial Data of Major Subsidiaries | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Sichuan Yongquan Glass Technology Co, Ltd | 43,500,549.69 | 3,361,557.57 | | Jiangsu Boyuan International Trade Co, Ltd | 40,199,233.07 | 1,503,302.95 | - During the reporting period, the company established a wholly-owned subsidiary, Xiuqiang (Zhuhai) Technology Co, Ltd, which had no significant impact on the company's operations and performance[82](index=82&type=chunk) [Structured Entities Controlled by the Company](index=21&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[83](index=83&type=chunk) [Risks and Countermeasures](index=21&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 international trade, raw material prices, and project execution, with corresponding mitigation strategies in place - The company faces **international trade and exchange rate risks**, which it mitigates by optimizing its international market layout and enhancing risk management mechanisms[83](index=83&type=chunk)[84](index=84&type=chunk) - **Raw material price fluctuation risks** are addressed through refined management, increasing sales of high-value-added products, and developing long-term stable suppliers[85](index=85&type=chunk) - Risks related to **fundraising project construction and reaching production capacity** are managed by monitoring market demand, scheduling construction reasonably, and optimizing product structure[87](index=87&type=chunk)[88](index=88&type=chunk) - The risk of **declining gross profit margin** is countered by continuous R&D investment, increasing product added value, and optimizing supply chain management[89](index=89&type=chunk) [Record of Investor Relations Activities](index=23&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company held an online performance briefing for its 2024 annual report on April 25, 2025 Investor Relations Activities During the Reporting Period | Date | Location | Method | Counterparty Type | Main Content and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | April 25, 2025 | Value Online Platform | Online Exchange | Other | Online performance briefing for the company's 2024 annual report | [Status of Market Value Management System and Valuation Enhancement Plan](index=23&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 disclosed a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[93](index=93&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[93](index=93&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=23&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 a "Dual Improvement in Quality and Returns" action plan - 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 [Changes in Directors, Supervisors, and Senior Management](index=23&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 senior management and the supervisory committee due to work reassignments Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Gao Ying | Board Secretary, Securities Affairs Representative | Dismissed | May 21, 2025 | Work Reassignment | | Gao Ying | Deputy General Manager | Dismissed | July 09, 2025 | Personal Reasons | | Xi Gongzheng | Employee Representative Supervisor | Resigned | June 16, 2025 | Work Reassignment | | Xi Gongzheng | Deputy General Manager, Board Secretary | Appointed | June 20, 2025 | Work Reassignment | | Yuan Fang | Employee Representative Supervisor | Elected | June 16, 2025 | Work Reassignment | [Profit Distribution and Capitalization of Capital Reserve](index=24&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 profits or capitalize reserves for the first half of the year - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the semi-annual period[97](index=97&type=chunk) [Implementation of Equity Incentive Plans or Other Employee Incentives](index=24&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 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[98](index=98&type=chunk) [Environmental Information Disclosure](index=25&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 is listed as an enterprise required to disclose environmental information, with reports available online - Jiangsu Xiuqiang Glasswork Co, Ltd is included in the list of enterprises required to disclose environmental information by law[99](index=99&type=chunk) - The environmental information disclosure report can be found on the "Environmental Face" information disclosure platform of the Jiangsu Provincial Department of Ecology and Environment's official website[99](index=99&type=chunk) [Social Responsibility](index=25&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 in environmental protection, employee rights, and stakeholder interests - The company supports national "dual carbon" goals by promoting green production and participating in zero-carbon projects[101](index=101&type=chunk) - During the reporting period, the company held a cumulative **21.28MW of distributed photovoltaic power stations**, generating **10.86 million KWH** of electricity[101](index=101&type=chunk) - The company is committed to employee welfare, improving training systems, promotion channels, and incentive mechanisms[102](index=102&type=chunk) - The company places high importance on protecting the rights of shareholders and creditors, strictly adhering to legal and regulatory information disclosure obligations[105](index=105&type=chunk) Significant Matters [Performance of Commitments by Relevant Parties](index=27&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) There were no fulfilled or overdue commitments from the company's controlling parties during the reporting period - There were no commitments from the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or remained overdue during the reporting period[107](index=107&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Affiliates](index=27&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) There was no non-operating fund occupation by controlling shareholders or other related parties - The company did not experience any non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[108](index=108&type=chunk) [Irregular External Guarantees](index=27&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[109](index=109&type=chunk) [Appointment and Dismissal of Accounting Firm](index=27&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 was not audited - The company's semi-annual report was not audited[110](index=110&type=chunk) [Explanation of "Non-standard Audit Report" by the Board and Committees](index=27&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%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%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 as there was no non-standard audit report - There is no explanation from the Board of Directors, Supervisory Committee, or Audit Committee regarding a "non-standard audit report" for the current period[111](index=111&type=chunk) [Board's Explanation of Prior Year's "Non-standard Audit Report"](index=27&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 as there was no non-standard audit report in the prior year - There is no explanation from the Board of Directors regarding a "non-standard audit report" from the previous year[111](index=111&type=chunk) [Bankruptcy and Reorganization Matters](index=27&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 was not involved in any bankruptcy or reorganization matters - The company did not undergo any bankruptcy or reorganization matters during the reporting period[111](index=111&type=chunk) [Litigation Matters](index=27&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation but is enforcing a judgment in a minor case involving 0.80 million yuan - The company had no major litigation or arbitration matters during this reporting period[112](index=112&type=chunk) Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (10k Yuan) | Progress | Trial Result and Impact | Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | | Lawsuit against shareholders of Suizhong Hengye Glass Machine Co, Ltd for supplementary compensation liability | 79.75 | First-instance judgment | Judgment for supplementary compensation from one shareholder, not the other | In progress | [Penalties and Rectifications](index=28&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 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[114](index=114&type=chunk) [Integrity Status of the Company and Its Controlling Parties](index=28&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's actual controller and controlling shareholder maintain a good integrity status - The company's actual controller, the Zhuhai SASAC, has a good integrity status[115](index=115&type=chunk) - The company's controlling shareholder, Zhuhai Port Co, Ltd, has a good integrity status and had no unfulfilled court judgments or overdue major debts during the reporting period[115](index=115&type=chunk) [Major Related-Party Transactions](index=28&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) No major related-party transactions occurred, except for a contract energy management agreement for a photovoltaic project - The company had no related-party transactions related to daily operations, asset or equity acquisitions, joint investments, or related-party debts during the reporting period[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - A subsidiary signed a contract energy management agreement with an affiliate, Zhuhai Coca-Cola Beverage Co, Ltd, for a distributed photovoltaic project, which is deemed fair and beneficial for business development[123](index=123&type=chunk) [Major Contracts and Their Performance](index=29&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 major contracts such as trusteeships, contracting, leasing, or significant guarantees - The company had no trusteeship arrangements during the reporting period[125](index=125&type=chunk) - The company had no contracting arrangements during the reporting period[126](index=126&type=chunk) - The company had no leasing arrangements during the reporting period[127](index=127&type=chunk) - The company had no major guarantees during the reporting period[128](index=128&type=chunk) - The company had no other major contracts during the reporting period[129](index=129&type=chunk) [Other Significant Matters](index=30&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 disclosed for the reporting period - There were no other significant matters requiring disclosure for the reporting period[130](index=130&type=chunk) [Significant Matters of Subsidiaries](index=30&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 - There were no significant matters concerning the company's subsidiaries during the reporting period[131](index=131&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at 772,946,292 shares during the reporting period Changes in Share Capital | Item | Pre-Change Quantity (Shares) | Pre-Change Ratio | Change (+, -) (Shares) | Post-Change Quantity (Shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 10,586,775 | 1.37% | 0 | 10,586,775 | 1.37% | | II. Unrestricted Shares | 762,359,517 | 98.63% | 0 | 762,359,517 | 98.63% | | III. Total Shares | 772,946,292 | 100.00% | 0 | 772,946,292 | 100.00% | Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares (Shares) | Final Restricted Shares (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Lu Xiuqiang | 8,904,000 | 8,904,000 | Executive Lock-up | | Zhao Qingzhong | 1,082,775 | 1,082,775 | Executive Lock-up | | Gao Ying | 600,000 | 600,000 | Executive Lock-up | [Securities Issuance and Listing](index=32&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 did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[137](index=137&type=chunk) [Number of Shareholders and Shareholding Status](index=32&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the period-end, the company had 33,157 common shareholders, with Zhuhai Port Co, Ltd being the largest shareholder - At the end of the reporting period, the total number of common shareholders was **33,157**[138](index=138&type=chunk) Shareholding of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuhai Port Co, Ltd | State-owned Legal Person | 25.02% | 193,405,692 | 0 | 193,405,692 | | Hong Kong Hengtai Technology Co, Ltd | Foreign Legal Person | 8.40% | 64,920,320 | 0 | 64,920,320 | | Suqian Xinxing Investment Co, Ltd | Domestic Non-state-owned Legal Person | 6.69% | 51,746,244 | 0 | 51,746,244 | | Lu Xiuqiang | Domestic Natural Person | 1.54% | 11,872,000 | 8,904,000 | 2,968,000 | - Suqian Xinxing Investment Co, Ltd is jointly controlled by Mr Lu Xiuqiang and Ms Lu Xiuzhen; Hong Kong Hengtai Technology Co, Ltd is controlled by Mr Lu Xiangqi; Mr Lu Xiuqiang and Ms Lu Xiuzhen are husband and wife, and Mr Lu Xiangqi is their son[138](index=138&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&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) Deputy General Manager Zhao Qingzhong reduced his shareholding by 360,900 shares during the period Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Initial Shareholding (Shares) | Shares Reduced (Shares) | Final Shareholding (Shares) | | :--- | :--- | :--- | :--- | :--- | | Zhao Qingzhong | Deputy General Manager | 1,443,700 | 360,900 | 1,082,800 | [Changes in Controlling Shareholder or Actual Controller](index=34&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 - The company's controlling shareholder did not change during the reporting period[142](index=142&type=chunk) - The company's actual controller did not change during the reporting period[142](index=142&type=chunk) [Preferred Stock Information](index=35&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 has no preferred stock - The company had no preferred stock during the reporting period[143](index=143&type=chunk) Bond-related Matters [Bond-related Matters](index=36&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no bond-related matters to report - The company has no bond-related matters to report for the period[145](index=145&type=chunk) Financial Report [Audit Report](index=37&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 not audited - The company's semi-annual report was not audited[147](index=147&type=chunk) [Financial Statements](index=37&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 Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Period-End Balance (Yuan) | | :--- | :--- | | Total Assets | 3,120,827,268.47 | | Total Liabilities | 539,306,726.81 | | Total Equity Attributable to Parent Company | 2,579,901,901.63 | Key Data from Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 840,291,924.76 | | Operating Profit | 151,941,619.49 | | Total Profit | 151,234,543.30 | | Net Profit | 132,116,484.29 | | Net Profit Attributable to Parent Company Shareholders | 132,174,625.21 | Key Data from Consolidated Cash Flow Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 104,244,444.62 | | Net Cash Flow from Investing Activities | -1,008,175,191.32 | | Net Cash Flow from Financing Activities | -49,685,126.03 | | Net Increase in Cash and Cash Equivalents | -950,851,352.14 | [Company Basic Information](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, listed on the Shenzhen Stock Exchange since 2011, specializes in glass deep processing and is controlled by the Zhuhai SASAC - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on January 13, 2011, with stock code 300160[180](index=180&type=chunk) - As of June 30, 2025, the company's registered capital was **772.95 million yuan**, with Zhuhai Port Co, Ltd as the controlling shareholder and the Zhuhai SASAC as the actual controller[180](index=180&type=chunk) - The company's main business is glass deep processing, and its consolidation scope increased by one subsidiary during the period, bringing the total to 14[181](index=181&type=chunk)[182](index=182&type=chunk) [Taxes](index=90&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes and benefits from preferential policies, including a 15% corporate income tax rate Major Taxes and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6%, 5%, 3%, 0% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | See details below | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company is recognized as a high-tech enterprise and is eligible for a preferential **corporate income tax rate of 15%** from 2023 to 2025[368](index=368&type=chunk) - Subsidiary Sichuan Yongquan Glass Technology Co, Ltd also enjoys a 15% tax rate, while other subsidiaries qualify as small and micro enterprises with a 20% tax rate[368](index=368&type=chunk)[369](index=369&type=chunk) - The company qualifies as an advanced manufacturing enterprise, enjoying a **5% additional VAT deduction** policy until December 31, 2027[369](index=369&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&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 key items in the consolidated financial statements, including assets, liabilities, and income Key Items in Consolidated Financial Statements at Period-End | Item | Period-End Balance (Yuan) | | :--- | :--- | | Cash and Cash Equivalents | 478,687,682.63 | | Trading Financial Assets | 912,351,726.03 | | Notes Receivable | 386,801,697.63 | | Accounts Receivable | 388,042,461.71 | | Inventory | 171,428,964.66 | | Short-term Borrowings | 30,018,333.33 | | Notes Payable | 176,228,946.90 | | Accounts Payable | 100,439,706.30 | | Share Capital | 772,946,292.00 | | Retained Earnings | 662,421,558.43 | Key Items in Consolidated Income Statement for the Current Period | Item | Current Period Amount (Yuan) | | :--- | :--- | | Operating Revenue | 840,291,924.76 | | Operating Costs | 596,958,033.55 | | Financial Expenses | -981,547.11 | | Fair Value Gains | 5,464,571.24 | | Investment Income | 2,162,849.62 | | Credit Impairment Loss | -3,557,730.17 | | Asset Impairment Loss | -5,878,000.87 | - The provision for inventory write-down **increased by 5.88 million yuan** during the period, with a closing balance of 21.93 million yuan[420](index=420&type=chunk) [R&D Expenses](index=123&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 was 25.86 million yuan, a decrease of 5.15% year-on-year, with all expenses capitalized R&D Expense Breakdown | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 14,036,546.40 | 15,096,719.63 | | Direct Materials | 9,800,934.44 | 10,343,343.77 | | Depreciation and Amortization | 1,050,355.45 | 971,429.77 | | Other | 973,176.79 | 852,261.42 | | **Total** | **25,861,013.08** | **27,263,754.59** | | Of which: Expensed R&D | 25,861,013.08 | 27,263,754.59 | - R&D expenditure for the current period **decreased by 5.15%** year-on-year[57](index=57&type=chunk) [Changes in Consolidation Scope](index=123&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 consolidation scope expanded with the addition of one new wholly-owned subsidiary, Xiuqiang (Zhuhai) Technology Co, Ltd - The company invested 10 million yuan of its own funds to establish the wholly-owned subsidiary Xiuqiang (Zhuhai) Technology Co, Ltd, which was included in the consolidation scope from its establishment date on June 4, 2025[566](index=566&type=chunk) - There were no transactions or events resulting in the loss of control over any subsidiary during the period[565](index=565&type=chunk) [Interests in Other Entities](index=124&type=section&id=%E5%8D%81%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) The company holds interests in 14 subsidiaries across various industries and maintains a 10.52% stake in an associate company - The company has 14 subsidiaries engaged in R&D, manufacturing, wholesale, and new energy sectors[567](index=567&type=chunk) Shareholding Ratios in Key Subsidiaries | Subsidiary Name | Shareholding Ratio (Direct) | | :--- | :--- | | Jiangsu Xiuqiang New Material Research Institute Co, Ltd | 100.00% | | Sichuan Yongquan Glass Technology Co, Ltd | 100.00% | | Suzhou Shengfengyuan New Material Technology Co, Ltd | 60.00% | | Hebei Xiuda Glass Technology Co, Ltd | 51.00% | | Xiuqiang (Thailand) Co, Ltd | 98.00% | - Hebei Xiuda Glass Technology Co, Ltd is a significant non-wholly-owned subsidiary, with a minority interest of **49.00%**, and the loss attributable to minority shareholders for the period was 0.11 million yuan[571](index=571&type=chunk)[574](index=574&type=chunk) - The company holds a **10.52%** equity stake in Shanghai Lulian Intelligent Technology Co, Ltd, accounted for using the equity method[575](index=575&type=chunk) [Government Subsidies](index=125&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company received 6.27 million yuan in government subsidies, primarily recognized as other income Government Subsidies Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 6,270,047.04 | 3,767,412.88 | Changes in Deferred Income Related to Government Subsidies | Item | Opening Balance (Yuan) | New Subsidies (Yuan) | Recognized in Other Income (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Government Subsidies | 27,216,416.94 | 4,467,750.00 | 2,075,787.04 | 29,608,379.90 | - Government subsidies recognized in other income include asset-related grants for various technology upgrade projects and income-related grants for high-quality development and employment expansion[581](index=581&type=chunk) [Risks Related to Financial Instruments](index=127&type=section&id=%E5%8D%81%E4%BA%8C%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 established policies and continuous monitoring - The company's main financial instruments are exposed to **credit risk, liquidity risk, and market risk** (exchange rate and interest rate risk)[582](index=582&type=chunk) - As of June 30, 2025, **43.79% of accounts receivable** were concentrated among the top five customers, indicating a certain level of credit concentration risk[585](index=585&type=chunk) - As of June 30, 2025, the company had **778 million yuan** in credit lines from domestic banks, of which 180 million yuan had been utilized[586](index=586&type=chunk) - A **10% appreciation or depreciation** of the RMB against the USD and EUR would result in a decrease or increase in net profit of approximately **24.31 million yuan**, holding other factors constant[589](index=589&type=chunk) [Fair Value Disclosure](index=130&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) Assets measured at fair value totaled 922 million yuan, primarily comprising trading financial assets valued using Level 3 inputs Assets Measured at Fair Value at Period-End | Item | Period-End Fair Value (Yuan) | | :--- | :--- | | Trading Financial Assets | 912,351,726.03 | | Other Equity Instrument Investments | 665,667.82 | | Receivables Financing | 8,982,716.69 | | **Total Assets Continuously Measured at Fair Value** | **922,000,110.54** | - All items continuously measured at fair value are classified under **Level 3** of the fair value hierarchy[594](index=594&type=chunk) - Other equity instrument investments represent a 1.5428% stake in Zhongneng Lithium Battery Technology, whose fair value was re-measured in 2024 due to industry-wide losses and remained unchanged in H1 2025[595](index=595&type=chunk) [Related Parties and Transactions](index=131&type=section&id=%E5%8D%81%E5%9B%9B%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 parent is Zhuhai Port Co, Ltd, and it engaged in minor routine transactions with related parties - The company's parent company is Zhuhai Port Co, Ltd, and the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Zhuhai Municipal People's Government[598](index=598&type=chunk) - The company engaged in minor related-party transactions for procurement, leasing, and property services with affiliates of Zhuhai Port[603](index=603&type=chunk) Related-Party Payables | Item Name | Related Party | Period-End Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Payable | Zhuhai Port Information Technology Co, Ltd | 98,400.00 | [Commitments and Contingencies](index=134&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has outstanding capital contribution commitments of 107.66 million yuan to its subsidiaries and no significant contingencies Unfulfilled Capital Contributions to Subsidiaries | Subsidiary Name | Subscribed Capital (10k Yuan) | Paid-in Capital (10k Yuan) | Unpaid Capital (10k Yuan) | | :--- | :--- | :--- | :--- | | Jiangsu Xiuqiang New Material Research Institute Co, Ltd | 7,000.00 | 4,437.20 | 2,562.80 | | Jiangsu Boyuan International Trade Co, Ltd | 1,000.00 | 1.00 | 999.00 | | Shaanxi Xiuqiang Green Building Technology Co, Ltd | 4,000.00 | 6.02 | 3,993.98 | | Xiuqiang (Zhuhai) Technology Co, Ltd | 1,000.00 | 0.00 | 1,000.00 | | Zhuhai Port Xiuqiang New Energy Technology Co, Ltd | 10,000.00 | 7,790.00 | 2,210.00 | | **Total** | **23,000.00** | **12,234.22** | **10,765.78** | - The company has no significant contingencies to disclose[616](index=616&type=chunk)[617](index=617&type=chunk) [Post-Balance Sheet Events](index=135&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) There are no post-balance sheet events to disclose - The company has no post-balance sheet events to disclose[619](index=619&type=chunk) [Other Important Matters](index=135&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has no other significant matters to report and operates as a single segment in glass product manufacturing - The company has no other important matters such as prior period error corrections, debt restructuring, or asset swaps to report for the period[620](index=620&type=chunk)[621](index=621&type=chunk) - The company operates in a single business segment, the production of glass products, and therefore does not present segment information in its financial statements[624](index=624&type=chunk) [Supplementary Information](index=143&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring items and key financial ratios, with non-recurring profit totaling 9.61 million yuan Details of Non-recurring Profit and Loss for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,241,018.93 | | Government Subsidies Included in Current Profit/Loss | 6,270,047.04 | | Fair Value Gains/Losses and Gains/Losses on Disposal of Financial Assets and Liabilities | 6,881,414.87 | | Net Other Non-recurring Items | -707,076.19 | | Income Tax Impact | -1,694,372.46 | | Minority Interest Impact (After Tax) | -8,789.11 | | **Total** | **9,610,023.21** | Return on Equity and Earnings Per Share | Profit for the Period | Weighted Average Return on Equity | Basic EPS (Yuan/Share) | Diluted EPS (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 5.13% | 0.17 | 0.17 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | 4.75% | 0.16 | 0.16 | - There are no differences in net profit or net assets between financial reports prepared under Chinese Accounting Standards and International Accounting Standards[664](index=664&type=chunk)

浙江出版传媒股份有限公司2025 年半年度报告 公司代码：601921 公司简称：浙版传媒 浙江出版传媒股份有限公司 2025 年半年度报告 1 / 195 浙江出版传媒股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人程为民、主管会计工作负责人施慧光及会计机构负责人（会计主管人员）施慧 光声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的重大风险。公司已在本报告中详细描述 可能存在的相关风险，敬请查阅第三节"管理层讨论与分析"之"可能面对的风险"有关内容。 经公司2024年年度股东大会授权，公司第三届董事会第七次会议于2025年8月21日审议通过了 《关于 ...

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郑州安图生物工程股份有限公司2025 年半年度报告 公司代码：603658 公司简称：安图生物 郑州安图生物工程股份有限公司 2025 年半年度报告 1 / 202 郑州安图生物工程股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人杨增利、主管会计工作负责人冯超姐及会计机构负责人（会计主管人员）杨玉 红声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 无 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关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 十、 重 ...

合肥颀中科技股份有限公司2025 年半年度报告 二、 重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险，敬请查阅本报告"第 三节管理层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 公司代码：688352 公司简称：颀中科技 合肥颀中科技股份有限公司 2025 年半年度报告 1 / 187 合肥颀中科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 五、 公司负责人杨宗铭、主管会计工作负责人余成强及会计机构负责人（会计主管人员）王媛 媛声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度利润分配预案为：公司拟以实施权益分派股权登记日登记的总股本扣减公 司回购专用证券账户中的股份为基数，向全体股东每10股派发现金红利0.5元（含税）。截至2025 年7月31日，公司总股本为1,189,03 ...

0 玉禾田环境发展集团股份有限公司 2025 年半年度报告全文 证券代码：300815 证券简称：玉禾田 公告编号：2025-058 玉禾田环境发展集团股份有限公司 2025 年半年度报告 2025 年 8 月 22 日 玉禾田环境发展集团股份有限公司 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。 公司负责人鲍江勇、主管会计工作负责人华晓锋及会计机构负责人(会计 主管人员)林克展声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的发展战略及未来计划等前瞻性陈述不构成公司对投资 者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并请理 解计划、展望规划与承诺之间的差异。敬请广大投资者理性投资，注意投资 风险。 本公司请投资者认真阅读本报告全文，公司在本报告第三节"管理层讨 论与分析"之"十、公司面临的风险和应对的措施"中描述了公司未来经营 可能面临的主要风险及应对措施，敬 ...

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial disclaimers, a detailed report structure, and a glossary of key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The company's board and senior management declare the semi-annual report's truthfulness, accuracy, and completeness, and advise investors of risks, with no plans for cash dividends, bonus shares, or capital increase from capital reserves - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - Company head Wang Zhaozhong, chief accountant Li Yanping, and head of accounting Zhu Jing declare the truthfulness, accuracy, and completeness of the financial report[4](index=4&type=chunk) - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's eight main chapters, including important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports, along with a list of reference documents - The report comprises eight main chapters, covering comprehensive information on the company's operations, financials, governance, and significant matters[8](index=8&type=chunk) - Reference documents include the original semi-annual report signed by the legal representative, financial statements, original drafts of publicly disclosed documents, and other materials, available at the company's board of directors office[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, covering company names, related parties, financial units, reporting period, and professional terms related to the semiconductor display industry - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Key technical terms include Liquid Crystal Display (Open Cell), Backlight Unit (BLU), TFT-LCD, OLED, LED, Mini-LED, Micro LED, AR, and VR[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics and indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Hanbo High-tech, stock ticker "Hanbo High-tech" (301321), is listed on the Shenzhen Stock Exchange, with Wang Zhaozhong as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hanbo High-tech | | Stock Code | 301321 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Hanbo High-tech Materials (Hefei) Co., Ltd. | | Legal Representative | Wang Zhaozhong | [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Pan Dasheng, located at No. 699 Dayu Road, Xinzhan District, Hefei, with phone 0551-64369688 and email hibrzq@hibr.com.cn Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Pan Dasheng | No. 699 Dayu Road, Xinzhan District, Hefei | 0551-64369688 | hibrzq@hibr.com.cn | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, the company's contact information, information disclosure, and document storage locations remained unchanged, while the registered address changed to No. 2136 Tianshui Road, Xinzhan District, Hefei, with industrial and commercial registration completed on June 12, 2025 - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registered address changed to No. 2136 Tianshui Road, Xinzhan District, Hefei, on June 12, 2025, and industrial and commercial registration was completed[19](index=19&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by **50.84%** year-on-year, net loss attributable to shareholders narrowed by **59.91%**, and net cash flow from operating activities significantly grew by **165.54%**. Total assets increased by **9.11%**, while net assets attributable to shareholders decreased by **8.60%** Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,554,291,575.98 | 1,030,413,393.15 | 50.84% | | Net Profit Attributable to Shareholders of Listed Company | -26,449,439.70 | -65,970,127.81 | 59.91% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | -35,978,570.99 | -68,501,705.90 | 47.48% | | Net Cash Flow from Operating Activities | 112,481,006.88 | -171,624,812.35 | 165.54% | | Basic Earnings Per Share | -0.1717 | -0.3621 | 52.58% | | Diluted Earnings Per Share | -0.1717 | -0.3621 | 52.58% | | Weighted Average Return on Net Assets | -2.61% | -5.31% | 2.70% | | **Current Period End vs. Prior Year End** | | | | | Total Assets | 5,755,144,544.10 | 5,274,486,747.66 | 9.11% | | Net Assets Attributable to Shareholders of Listed Company | 952,474,030.99 | 1,042,147,976.95 | -8.60% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between international accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) - The company reported no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards during the reporting period[22](index=22&type=chunk) [VI. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **9.53 million Yuan**, primarily from government subsidies recognized in current profit, with a negative impact from disposal of non-current assets Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -793.63 | | Government grants recognized in current profit or loss | 13,092,762.16 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | 46,392.21 | | Other non-operating income and expenses apart from the above | -714,197.39 | | Less: Income tax impact | -98,594.13 | | Impact on minority interests (after tax) | 2,993,626.19 | | Total | 9,529,131.29 | [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, and future outlook [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company is a one-stop integrated solution provider for semiconductor display panel backlight modules and key components, with products widely used in laptops, automotive displays, and VR. During the reporting period, the company focused on expanding the automotive backlight display module market and advancing its Vietnam smart manufacturing base for global expansion. The display industry shows good development driven by consumer electronics recovery and automotive market expansion, with backlight modules evolving towards thin, high-brightness, eco-friendly, and smart directions - The company is a one-stop integrated solution provider for semiconductor display panel backlight modules and key components, with products applied in laptops, tablets, desktop displays, automotive displays, medical and industrial control monitors, and VR terminal products[27](index=27&type=chunk) - During the reporting period, the company focused on developing and expanding the automotive backlight display module market, successfully designing and developing various automotive backlight products such as anti-peep, curved, ultra-thin, ultra-narrow, and irregular displays, and collaborating with numerous Tier1 suppliers and vehicle manufacturers[28](index=28&type=chunk) - To deepen its global layout, the company officially advanced the construction of its Bac Giang backlight display module base and Ho Chi Minh precision structural parts base in Vietnam, building a vertical industry chain system covering Southeast Asia[29](index=29&type=chunk) [(I) Company Profile](index=9&type=section&id=(I)%20Company%20Profile) The company aims to be the "preferred partner in the semiconductor display industry," offering integrated solutions for backlight display modules and components, widely used in various display devices, with manufacturing bases in multiple locations - The company's vision is to "become the preferred partner in the semiconductor display industry," providing integrated services for optical design, light guide plate design, precision mold design, overall structural design, and intelligent product manufacturing[27](index=27&type=chunk) - Main products include backlight display modules and related components, widely used in terminal products such as laptops, tablets, desktop displays, automotive displays, medical and industrial control monitors, and VR[27](index=27&type=chunk) [(II) Main Business and Products](index=9&type=section&id=(II)%20Main%20Business%20and%20Products) The company's main business includes TFT-LCD and Mini-LED backlight display modules, along with core components like light guide plates, precision structural parts, and various films, with Mini-LED modules offering high color gamut, contrast, and brightness - The company primarily deals in TFT-LCD backlight display modules, providing a moderately bright and uniformly distributed planar light source[30](index=30&type=chunk) - Mini-LED backlight display modules offer display advantages such as high color gamut, high contrast, and high brightness, with chip sizes between **50-200μm**[32](index=32&type=chunk) - Key components of backlight display modules include light guide plates (core component), precision structural parts (front frame, back shell, frame, backplate), reflective films, diffusion films, prism films, and adhesive products[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [(III) Main Business Model](index=11&type=section&id=(III)%20Main%20Business%20Model) The company's operating model remained largely unchanged, primarily adopting a procurement model where a supply chain management center develops suppliers and local departments handle mass production purchases; an order-based sales model through proactive customer engagement; and a build-to-order production model after customer certification, continuously optimizing processes and strengthening smart manufacturing - Procurement model: The supply chain management center is responsible for new supplier development and assessment, while local procurement departments lead raw material procurement during the mass production phase[42](index=42&type=chunk)[43](index=43&type=chunk) - Sales model: The company proactively develops potential customers and engages in direct communication and business negotiations to secure orders, primarily using an order-based sales approach, divided into domestic and export sales[45](index=45&type=chunk) - Production model: Production is based on sales orders, entering mass production after customer testing and certification, with a focus on optimizing production processes, strengthening production management systems, lean manufacturing, and smart manufacturing[46](index=46&type=chunk) [(I) Industry Market Conditions](index=13&type=section&id=(I)%20Industry%20Market%20Conditions) In H1 2025, the display industry showed strong growth driven by consumer electronics recovery, expanding automotive display markets, new technology iterations (Mini-LED, OLED), and AI adoption, with LCD remaining dominant while new display technologies accelerate - In the first half of 2025, the display industry experienced favorable development driven by multiple factors, including the recovery of the consumer electronics market, expansion of the automotive display market, iteration of new technologies, and the popularization of AI technology[48](index=48&type=chunk) - LCD technology maintains its mainstream position in the display market due to its mature industry chain, high yield, and low cost advantages[48](index=48&type=chunk) - New display technologies such as Mini-LED and OLED are accelerating their iteration, with Mini-LED enhancing display effects through fine local dimming, and OLED favored in high-end smartphones and other fields[48](index=48&type=chunk) [(II) Industry Development Trends](index=13&type=section&id=(II)%20Industry%20Development%20Trends) The LCD panel market is seeing shifts in competition, with China's capacity growing, projecting a significant increase in global LCD capacity by 2026. Backlight module trends include thinner designs, ultra-narrow bezels, high brightness/contrast, environmental sustainability, and intelligent customization to meet diverse terminal device and application needs - The competitive landscape of the LCD panel market is changing, with China's mainland LCD capacity projected to increase to **278 million square meters** by 2026, and global LCD capacity to **358 million square meters**[49](index=49&type=chunk) - Backlight modules are evolving towards thinner designs and ultra-narrow bezels, utilizing ultra-thin light guide plates and new optical film materials[50](index=50&type=chunk) - Backlight modules are developing towards high brightness and high contrast, adopting Mini-LED and Micro-LED backlight technologies, combined with quantum dot technology[51](index=51&type=chunk) - Backlight modules are moving towards environmental protection and sustainable development, using mercury-free LED light sources, recyclable materials, and low-energy consumption designs[53](index=53&type=chunk) - Backlight modules are advancing towards intelligence and customization, meeting the specific application needs of smart homes, automotive displays, and medical displays[54](index=54&type=chunk) [(III) Company's Industry Position](index=14&type=section&id=(III)%20Company%27s%20Industry%20Position) Leveraging years of technical expertise, the company possesses comprehensive Mini-LED development capabilities and is one of the few domestic manufacturers integrating backlight module design, optical development, precision structural parts, optical materials, and adhesive product processing with automated production. The company has established strong partnerships with leading panel makers like BOE and CSOT, and terminal clients such as Huawei and NIO, solidifying its position as a major backlight display module manufacturer in China - The company possesses optical design capabilities and comprehensive development technology in the Mini-LED field, mastering and mass-producing technologies related to thin, narrow-bezel, irregular, and high-brightness backlight display modules[55](index=55&type=chunk) - The company is one of the few domestic manufacturers simultaneously possessing capabilities in backlight display module design, optical development, precision structural parts, optical materials, adhesive product precision processing, and automated production[55](index=55&type=chunk) - The company has established close cooperative relationships with renowned panel enterprises such as BOE and CSOT, and terminal customers like Huawei, Lenovo, and NIO, solidifying its market position[55](index=55&type=chunk) [II. Core Competitiveness Analysis](index=14&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its technological advantages, integrated structural design capabilities, intelligent manufacturing, strong customer certifications, economies of scale, and continuous R&D. Its product matrix covers diverse applications, excelling in Mini-LED and HUD backlight systems, and holds 418 registered patents, with ongoing investment in smart manufacturing and long-term partnerships with key clients, while leveraging scale to reduce costs and enhance R&D in smart cockpit displays and automotive electronics - The company's product matrix comprehensively covers diverse application scenarios such as laptops, tablets, desktop monitors, automotive displays, medical monitors, and industrial control monitors, building the most complete product system for backlight display modules in China[57](index=57&type=chunk) - The company masters advanced technologies like tablet punch-hole screen development and automotive backlight module production, possessing core technologies in light guide plates such as optical simulation and dot pattern design, and has developed HUD backlight systems and front light plate technology[57](index=57&type=chunk)[58](index=58&type=chunk) - In the first half of 2025, the company received the "Special Contribution to Industry Chain Project" award for its innovative anti-peep light guide plate technology, holding **418 registered patents** (including **108 invention patents**) by the end of the reporting period[58](index=58&type=chunk) - The company has achieved automated production of backlight display modules for laptops and tablets, continuously investing in smart manufacturing to improve yield, efficiency, and reduce costs[60](index=60&type=chunk) - The company has established close cooperative relationships with renowned panel enterprises such as BOE and CSOT, and terminal customers like Huawei and NIO, demonstrating a customer certification advantage[61](index=61&type=chunk) - The company focuses on medium-sized backlight display modules, reducing costs through scaled and standardized production, improving yield rates and bargaining power, thus forming an advantage of economies of scale[63](index=63&type=chunk) - The company continuously deepens its innovation and R&D system, focusing on cutting-edge fields such as Mini-LED curved displays, ultra-narrow bezel TLCM, ultra-thin backlights, and automotive HUD display systems, and possesses full-chain process technology advantages in smart cockpit displays and automotive electronics[64](index=64&type=chunk) [(I) Technological Advantages](index=14&type=section&id=(I)%20Technological%20Advantages) The company, leveraging deep technical accumulation, offers a product matrix covering diverse application scenarios and masters advanced technologies like tablet punch-hole screen development and automotive backlight module production. In light guide plates, it possesses core technologies such as optical simulation and dot pattern design, successfully developing HUD backlight systems and front light plate technology. In H1 2025, the company received the "Special Contribution to Industry Chain Project" award for its innovative anti-peep light guide plate technology, holding 418 registered patents, including 108 invention patents, by the end of the reporting period - The company's product matrix comprehensively covers diversified application scenarios such as laptops, tablets, desktop monitors, automotive displays, medical monitors, and industrial control monitors[57](index=57&type=chunk) - It masters advanced technologies like tablet punch-hole screen development and automotive backlight module production, possessing core technologies in light guide plates such as optical simulation and dot pattern design[57](index=57&type=chunk) - The developed HUD backlight system adopts an innovative optical architecture, configured with double-sided micro-structured lens plates to enhance brightness and clarity; the independently developed front light plate technology forms a micro-structured dot array through nano-imprinting to achieve a uniform planar light source[57](index=57&type=chunk)[58](index=58&type=chunk) - In the first half of 2025, the company received the "Special Contribution to Industry Chain Project" award for its innovative anti-peep light guide plate technology[58](index=58&type=chunk) - As of the end of the reporting period, the company held a total of **418 registered patents**, including **108 invention patents**; **8 new registered patents** were added, including **3 invention patents**[58](index=58&type=chunk) [(II) Integrated Structural Design Capability](index=15&type=section&id=(II)%20Integrated%20Structural%20Design%20Capability) As a one-stop integrated solution provider for backlight display modules, the company's industrial layout encompasses optical design, light guide plate design, and precision mold design. Through years of technical accumulation, the company can independently optimize each component of the backlight display module for best performance and possesses comprehensive development capabilities in Mini-LED backlight, including lamp board circuit design, layout, signal processing, and opto-mechanical design - The company's industrial layout covers optical design, light guide plate design, and precision mold design for backlight display modules[59](index=59&type=chunk) - It possesses optical design capabilities to independently adjust the size, tolerance, and performance of each component of the backlight display module to achieve optimal results[59](index=59&type=chunk) - In the Mini-LED backlight field, it possesses comprehensive development technical capabilities, including lamp board circuit design, layout, signal processing, and opto-mechanical design[59](index=59&type=chunk) [(III) Intelligent Manufacturing Capability](index=15&type=section&id=(III)%20Intelligent%20Manufacturing%20Capability) The company has achieved automated production of backlight display modules for laptops and tablets, significantly improving product yield and production efficiency. It continuously increases investment in smart manufacturing to enhance product precision, yield, reduce labor costs, and achieve lean and digital production - The company has achieved automated production of backlight display modules for laptops and tablets, significantly improving yield and production efficiency[60](index=60&type=chunk) - It continuously increases investment in smart manufacturing to enhance automation levels, thereby improving product precision and yield, reducing labor costs, and achieving lean and digital production[60](index=60&type=chunk) [(IV) Customer Certification Advantage](index=15&type=section&id=(IV)%20Customer%20Certification%20Advantage) The company's downstream customers are concentrated among well-known domestic and international equipment manufacturers, requiring strict and lengthy product and supplier certification processes to establish partnerships. By closely collaborating with customers, the company deeply understands their needs and industry trends, developing and producing market-compliant products to enhance competitiveness - The company's downstream customers are liquid crystal display panel manufacturers, with a relatively concentrated market share, requiring strict and lengthy product and supplier certification processes to introduce suppliers[61](index=61&type=chunk) - Through close cooperation with customers, the company can more deeply understand their core needs, product change trends, and the latest industry requirements, which helps in developing market-compliant products and improving customer satisfaction[61](index=61&type=chunk) [(V) Economies of Scale Advantage](index=15&type=section&id=(V)%20Economies%20of%20Scale%20Advantage) Focusing on medium-sized backlight display modules, the company has become one of the largest manufacturers in China, with a stable market position. Through scaled and standardized production, the company has accumulated core technologies and production experience, effectively reducing manufacturing costs, improving yield rates, and enhancing bargaining power and profitability, exhibiting a Matthew effect in securing large orders - The company focuses on medium-sized backlight display modules and has become one of the largest manufacturers in China, with a stable market position[63](index=63&type=chunk) - Through scaled and standardized production, the company effectively reduces product manufacturing costs, improves yield rates, and enhances bargaining power and profitability[63](index=63&type=chunk) - Leading backlight display module manufacturers experience a Matthew effect in securing orders, where those with high product quality and fast delivery speeds can secure large-scale orders at once[63](index=63&type=chunk) [(VI) Continuous R&D Advantage](index=16&type=section&id=(VI)%20Continuous%20R%26D%20Advantage) With R&D innovation as its core competitiveness, the company started with precision processing of optical materials and adhesive products, gradually expanding into systematic design and production of backlight display modules. It has established a comprehensive customized product development system, focusing on cutting-edge technologies such as Mini-LED curved displays, ultra-narrow bezel TLCM, and automotive HUD display systems, continuously increasing R&D investment, and building a professional technical talent pipeline to strengthen its full-chain process technology advantages in smart cockpit displays and automotive electronics - The company leverages R&D innovation as its core competitiveness, providing overall backlight display solutions that combine excellent optical performance with reasonable cost-effectiveness[64](index=64&type=chunk) - Technology R&D focuses on cutting-edge fields such as Mini-LED curved displays, ultra-narrow bezel TLCM modules, ultra-thin backlight technology, automotive HUD display systems, and innovative applications of front light guide plates[64](index=64&type=chunk) - The company possesses full-chain process technology in smart cockpit displays and automotive electronics, including OCA/OCR optical adhesive precision lamination, CG surface high-performance 3A optical film lamination, LCM/TLCM process integration, and key PCBA self-manufacturing technology[64](index=64&type=chunk) [III. Main Business Analysis](index=16&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's main business revenue increased by **50.84%** year-on-year, primarily due to increased sales orders. Backlight module product revenue grew by **69.83%** with a **1.80%** increase in gross margin, while backlight module component revenue increased by **9.69%** with a slight decrease in gross margin. The company's main revenue comes from domestic direct sales, with backlight module and component capacity utilization rates of **57.62%** and **61.36%** respectively Key Financial Data Year-on-Year Changes | Item | Current Period (CNY) | Prior Year (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,554,291,575.98 | 1,030,413,393.15 | 50.84% | Primarily due to increased sales orders, leading to higher revenue | | Operating Cost | 1,389,140,367.58 | 917,732,884.79 | 51.37% | Primarily due to increased revenue, leading to higher costs | | Financial Expenses | 41,157,425.36 | 20,720,074.94 | 98.64% | Primarily due to increased interest expenses and decreased exchange gains | | Net Cash Flow from Operating Activities | 112,481,006.88 | -171,624,812.35 | 165.54% | Primarily due to increased customer collections during the reporting period | | Net Cash Flow from Investing Activities | -184,725,891.56 | 16,720,847.87 | -1,204.76% | Primarily due to increased payments for engineering equipment in the current period and large proceeds from equipment resale in the prior period | | Net Cash Flow from Financing Activities | 64,389,929.16 | 158,382,945.84 | -59.35% | Primarily due to a year-on-year decrease in share repurchases during the reporting period | | Net Increase in Cash and Cash Equivalents | -7,955,529.41 | 6,030,622.61 | -231.92% | Primarily due to large proceeds from equipment resale in the prior period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Backlight Modules | 1,178,978,538.84 | 1,089,959,371.14 | 7.55% | 69.83% | 66.58% | 1.80% | | Backlight Module Components | 309,655,939.65 | 245,729,455.07 | 20.64% | 9.69% | 11.17% | -1.06% | - The company's main source of income is domestic sales, with a direct sales model, accounting for **100%** of operating revenue in the current reporting period[69](index=69&type=chunk) Main Product Capacity | Product Name | Capacity | Production Volume | Capacity Utilization Rate | Capacity Under Construction | | :--- | :--- | :--- | :--- | :--- | | Backlight Modules | 37,490.71 | 21,601.70 | 57.62% | 7,291 | | Backlight Module Components | 294,358.89 | 180,625.81 | 61.36% | - | [IV. Non-Main Business Analysis](index=18&type=section&id=IV.%20Non-Main%20Business%20Analysis) During the reporting period, non-main business activities impacted total profit, with negative investment income, significant asset impairment losses, and other income primarily from sustainable government subsidies Impact of Non-Main Business on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -4,821,601.60 | 7.96% | Primarily investment income from long-term equity investments accounted for using the equity method | Yes | | Asset Impairment | -16,109,400.51 | 26.60% | Primarily provision for inventory depreciation | Yes | | Non-operating Income | 348,538.62 | -0.58% | Primarily approved payables no longer required to be paid, and compensation for breach of contract and quality deductions | No | | Non-operating Expenses | 1,657,279.61 | -2.74% | Primarily losses from destruction and scrapping of non-current assets | No | | Gains from Asset Disposal | 593,749.97 | -0.98% | Primarily gains from disposal of equipment | No | | Other Income | 28,132,795.53 | -46.46% | Primarily government grants recognized in current profit or loss | Yes | | Credit Impairment Losses | -2,184,180.37 | 3.61% | Primarily provision for doubtful accounts on accounts receivable | Yes | [V. Analysis of Assets and Liabilities](index=18&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **9.11%**, with monetary funds and accounts receivable significantly growing due to increased sales collections and revenue scale. Short-term borrowings decreased, long-term borrowings increased, and lease liabilities and contract liabilities declined. The company had no major overseas assets or financial assets and liabilities measured at fair value, and asset restrictions are detailed in the financial report notes Significant Changes in Asset Composition | Item | Amount at Period End (CNY) | Proportion of Total Assets | Amount at Prior Year End (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 986,047,452.87 | 17.13% | 839,000,932.10 | 15.91% | 1.22% | Primarily due to increased sales collections during the reporting period | | Accounts Receivable | 1,070,768,758.09 | 18.61% | 854,619,240.13 | 16.20% | 2.41% | Primarily due to increased revenue scale during the reporting period | | Inventories | 481,760,570.51 | 8.37% | 502,423,418.75 | 9.53% | -1.16% | - | | Long-term Equity Investments | 173,775,924.84 | 3.02% | 178,643,918.65 | 3.39% | -0.37% | - | | Fixed Assets | 1,566,519,825.91 | 27.22% | 1,582,289,261.04 | 30.00% | -2.78% | - | | Construction in Progress | 655,821,023.37 | 11.40% | 578,255,231.80 | 10.96% | 0.44% | - | | Right-of-Use Assets | 9,565,043.28 | 0.17% | 16,597,049.21 | 0.31% | -0.14% | Primarily due to termination of some leases and depreciation during the reporting period | | Short-term Borrowings | 352,513,550.52 | 6.13% | 468,484,575.95 | 8.88% | -2.75% | Primarily due to repayment of borrowings during the reporting period | | Contract Liabilities | 969,559.32 | 0.02% | 2,328,168.49 | 0.04% | -0.02% | Primarily due to decreased advance receipts for goods during the reporting period | | Lease Liabilities | 6,292,037.71 | 0.11% | 12,155,479.93 | 0.23% | -0.12% | Primarily due to termination of some leases and amortization during the reporting period | | Long-term Borrowings | 1,255,610,390.35 | 21.82% | 1,125,944,173.14 | 21.35% | 0.47% | - | - The company had no major overseas assets during the reporting period[75](index=75&type=chunk) - Financial assets measured at fair value at period-end amounted to **43,703,329.79 Yuan**, primarily due to an increase in notes receivable financing[76](index=76&type=chunk) - Information on restricted asset rights is detailed in the financial report notes[77](index=77&type=chunk) [VI. Investment Analysis](index=19&type=section&id=VI.%20Investment%20Analysis) During the reporting period, the company's investment decreased by **24.40%** year-on-year. Major non-equity investment projects include the annual production of 9 million Mini-LED lamp boards, TFT-LCD backlight and optical materials production, and display technology backlight module projects, all under construction, funded by self-owned capital, financial institution loans, and raised funds. The company had no significant equity investments, financial assets measured at fair value, or use of raised funds, with minor entrusted wealth management but no derivative investments or entrusted loans Investment Amount During the Reporting Period | Indicator | Investment Amount (CNY) | Investment Amount in Prior Year (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 94,693,161.80 | 125,248,970.51 | -24.40% | - There were no significant equity investments during the reporting period[78](index=78&type=chunk) Major Non-Equity Investment Projects | Project Name | Investment in Current Period (CNY) | Cumulative Investment as of Period End (CNY) | Funding Source | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Annual Production of 9 Million Mini-LED Lamp Boards and Other Projects | 78,413,840.66 | 1,016,707,262.16 | Self-owned funds, financial institution loans | 56.22% | | TFT LCD Backlight and Optical Materials Production Project | 16,195,199.90 | 462,445,071.77 | Self-owned funds, financial institution loans, raised funds | 54.87% | | Display Technology Backlight Module Project | 84,121.24 | 348,483,272.82 | Self-owned funds, government advances, raised funds | 97.38% | - The company had no use of raised funds during the reporting period[80](index=80&type=chunk) Overview of Entrusted Wealth Management | Source | Amount Incurred (CNY 10,000) | Unmatured Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | Impairment Provision (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Self-owned funds (brokerage wealth management products) | 357.93 | 0 | 0 | 0 | | Self-owned funds (bank wealth management products) | 5,000 | 0 | 0 | 0 | | Total | 5,357.93 | 0 | 0 | 0 | - The company had no derivative investments or entrusted loans during the reporting period[84](index=84&type=chunk)[85](index=85&type=chunk) [VII. Significant Asset and Equity Sales](index=21&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[86](index=86&type=chunk) - The company did not sell significant equity during the reporting period[87](index=87&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries include Chongqing Boshuo Optoelectronics, Boxun Optoelectronics Technology (Hefei), Bojing Technology (Chuzhou) etc., with businesses covering backlight display modules, light guide plates, and Mini-LED production. During the reporting period, the company established Guangzhou Ouxun Materials Co., Ltd. and deregistered Chuzhou Boxin Digital Technology Co., Ltd Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Operating Profit (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Boshuo Optoelectronics Co., Ltd. | Subsidiary | Production, R&D, and sales of backlight display modules and light guide plates, precision processing of optical films | 13,231.00 | 109,763.82 | 39,780.18 | 32,889.42 | 2,370.18 | 1,878.46 | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | Subsidiary | Primarily engaged in the production, R&D, and sales of backlight display modules and light guide plates, precision processing of optical films | 53,192.40 | 233,457.97 | 53,930.90 | 49,240.17 | -653.05 | -341.46 | | Bojing Technology (Chuzhou) Co., Ltd. | Subsidiary | Primarily engaged in the production, R&D, and sales of MINI-LED | 80,000.00 | 315,245.14 | 59,806.60 | 104,231.25 | -3,562.58 | -3,528.97 | | Hefei Xingchen New Materials Co., Ltd. | Subsidiary | Primarily engaged in the production, R&D, and sales of optical films for backlight modules in the LCD industry | 400.00 | 27,544.30 | 12,707.36 | 13,387.10 | 1,249.83 | 1,141.07 | | Hefei Herenchang Technology Co., Ltd. | Subsidiary | Primarily engaged in R&D, production, processing, sales, and technical consulting services for mobile communication, flat panel displays and components | 2,300.00 | 9,926.12 | 1,981.38 | 2,878.68 | 546.64 | 411.02 | | Bosheng Technology (Chuzhou) Co., Ltd. | Subsidiary | Primarily engaged in the production, R&D, and sales of automotive parts and accessories | 5,300.00 | 12,422.27 | 2,238.79 | 6,758.41 | -2,597.44 | -1,857.42 | | Chongqing Bumming Optoelectronics Technology Co., Ltd. | Subsidiary | Primarily engaged in R&D and production of LCD adhesive frames; design and sales of precision molds | 500.00 | 13,386.48 | 12,075.69 | 2,837.24 | 686.38 | 794.94 | | Chongqing Hanbo Display Technology Co., Ltd. | Subsidiary | Primarily engaged in the production, R&D, and sales of backlight display modules | 8,000.00 | 68,826.20 | 4,906.19 | 14,136.03 | -1,974.22 | -1,349.79 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Guangzhou Ouxun Materials Co., Ltd. | Establishment | No significant impact | | Chuzhou Boxin Digital Technology Co., Ltd. | Deregistration | No significant impact | [IX. Structured Entities Controlled by the Company](index=23&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[90](index=90&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=23&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks related to new capacity digestion, customer concentration, display technology iteration, declining comprehensive gross margin, loss of key technical personnel, and insufficient management and internal control effectiveness. The company has formulated corresponding countermeasures, including strengthening market research, expanding customers, increasing R&D investment, optimizing cost control, improving talent cultivation and management models, to address potential challenges - Risk of new capacity digestion: The company has ongoing construction projects at multiple production bases; unfavorable market demand or lagging market development may lead to new capacity not being absorbed in a timely manner. Countermeasures include strengthening market research, expanding customers, and optimizing product structure[90](index=90&type=chunk) - Risk of customer concentration: The company maintains close cooperation with renowned manufacturers such as BOE and Innolux; a decrease in demand from major customers or their shift to other suppliers would adversely affect performance. Countermeasures include deepening existing cooperation and actively expanding new customers[91](index=91&type=chunk) - Risk of display technology iteration: The company's products are primarily used in the LCD display field; if emerging technologies such as OLED, Mini-LED direct display, and Micro-LED achieve breakthroughs and cost reductions, they will challenge the mainstream position of LCD. Countermeasures include increasing R&D investment, focusing on emerging technologies, and optimizing LCD product performance[92](index=92&type=chunk) - Risk of declining comprehensive gross margin: Intensified industry competition, changes in market demand, and rising labor costs may lead to a decline in gross margin. Countermeasures include strengthening cost control, developing new high-gross margin products, and optimizing product structure[93](index=93&type=chunk)[94](index=94&type=chunk) - Risk of loss of key technical personnel and insufficient top technical talent: Insufficient compensation competitiveness or imperfect internal promotion systems may lead to talent loss. Countermeasures include improving talent cultivation and promotion mechanisms and strengthening corporate culture construction[95](index=95&type=chunk) - Risk of insufficient management and internal control effectiveness: Rapid expansion of business scale places higher demands on management levels and talent reserves. Countermeasures include improving the company's management model, optimizing organizational structure, and strengthening talent reserves and cultivation[96](index=96&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=24&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted investors and institutions through online platforms and on-site research, with details available in the investor relations activity record table on Juchao Information Network Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | Index of Basic Research Information | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | May 16, 2025 | Online Platform Online Communication | Online Platform Online Communication | Other | All investors participating in the performance briefing | See Investor Relations Activity Record Form (2025-001) for details | Juchao Information Network | | June 26, 2025 | Company Meeting Room | On-site Research | Institutions | Northeast Securities, Chaos Investment, Huaan Securities | See Investor Relations Activity Record Form (2025-002) for details | Juchao Information Network | [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[98](index=98&type=chunk) - The company has not disclosed a valuation enhancement plan[98](index=98&type=chunk) [XIII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=25&type=section&id=XIII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) 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[98](index=98&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=25&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, employee incentives, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, supervisors Zhou Jiansheng, Xiao Zhiguang, and Sheng Huaixue resigned due to supervisory board reform Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhou Jiansheng | Supervisor | Resignation | May 15, 2025 | Supervisory board reform | | Xiao Zhiguang | Supervisor | Resignation | May 15, 2025 | Supervisory board reform | | Sheng Huaixue | Supervisor | Resignation | May 15, 2025 | Supervisory board reform | [II. Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period](index=25&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20During%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves for the semi-annual period[100](index=100&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company did not implement an equity incentive plan during the reporting period but has an effective second-phase employee stock ownership plan covering 77 employees, holding 1,811,556 shares, accounting for **0.97%** of the total share capital. Some directors, supervisors, and senior management participated in the employee stock ownership plan - The company did not implement equity incentives during the reporting period[101](index=101&type=chunk) All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Proportion of Total Share Capital of Listed Company | Funding Source for Plan Implementation | | :--- | :--- | :--- | :--- | :--- | | Company directors (excluding independent directors), supervisors, senior management, core management personnel of the company (including controlled subsidiaries), core technical personnel, and other employees recognized by the company's board of directors | 77 | 1,811,556 | 0.97% | Legal compensation of company employees, self-raised funds, company incentive funds, and other legal methods permitted by laws and regulations | Shareholding of Directors, Supervisors, and Senior Management in Employee Stock Ownership Plans During the Reporting Period | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Proportion of Total Share Capital of Listed Company | | :--- | :--- | :--- | :--- | :--- | | Cai Jimei | Director, Deputy General Manager | 199,088 | 199,088 | 0.11% | | Zhang Yu | Director | 15,197 | 15,197 | 0.01% | | Li Yanping | Director, Chief Financial Officer | 41,793 | 41,793 | 0.02% | | Xiao Zhiguang | Supervisor | 44,832 | 44,832 | 0.02% | | Zhou Jiansheng | Supervisor | 15,197 | 15,197 | 0.01% | | Zhuang Menghu | Deputy General Manager | 37,234 | 37,234 | 0.02% | | Pan Dasheng | Board Secretary | 35,714 | 35,714 | 0.02% | [IV. Environmental Information Disclosure](index=27&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiary, Bojing Technology (Chuzhou) Co., Ltd., are included in the list of enterprises required to disclose environmental information by law and have publicly disclosed their environmental information reports - The company and its major subsidiary, Bojing Technology (Chuzhou) Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[103](index=103&type=chunk) - The environmental information disclosure report of Bojing Technology (Chuzhou) Co., Ltd. can be found on the designated website[103](index=103&type=chunk) [V. Social Responsibility](index=27&type=section&id=V.%20Social%20Responsibility) Adhering to its mission of "building a platform for value realization and pursuing the happiness of all employees," the company is committed to the harmonious development of employees, the company, and society. During the reporting period, the company built new employee dormitories and a staff activity center, established an employee feedback mechanism, provided internal and external training, organized various cultural activities, strengthened integrity education and safety management, enhancing employee belonging and well-being - The company's vision is to "become the preferred partner in the semiconductor display industry," fulfilling its mission of "building a platform for value realization, pursuing the happiness of all employees; presenting beautiful colors to life, and promoting social progress and development"[104](index=104&type=chunk) - The company constructed new employee dormitories and a modern staff activity center to meet employees' housing and health and fitness needs[104](index=104&type=chunk) - An employee opinion, demand, complaint, and feedback mechanism was established, and internal and external training was provided to enhance employees' knowledge, skills, and professional qualities[104](index=104&type=chunk) - In the first half of 2025, the company organized activities such as "March 8th" Women's Day flower arrangement, basketball games, and "Healthy Up, Weight Down" fitness activities, and conducted integrity education and strengthened its safety management system[105](index=105&type=chunk) [Section V Significant Matters](index=28&type=section&id=Section%20V%20Significant%20Matters) This section covers important events and disclosures, including commitments, related party transactions, litigation, and other material information [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, commitments regarding share lock-up by the company's actual controller, shareholders, and related parties were fulfilled on time, with no overdue unfulfilled commitments - Commitments regarding share lock-up by shareholders such as Hefei Wangshi Hanbo Technology Co., Ltd. and Hanbo Holding Group Co., Ltd. were fulfilled on August 17, 2023[107](index=107&type=chunk) - The committing parties guarantee compliance with relevant regulations of the China Securities Regulatory Commission and stock exchanges during share reductions, and will make prior announcements[107](index=107&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=28&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reported no non-operating funds occupied by controlling shareholders and other related parties during the reporting period - The company reported no non-operating funds occupied by controlling shareholders and other related parties during the reporting period[108](index=108&type=chunk) [III. Irregular External Guarantees](index=28&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[109](index=109&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=28&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[110](index=110&type=chunk) [V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Reporting Period](index=29&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[111](index=111&type=chunk) [VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=29&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company had no non-standard audit report for the previous year during the reporting period - The company had no non-standard audit report for the previous year during the reporting period[111](index=111&type=chunk) [VII. Bankruptcy Reorganization Matters](index=29&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) The company did not experience any bankruptcy reorganization matters during the reporting period - The company did not experience any bankruptcy reorganization matters during the reporting period[111](index=111&type=chunk) [VIII. Litigation Matters](index=29&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period. Other cases not meeting the significant litigation threshold totaled **65.23 million Yuan**, with some under trial or already settled/judged, having no material adverse impact on the company's operations - The company had no significant litigation or arbitration matters during the current reporting period[112](index=112&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Status of Judgment Enforcement for Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other cases not meeting the significant litigation threshold that existed during the reporting period and were unsettled as of the end of the reporting period | 6,522.99 | No | Some are under trial, some were withdrawn by the opposing party after filing, some have been dismissed by the court, some have been settled, and some are in the judgment enforcement stage | No material adverse impact on the company's operations | Some settled cases have been enforced | [IX. Penalties and Rectification](index=29&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[113](index=113&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[114](index=114&type=chunk) [XI. Significant Related Party Transactions](index=29&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily operational related party transactions with Yubo Automotive Electronics (Chuzhou) Co., Ltd., primarily product sales and related services, totaling **60.46 million Yuan**, which did not exceed the approved limit. The company had no related party transactions involving asset or equity acquisition/disposal, joint external investments, or related party creditor/debtor relationships, nor any financial business with affiliated finance companies Related Party Transactions Related to Daily Operations | Related Party | Related Party Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (CNY 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yubo Automotive Electronics (Chuzhou) Co., Ltd. | Associate | Sales of goods | Products and related services | 6,046.32 | 3.89% | 30,000 | No | - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[116](index=116&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[117](index=117&type=chunk) - The company had no related party creditor or debtor relationships during the reporting period[118](index=118&type=chunk) - The company had no deposit, loan, credit, or other financial business with affiliated finance companies or finance companies controlled by the company and related parties[119](index=119&type=chunk)[120](index=120&type=chunk) [XII. Significant Contracts and Their Performance](index=31&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment or contracting situations during the reporting period. While there were leasing matters, none generated profit exceeding **10%** of the total profit for the reporting period. The company provided multiple guarantees for its subsidiaries, with an actual guarantee balance totaling **2.47 billion Yuan** at the end of the reporting period, representing **259.33%** of the company's net assets, including **2.12 billion Yuan** for guaranteed entities with a debt-to-asset ratio exceeding **70%**. The company had no other significant daily operational or other major contracts - The company had no entrustment or contracting situations during the reporting period[122](index=122&type=chunk)[123](index=123&type=chunk) - The company had leasing matters, but no leasing projects generated profit exceeding **10%** of the company's total profit for the reporting period[124](index=124&type=chunk)[125](index=125&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Disclosure Date of Guarantee Limit | Guarantee Limit (CNY 10,000) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | April 09, 2024 | 7,000 | August 26, 2024 | 7,000 | Joint and several liability guarantee | April 10, 2025 | Yes | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | April 09, 2024 | 10,000 | April 24, 2024 | 10,000 | Joint and several liability guarantee | May 27, 2025 | Yes | | Chongqing Boshuo Optoelectronics Co., Ltd. | December 19, 2023 | 5,000 | April 16, 2024 | 5,000 | Joint and several liability guarantee | April 17, 2025 | Yes | | Chongqing Huixiangda Electronics Co., Ltd. | May 29, 2024 | 1,000 | March 27, 2024 | 1,000 | Joint and several liability guarantee | March 27, 2025 | Yes | | Hefei Xingchen New Materials Co., Ltd. | June 24, 2024 | 500 | June 25, 2024 | 500 | Joint and several liability guarantee | June 20, 2025 | Yes | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | April 18, 2024 | 13,000 | August 20, 2024 | 11,478.54 | Joint and several liability guarantee | April 15, 2027 | No | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | September 19, 2024 | 10,000 | June 05, 2024 | 7,605.66 | Joint and several liability guarantee | November 15, 2028 | No | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | January 27, 2022 | 10,000 | April 21, 2023 | 9,000 | Joint and several liability guarantee | April 20, 2029 | No | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | December 10, 2020 | 35,000 | February 09, 2021 | 9,429.46 | Joint and several liability guarantee | December 21, 2029 | No | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | February 23, 2024 | 10,000 | May 05, 2023 | 9,671.85 | Joint and several liability guarantee | January 08, 2026 | No | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | April 11, 2025 | 7,000 | December 16, 2024 | 5,018.45 | Joint and several liability guarantee | April 07, 2026 | No | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | May 28, 2025 | 10,000 | June 04, 2025 | 5,279 | Joint and several liability guarantee | May 25, 2026 | No | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | September 19, 2024 | 8,000 | July 09, 2024 | 7,295 | Joint and several liability guarantee | September 19, 2027 | No | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | November 07, 2023 | 6,000 | November 14, 2023 | 2,834.4 | Joint and several liability guarantee | August 25, 2024 | No | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | April 09, 2024 | 7,800 | April 16, 2024 | 6,060.73 | Joint and several liability guarantee | April 08, 2027 | No | | Boxun Optoelectronics Technology (Hefei) Co., Ltd. | December 12, 2024 | 10,000 | December 12, 2024 | 9,817.44 | Joint and several liability guarantee | December 01, 2027 | No | | Chongqing Boshuo Optoelectronics Co., Ltd. | November 20, 2024 | 19,000 | January 29, 2024 | 13,883.74 | Joint and several liability guarantee | August 29, 2026 | No | | Chongqing Boshuo Optoelectronics Co., Ltd. | November 21, 2022 | 12,000 | May 14, 2025 | 2,453.22 | Joint and several liability guarantee | October 31, 2025 | No | | Chongqing Boshuo Optoelectronics Co., Ltd. | December 19, 2023 | 15,000 | March 06, 2024 | 6,893.6 | Joint and several liability guarantee | June 18, 2029 | No | | Chongqing Boshuo Optoelectronics Co., Ltd. | November 07, 2023 | 5,000 | November 15, 2023 | 2,948.19 | Joint and several liability guarantee | March 14, 2026 | No | | Chongqing Boshuo Optoelectronics Co., Ltd. | May 22, 2023 | 6,000 | October 23, 2023 | 3,485 | Joint and several liability guarantee | April 22, 2024 | No | | Chongqing Huixiangda Electronics Co., Ltd. | June 24, 2024 | 500 | March 17, 2025 | 500 | Joint and several liability guarantee | October 08, 2025 | No | | Hefei Xingchen New Materials Co., Ltd. | March 19, 2024 | 2,000 | March 28, 2024

苏州扬子江新型材料股份有限公司2025年半年度报告全文 苏州扬子江新型材料股份有限公司 2025年半年度报告 2025年8月 1 苏州扬子江新型材料股份有限公司2025年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人王梦冰、主管会计工作负责人滕凤娟及会计机构负责人(会计 主管人员)许睿彧声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告如有涉及未来计划等前瞻性陈述，不构成公司对投资者的实 质承诺，投资者及相关人士均应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"中详述了公司未来可能面临的 风险及应对措施，敬请投资者关注相关内容并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公 ...

山东恒邦冶炼股份有限公司 2025 年半年度报告全文 山东恒邦冶炼股份有限公司 2025 年半年度报告 2025-061 2 2025 年 8 月 22 日 1 山东恒邦冶炼股份有限公司 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。 公司负责人曲胜利、主管会计工作负责人陈祖志及会计机构负责人(会计 主管人员)牟晓垒声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划、业绩预测等方面的内容，均不构成公司对投 资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且 应当理解计划、预测与承诺之间的差异，请投资者注意投资风险。 本报告第三节"管理层讨论与分析"中描述了公司未来经营中可能存在的 风险及应对措施，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The company's management affirms the report's authenticity and outlines the profit distribution plan and key risks - The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[5](index=5&type=chunk) - The company has described its risks in this report; investors should refer to "Section X, Company Risks and Countermeasures" in the Management Discussion and Analysis[5](index=5&type=chunk) - The proposed profit distribution plan is a cash dividend of **CNY 1 (tax included) per 10 shares** based on the current total share capital of 560,061,050 shares, with no bonus shares or conversion of capital reserve[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's overall structure, including nine main chapters and their corresponding page numbers [List of Documents for Inspection](index=4&type=section&id=List%20of%20Documents%20for%20Inspection) This section lists all important publicly disclosed documents during the reporting period, available at the company's securities department - Documents for inspection include financial statements signed by the company's legal representative, head of accounting, and head of the accounting department[10](index=10&type=chunk) - Documents also include the semi-annual report file signed by Chairman Mr. Li Andong[11](index=11&type=chunk) - Originals of all company documents and public announcements are available for inspection at the company's securities department[12](index=12&type=chunk)[13](index=13&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used throughout the report, ensuring clarity on regulatory bodies, the company, and its subsidiaries - "The Company," "this Company," and "Qifeng New Material" all refer to Qifeng New Material Co, Ltd[14](index=14&type=chunk) - "Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - Major subsidiaries include Zibo Oumute Specialty Paper Co, Ltd, Shandong Boxing County Ouhua Specialty Paper Co, Ltd, and Shandong Huasha New Material Co, Ltd[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Qifeng New Material (002521) is listed on the Shenzhen Stock Exchange, with recent changes in its legal representative and senior management Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Qifeng New Material | | Stock Code | 002521 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 齐峰新材料股份有限公司 | | Legal Representative | Li Andong | - The company's legal representative was changed to Mr. Li Andong, Mr. Li Runsheng was appointed as General Manager, and Mr. Li Runsheng was also elected as a director of the sixth Board of Directors[20](index=20&type=chunk)[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's revenue and net profit declined year-over-year, while net cash flow from operating activities increased Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,679,893,424.59 | 1,764,558,570.60 | -4.80% | | Net Profit Attributable to Shareholders | 63,076,980.15 | 109,038,517.33 | -42.15% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 51,029,119.86 | 98,835,548.77 | -48.37% | | Net Cash Flow from Operating Activities | 191,272,306.78 | 183,013,354.27 | 4.51% | | Basic Earnings Per Share | 0.11 | 0.22 | -50.00% | | Diluted Earnings Per Share | 0.11 | 0.22 | -50.00% | | Weighted Average Return on Equity | 1.57% | 2.88% | -1.31% | Balance Sheet Indicators (End of Current Period vs End of Prior Year) | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,298,185,796.75 | 5,524,188,051.39 | -4.09% | | Net Assets Attributable to Shareholders | 3,911,440,167.18 | 4,016,381,502.03 | -2.61% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There are no discrepancies in net profit or net assets between financial reports prepared under Chinese and international or foreign accounting standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards (CAS)[23](index=23&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and CAS[24](index=24&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Total non-recurring profit and loss for the period was CNY 12,047,860.29, mainly from government grants and fair value changes Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -9,682.13 | | Government Grants Recognized in Current Profit or Loss | 1,985,556.45 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 2,868,262.40 | | Reversal of Impairment Provision for Individually Tested Receivables | 2,475,977.08 | | Other Non-operating Income and Expenses | 7,120,480.64 | | Other Items Qualifying as Non-recurring Profit or Loss | 87,049.33 | | Less: Income Tax Impact | 2,383,260.94 | | Less: Minority Interest Impact (After Tax) | 96,522.54 | | **Total** | **12,047,860.29** | - During the reporting period, the company received a tax withholding handling fee of CNY 87,049.33, which was included in other items qualifying as non-recurring profit or loss[27](index=27&type=chunk) Management Discussion and Analysis [Principal Business Activities during the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company is a leading producer of high-grade decorative base paper, with a product portfolio including latex paper and sanitary materials - The company operates in the specialty paper segment of the paper and paper products industry, characterized by high-tech, high-value-added products and specialized customers[30](index=30&type=chunk) - As a leader in the decorative base paper industry, the company holds over **200 national patents** and has drafted nearly 10 national and industry standards[30](index=30&type=chunk) - The main product lines are decorative base paper (highest revenue share), latex paper, and personal sanitary materials; the company is the sole domestic producer of high and medium-grade latex paper[32](index=32&type=chunk)[33](index=33&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its technological leadership, optimized product structure, scale advantages, and digitalized manufacturing - The company leads in technology with **30 invention patents** and continues to develop new products like digital printing decorative paper and pre-impregnated paper[34](index=34&type=chunk)[35](index=35&type=chunk) - A dual-base layout in Shandong and Guangxi creates a strategic framework for global coverage, enhancing scale advantages in production, procurement, and operations[38](index=38&type=chunk)[39](index=39&type=chunk) - The company's market advantages are multi-faceted, including a high-quality customer base and a comprehensive marketing network, with products exported to over **40 countries**[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - Full implementation of a digital factory through MES and ERP systems has significantly improved production efficiency and management transparency[44](index=44&type=chunk) - The company adheres to low-carbon and sustainable development, utilizing recycled water and developing "paper-for-plastic" green products[45](index=45&type=chunk) [Analysis of Main Business Operations](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Main business revenue decreased by 4.80% YoY, driven by a decline in decorative base paper sales, while latex paper and overseas sales grew Year-over-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,679,893,424.59 | 1,764,558,570.60 | -4.80% | | | Operating Costs | 1,488,592,042.42 | 1,526,769,869.35 | -2.50% | | | Selling Expenses | 9,627,485.98 | 8,253,965.96 | 16.64% | | | Administrative Expenses | 43,984,802.00 | 37,447,806.46 | 17.46% | | | Finance Costs | 831,298.93 | 3,675,626.20 | -77.38% | Received loan interest subsidies during the period | | Net Cash Flow from Operating Activities | 191,272,306.78 | 183,013,354.27 | 4.51% | | | Net Cash Flow from Investing Activities | -99,621,684.37 | 42,431,952.98 | -334.78% | Impacted by purchases and redemptions of wealth management products and capex | | Net Cash Flow from Financing Activities | -182,393,650.25 | -68,776,538.57 | -165.20% | Increased cash payments for dividend distribution | Operating Revenue Breakdown (by Product and Region) | Category | Item | Current Period Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **By Product** | Decorative Base Paper Series | 1,325,938,286.12 | 78.93% | -8.17% | | | Latex Paper Series | 178,578,857.58 | 10.63% | 15.06% | | | Sanitary Materials Series | 61,721,338.41 | 3.67% | -3.14% | | | Other Series | 113,654,942.48 | 6.77% | 11.70% | | **By Region** | Domestic Sales | 1,491,702,959.24 | 88.80% | -7.82% | | | Overseas Sales | 188,190,465.35 | 11.20% | 28.63% | Changes in Main Business Gross Margin | Category | Item | Gross Margin | Change in Gross Margin vs Prior Year | | :--- | :--- | :--- | :--- | | **By Industry** | Paper Manufacturing | 11.34% | -2.03% | | **By Product** | Decorative Base Paper Series | 8.44% | -3.70% | | | Latex Paper Series | 29.76% | 2.82% | | **By Region** | Domestic | 10.36% | -2.32% | | | Overseas | 19.55% | -2.78% | [Analysis of Non-main Business Operations](index=13&type=section&id=IV.%20Analysis%20of%20Non-main%20Business%20Operations) The company had no non-main business operations during the reporting period [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders decreased, while accounts receivable and inventories increased Significant Changes in Asset Composition (End of Current Period vs End of Prior Year) | Item | End of Current Period Amount (CNY) | % of Total Assets | End of Prior Year Amount (CNY) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 606,874,032.61 | 11.45% | 798,997,158.06 | 14.46% | -3.01% | | Accounts Receivable | 731,375,890.53 | 13.80% | 669,525,121.31 | 12.12% | 1.68% | | Inventories | 648,779,797.62 | 12.25% | 567,106,696.45 | 10.27% | 1.98% | | Total Assets | 5,298,185,796.75 | 100.00% | 5,524,188,051.39 | 100.00% | -4.09% | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (CNY) | Purchases this Period (CNY) | Sales this Period (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 163,503,114.41 | 590,000,000.00 | 533,144,550.09 | 222,729,763.60 | | Other Non-current Financial Assets | 150,168,326.74 | | 214,854.38 | 149,953,472.36 | | Receivables Financing | 640,754,867.78 | | | 524,807,045.81 | Restricted Assets | Item | Closing Book Value (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 106,743,924.95 | Fully Restricted | Term deposit interest and bill margin | | Notes Receivable | 83,535,266.12 | Fully Restricted | Pledged | [Investment Analysis](index=15&type=section&id=VI.%20Investment%20Analysis) Investment amount decreased significantly by 84.36% YoY, with a major ongoing project failing to meet expected returns due to market competition Investment Amount during the Reporting Period | Indicator | Investment Amount (CNY) | Investment Amount in Prior Year Period (CNY) | Change | | :--- | :--- | :--- | :--- | | Investment Amount | 44,213,888.69 | 282,706,147.76 | -84.36% | Major Non-equity Investments | Project Name | Investment Method | Progress | Expected Return (CNY) | Cumulative Realized Return as of Period End (CNY) | | :--- | :--- | :--- | :--- | :--- | | 200,000-ton Specialty Paper Project (Phase I) | Self-construction | 98.00% | 119,694,100.00 | -20,459,533.83 | - The 200,000-ton specialty paper project (Phase I) did not achieve its expected return due to intense market competition, which necessitated product price adjustments[57](index=57&type=chunk) [Major Asset and Equity Sales](index=16&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) No major asset or equity sales occurred during the reporting period - The company did not sell any major assets during the reporting period[62](index=62&type=chunk) - The company did not sell any major equity during the reporting period[63](index=63&type=chunk) [Analysis of Major Holding and Associated Companies](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associated%20Companies) Key subsidiaries include Zibo Oumute and Shandong Huasha, with Zibo Oumute being the largest contributor to the company's net profit Financial Data of Major Subsidiaries | Company Name | Type | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zibo Oumute Specialty Paper Co, Ltd | Subsidiary | 280,000,000 | 4,100,025,560.84 | 2,996,089,315.91 | 1,461,009,550.80 | 116,820,220.74 | | Shandong Huasha New Material Co, Ltd | Subsidiary | 10,000,000 | 108,089,782.43 | 55,879,663.18 | 180,177,837.12 | 28,469,556.93 | | Guangxi Qifeng New Material Co, Ltd | Subsidiary | 100,000,000 | 859,864,382.76 | 529,215,216.64 | 207,828,625.66 | -20,459,533.83 | - The company did not acquire or dispose of any subsidiaries during the reporting period[65](index=65&type=chunk) [Structured Entities Controlled by the Company](index=17&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[66](index=66&type=chunk) [Company Risks and Countermeasures](index=17&type=section&id=X.%20Company%20Risks%20and%20Countermeasures) The company faces risks from raw material price volatility, market competition, and currency fluctuations, which it mitigates through hedging and innovation - Fluctuations in the prices of key raw materials like **titanium dioxide and wood pulp**, as well as exchange rates, will impact the company's costs and performance[66](index=66&type=chunk) - The specialty paper industry is highly competitive, with pressure from domestic companies possessing advanced technology and equipment[67](index=67&type=chunk) - New assets from investment projects, such as the 200,000-ton specialty paper project, will increase depreciation and amortization, potentially leading to a performance decline if expected benefits are not realized[68](index=68&type=chunk)[69](index=69&type=chunk) - The company imports large quantities of wood pulp settled in USD, making it vulnerable to **CNY/USD exchange rate fluctuations**; it will use foreign exchange hedging to mitigate this risk[70](index=70&type=chunk) - Changes in environmental policies, tax rates, and import/export regulations may affect production and profitability; the company will adjust its strategy accordingly[71](index=71&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[72](index=72&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[72](index=72&type-chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=18&type=section&id=XII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[72](index=72&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The reporting period saw several key personnel changes, including the appointment of a new Chairman and General Manager Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Wenhai | Director, Deputy GM | Resigned | 2025-06-06 | Personal reasons | | Zhu Hongsheng | Deputy GM | Resigned | 2025-06-06 | Retirement | | Li Xuefeng | Vice Chairman | Elected | 2025-06-11 | Work transfer | | Li Andong | Chairman | Elected | 2025-06-11 | Work transfer | | Li Runsheng | General Manager | Appointed | 2025-06-11 | Work transfer | | Li Runsheng | Director | Elected | 2025-06-27 | Work transfer | [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=19&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20for%20the%20Reporting%20Period) The proposed semi-annual profit distribution is a cash dividend of CNY 1 per 10 shares, totaling CNY 56,006,105.00 Profit Distribution for the Reporting Period | Indicator | Amount | | :--- | :--- | | Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (CNY) (tax included) | 1 | | Share Capital Base for Distribution Plan (shares) | 560,061,050 | | Total Cash Dividend (CNY) (tax included) | 56,006,105.00 | | Ratio of Cash Dividend to Total Profit Distribution | 100% | - The distributable profit available to all shareholders for H1 2025 is CNY 551,041,749.44; the proposed distribution plan complies with the company's articles of association and protects the interests of minority investors[77](index=77&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=19&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentives) No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented 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[78](index=78&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and four of its main subsidiaries are listed for mandatory environmental information disclosure and have published relevant reports - The company and four of its main subsidiaries are included in the list of enterprises required to disclose environmental information by law[79](index=79&type=chunk) - The listed subsidiaries include Zibo Oumute Specialty Paper Co, Ltd, Zibo Linzi Zhutai Thermal Power Co, Ltd, Zibo Zhutai Runkun Biotechnology Co, Ltd, and Shandong Boxing County Ouhua Specialty Paper Co, Ltd[79](index=79&type=chunk) [Social Responsibility](index=20&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting stakeholder interests and promoting sustainable, green development - The company protects shareholder rights through sound corporate governance, a robust internal control system, active investor communication, and fair information disclosure[80](index=80&type=chunk) - The company protects employee rights by signing labor contracts, providing social security, offering competitive compensation, ensuring a safe work environment, and investing in training and career development[81](index=81&type=chunk) - The company protects the rights of suppliers and customers by establishing sound internal audit and supply chain management systems and adhering to principles of integrity and mutual benefit[82](index=82&type=chunk)[83](index=83&type=chunk) - The company integrates green, low-carbon, and efficient practices into its sustainable development strategy, establishing a "carbon management" system and developing eco-friendly products[84](index=84&type=chunk) Important Matters [Fulfillment of Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company during the Reporting Period and Overdue Commitments as of the Period End](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20the%20Company's%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20during%20the%20Reporting%20Period%20and%20Overdue%20Commitments%20as%20of%20the%20Period%20End) All relevant parties strictly fulfilled their commitments regarding share lock-ups and non-competition, with no overdue commitments - Mr. Li Xuefeng strictly adhered to the share lock-up commitment, with subscribed shares non-transferable for thirty-six months from the end of the issuance[86](index=86&type=chunk) - All directors and senior management committed to not transferring benefits to other parties unfairly and to constrain their business-related consumption to ensure the fulfillment of return-enhancing measures[86](index=86&type=chunk) - The actual controller, Mr. Li Xuefeng, and his concerted parties have committed to avoiding non-competition and will not engage in any business activities that directly or indirectly compete with the company[87](index=87&type=chunk) - All commitments were fulfilled on time during the reporting period, with no overdue items[87](index=87&type=chunk)[88](index=88&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=24&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operational fund occupation by controlling shareholders or other related parties during the reporting period - The company reports no non-operational fund occupation by its controlling shareholder or other related parties during the reporting period[89](index=89&type=chunk) [Irregular External Guarantees](index=24&type=section&id=III.%20Irregular%20External%20Guarantees) No irregular external guarantees were provided during the reporting period - The company had no irregular external guarantees during the reporting period[90](index=90&type=chunk) [Appointment and Dismissal of Accounting Firm](index=24&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The semi-annual financial report was unaudited, so no appointment or dismissal of an accounting firm occurred - The company's semi-annual report was unaudited[91](index=91&type=chunk) [Explanation from the Board of Directors and Supervisory Committee on the "Non-standard Audit Report" for the Reporting Period](index=24&type=section&id=V.%20Explanation%20from%20the%20Board%20of%20Directors%20and%20Supervisory%20Committee%20on%20the%20%22Non-standard%20Audit%20Report%22%20for%20the%20Reporting%20Period) This is not applicable as the semi-annual report was unaudited - The company did not have a non-standard audit report for the reporting period[92](index=92&type=chunk) [Explanation from the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=24&type=section&id=VI.%20Explanation%20from%20the%20Board%20of%20Directors%20on%20the%20%22Non-standard%20Audit%20Report%22%20of%20the%20Previous%20Year) This is not applicable for the current reporting period - The company has no explanation regarding a non-standard audit report from the previous year to report[92](index=92&type=chunk) [Bankruptcy and Reorganization Matters](index=24&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - The company did not undergo any bankruptcy or reorganization during the reporting period[92](index=92&type=chunk) [Litigation Matters](index=24&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation but was involved in several other lawsuits with amounts ranging from CNY 217,800 to CNY 4,565,100 - The company had no major litigation or arbitration matters during the reporting period[93](index=93&type=chunk) Other Litigation Matters | Basic Case Information | Amount Involved (CNY 10k) | Litigation Progress | | :--- | :--- | :--- | | Linyi Fuxiangju Decorative Materials Co, Ltd | 99.58 | Settled, awaiting execution | | Xinmi Yesen Decorative Materials Co, Ltd | 281.04 | Awaiting court hearing | | Foshan Sanshui Lujia Decorative Materials Co, Ltd | 456.51 | Awaiting court hearing | | Hangzhou Lin'an Tianmei New Materials Co, Ltd | 21.78 | Execution completed | [Penalties and Rectifications](index=25&type=section&id=IX.%20Penalties%20and%20Rectifications) No penalties or rectifications occurred during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[95](index=95&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) There were no issues concerning the integrity of the company, its controlling shareholder, or its actual controller - There were no issues regarding the integrity status of the company, its controlling shareholder, or its actual controller during the reporting period[96](index=96&type=chunk) [Major Related-Party Transactions](index=25&type=section&id=XI.%20Major%20Related-Party%20Transactions) No major related-party transactions related to daily operations, asset acquisitions, or debt occurred during the reporting period - The company had no related-party transactions associated with its daily operations during the reporting period[96](index=96&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[97](index=97&type=chunk) - The company had no related-party credit or debt transactions during the reporting period[99](index=99&type=chunk) - There were no deposits, loans, credit lines, or other financial business between the company and any related financial companies[100](index=100&type=chunk) [Major Contracts and Their Performance](index=26&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company had no托管 or contracting arrangements but provided guarantees for subsidiaries and invested in wealth management products - The company had no托管 arrangements or contracting arrangements during the reporting period[104](index=104&type=chunk)[105](index=105&type=chunk) - Subsidiary Shandong Boxing County Ouhua Specialty Paper Co, Ltd renewed a lease for its production line and facilities from July 2024 to June 2029, with an annual rent of CNY 3 million[106](index=106&type=chunk) Guarantees Provided to Subsidiaries (Partial) | Guaranteed Party | Guarantee Limit (CNY 10k) | Actual Guarantee Amount (CNY 10k) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Zibo Oumute Specialty Paper Co, Ltd | 7,000 | 7,000 | General Guarantee | One Year | Yes | | Zibo Oumute Specialty Paper Co, Ltd | 5,000 | 5,000 | General Guarantee | One Year | Yes | | Guangxi Qifeng New Material Co, Ltd | 3,000 | 3,000 | General Guarantee | One Year | No | Entrusted Wealth Management | Source of Funds | Product Type | Closing Balance (CNY 10k) | Impairment Provision (CNY 10k) | | :--- | :--- | :--- | :--- | | Own Funds | Bank Wealth Management Products | 35,714 | 0 | [Explanation of Other Major Matters](index=31&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) There were no other major matters requiring explanation during the reporting period - The company has no other major matters to disclose for the reporting period[116](index=116&type=chunk) [Major Matters of Subsidiaries](index=31&type=section&id=XIV.%20Major%20Matters%20of%20Subsidiaries) There were no major matters concerning subsidiaries during the reporting period - The company has no major subsidiary matters to report for the period[117](index=117&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=32&type=section&id=I.%20Changes%20in%20Share%20Capital) The total number of shares remained unchanged, while restricted shares decreased due to the release of executive lock-up shares Changes in Share Capital | Share Type | Pre-change Quantity (shares) | Change (+/-) (shares) | Post-change Quantity (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 157,231,268 | -15,578,053 | 141,653,215 | | Unrestricted Shares | 402,829,782 | 15,578,053 | 418,407,835 | | Total Shares | 560,061,050 | 0 | 560,061,050 | Changes in Restricted Shares | Shareholder Name | Opening Restricted Shares (shares) | Released this Period (shares) | Closing Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Li Xuefeng | 125,897,205 | 16,343,808 | 109,553,397 | Executive lock-up and commitment | | Zhu Hongsheng | 1,240,770 | 0 | 1,654,360 | No disposal within 6 months of resignation | | Li Wenhai | 1,056,495 | 0 | 1,408,660 | No disposal within 6 months of resignation | [Securities Issuance and Listing](index=33&type=section&id=II.%20Securities%20Issuance%20and%20Listing) No securities were issued or listed during the reporting period - The company did not issue or list any securities during the reporting period[123](index=123&type=chunk) [Number of Shareholders and Shareholdings](index=33&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) As of the period end, there were 17,744 common shareholders, with Li Xuefeng being the largest shareholder at 26.08% - The total number of common shareholders at the end of the reporting period was **17,744**[124](index=124&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Nature | Shareholding Ratio | Closing Shares Held (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Xuefeng | Domestic Individual | 26.08% | 146,071,196 | 109,553,397 | 36,517,799 | Pledged | 34,670,000.00 | | Li Runsheng | Domestic Individual | 5.03% | 28,145,855 | 21,109,391 | 7,036,464 | N/A | 0 | - Li Xuefeng, Li Andong, Li Runsheng, and Li Runze are parties acting in concert[124](index=124&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of directors, supervisors, or senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[127](index=127&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes to the controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[128](index=128&type=chunk) - The company's actual controller did not change during the reporting period[128](index=128&type=chunk) Bond-related Matters [Bond-related Matters](index=37&type=section&id=Bond-related%20Matters) The company had no bond-related matters to report for the period - The company had no bond-related matters during the reporting period[131](index=131&type=chunk) Financial Report [Audit Report](index=38&type=section&id=I.%20Audit%20Report) The semi-annual financial report was unaudited - The company's semi-annual financial report has not been audited[133](index=133&type=chunk) [Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the semi-annual period ending June 30, 2025 [1. Consolidated Balance Sheet](index=38&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were CNY 5,298,185,796.75, with total liabilities of CNY 1,384,510,443.04 [2. Parent Company Balance Sheet](index=40&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were CNY 3,531,698,675.03, with total liabilities of CNY 50,426,176.06 [3. Consolidated Income Statement](index=42&type=section&id=3.%20Consolidated%20Income%20Statement) For H1 2025, consolidated total operating revenue was CNY 1,679,893,424.59, and net profit attributable to parent company shareholders was CNY 63,076,980.15 [4. Parent Company Income Statement](index=44&type=section&id=4.%20Parent%20Company%20Income%20Statement) For H1 2025, the parent company's operating revenue was CNY 134,893,274.66, with a net profit of CNY 207,594,043.35 [5. Consolidated Cash Flow Statement](index=46&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was CNY 191,272,306.78, resulting in a net decrease in cash of CNY 91,673,276.81 [6. Parent Company Cash Flow Statement](index=47&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For H1 2025, the parent company's net cash flow from operating activities was -CNY 20,498,989.76, with a net decrease in cash of CNY 3,753,767.06 [7. Consolidated Statement of Changes in Equity](index=48&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, consolidated total equity was CNY 3,913,675,353.71, a decrease of CNY 106,202,552.57 from the beginning of the period [8. Parent Company Statement of Changes in Equity](index=52&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the parent company's total equity was CNY 3,481,272,498.97, an increase of CNY 39,575,728.35 from the beginning of the period [Company Basic Information](index=56&type=section&id=III.%20Company%20Basic%20Information) Qifeng New Material Co, Ltd (002521) is engaged in the R&D, production, and sale of high-grade decorative base paper - The company's registered office and headquarters are located in Zibo City, Shandong Province, with the stock ticker "Qifeng New Material" and stock code "002521"[167](index=167&type=chunk) - The company's main business is the R&D, production, and sale of high-grade decorative base paper, with products covering decorative base paper, latex paper, and sanitary materials[168](index=168&type=chunk) - As of June 30, 2025, the company's total share capital was **560,061,050.00 shares**, and the ultimate controlling party is Li Xuefeng[167](index=167&type=chunk)[169](index=169&type=chunk) [Basis of Preparation for Financial Statements](index=56&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared on a going concern basis, using the accrual basis of accounting and historical cost measurement - The company prepares its financial statements on a going concern basis, using the accrual basis for accounting and generally measuring accounting elements at historical cost[171](index=171&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no major events affecting this ability[172](index=172&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates applied in preparing the financial statements, including revenue recognition and financial instruments - The financial statements and notes are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, reflecting a true and fair view of the company's financial position and performance[174](index=174&type=chunk) - Financial assets are classified based on the business model for managing them and their contractual cash flow characteristics into categories measured at amortized cost or fair value[204](index=204&type=chunk)[205](index=205&type=chunk)[208](index=208&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, with specific recognition timing and measurement methods determined by the business type[310](index=310&type=chunk)[313](index=313&type=chunk) - Management has made significant accounting judgments and estimates for items such as financial instrument impairment, inventory write-downs, depreciation, and deferred income taxes[342](index=342&type=chunk)[343](index=343&type=chunk)[345](index=345&type=chunk)[346](index=346&type=chunk)[347](index=347&type=chunk)[348](index=348&type=chunk)[349](index=349&type=chunk)[350](index=350&type=chunk)[352](index=352&type=chunk) [Taxes](index=91&type=section&id=VI.%20Taxes) This section lists the main taxes and tax rates applicable to the company, including a preferential 15% income tax rate for certain subsidiaries Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 25%, 15% | | Education Surcharge | 3% | - Subsidiaries Zibo Oumute Specialty Paper Co, Ltd and Shandong Huasha New Material Co, Ltd are qualified as high-tech enterprises and are subject to a **15% income tax rate** in 2025[355](index=355&type=chunk) - The subsidiary Qifeng New Material (Hong Kong) Co, Limited is subject to Hong Kong's offshore tax exemption regulations[356](index=356&type=chunk) [Notes to Items in the Consolidated Financial Statements](index=92&type=section&id=VII.%20Notes%20to%20Items%20in%20the%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on items in the consolidated financial statements, including balances, movements, and specific notes on significant accounts - The closing balance of cash and cash equivalents was **CNY 606,874,032.61**, a decrease from the beginning of the period, with restricted funds amounting to CNY 106,743,924.95[358](index=358&type=chunk)[455](index=455&type=chunk) - The closing book balance of accounts receivable was **CNY 812,296,085.77**, with a bad debt provision of CNY 80,920,195.24, resulting in a net book value of CNY 731,375,890.53[372](index=372&type=chunk)[374](index=374&type=chunk) - During the reporting period, operating revenue and cost of sales were **CNY 1,679,893,424.59** and **CNY 1,488,592,042.42**, respectively, with main business revenue accounting for 99.81%[496](index=496&type=chunk) - Net cash flow from operating activities was **CNY 191,272,306.78**, while net cash flow from investing and financing activities were -CNY 99,621,684.37 and -CNY 182,393,650.25, respectively[539](index=539&type=chunk) [Research and Development Expenditures](index=118&type=section&id=VIII.%20Research%20and%20Development%20Expenditures) Total R&D expenditure for the period was CNY 61,044,632.44, all of which was expensed, primarily consisting of material costs and employee compensation R&D Expenditure Breakdown | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Material Costs | 41,481,046.20 | 44,297,116.51 | | Employee Compensation | 6,989,486.98 | 5,155,012.12 | | Fuel and Power | 10,071,157.93 | 10,351,891.24 | | Depreciation | 1,925,129.27 | 2,287,672.35 | | Others | 577,812.06 | 121,508.24 | | **Total** | **61,044,632.44** | **62,213,200.46** | - All R&D expenditures for the current period were expensed and not capitalized[548](index=548&type=chunk) [Equity in Other Entities](index=119&type=section&id=IX.%20Equity%20in%20Other%20Entities) The company holds equity in several subsidiaries engaged in paper production and sales, with Shandong Huasha being a significant non-wholly-owned subsidiary Corporate Group Structure (Partial Subsidiaries) | Subsidiary Name | Registered Capital (CNY) | Business Nature | Ownership (Direct) | | :--- | :--- | :--- | :--- | | Zibo Oumute Specialty Paper Co, Ltd | 280,000,000.00 | Production and sale of paper, power, heat, non-woven materials | 100.00% | | Shandong Boxing County Ouhua Specialty Paper Co, Ltd | 2,000,000.00 | Production and sale of decorative base paper | 100.00% | | Guangxi Qifeng New Material Co, Ltd | 100,000,000.00 | Production and sale of decorative base paper | 100.00% | | Shandong Huasha New Material Co, Ltd | 10,000,000.00 | Production and sale of sandpaper base paper | 96.00% | Financial Information of Significant Non-wholly-owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Interests (CNY) | Dividends Declared to Minority Shareholders (CNY) | Closing Balance of Minority Interests (CNY) | | :--- | :--- | :--- | :--- | :--- | | Shandong Huasha New Material Co, Ltd | 4.00% | 1,138,782.28 | 2,400,000.00 | 2,235,186.53 | [Government Grants](index=120&type=section&id=X.%20Government%20Grants) The company recognized government grants totaling CNY 4,565,556.45 in profit or loss, including asset-related grants and loan interest subsidies Liability Items Related to Government Grants | Account | Opening Balance (CNY) | Recognized in Other Income (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,432,980.11 | 1,358,494.78 | 2,074,485.33 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income - Asset-related Government Grants | 1,358,494.78 | 1,358,495.00 | | Other Income - Income-related Government Grants | 627,061.67 | 717,032.37 | | Finance Costs - Interest Expense (Reduction) | 2,580,000.00 | 0 | | **Total** | **4,565,556.45** | **2,075,527.37** | - During the reporting period, the company received loan interest subsidies of **CNY 2,580,000.00**, which reduced current interest expenses[558](index=558&type=chunk) [Risks Related to Financial Instruments](index=121&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) The company is exposed to market, credit, and liquidity risks, which are managed through monitoring, diversification, and maintaining sufficient cash reserves - The company's market risk from financial instruments includes **exchange rate risk** (mainly USD and EUR), **interest rate risk** (from bank borrowings), and other price risks[560](index=560&type=chunk)[561](index=561&type=chunk)[562](index=562&type=chunk)[564](index=564&type=chunk) - Credit risk arises mainly from financial assets and guarantees, which is mitigated by placing funds with highly-rated banks and dealing with reputable customers[565](index=565&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring the use of bank borrowings[568](index=568&type=chunk) [Fair Value Disclosure](index=123&type=section&id=XII.%20Fair%20Value%20Disclosure) As of the period end, assets measured at fair value totaled CNY 897,490,281.77, primarily comprising financial assets valued using Level 3 inputs Closing Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Trading Financial Assets | 222,729,763.60 | 222,729,763.60 | | Financial Assets Designated at FVTPL | 149,953,472.36 | 149,953,472.36 | | Receivables Financing | 524,807,045.81 | 524,807,045.81 | | **Total Assets Continuously Measured at Fair Value** | **897,490,281.77** | **897,490,281.77** | - Financial wealth management products are valued using expected rates of return; private equity funds are valued based on net asset value; receivables financing is valued using unobservable inputs[571](index=571&type=chunk) [Related Parties and Transactions](index=123&type=section&id=XIII.%20Related%20Parties%20and%20Transactions) The company's ultimate controlling party is Li Xuefeng, holding 26.08% of shares, with key management personnel compensation disclosed - The ultimate controlling party of the enterprise is Li Xuefeng, who holds 146,071,196 shares, accounting for **26.08%** of the total share capital[572](index=572&type=chunk)[573](index=573&type=chunk) - Other related parties include the company's directors (Li Andong, Li Runsheng, etc), supervisors (Liu Yonggang, etc), and senior management (Sun Wenrong, Yao Yanlei, etc)[575](index=575&type=chunk) Key Management Personnel Compensation | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,428,963.63 | 1,532,288.06 | [Commitments and Contingencies](index=124&type=section&id=XIV.%20Commitments%20and%20Contingencies) As of the financial reporting date, the company had no significant commitments or material contingencies to disclose - As of the financial reporting date, the company has no significant commitments to disclose[578](index=578&type=chunk) - The company has no material contingencies to disclose[580](index=580&type=chunk) [Events after the Balance Sheet Date](index=124&type=section&id=XV.%20Events%20after%20the%20Balance%20Sheet%20Date) The Board of Directors approved a semi-annual profit distribution plan on August 20, 2025, subject to shareholder approval - The Board of Directors approved the 2025 semi-annual profit distribution plan on August 20, 2025[581](index=581&type=chunk) - The plan proposes a cash dividend of **CNY 1 (tax included) per 10 shares**, totaling CNY 56,006,105.00, based on the total share capital of 560,061,050 shares[581](index=581&type=chunk) - The above plan is subject to approval at the shareholders' general meeting before implementation[582](index=582&type=chunk) [Other Important Matters](index=125&type=section&id=XVI.%20Other%20Important%20Matters) The company operates as a single segment in the production and sale of decorative base paper, thus no segment information is disclosed - The company's main business is the production and sale of decorative base paper products, which is managed as a single integrated business, thus no segment information is disclosed[583](index=583&type=chunk) [Notes to Major Items in the Parent Company's Financial Statements](index=125&type=section&id=XVII.%20Notes%20to%20Major%20Items%20in%20the%20Parent%20Company's%20Financial%20Statements) This section details key items from the parent company's financial statements, including receivables, long-term equity investments, and investment income - The parent company's closing book balance of accounts receivable was **CNY 5,989,268.33**, with a bad debt provision of CNY 5,569,505.96, resulting in a net book value of CNY 419,762.37[585](index=585&type=chunk)[587](index=587&type=chunk)[592](index=592&type=chunk) - The parent company's closing book balance of other receivables was **CNY 392,605.77**, with a bad debt provision of CNY 20,875.26, resulting in a net book value of CNY 371,730.51[600](index=600&type=chunk)[604](index=604&type=chunk)[605](index=605&type=chunk) - The parent company's investments in subsidiaries had a closing book value of **CNY 3,243,863,535.43**[611](index=611&type=chunk)[612](index=612&type=chunk) - The parent company's investment income for the period was **CNY 205,000,000.00**, primarily from long-term equity investments accounted for under the cost method[616](index=616&type=chunk) [Supplementary Information](index=131&type=section&id=XVIII.%20Supplementary%20Information) This section provides a detailed breakdown of non-recurring profit and loss and key return metrics for the period Details of Non-recurring Profit and Loss for the Current Period | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -9,682.13 | | Government Grants Recognized in Current Profit or Loss | 1,985,556.45 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 2,868,262.40 | | Reversal of Impairment Provision for Individually Tested Receivables | 2,475,977.08 | | Other Non-operating Income and Expenses | 7,120,480.64 | | Other Items Qualifying as Non-recurring Profit or Loss | 87,049.33 | | Less: Income Tax Impact | 2,383,260.94 | | Less: Minority Interest Impact (After Tax) | 96,522.54 | | **Total** | **12,047,860.29** | Return on Equity and Earnings Per Share | Profit for the Reporting Period | Weighted Average ROE | Basic EPS (CNY/share) | Diluted EPS (CNY/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 1.57% | 0.11 | 0.11 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | 1.27% | 0.09 | 0.09 | Other Submitted Data [Other Major Social Security Issues](index=132&type=section&id=I.%20Other%20Major%20Social%20Security%20Issues) The company and its subsidiaries had no other major social security issues or administrative penalties during the reporting period - The listed company and its subsidiaries did not have any other major social security issues during the reporting period[620](index=620&type=chunk) - No administrative penalties were received during the reporting period[620](index=620&type=chunk) [Registration Form for Investor Relations Activities such as Research Visits, Communications, and Interviews during the Reporting Period](index=132&type=section&id=II.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20such%20as%20Research%20Visits%2C%20Communications%2C%20and%20Interviews%20during%20the%20Reporting%20Period) The company conducted two online investor communication events via the "Investor Relations Interactive Platform" on p5w.net Registration Form for Investor Relations Activities | Reception Time | Reception Location | Reception Method | Reception Type | Main Topics and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | 2025-04-15 | p5w.net "Investor Relations Interactive Platform" | Online Platform | Investors at the 2024 online earnings briefing | Company's production, operation, and future development | | 2025-05-15 | p5w.net "Investor Relations Interactive Platform" | Online Platform | Online investor questions | Company's future development and specific initiatives | [Fund Dealings between the Listed Company and its Controlling Shareholder and Other Related Parties](index=132&type=section&id=III.%20Fund%20Dealings%20between%20the%20Listed%20Company%20and%20its%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) There were no fund dealings between the company and its controlling shareholder or other related parties during the reporting period - The company had no fund dealings with its controlling shareholder or other related parties during the reporting period[621](index=621&type=chunk)