江苏扬农化工股份有限公司 2025 年半年度报告 公司代码：600486 公司简称：扬农化工 江苏扬农化工股份有限公司 2025 年半年度报告 1 / 166 江苏扬农化工股份有限公司 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、 公司负责人苏赋、主管会计工作负责人李常青及会计机构负责人（会计主管人员）孙琳菁声 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 根据2024年年度股东大会授权，董事会决定：以实施权益分派股权登记日登记的总股本为基 数，向全体股东每10股派发现金红利2.40元（含税），如至实施权益分派股权登记日期间，公司 总股本发生变动，公司将维持每股分配比例不变，相应调整分配总额。截至2025年6月30日，公 司总股本405,398,884股，以此计算拟派发现金红利97,295,732.16元（含税）。 否 ...

浙江森马服饰股份有限公司 2025 年半年度报告全文 浙江森马服饰股份有限公司 2025 年半年度报告 二〇二五年八月二十二日 1 浙江森马服饰股份有限公司 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。 公司负责人邱坚强、主管会计工作负责人陈新生及会计机构负责人(会计 主管人员)潘丽声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中提及的计划等前瞻性的描述不构成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。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"纺织服装相关业务"的披露要求 1、宏观经济波动风险 本公司主要产品为森马品牌休闲服饰和巴拉巴拉品 牌儿童服饰，分别定位于大众消费市场及中高端儿童服饰市场，市场需求受 宏观经济波动和居民消费水平变化的影响较大。若国内终端消费需求增速放 缓，可 ...

[Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides the company's basic information, contact details, and key financial performance indicators, highlighting significant year-on-year growth in revenue and net profit [Company Profile](index=6&type=section&id=一、公司简介) This section provides basic company information, including stock abbreviation, code, Chinese name, English abbreviation, and legal representative. The company's registered address changed during the reporting period, but other contact information and disclosure channels remained unchanged - Stock Abbreviation: Huaqi Environmental, Stock Code: **300929**[14](index=14&type=chunk) - Company Chinese Name: Anhui Huaqi Environmental Technology Co., Ltd., Legal Representative: Wang Jian[14](index=14&type=chunk) - During the reporting period, the company's registered address changed from 'No. 271 Meishan Road, Ma'anshan Economic and Technological Development Zone, Anhui Province' to 'No. 409 Meishan Road, Ma'anshan Economic and Technological Development Zone, Anhui Province'[18](index=18&type=chunk)[19](index=19&type=chunk) [Contact Persons and Information](index=6&type=section&id=二、联系人和联系方式) This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, which remained unchanged during the reporting period - Board Secretary: Jin Yan, Contact Number: 0555-2763187, Email: hq@huaqitech.com.cn[15](index=15&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) This section confirms that the company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, with only the registered address being altered - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period, as detailed in the 2024 annual report[16](index=16&type=chunk) - Registration status changed during the reporting period; the registered address at the beginning and end of the reporting period remained No. 409 Meishan Road, but the registration date changed from May 11, 2024, to May 27, 2025[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) The company's key financial indicators showed strong performance this reporting period, with significant year-on-year growth in operating revenue and net profit attributable to shareholders, and a notable improvement in net cash flow from operating activities. Total assets and net assets maintained stable growth. Current period data has been retrospectively adjusted due to accounting policy changes Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (RMB) | Prior Period (Adjusted) (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 171,661,692.77 | 103,269,239.04 | 66.23% | | Net Profit Attributable to Shareholders of Listed Company | 4,428,269.51 | -11,292,181.86 | 139.22% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 3,081,293.65 | -11,952,428.81 | 125.78% | | Net Cash Flow from Operating Activities | 3,324,182.03 | -18,850,721.81 | 117.63% | | Basic Earnings Per Share (RMB/share) | 0.03 | -0.09 | 133.33% | | Diluted Earnings Per Share (RMB/share) | 0.03 | -0.09 | 133.33% | | Weighted Average Return on Net Assets | 0.55% | -1.35% | 1.90% | | **End of Current Period (RMB)** | **End of Prior Year (Adjusted) (RMB)** | **Change from End of Prior Year** | | | Total Assets | 1,771,251,876.53 | 1,773,621,507.64 | -0.13% | | Net Assets Attributable to Shareholders of Listed Company | 809,312,484.42 | 804,631,860.37 | 0.58% | - Accounting Policy Change: In accordance with the Ministry of Finance's 'Compilation of Application Guidelines for Enterprise Accounting Standards 2024' and 'Interpretation No. 18 of Enterprise Accounting Standards,' which stipulate that guarantee-type quality assurance expenses should be recognized in operating costs, the company began implementing this regulation from the 2024 fiscal year[20](index=20&type=chunk) [Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those disclosed under Chinese Accounting Standards - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[21](index=21&type=chunk) - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese Accounting Standards[22](index=22&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=六、非经常性损益项目及金额) The total non-recurring gains and losses for this reporting period amounted to **RMB 1,346,975.86**, primarily from government subsidies and fair value changes in financial assets Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in current profit or loss (excluding government grants closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 1,571,092.23 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, excluding effective hedging activities related to normal business operations | 200,533.06 | | Other non-operating income and expenses apart from the above items | -173,859.98 | | Less: Income tax impact | 250,195.23 | | Impact on minority interests (after tax) | 594.22 | | **Total** | **1,346,975.86** | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section details the company's main businesses, core competencies, and operational performance, including financial results, asset and liability status, investment activities, and risk management strategies [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) As an 'Environmental 4S Professional Service Provider' in water environment governance, the company possesses multiple core technologies and products, focusing on Bio-Aerated Filter (BAF) processes, intelligent wastewater treatment equipment, rural and black-odorous water body treatment, and medical wastewater treatment. Concurrently, the company actively expands into the new energy sector, establishing a 'Environmental Protection + New Energy' dual-driven development pattern - The company is an 'Environmental 4S Professional Service Provider' specializing in water environment governance, possessing numerous core technologies and products with independent intellectual property rights[27](index=27&type=chunk) - The company is accelerating its expansion into the new energy sector, fully establishing a 'Environmental Protection + New Energy' dual-driven development pattern[27](index=27&type=chunk) [Business Scope and Main Business Revenue Composition](index=9&type=section&id=（一）业务领域及主营业务收入构成) The company's main businesses include integrated urban water environment governance, medical wastewater treatment, and rural water environment treatment, providing full lifecycle services based on core processes like BAF. Additionally, the company collaborates with Anhui University of Technology to research hydrogen energy industry chain technology and has introduced a professional energy storage container team, though the new energy business has not yet positively impacted performance during the reporting period - Water environment governance business covers integrated urban water environment governance, medical wastewater treatment, and rural water environment treatment, providing full lifecycle butler-style services[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - The new energy business has established a joint laboratory with Anhui University of Technology, focusing on in-depth research and development of key links in the hydrogen energy industry chain, and has introduced a professional energy storage container team[30](index=30&type=chunk) - During the reporting period, the new energy business has not yet positively impacted the company's performance; investors are advised to be aware of investment risks[30](index=30&type=chunk) [Business Model](index=9&type=section&id=（二）业务模式) The company's business model primarily includes equipment manufacturing and sales (water treatment and energy storage equipment), water environment governance engineering (EPC model), and wastewater treatment investment and operation (BOT, BOO, TOT models), offering diversified products and services to clients - The company's business model is primarily divided into equipment manufacturing and sales, water environment governance engineering, and wastewater treatment investment and operation[31](index=31&type=chunk) - Equipment manufacturing and sales business is implemented through its wholly-owned subsidiary Huaqi Weilan, covering the research, development, production, and sales of water environment governance process technologies and products, as well as energy storage equipment[31](index=31&type=chunk)[32](index=32&type=chunk) - Water environment governance engineering business is led by core process technologies such as BAF, providing full-process or multi-stage contracting services including engineering design, construction, equipment supply, and system installation and commissioning[33](index=33&type=chunk) - Wastewater treatment investment and operation adopts BOT, BOO, TOT, and other models, acquiring concession rights for wastewater treatment facilities and collecting operation fees[34](index=34&type=chunk) [Company's Industry Position](index=10&type=section&id=（三）公司所处行业地位) The company holds an internationally advanced position in the core Bio-Aerated Filter (BAF) process technology, is a national 'Specialized, Refined, Unique, and New' 'Little Giant' enterprise, and actively participates in the formulation of multiple industry standards, continuously enhancing its core technological level and market competitiveness - The company has accumulated extensive experience in the field of wastewater quality improvement and efficiency enhancement with its core Bio-Aerated Filter (BAF) process technology, reaching an internationally advanced level and having received the 'National Science and Technology Invention Second Prize'[35](index=35&type=chunk) - The company is a national 'Specialized, Refined, Unique, and New' 'Little Giant' enterprise, a high-tech enterprise, and a Vice President Unit of the All-China Environmental Chamber of Commerce[35](index=35&type=chunk) - The company participated in the compilation of multiple industry standards, promoting the standardized application of BAF technology in China, including the 'Technical Regulations for Bio-Aerated Filter Engineering'[37](index=37&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=二、核心竞争力分析) The company's core competencies are reflected in its technological and R&D advantages, talent advantages, product advantages, and comprehensive service advantages. The company possesses core technologies with independent intellectual property rights, continuously engages in R&D innovation, and has built a high-level R&D team. Its intelligent wastewater treatment equipment and core BAF products hold a leading position in the industry, and it provides full lifecycle butler-style services - Technological and R&D Advantages: The company masters a series of core wastewater treatment technologies, including BAF process technology, possesses independent intellectual property rights, and undertakes multiple provincial-level and above scientific research projects, such as 'Key Technologies and Equipment for Intelligent Rural and Household Wastewater Treatment and Application,' which has reached an internationally advanced level[38](index=38&type=chunk)[39](index=39&type=chunk) - Talent Advantages: Relying on its university background, the company has built a highly skilled, comprehensively capable, experienced, and stable R&D team through industry-university-research cooperation and internal training[40](index=40&type=chunk) - Product Advantages: The intelligent wastewater treatment equipment and core BAF process products developed by the company, such as the 'Magic Cube Smart Water' series, possess high technological advancement and equipment intelligence in the industry[40](index=40&type=chunk) - Comprehensive Service Advantages: As a leading enterprise in the BAF field, the company provides full lifecycle butler-style services, including technical solution preparation, engineering design, system integration, equipment manufacturing, engineering commissioning, expert diagnosis and technical support during operation, and wastewater treatment facility investment and operation[41](index=41&type=chunk) [Main Business Analysis](index=12&type=section&id=三、主营业务分析) During the reporting period, the company's main business revenue significantly increased by **66.23%** year-on-year, primarily due to a substantial increase in water environment governance engineering projects and wastewater treatment investment and operation revenue. Selling expenses decreased, while administrative expenses, financial expenses, and R&D investment all saw slight increases. Net cash flow from operating activities turned profitable, growing by **147.65%** Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 171,661,692.77 | 103,269,239.04 | 66.23% | Increase in water environment governance engineering projects in current period | | Operating Cost | 118,676,193.73 | 74,643,246.35 | 58.99% | Increase in water environment governance engineering projects in current period | | Selling Expenses | 3,013,929.77 | 4,489,057.01 | -32.86% | Decrease in sales personnel compensation and exhibition expenses in current period | | Income Tax Expense | 3,603,941.52 | -2,274,082.12 | 259.58% | Increase in total profit in current period | | Net Cash Flow from Operating Activities | 3,324,182.03 | -18,850,721.81 | 147.65% | Increase in sales receipts in current period | Analysis of Main Business Revenue Composition | Product or Service | Current Period Operating Revenue (RMB) | Current Period Gross Profit Share | Prior Period Operating Revenue (RMB) | Prior Period Gross Profit Share | YoY Change in Operating Revenue | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Water Environment Governance Engineering | 82,383,560.24 | 25.77% | 26,672,329.61 | 11.75% | 208.87% | 3.90% | | Water Treatment Product Sales | 13,338,899.30 | 0.86% | 15,529,691.15 | 7.10% | -14.00% | -6.24% | | Wastewater Treatment Investment and Operation | 74,795,668.61 | 72.46% | 60,161,411.73 | 80.41% | 24.32% | 12.89% | - During the reporting period, both water environment governance engineering revenue and wastewater treatment investment and operation revenue significantly increased, while water treatment product sales revenue slightly decreased, ultimately leading to a major change in the company's profit composition for the reporting period[44](index=44&type=chunk) [Non-Main Business Analysis](index=13&type=section&id=四、非主营业务分析) The company's non-main business income primarily originated from investment income (profits from associates and wealth management product income) and fair value change gains/losses, but these income sources are not sustainable. Concurrently, there were also non-main business impacts such as asset impairment and non-operating expenses (e.g., tax late payment fees) Non-Main Business Analysis | Item | Amount (RMB) | Share of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 795,430.53 | 10.21% | Due to profits from associates and wealth management product income | No | | Fair Value Change Gains/Losses | 79,925.11 | 1.03% | | No | | Asset Impairment | -195,236.84 | -2.51% | | No | | Non-Operating Income | 353,916.30 | 4.54% | Penalty income | No | | Non-Operating Expenses | 527,776.28 | 6.77% | Tax late payment fees | No | [Analysis of Assets and Liabilities](index=14&type=section&id=五、资产及负债状况分析) At the end of the reporting period, the company's total assets and net assets attributable to shareholders remained stable. In terms of asset structure, accounts receivable, contract assets, and inventory proportions increased, while monetary funds and long-term borrowings slightly decreased. On the liability side, short-term borrowings and contract liabilities increased, while long-term borrowings decreased. Some of the company's assets are restricted, primarily pledged or mortgaged for bank loans Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Share of Total Assets | Amount at End of Prior Year (RMB) | Share of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 56,562,023.40 | 3.19% | 70,810,154.07 | 3.99% | -0.80% | | Accounts Receivable | 316,115,874.35 | 17.85% | 297,292,370.81 | 16.76% | 1.09% | | Contract Assets | 129,647,313.55 | 7.32% | 123,099,804.71 | 6.94% | 0.38% | | Inventory | 75,249,124.34 | 4.25% | 59,552,002.92 | 3.36% | 0.89% | | Short-term Borrowings | 102,585,193.44 | 5.79% | 83,864,739.95 | 4.73% | 1.06% | | Contract Liabilities | 23,153,497.96 | 1.31% | 15,534,765.26 | 0.88% | 0.43% | | Long-term Borrowings | 419,009,100.00 | 23.66% | 466,389,200.00 | 26.30% | -2.64% | Asset Restriction Status as of the End of the Reporting Period | Item | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 5,657,701.58 | Frozen | Litigation freeze | | Monetary Funds | 9,156,732.98 | Frozen | Bills, letter of guarantee deposits | | Intangible Assets | 236,105,997.33 | Pledged | Mortgaged, pledged for bank loans | | Long-term Receivables (including current portion) | 378,104,711.06 | Pledged | Mortgaged, pledged for bank loans | | Accounts Receivable | 4,275,000.00 | Pledged | Mortgaged, pledged for bank loans | - The company had no significant overseas assets during the reporting period[53](index=53&type=chunk) - The measurement attributes of the company's main assets did not undergo significant changes during the reporting period[55](index=55&type=chunk) [Analysis of Investment Status](index=15&type=section&id=六、投资状况分析) During the reporting period, the company's total investment decreased by **17.14%** year-on-year. There were no significant equity or non-equity investments. All raised funds have been utilized, with the 'Intelligent Wastewater Treatment Equipment Industrialization Project' failing to meet expected returns. The company engaged in entrusted wealth management but had no derivative investments or entrusted loans Investment Amount During the Reporting Period | Indicator | Investment Amount for Reporting Period (RMB) | Investment Amount for Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount for Reporting Period | 80,182,785.23 | 96,773,860.48 | -17.14% | - The company did not acquire significant equity investments or have ongoing significant non-equity investments during the reporting period[58](index=58&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Amount at Period-End (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Accumulated Investment Income (RMB) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | Other | 17,079,925.11 | 79,925.11 | 43,189.28 | Own funds | - As of June 30, 2025, all proceeds from the company's initial public offering have been fully utilized[68](index=68&type=chunk) - The 'Intelligent Wastewater Treatment Equipment Industrialization Project' did not achieve expected returns this year, primarily due to factors such as changes in market supply and demand, slowdown in government investment, and delays in some order deliveries[71](index=71&type=chunk) Overview of Entrusted Wealth Management | Specific Type | Amount of Entrusted Wealth Management (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | | Bank Wealth Management Products | 3,000 | 1,700 | | Brokerage Wealth Management Products | 500 | 0 | | **Total** | **3,500** | **1,700** | - The company had no derivative investments or entrusted loans during the reporting period[76](index=76&type=chunk)[77](index=77&type=chunk) [Significant Asset and Equity Sales](index=20&type=section&id=七、重大资产和股权出售) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[78](index=78&type=chunk) - The company did not sell significant equity during the reporting period[79](index=79&type=chunk) [Analysis of Major Holding and Associate Companies](index=21&type=section&id=八、主要控股参股公司分析) This section details the financial information of the company's major holding subsidiaries. Notably, Hanshan County Huaqi Water Environment Governance Co., Ltd. saw a significant year-on-year increase in net profit, primarily due to the recognition of PPP project investment return income Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ma'anshan Runyou Water Affairs Investment Co., Ltd. | Subsidiary | 36,480,000.00 | 99,777,440.13 | 43,263,296.72 | 5,441,080.25 | 1,792,118.36 | | Yixing Huaqi Wastewater Treatment Co., Ltd. | Subsidiary | 50,000,000.00 | 158,174,384.84 | 70,127,126.08 | 9,826,621.45 | 1,153,398.47 | | Wuhe County Huaqi Water Affairs Co., Ltd. | Subsidiary | 20,000,000.00 | 68,467,532.11 | 39,423,883.38 | 7,816,898.04 | 2,512,653.17 | | Hexian Huaqi Chemical Wastewater Treatment Co., Ltd. | Subsidiary | 10,000,000.00 | 34,057,693.64 | 16,557,869.46 | 5,186,219.38 | 1,448,225.35 | | Hanshan County Huaqi Water Environment Governance Co., Ltd. | Subsidiary | 11,546,000.00 | 61,373,065.92 | 2,770,414.09 | 17,410,777.44 | 12,496,913.35 | | Wuhe Huaqi Southern Wastewater Treatment Co., Ltd. | Subsidiary | 77,000,000.00 | 264,605,499.90 | 83,672,684.98 | 13,942,801.38 | 1,603,481.47 | | Anhui Huaqi Weilan Intelligent Equipment Co., Ltd. | Subsidiary | 40,000,000.00 | 71,252,147.26 | 15,760,589.60 | 18,571,717.37 | 3,298,747.13 | - Hanshan County Huaqi Water Environment Governance Co., Ltd.'s net profit significantly increased year-on-year, primarily due to the signing of a supplementary agreement to the 'Hanshan Economic Development Zone East District Wastewater Treatment Plant (Phase I) and West District Wastewater Treatment Plant (Phase I) PPP Project Contract' in January 2025, clarifying the amount, term, and method of investment return, leading to the recognition of **RMB 12.2956 million** in revenue for the current period[89](index=89&type=chunk)[90](index=90&type=chunk) [Structured Entities Controlled by the Company](index=30&type=section&id=九、公司控制的结构化主体情况) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[91](index=91&type=chunk) [Risks Faced by the Company and Countermeasures](index=30&type=section&id=十、公司面临的风险和应对措施) The company faces multiple risks, including default on concession projects, accounts receivable recovery, expanding inventory and contract asset scale, growth prospects, changes in control, and new energy industry development. The company has formulated corresponding countermeasures, including strengthening contract terms, establishing collection teams, optimizing settlement mechanisms, increasing R&D investment, consolidating equity structure, and closely monitoring industry trends - Concession Project Default Risk: Local governments may delay payments, lower water prices, or reduce minimum guaranteed water volumes. Countermeasures: Include safeguard clauses in agreements and engage professional legal counsel to review agreements[91](index=91&type=chunk) - Risk of Accounts Receivable Not Being Recovered Timely or Becoming Bad Debts: High accounts receivable balance at the end of the reporting period. Countermeasures: Make accounts receivable collection a key annual operating task and establish a collection team[91](index=91&type=chunk) - New Energy Industry Risks: Hydrogen energy industry chain technology is still in the laboratory R&D stage, and the energy storage container business is highly affected by macroeconomic and industrial policies. Countermeasures: Closely monitor macroeconomic and new energy industry trends, enhance technological and product competitiveness, and accelerate the commercialization of R&D achievements[96](index=96&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=31&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) During the reporting period, the company held its 2024 annual online performance briefing on May 14, 2025, via an online platform, engaging with investors on its 2024 annual operating performance and future development plans - Reception Date: May 14, 2025[97](index=97&type=chunk) - Reception Method: Online platform communication[97](index=97&type=chunk) - Main Topics Discussed: 2024 annual operating performance and future development plans[97](index=97&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=31&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) During the reporting period, the company did not formulate a market value management system nor disclose 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) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=31&type=section&id=十三、%22质量回报双提升%22行动方案贯彻落实情况) During the reporting period, the company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan - The company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan[98](index=98&type=chunk) [Corporate Governance, Environment, and Society](index=32&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's governance structure, profit distribution plans, employee incentive measures, environmental information disclosure, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=32&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management, including the departure of independent directors and several supervisors, as well as the election of new independent directors and the appointment/removal of employee representative directors Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Huang Zhiquan | Independent Director | Departure | May 20, 2025 | Personal reasons | | Zhu Rong | Chairperson of Supervisory Board | Departure | May 20, 2025 | Supervisory Board reform | | Liu Nengbin | Independent Director | Elected | May 20, 2025 | Elected | | Jin Yan | Employee Representative Director | Appointment/Removal | May 20, 2025 | No longer serves as director, appointed as employee representative director | [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=32&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period[101](index=101&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company is actively advancing its 2025 Restricted Stock Incentive Plan, which has received approval from Anhui University of Technology and passed shareholder review. On June 17, 2025, the company granted **3.30 million** shares of second-class restricted stock to 69 incentive recipients for the first time. There were no employee stock ownership plans or other employee incentive measures during the reporting period - The company is implementing the 2025 Restricted Stock Incentive Plan, which has received approval from Anhui University of Technology and passed shareholder review[102](index=102&type=chunk)[104](index=104&type=chunk) - On June 17, 2025, the company granted **3.30 million** shares of second-class restricted stock to 69 incentive recipients for the first time[104](index=104&type=chunk) - The company had no implementation of employee stock ownership plans or other employee incentive measures during the reporting period[105](index=105&type=chunk) [Environmental Information Disclosure Status](index=34&type=section&id=四、环境信息披露情况) The company and its **6** major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and their environmental information disclosure reports can be found on the respective provincial environmental information disclosure system websites - The number of companies included in the list of enterprises required to disclose environmental information by law is **6**[106](index=106&type=chunk) - Environmental information disclosure reports for major subsidiaries (e.g., Yixing Huaqi Wastewater Treatment Co., Ltd., Wuhe County Huaqi Water Affairs Co., Ltd.) can be found on the Enterprise Environmental Information Disclosure System (Jiangsu/Anhui) websites[106](index=106&type=chunk) [Social Responsibility Status](index=34&type=section&id=五、社会责任情况) The company integrates social responsibility into its development strategy, committed to protecting shareholder and creditor rights, valuing employee development and welfare, and advocating equal employment policies. The company provides diverse training, social insurance, and multiple benefits to employees, aiming for harmonious development between the enterprise, its employees, and society - The company regards fulfilling social responsibility as a crucial measure for sustainable development and enhancing core competitiveness, striving to achieve coordinated unity between enterprise development, employee growth, ecological environmental protection, and social harmony[107](index=107&type=chunk) - The company effectively guarantees the right to information and voting rights of all shareholders, strictly fulfills its obligations according to contracts signed with creditors, and has not experienced any debt defaults[107](index=107&type=chunk) - The company adheres to a 'people-oriented' approach, emphasizes employee development, provides diverse comprehensive quality and professional skills training, fully implements relevant national laws and regulations, establishes social insurance and housing provident funds for employees, and offers benefits such as health examinations and paid leave[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) [Significant Matters](index=36&type=section&id=第五节%20重要事项) This section addresses key corporate events, including commitments, related party transactions, significant contracts, litigation, and other material disclosures [Commitment Matters Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, etc., During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period](index=36&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, there were no commitment matters that had been fulfilled or were overdue and unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself as of the end of the reporting period - During the reporting period, there were no commitment matters that had been fulfilled or were overdue and unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself as of the end of the reporting period[111](index=111&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=36&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties[112](index=112&type=chunk) [Illegal External Guarantees](index=36&type=section&id=三、违规对外担保情况) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[113](index=113&type=chunk) [Appointment and Dismissal of Accounting Firms](index=36&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[114](index=114&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period](index=36&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期%22非标准审计报告%22的说明) There was no non-standard audit report in the current period, thus no explanation is required from the Board of Directors, Supervisory Board, or Audit Committee [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=36&type=section&id=六、董事会对上年度%22非标准审计报告%22相关情况的说明) There was no non-standard audit report in the previous year, thus no explanation is required from the Board of Directors [Bankruptcy and Reorganization Related Matters](index=36&type=section&id=七、破产重整相关事项) During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[115](index=115&type=chunk) [Litigation Matters](index=36&type=section&id=八、诉讼事项) During the reporting period, the company had no significant litigation or arbitration matters, but there were other non-significant litigation matters, including cases where the company was both plaintiff and defendant. Some cases have concluded with the company's claims supported, while others are still pending trial or judgment, none of which had a significant impact on the company - The company had no significant litigation or arbitration matters in the current reporting period[116](index=116&type=chunk) Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other litigation matters where the company is the plaintiff | 11,821.53 | No | Some concluded, company's claims supported; some pending trial or judgment | No significant impact | | Other litigation matters where the company is the defendant | 175.79 | No | Some concluded; some pending trial or judgment | No significant impact | [Penalties and Rectification Status](index=37&type=section&id=九、处罚及整改情况) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[118](index=118&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During the reporting period, the company, its controlling shareholder, and actual controller had no integrity issues [Significant Related Party Transactions](index=37&type=section&id=十一、重大关联交易) During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party debt/credit, nor did it conduct financial business with affiliated finance companies - The company had no related party transactions related to daily operations during the reporting period[119](index=119&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[120](index=120&type=chunk) - The company had no related party debt or credit transactions during the reporting period[122](index=122&type=chunk) - There were no deposits, loans, credit lines, or other financial businesses between the company and affiliated finance companies, or between the company's controlled finance companies and related parties[123](index=123&type=chunk)[124](index=124&type=chunk) [Significant Contracts and Their Performance](index=38&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had no entrustment, contracting, or leasing matters, nor any other significant contracts. However, the company provided multiple significant guarantees for its subsidiaries, with the total actual guarantee balance amounting to **RMB 388.8497 million** as of the end of the reporting period, representing **48.05%** of the company's net assets - The company had no entrustment, contracting, or leasing situations during the reporting period[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party | Guaranteed Amount (RMB 10,000) | Guarantee Start Date | Guarantee End Date | Whether Guarantee Has Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Hanshan County Huaqi Environmental Governance Co., Ltd. | 7,200 | May 30, 2018 | May 30, 2031 | No | | Ma'anshan Huaqi Wastewater Treatment Co., Ltd. | 8,996 | December 12, 2019 | November 03, 2040 | No | | Hanshan County Huaqi Water Environment Governance Co., Ltd. | 4,000 | April 02, 2020 | April 02, 2038 | No | | Wuhe Huaqi Southern Wastewater Treatment Co., Ltd. | 18,000 | March 31, 2021 | November 20, 2048 | No | | Yixing Huaqi Wastewater Treatment Co., Ltd. | 6,588 | March 28, 2024 | March 24, 2037 | No | | **Total Actual Guarantee Balance for Subsidiaries at End of Reporting Period** | **38,884.97** | | | | | **Ratio of Total Actual Guarantee to Company's Net Assets** | **48.05%** | | | | - The company had no other significant contracts during the reporting period[135](index=135&type=chunk) [Explanation of Other Significant Matters](index=40&type=section&id=十三、其他重大事项的说明) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[136](index=136&type=chunk) [Significant Matters of Company Subsidiaries](index=40&type=section&id=十四、公司子公司重大事项) During the reporting period, the company's subsidiaries had no significant matters - The company had no significant matters concerning its subsidiaries during the reporting period[137](index=137&type=chunk) [Share Changes and Shareholder Information](index=41&type=section&id=第六节%20股份变动及股东情况) This section outlines the company's share capital structure, shareholder composition, and any changes in shareholdings of directors, supervisors, and senior management [Share Change Status](index=41&type=section&id=一、股份变动情况) During the reporting period, there were no changes in the company's total share capital, restricted shares, or unrestricted shares, neither in quantity nor proportion Share Change Status | | Quantity Before Change (shares) | Proportion Before Change | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 5,385,600 | 4.08% | 5,385,600 | 4.08% | | II. Unrestricted Shares | 126,747,356 | 95.92% | 126,747,356 | 95.92% | | III. Total Shares | 132,132,956 | 100.00% | 132,132,956 | 100.00% | - During the reporting period, the reasons for share changes, approval status, transfer status, and progress of share repurchase implementation are all not applicable[141](index=141&type=chunk) [Securities Issuance and Listing Status](index=42&type=section&id=二、证券发行与上市情况) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[142](index=142&type=chunk) [Number of Shareholders and Shareholding Status](index=42&type=section&id=三、公司股东数量及持股情况) As of the end of the reporting period, the company had **9,274** common shareholders. Among the top ten shareholders, Ma'anshan An'gongda Asset Management Co., Ltd. is the controlling shareholder, holding **14.10%** of shares and collectively possessing **26.80%** of voting rights through proxy. Several natural person shareholders form a concerted action with An'gongda Asset - Total number of common shareholders at the end of the reporting period: **9,274**[142](index=142&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ma'anshan An'gongda Asset Management Co., Ltd. | State-owned Legal Person | 14.10% | 18,632,328 | 0 | 18,632,328 | | Li Minghe | Domestic Natural Person | 2.80% | 3,698,680 | 0 | 3,698,680 | | Zheng Jun | Domestic Natural Person | 2.80% | 3,696,000 | 2,772,000 | 924,000 | | Wang Aibin | Domestic Natural Person | 2.73% | 3,610,422 | 0 | 3,610,422 | | Tibet Xingrui Enterprise Management Service Co., Ltd. | Domestic Non-State-owned Legal Person | 2.59% | 3,427,000 | 0 | 3,427,000 | | Zheng Jie | Domestic Natural Person | 2.50% | 3,308,800 | 2,481,600 | 827,200 | | Qi Jiawei | Domestic Natural Person | 1.95% | 2,574,260 | 0 | 2,574,260 | | Liu Guangchun | Domestic Natural Person | 1.73% | 2,289,126 | 0 | 2,289,126 | | Qi Haiyun | Domestic Natural Person | 1.54% | 2,039,347 | 0 | 2,039,347 | | Ma'anshan Huashan District Asset Management Co., Ltd. | State-owned Legal Person | 1.20% | 1,584,000 | 0 | 1,584,000 | - Shareholders Li Minghe, Zheng Jun, Wang Aibin, Liu Guangchun, and Zheng Jie form a concerted action with the controlling shareholder Ma'anshan An'gongda Asset Management Co., Ltd., and have entrusted their voting rights to An'gongda Asset[143](index=143&type=chunk) [Shareholding Changes of Directors, Supervisors, and Senior Management](index=44&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, several of the company's directors and senior management were granted restricted shares, totaling **540,000** shares, but their shareholding at the end of the period remained unchanged Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Number of Shares Held at Period End (shares) | Number of Restricted Shares Granted in Current Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Jin Yan | Employee Representative Director, Board Secretary | Current | 0 | 70,000 | | Wang Peng | Deputy General Manager | Current | 0 | 100,000 | | Lian Hongwei | Deputy General Manager | Current | 0 | 100,000 | | Cheng Xiaoling | Deputy General Manager | Current | 0 | 100,000 | | Li Binghuang | Deputy General Manager | Current | 0 | 100,000 | | Xu Xinglie | Chief Financial Officer | Current | 0 | 70,000 | | **Total** | -- | -- | **0** | **540,000** | [Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=五、控股股东或实际控制人变更情况) During the reporting period, 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[146](index=146&type=chunk) - The company's actual controller did not change during the reporting period[147](index=147&type=chunk) [Preferred Share Related Matters](index=46&type=section&id=六、优先股相关情况) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[148](index=148&type=chunk) [Bond Related Matters](index=47&type=section&id=第七节%20债券相关情况) This section confirms the absence of any bond-related matters for the company during the reporting period [Bond Related Matters](index=47&type=section&id=债券相关情况) During the reporting period, the company had no bond-related matters - The company had no bond-related matters during the reporting period[150](index=150&type=chunk) [Financial Report](index=48&type=section&id=第八节%20财务报告) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements [Audit Report](index=48&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[152](index=152&type=chunk) [Financial Statements](index=48&type=section&id=二、财务报表) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flows during the reporting period [Consolidated Balance Sheet](index=48&type=section&id=1、合并资产负债表) As of June 30, 2025, the company's consolidated total assets amounted to **RMB 1,771,251,876.53**, total liabilities to **RMB 951,059,374.43**, and total owners' equity to **RMB 820,192,502.10** - Consolidated total assets at period-end: **RMB 1,771,251,876.53**[49](index=49&type=chunk) - Consolidated total liabilities at period-end: **RMB 951,059,374.43**[50](index=50&type=chunk) - Consolidated owners' equity attributable to parent company at period-end: **RMB 809,312,484.42**[50](index=50&type=chunk) [Parent Company Balance Sheet](index=50&type=section&id=2、母公司资产负债表) As of June 30, 2025, the parent company's total assets amounted to **RMB 1,306,461,066.45**, total liabilities to **RMB 526,653,414.13**, and total owners' equity to **RMB 779,807,652.32** - Parent company total assets at period-end: **RMB 1,306,461,066.45**[51](index=51&type=chunk) - Parent company total liabilities at period-end: **RMB 526,653,414.13**[52](index=52&type=chunk) - Parent company total owners' equity at period-end: **RMB 779,807,652.32**[52](index=52&type=chunk) [Consolidated Income Statement](index=52&type=section&id=3、合并利润表) For the first half of 2025, the company's consolidated total operating revenue was **RMB 171,661,692.77**, net profit was **RMB 4,188,567.38**, net profit attributable to parent company shareholders was **RMB 4,428,269.51**, and basic earnings per share was **RMB 0.03** - Consolidated total operating revenue for H1 2025: **RMB 171,661,692.77**, a year-on-year increase of **66.23%**[161](index=161&type=chunk)[43](index=43&type=chunk) - Consolidated net profit for H1 2025: **RMB 4,188,567.38**, net profit attributable to parent company shareholders: **RMB 4,428,269.51**[163](index=163&type=chunk) - Basic earnings per share for H1 2025: **RMB 0.03/share**[163](index=163&type=chunk) [Parent Company Income Statement](index=54&type=section&id=4、母公司利润表) For the first half of 2025, the parent company's operating revenue was **RMB 99,152,468.01**, and net profit was **-RMB 18,026,496.69** - Parent company operating revenue for H1 2025: **RMB 99,152,468.01**[166](index=166&type=chunk) - Parent company net profit for H1 2025: **-RMB 18,026,496.69**[167](index=167&type=chunk) [Consolidated Cash Flow Statement](index=56&type=section&id=5、合并现金流量表) For the first half of 2025, the company's consolidated net cash flow from operating activities was **RMB 3,324,182.03**, net cash flow from investing activities was **-RMB 13,410,881.23**, and net cash flow from financing activities was **-RMB 8,836,171.37** - Consolidated net cash flow from operating activities for H1 2025: **RMB 3,324,182.03**, a year-on-year increase of **117.63%**[168](index=168&type=chunk)[43](index=43&type=chunk) - Consolidated net cash flow from investing activities for H1 2025: **-RMB 13,410,881.23**[169](index=169&type=chunk) - Consolidated net cash flow from financing activities for H1 2025: **-RMB 8,836,171.37**[169](index=169&type=chunk) [Parent Company Cash Flow Statement](index=57&type=section&id=6、母公司现金流量表) For the first half of 2025, the parent company's net cash flow from operating activities was **-RMB 15,798,938.61**, net cash flow from investing activities was **-RMB 16,737,961.59**, and net cash flow from financing activities was **RMB 11,554,474.01** - Parent company net cash flow from operating activities for H1 2025: **-RMB 15,798,938.61**[170](index=170&type=chunk) - Parent company net cash flow from investing activities for H1 2025: **-RMB 16,737,961.59**[171](index=171&type=chunk) - Parent company net cash flow from financing activities for H1 2025: **RMB 11,554,474.01**[171](index=171&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=58&type=section&id=7、合并所有者权益变动表) For the first half of 2025, the company's consolidated total owners' equity increased from **RMB 815,751,580.18** at the beginning of the period to **RMB 820,192,502.10** at the end of the period, primarily due to net profit attributable to owners of the parent company - Consolidated total owners' equity at period-end: **RMB 820,192,502.10**[60](index=60&type=chunk) - Total comprehensive income attributable to owners of the parent company for the current period: **RMB 4,428,269.51**[59](index=59&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=62&type=section&id=8、母公司所有者权益变动表) For the first half of 2025, the parent company's total owners' equity decreased from **RMB 797,581,794.47** at the beginning of the period to **RMB 779,807,652.32** at the end of the period, primarily due to a decrease in total comprehensive income - Parent company total owners' equity at period-end: **RMB 779,807,652.32**[63](index=63&type=chunk) - Parent company total comprehensive income for the current period: **-RMB 18,026,496.69**[63](index=63&type=chunk) [Company Basic Information](index=65&type=section&id=三、公司基本情况) This section introduces Anhui Huaqi Environmental Technology Co., Ltd.'s historical evolution, changes in registered capital, registered address, and legal representative. The company, formerly Ma'anshan Huaqi Environmental Technology Development Co., Ltd., has undergone multiple equity transfers and capital increases, with its registered capital reaching **RMB 132.132956 million** - The company's predecessor was Ma'anshan Huaqi Environmental Technology Development Co., Ltd., established on April 27, 2002[184](index=184&type=chunk) - The company's registered capital has undergone multiple changes, reaching **RMB 132.132956 million** with a total of **132,132,956 shares** as of the end of the reporting period[193](index=193&type=chunk) - Company Address: No. 409 Meishan Road, Ma'anshan Economic and Technological Development Zone, Anhui Province, Legal Representative: Wang Jian[194](index=194&type=chunk) [Basis of Financial Statement Preparation](index=67&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards, their application guidelines, and interpretations, and comply with the information disclosure requirements of the China Securities Regulatory Commission. The company has assessed its ability to continue as a going concern and found no affecting matters - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with Enterprise Accounting Standards, their application guidelines, and interpretations[196](index=196&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability[197](index=197&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=五、重要会计政策及会计估计) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, revenue recognition, inventories, fixed assets, intangible assets, employee compensation, government grants, and other aspects. Notably, the company implemented an accounting policy change from the 2024 fiscal year, recognizing guarantee-type quality assurance expenses in operating costs - The company began implementing the Ministry of Finance's 'Compilation of Application Guidelines for Enterprise Accounting Standards 2024' and 'Interpretation No. 18 of Enterprise Accounting Standards' from the 2024 fiscal year, recognizing guarantee-type quality assurance expenses in operating costs[459](index=459&type=chunk)[460](index=460&type=chunk) - Upon initial recognition, the company classifies financial assets as measured at amortized cost, at fair value through profit or loss, or at fair value through other comprehensive income, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[249](index=249&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods or services[397](index=397&type=chunk) [Taxation](index=120&type=section&id=六、税项) This section discloses the company's main tax categories and rates, including Value-Added Tax, Urban Maintenance and Construction Tax, Enterprise Income Tax, and Education Surcharge. The company enjoys multiple tax preferential policies, such as a **70%** immediate refund of VAT on water utility operating income, and a **15%** preferential Enterprise Income Tax rate as a high-tech enterprise Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable sales amount | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Enterprise Income Tax | Taxable income | 25% | | Education Surcharge | Actual amount of turnover tax paid | 3% | - The company and its subsidiaries' water utility operating income are subject to VAT at **13%** and **6%**, while also enjoying a **70%** immediate refund preferential policy[464](index=464&type=chunk) - As a high-tech enterprise, the company is subject to a **15%** preferential Enterprise Income Tax rate from 2023 to 2025[465](index=465&type=chunk) - Companies engaged in public wastewater treatment business are exempt from Enterprise Income Tax for the first three years and enjoy a **50%** reduction for the fourth to sixth years, starting from the tax year in which they obtain their first production and operation income[465](index=465&type=chunk) [Notes to Consolidated Financial Statement Items](index=122&type=section&id=七、合并财务报表项目注释) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, various accounts receivable, inventories, fixed assets, intangible assets, various borrowings, accounts payable, employee compensation, and taxes, explaining their period-end balances, changes, and composition - Total monetary funds at period-end were **RMB 56,562,023.40**, of which **RMB 5,657,701.58** was frozen due to litigation, and **RMB 9,156,732.98** was for bills and letter of guarantee deposits[467](index=467&type=chunk) - Book value of accounts receivable at period-end was **RMB 316,115,874.35**, with a bad debt provision of **RMB 84,368,615.99**[482](index=482&type=chunk) - Total long-term borrowings at period-end were **RMB 419,009,100.00**, primarily pledged + guaranteed borrowings[599](index=599&type=chunk) - Operating revenue for H1 2025 was **RMB 171,661,692.77**, and operating cost was **RMB 118,676,193.73**[629](index=629&type=chunk) [R&D Expenses](index=156&type=section&id=八、研发支出) During the reporting period, the company's total R&D expenses amounted to **RMB 4,867,083.10**, all of which were expensed. Employee compensation and material costs were the main components of R&D expenses Composition of R&D Expenses | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 2,022,025.43 | 2,241,401.59 | | Material Costs | 1,793,982.11 | 1,535,128.04 | | Depreciation and Amortization | 95,746.92 | 100,230.68 | | Technology, Testing, and Service Fees | 61,760.10 | 115,597.79 | | Other | 893,568.54 | 316,694.98 | | **Total** | **4,867,083.10** | **4,309,053.08** | - All R&D expenses for the current period were expensed[680](index=680&type=chunk) [Interests in Other Entities](index=156&type=section&id=九、在其他主体中的权益) The company owns **15** subsidiaries, **5** of which are non-wholly-owned. This section details each subsidiary's registered capital, business nature, and shareholding proportion, and provides key financial information for significant non-wholly-owned subsidiaries, including minority shareholder proportion, current period profit/loss, and period-end equity balance - The company owns **15** subsidiaries, including Wuhe Huaqi, Beijing Huaqi, Yixing Huaqi, etc., with business natures primarily in wastewater treatment and equipment manufacturing[682](index=682&type=chunk) - The company holds a **49%** equity stake in Anhui Interon Intelligent Control Co., Ltd., but controls the company through board seats[682](index=682&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Profit/Loss Attributable to Minority Shareholders for Current Period (RMB) | Minority Shareholder Equity Balance at Period-End (RMB) | | :--- | :--- | :--- | :--- | | Hanshan County Huaqi Environmental Governance Co., Ltd. | 10.00% | -45,827.49 | -1,785,160.63 | | Hanshan County Huaqi Water Environment Governance Co., Ltd. | 10.00% | 1,249,691.34 | -877,558.59 | | Anhui Interon Intelligent Control Co., Ltd. | 51.00% | 140,020.53 | 1,088,325.26 | | Anhui Shuangong Zhilian Environmental Technology Co., Ltd. | 49.00% | -274,667.92 | -589,796.63 | | Ma'anshan Weidu Construction Engineering Co., Ltd. | 33.33% | -34,174.50 | 120,755.89 | [Government Grants](index=159&type=section&id=十、政府补助) During the reporting period, the company received total government grants of **RMB 1,552,208.22**, of which **RMB 593,208.22** was recognized as deferred income and amortized, and **RMB 959,000.00** was directly recognized in current period profit or loss - Total government grants recognized in other income for the current period amounted to **RMB 1,552,208.22**[644](index=644&type=chunk) Liability Items Involving Government Grants | Accounting Account | Beginning Balance (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 13,708,517.81 | 593,208.22 | 13,115,309.59 | Asset Related | Government Grants Recognized in Current Period Profit or Loss | Accounting Account | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Other Income | 959,000.00 | 104,950.00 | [Risks Related to Financial Instruments](index=159&type=section&id=十一、与金融工具相关的风险) The company faces credit risk, liquidity risk, and market risk. Credit risk primarily arises from various receivables, controlled by assessing customer creditworthiness and regular monitoring. Liquidity risk is managed through integrated cash management and monitoring borrowing agreements. Market risk is mainly interest rate risk, mitigated by rationally arranging borrowing proportions. As of the end of the reporting period, the company had no exchange rate risk or other price risks - The company's financial instrument-related risks stem from credit risk, liquidity risk, and market risk[695](index=695&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, financing receivables, other receivables, contract assets, and long-term receivables[697](index=697&type=chunk) - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs and compliance with borrowing agreement provisions[706](index=706&type=chunk) - Market risk primarily arises from long-term interest-bearing debts such as long-term bank borrowings; the company avoids cash flow risks from interest rate changes by rationally arranging short-term and medium-to-long-term borrowing proportions[709](index=709&type=chunk)[710](index=710&type=chunk) - As of June 30, 2025, the company had no exchange rate risk or other price risks[711](index=711&type=chunk) [Fair Value Disclosure](index=163&type=section&id=十二、公允价值的披露) The company disclosed the fair value of assets and liabilities measured at fair value at period-end, categorized into three levels based on the observability of inputs. Financial assets at fair value through profit or loss (e.g., structured deposits) are measured at Level 2, while other equity instrument investme

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and declare the financial report is true, accurate, and complete, with no plans for profit distribution - Company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, completeness, and absence of false records, misleading statements, or major omissions in the semi-annual report[4](index=4&type=chunk) - Company head, chief accountant, and accounting department head declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - Company plans no cash dividends, no bonus shares, and no capital reserve conversions to share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the overall structure of the report, including nine main chapters covering company profile, financial indicators, MD&A, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, clarifying the full and abbreviated names of the controlling shareholder, the company, its main subsidiaries, and currency units to ensure accurate understanding of the report content - Controlling shareholder refers to Shandong Haihua Group Co., Ltd[11](index=11&type=chunk) - Company refers to Shandong Haihua Co., Ltd[11](index=11&type=chunk) - "Yuan" and "ten thousand yuan" in the report refer to RMB yuan and RMB ten thousand yuan, respectively[11](index=11&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [1. 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) This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative, providing an overview for investors - Company stock abbreviation: Shandong Haihua, stock code: **000822**, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - Company's legal representative is **Wang Zhihui**[13](index=13&type=chunk) [2. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides detailed contact information for the company's securities affairs representative and board secretary, including names, addresses, phone numbers, fax, and email, for investor communication - Board Secretary is **Yang Yuhua**, contact number: **(0536) 5329842**[14](index=14&type=chunk) - Securities Affairs Representative is **Jiang Xiuhong**, contact number: **(0536) 5329931**[14](index=14&type=chunk) [3. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that the company's registered address, office address, website, email, and information disclosure and placement locations remained unchanged during the reporting period, with specific details available in the 2024 annual report - Company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period, refer to the 2024 annual report for details[16](index=16&type=chunk) [4. Key Accounting Data and Financial Indicators](index=6&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) During the reporting period, the company's key financial indicators significantly declined, with operating revenue decreasing by **38.45%** year-on-year, net profit attributable to shareholders turning from profit to loss with a **214.94%** decrease, and net cash flow from operating activities also sharply falling by **54.63%** Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,137,933,073.85 | 3,473,329,367.20 | -38.45% | | Net Profit Attributable to Shareholders of Listed Company | -257,882,006.26 | 224,352,715.71 | -214.94% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -284,216,484.76 | 201,995,734.53 | -240.70% | | Net Cash Flow from Operating Activities | 346,247,241.87 | 763,103,555.98 | -54.63% | | Basic Earnings Per Share (Yuan/Share) | -0.29 | 0.25 | -216.00% | | Diluted Earnings Per Share (Yuan/Share) | -0.29 | 0.25 | -216.00% | | Weighted Average Return on Net Assets | -5.09% | 4.26% | -9.35% | | **End of Current Reporting Period vs. End of Prior Year** | | | | | Total Assets | 8,366,836,051.25 | 8,577,987,544.86 | -2.46% | | Net Assets Attributable to Shareholders of Listed Company | 4,945,021,883.12 | 5,199,161,903.74 | -4.89% | [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards during the reporting period - Company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards and Chinese Accounting Standards during the reporting period[18](index=18&type=chunk) - Company reported no differences in net profit and net assets between financial reports prepared under overseas accounting standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) [6. Non-Recurring Gains and Losses 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) During the reporting period, the company's total non-recurring gains and losses amounted to **26.33 million yuan**, primarily from fair value changes of financial assets and government grants, which had some impact on the company's net profit Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 421,655.90 | | | Government Grants Recognized in Current Profit or Loss | 9,256,982.07 | See Announcement No. 2025-024 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities, Excluding Effective Hedge Accounting Related to Normal Business Operations | 26,173,774.39 | Primarily due to the ineffective portion of the company's hedging activities (cash flow hedges) accounted for under hedge accounting being recognized in fair value change gains and losses | | Other Non-Operating Income and Expenses Apart from the Above | -702,281.87 | | | Less: Income Tax Impact | 8,815,651.99 | | | Impact on Minority Interests (After Tax) | 0.00 | | | Total | 26,334,478.50 | | - Company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[20](index=20&type=chunk)[21](index=21&type=chunk) [Part III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [1. Principal Business Activities During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business focuses on the salt chemical industry, with soda ash as its leading product, also producing caustic soda, bromine, calcium chloride, and baking soda; during the reporting period, soda ash capacity expanded, but weak downstream demand led to price declines and increased inventory [(I) Development of the Leading Product: Soda Ash Industry](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E5%AF%BC%E4%BA%A7%E5%93%81%E7%BA%AF%E7%A2%B1%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) In the first half of 2025, soda ash industry capacity expanded by **2.3 million tons** to **41.1 million tons**, with production around **18.5 million tons**, flat year-on-year, but declining demand and narrowing price differences led to market price drops and increased inventory - Company's leading product is soda ash, widely used in glass, inorganic salts, metallurgy, medicine, and other industries[23](index=23&type=chunk) - During the reporting period, new soda ash capacity increased by **2.3 million tons**, bringing total capacity to **41.1 million tons**, with domestic soda ash production in the first half of the year approximately **18.5 million tons**, largely flat year-on-year[25](index=25&type=chunk) - In the first half of the year, cumulative soda ash exports reached **992,700 tons**, an increase of **544,400 tons** or **121.44%** year-on-year; cumulative imports were **17,200 tons**, a decrease of **732,200 tons** or **97.70%** year-on-year[29](index=29&type=chunk) - In the first half of 2025, the soda ash market experienced a volatile downward trend, with industry inventory showing an increasing trend[31](index=31&type=chunk)[33](index=33&type=chunk) [(II) Main Business Operating Model](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's procurement model primarily involves direct sourcing from production areas, optimizing the supply chain through bidding, price comparison, and strategic cooperation, while production is continuous, focusing on long-cycle equipment operation and energy saving, and sales are mainly direct to manufacturers, supplemented by a futures-spot strategy - Procurement Model: Bulk raw materials like limestone are primarily sourced directly from production areas, optimizing the supply chain through bidding, price comparison, and strategic cooperation with mining enterprises[34](index=34&type=chunk) - Production Model: Adopts a continuous, uninterrupted production line, aiming for “equipment operation long cycle, high-quality production, seamless collaboration, and record-breaking energy conservation and consumption reduction”[34](index=34&type=chunk) - Sales Model: Primarily direct supply to manufacturers, supplemented by other channels, securing long-term sales through in-depth strategic cooperation agreements with high-quality customers, and conducting hedging operations for soda ash and caustic soda[34](index=34&type=chunk) [2. Analysis of Core Competencies](index=10&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 competencies lie in its complete industrial chain, excellent quality and brand, continuous innovation capabilities, and profound corporate culture, having built an ecological industrial system for marine chemicals, with products winning national and provincial honors, continuously promoting digital and intelligent transformation, and fostering employee cohesion - Company possesses a complete industrial chain, interconnected by products such as crude salt, soda ash, caustic soda, and bromine, forming an ecological industrial system for marine chemicals[35](index=35&type=chunk) - Company's leading product, soda ash, has repeatedly won honors such as “China Famous Brand Product” and “Shandong Famous Brand Product,” enhancing its reputation and credibility[35](index=35&type=chunk) - Company adheres to technology leadership and innovation-driven development, promoting digital and intelligent transformation, building “Digital Haihua,” and being selected for the provincial intelligent manufacturing excellent scenario list[36](index=36&type=chunk) - Company has a profound corporate culture, promoting “Haihua Family Culture” to enhance employee cohesion and solidarity, and has repeatedly won the first prize for National Enterprise Management Innovation Achievements[37](index=37&type=chunk) [3. Analysis of Principal Business](index=11&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) During the reporting period, the company focused on the “Integrated Reform and Improvement Year” theme, deepening target management, optimizing procurement and sales strategies, strengthening cost reduction and efficiency improvement, and enhancing technological innovation, risk prevention, and Party building leadership, despite a **38.45%** year-on-year decrease in operating revenue and a net loss of **258 million yuan** [(I) Overview](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%A6%82%E8%BF%B0) In the first half of the year, the company achieved operating revenue of **2.138 billion yuan** and a net loss of **258 million yuan** attributable to shareholders, driven by initiatives including deepening target management, optimizing procurement and sales strategies, strengthening cost reduction, technological innovation, risk prevention, and Party building leadership - In the first half of the year, the company achieved operating revenue of **2.138 billion yuan** and net profit attributable to shareholders of **-258 million yuan**[38](index=38&type=chunk) - Company continuously optimized procurement strategies, leveraged strategic supply advantages, and coordinated strategic direct supply with market competition strategies[38](index=38&type=chunk) - Optimized market layout, flexibly adjusted sales strategies, increased promotional efforts in high-price regions, and adhered to a futures-spot approach for hedging soda ash and caustic soda[38](index=38&type=chunk) - In the first half of the year, a total of **75 patent applications** were filed, including **67 invention patents**; **40 patents** were granted, including **33 invention patents**, both showing significant year-on-year growth[39](index=39&type=chunk) [(II) Year-on-Year Changes in Key Financial Data](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue and costs decreased by **38.45%** and **34.20%** respectively due to lower product sales and prices, while selling expenses increased by **85.81%** due to higher liquid chlorine disposal fees, financial expenses decreased by **254.51%** due to increased deposit interest, R&D investment increased by **54.82%**, and net cash flow from operating and investing activities significantly decreased Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,137,933,073.85 | 3,473,329,367.20 | -38.45% | Primarily due to lower sales volume and prices of leading products in the current period | | Operating Cost | 1,930,324,101.40 | 2,933,702,344.31 | -34.20% | Primarily due to lower sales volume of leading products in the current period | | Selling Expenses | 55,515,767.09 | 29,876,904.75 | 85.81% | Primarily due to increased liquid chlorine disposal service fees in the current period | | Financial Expenses | -5,425,620.25 | -1,530,460.17 | -254.51% | Primarily due to increased deposit interest income in the current period | | R&D Investment | 47,722,809.34 | 30,825,378.08 | 54.82% | Primarily due to an increase in R&D projects in the current period | | Net Cash Flow from Operating Activities | 346,247,241.87 | 763,103,555.98 | -54.63% | Primarily due to decreased sales revenue | | Net Cash Flow from Investing Activities | -327,119,767.05 | -10,318,512.71 | -3,070.22% | Primarily due to the purchase of wealth management products in the current period | [(III) Significant Changes in the Company's Profit Structure or Sources of Profit During the Reporting Period](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E6%9E%84%E6%88%90%E6%88%96%E5%88%A9%E6%B6%A6%E6%9D%A5%E6%BA%90%E5%8F%91%E7%94%9F%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8) There were no significant changes in the company's profit structure or sources of profit during the reporting period - There were no significant changes in the company's profit structure or sources of profit during the reporting period[43](index=43&type=chunk) [(IV) Composition of Operating Revenue](index=12&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) During the reporting period, the company's total operating revenue was **2.138 billion yuan**, a year-on-year decrease of **38.45%**, with chemical product revenue accounting for **97.56%** and decreasing by **39.45%**, while soda ash revenue declined by **49.92%**, caustic soda revenue grew by **23.98%**, and bromine revenue grew by **38.24%** Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Amount for Current Reporting Period (Yuan) | Proportion of Operating Revenue | Amount for Prior Year Period (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | | Chemical Products | 2,085,710,098.76 | 97.56% | 3,444,657,819.50 | 99.17% | -39.45% | | | Other | 52,222,975.09 | 2.44% | 28,671,547.70 | 0.83% | 82.14% | | **By Product** | | | | | | | | | Soda Ash | 1,363,409,996.89 | 63.77% | 2,722,314,327.72 | 78.38% | -49.92% | | | Caustic Soda | 343,968,128.28 | 16.09% | 277,448,391.30 | 7.99% | 23.98% | | | Bromine | 93,789,070.75 | 4.39% | 67,844,194.67 | 1.95% | 38.24% | | **By Region** | | | | | | | | | Shandong | 1,269,924,570.87 | 59.40% | 1,506,570,657.81 | 43.38% | -15.71% | | | East China Region | 353,770,181.88 | 16.55% | 844,207,376.22 | 24.31% | -58.09% | | | Northeast China Region | 52,867,719.94 | 2.47% | 301,856,864.84 | 8.69% | -82.49% | | | Other Domestic Regions | 31,812,502.44 | 1.49% | 11,470,786.40 | 0.33% | 177.33% | [(V) Industries, Products, or Regions Accounting for Over 10% of the Company's Operating Revenue or Operating Profit](index=13&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E5%8D%A0%E5%85%AC%E5%8F%B8%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%88%96%E8%90%A5%E4%B8%9A%E5%88%A9%E6%B6%A6%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E8%A1%8C%E4%B8%9A%E3%80%81%E4%BA%A7%E5%93%81%E6%88%96%E5%9C%B0%E5%8C%BA%E6%83%85%E5%86%B5) This section confirms the industries, products, or regions accounting for over **10%** of the company's operating revenue or operating profit, with specific data already detailed in the operating revenue composition - Information on industries, products, or regions accounting for over **10%** of the company's operating revenue or operating profit is applicable[44](index=44&type=chunk) [(VI) Main Business Data Adjusted According to the Scope at the End of the Reporting Period, if the Statistical Scope of the Company's Main Business Data Changed During the Reporting Period](index=13&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%95%B0%E6%8D%AE%E7%BB%9F%E8%AE%A1%E5%8F%A3%E5%BE%84%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%8F%91%E7%94%9F%E8%B0%83%E6%95%B4%E7%9A%84%E6%83%85%E5%86%B5%E4%B8%8B%EF%BC%8C%E5%85%AC%E5%8F%B8%E6%9C%80%E8%BF%91%201%20%E6%9C%9F%E6%8C%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%8F%A3%E5%BE%84%E8%B0%83%E6%95%B4%E5%90%8E%E7%9A%84%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%95%B0%E6%8D%AE) The statistical scope of the company's main business data did not change during the reporting period - The statistical scope of the company's main business data did not change during the reporting period[45](index=45&type=chunk) [4. Analysis of Non-Principal Business](index=13&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no analysis of non-principal business during the reporting period - The company had no analysis of non-principal business during the reporting period[45](index=45&type=chunk) [5. Analysis of Assets and Liabilities](index=13&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) At the end of the reporting period, both the company's total assets and net assets attributable to shareholders decreased, with accounts receivable and construction in progress significantly increasing, while accounts receivable financing and long-term borrowings decreased, and notes payable increased due to reclassification of long-term borrowings [1. Significant Changes in Asset Composition](index=13&type=section&id=1%EF%BC%8E%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) At the end of the reporting period, the company's total assets were **8.367 billion yuan**, a **2.46%** decrease from the end of the previous year, with accounts receivable increasing by **1.54%** due to increased credit sales, and long-term borrowings decreasing by **1.66%** due to reclassification Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 8,366,836,051.25 | | 8,577,987,544.86 | | -2.46% | | | Accounts Receivable | 135,438,757.22 | 1.62% | 7,028,359.68 | 0.08% | 1.54% | Primarily due to increased credit sales | | Construction in Progress | 126,498,352.61 | 1.51% | 34,606,998.56 | 0.40% | 1.11% | | | Long-Term Borrowings | 72,033,750.00 | 0.86% | 216,440,500.00 | 2.52% | -1.66% | Primarily due to reclassification of long-term borrowings to non-current liabilities due within one year | | Accounts Receivable Financing | 867,673,828.45 | 10.37% | 1,473,046,239.32 | 17.17% | -6.80% | Primarily due to reduced operating revenue and bank acceptance bills received in the current period | | Notes Payable | 1,715,438,510.89 | 20.50% | 1,464,256,543.86 | 17.07% | 3.43% | Primarily due to an increase in self-issued bank acceptance bills in the current period | [2. Major Overseas Assets](index=14&type=section&id=2%EF%BC%8E%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[48](index=48&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=14&type=section&id=3%EF%BC%8E%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) At the end of the reporting period, the company's financial assets measured at fair value totaled **1.324 billion yuan**, with changes in trading financial assets and derivative financial assets, while financial liabilities were **1.0277 million yuan** at the beginning of the period and **0** at the end, and the effective portion of hedging activities was recognized in other comprehensive income Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gains and Losses for Current Period (Yuan) | Increase for Current Period (Yuan) | Decrease for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | | Trading Financial Assets | 200,222,222.22 | 2,259,010.66 | 450,000,000.00 | 200,000,000.00 | 452,481,232.88 | | Derivative Financial Assets | 62,789,480.00 | 22,722,415.72 | 20,397,484.27 | -21,817,623.71 | 247,200.00 | | Accounts Receivable Financing | 1,473,046,239.32 | | 1,609,003,871.90 | 2,214,376,282.77 | 867,673,828.45 | | **Total Above** | 1,739,460,581.17 | 24,981,426.38 | 2,059,003,871.90 | 2,414,376,282.77 | 1,323,804,900.96 | | **Financial Liabilities** | 1,027,710.00 | 0.00 | | | 0.00 | - The effective portion of hedging activities was recognized in other comprehensive income and reclassified to operating revenue upon closing or settlement of the contracts[48](index=48&type=chunk) [4. Asset Restrictions at the End of the Reporting Period](index=14&type=section&id=4%EF%BC%8E%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) Details of the company's asset restrictions can be found in Financial Report Section VIII, Seven, 31. Assets with Restricted Ownership or Use Rights - Asset restrictions are detailed in Section VIII, Seven, 31. Assets with Restricted Ownership or Use Rights[49](index=49&type=chunk) [6. Analysis of Investment Status](index=14&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) During the reporting period, the company's total investment was **1.733 billion yuan**, a year-on-year increase of **110.81%**, primarily engaging in derivative investments for hedging purposes, including soda ash and caustic soda futures contracts, to mitigate price fluctuation risks, achieving good hedging effectiveness with no significant equity, non-equity, or securities investments [1. Overall Situation](index=14&type=section&id=1%EF%BC%8E%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's investment amounted to **1.733 billion yuan**, an increase of **110.81%** compared to the same period last year Overall Investment Situation | Investment Amount for Reporting Period (Yuan) | Investment Amount for Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | | 1,732,912,840.06 | 822,016,064.12 | 110.81% | [2. Significant Equity Investments Acquired During the Reporting Period](index=14&type=section&id=2%EF%BC%8E%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant equity investments acquired during the reporting period - The company had no significant equity investments acquired during the reporting period[50](index=50&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=14&type=section&id=3%EF%BC%8E%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period[50](index=50&type=chunk) [4. Financial Asset Investments](index=14&type=section&id=4%EF%BC%8E%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E6%8A%95%E8%B5%84) The company had no securities investments during the reporting period but engaged in derivative investments for hedging purposes, primarily involving soda ash and caustic soda futures contracts, aiming to mitigate price fluctuation risks in spot transactions, with no unexpected risks and good hedging effectiveness, and no speculative derivative investments [(1) Securities Investment](index=14&type=section&id=%EF%BC%881%EF%BC%89%20%E8%AF%81%E5%88%B8%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no securities investments during the reporting period - The company had no securities investments during the reporting period[50](index=50&type=chunk) [(2) Derivative Investment](index=15&type=section&id=%EF%BC%882%EF%BC%89%20%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) During the reporting period, the company engaged in derivative investments for hedging purposes, involving soda ash and caustic soda futures contracts, with a total investment amount of **9.318 million yuan** at period-end, accounting for **0.19%** of the company's net assets, achieving good hedging effectiveness with no unexpected risks and no speculative derivative investments Derivative Investment (for Hedging Purposes) | Derivative Investment Type | Initial Investment Amount (Ten Thousand Yuan) | Beginning Balance (Ten Thousand Yuan) | Fair Value Change Gains and Losses for Current Period (Ten Thousand Yuan) | Cumulative Fair Value Change Recognized in Equity (Ten Thousand Yuan) | Amount Purchased During Reporting Period (Ten Thousand Yuan) | Amount Sold During Reporting Period (Ten Thousand Yuan) | Ending Balance (Ten Thousand Yuan) | Proportion of Investment Amount to Company's Net Assets at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Futures Contracts (Soda Ash) | 54,554.26 | 48,275.31 | -168.62 | 2,297.03 | 79,870.81 | 125,106.11 | 931.80 | 0.19% | | Futures Contracts (Caustic Soda) | 8,024.81 | 8,127.58 | 2,440.86 | -257.28 | 37,670.48 | 43,634.48 | 0 | 0.00% | | Total | 62,579.07 | 56,402.89 | 2,272.24 | 2,039.75 | 117,541.29 | 168,740.59 | 931.80 | 0.19% | - Company's derivative investments are for soda ash, caustic soda futures hedging, aimed at mitigating and preventing risks from price fluctuations in spot transactions, not for arbitrage or speculation[51](index=51&type=chunk) - During the reporting period, the company adopted a futures-spot combination model for some soda ash and caustic soda sales, achieving hedging effectiveness through reasonable use of futures contracts, with no unexpected risks[51](index=51&type=chunk) - The company does not engage in derivative investments for speculative purposes[53](index=53&type=chunk) [5. Use of Raised Funds](index=16&type=section&id=5%EF%BC%8E%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company had no use of raised funds during the reporting period - The company had no use of raised funds during the reporting period[53](index=53&type=chunk) [7. Significant Asset and Equity Sales](index=16&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 significant assets or equity during the reporting period - The company did not sell any significant assets during the reporting period[54](index=54&type=chunk) - The company had no significant equity sales during the reporting period[54](index=54&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=16&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 include Shandong Haihua Chlor-Alkali Resin Co., Ltd. and Weifang Changyun Supply Chain Management Co., Ltd., with the former achieving a net profit of **38.83 million yuan** and the latter **319,600 yuan** during the reporting period, and no acquisitions or disposals of subsidiaries occurred Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haihua Chlor-Alkali Resin Co., Ltd. | Subsidiary | Production and sales of caustic soda and other chemical products | 159,323,047.69 | 985,916,330.14 | 391,404,751.19 | 416,340,550.69 | 53,314,815.23 | 38,831,589.19 | | Weifang Changyun Supply Chain Management Co., Ltd. | Subsidiary | Raw material procurement, chemical product sales, etc | 30,000,000.00 | 44,604,002.91 | 30,902,153.01 | 122,447,378.80 | 423,598.67 | 319,585.18 | - There were no acquisitions or disposals of subsidiaries during the reporting period[55](index=55&type=chunk) [9. Structured Entities Controlled by the Company](index=16&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 had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[56](index=56&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=16&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 market risks, production safety risks, and environmental risks, which it addresses by building a dynamic market monitoring system, introducing AI intelligent monitoring, implementing full lifecycle equipment management, and actively responding to “dual carbon” policies to promote green and low-carbon transformation - Market Risk: The basic chemical industry is cyclical, and product prices are susceptible to external factors such as industrial policy adjustments and market environment changes[56](index=56&type=chunk) - Countermeasures for Market Risk: Establish a dynamic market monitoring system, anticipate market changes, flexibly adjust marketing strategies, and intensify efforts to explore emerging markets[56](index=56&type=chunk) - Production Safety Risk: Chemical product processes are complex, with some production stages involving high temperatures and pressures, posing certain production safety risks[58](index=58&type=chunk) - Countermeasures for Production Safety Risk: Emphasize the safety prevention system, strengthen safety culture construction, accelerate digital and intelligent transformation, introduce AI intelligent monitoring systems, and implement full lifecycle equipment management[58](index=58&type=chunk) - Environmental Risk: With the deepening implementation of national “dual carbon” policies, environmental standards and regulatory requirements are becoming increasingly stringent, increasing investment pressure on chemical enterprises[58](index=58&type=chunk) - Countermeasures for Environmental Risk: Actively respond to “dual carbon” policies, practice green and low-carbon development strategies, adopt low-carbon, environmentally friendly, energy-saving, and emission-reducing technologies, develop clean production and circular economy, and build green factories[58](index=58&type=chunk) [11. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[59](index=59&type=chunk) - The company has not disclosed a valuation enhancement plan[59](index=59&type=chunk) [12. Implementation of "Quality and Return Dual Improvement" Action Plan](index=17&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the “Quality and Return Dual Improvement” action plan[59](index=59&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=17&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [1. Changes in Directors, Supervisors, and Senior Management](index=17&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) There were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report[60](index=60&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=17&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves to share capital for the semi-annual period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves to share capital for the semi-annual period[60](index=60&type=chunk) [3. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation 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[60](index=60&type=chunk) [4. Environmental Information Disclosure](index=17&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its three major subsidiaries (Soda Ash Plant, Baking Soda Plant, and Chlor-Alkali Resin Co., Ltd.) are all included in the list of enterprises required to disclose environmental information by law, with corresponding inquiry indexes provided - The listed company and its major subsidiaries, totaling **3 entities**, are included in the list of enterprises required to disclose environmental information by law[61](index=61&type=chunk) - The listed entities include Shandong Haihua Co., Ltd. Soda Ash Plant, Shandong Haihua Co., Ltd. Baking Soda Plant, and Shandong Haihua Chlor-Alkali Resin Co., Ltd[61](index=61&type=chunk) [5. Social Responsibility](index=18&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) While pursuing high-quality development, the company actively fulfills its corporate social responsibility, providing assistance and relief to over **2,400 individuals** through employee mutual aid, with a total relief amount exceeding **1.3 million yuan** during the reporting period - The company emphasizes fulfilling corporate social responsibility and actively participates in charitable and public welfare undertakings[62](index=62&type=chunk) - During the reporting period, the company provided assistance and relief to over **2,400 individuals**, with a total relief amount exceeding **1.3 million yuan**[62](index=62&type=chunk) [Part V Significant Matters](index=18&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [1. Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The controlling shareholder, Shandong Haihua Group Co., Ltd., has partially fulfilled its performance commitment for Chlor-Alkali Resin Co., Ltd.; the 2022 performance commitment was completed, and the unfulfilled portions for 2023 and 2024 have been compensated as per regulations - The controlling shareholder, Shandong Haihua Group Co., Ltd., has fulfilled its performance commitment for Chlor-Alkali Resin Co., Ltd. for the year **2022**[64](index=64&type=chunk) - The performance commitments for **2023** and **2024** were not fulfilled, and the committed party has compensated for the shortfall as per relevant regulations[64](index=64&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=18&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) During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties from the listed company[65](index=65&type=chunk) [3. Irregular External Guarantees](index=18&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[66](index=66&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=18&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[67](index=67&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Reporting Period](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report occurred during the company's reporting period - No non-standard audit report occurred during the company's reporting period[68](index=68&type=chunk) [6. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=18&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report occurred during the company's reporting period - No non-standard audit report occurred during the company's reporting period[70](index=70&type=chunk) [7. Bankruptcy and Reorganization Matters](index=18&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy and reorganization matters occurred during the company's reporting period - No bankruptcy and reorganization matters occurred during the company's reporting period[70](index=70&type=chunk) [8. Litigation Matters](index=18&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 significant litigation or arbitration matters during the reporting period, but there were multiple other litigation cases with amounts ranging from **400,000 yuan** to **7.25 million yuan**, some of which have been concluded and are in the execution phase, including cases where the company lost or won but the counterparty has not executed - The company had no significant litigation or arbitration matters during the current reporting period[69](index=69&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (Ten Thousand Yuan) | Whether a Provision for Liabilities was Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongyuan Petroleum Exploration Bureau Drilling Second Company vs. Shandong Haihua Fengyuan Mineral Salt Co., Ltd. Construction Contract Dispute | 725.00 | Yes | Concluded | Our party lost | In execution | | Shandong Haihua Co., Ltd. vs. Dezhou Jingfeng Daily Glass Co., Ltd. Arrears Dispute | 252.30 | No | Concluded | Our party won | In execution | | Shandong Haihua Co., Ltd. vs. Shouguang City Zhengtong Chemical Co., Ltd. Arrears Dispute | 79.67 | No | Concluded | Mediation agreement reached, counterparty not executed | In execution | | Shandong Haihua Co., Ltd. vs. Shandong Juta Heavy Industry Machinery Co., Ltd. Sales Contract Dispute | 51.26 | No | Concluded | Our party won | In execution | | Shandong Haihua Co., Ltd. vs. Leiqi Energy Saving Co., Ltd. Contract Dispute | 40.00 | No | Concluded | Our party won | In execution | [9. Penalties and Rectification](index=19&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[71](index=71&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=19&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 had no statements regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period - The company had no statements regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[72](index=72&type=chunk) [11. Significant Related Party Transactions](index=20&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) During the reporting period, the company engaged in multiple related party transactions related to its daily operations, primarily involving procurement of power, materials, and labor, as well as sales of products to related parties, with transaction pricing principles being market-based or agreed-upon, and none exceeding the approved limits, with no asset/equity acquisition/disposal or non-operating related party receivables/payables Related Party Transactions Related to Daily Operations (Procurement/Acceptance of Services) | Related Party | Relationship | Content of Related Party Transaction | Amount of Related Party Transaction (Ten Thousand Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (Ten Thousand Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haihua Energy Co., Ltd. | Wholly-owned subsidiary of parent company | Purchase of power (water, electricity, steam, etc.) | 102,602.99 | 100.00% | 255,000 | No | | Shandong Haihua Group Co., Ltd. | Parent company of the enterprise | Procurement of products (materials) | 9,200.78 | 79.48% | 17,500 | No | | Shandong Haihua Plastic Weaving Co., Ltd. | Subsidiary controlled by the same parent company | Procurement of products (packaging materials) | 6,466.67 | 99.57% | 15,500 | No | | Weifang City Salt Industry Co., Ltd. | Subsidiary of a shareholder of the parent company | Procurement of products (crude salt) | 14,390.22 | 32.77% | 17,000 | No | Related Party Transactions Related to Daily Operations (Sales/Provision of Services) | Related Party | Relationship | Content of Related Party Transaction | Amount of Related Party Transaction (Ten Thousand Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (Ten Thousand Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haihua Energy Co., Ltd. | Wholly-owned subsidiary of parent company | Sales of products (high-temperature hot water, low-temperature hot water, etc.) | 5,244.01 | 12.20% | 13,900 | No | | Shandong Haihua Hualong New Materials Co., Ltd. | Wholly-owned subsidiary of parent company | Sales of products (soda ash, nitrogen, demineralized water) | 7,099.19 | 4.60% | 30,000 | No | | Haokun (Shandong) New Materials Co., Ltd. | Joint venture of the enterprise | Sales of products (heptafluoropropane) | 93.50 | 100.00% | 2,160 | No | - The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period[74](index=74&type=chunk) - The company had no non-operating related party receivables or payables during the reporting period[75](index=75&type=chunk) [12. Significant Contracts and Their Performance](index=21&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 entrustment, contracting, or leasing matters during the reporting period, but it did have external guarantees and entrusted wealth management, with a total actual guarantee balance of **116.1473 million yuan** at period-end, accounting for **2.35%** of net assets, and **450 million yuan** invested in wealth management products with no overdue unrecovered amounts [1. Entrustment, Contracting, and Leasing Matters](index=21&type=section&id=1%EF%BC%8E%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) The company had no entrustment, contracting, or leasing matters during the reporting period - The company had no entrustment matters during the reporting period[78](index=78&type=chunk) - The company had no contracting matters during the reporting period[78](index=78&type=chunk) - The company had no leasing matters during the reporting period[78](index=78&type=chunk) [2. Significant Guarantees](index=21&type=section&id=2%EF%BC%8E%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) At the end of the reporting period, the company's approved external guarantee limit totaled **242.3 million yuan**, with an actual external guarantee balance of **116.1473 million yuan**, accounting for **2.35%** of the company's net assets, covering subsidiaries and joint ventures Company's External Guarantees | Name of Guaranteed Party | Guarantee Limit (Ten Thousand Yuan) | Actual Guarantee Amount (Ten Thousand Yuan) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether a Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haihua Liwei New Materials Co., Ltd. | 1,020 | 1,020 | Joint and several liability guarantee | One year | No | Yes | | Shandong Haihua Liwei New Materials Co., Ltd. | 510 | 510 | Joint and several liability guarantee | One year | No | Yes | | Shandong Haihua Chlor-Alkali Resin Co., Ltd. | 22,700 | 10,084.73 | Joint and several liability guarantee | Not exceeding 5 years | No | No | - At the end of the reporting period, the approved external guarantee limit totaled **242.3 million yuan**, with an actual guarantee balance of **116.1473 million yuan**[79](index=79&type=chunk) - The proportion of total actual guarantees to the company's net assets was **2.35%**[79](index=79&type=chunk) [3. Entrusted Wealth Management](index=22&type=section&id=3%EF%BC%8E%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) During the reporting period, the company's entrusted wealth management amounted to **450 million yuan**, including **200 million yuan** in broker wealth management products and **250 million yuan** in bank wealth management products, with the outstanding balance at period-end for both being **450 million yuan**, and no overdue unrecovered amounts Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (Ten Thousand Yuan) | Unexpired Balance (Ten Thousand Yuan) | Overdue Unrecovered Amount (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | Own funds | 20,000.00 | 20,000.00 | 0 | | Bank Wealth Management Products | Own funds | 25,000.00 | 25,000.00 | 0 | | Total | | 45,000.00 | 45,000.00 | 0 | [4. Other Significant Contracts](index=22&type=section&id=4%EF%BC%8E%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[80](index=80&type=chunk) [13. Explanation of Other Significant Matters](index=22&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[81](index=81&type=chunk) [14. Significant Matters of Company Subsidiaries](index=22&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no significant matters concerning subsidiaries during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[82](index=82&type=chunk) [Part VI Share Changes and Shareholder Information](index=22&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [1. Share Changes](index=22&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and share structure remained unchanged, with **895,091,926** unrestricted shares, accounting for **100%** Share Changes | | Number Before This Change (Shares) | Proportion Before This Change | Increase/Decrease in This Change (+, -) | Number After This Change (Shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 0 | 0 | 0 | | II. Unrestricted Shares | 895,091,926 | 100% | 0 | 895,091,926 | 100% | | III. Total Shares | 895,091,926 | 100% | 0 | 895,091,926 | 100% | - During the reporting period, the company's total share capital and share structure remained unchanged[83](index=83&type=chunk) [2. Securities Issuance and Listing](index=23&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[84](index=84&type=chunk) [3. Number of Shareholders and Shareholding](index=23&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) At the end of the reporting period, the total number of ordinary shareholders was **67,261**, with the controlling shareholder, Shandong Haihua Group Co., Ltd., holding **40.34%** as the largest shareholder, and some top ten natural person shareholders holding shares through margin trading and securities lending accounts - At the end of the reporting period, the total number of ordinary shareholders was **67,261**[85](index=85&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | | Shandong Haihua Group Co., Ltd. | State-owned Legal Person | 40.34% | 361,048,878 | 361,048,878 | | Hu Xiujuan | Domestic Natural Person | 1.92% | 17,145,182 | 17,145,182 | | Huang Hengke | Domestic Natural Person | 0.34% | 3,077,400 | 3,077,400 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.32% | 2,867,718 | 2,867,718 | | Wang Xiuqing | Domestic Natural Person | 0.31% | 2,796,000 | 2,796,000 | - The controlling shareholder, Shandong Haihua Group, has no related party relationship with other shareholders, nor is it aware of any related party relationships or concerted actions among other shareholders[85](index=85&type=chunk) - Some of the top 10 ordinary shareholders held shares through client margin trading and securities lending accounts[87](index=87&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=24&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report[88](index=88&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=24&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[89](index=89&type=chunk) - The company's actual controller did not change during the reporting period[89](index=89&type=chunk) [6. Preferred Shares Information](index=24&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[89](index=89&type=chunk) [Part VII Bond-Related Information](index=24&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-Related Information](index=24&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[91](index=91&type=chunk) [Part VIII Financial Report](index=25&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [1. Audit Report](index=25&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 financial report was not audited[93](index=93&type=chunk) [2. Financial Statements](index=25&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the financial position and operating results at the end of the reporting period, with consolidated total assets of **8.367 billion yuan**, a net loss attributable to the parent company of **258 million yuan**, and net cash flow from operating activities of **346 million yuan** [1. Consolidated Balance Sheet](index=25&type=section&id=1%EF%BC%8E%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **8.367 billion yuan**, with current assets of **4.445 billion yuan** and non-current assets of **3.922 billion yuan**, total liabilities of **3.440 billion yuan** (including current liabilities of **2.983 billion yuan**), and total owners' equity attributable to the parent company of **4.945 billion yuan** Key Data from Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 4,444,702,449.87 | 4,809,839,961.55 | | Total Non-Current Assets | 3,922,133,601.38 | 3,768,147,583.31 | | Total Assets | 8,366,836,051.25 | 8,577,987,544.86 | | Total Current Liabilities | 2,982,867,811.01 | 2,812,730,491.76 | | Total Non-Current Liabilities | 457,302,739.15 | 584,451,531.39 | | Total Liabilities | 3,440,170,550.16 | 3,397,182,023.15 | | Total Owners' Equity Attributable to Parent Company | 4,945,021,883.12 | 5,199,161,903.74 | | Total Owners' Equity | 4,926,665,501.09 | 5,180,805,521.71 | [2. Parent Company Balance Sheet](index=27&type=section&id=2%EF%BC%8E%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **7.762 billion yuan**, with current assets of **4.157 billion yuan** and non-current assets of **3.605 billion yuan**, total liabilities of **2.908 billion yuan** (including current liabilities of **2.532 billion yuan**), and total owners' equity of **4.854 billion yuan** Key Data from Parent Company Balance Sheet (Period-End Balance) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 4,156,623,643.50 | 4,561,672,592.73 | | Total Non-Current Assets | 3,605,196,077.00 | 3,434,797,218.82 | | Total Assets | 7,761,819,720.50 | 7,996,469,811.55 | | Total Current Liabilities | 2,531,848,254.33 | 2,357,157,715.14 | | Total Non-Current Liabilities | 375,766,855.72 | 494,133,996.36 | | Total Liabilities | 2,907,615,110.05 | 2,851,291,711.50 | | Total Owners' Equity | 4,854,204,610.45 | 5,145,178,100.05 | [3. Consolidated Income Statement](index=29&type=section&id=3%EF%BC%8E%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the company's consolidated total operating revenue was **2.138 billion yuan**, operating profit was **-342 million yuan**, net profit was **-258 million yuan**, and net profit attributable to parent company shareholders was **-258 million yuan**, resulting in basic earnings per share of **-0.29 yuan/share** Key Data from Consolidated Income Statement (First Half of 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,137,933,073.85 | 3,473,329,367.20 | | Total Operating Costs | 2,211,777,238.01 | 3,196,673,342.32 | | Operating Profit (Loss indicated by "—") | -342,072,314.67 | 301,488,048.38 | | Total Profit (Total Loss indicated by "—") | -342,051,161.04 | 302,521,398.21 | | Net Profit (Net Loss indicated by "—") | -257,882,006.26 | 224,352,930.33 | | Net Profit Attributable to Parent Company Shareholders | -257,882,006.26 | 224,352,715.71 | | Basic Earnings Per Share (Yuan/Share) | -0.29 | 0.25 | | Diluted Earnings Per Share (Yuan/Share) | -0.29 | 0.25 | [4. Parent Company Income Statement](index=30&type=section&id=4.%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the parent company's operating revenue was **1.728 billion yuan**, operating profit was **-390 million yuan**, net profit was **-292 million yuan**, and net other comprehensive income after tax was **-1.219 million yuan** Key Data from Parent Company Income Statement (First Half of 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,728,058,520.67 | 3,125,371,177.91 | | Operating Profit (Loss indicated by "—") | -390,362,692.46 | 287,765,307.11 | | Total Profit (Total Loss indicated by "—") | -390,403,61

[Important Notices, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) The company's board confirms the report's accuracy and states no dividends will be issued for H1 2025 - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report and assume corresponding legal responsibilities[3](index=3&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or capitalize reserves for the first half of 2025[4](index=4&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company reports key financial metrics, highlighting significant profit growth driven by non-recurring items [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) Revenue grew 2.69% to RMB 2.81 billion, while net profit attributable to shareholders surged 50.24% due to investment gains Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 2,811,672,168.18 | 2,737,976,941.45 | 2.69% | | **Net Profit Attributable to Shareholders (RMB)** | 276,548,727.20 | 184,068,476.50 | 50.24% | | **Net Profit Attributable to Shareholders (Non-recurring items excluded) (RMB)** | 175,331,560.89 | 171,569,745.71 | 2.19% | | **Net Cash Flow from Operating Activities (RMB)** | 289,834,261.78 | 90,475,450.59 | 220.35% | | **Basic Earnings Per Share (RMB/Share)** | 0.21 | 0.14 | 50.00% | | **Weighted Average Return on Equity** | 4.70% | 3.08% | 1.62% | | **Total Assets (RMB)** | 11,084,173,504.82 | 10,671,944,067.61 | 3.86% (End of period vs. End of prior year) | | **Net Assets Attributable to Shareholders (RMB)** | 5,885,197,297.01 | 5,739,908,569.81 | 2.53% (End of period vs. End of prior year) | [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 gains totaled RMB 101.22 million, primarily driven by a RMB 119.04 million gain from financial asset disposals Details of Non-recurring Profit and Loss Items | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -6,083,884.82 | | Government Grants Recognized in Current Profit/Loss | 5,437,893.11 | | Gains/Losses from Holding and Disposing Financial Assets/Liabilities | 119,038,104.93 | | Other Non-operating Income and Expenses | 29,443.10 | | Less: Income Tax Effect | 17,259,522.95 | | Less: Minority Interest Effect (After Tax) | -55,132.94 | | **Total** | **101,217,166.31** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes business segments, core competencies, financial results, and key operational risks [Overview of Main Business](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 operates in automotive parts and new energy storage, with both segments showing strong growth prospects [Automotive Parts Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%B1%BD%E8%BD%A6%E9%9B%B6%E9%83%A8%E4%BB%B6%E4%B8%9A%E5%8A%A1) This segment focuses on transmission systems, capitalizing on vehicle electrification and international market expansion - The company's product strategy focuses on vehicle transmission systems, new energy solutions, and non-road applications for synergistic growth[30](index=30&type=chunk) - During the reporting period, revenue from EV reducer products for pure electric vehicles **grew by 117%**, with an increasing number of customer vehicle models[32](index=32&type=chunk) - The company established Zhejiang Wanliyang Robot Technology Co, Ltd to manage the R&D and industrialization of precision transmission products for robot joints, with initial projects already launched[34](index=34&type=chunk) [New Energy Storage Business](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%96%B0%E5%9E%8B%E5%82%A8%E8%83%BD%E4%B8%9A%E5%8A%A1) The energy storage business is rapidly expanding through power station investments and electricity market trading - As of the end of 2024, China's new energy storage installed capacity reached **78.3GW/184.2GWh**, a YoY increase of over 126%, with lithium-ion battery storage accounting for 96.7%[38](index=38&type=chunk)[39](index=39&type=chunk) - The company has a sufficient pipeline of grid-side independent energy storage projects that are operational, under construction, or planned, with several projects included in the provincial "14th Five-Year Plan"[41](index=41&type=chunk) - In H1 2025, the company's green certificate business continued to grow, with a cumulative transaction volume of **2.866 million domestic green certificates**, a YoY increase of 93%[46](index=46&type=chunk) [Core Competitiveness Analysis](index=15&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) Core strengths include scale, technology, brand recognition, cost control, and emerging advantages in energy storage - The company is the first domestic transmission enterprise to cover both commercial and passenger vehicle markets, recognized as a **National Manufacturing Single-Champion Demonstration Enterprise** for its strong production capacity[48](index=48&type=chunk) - With a national-level enterprise technology center, the company independently developed China's first AMT automatic transmission for light trucks, and its CVT product was named one of the "World's Top Ten Transmissions"[49](index=49&type=chunk)[51](index=51&type=chunk) - The new energy storage business has a project reserve pipeline exceeding **3,000MW/6,000MWh** and possesses a self-developed panoramic simulation and decision-making system for the electricity market[58](index=58&type=chunk) [Main Business Analysis](index=19&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 slightly increased, but net profit surged 50.24% due to a RMB 119 million investment gain from selling Zheda Innovation shares Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2,811,672,168.18 | 2,737,976,941.45 | 2.69% | - | | **Net Profit Attributable to Parent Company** | 276,548,727.20 | 184,068,476.50 | 50.24% | Cost reduction, efficiency improvements, and a RMB 119 million investment gain from selling Zheda Innovation shares | | **Net Cash Flow from Operating Activities** | 289,834,261.78 | 90,475,450.59 | 220.35% | Decrease in cash paid for goods | | **Net Cash Flow from Investing Activities** | 269,074,676.60 | -298,353,077.48 | 190.19% | Received RMB 513 million in cash from selling Zheda Innovation shares | | **Investment Income** | 115,241,792.05 | -2,005,028.79 | 5,847.64% | Gained RMB 119 million in investment income from selling Zheda Innovation shares | Operating Revenue Composition | By Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Automotive Parts Manufacturing | 2,670,208,811.99 | 94.97% | 0.34% | | Energy Storage and Power Trading Business | 127,350,964.53 | 4.53% | 96.27% | [Analysis of Assets and Liabilities](index=21&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 3.86%, with a notable decrease in long-term equity investments and shifts in financing structure Significant Changes in Asset Composition | Item | End of Current Period Amount (RMB) | % of Total Assets | End of Prior Year Amount (RMB) | % of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Long-term Equity Investment** | 76,237,139.72 | 0.69% | 476,077,026.93 | 4.46% | -3.77% | Sold 53 million shares of Zheda Innovation | | **Short-term Borrowings** | 1,090,413,597.23 | 9.84% | 1,387,525,741.57 | 13.00% | -3.16% | Repaid more bank loans due to sufficient funds | | **Long-term Borrowings** | 743,422,059.60 | 6.71% | 602,538,498.74 | 5.65% | 1.06% | Increase in bank loans with maturities over one year | | **Notes Payable** | 911,497,265.64 | 8.22% | 406,361,378.81 | 3.81% | 4.41% | Increase in newly issued bank acceptance bills | [Analysis of Major Subsidiaries and Investees](index=24&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) Key subsidiaries in new energy drive systems and smart manufacturing were profitable, while the energy storage unit shows strong potential Operating Performance of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Main Business | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | | Zhejiang Wanliyang New Energy Drive Co, Ltd | New energy vehicle drive assemblies | 111,794.73 | 5,523.07 | | Wuhu Wanliyang Transmission Co, Ltd | Automotive transmissions | 126,000.62 | -1,612.49 | | Zhejiang Wanliyang Intelligent Manufacturing Co, Ltd | Gear manufacturing | 55,175.75 | 4,683.98 | | Zhejiang Wanliyang New Materials Co, Ltd | Recycled resource processing | 31,003.26 | -2,377.49 | | Zhejiang Wanliyang Energy Technology Co, Ltd | New energy storage and power trading | 12,735.10 | 3,266.18 | - Three new subsidiaries were established during the period to support new business expansion, including one in robotics and two in new energy technology[85](index=85&type=chunk) [Risks and Countermeasures](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from market competition, talent acquisition, supply chain volatility, and new business uncertainties - The company faces four major risks: market competition, talent, supply chain, and new business operations[87](index=87&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk) - Countermeasures include expanding overseas markets, promoting new energy vehicle products, enhancing human resource systems, establishing a global procurement platform, and leveraging the energy storage team's expertise to control operational risks[88](index=88&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk)[94](index=94&type=chunk) [Corporate Governance, Environmental, and Social](index=29&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's corporate governance structure and its commitment to social responsibility [Social Responsibility](index=29&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 engages in social responsibility through customer service, employee care, environmental protection, and philanthropy - **Customer Relations**: Adheres to a "fast, professional, and attentive" service philosophy to deepen strategic cooperation and achieve mutual success with clients[102](index=102&type=chunk) - **Employee Care**: Fosters a "striver-centric" value system, provides a comprehensive career-long training system, and established the "Wanliyang Employee Mutual Aid Association" to support employees in need[104](index=104&type=chunk) - **Environmental Protection**: Strictly implements the ISO14001 environmental management system, improves energy efficiency through "5G + Industrial Internet" applications, and promotes green transformation by developing new energy vehicle systems and energy storage businesses[107](index=107&type=chunk) - **Social Philanthropy**: Established the **RMB 10 million** Wanliyang Education Fund for improving educational facilities and aiding students, and actively participates in rural revitalization and poverty alleviation initiatives[108](index=108&type=chunk) [Significant Matters](index=33&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses significant related-party transactions, major contracts, and other material events [Significant Related-Party Transactions](index=34&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) Significant transactions occurred with related party Chery Automobile, primarily involving sales of auto parts totaling RMB 1.12 billion Related-Party Transactions in the Ordinary Course of Business | Related Party | Transaction Type | Transaction Content | Transaction Amount (RMB 10,000) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Chery Automobile Co, Ltd and its affiliates | Sales of goods | Automotive transmissions, related parts, and services | 111,771.04 | 39.75% | | Chery Automobile Co, Ltd and its affiliates | Purchase of goods | Materials, energy, service fees, development fees, etc | 4,761.41 | 2.36% | | Wanhuitong Energy Technology Co, Ltd and its affiliates | Rental | Rooftop rental | 332.30 | 0.12% | | Wanhuitong Energy Technology Co, Ltd and its affiliates | Purchase of goods | Electricity | 1,744.36 | 0.87% | [Significant Contracts and Their Performance](index=36&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's total outstanding guarantees amounted to RMB 2.49 billion, representing 42.30% of its net assets Significant Guarantees (Unit: RMB 10,000) | Guarantee Type | Total Approved Limit at Period End | Total Actual Balance at Period End | | :--- | :--- | :--- | | External Guarantees (for Controlling Shareholder) | 50,000 | 45,000 | | Guarantees for Subsidiaries | 467,000 | 203,929.92 | | **Total** | **517,000** | **248,929.92** | - The total actual guarantee amount represents **42.30%** of the company's net assets[135](index=135&type=chunk) [Other Significant Matters](index=40&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The controlling shareholder increased its stake to 30.21%, and the company significantly reduced its holdings in Zheda Innovation - In May 2025, the controlling shareholder Wanliyang Group increased its stake by **12,512,400 shares** (0.95% of total share capital), raising its holding to **30.21%**[138](index=138&type=chunk) - From February to June 2025, the company cumulatively sold **53 million shares** of Zheda Innovation Technology Co, Ltd, reducing its holding to 2 million shares (0.19% of its total share capital) at period end[139](index=139&type=chunk) [Share Capital Changes and Shareholder Information](index=42&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section outlines changes in share capital and provides details on the company's major shareholders [Number of Shareholders and Shareholdings](index=44&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 39,313 shareholders, with the controlling shareholder holding a 30.21% stake - The total number of common shareholders was **39,313** at the end of the reporting period[148](index=148&type=chunk) Top Ten Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares | Pledged/Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Wanliyang Group Co, Ltd | Domestic Non-state-owned Legal Entity | 30.21% | 396,588,144 | Pledged 212,250,000 | | Shaanxi International Trust - Changsheng No. 1 Single Fund Trust | Other | 6.02% | 79,000,000 | - | | Guoyuan Trust - Anrui No. 1 Single Fund Trust | Other | 6.02% | 79,000,000 | - | | China Resources Trust - Huaying No. 16 Single Fund Trust | Other | 5.62% | 73,760,000 | - | | Shaanxi International Trust - Changfeng No. 52 Single Fund Trust | Other | 5.27% | 69,178,800 | - | | Jinhua Zhongcheng Investment Co, Ltd | Domestic Non-state-owned Legal Entity | 4.02% | 52,785,000 | Pledged 52,785,000 | [Bond-related Matters](index=47&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of any bond-related activities during the reporting period [Bond-related Matters](index=47&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[154](index=154&type=chunk) [Financial Report](index=48&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the unaudited consolidated financial statements for the first half of 2025 [Financial Statements](index=48&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter provides the unaudited H1 2025 consolidated and parent company financial statements - The company's semi-annual financial report is unaudited[156](index=156&type=chunk) Consolidated Balance Sheet Summary (As of June 30, 2025) | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | **Total Assets** | 11,084,173,504.82 | 10,671,944,067.61 | | **Total Liabilities** | 5,095,743,415.07 | 4,826,611,351.97 | | **Total Equity Attributable to Parent Company** | 5,885,197,297.01 | 5,739,908,569.81 | | **Total Equity** | 5,988,430,089.75 | 5,845,332,715.64 | Consolidated Income Statement Summary (For H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | 2,811,672,168.18 | 2,737,976,941.45 | | **III. Operating Profit** | 323,846,705.34 | 215,557,995.61 | | **V. Net Profit** | 290,123,660.38 | 189,538,562.02 | | **Net Profit Attributable to Parent Company Shareholders** | 276,548,727.20 | 184,068,476.50 | [Other Submitted Data](index=182&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) This section documents the company's investor relations activities during the reporting period [Investor Relations Activities](index=182&type=section&id=%E4%BA%8C%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 conducted five investor relations events during the period, engaging with institutional investors on business performance - The company held **five** investor relations events during the reporting period, engaging with institutional investors to discuss business operations and future development plans[710](index=710&type=chunk)

深圳南山热电股份有限公司 2025 年半年度报告全文 证券代码：000037、200037 证券简称：深南电 A、深南电 B 公告编号：2025-032 深圳南山热电股份有限公司 2025 年半年度报告 2025 年 8 月 22 日 1 深圳南山热电股份有限公司 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。 公司负责人孔国梁、主管会计工作负责人陈玉辉、财务总监张小银及会 计机构负责人(会计主管人员)林晓佳声明：保证本半年度报告中财务报告的 真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 本半年度报告中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，敬请投资者注意投资风险。 本半年度报告分别以中、英文编制，在对两种文本的理解上发生歧义时， 以中文文本为准。请投资者认真阅读本半年度报告全文。 2 | 第一节 重要提示、目录和释义 | 2 | | --- | ...

厦门弘信电子科技集团股份有限公司 2025 年半年度报告全文 厦门弘信电子科技集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 厦门弘信电子科技集团股份有限公司 2025 年半年度报告全文 证券代码：300657 证券简称：弘信电子 公告编号：2025-73 2025 年半年度报告 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。 公司负责人李强、主管会计工作负责人及会计机构负责人（会计主管人员） 声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 公司在本半年度报告中详细阐述了未来可能发生的有关风险因素及对策， 详见"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"，敬请广 大投资者予以关注。 2 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 7 | | ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=重要提示) The Board, Supervisory Board, and senior management guarantee the semi-annual report's accuracy, with financial reports certified by key personnel, and no cash dividends or capital increases planned - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4](index=4&type=chunk) - Company head Jiang Jianqiang, chief accountant Cao Feng, and accounting department head Zhou Jun declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for this half-year period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section lists the report's nine main chapters and their starting page numbers, providing a structural overview for investors - The report comprises nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[8](index=8&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines key terms and entities used in the report, including company names, subsidiaries, customers, industry terms, and the reporting period, ensuring clear understanding - "Dolly Technology, the Company, this Company" refers to Chuzhou Dolly Automotive Technology Co., Ltd[12](index=12&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - "Integrated die-casting" refers to a processing method that uses large-tonnage die-casting machines to highly integrate multiple separate, dispersed components, forming several large aluminum castings in a single process[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=公司简介) Chuzhou Dolly Automotive Technology Co., Ltd. (stock code 001311) is listed on the Shenzhen Stock Exchange, with no changes in contact information or registered address during the reporting period - The company's stock abbreviation is "Dolly Technology", stock code 001311, listed on the Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is Jiang Jianqiang, and the Board Secretary is Zhang Yepin[15](index=15&type=chunk)[16](index=16&type=chunk) - During the reporting period, there were no changes in the company's contact information, registered address, office address, website, email, or information disclosure storage location[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=主要会计数据和财务指标) In H1 2025, revenue grew 13.15% to 1.73 billion yuan, but net profit attributable to shareholders decreased 28.13% to 157 million yuan, with basic EPS down 44.57% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,734,484,239.91 | 1,532,881,971.78 | 13.15% | | Net Profit Attributable to Shareholders of Listed Company | 157,401,611.39 | 219,011,253.93 | -28.13% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 145,140,303.85 | 213,852,000.16 | -32.13% | | Net Cash Flow from Operating Activities | 245,381,980.08 | 344,207,098.74 | -28.71% | | Basic Earnings Per Share (yuan/share) | 0.51 | 0.92 | -44.57% | | Diluted Earnings Per Share (yuan/share) | 0.51 | 0.92 | -44.57% | | Weighted Average Return on Net Assets | 3.43% | 4.98% | Decreased by 1.55 percentage points | | **Item** | **End of Current Reporting Period (yuan)** | **End of Prior Year (yuan)** | **Change from End of Prior Year** | | Total Assets | 6,007,567,640.40 | 5,903,292,570.94 | 1.77% | | Net Assets Attributable to Shareholders of Listed Company | 4,554,969,103.51 | 4,560,505,963.95 | -0.12% | - The company implemented its 2024 profit distribution and capital reserve to share capital transfer plan on June 10, 2025, transferring 3 shares for every 10, which increased total share capital and led to a recalculation of comparative period earnings per share[20](index=20&type=chunk) [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under 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 financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=非经常性损益项目及金额) Non-recurring gains and losses totaled 12.26 million yuan, primarily from government subsidies, non-current asset disposal gains, and fair value changes of financial assets 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 338,245.93 | | Government grants recognized in current profit/loss | 13,331,748.72 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | 996,986.30 | | Other non-operating income and expenses apart from the above | 539,280.17 | | Other non-recurring gains/losses as defined | 350,872.73 | | Less: Income tax impact | 3,295,826.31 | | **Total** | **12,261,307.54** | - Other non-recurring gains/losses as defined primarily represent the individual income tax handling fee refund of **350,872.73 yuan** recognized in other income[24](index=24&type=chunk) Section III Management Discussion and Analysis [Main Business Activities During the Reporting Period](index=9&type=section&id=报告期内公司从事的主要业务) The company specializes in R&D, production, and sales of automotive stamping, welding assemblies, functional parts, molds, hot-formed, and integrated die-casting components, actively expanding into NEV markets [Automotive and Automotive Parts Industry Development](index=9&type=section&id=汽车及汽车零部件行业发展情况) In H1 2025, China's auto production and sales grew by 12.5% and 11.4% respectively, with NEV production and sales increasing significantly by over 40% 2025 Semi-Annual China Automotive Production and Sales Data | Indicator | Production/Sales Volume (ten thousand units) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Cumulative Auto Production/Sales | 1,562.1 / 1,565.3 | 12.5% / 11.4% | | Passenger Vehicle Production/Sales | 1,352.2 / 1,353.1 | 13.8% / 13.0% | | New Energy Vehicle Production/Sales | 696.8 / 693.7 | 41.4% / 40.3% | | NEV Sales Share | 44.3% | - | | Auto Vehicle Exports | 347.3 | 18.6% | | Auto Vehicle Export Value | 59.67 billion USD | 8.2% | - The automotive industry, a strategic pillar of the national economy, is undergoing transformation towards electrification, intelligence, and connectivity, with the automotive parts industry gradually shifting from traditional manufacturing to intelligent manufacturing[28](index=28&type=chunk)[30](index=30&type=chunk) [Company's Main Business Overview](index=9&type=section&id=公司主要业务情况) The company focuses on automotive stamping, welding, functional parts, molds, hot-forming, and integrated die-casting, becoming a qualified supplier for major NEV manufacturers like Tesla and BYD - The company is primarily engaged in the research and development, production, and sales of automotive stamping, welding assembly parts, functional parts, stamping molds, hot-formed parts, and integrated die-casting parts[31](index=31&type=chunk) - The company has become a qualified supplier for well-known new energy vehicle manufacturers such as **Tesla, Li Auto, Nio, Leapmotor, and BYD**, as well as new energy models under traditional vehicle manufacturers like JAC Motors[33](index=33&type=chunk) 2025 January-June Company Key Financial Performance | Indicator | Amount (billion yuan) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Operating Revenue | 1.734 | 13.15% | | Net Profit Attributable to Shareholders of Listed Company | 0.157 | -28.13% | [Company's Main Products](index=10&type=section&id=公司主要产品情况) Products include automotive stamping, welding, functional parts, molds, hot-formed, and integrated die-casting components, with strong mold development capabilities and multiple patents - The company's main products include automotive stamping parts (primarily white body stamping parts), welding assembly parts, functional parts, stamping molds, hot-formed parts, and integrated die-casting parts[35](index=35&type=chunk) - Integrated die-casting parts mainly include automotive rear floor parts, front cabin, and torsion box[35](index=35&type=chunk) - The company possesses industry-leading mold development capabilities, has established a complete technical process system, and has obtained multiple patents in core technical areas such as stamping mold design, development, and manufacturing[37](index=37&type=chunk) [Company's Main Business Model](index=11&type=section&id=公司主要经营模式) The company uses a "production-to-order" and "safety stock" model for parts, with direct sales to OEMs and suppliers, and order-based production for molds - The main raw materials for the company's stamping and integrated die-casting parts are automotive steel, aluminum, aluminum ingots, and other components, with procurement modes divided into non-designated procurement and designated procurement[38](index=38&type=chunk)[40](index=40&type=chunk) - The company's parts products primarily adopt a "production-to-order" and "safety stock" combined production model, with production and transportation layouts organized around vehicle manufacturers' production bases[41](index=41&type=chunk) - The company employs a direct sales model, with customers including vehicle manufacturers and parts suppliers, mainly focusing on vehicle manufacturers, and has become a Tier 1 supplier for renowned vehicle manufacturers such as SAIC Volkswagen and Tesla[42](index=42&type=chunk) - Stamping mold sales models are divided into two types: revenue recognized separately (sales realized after customer acceptance) and revenue not recognized separately (mold value reflected in subsequent parts sales unit price)[49](index=49&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=核心竞争力分析) The company's core competencies stem from advanced technology in mold development, stamping, welding, and integrated die-casting, efficient cost control, diverse product structure, strong customer base, strategic regional layout, and experienced management [Technological and R&D Advantages](index=13&type=section&id=技术和研发优势) Strong capabilities in mold development, stamping (solving ultra-high strength steel rebound), welding (lightweight materials), and integrated die-casting, with established R&D systems - The company has formed a complete technical process from preliminary process design analysis and stamping process simulation analysis to subsequent mold design and manufacturing, and has obtained multiple patents in core technologies such as stamping mold design, development, and manufacturing[50](index=50&type=chunk) - The company has solved the problem of easy springback of ultra-high strength steel during cold stamping and has accumulated rich experience in lightweight material joining, including steel-aluminum, aluminum plate, cast aluminum, and extruded aluminum connections[52](index=52&type=chunk) - The company is a pioneer in the large-scale integrated die-casting field, having secured customer project designations and achieved mass production, with major customers including **Nio, Leapmotor, and Li Auto**[53](index=53&type=chunk) [Production Equipment Advantages](index=14&type=section&id=生产设备优势) Possesses advanced equipment like robotic flexible stamping lines, multi-station progressive die lines, robotic welding lines, and large-scale integrated die-casting units, ensuring high quality and efficiency - The company possesses advanced production equipment such as robotic flexible automatic stamping production lines, multi-station progressive die automatic stamping lines, robotic welding production lines, and fully automatic blue light scanning equipment, enhancing production efficiency and product quality[54](index=54&type=chunk) - In the research and development and production of integrated die-casting body parts, the company has established large aluminum alloy integrated die-casting island units (using the Swiss Buhler brand), high-precision five-axis machining centers, and automated assembly lines[55](index=55&type=chunk) [Cost Control Advantages](index=14&type=section&id=成本控制优势) Achieves cost control through ERP system optimization, "machine-for-labor" automation, and strategic production facility placement near OEMs to reduce transportation costs - The company has introduced an ERP information management system to build a centralized and unified information management center, improving resource utilization efficiency[56](index=56&type=chunk) - By introducing industrial robots and other advanced production equipment, the company achieves "machine-for-labor" to reduce labor costs and improve work efficiency and product precision[56](index=56&type=chunk) - The company strategically locates its production facilities around vehicle manufacturers' production bases, significantly shortening transportation distances and saving transportation costs[56](index=56&type=chunk) [Product Structure Advantages](index=15&type=section&id=产品结构优势) Diverse product portfolio including molds, stamping, integrated die-casting, and hot-formed parts, offering synergistic effects, performance assurance, and risk mitigation - The company integrates businesses such as mold and inspection tool production, development and manufacturing, as well as manufacturing of large, medium, and small stamping parts, integrated die-casting parts, hot-formed parts, and assembly welding[58](index=58&type=chunk) - A diversified and high-quality product structure provides assurance for the company's performance and enhances its ability to withstand risks[58](index=58&type=chunk) [Customer Resource Advantages](index=15&type=section&id=客户资源优势) Long-term, stable partnerships with major traditional and NEV OEMs (e.g., SAIC VW, Tesla, Li Auto), providing strong brand effect and support for new customer acquisition - The company has established stable cooperative relationships with multiple vehicle manufacturers such as SAIC Volkswagen, SAIC General Motors, SAIC Passenger Vehicle, and SAIC Maxus[59](index=59&type=chunk) - The company has become a qualified supplier for renowned new energy vehicle manufacturers such as **Tesla, Li Auto, Nio, Leapmotor, and BYD**, as well as new energy models under traditional vehicle manufacturers like JAC Motors[59](index=59&type=chunk) - The company's cooperation with SAIC Volkswagen and Shanghai Tongzhou has exceeded **20 years**, and with SAIC General Motors, Shanghai Huizhong, and Xinpeng Co., Ltd., it has exceeded **10 years**[59](index=59&type=chunk) [Regional Layout Advantages](index=15&type=section&id=区域布局优势) Strategic production base deployment near automotive industry clusters in regions like Shanghai, Jiangsu, and Anhui, focusing on the Yangtze River Delta and central NEV clusters - The company implements a strategy of establishing production bases close to automotive industry clusters, having set up facilities in Shanghai Anting, Jiangsu Kunshan, Anhui Chuzhou, Shandong Yantai, Zhejiang Ningbo, Hunan Changsha, Jiangsu Changzhou, Shanghai Lingang, Jiangsu Yancheng, Anhui Lu'an, and Zhejiang Jinhua[60](index=60&type=chunk) - The company focuses on the Yangtze River Delta industrial cluster, which has the strongest automotive consumption capacity, while also considering the central automotive industrial cluster, which boasts prominent advantages in new energy and independent brands[60](index=60&type=chunk) [Management Advantages](index=15&type=section&id=管理优势) Experienced management team with robust production and internal control systems, leveraging ERP, SCM, MES, and other IT systems for real-time information sharing and efficient operations - The company's operations and management team possesses rich industry experience and forward-looking thinking, having established relatively complete production and operation management systems and internal control systems[61](index=61&type=chunk) - The company has progressively introduced ERP, SCM, barcode systems, MES, and other information management systems to achieve real-time information sharing across all links, improving communication efficiency and supporting cost control and product quality assurance[61](index=61&type=chunk) [Main Business Analysis](index=15&type=section&id=主营业务分析) Main business revenue increased 13.15% to 1.73 billion yuan, but higher cost growth led to a decline in gross margin; stamping and integrated die-casting revenue grew, while mold revenue decreased 2025 Semi-Annual Key Financial Data Year-on-Year Change | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,734,484,239.91 | 1,532,881,971.78 | 13.15% | Due to fluctuations in downstream customer terminal product sales | | Operating Cost | 1,428,171,574.31 | 1,188,425,650.03 | 20.17% | Due to fluctuations in downstream customer terminal product sales and increased asset depreciation and amortization | | Selling Expenses | 5,245,096.95 | 3,997,938.03 | 31.20% | Primarily due to increased marketing and office expenses in the current period | | Administrative Expenses | 70,835,915.62 | 57,085,152.99 | 24.09% | Primarily due to increased employee compensation and office expenses compared to the prior period | | R&D Investment | 57,569,708.45 | 40,331,631.66 | 42.74% | Primarily due to an increase in new vehicle model R&D projects | | Net Cash Flow from Operating Activities | 245,381,980.08 | 344,207,098.74 | -28.71% | - | 2025 Semi-Annual Operating Revenue Composition | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,734,484,239.91 | 100.00% | 1,532,881,971.78 | 100.00% | 13.15% | | Automotive Parts | 1,734,484,239.91 | 100.00% | 1,532,881,971.78 | 100.00% | 13.15% | | Stamping and Integrated Die-casting Parts | 1,624,198,962.87 | 93.64% | 1,391,854,265.75 | 90.80% | 16.69% | | Stamping Molds | 31,510,681.42 | 1.82% | 48,045,500.00 | 3.13% | -34.41% | | Domestic Sales | 1,639,753,465.68 | 94.54% | 1,458,732,351.98 | 95.16% | 12.41% | | Export Sales | 94,730,774.23 | 5.46% | 74,149,619.80 | 4.84% | 27.76% | 2025 Semi-Annual Main Business Gross Margin Change | Item | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Automotive Parts | 17.66% | 13.15% | 20.17% | -4.81% | | Stamping and Integrated Die-casting Parts | 13.93% | 16.69% | 21.95% | -3.71% | | Stamping Molds | 10.00% | -34.41% | -30.71% | -4.81% | | Export Sales | 35.34% | 27.76% | 16.21% | 6.43% | [Non-Main Business Analysis](index=16&type=section&id=非主营业务分析) Non-main business activities impacted total profit, with investment income from wealth management products being non-sustainable, while asset impairment losses increased due to inventory write-downs 2025 Semi-Annual Non-Main Business Impact on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 996,986.30 | 0.55% | Primarily income from purchasing wealth management products | No | | Asset Impairment | -16,146,555.27 | -8.84% | Primarily due to increased provision for inventory depreciation in the current period | Yes | | Credit Impairment Loss | 12,734,646.22 | 6.97% | Primarily due to reduced bad debts | Yes | [Analysis of Assets and Liabilities](index=17&type=section&id=资产及负债状况分析) Total assets increased 1.77%, while net assets attributable to shareholders slightly decreased; inventory and construction in progress significantly increased, and accounts receivable decreased 2025 Semi-Annual Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 441,445,399.04 | 7.35% | 546,981,655.31 | 9.27% | -1.92% | - | | Accounts Receivable | 971,176,644.06 | 16.17% | 1,203,686,046.03 | 20.39% | -4.22% | - | | Inventories | 972,835,182.35 | 16.19% | 807,677,250.55 | 13.68% | 2.51% | Increased inventory scale due to new customer orders in the current period | | Construction in Progress | 374,331,603.76 | 6.23% | 164,597,277.61 | 2.79% | 3.44% | Primarily due to increased factory buildings and machinery equipment under construction in the current period | | Contract Liabilities | 35,832,219.55 | 0.60% | 13,683,247.58 | 0.23% | 0.37% | - | - As of the end of the reporting period, some of the company's monetary funds were restricted, totaling **39,027,400.00 yuan**, due to letter of credit margins, performance bonds, and restricted bank deposits[68](index=68&type=chunk) [Analysis of Investment Status](index=18&type=section&id=投资状况分析) Total investment decreased by 28.34%; overall utilization of raised funds was 88.38%, with some projects achieving expected benefits, but the Yancheng project underperformed due to delays [Overall Situation](index=18&type=section&id=总体情况) Total investment for the period was 136.50 million yuan, a 28.34% decrease year-on-year, with no securities or derivatives investments Reporting Period Investment Amount | Indicator | Amount (yuan) | Change | | :--- | :--- | :--- | | Reporting Period Investment Amount | 136,499,628.77 | -28.34% | | Prior Year Period Investment Amount | 190,492,055.11 | - | - The company had no securities investments during the reporting period[70](index=70&type=chunk) - The company had no derivatives investments during the reporting period[71](index=71&type=chunk) [Use of Raised Funds](index=19&type=section&id=募集资金使用情况) Raised funds directly invested in projects totaled 87.06 million yuan in H1 2025, with an overall utilization rate of 88.38%; some projects were closed, and surplus funds were used for working capital 2025 Semi-Annual Use of Raised Funds | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total Raised Funds Used in Current Period | 8,706.42 | | Total Raised Funds Used Cumulatively | 179,123.24 | | Raised Funds Utilization Rate at End of Reporting Period | 88.38% | | Total Unused Raised Funds | 21,899.61 | | Total Cumulatively Changed Use of Raised Funds | 63,000.00 | | Proportion of Cumulatively Changed Use of Raised Funds | 31.09% | - The Yancheng Dolly Automotive Parts Co., Ltd. automotive parts manufacturing project did not achieve its expected benefits, primarily due to delays in relevant customer projects and lower-than-expected new vehicle sales, failing to achieve the anticipated scale effect[77](index=77&type=chunk) - The company has permanently supplemented working capital with **48.91 million yuan** of surplus raised funds from projects such as "Chuzhou Dolly Automotive Technology Co., Ltd. Automotive Parts Automation Factory Project" and "Changzhou Daya Automotive Parts Co., Ltd. Automotive Parts Production Project"[78](index=78&type=chunk) - The use of some raised funds was changed to "Changzhou Dolly Automotive Parts Co., Ltd. Automotive Precision Parts and Integrated Chassis Structural Parts Project" and "Shanghai Daya Auto Parts Co., Ltd. Lingang Daya Automotive Parts Intelligent Manufacturing Base Project" to adapt to industry development trends and customer needs[79](index=79&type=chunk)[81](index=81&type=chunk) [Significant Asset and Equity Sales](index=23&type=section&id=重大资产和股权出售) 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[82](index=82&type=chunk) - The company did not sell significant equity during the reporting period[83](index=83&type=chunk) [Analysis of Major Holding and Participating Companies](index=23&type=section&id=主要控股参股公司分析) Key subsidiaries include Kunshan Daya, Shanghai Daya, and Anhui Daya, with Kunshan Daya having the highest net profit; Kunshan Daya Smart Technology was newly established for robotics and composite materials Major Subsidiary Financials (Unit: ten thousand yuan) | Company Name | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kunshan Daya | 119,000.00 | 308,549.28 | 206,587.80 | 207,133.26 | 12,726.39 | 11,089.89 | | Shanghai Daya | 500.00 | 37,101.38 | 11,332.86 | 30,784.74 | 2,217.99 | 1,665.38 | | Anhui Daya | 46,000.00 | 60,698.36 | 40,075.41 | 16,132.19 | -1,884.37 | -1,413.28 | - In the first half of 2025, the company's subsidiary Kunshan Daya established a wholly-owned subsidiary, Kunshan Daya Smart Technology Co., Ltd., primarily for the research and development and production of robots and related components, non-metallic composite materials, and other businesses[83](index=83&type=chunk) [Risks Faced by the Company and Countermeasures](index=23&type=section&id=公司面临的风险和应对措施) The company faces risks from policy changes, market competition, NEV development uncertainties, and raw material price fluctuations, addressing them through R&D, market expansion, and supply chain management - The company faces automotive industry policy risks and will closely monitor policy dynamics, flexibly adjust business strategies, increase R&D investment, and enhance product competitiveness[84](index=84&type=chunk) - The company faces market competition and business substitution risks and will continuously enhance its technological R&D capabilities, closely monitor market trends, strengthen brand building, and expand domestic and international markets[84](index=84&type=chunk)[85](index=85&type=chunk) - New energy vehicle development poses uncertainty risks, and the company will continuously monitor market dynamics, maintain communication with existing customers, actively expand new customers and new models, increase R&D investment, and optimize product structure[86](index=86&type=chunk) - Raw material price fluctuations significantly impact the company's costs, and the company will strengthen market analysis and forecasting, establish a product price adjustment mechanism, improve raw material utilization, and build long-term stable cooperative relationships with suppliers[86](index=86&type=chunk)[87](index=87&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=市值管理制度和估值提升计划的制定落实情况) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[88](index=88&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[88](index=88&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=24&type=section&id=“质量回报双提升”行动方案贯彻落实情况) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[88](index=88&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=公司董事、监事、高级管理人员变动情况) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[90](index=90&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Transfer for the Current Period](index=25&type=section&id=本报告期利润分配及资本公积金转增股本情况) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for this half-year period[91](index=91&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place 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[92](index=92&type=chunk) [Environmental Information Disclosure](index=25&type=section&id=环境信息披露情况) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[93](index=93&type=chunk) [Social Responsibility](index=25&type=section&id=社会责任情况) The company prioritizes social responsibility, adhering to laws, enhancing governance, protecting stakeholders, valuing employee rights, ensuring product quality, and promoting green operations for sustainable development - The company strictly adheres to laws and regulations such as the "Company Law" and "Securities Law," enhancing corporate governance and safeguarding the legitimate rights and interests of investors and creditors[93](index=93&type=chunk) - The company values employee rights, guarantees employee rights in accordance with the "Labor Contract Law," establishes talent training and incentive mechanisms, and provides diverse training opportunities[94](index=94&type=chunk) - The company upholds the principle of integrity in business, pays close attention to product quality and service quality, maintains close communication with customers, and has established a comprehensive supplier management system[94](index=94&type=chunk) - The company adheres to green operations and environmental protection priorities, strictly complies with environmental laws and regulations, continuously promotes clean production and energy conservation and emission reduction, and earnestly fulfills its environmental protection responsibilities[94](index=94&type=chunk) Section V Significant Matters [Commitments](index=26&type=section&id=承诺事项) The company had no unfulfilled or overdue commitments from controlling shareholders, related parties, or the company itself during the reporting period - The company reported no commitments made by its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or remained unfulfilled beyond their due date as of the end of the reporting period[96](index=96&type=chunk) [Non-operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=26&type=section&id=控股股东及其他关联方对上市公司的非经营性占用资金情况) There were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties of the listed company during the reporting period[96](index=96&type=chunk) [Irregular External Guarantees](index=26&type=section&id=违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[97](index=97&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&type=section&id=聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[98](index=98&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period](index=26&type=section&id=董事会、监事会对会计师事务所本报告期“非标准审计报告”的说明) This explanation is not applicable to the company for the reporting period - Not applicable[99](index=99&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=26&type=section&id=董事会对上年度“非标准审计报告”相关情况的说明) This explanation is not applicable to the company for the reporting period - Not applicable[99](index=99&type=chunk) [Bankruptcy and Reorganization Matters](index=26&type=section&id=破产重整相关事项) The company had no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[99](index=99&type=chunk) [Litigation Matters](index=26&type=section&id=诉讼事项) The company had no significant litigation or arbitration matters, only several minor lawsuits (e.g., compensation, contract disputes) with small amounts, none significantly impacting the company - The company had no significant litigation or arbitration matters in this reporting period[100](index=100&type=chunk) - The company has multiple minor lawsuits, such as an economic compensation dispute between Li* and Kunshan Daya Automotive Parts Co., Ltd. (involved amount **25,000 yuan**, settled through mediation), and a contract dispute between Yancheng Dolly Automotive Parts Co., Ltd. and Yancheng Zhengshun Machinery Manufacturing Co., Ltd. (involved amount **2.04 million yuan**, under trial)[101](index=101&type=chunk) - All other listed litigation matters involve small amounts, do not meet disclosure standards, and have no significant impact on the company[101](index=101&type=chunk) [Penalties and Rectification](index=27&type=section&id=处罚及整改情况) Subsidiary Changzhou Dolly was fined 27,500 yuan for safety production violations and promptly rectified; the company and senior management received a warning letter from the CSRC for non-compliant use of raised funds - The company's wholly-owned subsidiary, Changzhou Dolly, was fined **27,500 yuan** by the Jintan District Emergency Management Bureau of Changzhou City for failing to uniformly coordinate and manage the safety production work of its contracting unit, and has promptly rectified the issue[474](index=474&type=chunk) - The company and senior management personnel Zhang Yepin and Cao Feng received administrative supervisory measures in the form of a warning letter from the Anhui Regulatory Bureau of the China Securities Regulatory Commission for issues such as non-compliant replacement of raised funds, irregular use of special accounts, and use for non-raised fund purposes, and were recorded in the securities and futures market integrity file[102](index=102&type=chunk) [Integrity Status of the Company, Controlling Shareholders, and Actual Controllers](index=27&type=section&id=公司及其控股股东、实际控制人的诚信状况) The company's controlling shareholders and actual controllers have no unfulfilled court judgments or large overdue debts - The company's controlling shareholders and actual controllers have no unfulfilled effective court judgments or large overdue debts[102](index=102&type=chunk) [Significant Related Party Transactions](index=28&type=section&id=重大关联交易) The company engaged in routine related party transactions for goods and services with entities controlled by actual controller's relatives, all within approved limits; key management compensation totaled 5.05 million yuan 2025 Semi-Annual Related Party Transactions for Purchases/Acceptance of Services (Unit: yuan) | Related Party | Related Transaction Content | Amount in Current Period | Approved Transaction Limit | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Wuxi Huaerzhong Auto Parts Co., Ltd. | Parts and miscellaneous materials | 9,280,189.82 | 50,000,000.00 | No | | Wuxi Bangqi Auto Parts Co., Ltd. | Parts and miscellaneous materials | 12,297,578.30 | 50,000,000.00 | No | | Wuxi Xiaocheng Precision Manufacturing Co., Ltd. | Parts and miscellaneous materials | 40,913,148.28 | 110,000,000.00 | No | | Jixi Dolly Breeding Co., Ltd. | Food | 51,607.00 | 250,000.00 | No | 2025 Semi-Annual Related Party Transactions for Sales/Provision of Services (Unit: yuan) | Related Party | Related Transaction Content | Amount in Current Period | | :--- | :--- | :--- | | Wuxi Huaerzhong Auto Parts Co., Ltd. | Raw materials and miscellaneous materials | 3,372,603.45 | | Wuxi Bangqi Auto Parts Co., Ltd. | Raw materials and miscellaneous materials | 161,364.49 | | Wuxi Xiaocheng Precision Manufacturing Co., Ltd. | Raw materials and miscellaneous materials | 11,344,824.95 | Key Management Personnel Compensation | Item | Amount in Current Period (ten thousand yuan) | | :--- | :--- | | Total Compensation | 505.41 | - The company reported no related party transactions involving asset or equity acquisition/disposal, joint external investments, related party creditor/debtor relationships, or dealings with affiliated financial companies during the reporting period[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) [Significant Contracts and Their Performance](index=29&type=section&id=重大合同及其履行情况) No significant entrustment, contracting, or guarantees; subsidiaries have operating leases for factory buildings; raised funds were used for wealth management, with 160 million yuan outstanding - The company reported no entrustment or contracting situations during the reporting period[110](index=110&type=chunk)[111](index=111&type=chunk) - The company's subsidiaries, Shanghai Daya and Anhui Yaomei, lease multiple factory buildings, with lease terms extending to 2029-2030[112](index=112&type=chunk) 2025 Semi-Annual Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Unmatured Balance (ten thousand yuan) | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 24,000.00 | 16,000.00 | 0 | - The company reported no significant guarantees or other major contracts during the reporting period[114](index=114&type=chunk)[117](index=117&type=chunk) [Explanation of Other Significant Matters](index=30&type=section&id=其他重大事项的说明) There are no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[118](index=118&type=chunk) [Significant Matters of Company Subsidiaries](index=30&type=section&id=公司子公司重大事项) Subsidiaries are constructing two major investment projects (Lingang Daya Intelligent Manufacturing Base, Jinhua Integrated Body Structure Project); the company plans to acquire 52% equity in Fagor Arrasate Automotive Parts (Kunshan) Co., Ltd. - The company's subsidiary plans to invest in and construct the Lingang Daya Automotive Parts Intelligent Manufacturing Base Project in the Lingang New Area, which is currently proceeding according to the planned schedule[119](index=119&type=chunk) - The company plans to invest in and construct an integrated automotive body structural parts project in Jinhua Economic and Technological Development Zone, including die-casting production lines, which is currently proceeding according to the planned schedule[120](index=120&type=chunk) - The company plans to acquire **52% equity** in Fagor Arrasate Automotive Parts (Kunshan) Co., Ltd. from EDERLAN SUBSIDIARIES, S.A. through its wholly-owned subsidiary Kunshan Daya, with both parties currently carrying out equity transfer procedures as stipulated in the agreement[121](index=121&type=chunk) Section VI Share Changes and Shareholder Information [Share Changes](index=31&type=section&id=股份变动情况) Total share capital increased from 238.85 million to 310.51 million shares due to the 2024 profit distribution and capital reserve transfer, affecting both restricted and unrestricted shares Share Changes (Unit: shares) | Item | Number Before Change | Proportion Before Change | Capital Reserve to Share Capital Transfer | Other | Subtotal | Number After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 178,227,887 | 74.62% | 53,468,366 | -33,588 | 53,434,778 | 231,662,665 | 74.61% | | II. Unrestricted Shares | 60,625,447 | 25.38% | 18,187,634 | 33,588 | 18,221,222 | 78,846,669 | 25.39% | | III. Total Shares | 238,853,334 | 100.00% | 71,656,000 | 0 | 71,656,000 | 310,509,334 | 100.00% | - The company's 2024 annual general meeting approved the 2024 profit distribution and capital reserve to share capital transfer plan, transferring **3 shares for every 10** from capital reserves to all shareholders, totaling **71,656,000 shares**, which was completed on June 10, 2025[124](index=124&type=chunk)[126](index=126&type=chunk) - The share changes resulted in the recalculation of basic earnings per share, diluted earnings per share, and net assets per share attributable to shareholders of the listed company at the beginning of the current year, from **0.92 yuan/share, 0.92 yuan/share, and 19.09 yuan/share** to **0.71 yuan/share, 0.71 yuan/share, and 14.69 yuan/share**, respectively[127](index=127&type=chunk) [Securities Issuance and Listing](index=32&type=section&id=证券发行与上市情况) The company had no securities issuance or listing activities during the reporting period - Not applicable[129](index=129&type=chunk) [Number of Shareholders and Shareholding](index=32&type=section&id=公司股东数量及持股情况) Total ordinary shareholders were 20,265; controlling shareholder Cao Dalong held 47.41%, and together with his concerted parties, held a significant stake; some shares of Cao Dalong and Deng Liqin were pledged - The total number of ordinary shareholders at the end of the reporting period was **20,265**[129](index=129&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders (Unit: shares) | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | Pledged, Marked, or Frozen Status (Number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cao Dalong | Domestic Natural Person | 47.41% | 147,199,000 | 147,199,000 | 0 | Pledged 5,915,000 | | Deng Liqin | Domestic Natural Person | 23.35% | 72,501,845 | 72,501,000 | 0 | Pledged 9,295,000 | | Zhang Yepin | Domestic Natural Person | 1.13% | 3,515,200 | 2,636,400 | 878,800 | Pledged 2,619,500 | | Jiang Jianqiang | Domestic Natural Person | 1.10% | 3,405,350 | 3,405,350 | 0 | Not applicable 0 | | Basic Pension Insurance Fund 16052 Portfolio | Other | 0.87% | 2,702,218 | 0 | 2,702,218 | Not applicable 0 | - Cao Dalong is the company's controlling shareholder and actual controller, and is a concerted party with Jiang Jianqiang, Cao Yanxia, Cao Wu, Deng Liqin, and Deng Zhujun[130](index=130&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=董事、监事和高级管理人员持股变动) Shareholdings of directors, supervisors, and senior management increased due to the 2024 capital reserve to share capital transfer Changes in Shareholdings of Directors, Supervisors, and Senior Management (Unit: shares) | Name | Position | Shares Held at Beginning of Period | Number of Shares Increased in Current Period | Shares Held at End of Period | | :--- | :--- | :--- | :--- | :--- | | Deng Liqin | Chairman | 55,770,650 | 16,731,195 | 72,501,845 | | Cao Dalong | Director | 113,230,000 | 33,969,000 | 147,199,000 | | Jiang Jianqiang | Director, General Manager | 2,619,500 | 785,850 | 3,405,350 | | Cao Yanxia | Director, Deputy General Manager | 1,216,800 | 365,040 | 1,581,840 | | Zhang Yepin | Director, Board Secretary | 2,704,000 | 811,200 | 3,515,200 | | Cao Wu | Deputy General Manager | 1,740,700 | 522,210 | 2,262,910 | | Cao Feng | Financial Controller | 135,200 | 40,560 | 175,760 | - The changes in company shares held by directors, supervisors, and senior management are primarily due to the company's 2024 equity distribution plan, which involved transferring 3 shares for every 10 from capital reserves to all shareholders, resulting in a corresponding increase in shareholder holdings[132](index=132&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=控股股东或实际控制人变更情况) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[133](index=133&type=chunk) - The company's actual controller did not change during the reporting period[133](index=133&type=chunk) [Preferred Share Information](index=34&type=section&id=优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[134](index=134&type=chunk) Section VII Bond-Related Information [Not Applicable](index=35&type=section&id=不适用) The company had no bond-related information during the reporting period - Not applicable[137](index=137&type=chunk) Section VIII Financial Report [Audit Report](index=36&type=section&id=审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[139](index=139&type=chunk) [Financial Statements](index=36&type=section&id=财务报表) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, reflecting financial position, operating results, and cash flows [Consolidated Balance Sheet](index=36&type=section&id=合并资产负债表) As of June 30, 2025, consolidated total assets were 6.01 billion yuan, up 1.77%; inventory and construction in progress significantly increased, while accounts receivable decreased June 30, 2025 Consolidated Balance Sheet Key Data (Unit: yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 6,007,567,640.40 | 5,903,292,570.94 | | Total Current Assets | 2,863,867,400.07 | 2,928,940,477.47 | | Total Non-Current Assets | 3,143,700,240.33 | 2,974,352,093.47 | | Total Liabilities | 1,452,598,536.89 | 1,345,693,345.04 | | Total Owners' Equity | 4,554,969,103.51 | 4,557,599,225.90 | | Monetary Funds | 441,445,399.04 | 546,981,655.31 | | Accounts Receivable | 971,176,644.06 | 1,203,686,046.03 | | Inventories | 972,835,182.35 | 807,677,250.55 | | Construction in Progress | 374,331,603.76 | 164,597,277.61 | | Share Capital | 310,509,334.00 | 238,853,334.00 | [Parent Company Balance Sheet](index=38&type=section&id=母公司资产负债表) As of June 30, 2025, parent company total assets were 4.72 billion yuan, up 1.49%; long-term equity investments were the main non-current asset June 30, 2025 Parent Company Balance Sheet Key Data (Unit: yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 4,722,214,629.24 | 4,652,805,868.66 | | Total Current Assets | 587,812,875.09 | 585,230,824.74 | | Total Non-Current Assets | 4,134,401,754.15 | 4,067,575,043.92 | | Total Liabilities | 444,551,645.60 | 220,985,295.05 | | Total Owners' Equity | 4,277,662,983.64 | 4,431,820,573.61 | | Long-term Equity Investments | 3,878,880,661.57 | 3,815,885,661.57 | | Share Capital | 310,509,334.00 | 238,853,334.00 | [Consolidated Income Statement](index=39&type=section&id=合并利润表) In H1 2025, consolidated total operating revenue was 1.73 billion yuan (up 13.15%), but net profit decreased to 157 million yuan (down 28.13%) due to higher costs and impairment losses 2025 Semi-Annual Consolidated Income Statement Key Data (Unit: yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Total Operating Revenue | 1,734,484,239.91 | 1,532,881,971.78 | | Total Operating Costs | 1,569,385,756.98 | 1,295,736,412.34 | | Operating Profit | 181,844,095.24 | 264,340,209.79 | | Total Profit | 182,655,678.99 | 264,431,086.90 | | Net Profit | 157,401,611.39 | 218,013,445.96 | | Net Profit Attributable to Parent Company Shareholders | 157,401,611.39 | 219,011,253.93 | | Credit Impairment Loss | 12,734,646.23 | 18,220,767.15 | | Asset Impairment Loss | -16,146,555.27 | -8,558,474.08 | [Parent Company Income Statement](index=41&type=section&id=母公司利润表) In H1 2025, parent company operating revenue was 196 million yuan (down 4.07%), and net profit significantly decreased to 5.87 million yuan (down 70.49%) 2025 Semi-Annual Parent Company Income Statement Key Data (Unit: yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Operating Revenue | 196,118,583.49 | 204,441,450.23 | | Operating Cost | 165,381,859.88 | 167,509,137.01 | | Operating Profit | 7,214,648.25 | 26,359,407.72 | | Total Profit | 7,216,224.00 | 25,961,087.61 | | Net Profit | 5,874,143.81 | 19,906,773.76 | | Credit Impairment Loss | -677,924.32 | 12,379.12 | | Asset Impairment Loss | -6,427,629.54 | -2,688,512.23 | [Consolidated Cash Flow Statement](index=41&type=section&id=合并现金流量表) In H1 2025, net cash from operating activities was 245 million yuan (down 28.71%); net cash used in investing activities decreased, while net cash used in financing activities also decreased 2025 Semi-Annual Consolidated Cash Flow Statement Key Data (Unit: yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 245,381,980.08 | 344,207,098.74 | | Net Cash Flow from Investing Activities | -234,184,746.73 | -358,235,093.98 | | Net Cash Flow from Financing Activities | -154,427,363.19 | -200,497,329.49 | | Net Increase in Cash and Cash Equivalents | -143,245,201.77 | -213,704,133.62 | | Cash Received from Sales of Goods and Provision of Services | 1,247,328,151.36 | 1,376,712,936.42 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 276,495,188.30 | 363,167,836.87 | [Parent Company Cash Flow Statement](index=43&type=section&id=母公司现金流量表) In H1 2025, net cash from operating activities was negative 52.17 million yuan; net cash from investing activities significantly improved, while net cash used in financing activities increased 2025 Semi-Annual Parent Company Cash Flow Statement Key Data (Unit: yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -52,172,453.95 | -35,149,898.60 | | Net Cash Flow from Investing Activities | 108,702,389.43 | -347,333,064.16 | | Net Cash Flow from Financing Activities | -148,179,998.15 | 51,026,166.12 | | Net Increase in Cash and Cash Equivalents | -91,650,062.67 | -331,456,796.64 | | Cash and Cash Equivalents at End of Period | 59,894,325.75 | 109,555,546.44 | [Consolidated Statement of Changes in Equity](index=44&type=section&id=合并所有者权益变动表) As of June 30, 2025, consolidated owner's equity was 4.55 billion yuan; share capital increased due to capital reserve transfer, while undistributed profits decreased due to profit distribution 2025 Semi-Annual Consolidated Statement of Changes in Equity (Unit: yuan) | Item | Period-Beginning Balance | Amount of Change in Current Period | | :--- | :--- | :--- | | Share Capital | 238,853,334.00 | 71,656,000.00 | | Capital Reserves | 2,109,605,112.40 | -74,562,738.05 | | Undistributed Profits | 2,092,620,850.55 | -2,630,122.39 | | Total Owners' Equity Attributable to Parent Company | 4,560,505,963.95 | -5,536,860.44 | | Minority Interests | -2,906,738.05 | 2,906,738.05 | | Total Owners' Equity | 4,557,599,225.90 | -2,630,122.39 | | Total Comprehensive Income | - | 157,401,611.39 | | Distribution to Owners (or Shareholders) | - | -160,031,733.78 | [Parent Company Statement of Changes in Equity](index=46&type=section&id=母公司所有者权益变动表) As of June 30, 2025, parent company owner's equity was 4.28 billion yuan; share capital increased due to capital reserve transfer, while undistributed profits decreased due to profit distribution 2025 Semi-Annual Parent Company Statement of Changes in Equity (Unit: yuan) | Item | Period-Beginning Balance | Amount of Change in Current Period | | :--- | :--- | :--- | | Share Capital | 238,853,334.00 | 71,656,000.00 | | Capital Reserves | 2,741,825,544.41 | -71,656,000.00 | | Undistributed Profits | 1,331,715,028.20 | -154,157,589.97 | | Total Owners' Equity | 4,431,820,573.61 | -154,157,589.97 | | Total Comprehensive Income | - | 5,874,143.81 | | Distribution to Owners (or Shareholders) | - | -160,031,733.78 | [Company Overview](index=49&type=section&id=公司基本情况) Chuzhou Dolly Automotive Technology Co., Ltd. was established in 2019, listed in 2023, and its share capital increased to 310.51 million shares by May 2025, focusing on automotive parts manufacturing - Chuzhou Dolly Automotive Technology Co., Ltd. was established through overall conversion on December 20, 2019, and its shares were listed on the Shenzhen Stock Exchange on February 27, 2023[169](index=169&type=chunk) - The company's share capital has undergone multiple capital reserve transfers, and as of May 8, 2025, the total share capital changed to **310,509,334 shares**[171](index=171&type=chunk) - The company is primarily engaged in automotive parts manufacturing, with a business scope including R&D, manufacturing, sales of automotive parts, mold manufacturing, and electrophoresis processing[172](index=172&type=chunk) [Basis of Financial Statement Preparation](index=49&type=section&id=财务报表的编制基础) Financial statements are prepared on a going concern basis, adhering to CAS and CSRC disclosure rules, with no significant doubts about going concern within 12 months from the reporting period end - The company prepares its financial statements on a going concern basis, in accordance with the "Enterprise Accounting Standards" promulgated by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's "Information Disclosure Compilation Rules for Companies Issuing Securities No. 15," based on actual transactions and events[173](index=173&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern within 12 months from the end of the reporting period[174](index=174&type=chunk) [Significant Accounting Policies and Estimates](index=50&type=section&id=重要会计政策及会计估计) This section details the company's accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, and deferred income tax, ensuring accurate financial reporting - The company classifies financial assets into those measured at amortized cost, those measured at fair value through other comprehensive income, and those measured at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[194](index=194&type=chunk) - The company's inventories include finished goods, work-in-progress, materials, and supplies, measured at actual cost, with the cost of issued inventories calculated using the weighted average method at month-end (molds use the specific identification method), and provisions for inventory depreciation are made[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk) - The company depreciates fixed assets using the straight-line method, with useful lives of **20 years for buildings, 10 years for machinery and equipment, 4 years for transportation vehicles, and 3-5 years for electronic and other equipment**[243](index=243&type=chunk) - The company uses the transfer of control as the criterion for revenue recognition, with clear revenue recognition points for sales of main products (automotive parts, domestic and international) and mold sales[274](index=274&type=chunk)[276](index=276&type=chunk)[277](index=277&type=chunk) - The company reported no significant changes in accounting policies or significant accounting estimates during the reporting period[303](index=303&type=chunk) [Taxation](index=76&type=section&id=税项) Main taxes include VAT, CIT, property tax, and surcharges; some subsidiaries enjoy 15% CIT preferential rates as high-tech enterprises, and the company benefits from VAT export rebates and additional deductions for advanced manufacturing Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount generated during sales of goods or provision of taxable services | Levied at rates such as 5%, 6%, 9%, 13%. Export goods are subject to "exempt, offset, refund" tax policy, with a refund rate of 13%. | | Corporate Income Tax (CIT) | Taxable income | 15%, 25% | | Property Tax | For value-based assessment, 1.2% of the remaining value after a one-time deduction of 30% from the original value of the property; for rent-based assessment, 12% of rental income | 1.2%, 12% | - The company's subsidiaries, Kunshan Daya and Changzhou Daya, are recognized as high-tech enterprises and enjoy a preferential corporate income tax rate of **15%** for three years starting from January 1, 2022/2024, respectively[303](index=303&type=chunk)[304](index=304&type=chunk) - The company's self-produced export goods are exempt from VAT and enjoy the VAT "exempt, offset, refund" tax policy; Kunshan Daya and Changzhou Daya also benefit from a **5% additional VAT deduction** policy for advanced manufacturing enterprises[304](index=304&type=chunk)[305](index=305&type=chunk) [Notes to Consolidated Financial Statement Items](index=77&type=section&id=合并财务报表项目注释) This section detailed consolidated financial statement items, including 441 million yuan in cash (39.03 million restricted), 160 million yuan in financial assets, 971 million yuan in accounts receivable (131 million allowance), 973 million yuan in inventory (372 million molds), and 374 million yuan in construction in progress June 30, 2025 Monetary Funds (Unit: yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Cash on Hand | 96,886.56 | 112,901.73 | | Bank Deposits | 402,338,512.48 | 545,567,699.08 | | Other Monetary Funds | 39,010,000.00 | 1,301,054.50 | | Total | 441,445,399.04 | 546,981,655.31 | | Of which: Restricted Monetary Funds | 39,027,400.00 | 1,318,454.50 | June 30, 2025 Trading Financial Assets (Unit: yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Wealth Management Products | 160,000,000.00 | 200,940,000.00 | June 30, 2025 Accounts Receivable and Impairment Provision (Unit: yuan) | Item | Book Balance | Impairment Provision | Book Value | | :--- | :--- | :--- | :--- | | Total Accounts Receivable | 1,102,567,784.95 | 131,391,140.89 | 971,176,644.06 | June 30, 2025 Inventory Composition (Unit: yuan) | Item | Book Balance | Inventory Depreciation Provision | Book Value | | :--- | :--- | :--- | :--- | | Raw Materials | 214,802,783.50 | 0 | 214,802,783.50 | | Work-in-Progress | 168,246,677.60 | 13,642,872.00 | 154,603,805.60 | | Finished Goods | 26,286,995.91 | 13,439,580.62 | 12,847,415.29 | | Goods Issued | 206,162,405.77 | 3,258,287.97 | 202,904,117.80 | | Molds | 377,685,524.86 | 5,829,767.72 | 371,855,757.14 | | Total | 1,009,005,690.66 | 36,170,508.31 | 972,835,182.35 | June 30, 2025 Share Capital and Capital Reserve Changes (Unit: yuan) | Item | Period-Beginning Balance | Change in Current Period (Capital Reserve to Share Capital Transfer) | Period-End Balance | | :--- | :--- | :--- | :--- | | Total Shares | 238,853,334.00 | 71,656,000.00 | 310,509,334.00 | | Capital Surplus (Share Premium) | 2,109,605,112.40 | -74,562,738.05 | 2,035,042,374.35 | [R&D Expenses](index=99&type=section&id=研发支出) Total R&D expenses were 57.57 million yuan, all expensed, primarily for direct materials and employee compensation, showing a 42.74% increase due to new model development 2025 Semi-Annual R&D Expenses (Unit: yuan) | Item | Amount in Current Period | Amount in Prior Period | | :--- | :--- | :--- | | Employee Compensation | 13,131,292.72 | 14,171,841.88 | | Direct Materials | 40,903,321.03 | 22,343,836.44 | | Depreciation and Amortization | 2,912,209.24 | 3,541,395.76 | | Other | 622,885.46 | 274,557.58 | | Total | 57,569,708.45 | 40,331,631.66 | | Of which: Expensed R&D Expenditure | 57,569,708.45 | 40,331,631.66 | - R&D investment increased by **42.74%** year-on-year, primarily due to an increase in new vehicle model R&D projects[63](index=63&type=chunk) [Changes in Consolidation Scope](index=99&type=section&id=合并范围的变更) The company's consolidation scope increased by one subsidiary to 14 in 2025, with Kunshan Daya Smart Technology established on April 28, 2025 - The company's consolidation scope for 2025 includes a total of **14 subsidiaries**, an increase of **1 subsidiary** compared to the previous year[424](index=424&type=chunk) - During the reporting period, the company's subsidiary Kunshan Daya Smart Technology Co., Ltd. was established on April 28, 2025[424](index=424&type=chunk) [Interests in Other Entities](index=100&type=section&id=在其他主体中的权益) The corporate group comprises 14 wholly-owned manufacturing subsidiaries, including newly established Kunshan Daya Smart Technology, with no significant non-wholly-owned subsidiaries, joint ventures, or associates Corporate Group Composition (Partial Subsidiaries) | Subsidiary Name | Registered Capital | Main Operating Location | Business Nature | Shareholding Percentage (Direct) | | :--- | :--- | :--- | :--- | :--- | | Changzhou Daya | 143,442,500.00 | Changzhou, Jiangsu | Manufacturing | 100.00% | | Yancheng Dolly | 536,000,000.00 | Yancheng, Jiangsu | Manufacturing | 100.00% | | Kunshan Daya | 1,190,000,000.00 | Kunshan, Jiangsu | Manufacturing | 100.00% | | Kunshan Daya Smart Technology Co., Ltd. | 50,000,000 | Kunshan, Jiangsu | Manufacturing | 100.00% (Indirect) | - The company has

Glossary [Glossary](index=4&type=section&id=第一节%20释义) This section defines key terms such as "Succeeder", "In Vitro Diagnostic Reagents", "DRG", and "DIP" - The company's Chinese abbreviation 'Succeeder' refers to Beijing Succeeder Technology Co., Ltd[11](index=11&type=chunk) - 'In Vitro Diagnostic Reagents' are products used for in vitro human sample testing in disease prediction, diagnosis, treatment monitoring, and health evaluation[11](index=11&type=chunk) - 'DRG' and 'DIP' are key tools for evaluating medical service quality and efficiency, and for medical insurance payments[12](index=12&type=chunk)[13](index=13&type=chunk) Company Profile and Key Financial Indicators [Company Basic Information](index=7&type=section&id=一、公司基本情况) This section details the company's fundamental information, including names, legal representative, and a recent change in registered address - The company's Chinese name is Beijing Succeeder Technology Co., Ltd[15](index=15&type=chunk) - The company's registered address changed in August 2024 to 3rd Floor, Building 1, No. 19 Baili Street, Daxing District, Beijing[15](index=15&type=chunk) [Contact Persons and Information](index=7&type=section&id=二、联系人和联系方式) This section lists contact details for the Board Secretary and Securities Affairs Representative for investor communication - Zhang Jiahong is the Board Secretary, and Sun Zhengfang is the Securities Affairs Representative[16](index=16&type=chunk) - Contact address is No. 19 Baili Street, Daxing District, Beijing, with email investor@succeeder.com.cn[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=7&type=section&id=三、信息披露及备置地点变更情况简介) This section outlines the designated channels for information disclosure and the location for semi-annual report custody, noting no changes during the reporting period - The designated information disclosure newspaper is 'Shanghai Securities News', and the website is the Shanghai Stock Exchange (http://www.sse.com.cn/)[17](index=17&type=chunk) - The semi-annual report is available at the company's Board Office, with no changes during the reporting period[17](index=17&type=chunk) [Brief Introduction to Company Shares/Depositary Receipts](index=7&type=section&id=四、公司股票%2F存托凭证简况) This section briefly introduces the company's stock information, confirming its listing on the STAR Market of the Shanghai Stock Exchange - The company's stock is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange[18](index=18&type=chunk) - Stock abbreviation is Succeeder, with stock code 688338[18](index=18&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=8&type=section&id=六、公司主要会计数据和财务指标) Due to medical insurance cost control policies, the company's operating revenue decreased by 12.62% year-on-year, leading to declines in total profit, net profit, and EPS, while R&D investment slightly increased Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 138,963,438.32 | 159,029,323.47 | -12.62 | | Total Profit | 55,221,013.95 | 72,302,834.06 | -23.63 | | Net Profit Attributable to Shareholders of Listed Company | 47,999,863.00 | 62,723,289.61 | -23.47 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 46,239,508.38 | 62,263,601.73 | -25.74 | | Net Cash Flow from Operating Activities | 37,240,128.76 | 52,117,971.79 | -28.55 | | **Period-End Data** | **Current Period-End** | **Prior Year-End** | **YoY Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 1,648,239,634.68 | 1,646,270,295.13 | 0.12 | | Total Assets | 1,739,297,464.17 | 1,748,651,398.28 | -0.53 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.46 | 0.59 | -22.03 | | Diluted Earnings Per Share (RMB/share) | 0.46 | 0.59 | -22.03 | | Basic EPS Excluding Non-Recurring Items (RMB/share) | 0.44 | 0.59 | -25.42 | | Weighted Average Return on Net Assets (%) | 2.90 | 3.86 | Decrease of 0.96 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Items (%) | 2.79 | 3.83 | Decrease of 1.04 percentage points | | R&D Investment as % of Operating Revenue | 6.76 | 6.48 | Increase of 0.28 percentage points | - Due to medical insurance cost control policies impacting in vitro diagnostic industry demand, the company's operating revenue decreased by **12.62% year-on-year**, leading to declines in total profit, net profit, and EPS[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=八、非经常性损益项目和金额) This section details the non-recurring gains and losses for the reporting period, totaling RMB 1,760,354.62, primarily from fair value changes in financial assets and government grants Non-Recurring Gains and Losses for H1 2025 | Non-Recurring Item | Amount (RMB) | | :--- | :--- | | Gains/losses on disposal of non-current assets, including reversal of impairment provisions | -316,211.47 | | Government grants recognized in current profit/loss, excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with a continuous impact on company profit/loss | 56,341.80 | | Gains/losses from fair value changes and disposal of financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal operations | 2,250,145.45 | | Other non-operating income and expenses beyond the above items | 30,736.42 | | Other profit/loss items meeting the definition of non-recurring | 51,532.46 | | Less: Income tax impact | 311,300.57 | | Minority interest impact (after tax) | 889.47 | | **Total** | **1,760,354.62** | Management Discussion and Analysis [Explanation of the Company's Industry and Main Business during the Reporting Period](index=10&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company operates in the high-tech in vitro diagnostic sector, focusing on thrombosis and hemostasis, facing market demand slowdown due to medical insurance policies, and operates with an R&D-driven, distribution-centric model [Industry Overview](index=10&type=section&id=（一）所处行业情况) China's in vitro diagnostic market is large, with coagulation diagnostics growing rapidly, but policy changes like DRG/DIP and centralized procurement are slowing demand and favoring domestic leaders - China's in vitro diagnostic market exceeded **RMB 100 billion** in 2021, with coagulation diagnostics growing rapidly at a **CAGR of 24.8%** from 2015-2019[28](index=28&type=chunk) - Coagulation testing demand slowed in 2024 due to medical insurance cost control and hospital compliance, with further decline in 2025 as DRG and centralized procurement policies deepen[28](index=28&type=chunk) - DRG/DIP policies will accelerate the import substitution of cost-effective domestic medical devices[32](index=32&type=chunk) - Centralized procurement of in vitro diagnostic reagents by the National Healthcare Security Administration is underway, benefiting domestic leaders in import substitution and market share expansion[33](index=33&type=chunk) - The in vitro diagnostic industry has high technical barriers, long R&D cycles, and significant investment, making it difficult for new entrants to acquire technology quickly[33](index=33&type=chunk) [Main Business, Products, or Services](index=14&type=section&id=（二）主要业务、主要产品或服务情况) The company specializes in thrombosis and hemostasis in vitro diagnostics, offering integrated instrument, reagent, and consumable product systems covering key detection items - The company's main business is R&D, production, and sales of instruments, reagents, and consumables in the thrombosis and hemostasis in vitro diagnostic field[40](index=40&type=chunk) - The company has built a core technology cluster covering instruments, reagents, and consumables, forming an integrated product system[40](index=40&type=chunk) Company's Main Product Categories | Product Category | Main Product Name | Function and Application | | :--- | :--- | :--- | | Detection Instruments | Fully automatic sample processing system (coagulation assembly line), semi-automatic/fully automatic coagulation analyzer, fully automatic hemorheology analyzer, dynamic erythrocyte sedimentation rate and hematocrit analyzer, platelet aggregation analyzer | Used for screening, diagnosis, thrombolysis, and anticoagulant therapy monitoring of hemorrhagic and thrombotic diseases, as well as whole blood and plasma viscosity detection | | Reagents | Activated partial thromboplastin time assay kit, fibrinogen assay kit, prothrombin time assay kit, D-dimer assay kit, antithrombin (AT) assay kit, lupus anticoagulant detection kit | Used for in vitro quantitative determination and quality control of coagulation, fibrinolysis, and anticoagulation items | | Consumables | Coagulation consumables, hemorheology consumables | Used with SF series coagulation analyzers and SA series hemorheology analyzers | [Main Business Model](index=16&type=section&id=（三）主要经营模式) The company operates on an "independent R&D and production, production based on sales, procurement based on production, and distribution-led" model, leveraging a nationwide distribution network - The company adopts an operating model of **'independent R&D and production, production based on sales, procurement based on production, and distribution-led'**[44](index=44&type=chunk) - The sales model is primarily distribution-based, supplemented by direct sales, aiming to enhance service capabilities, expand customer reach, and avoid capital tie-ups from long payment terms in direct sales to medical institutions[44](index=44&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=二、经营情况的讨论与分析) Operating revenue and net profit declined due to deepening medical insurance cost control and increased market competition, but the company is actively developing new products, expanding overseas, and implementing cost-saving measures - During the reporting period, deepening medical insurance cost control, bundled testing item management, and mutual recognition of test results impacted China's in vitro diagnostic market demand, leading to a year-on-year decline in the company's operating revenue and net profit[46](index=46&type=chunk) - In H1 2025, the company achieved operating revenue of **RMB 138.96 million**, a **12.62% year-on-year decrease**, and net profit attributable to shareholders of **RMB 47.99 million**, a **23.47% year-on-year decrease**[47](index=47&type=chunk) - The company actively promoted the launch of SMART series coagulation assembly lines and SF-9200 fully automatic coagulation analyzers, while expanding overseas markets, resulting in a **64.29% year-on-year increase** in overseas export business[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - The company strengthened cost reduction and efficiency improvement through optimizing production processes, enhancing staff efficiency, leasing idle premises, and optimizing personnel structure, ensuring sustainable development[51](index=51&type=chunk) [Analysis of Core Competitiveness during the Reporting Period](index=19&type=section&id=三、报告期内核心竞争力分析) The company's core competitiveness stems from strong R&D, a comprehensive product line, integrated instrument-reagent-consumable solutions, cost-effectiveness in import substitution, and a nationwide marketing network, with notable R&D progress in coagulation diagnostics [Core Competitiveness Analysis](index=19&type=section&id=(一)%20核心竞争力分析) The company possesses strong core competitiveness through its R&D platform, national standard material manufacturer status, extensive product line, integrated solutions, cost-effectiveness, and market leadership with a nationwide service network - The company holds **15 core technologies** and **46 patents** (including 15 invention patents), and received a National Science and Technology Progress Award (Second Prize) for its research and application of hemorheological measurement technology[52](index=52&type=chunk) - The company developed non-Newtonian fluid viscosity reference materials, certified as National Secondary Reference Materials, providing a standardized platform for hemorheology analyzers[53](index=53&type=chunk) - The company's product line covers major application areas in thrombosis and hemostasis in vitro diagnostics, with diverse, high-performance products widely used by customers, leading among domestic brands[54](index=54&type=chunk) - The company independently develops and produces integrated, traceable instruments, reagents, and consumables, forming a closed-loop detection system that ensures accurate results and stable revenue[55](index=55&type=chunk) - The company's thrombosis and hemostasis in vitro diagnostic products are highly competitive for import substitution in the mid-to-high-end market, with clear price advantages for instruments and reagents[56](index=56&type=chunk) - As an early entrant into the thrombosis and hemostasis in vitro diagnostic field, the company has a first-mover advantage, with products used by over **10,000 domestic end-users** and a nationwide marketing and service network[57](index=57&type=chunk) [Core Technologies and R&D Progress](index=21&type=section&id=(三)%20核心技术与研发进展) During the reporting period, the company optimized its coagulation diagnostic platforms, established a stable cell line transfection platform for biological raw materials, and obtained an invention patent for a lupus anticoagulant detection kit, with total R&D investment of RMB 9.40 million - In the hemostasis and coagulation diagnostic testing technology platform, the company continued R&D, deepening and expanding the SF series fully automatic coagulation analyzers and SMART series coagulation assembly lines[60](index=60&type=chunk) - The biological raw materials technology platform has completed the establishment of a stable cell line transfection platform and is currently screening high-yield D-dimer cell lines[60](index=60&type=chunk) - In core coagulation diagnostic reagent technology, one invention patent was granted: 'A Reagent Kit for Detecting Lupus Anticoagulant Based on SCT Method'[61](index=61&type=chunk)[64](index=64&type=chunk) R&D Investment for H1 2025 | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 9,400,381.67 | 10,298,599.32 | -8.72 | | Total R&D Investment | 9,400,381.67 | 10,298,599.32 | -8.72 | | Total R&D Investment as % of Operating Revenue | 6.76 | 6.48 | Increase of 0.28 percentage points | Selected R&D Projects for H1 2025 | No. | Project Name | Estimated Total Investment (RMB) | Current Period Investment (RMB) | Cumulative Investment (RMB) | Progress or Milestones | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Lupus Anticoagulant Intrinsic Activation Pathway | 7,000,000.00 | 44,430.28 | 6,052,840.15 | One invention patent granted, project concluded | | 2 | D-Dimer Antibody and Reagent Kit | 12,000,000.00 | 582,888.27 | 11,782,969.78 | Stable cell line transfection platform established, screening high-yield D-dimer cell lines | | 7 | Fully Automatic Sample Processing System | 18,298,000.00 | 2,817,831.33 | 17,496,971.18 | Project concluded | | 12 | Coagulation Analyzer Related Technology Research | 8,740,000.00 | 1,666,051.04 | 7,039,531.17 | Achieved standardization of instrument test results through optimization of multiple automation technologies' structures, algorithms, and parameters | | 13 | New Coagulation Software Platform | 1,500,000.00 | 612,431.39 | 2,374,341.02 | Software evaluation in progress | [Risk Factors](index=28&type=section&id=四、风险因素) The company faces risks from long R&D cycles, loss of core technical personnel, product concentration, quality issues, intensified market competition, medical insurance cost control, and exchange rate fluctuations [Core Competitiveness Risks](index=28&type=section&id=（一）核心竞争力风险) Risks include long R&D cycles and high technical difficulty for in vitro diagnostic products, potentially leading to deviations or delays, and the impact of losing scarce core technical talent - In vitro diagnostic product R&D has long cycles and high technical difficulty, posing risks of R&D route deviations, slow progress, or excessive costs[75](index=75&type=chunk) - The company faces adverse impacts on R&D and operations from the loss of core technical personnel, given the high demand and scarcity of high-end composite technical talent in the in vitro diagnostic industry[76](index=76&type=chunk) [Operating Risks](index=29&type=section&id=（二）经营风险) Operating risks include product structure concentration, potential inability to meet changing market demands, product quality issues leading to claims or penalties, and intensified market competition - The company's product structure is concentrated in thrombosis and hemostasis in vitro diagnostics; significant future market demand changes may lead to products not meeting market needs[77](index=77&type=chunk) - The company may face risks of claims, lawsuits, arbitration, or administrative penalties due to product quality issues, adversely affecting business, financial condition, and reputation[77](index=77&type=chunk) - Competition in the thrombosis and hemostasis in vitro diagnostic market is intensifying among leading domestic and international brands, potentially impacting the company's operations[78](index=78&type=chunk) [Macro-Environmental Risks](index=29&type=section&id=（三）宏观环境风险) Macro-environmental risks include product price reduction due to medical insurance cost control policies, decreased demand from bundled testing and mutual recognition policies, and exchange rate fluctuations - The implementation of medical insurance cost control policies (e.g., DRG/DIP, centralized procurement) may lead to product price reduction risks[79](index=79&type=chunk) - Policies by the National Health Commission to strengthen bundled testing item management and promote mutual recognition of test results may lead to a short-term decline in domestic thrombosis and hemostasis in vitro diagnostic demand[79](index=79&type=chunk)[80](index=80&type=chunk) - The company's sales and raw material purchases are partially settled in foreign currencies, so RMB exchange rate fluctuations may result in exchange gains or losses, affecting operating performance[80](index=80&type=chunk) [Analysis of Main Business](index=30&type=section&id=(四)%20主营业务分析) Operating revenue and cost decreased due to medical insurance cost control. Financial expenses changed due to lower bank deposit rates and investment in structured deposits. Net cash flow from operating activities decreased, while net cash outflows from investing and financing activities increased, the latter mainly due to share repurchases Analysis of Financial Statement Item Changes for H1 2025 | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 138,963,438.32 | 159,029,323.47 | -12.62 | | Operating Cost | 52,621,981.01 | 58,842,941.25 | -10.57 | | Selling Expenses | 18,953,691.73 | 17,542,188.13 | 8.05 | | Administrative Expenses | 10,957,365.36 | 13,025,435.23 | -15.88 | | Financial Expenses | -8,486,457.54 | -13,932,959.56 | Not applicable | | R&D Expenses | 9,400,381.67 | 10,298,599.32 | -8.72 | | Net Cash Flow from Operating Activities | 37,240,128.76 | 52,117,971.79 | -28.55 | | Net Cash Flow from Investing Activities | -303,898,404.50 | -250,874,643.59 | Not applicable | | Net Cash Flow from Financing Activities | -46,094,350.26 | -27,676,489.57 | Not applicable | - The decrease in operating revenue was primarily due to the combined impact of medical institutions strengthening bundled testing item management, mutual recognition of test results, and medical insurance cost control, leading to a decline in sales of reagents and consumables[83](index=83&type=chunk) - The change in financial expenses was mainly due to a year-on-year decrease in interest income from lower bank deposit rates, and the company's investment of some fixed deposits into structured deposit products, with related income no longer recorded as interest income[83](index=83&type=chunk) - The decrease in net cash flow from operating activities was mainly due to reduced sales collections from lower operating revenue; the increase in net cash outflow from investing activities was primarily due to the company purchasing structured deposit products to enhance capital returns; the increase in net cash outflow from financing activities was mainly due to the company's share repurchase during the reporting period[83](index=83&type=chunk) [Analysis of Assets and Liabilities](index=31&type=section&id=(六)%20资产、负债情况分析) Total assets slightly decreased, while net assets attributable to shareholders slightly increased. A significant decrease in monetary funds and a substantial increase in transactional financial assets reflect the company's strategy to enhance returns through structured deposits. Investment properties and accounts receivable financing increased, while employee compensation and taxes payable decreased Changes in Assets and Liabilities for H1 2025 | Item Name | Current Period-End (RMB) | Current Period-End as % of Total Assets | Prior Year-End (RMB) | Prior Year-End as % of Total Assets | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 758,986,516.38 | 43.64 | 1,074,020,238.35 | 61.42 | -29.33 | | Transactional Financial Assets | 500,674,722.23 | 28.79 | 200,205,479.45 | 11.45 | 150.08 | | Investment Properties | 716,612.76 | 0.04 | 0.00 | 0.00 | Not applicable | | Accounts Receivable Financing | 5,293,585.20 | 0.30 | 647,812.35 | 0.04 | 717.15 | | Employee Compensation Payable | 7,639,887.25 | 0.44 | 13,486,988.69 | 0.77 | -43.35 | | Taxes Payable | 5,682,596.15 | 0.33 | 8,503,036.15 | 0.49 | -33.17 | - The **29.33% decrease** in monetary funds and **150.08% increase** in transactional financial assets were primarily due to the company increasing its investment in structured deposits to enhance capital returns[85](index=85&type=chunk) - The new investment properties item is mainly due to the company leasing out idle properties to increase asset returns[85](index=85&type=chunk) - Accounts receivable financing increased by **717.15%**, mainly due to increased customer use of bank acceptance bills for goods settlement[85](index=85&type=chunk) - Employee compensation payable decreased by **43.35%**, primarily due to the payment of 2024 annual bonuses[85](index=85&type=chunk) [Analysis of Investment Status](index=32&type=section&id=(七)%20投资状况分析) The company's investment status is primarily reflected in financial assets measured at fair value, with RMB 700 million purchased and RMB 401 million sold/redeemed during the period, resulting in a period-end balance of RMB 503 million, mostly in transactional financial assets (wealth management products), indicating active cash management Financial Assets Measured at Fair Value for H1 2025 | Asset Category | Beginning Balance (RMB) | Fair Value Change in Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 202,700,974.45 | 2,250,145.45 | 700,000,000.00 | 401,780,902.67 | 503,170,217.23 | | Of which: Transactional Financial Assets | 200,205,479.45 | 2,250,145.45 | 700,000,000.00 | 401,780,902.67 | 500,674,722.23 | | Of which: Other Equity Instrument Investments | 2,495,495.00 | 0.00 | 0.00 | 0.00 | 2,495,495.00 | | Total | 202,700,974.45 | 2,250,145.45 | 700,000,000.00 | 401,780,902.67 | 503,170,217.23 | Corporate Governance, Environment, and Society [Corporate Governance, Environment, and Society](index=34&type=section&id=第四节%20公司治理、环境和社会) This section covers corporate governance, environmental, and social aspects, noting no changes in directors, supervisors, senior management, or core technical personnel during the reporting period - Changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period were 'not applicable'[89](index=89&type=chunk) - The proposed semi-annual profit distribution plan or capital reserve to share capital increase plan was 'not applicable'[89](index=89&type=chunk) Significant Matters [Fulfillment of Commitments](index=35&type=section&id=一、承诺事项履行情况) The company's controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel have strictly fulfilled all commitments made in the IPO prospectus - Controlling shareholder and actual controller Wu Shiming committed to strictly adhere to share lock-up, not transferring shares for **36 months** from listing, and observing transfer limits during tenure and for six months post-resignation[92](index=92&type=chunk) - The controlling shareholder, actual controller, and their concerted parties committed to resolve and avoid engaging in businesses or activities that constitute horizontal competition with the company's main business[96](index=96&type=chunk) - The controlling shareholder, actual controller, and their concerted parties committed to regulate related party transactions, ensuring fair, reasonable, and normal commercial terms, and strict adherence to relevant procedures[98](index=98&type=chunk) - The company committed that the prospectus contains no false statements, misleading representations, or material omissions, and assumes legal responsibility for its truthfulness, accuracy, completeness, and timeliness[103](index=103&type=chunk) - The company committed to strictly implement measures to mitigate dilution of immediate returns, including improving operational efficiency, strengthening raised capital management, and refining profit distribution policies[105](index=105&type=chunk)[106](index=106&type=chunk) [Major Litigation and Arbitration Matters](index=53&type=section&id=七、重大诉讼、仲裁事项) The company had no major litigation or arbitration matters requiring disclosure during the reporting period - The company had no major litigation or arbitration matters during the reporting period[110](index=110&type=chunk) [Significant Related Party Transactions](index=53&type=section&id=十、重大关联交易) During the reporting period, the company had no significant related party transactions concerning daily operations, asset acquisition/disposal, joint investments, or related party debts/credits, nor any disclosed or progressing incentive plans - During the reporting period, the company had no significant related party transactions related to daily operations, asset/equity acquisition/disposal, joint external investments, or related party debts/credits[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) [Explanation of Progress in Use of Raised Funds](index=55&type=section&id=十二、募集资金使用进展说明) The company has cumulatively invested RMB 739 million of IPO funds, reaching 80.02% completion. Production base and R&D center projects are delayed due to policy and external factors. Over-raised funds were used for permanent working capital and share repurchases, with the latter completed Overall Use of Raised Funds for H1 2025 | Source of Raised Funds | Total Raised Funds (RMB) | Net Raised Funds (RMB) | Committed Investment Total (RMB) | Cumulative Raised Funds Invested as of Period-End (RMB) | Cumulative Investment Progress (%) | Amount Invested in Current Year (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 1,027,744,200.00 | 924,269,637.22 | 370,722,803.94 | 739,557,386.14 | 80.02 | 18,528,187.75 | Detailed Use of Raised Funds for Investment Projects for H1 2025 | Project Name | Planned Total Investment of Raised Funds (RMB) | Amount Invested in Current Year (RMB) | Cumulative Raised Funds Invested as of Period-End (RMB) | Cumulative Investment Progress (%) | Date Project Expected to Reach Usable State | | :--- | :--- | :--- | :--- | :--- | :--- | | Production Base Construction Project | 320,900,781.93 | 3,965,413.02 | 249,567,201.25 | 77.77 | Completed in December 2024 | | R&D Center Construction Project | 142,900,543.31 | 1,248,586.98 | 78,901,462.50 | 55.21 | Expected to be completed in December 2026 | | Marketing Network Construction Project | 41,029,600.00 | 1,593,745.82 | 13,988,135.79 | 34.09 | Expected to be completed in December 2026 | | Replenishment of Working Capital | 180,000,000.00 | 0.00 | 180,000,000.00 | 100.00 | / | | Over-raised Funds: Permanent Replenishment of Working Capital | 166,000,000.00 | 0.00 | 166,000,000.00 | 100.00 | / | | Over-raised Funds: Share Repurchase Project | 51,100,586.60 | 11,720,441.93 | 51,100,586.60 | 100.00 | / | - The Production Base Construction Project and R&D Center Construction Project are delayed, primarily due to the 'Implementation Opinions of Beijing Municipal People's Government Office on Accelerating the Development of Prefabricated Buildings' policy, external environment, and construction restrictions[115](index=115&type=chunk) - The company has used **RMB 73.33 million** of surplus raised funds from the 'Production Base Construction Project' to supplement working capital[124](index=124&type=chunk) - The company completed its share repurchase plan, cumulatively repurchasing **2,172,456 shares**, representing **2.0467%** of total share capital, with a total payment of **RMB 51.10 million**[122](index=122&type=chunk) Share Changes and Shareholder Information [Changes in Share Capital](index=58&type=section&id=一、股本变动情况) The company's total ordinary share capital and capital structure remained unchanged during the reporting period - During the reporting period, the company's total ordinary share capital and capital structure remained unchanged[127](index=127&type=chunk) [Shareholder Information](index=58&type=section&id=二、股东情况) As of the end of the reporting period, the company had 6,779 ordinary shareholders. Wu Shiming held the largest stake at 34.66%, and the company's repurchase special securities account held 2.05% of shares - As of the end of the reporting period, the total number of ordinary shareholders was **6,779**[128](index=128&type=chunk) Top Ten Shareholders as of Period-End | Shareholder Name | Shares Held at Period-End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Wu Shiming | 36,787,960 | 34.66 | Domestic Natural Person | | Zhang Haiying | 6,324,325 | 5.96 | Domestic Natural Person | | Zhu Lianqing | 4,490,347 | 4.23 | Domestic Natural Person | | Beijing Sainuoheng Technology Center (Limited Partnership) | 2,948,400 | 2.78 | Other | | Zhang Jiahong | 2,902,162 | 2.73 | Domestic Natural Person | | Wu Tong | 2,719,460 | 2.56 | Domestic Natural Person | | Gu Xiaofeng | 1,214,865 | 1.14 | Domestic Natural Person | | Yan Qiaoxia | 1,200,000 | 1.13 | Domestic Natural Person | | Shen Ziyu | 1,193,365 | 1.12 | Domestic Natural Person | | Zhang Ying | 1,108,865 | 1.04 | Domestic Natural Person | - As of the end of the reporting period, Succeeder's dedicated share repurchase account held **2,172,456 shares**, representing **2.05%** of the total share capital[131](index=131&type=chunk) [Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=60&type=section&id=三、董事、监事、高级管理人员和核心技术人员情况) During the reporting period, Director and Senior Management/Core Technical Personnel Ding Chonghui and Director Gu Xiaofeng each reduced their holdings by 50,000 shares due to personal financial needs Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel for H1 2025 | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ding Chonghui | Director, Senior Management, Core Technical Personnel | 941,621 | 891,621 | -50,000 | Personal financial needs | | Gu Xiaofeng | Director | 1,264,865 | 1,214,865 | -50,000 | Personal financial needs | Bond-Related Information [Bond-Related Information](index=62&type=section&id=第七节%20债券相关情况) This section confirms that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[137](index=137&type=chunk) - The company has no convertible corporate bonds[137](index=137&type=chunk) Financial Report [Audit Report](index=63&type=section&id=一、审计报告) This semi-annual report has not been audited - This semi-annual report is unaudited[5](index=5&type=chunk) [Financial Statements](index=63&type=section&id=二、财务报表) This section includes the company's H1 2025 consolidated and parent company financial statements, providing a comprehensive view of financial position and operating results - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in equity, and parent company statement of changes in equity[139](index=139&type=chunk)[143](index=143&type=chunk)[147](index=147&type=chunk)[151](index=151&type=chunk)[154](index=154&type=chunk)[157](index=157&type=chunk)[160](index=160&type=chunk)[164](index=164&type=chunk) [Company Basic Information](index=76&type=section&id=三、公司基本情况) Beijing Succeeder Technology Co., Ltd. was listed on the STAR Market in August 2020, specializing in R&D, production, and sales of in vitro diagnostic instruments and consumables, with its total share capital increasing to 106,142,400 shares in May 2023 - Beijing Succeeder Technology Co., Ltd. was listed on the STAR Market of the Shanghai Stock Exchange on August 6, 2020, with stock abbreviation 'Succeeder' and stock code '688338'[168](index=168&type=chunk) - The company's main business activities are R&D, production, and sales of in vitro diagnostic instruments and related reagents and consumables[169](index=169&type=chunk) - On May 18, 2023, the company's total share capital increased to **106,142,400 shares**[168](index=168&type=chunk) [Basis of Financial Statement Preparation](index=76&type=section&id=四、财务报表的编制基础) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, with no identified issues affecting the company's ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards, their application guidelines, and interpretations[170](index=170&type=chunk) - The company assessed its going concern ability for 12 months from the end of the reporting period, finding no matters affecting it, thus preparing financial statements on a going concern basis is reasonable[171](index=171&type=chunk) [Significant Accounting Policies and Estimates](index=76&type=section&id=五、重要会计政策及会计估计) This section details the company's significant accounting policies and estimates for financial statement preparation, covering financial instruments, revenue recognition, inventory, fixed assets, intangible assets, employee compensation, and provisions, ensuring financial information reliability - The financial statements prepared by the company comply with enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[173](index=173&type=chunk) - Financial instruments are initially classified based on the business model for managing financial assets and contractual cash flow characteristics as financial assets measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income[202](index=202&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods, and recognizes revenue based on the progress or point in time of performance[290](index=290&type=chunk)[291](index=291&type=chunk)[296](index=296&type=chunk) - Inventories are valued using the weighted average method upon issuance and measured at the lower of cost and net realizable value at the balance sheet date, with inventory impairment provisions made[230](index=230&type=chunk)[234](index=234&type=chunk) - Fixed assets are depreciated using the straight-line method; buildings and structures over 10-40 years, machinery and equipment over 3-10 years, electronic equipment over 3-5 years, and transportation vehicles over 5 years[259](index=259&type=chunk) - Intangible assets with finite useful lives (e.g., land use rights, software) are systematically amortized using the straight-line method, with amortization expenses recognized in current profit or loss or as part of relevant asset costs based on the benefiting project[264](index=264&type=chunk) [Taxation](index=110&type=section&id=六、税项) The company's main taxes include VAT (13%, 9%, 6%) and corporate income tax (15%, 25%, 20%), benefiting from high-tech enterprise income tax incentives, VAT refunds for software products, and VAT super deduction for advanced manufacturing Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods, provision of services income | 13%, 9%, 6% | | Corporate Income Tax | Taxable income | 15%, 25%, 20% | - The company is recognized as a high-tech enterprise, enjoying a **15%** preferential corporate income tax rate for 2023-2025[331](index=331&type=chunk) - The company benefits from a VAT refund policy for software products, where the portion of actual VAT burden exceeding **3%** is immediately refunded[331](index=331&type=chunk) - The company qualifies for a VAT super deduction policy for advanced manufacturing enterprises, allowing an additional **5%** deduction from current deductible input VAT against payable VAT[332](index=332&type=chunk) [Notes to Consolidated Financial Statement Items](index=111&type=section&id=七、合并财务报表项目注释) This section details the period-end and beginning balances and changes for consolidated financial statement items, including monetary funds, transactional financial assets, accounts receivable, employee compensation payable, operating revenue and cost, and financial expenses, highlighting the shift from monetary funds to structured deposits Monetary Funds Period-End Balance for H1 2025 | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 30,558.47 | 16,555.51 | | Bank Deposits | 755,053,588.89 | 1,063,381,929.40 | | Other Monetary Funds | 3,902,369.02 | 10,621,753.44 | | Total | 758,986,516.38 | 1,074,020,238.35 | - Period-end bank deposits include **RMB 16.85 million** in unexpired fixed deposit interest, which is not included in cash and cash equivalents[333](index=333&type=chunk) Transactional Financial Assets Period-End Balance for H1 2025 | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 500,674,722.23 | 200,205,479.45 | | Of which: Wealth Management Products | 500,674,722.23 | 200,205,479.45 | | Total | 500,674,722.23 | 200,205,479.45 | Aging Analysis of Accounts Receivable for H1 2025 | Aging | Period-End Book Balance (RMB) | Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 46,293,546.99 | 40,294,563.67 | | 1 to 2 years | 694,783.00 | 100,497.68 | | 2 to 3 years | 100,497.68 | 21,061.79 | | 3 to 4 years | 21,061.79 | 27,002.32 | | 4 to 5 years | 27,002.32 | 3,600.00 | | Over 5 years | 238,566.00 | 234,966.00 | | Total | 47,375,457.78 | 40,681,691.46 | Employee Compensation Payable for H1 2025 | Item | Beginning Balance (RMB) | Increase in Current Period (RMB) | Decrease in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | 13,154,177.06 | 25,987,997.00 | 31,819,398.96 | 7,322,775.10 | | II. Post-employment Benefits - Defined Contribution Plans | 332,811.63 | 2,013,726.94 | 2,029,426.42 | 317,112.15 | | Total | 13,486,988.69 | 28,001,723.94 | 33,848,825.38 | 7,639,887.25 | Operating Revenue and Operating Cost for H1 2025 | Item | Current Period (Revenue) (RMB) | Current Period (Cost) (RMB) | Prior Period (Revenue) (RMB) | Prior Period (Cost) (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 138,532,090.43 | 52,429,670.63 | 158,914,833.80 | 58,771,889.85 | | Other Business | 431,347.89 | 192,310.38 | 114,489.67 | 71,051.40 | | Total | 138,963,438.32 | 52,621,981.01 | 159,029,323.47 | 58,842,941.25 | Financial Expenses for H1 2025 | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Interest Expense | 0.00 | 3,197.93 | | Less: Interest Income | 8,773,584.81 | 13,354,888.50 | | Net Exchange Loss | 246,908.31 | -613,268.59 | | Bank Charges | 40,218.96 | 31,999.60 | | Total | -8,486,457.54 | -13,932,959.56 | [R&D Expenses](index=155&type=section&id=八、研发支出) Total R&D expenses for the reporting period were RMB 9.40 million, a 8.72% year-on-year decrease, primarily comprising employee compensation and R&D materials, with all expenses recognized as period costs R&D Expenses by Nature for H1 2025 | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 6,205,270.13 | 6,574,280.15 | | R&D Materials | 1,384,851.67 | 2,378,370.73 | | Product Testing, Registration Fees | 79,684.39 | 173,938.69 | | Depreciation and Amortization | 812,874.11 | 454,142.46 | | Travel Expenses | 171,358.23 | 135,215.31 | | Office Expenses | 146,154.46 | 139,519.98 | | Outsourced R&D Fees | 566,037.72 | 205,576.31 | | Other | 34,150.96 | 42,478.63 | | Right-of-Use Asset Lease | 0.00 | 195,077.06 | | Total | 9,400,381.67 | 10,298,599.32 | | Of which: Expensed R&D Investment | 9,400,381.67 | 10,298,599.32 | | Capitalized R&D Investment | 0.00 | 0.00 | [Changes in Consolidation Scope](index=156&type=section&id=九、合并范围的变更) During the reporting period, there were no changes in the company's consolidation scope, including non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had no changes in consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries[477](index=477&type=chunk)[478](index=478&type=chunk) [Interests in Other Entities](index=157&type=section&id=十、在其他主体中的权益) This section discloses the company's interests in subsidiaries and associates, including two subsidiaries and an investment in Unide Medical Electronics (Shenzhen) Co., Ltd. accounted for using the equity method, which has accumulated unrecognized losses [Interests in Subsidiaries](index=157&type=section&id=1、在子公司中的权益) The company holds interests in two subsidiaries: Sainuoheng Medical Technology (100%) and Succeeder (Jiangsu) Medical Devices Co., Ltd. (80%), both established through new investments Composition of Enterprise Group for H1 2025 | Subsidiary Name | Main Operating Location | Registered Capital (RMB 10,000) | Business Nature | Shareholding (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Sainuoheng Medical Technology | Beijing | 5,000.00 | Medical Manufacturing | 100.00 | Investment in New Entity | | Succeeder (Jiangsu) Medical Devices Co., Ltd. | Nanjing, Jiangsu Province | 1,000.00 | Medical Device Sales | 80.00 | Investment in New Entity | [Interests in Joint Ventures or Associates](index=158&type=section&id=3、在合营企业或联营企业中的权益) The company's investment in associate Unide Medical Electronics (Shenzhen) Co., Ltd. is accounted for using the equity method, with accumulated unrecognized losses of RMB 211,151.40 as of the period-end - On December 29, 2022, the company acquired a **20.00%** equity stake in Unide Medical Electronics (Shenzhen) Co., Ltd. for **RMB 2.00 million**, accounted for using the equity method[481](index=481&type=chunk) Excess Losses Incurred by Associates for H1 2025 | Joint Venture or Associate Name | Accumulated Unrecognized Prior Period Losses (RMB) | Unrecognized Losses in Current Period (RMB) | Accumulated Unrecognized Losses at Period-End (RMB) | | :--- | :--- | :--- | :--- | | Unide Medical Electronics (Shenzhen) Co., Ltd. | 32,779.85 | 178,371.55 | 211,151.40 | [Government Grants](index=159&type=section&id=十一、%20政府补助) During the reporting period, the company recognized total government grants of RMB 612,017.76, including RMB 29,059.80 transferred from deferred income related to assets, with the remainder directly recognized in current profit or loss Liability Items Involving Government Grants for H1 2025 | Financial Statement Item | Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Recognized in Non-Operating Income in Current Period (RMB) | Transferred to Other Income in Current Period (RMB) | Other Changes in Current Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 58,120.11 | 0.00 | 0.00 | 29,059.80 | 0.00 | 29,060.31 | Asset-related | | Total | 58,120.11 | 0.00 | 0.00 | 29,059.80 | 0.00 | 29,060.31 | / | Government Grants Recognized in Current Profit or Loss for H1 2025 | Type | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Other | 612,017.76 | 767,631.68 | | Total | 612,017.76 | 767,631.68 | [Risks Related to Financial Instruments](index=160&type=section&id=十二、%20与金融工具相关的风险) The company faces credit, liquidity, and market risks (foreign exchange, interest rate). Credit risk is managed through customer assessment; liquidity risk through cash management; foreign exchange risk from USD assets/liabilities, with a 10% RMB fluctuation potentially impacting net profit by RMB 7.28 million. Interest rate risk is not significant due to no bank borrowings - The company's financial instrument risks primarily include credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk)[488](index=488&type=chunk) - Credit risk mainly arises from financial assets like monetary funds, notes receivable, and accounts receivable, controlled by assessing customer creditworthiness, regular monitoring, and setting credit terms[489](index=489&type=chunk) - As of June 30, 2025, accounts receivable from the top five customers accounted for **39.42%** of the total[492](index=492&type=chunk) - Foreign exchange risk primarily stems from USD-denominated foreign currency assets and liabilities; a **10%** appreciation or depreciation of RMB against USD would increase or decrease annual net profit by **RMB 7.28 million**[494](index=494&type=chunk)[495](index=495&type=chunk) - As of June 30, 2025, the company had no bank loan balances, thus interest rate fluctuations would not impact total profit and shareholders' equity[495](index=495&type=chunk) [Disclosure of Fair Value](index=163&type=section&id=十三、%20公允价值的披露) This section discloses the period-end fair values of assets and liabilities measured at fair value. Transactional financial assets (structured deposits), other equity instrument investments, and accounts receivable financing are all measured at Level 3 fair value, with their book values considered reasonable estimates of fair value Period-End Fair Value of Assets and Liabilities Measured at Fair Value for H1 2025 | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | (I) Transactional Financial Assets | 500,674,722.23 | 500,674,722.23 | | (III) Other Equity Instrument Investments | 2,495,495.00 | 2,495,495.00 | | (VI) Accounts Receivable Financing | 5,293,585.20 | 5,293,585.20 | | Total Assets Continuously Measured at Fair Value | 508,463,802.43 | 508,463,802.43 | - Transactional financial assets (structured deposits) are measured at a reasonable estimate of fair value, calculated as principal plus expected returns as of the balance sheet date[499](index=499&type=chunk) - Accounts receivable financing (unexpired bank acceptance bills) is measured at a reasonable estimate of fair value, calculated as the book amount of the bills[499](index=499&type=chunk) - Other equity instrument investments are measured at cost as a reasonable estimate of fair value, as the investee's operating conditions align with initial investment expectations[499](index=499&type=chunk) [Related Parties and Related Party Transactions](index=164&type=section&id=十四、%20关联方及关联交易) This section discloses the company's related parties and transactions, including Beijing Sainuoheng, Beijing Greenmed Enterprise Management Consulting Co., Ltd., and Sichuan Bofeike Biotechnology Co., Ltd. Related transactions involve R&D services from Sichuan Bofeike and rent payments to Beijing Greenmed. Key management personnel compensation totaled RMB 1.24 million Other Related Parties | Other Related Party Name | Relationship with the Company | | :--- | :--- | | Beijing Sainuoheng | Other enterprise controlled by the actual controller, holding 2.78% of the company's shares | | Beijing Greenmed Enterprise Management Consulting Co., Ltd. | Enterprise controlled by Zhang Haiying, a shareholder holding over 5% | | Sichuan Bofeike Biotechnology Co., Ltd. | Company holds 9.91% of its shares | Related Party Transactions for Purchase/Sale of Goods/Acceptance of Services for H1 2025 | Related Party | Related Transaction Content | Amount in Current Period (RMB) | | :--- | :--- | :--- | | Sichuan Bofeike Biotechnology Co., Ltd. | R&D, registration services | 566,037.74 | Related Party Leases for H1 2025 (Company as Lessee) | Lessor Name | Type of Leased Asset | Amount in Current Period (Rent Paid) (RMB) | | :--- | :--- | :--- | | Beijing Greenmed Enterprise Management Consulting Co., Ltd. | Buildings and Structures | 804,710.98 | Key Management Personnel Compensation for H1 2025 | Item | Amount in Current Period (RMB 10,000) | Amount in Prior Period (RMB 10,000) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 124.45 | 134.05 | Amounts Receivable from Related Parties for H1 2025 | Item Name | Related Party | Period-End Book Balance (RMB) | | :--- | :--- | :--- | | Prepayments | Sichuan Bofeike Biotechnology Co., Ltd. | 404,388.30 | [Commitments and Contingencies](index=168&type=section&id=十六、%20承诺及或有事项) As of June 30, 2025, the company had no significant commitments or contingencies requiring disclosure - As of June 30, 2025, the company had no significant contingencies requiring disclosure[511](index=511&type=chunk) [Events After the Balance Sheet Date](index=168&type=section&id=十七、%20资产负债表日后事项) The company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date - The company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date[512](index=512&type=chunk) [Notes to Parent Company Financial Statement Items](index=170&type=section&id=十九、%20母公司财务报表主要项目注释) This section provides detailed notes for key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, and operating costs. The parent company's accounts receivable aging structure is similar to the consolidated statements, and long-term equity investments in subsidiaries remain stable Aging Analysis of Parent Company Accounts Receivable for H1 2025 | Aging | Period-End Book Balance (RMB) | Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 46,293,546.99 | 40,294,563.67 | | 1 to 2 years | 694,783.00 | 100,497.68 | | 2 to 3 years | 100,497.68 | 21,061.79 | | 3 to 4 years | 21,061.79 | 27,002.32 | | 4 to 5 years | 27,002.32 | 3,600.00 | | Over 5 years | 238,566.00 | 234,966.00 | | Total | 47,375,457.78 | 40,681,691.46 | Parent Company Investments in Subsidiaries for H1 2025 | Investee | Beginning Balance (Book Value) (RMB) | Period-End Balance (Book Value) (RMB) | | :--- | :--- | :--- | | Sainuoheng Medical Technology | 50,000,000.00 | 50,000,000.00 | | Succeeder (Jiangsu) Medical Devices Co., Ltd. | 2,000,000.00 | 2,000,000.00 | | Total | 52,000,000.00 | 52,000,000.00 | Parent Company Operating Revenue and Operating Cost for H1 2025 | Item | Current Period (Revenue) (RMB) | Current Period (Cost) (RMB) | Prior Period (Revenue) (RMB) | Prior Period (Cost) (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 138,532,090.43 | 54,427,663.43 | 158,914,833.80 | 58,771,889.85 | | Other Business | 422,965.59 | 190,092.78 | 113,138.34 | 68,104.29 | | Total | 138,955,056.02 | 54,617,756.21 | 159,027,972.14 | 58,839,994.14 | [Supplementary Information](index=179&type=section&id=二十、%20补充资料) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses and key financial indicators such as net assets return and EPS. Total non-recurring gains and losses were RMB 1.76 million, with a weighted average ROE of 2.90% and basic EPS of RMB 0.46 Detailed Statement of Non-Recurring Gains and Losses for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Gains/losses on disposal of non-current assets, including reversal of impairment provisions | -316,211.47 | | Government grants recognized in current profit/loss, excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with a continuous impact on company profit/loss | 56,341.80 | | Gains/losses from fair value changes and disposal of financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal operations | 2,250,145.45 | | Other non-operating income and expenses beyond the above items | 30,736.42 | | Other profit/loss items meeting the definition of non-recurring | 51,532.46 | | Less: Income tax impact | 311,300.57 | | Minority interest impact (after tax) | 889.47 | | **Total** | **1,760,354.62** | Return on Net Assets and Earnings Per Share for H1 2025 | Item | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB) | Diluted Earnings Per Share (RMB) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 2.90 | 0.46 | 0.46 | | Net Profit Attributable to Ordinary Shareholders of the Company Excluding Non-Recurring Items | 2.79 | 0.44 | 0.44 |

上海家化联合股份有限公司2025 年半年度报告 公司代码：600315 公司简称：上海家化 上海家化联合股份有限公司 2025 年半年度报告 1 / 172 上海家化联合股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人林小海、主管会计工作负责人罗永涛及会计机构负责人（会计主管人员）罗永 涛声明：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 2025年半年度利润分配方案：以公告实施权益分派股权登记日登记的总股本为基数，向股权登记 日在册全体股东每股派发0.039元现金红利（含税）。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，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 ...