深圳市汇顶科技股份有限公司 2025 年半年度报告 公司代码：603160 公司简称：汇顶科技 深圳市汇顶科技股份有限公司 2025 年半年度报告 1 / 178 深圳市汇顶科技股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张帆、主管会计工作负责人郭峰伟及会计机构负责人（会计主管人员）陈云刚 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 截至2025年6月30日，深圳市汇顶科技股份有限公司（以下简称"公司"）母公司报表中，期 末未分配利润为人民币7,130,598,146.75元。经董事会决议，公司2025年半年度拟以实施权益分派 股权登记日登记的总股本扣减公司回购专用证券账户内股份1,302,172股后的股本为基数分配利 润。本次利润分配方案如下： 公司拟向全体股东每股派发现金红利0.15元（ ...

大唐电信科技股份有限公司2025 年半年度报告 公司代码：600198 公司简称：大唐电信 大唐电信科技股份有限公司 2025 年半年度报告 1 / 154 大唐电信科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘欣、主管会计工作负责人马红霞及会计机构负责人（会计主管人员）孙巍声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期内公司无利润分配预案及公积金转增股本预案。 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。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实 ...

新疆百花村医药集团股份有限公司 公司代码：600721 公司简称：百花医药 新疆百花村医药集团股份有限公司 2025 年半年度报告 1 / 151 新疆百花村医药集团股份有限公司 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、 公司负责人郑彩红、主管会计工作负责人蔡子云及会计机构负责人（会计主管人员） 余涛 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 无 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 无 十一、 其他 | 第一节 | 释义 | 4 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指 ...

史丹利农业集团股份有限公司 2025 年半年度报告全文 史丹利农业集团股份有限公司 2025 年半年度报告 2025 年 08 月 1 史丹利农业集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人高进华、主管会计工作负责人陈桂芳及会计机构负责人(会计 主管人员)陈桂芳声明：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。 本报告所涉及未来经营计划等前瞻性陈述，不构成公司对投资者的实质 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异，请投资者注意投资风险。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和 应对措施"，详细描述了公司经营中可能存在的风险及应对措施，敬请投资 者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以公司总股本 1,151,891,980 股为基数，向全体股东每 10 股派发现金红利 ...

[Important Notice](index=2&type=section&id=Important%20Notice) The board and management guarantee the unaudited report's accuracy, proposing a RMB 5.80 cash dividend per 10 shares, and highlighting geopolitical, cyclical, competitive, technological, and exchange rate risks - All directors attended the board meeting, and the semi-annual report is unaudited[4](index=4&type=chunk)[5](index=5&type=chunk) - The company plans to distribute a cash dividend of **RMB 5.80 (tax inclusive)** for every 10 shares to all shareholders[6](index=6&type=chunk) - The company faces geopolitical risks, industry cyclicality risks, market competition risks, technological upgrade risks, and exchange rate fluctuation risks[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, including company names, laws, related parties, and the reporting period, to ensure clear understanding - Neway Valve, the Company, or this Company refers to Suzhou Neway Valve Co., Ltd[16](index=16&type=chunk) - The reporting period refers to the first half of 2025[16](index=16&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section covers the company's basic information, contact details, stock overview, and key accounting data and financial indicators for the reporting period, explaining the reasons for changes in these indicators - The company's Chinese name is Suzhou Neway Valve Co., Ltd., abbreviated as Neway Valve, with Legal Representative Lu Liangfeng, stock code **603699**, listed on the Shanghai Stock Exchange[13](index=13&type=chunk)[18](index=18&type=chunk) - Operating revenue increased by **19.96%** year-on-year, net profit attributable to shareholders increased by **30.44%** year-on-year, and net cash flow from operating activities increased by **1,188.94%** year-on-year[20](index=20&type=chunk)[21](index=21&type=chunk) - Total non-recurring gains and losses amounted to **RMB 21,335,719.97**[24](index=24&type=chunk) - Net profit after deducting the impact of share-based payments was **RMB 673,993,293.26**, a year-on-year increase of **27.51%**[27](index=27&type=chunk) Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-over-period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 3,404,288,234.56 | 2,837,963,786.72 | 19.96 | | Total Profit (RMB) | 753,292,860.67 | 598,478,571.73 | 25.87 | | Net Profit Attributable to Shareholders (RMB) | 636,597,878.46 | 488,027,575.54 | 30.44 | | Net Cash Flow from Operating Activities (RMB) | 912,756,049.31 | 70,814,256.22 | 1,188.94 | | Basic Earnings Per Share (RMB/share) | 0.83 | 0.64 | 29.69 | | Weighted Average Return on Net Assets (%) | 13.66 | 12.83 | 0.83 | [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name and abbreviation, and legal representative - The company's Chinese name is Suzhou Neway Valve Co., Ltd., abbreviated as Neway Valve, with Lu Liangfeng as the legal representative[13](index=13&type=chunk) [II. Contact Persons and Contact Information](index=4&type=section&id=II.%20Contact%20Persons%20and%20Contact%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - The Board Secretary is Ling Leijing, and the Securities Affairs Representative is Liu Xiangnan, both with the contact address at No. 666 Taishan Road, Suzhou High-tech Zone, Suzhou, Jiangsu Province[14](index=14&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section specifies the company's registered and office addresses, noting no changes in basic information during the reporting period - The company's registered and office addresses are both at No. 666 Taishan Road, Suzhou High-tech Zone, Suzhou, Jiangsu Province, with no changes during the reporting period[15](index=15&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section outlines the company's designated information disclosure newspaper, website address for the semi-annual report, and document custody location, noting no changes during the reporting period - The company's designated information disclosure newspaper is 'Shanghai Securities News', the website for the semi-annual report is http://www.sse.com.cn, and the report is available at the company's Securities Department office[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section briefly introduces the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Neway Valve and stock code **603699**[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, explaining year-on-year changes, showing significant growth in operating revenue and net profit, and a substantial increase in net cash flow from operating activities Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-over-period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 3,404,288,234.56 | 2,837,963,786.72 | 19.96 | | Total Profit (RMB) | 753,292,860.67 | 598,478,571.73 | 25.87 | | Net Profit Attributable to Shareholders (RMB) | 636,597,878.46 | 488,027,575.54 | 30.44 | | Net Cash Flow from Operating Activities (RMB) | 912,756,049.31 | 70,814,256.22 | 1,188.94 | | Basic Earnings Per Share (RMB/share) | 0.83 | 0.64 | 29.69 | | Weighted Average Return on Net Assets (%) | 13.66 | 12.83 | 0.83 | - Operating revenue increased by **19.96%** year-on-year, primarily due to sales growth in the current period[20](index=20&type=chunk) - Net profit attributable to shareholders increased by **30.44%** year-on-year, mainly due to increased sales revenue and the resulting economies of scale[20](index=20&type=chunk) - Net cash flow from operating activities increased by **1,188.94%** year-on-year, primarily due to increased cash received from sales of goods in the current period[21](index=21&type=chunk) - Net assets attributable to shareholders decreased by **4.71%** compared to the end of the prior year, mainly due to dividend distribution in the current period[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling RMB 21,335,719.97, and explains why VAT additional deduction is classified as recurring income Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -1,275,617.99 | | Government grants recognized in current profit or loss | 26,489,949.91 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 299,272.12 | | Gains or losses from entrusted investments or asset management | 600,892.49 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 84,856.59 | | Other non-operating income and expenses | -764,519.14 | | Less: Income tax impact | 3,797,320.76 | | Minority interests impact (after tax) | 301,793.25 | | **Total** | **21,335,719.97** | - The VAT additional deduction of **RMB 15,709,713.26** is recognized as a recurring gain or loss item, being related to daily operations, compliant with national policies, and possessing fixed, quantitative, and sustainable characteristics[25](index=25&type=chunk)[26](index=26&type=chunk) [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=X.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This section discloses the company's net profit after deducting the impact of share-based payments, showing a year-on-year increase of 27.51% Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Period-over-period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact (RMB) | 673,993,293.26 | 528,576,372.03 | 27.51 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section elaborates on the industrial valve industry's macro environment, market trends, the company's main business development, operational highlights, core competencies, and risks, while assessing the progress of the 'Quality Improvement, Efficiency Enhancement, and Returns' action plan - Global energy demand continues to rise, with energy structures shifting towards renewable sources, and electrification and digitalization becoming core drivers, projecting the valve industry market to exceed **USD 92.3 billion by 2025**[29](index=29&type=chunk) - The company focuses on the energy sector as its core target market, expanding into traditional oil and gas, chemical, and emerging fields like power, marine engineering, shipbuilding, nuclear power, hydrogen, energy storage, and carbon capture, while increasing R&D investment, optimizing product structure, and promoting intelligent and green product development[31](index=31&type=chunk) - As a leading industrial valve manufacturer in China, the company specializes in R&D, manufacturing, and sales of industrial valves, committed to providing comprehensive industrial valve solutions to global customers, covering diverse fields and a full range of valve products[32](index=32&type=chunk) [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) During the reporting period, the global energy sector underwent significant transformation with increased renewable energy, electrification, and digitalization, while China's valve manufacturing advanced in innovation and international expansion, which the company leveraged to develop high-performance valves and expand market share - Global energy demand continues to rise, with a decreasing proportion of fossil fuels and a significant increase in the share of renewable energy sources such as wind, solar, and hydrogen, projected to be the main drivers of future energy development by **2050**[29](index=29&type=chunk) - The global valve market is projected to exceed **USD 92.3 billion by 2025**, with growth primarily driven by energy transition and smart infrastructure demand, particularly strong in the Asia-Pacific and Middle East regions[29](index=29&type=chunk) - China's valve manufacturing industry shows prominent development in intelligent manufacturing, advancing towards higher levels of intelligence, automation, and digitalization, with smart valves, remote monitoring, and predictive maintenance technologies becoming industry standards[29](index=29&type=chunk) - The company adheres to the energy industry as its core target market, actively expanding into traditional energy application fields such as oil and gas, chemicals, as well as emerging fields like power, marine engineering, shipbuilding, nuclear power, hydrogen energy, energy storage, and carbon capture[31](index=31&type=chunk) - The company's products cover gate valves, globe valves, check valves, ball valves, butterfly valves, control valves, plug valves, nuclear power valves, safety valves, API6A valves, and subsea valves, with over **95,000** product specifications and models[33](index=33&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company actively pursued green transformation, internationalization, intelligent upgrades, and localization of high-end products in the industrial valve sector, achieving breakthroughs in material technology, ultra-low temperature butterfly valves, high-pressure ball valves, and high-integrity pressure protection systems, while enhancing nuclear-grade valve production, expanding international cooperation, and gaining international recognition for ESG practices - The Industrial Materials Business Unit achieved multiple key technological breakthroughs in R&D and production of high-performance special alloys, precision metal materials, and products, successfully passing **ISO 9001/14001** and **AS9100** aerospace certifications[35](index=35&type=chunk) - The company successfully developed an ultra-low temperature double-offset butterfly valve, achieving reliable sealing at **-196℃** ultra-low temperatures, providing superior solutions for cryogenic ethylene, LNG carriers, and air separation applications[37](index=37&type=chunk) - The company developed a high-pressure fully welded pipeline ball valve with a composite polymer seat, which, compared to rubber seats, can withstand higher media pressure, offers longer anti-aging life, and is more wear-resistant[38](index=38&type=chunk) - Breakthroughs were achieved in the R&D of high-integrity pressure protection system products, reaching international leading levels in core indicators such as response time and spurious trip rate, with multiple orders successfully secured and put into actual use[39](index=39&type=chunk)[40](index=40&type=chunk) - In H1 2025, unit product energy consumption decreased by **5.33%** year-on-year, unit product carbon emissions decreased by **10.58%** year-on-year, and the company received an **EcoVadis Bronze Medal** rating[41](index=41&type=chunk) - In H1 2025, the company's nuclear-grade valve delivery volume reached a new high, with further capacity enhancement expected in the second half of the year as intelligent manufacturing production lines come into operation[42](index=42&type=chunk) - The company continues to break through technical barriers in nuclear-grade equipment, successfully conducting qualification for nuclear-grade axial check valves and nuclear-grade check valves with position indicators, and participating in the R&D and production of anti-backflow devices for the **ACPR50S** experimental reactor[43](index=43&type=chunk) - The company's butterfly and gate valve products successfully passed the **Australian Watermark certification** audit, laying an important qualification foundation for expanding into the Australian and surrounding markets[45](index=45&type=chunk) - The independently developed high-pressure large-diameter slab gate valve passed rigorous inspection by a major industry user and achieved batch delivery, officially applied in the core pipeline system of a large-scale seawater desalination project[46](index=46&type=chunk)[47](index=47&type=chunk) - Dongwu Machinery successfully obtained the **ASME UV certificate**, covering gas, liquid, and steam media, signifying that the company's technical R&D, manufacturing, and quality control systems in the safety valve field have reached international advanced levels[48](index=48&type=chunk) - Dongwu Machinery obtained the **TSG ultra-low temperature pilot-operated safety valve certificate**, demonstrating the company's R&D and process technology strength in ultra-low temperature pilot-operated safety valves[49](index=49&type=chunk) - Dongwu Machinery completed the expansion of its **CE PED certificate**, enabling it to offer a wider variety of pressure equipment products to the EU market and enhancing the company's competitiveness in the EU market[50](index=50&type=chunk) - Neway Oilfield Equipment successfully developed a series of **FPSO** large-diameter high-pressure special material valves, passing rigorous testing and acceptance by several internationally renowned clients, setting a new performance record for the company in this field[51](index=51&type=chunk) - Neway Oilfield Equipment achieved significant breakthroughs in marine platform complete sets of equipment and their automatic control, successfully developing a **140 MPa** marine platform choke and kill manifold and its配套 remote hydraulic control system[52](index=52&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include strong brand influence, extensive high-end client resources, comprehensive industrial valve solutions, robust R&D capabilities, reliable product quality, a global marketing network, and vertically integrated raw material production, all supporting its leading position and sustainable development - The company has cultivated the industrial valve sector for over **two decades**, accumulating extensive high-end client resources and establishing stable long-term strategic partnerships with numerous renowned domestic and international users[54](index=54&type=chunk) - The company provides comprehensive industrial valve solutions, with products covering **eleven major series** and over **95,000** specifications and models, capable of meeting demands for various harsh application scenarios such as high temperature, high pressure, ultra-low temperature, and hazardous media[55](index=55&type=chunk) - The company has established joint R&D centers in China, Italy, and the United States, possessing world-class valve material and engineering laboratories, and holds a leading position in cutting-edge fields such as high-end casting and forging production technology, ultra-low temperature technology, and intelligent control technology[56](index=56&type=chunk) - Adhering to the core philosophy of 'survival through quality', the company has established a comprehensive internal quality assurance system, implementing full-scope and full-process quality management to ensure excellent product performance and reliable quality[57](index=57&type=chunk)[58](index=58&type=chunk) - The company has built a multi-level global marketing network, establishing direct sales subsidiaries or offices in North America, Europe, Southeast Asia, the Middle East, West Africa, and collaborating with nearly **one hundred** agents and distributors worldwide[59](index=59&type=chunk) - The company has established **four casting and forging production plants** in Suzhou, Dafeng, and Liyang, specializing in the R&D and manufacturing of high-end industrial castings and forgings, achieving vertical integration of raw material production and obtaining multiple international certifications[60](index=60&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=13&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's key operating performance during the reporting period, including changes in financial statement items, asset and liability status, and the operating performance of major subsidiaries, showing significant growth in operating revenue and profit, substantial improvement in operating cash flow, and a stable asset-liability structure Analysis Table of Changes in Financial Statement Items | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,404,288,234.56 | 2,837,963,786.72 | 19.96 | Sales growth | | Operating Costs | 2,186,796,063.39 | 1,836,863,071.99 | 19.05 | Sales growth | | Selling Expenses | 217,286,576.64 | 202,664,054.13 | 7.22 | Increased selling expenses due to sales growth | | Administrative Expenses | 133,118,198.47 | 109,976,349.46 | 21.04 | Increased share-based payment expenses | | Financial Expenses | -34,250,429.12 | -14,121,881.61 | N/A | Increased net interest inflow | | R&D Expenses | 92,680,693.11 | 77,458,097.11 | 19.65 | Increased R&D investment | | Net Cash Flow from Operating Activities | 912,756,049.31 | 70,814,256.22 | 1,188.94 | Increased cash received from sales of goods | | Net Cash Flow from Investing Activities | 143,791,821.55 | -60,703,720.70 | N/A | Increased net cash inflow from bank wealth management products | | Net Cash Flow from Financing Activities | -787,211,410.39 | 144,761,148.17 | N/A | Dividend distribution | Changes in Assets and Liabilities | Item Name | Current Period End Balance (RMB) | Prior Year End Balance (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 120,099,272.12 | 350,433,994.42 | -65.73 | Mainly due to a decrease in bank wealth management products in the current period | | Prepayments | 78,797,770.80 | 39,471,624.99 | 99.63 | Mainly due to an increase in company orders in the current period | | Construction in Progress | 2,604,102.55 | 25,178,101.66 | -89.66 | Mainly due to the capitalization of construction in progress by subsidiaries in the current period | | Contract Liabilities | 504,669,099.70 | 353,807,859.75 | 42.64 | Mainly due to an increase in advance receipts for goods in the current period | | Non-current Liabilities Due Within One Year | 458,328,007.64 | 163,770,241.34 | 179.86 | Mainly due to an increase in bank borrowings due within one year in the current period | Operating Performance of Major Subsidiaries | Company Name | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Neway Industrial Materials (Suzhou) Co., Ltd. | 46,805.98 | 37,970.94 | 16,330.13 | 886.13 | | Neway Oilfield Equipment (Suzhou) Co., Ltd. | 82,919.64 | 51,434.41 | 19,192.20 | 1,483.98 | | Neway Precision Forging (Liyang) Co., Ltd. | 82,197.67 | 20,932.10 | 29,114.36 | 341.14 | | NEWAY FLOW CONTROL FZE | 54,197.13 | 12,103.70 | 51,273.30 | 3,806.74 | [(I) Analysis of Main Business](index=13&type=section&id=(I)%20Analysis%20of%20Main%20Business) This section analyzes changes in key financial statement items, showing significant growth in operating revenue, total profit, net profit attributable to the parent, and net cash flow from operating activities, primarily driven by sales growth and economies of scale Analysis Table of Changes in Financial Statement Items | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,404,288,234.56 | 2,837,963,786.72 | 19.96 | Sales growth | | Total Profit | 753,292,860.67 | 598,478,571.73 | 25.87 | Increased sales revenue and economies of scale | | Net Profit Attributable to Shareholders | 636,597,878.46 | 488,027,575.54 | 30.44 | Increased sales revenue and economies of scale | | Net Cash Flow from Operating Activities | 912,756,049.31 | 70,814,256.22 | 1,188.94 | Increased cash received from sales of goods | [(III) Analysis of Assets and Liabilities](index=15&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes changes in the company's asset and liability structure, showing decreases in trading financial assets and notes receivable, increases in prepayments and contract liabilities, and a significant rise in non-current liabilities due within one year, reflecting shifts in operating activities and financing structure Changes in Assets and Liabilities | Item Name | Current Period End Balance (RMB) | Prior Year End Balance (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 120,099,272.12 | 350,433,994.42 | -65.73 | Mainly due to a decrease in bank wealth management products in the current period | | Notes Receivable | 59,644,000.18 | 140,191,902.66 | -57.46 | Mainly due to a decrease in the balance of bank acceptance bills at the end of the current period | | Prepayments | 78,797,770.80 | 39,471,624.99 | 99.63 | Mainly due to an increase in company orders in the current period | | Contract Liabilities | 504,669,099.70 | 353,807,859.75 | 42.64 | Mainly due to an increase in advance receipts for goods in the current period | | Non-current Liabilities Due Within One Year | 458,328,007.64 | 163,770,241.34 | 179.86 | Mainly due to an increase in bank borrowings due within one year in the current period | [(VI) Analysis of Major Holding and Joint-Stock Companies](index=17&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Joint-Stock%20Companies) This section lists the financial data of the company's four major holding subsidiaries, which contributed significant assets, revenue, and profit in areas such as casting manufacturing, valve manufacturing, and valve sales Operating Performance of Major Subsidiaries | Company Name | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Neway Industrial Materials (Suzhou) Co., Ltd. | 46,805.98 | 37,970.94 | 16,330.13 | 1,142.74 | 886.13 | | Neway Oilfield Equipment (Suzhou) Co., Ltd. | 82,919.64 | 51,434.41 | 19,192.20 | 1,864.11 | 1,483.98 | | Neway Precision Forging (Liyang) Co., Ltd. | 82,197.67 | 20,932.10 | 29,114.36 | 341.93 | 341.14 | | NEWAY FLOW CONTROL FZE | 54,197.13 | 12,103.70 | 51,273.30 | 4,143.31 | 3,806.74 | [V. Other Disclosures](index=19&type=section&id=V.%20Other%20Disclosures) This section discloses significant risks the company may face, including geopolitical, industry cyclicality, market competition, technological upgrades, and exchange rate fluctuations, and details the semi-annual progress and positive effects of the 'Quality Improvement, Efficiency Enhancement, and Returns' action plan in areas such as focusing on main business, technological innovation, stable dividends, improved information disclosure, standardized operations, and strengthened accountability of 'key individuals' - The company faces geopolitical risks, industry cyclicality risks, market competition risks, technological upgrade risks, and exchange rate fluctuation risks[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - In H1 2025, the company achieved operating revenue of **RMB 3.404 billion**, a year-on-year increase of **19.96%**; net profit attributable to shareholders was **RMB 637 million**, a year-on-year increase of **30.44%**[78](index=78&type=chunk) - The company continuously strengthens technological innovation, achieving breakthrough progress in key technological fields such as new energy, nuclear power, marine engineering, shipbuilding, and LNG, successfully developing multiple typical projects[79](index=79&type=chunk) - The company's 2024 profit distribution plan proposes a cash dividend of **RMB 11.40 (tax inclusive)** for every 10 shares to all shareholders, and the 2025 interim profit distribution plan was approved to enhance the stability, continuity, and predictability of cash dividends[80](index=80&type=chunk) - The company promptly discloses key information to investors through various forms such as regular reports, interim announcements, and ESG special reports, and establishes diversified investor communication channels[81](index=81&type=chunk)[82](index=82&type=chunk) - The company strictly adheres to legal and regulatory requirements, continuously improving and perfecting its corporate governance mechanism and compliance management system, optimizing management processes, and enhancing scientific decision-making and risk prevention capabilities[83](index=83&type=chunk) - The company regularly implements the fulfillment of responsibilities and risk prevention for actual controllers, directors, supervisors, and senior management, organizing special training to enhance the compliance awareness and performance capabilities of 'key individuals'[84](index=84&type=chunk) [(I) Potential Risks](index=19&type=section&id=(I)%20Potential%20Risks) This section outlines five major risks the company may face in its operations, including geopolitical, industry cyclicality, market competition, technological upgrades, and exchange rate fluctuation risks, advising investors to be aware of investment risks - Geopolitical Risks: The international geopolitical environment is complex and volatile, and political instability may affect the progress and cycles of the company's overseas business projects[72](index=72&type=chunk) - Industry Cyclicality Risks: The performance of the energy industry is closely related to economic cycles, and a global economic recession may impact market demand in the energy sector, adversely affecting the company's business[73](index=73&type=chunk) - Market Competition Risks: The industrial valve market is fragmented, and active expansion of overseas business by domestic enterprises may intensify market competition[74](index=74&type=chunk) - Technological Upgrade Risks: The transformation and upgrading of downstream industries impose higher requirements on valve performance, intelligence, and reliability, and the company's inability to keep pace may lead to a decline in product competitiveness[75](index=75&type=chunk) - Exchange Rate Fluctuation Risks: The company has a large proportion of product exports, primarily settled in US dollars, and significant fluctuations in the USD to RMB exchange rate may adversely affect the company's exports and operating performance[76](index=76&type=chunk) [(II) Other Disclosure Items](index=19&type=section&id=(II)%20Other%20Disclosure%20Items) This section assesses the semi-annual progress of the company's 'Quality Improvement, Efficiency Enhancement, and Returns' action plan, highlighting positive practices and effects in focusing on main business, technological innovation, stable dividends, improved information disclosure, standardized operations, and strengthened accountability of 'key individuals' - In H1 2025, the company achieved operating revenue of **RMB 3.404 billion**, a year-on-year increase of **19.96%**; net profit attributable to shareholders was **RMB 637 million**, a year-on-year increase of **30.44%**[78](index=78&type=chunk) - The company continuously strengthens technological innovation, achieving breakthrough progress in key technological fields such as new energy, nuclear power, marine engineering, shipbuilding, and LNG, successfully undertaking technical challenges for multiple core projects[79](index=79&type=chunk) - The company's 2024 profit distribution plan proposes a cash dividend of **RMB 11.40 (tax inclusive)** for every 10 shares to all shareholders, and the 2025 interim profit distribution plan was approved to increase the frequency of cash dividends[80](index=80&type=chunk) - The company promptly discloses key information to investors through various forms such as regular reports, interim announcements, and ESG special reports, and actively establishes diversified investor communication channels[81](index=81&type=chunk)[82](index=82&type=chunk) - The company strictly adheres to legal and regulatory requirements, continuously improving and perfecting its corporate governance mechanism and compliance management system, optimizing management processes, and enhancing scientific decision-making and risk prevention capabilities[83](index=83&type=chunk) - The company regularly implements the fulfillment of responsibilities and risk prevention for actual controllers, directors, supervisors, and senior management, organizing special training to enhance the compliance awareness and performance capabilities of 'key individuals'[84](index=84&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=22&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) This section discloses changes in the company's directors, supervisors, and senior management, including the resignation of Director Wu Zhenlin, the election of Wang Shiwen, and the resignation of Deputy General Manager Zhuang Yijun, along with the 2025 semi-annual profit distribution plan of RMB 5.80 (tax inclusive) per 10 shares, details on share repurchase and cancellation from the equity incentive plan, and lists subsidiaries included in the environmental information disclosure enterprise list - Director Wu Zhenlin resigned from his positions as company director and member of the Board's Audit and Remuneration & Assessment Committees due to personal reasons, and Wang Shiwen was elected as a non-independent director of the company's Fifth Board of Directors[87](index=87&type=chunk)[88](index=88&type=chunk) - Deputy General Manager Zhuang Yijun resigned from his position due to personal reasons[89](index=89&type=chunk) - The company plans to distribute a cash dividend of **RMB 5.80 (tax inclusive)** for every 10 shares to all shareholders[90](index=90&type=chunk) - Due to the resignation of **two** incentive recipients from the 2023 Restricted Stock Incentive Plan, the company repurchased and cancelled a total of **70,800** restricted shares[91](index=91&type=chunk) - Suzhou Neway Valve Co., Ltd. and Neway Industrial Materials (Dafeng) Co., Ltd. are included in the list of enterprises required to disclose environmental information by law[92](index=92&type=chunk)[93](index=93&type=chunk) [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) This section details the resignations of Mr. Wu Zhenlin as a company director and Mr. Zhuang Yijun as Deputy General Manager, as well as the election of Mr. Wang Shiwen as a new company director - Mr. Wu Zhenlin resigned from his positions as company director and member of the Board's Audit Committee and Remuneration & Assessment Committee due to personal reasons[87](index=87&type=chunk) - Mr. Wang Shiwen was elected as a non-independent director of the company's Fifth Board of Directors, nominated by the Board and approved by the General Meeting of Shareholders, and was also appointed as a member of the Audit Committee and Remuneration & Assessment Committee[88](index=88&type=chunk) - Mr. Zhuang Yijun applied to resign from his position as Deputy General Manager due to personal reasons[89](index=89&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section discloses the company's 2025 semi-annual profit distribution plan, proposing a cash dividend of RMB 5.80 (tax inclusive) for every 10 shares to all shareholders - The company convened the 31st meeting of the Fifth Board of Directors on August 21, 2025, and approved the 'Proposal on the 2025 Interim Profit Distribution Plan'[90](index=90&type=chunk) - It is proposed to distribute a cash dividend of **RMB 5.80 (tax inclusive)** for every 10 shares to all shareholders[90](index=90&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) This section explains the repurchase and cancellation of some restricted shares from the company's 2023 Restricted Stock Incentive Plan due to the resignation of incentive recipients - Given that **two** initial grantees of the company's 2023 Restricted Stock Incentive Plan have resigned, the company repurchased and cancelled a total of **70,800** restricted shares granted to these **two** grantees that had not yet been unblocked[91](index=91&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=23&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section lists the company and its subsidiaries included in the list of enterprises required to disclose environmental information by law, providing corresponding inquiry indexes - Suzhou Neway Valve Co., Ltd. and Neway Industrial Materials (Dafeng) Co., Ltd. are included in the list of enterprises required to disclose environmental information by law[92](index=92&type=chunk)[93](index=93&type=chunk) [Section V Significant Matters](index=25&type=section&id=Section%20V%20Significant%20Matters) This section details the company's significant matters during the reporting period, including the fulfillment of commitments, major related-party transactions, significant guarantees, and the progress of raised funds utilization, showing strict adherence to commitments, transparent related-party transactions and guarantees, and full completion of all raised fund investment projects - The company, its controlling shareholders, actual controllers, directors, supervisors, and senior management have all strictly fulfilled commitments related to the initial public offering, such as share repurchases and compensation for investor losses[97](index=97&type=chunk)[98](index=98&type=chunk) - The share lock-up commitments for the company's second phase employee stock ownership plan and the 2023 and 2024 equity incentive plans have all been strictly fulfilled[99](index=99&type=chunk)[100](index=100&type=chunk) - The company has related-party transactions involving the purchase and sale of goods/acceptance of services with Neway CNC Equipment (Suzhou) Co., Ltd., MAINTENANCE SERVICES GULF, and Neway Group Co., Ltd. Science and Technology City Hotel Management Branch[178](index=178&type=chunk) - The company, as lessor, leased properties to NEWAY CNC (USA) INC., recognizing lease income of **RMB 126,731.92** in the current period[180](index=180&type=chunk) - At the end of the reporting period, the company's total guarantee balance for subsidiaries was **RMB 968 million**, accounting for **22.94%** of the company's net assets[107](index=107&type=chunk) - The overall use of the company's raised funds is good; as of the end of the reporting period, the cumulative investment in raised funds totaled **RMB 955.752 million**, exceeding the net raised funds of **RMB 839.1959 million**, primarily due to the investment of wealth management income from raised funds into the investment projects[109](index=109&type=chunk) - The 'New Valve Manufacturing Capacity Project' was completed on March 24, 2025, marking the full completion of all the company's raised fund investment projects[112](index=112&type=chunk) - As of June 30, 2025, the company has no significant contingent matters requiring disclosure[548](index=548&type=chunk) [I. Fulfillment of Commitments](index=25&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments by the company's actual controllers, shareholders, related parties, and the company itself, both during and continuing into the reporting period, indicating that all commitments have been strictly met - The company commits that if the prospectus contains false records, misleading statements, or major omissions, it will legally repurchase all newly issued shares from the initial public offering and compensate investors for losses[97](index=97&type=chunk) - Neway Group Co., Ltd. commits that if the issuer's prospectus contains false records, it will legally repurchase the original restricted shares sold by the issuer's shareholders during the initial public offering and urge the issuer to repurchase new shares[98](index=98&type=chunk) - The actual controllers and all directors, supervisors, and senior management commit to legally compensating investors for losses if the prospectus contains false records[98](index=98&type=chunk) - The share lock-up commitments for the company's second phase employee stock ownership plan grantees and the 2023 and 2024 equity incentive grantees have all been strictly fulfilled[99](index=99&type=chunk)[100](index=100&type=chunk) [X. Significant Related-Party Transactions](index=28&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the company's daily operating related-party transactions during the reporting period, primarily involving the purchase/sale of goods and provision/acceptance of services, and refers to previously disclosed estimates of related-party transactions in interim announcements - The company has related-party transactions involving the purchase of goods/acceptance of services with Neway CNC Equipment (Suzhou) Co., Ltd., MAINTENANCE SERVICES GULF, and Neway Group Co., Ltd. Science and Technology City Hotel Management Branch[178](index=178&type=chunk) - The company has related-party transactions involving the sale of goods/provision of services with ABAHSAIN NEWAY INDUSTRIAL COMPANY LIMITED and MAINTENANCE SERVICES GULF[178](index=178&type=chunk) - The company's estimated daily related-party transactions for 2025 were disclosed on December 24, 2024, in 'Shanghai Securities News' and on the SSE website[102](index=102&type=chunk) [(I) Related-Party Transactions Related to Daily Operations](index=28&type=section&id=(I)%20Related-Party%20Transactions%20Related%20to%20Daily%20Operations) This section lists the company's related-party transactions involving the purchase and sale of goods, and the provision and acceptance of services during the reporting period Table of Purchases of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Neway CNC Equipment (Suzhou) Co., Ltd. | Machine repair fees | 504,331.30 | 341,859.36 | | Neway CNC Equipment (Suzhou) Co., Ltd. | Purchase of machine tools | 13,074,955.75 | 6,083,120.08 | | MAINTENANCE SERVICES GULF | Inspection fees | 3,321,153.45 | 1,059,197.33 | | Neway Group Co., Ltd. Science and Technology City Hotel Management Branch | Hotel accommodation, conference reception | 576,592.40 | 376,411.17 | Table of Sales of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | ABAHSAIN NEWAY INDUSTRIAL COMPANY LIMITED | Sales of various valves | 19,107,628.01 | 25,002,478.13 | | MAINTENANCE SERVICES GULF | Sales of various valves | 87,611.89 | - | [XI. Significant Contracts and Their Fulfillment](index=30&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's significant guarantees, primarily for subsidiaries, that were fulfilled or remained unfulfilled during the reporting period, detailing the total guarantee amount and its proportion to net assets Company's Total Guarantee Amount (Including Guarantees for Subsidiaries) | Indicator | Amount (RMB 100 million) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries During the Reporting Period | 5.19 | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 9.68 | | Total Guarantee Amount (A+B) | 9.68 | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | 22.94 | [(II) Significant Guarantees Fulfilled and Unfulfilled During the Reporting Period](index=31&type=section&id=(II)%20Significant%20Guarantees%20Fulfilled%20and%20Unfulfilled%20During%20the%20Reporting%20Period) This section details the company's guarantees for subsidiaries at the end of the reporting period, showing a total guarantee amount of RMB 968 million, representing 22.94% of the company's net assets Company's Total Guarantee Amount (Including Guarantees for Subsidiaries) | Indicator | Amount (RMB 100 million) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries During the Reporting Period | 5.19 | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 9.68 | | Total Guarantee Amount (A+B) | 9.68 | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | 22.94 | [XII. Explanation of Progress in Use of Raised Funds](index=32&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section details the overall use of the company's raised funds and the specifics of investment projects, indicating that as of the end of the reporting period, the cumulative total investment in raised funds exceeded the net raised funds, and all investment projects have been completed - As of the end of the reporting period, the company's cumulative investment in raised funds totaled **RMB 955.752 million**, exceeding the net raised funds of **RMB 839.1959 million**, primarily due to the investment of wealth management income from raised funds into the investment projects[109](index=109&type=chunk) - The 'New Valve Manufacturing Capacity Project' was completed on March 24, 2025, marking the full completion of all the company's raised fund investment projects[112](index=112&type=chunk) [(I) Overall Use of Raised Funds](index=32&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) This section explains that the company's overall use of raised funds is good, with cumulative investment exceeding the net raised funds, primarily due to the investment of wealth management income - As of the end of the reporting period, the cumulative investment in raised funds totaled **RMB 955.752 million**, exceeding the net raised funds of **RMB 839.1959 million** after deducting issuance expenses[109](index=109&type=chunk) - The cumulative investment progress of raised funds is **113.89%**, mainly because the raised funds generated wealth management income, and the company invested this income into the investment projects[109](index=109&type=chunk)[108](index=108&type=chunk) [(II) Details of Raised Fund Investment Projects](index=32&type=section&id=(II)%20Details%20of%20Raised%20Fund%20Investment%20Projects) This section details the total investment, cumulative investment, investment progress, and estimated usable dates for each raised fund investment project, noting that all projects have been completed Details of Raised Fund Investment Projects | Project Name | Total Committed Investment of Raised Funds in Prospectus (RMB 10,000) | Cumulative Investment of Raised Funds as of Period-end (RMB 10,000) | Investment Progress (%) | Date Project Reached Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Annual Production of 35,000 Large-Diameter, Special Valves Project | 33,520.39 | 33,792.45 | 100.81 | 2020-06-30 | | Annual Production of 10,000 Tons of Various Valve Castings Project | 16,850.64 | 16,776.37 | 99.56 | 2015-07-25 | | Annual Production of 10,000 Sets of Oilfield Valves and Equipment Project | 3,549.33 | 5,541.27 | 156.12 | 2020-06-30 | | Phase I Project for Annual Production of 50,000 Tons of Forged Products | 30,000.00 | 29,999.92 | 100.00 | 2020-12-31 | | New Valve Manufacturing Capacity Project | 9,200.00 | 9,465.19 | 102.88 | 2025-03-25 | - The 'New Valve Manufacturing Capacity Project' was completed on March 24, 2025, and all raised fund investment projects have been completed[112](index=112&type=chunk) [Section VI Share Changes and Shareholder Information](index=35&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes during the reporting period, primarily a slight reduction in total shares due to the repurchase and cancellation of restricted shares from departing equity incentive recipients, and lists the total number of shareholders, top ten shareholders, and top ten unrestricted shareholders at the end of the reporting period, along with related-party relationships among major shareholders - The company's total shares decreased from **768,644,461** shares by **70,800** shares to **768,573,661** shares, primarily due to the repurchase and cancellation of restricted shares granted to **two** departing incentive recipients from the 2023 Restricted Stock Incentive Plan that had not yet been unblocked[117](index=117&type=chunk)[118](index=118&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **12,466**[120](index=120&type=chunk) - Wang Baoqing, Cheng Zhangwen, Xi Chao, Lu Bin, Beijing Hengde Shidai Private Equity Fund Management Co., Ltd. - Hengde Zhixin No. 20 Private Securities Investment Fund, Beijing Hengde Shidai Private Equity Fund Management Co., Ltd. - Hengde Yuanzheng Jinrui No. 1 Private Securities Investment Fund, and Neway Group Co., Ltd. have a concerted action relationship[124](index=124&type=chunk) - The top ten restricted shareholders are primarily grantees of the 2024 and 2023 Restricted Stock Incentive Plans, holding **7,796,858** shares, **5,698,694** shares, and **388,216** shares, with lock-up periods of **12 months**, **24 months**, and **36 months**, respectively[125](index=125&type=chunk)[126](index=126&type=chunk) Top Ten Shareholders' Holdings as of Period-end | Shareholder Name | Period-end Holdings (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Baoqing | 121,564,912 | 15.82 | 0 | Pledged 2,500,000 | Domestic Natural Person | | Cheng Zhangwen | 121,564,912 | 15.82 | 0 | Pledged 6,500,000 | Domestic Natural Person | | Xi Chao | 83,545,482 | 10.87 | 0 | Pledged 9,250,000 | Domestic Natural Person | | Lu Bin | 83,545,482 | 10.87 | 0 | None | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 62,928,409 | 8.19 | 0 | None | Other | | Beijing Hengde Shidai Private Equity Fund Management Co., Ltd. - Hengde Zhixin No. 20 Private Securities Investment Fund | 38,019,430 | 4.95 | 0 | None | Other | | Beijing Hengde Shidai Private Equity Fund Management Co., Ltd. - Hengde Yuanzheng Jinrui No. 1 Private Securities Investment Fund | 38,019,430 | 4.95 | 0 | None | Other | | China Merchants Bank Co., Ltd. - Harvest Value Evergreen Mixed Securities Investment Fund | 9,401,390 | 1.22 | 0 | None | Other | | Bank of China Co., Ltd. - Harvest Value Driven One-Year Holding Mixed Securities Investment Fund | 7,494,662 | 0.98 | 0 | None | Other | | Neway Group Co., Ltd. | 7,490,620 | 0.97 | 0 | None | Other | [I. Changes in Share Capital](index=35&type=section&id=I.%20Changes%20in%20Share%20Capital) This section details the company's share capital changes during the reporting period, primarily a slight reduction in total shares due to the repurchase and cancellation of restricted shares from some departing equity incentive recipients Table of Share Changes | | Number Before Change (shares) | Proportion Before Change (%) | Change (+, -) Subtotal (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 13,954,568 | 1.82 | -70,800 | 13,883,768 | 1.81 | | Of which: Domestic Natural Person Holdings | 13,954,568 | 1.82 | -70,800 | 13,883,768 | 1.81 | | II. Unrestricted Tradable Shares | 754,689,893 | 98.18 | 0 | 754,689,893 | 98.19 | | III. Total Shares | 768,644,461 | 100.00 | -70,800 | 768,573,661 | 100.00 | - In the company's 2023 Restricted Stock Incentive Plan, **two** initial grantees have resigned; on February 17, 2025, the company repurchased and cancelled a total of **70,800** restricted shares granted to these **two** grantees that had not yet been unblocked[118](index=118&type=chunk) [II. Shareholder Information](index=36&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of shareholders, top ten shareholders, and top ten unrestricted shareholders at the end of the reporting period, along with related-party relationships among major shareholders and the lock-up status of restricted shares - As of the end of the reporting period, the total number of common shareholders was **12,466**[120](index=120&type=chunk) Top Ten Shareholders' Holdings as of Period-end | Shareholder Name | Period-end Holdings (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Baoqing | 121,564,912 | 15.82 | 0 | Pledged 2,500,000 | Domestic Natural Person | | Cheng Zhangwen | 121,564,912 | 15.82 | 0 | Pledged 6,500,000 | Domestic Natural Person | | Xi Chao | 83,545,482 | 10.87 | 0 | Pledged 9,250,000 | Domestic Natural Person | | Lu Bin | 83,545,482 | 10.87 | 0 | None | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 62,928,409 | 8.19 | 0 | None | Other | | Beijing Hengde Shidai Private Equity Fund Management Co., Ltd. - Hengde Zhixin No. 20 Private Securities Investment Fund | 38,019,430 | 4.95 | 0 | None | Other | | Beijing Hengde Shidai Private Equity Fund Management Co., Ltd. - Hengde Yuanzheng Jinrui No. 1 Private Securities Investment Fund | 38,019,430 | 4.95 | 0 | None | Other | | China Merchants Bank Co., Ltd. - Harvest Value Evergreen Mixed Securities Investment Fund | 9,401,390 | 1.22 | 0 | None | Other | | Bank of China Co., Ltd. - Harvest Value Driven One-Year Holding Mixed Securities Investment Fund | 7,494,662 | 0.98 | 0 | None | Other | | Neway Group Co., Ltd. | 7,490,620 | 0.97 | 0 | None | Other | - Wang Baoqing, Cheng Zhangwen, Xi Chao, Lu Bin, Beijing Hengde Shidai Private Equity Fund Management Co., Ltd. - Hengde Zhixin No. 20 Private Securities Investment Fund, Beijing Hengde Shidai Private Equity Fund Management Co., Ltd. - Hengde Yuanzheng Jinrui No. 1 Private Securities Investment Fund, and Neway Group Co., Ltd. have a concerted action relationship[124](index=124&type=chunk) Top Ten Restricted Shareholders' Holdings and Lock-up Conditions | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Lock-up Conditions | | :--- | :--- | :--- | :--- | | 1 | 2024 Restricted Stock Incentive Plan Grantees (**118** persons) | 7,796,858 | Unblocked concurrently based on whether the unlocking conditions of the restricted stock incentive plan are met | | 2 | 2023 Restricted Stock Incentive Plan Initial Grantees (**116** persons) | 5,698,694 | Unblocked concurrently based on whether the unlocking conditions of the restricted stock incentive plan are met | | 3 | 2023 Restricted Stock Incentive Plan Reserved Grantees (**10** persons) | 388,216 | Unblocked concurrently based on whether the unlocking conditions of the restricted stock incentive plan are met | [Section VII Bond-Related Information](index=40&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[129](index=129&type=chunk) - The company has no convertible corporate bonds[129](index=129&type=chunk) [Section VIII Financial Report](index=41&type=section&id=Section%20VIII%20Financial%20Report) This section comprises the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes covering company background, significant accounting policies and estimates, taxes, consolidated financial statement item notes, R&D expenses, changes in consolidation scope, equity in other entities, government grants, financial instrument risks, fair value disclosures, related parties and transactions, share-based payments, commitments and contingencies, post-balance sheet events, other significant matters, and supplementary information - This semi-annual report is unaudited[5](index=5&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 21, 2025[166](index=166&type=chunk) - 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, and based on these principles[167](index=167&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period, finding no matters affecting its going concern ability, thus the preparation of financial statements on a going concern basis is reasonable[168](index=168&type=chunk) Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Period-end Balance (RMB) | Period-start Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 8,881,084,241.54 | 8,711,353,802.58 | | Total Liabilities | 4,660,431,035.03 | 4,295,367,049.28 | | Total Equity Attributable to Parent Company Owners | 4,119,132,500.70 | 4,322,901,433.91 | Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 3,404,288,234.56 | 2,837,963,786.72 | | Total Profit | 753,292,860.67 | 598,478,571.73 | | Net Profit Attributable to Parent Company Shareholders | 636,597,878.46 | 488,027,575.54 | Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 912,756,049.31 | 70,814,256.22 | | Net Cash Flow from Investing Activities | 143,791,821.55 | -60,703,720.70 | | Net Cash Flow from Financing Activities | -787,211,410.39 | 144,761,148.17 | [I. Audit Report](index=41&type=section&id=I.%20Audit%20Report) This section states that the company's semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=41&type=section&id=II.%20Financial%20Statements) This section presents 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, cash flows, and changes in owners' equity during the period [Consolidated Balance Sheet](index=41&type=section&id=Consolidated%20Balance%20Sheet) This section presents the company's consolidated balance sheets as of June 30, 2025, and December 31, 2024, reflecting the company's assets, liabilities, and owners' equity at the end of these periods Key Consolidated Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,729,622,994.86 | 1,441,016,531.43 | | Trading Financial Assets | 120,099,272.12 | 350,433,994.42 | | Accounts Receivable | 2,491,629,803.42 | 2,368,250,767.12 | | Inventories | 2,592,813,376.17 | 2,473,254,868.52 | | Total Assets | 8,881,084,241.54 | 8,711,353,802.58 | | Short-term Borrowings | 837,855,423.50 | 767,945,596.18 | | Accounts Payable | 1,352,145,593.74 | 1,120,328,757.27 | | Contract Liabilities | 504,669,099.70 | 353,807,859.75 | | Total Liabilities | 4,660,431,035.03 | 4,295,367,049.28 | | Total Equity Attributable to Parent Company Owners | 4,119,132,500.70 | 4,322,901,433.91 | [Consolidated Income Statement](index=45&type=section&id=Consolidated%20Income%20Statement) This section presents the company's consolidated income statements for January-June 2025 and January-June 2024, reflecting the company's operating results during the reporting period, showing significant growth in both operating revenue and net profit Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 3,404,288,234.56 | 2,837,963,786.72 | | Total Operating Costs | 2,622,529,147.60 | 2,232,565,162.77 | | Total Profit | 753,292,860.67 | 598,478,571.73 | | Net Profit | 644,143,750.88 | 494,089,564.44 | | Net Profit Attributable to Parent Company Shareholders | 636,597,878.46 | 488,027,575.54 | | Basic Earnings Per Share (RMB/share) | 0.83 | 0.64 | [Consolidated Cash Flow Statement](index=49&type=section&id=Consolidated%20Cash%20Flow%20Statement) This section presents the company's consolidated cash flow statements for January-June 2025 and January-June 2024, reflecting cash flows from operating, investing, and financing activities during the reporting period, showing a significant increase in net cash flow from operating activities Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 912,756,049.31 | 70,814,256.22 | | Net Cash Flow from Investing Activities | 143,791,821.55 | -60,703,720.70 | | Net Cash Flow from Financing Activities | -787,211,410.39 | 144,761,148.17 | | Net Increase in Cash and Cash Equivalents | 282,433,552.19 | 174,393,667.07 | [III. Company Basic Information](index=61&type=section&id=III.%20Company%20Basic%20Information) This section introduces Suzhou Neway Valve Co., Ltd.'s establishment, share capital changes, main business, and ultimate controlling parties, noting its listing on the Shanghai Stock Exchange since 2014 and its focus on industrial valve design, manufacturing, and sales, with ultimate control by a concerted action group - Suzhou Neway Valve Co., Ltd. was registered and established in Suzhou, Jiangsu Province on November 14, 2002, and has been listed and traded on the Shanghai Stock Exchange since January 17, 2014[161](index=161&type=chunk) - As of June 30, 2025, the company's total shares amounted to **768.573661 million** shares[165](index=165&type=chunk) - The company's main business activities are the design and manufacture of industrial valves and pipeline control equipment, sales of self-produced products, and provision of related after-sales services[165](index=165&type=chunk) - The ultimate controlling parties of the company are Wang Baoqing, Lu Bin, Xi Chao, and Cheng Zhangwen, along with Beijing Hengde Shidai Private Equity Fund Management Co., Ltd. - Hengde Zhixin No. 20 Private Securities Investment Fund, and Beijing Hengde Shidai Private Equity Fund Management Co., Ltd. - Hengde Yuanzheng Jinrui No. 1 Private Securities Investment Fund, with all six parties acting in concert[165](index=165&type=chunk) [IV. Basis of Financial Statement Preparation](index=62&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and their interpretations, and comply with CSRC disclosure requirements, with no issues affecting its going concern ability identified for the next 12 months - 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, and discloses relevant financial information in accordance with the China Securities Regulatory Commission's 'Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports'[167](index=167&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period, finding no matters affecting its going concern ability, thus the preparation of financial statements on a going concern basis is reasonable[168](index=168&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=62&type=section&id=V.%20Significant%20A

河南金丹乳酸科技股份有限公司 2025 年半年度报告全文 证券代码：300829 证券简称：金丹科技 公告编号：2025-087 河南金丹乳酸科技股份有限公司 2025 年半年度报告 2025 年 8 月 22 日 1 河南金丹乳酸科技股份有限公司 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。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的发展战略及经营投资计划等前瞻性陈述，不构成公司对 投资者的实质性的承诺，也不代表最终投资方案的实施决策，能否实现取决于 市场状况变化等多种因素，存在较大不确定性。敬请投资者注意投资风险。 公司日常经营中可能面临的风险因素详见"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"。敬请广大投资者关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 公司负责人张鹏、主管会计工作负责人陈飞及会计机构负责人(会计主管 人员)梁桂芝声明：保证本半年度报告中财务报告 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important declarations regarding report accuracy, outlines the company's profit distribution plan, and defines key terms used throughout the report [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions, and assume legal responsibility - Zhao Huatao, the company's responsible person, Yang Zhaoming, the person in charge of accounting work, and Pan Junwei, the head of the accounting department, guarantee the truthfulness, accuracy, and completeness of the financial report herein[7](index=7&type=chunk) - The company's 2025 semi-annual profit distribution plan is: no cash dividends, no bonus shares, and no capital increase from capital reserves[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key company entity abbreviations used in the report, such as 'Huaneng Equipment' and 'Shandong Xinchuan', and specifies the reporting period as the first half of 2025 Key Entity Abbreviations | Abbreviation | Full Name | | :--- | :--- | | The Company | Shandong Mining Machinery Group Co., Ltd. | | Huaneng Equipment | Shandong Mining Machinery Huaneng Equipment Manufacturing Co., Ltd. | | Huayun Equipment | Shandong Huayun Equipment Technology Co., Ltd. | | Shandong Xinchuan | Shandong Xinchuan Machinery Co., Ltd. | | Current Reporting Period | First Half of 2025 | [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's basic information, presents key financial performance indicators for the period, and details non-recurring gains and losses [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shandong Mining Machinery Group Co., Ltd. (Stock Abbreviation: Shandong Mining Machinery, Stock Code: 002526) is listed on the Shenzhen Stock Exchange, with Zhao Huatao as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Shandong Mining Machinery | | Stock Code | 002526 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Zhao Huatao | [Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by **10.30%** year-over-year, while net profit attributable to parent company shareholders increased by **10.11%**, though net profit after non-recurring items significantly declined by **60.48%**, and net cash flow from operating activities turned negative, decreasing by **2133.82%**, indicating pressure on core business profitability and reliance on non-recurring items for profit growth 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,046,353,499.68 | 1,166,534,837.53 | -10.30% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 98,460,436.56 | 89,422,959.73 | 10.11% | | Net Profit Attributable to Parent Company Shareholders After Non-recurring Items (CNY) | 29,669,325.34 | 75,076,694.15 | -60.48% | | Net Cash Flow from Operating Activities (CNY) | -75,176,048.63 | 3,696,305.65 | -2,133.82% | | Basic Earnings Per Share (CNY/share) | 0.0552 | 0.0502 | 9.96% | | Total Assets (CNY) | 5,182,058,819.70 | 5,088,324,932.73 | 1.84% (Compared to End of Prior Year) | [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **68.79 million CNY**, which was the primary driver of net profit growth attributable to parent company shareholders, with "Other non-operating income and expenses" contributing **59.33 million CNY** and "Gains and losses from entrusted investments or asset management" contributing **28.67 million CNY** Non-recurring Gains and Losses Item Details | Item | Amount (CNY) | | :--- | :--- | | Other Non-operating Income and Expenses | 59,329,064.18 | | Gains and Losses from Entrusted Investments or Asset Management | 28,669,362.33 | | Government Grants | 1,386,980.25 | | **Total** | **68,791,111.22** | [Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's main business, core competencies, analyzes operational performance, asset and liability status, key subsidiaries, and outlines identified risks and mitigation strategies [Main Business](index=9&type=section&id=I.%20Main%20Business%20Activities%20of%20the%20Company%20During%20the%20Reporting%20Period) The company focuses on five strategic areas: coal machinery, spare parts, intelligent bulk material conveying equipment, intelligent electro-hydraulic control, and forging, with intelligent bulk material conveying equipment showing good development and becoming a major business segment during the reporting period - The company's main business segments include: coal machinery products, spare parts, intelligent bulk material conveying equipment, intelligent electro-hydraulic control products, and forging business[32](index=32&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - Intelligent bulk material conveying equipment business has become one of the group's main business segments, showing good development during the reporting period[33](index=33&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness spans seven areas: management, platform, brand and customers, team, talent and technology, diversification, and intelligence, leveraging its nearly 70-year history, sound management, and listed company platform for capital and credibility advantages, while also focusing on brand building, team stability, and R&D for diversified and risk-resilient growth - The company's core advantages include: management, platform, brand and customers, team, talent and technology, diversification, and intelligence[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) [Main Business Analysis](index=11&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by **10.30%** year-over-year, primarily due to a **13.54%** decline in the coal machinery equipment business, which accounts for **66.24%** of total revenue; despite the revenue decline, net cash flow from investing activities significantly increased by **337.05%** due to redemption of wealth management products and recovery of fund occupation fees, while net cash flow from operating activities turned significantly negative due to increased tax payments Key Financial Data Year-over-Year Changes | Item | Current Reporting Period | Prior Year Period | Year-over-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1.05 billion CNY | 1.17 billion CNY | -10.30% | - | | Net Cash Flow from Operating Activities | -75.18 million CNY | 3.70 million CNY | -2,133.82% | Increase in various taxes and fees paid | | Net Cash Flow from Investing Activities | 114 million CNY | -48 million CNY | 337.05% | Redemption of wealth management products and recovery of fund occupation fees | | Net Cash Flow from Financing Activities | -64 million CNY | 44 million CNY | -244.24% | Increase in new bank acceptance bill deposits | Operating Revenue Composition by Product | Product | Operating Revenue (CNY) | Percentage of Total Revenue | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Coal Machinery Equipment | 693,127,274.38 | 66.24% | -13.54% | | Intelligent Bulk Material Conveying Equipment | 178,849,557.50 | 17.09% | -0.80% | | Printing Equipment | 108,275,215.42 | 10.35% | 8.72% | [Analysis of Assets and Liabilities](index=12&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were **5.18 billion CNY**, a slight increase of **1.84%** from the end of the previous year, with the asset structure remaining stable, and accounts receivable, inventories, and fixed assets being the main components, accounting for **23.51%**, **21.16%**, and **15.93%** of total assets, respectively, all without significant changes Key Asset Components | Asset Item | Period-end Balance (CNY) | Percentage of Total Assets | Change in Proportion from Prior Year-end | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 570,404,308.42 | 11.01% | -1.88% | | Accounts Receivable | 1,218,247,646.86 | 23.51% | 0.01% | | Inventories | 1,096,480,463.72 | 21.16% | 3.45% | | Fixed Assets | 825,725,714.87 | 15.93% | 2.49% | [Analysis of Major Holding and Participating Companies](index=14&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, major subsidiaries operated steadily, with Shandong Mining Machinery Huaneng Equipment Manufacturing Co., Ltd. being the core profit contributor, achieving a net profit of **91.16 million CNY**, while Shandong Chengtong Forging Co., Ltd. and Shandong Xinchuan Machinery Co., Ltd. also contributed **13.87 million CNY** and **11.61 million CNY** in net profit, respectively Major Subsidiary Operating Performance (Unit: CNY) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Shandong Mining Machinery Huaneng Equipment Manufacturing Co., Ltd. | 1,040,191,042.46 | 131,368,051.99 | 91,155,678.24 | | Shandong Chengtong Forging Co., Ltd. | 116,743,442.98 | 16,325,622.20 | 13,867,255.33 | | Shandong Xinchuan Machinery Co., Ltd. | 135,621,495.93 | 13,841,434.24 | 11,609,841.69 | [Risks and Countermeasures](index=15&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces key risks including macroeconomic and industry policy changes, industrial upgrading and transformation, investment returns falling short of expectations, accounts receivable aging, and uncertainties arising from international trade frictions - The company has identified five major risks: policy risk, transformation risk, investment risk, accounts receivable aging risk, and uncertainty risk from international situations[55](index=55&type=chunk)[56](index=56&type=chunk) [Corporate Governance, Environment, and Society](index=16&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the implementation status of the company's employee incentive plans, including shareholding and stock option schemes [Implementation of Employee Incentive Plans](index=16&type=section&id=III.%20Implementation%20of%20the%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company did not implement new equity incentive plans but continued with its 2022 first and second phases and 2024 employee stock ownership plans; notably, the first unlocking period of the 2024 plan failed due to unmet performance targets, while the third lock-up period of the 2022 first phase plan expired and its unlocking conditions were met, with **4.23 million CNY** in share-based payment expenses recognized for employee stock ownership plans - The company's 2024 employee stock ownership plan's first unlocking period failed to unlock **40%** of the shares due to unmet performance assessment targets[65](index=65&type=chunk) - The company's 2022 first phase employee stock ownership plan's third lock-up period expired on June 30, 2025, and its unlocking conditions have been met[66](index=66&type=chunk) - During the reporting period, the company's employee stock ownership plan recognized share-based payment expenses of **4,225,447.76 CNY**[66](index=66&type=chunk) [Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) This section covers the company's commitments, significant related party transactions, and the performance of major contracts, including entrusted wealth management [Commitments](index=19&type=section&id=I.%20Commitments) During the reporting period, Mr. Zhao Duxue, the company's controlling shareholder and actual controller, strictly fulfilled his long-term effective commitments made during asset restructuring and initial public offering regarding maintaining the independence of the listed company, share lock-up, and avoiding horizontal competition - Controlling shareholder and actual controller Zhao Duxue's commitments regarding maintaining the independence of the listed company and avoiding horizontal competition are still being strictly fulfilled[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) [Significant Related Party Transactions](index=23&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company's only significant related party transaction involved routine operational purchases and sales with related party Shandong Haina Intelligent Equipment Technology Co., Ltd. and its subsidiaries, conducted within the board-approved limits with related directors abstaining from voting, ensuring compliance - The company has routine related party transactions with Shandong Haina Intelligent Equipment Technology Co., Ltd., with estimated sales not exceeding **90 million CNY** and purchases not exceeding **30 million CNY**, strictly executed within the approved limits during the reporting period[86](index=86&type=chunk) [Significant Contracts and Their Performance](index=24&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company has no significant entrustment, contracting, guarantees, or other major contracts; regarding leases, the company leases out parts of its factory rooftops and workshop spaces, generating approximately **3.4 million CNY** in total annual rent; for entrusted wealth management, the company used its own funds to purchase bank wealth management products, with an unmatured balance of **170 million CNY** at period-end Entrusted Wealth Management (Unit: 10,000 CNY) | Specific Type | Source of Funds | Amount of Entrusted Wealth Management | Unmatured Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | -6,000 | 17,000 | 0 | [Changes in Share Capital and Shareholder Information](index=26&type=section&id=Section%20VI%20Changes%20in%20Share%20Capital%20and%20Shareholder%20Information) This section details changes in the company's share capital structure and provides an overview of shareholder numbers and major shareholdings [Changes in Share Capital](index=26&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital remained unchanged at **1,782,793,836 shares**, with restricted shares accounting for **0.66%** and unrestricted shares for **99.34%** Share Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | Restricted Shares | 11,709,398 | 0.66% | | Unrestricted Shares | 1,771,084,438 | 99.34% | | **Total Share Capital** | **1,782,793,836** | **100.00%** | [Shareholder Numbers and Shareholding](index=27&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding) As of the end of the reporting period, the company had a total of **159,205** common shareholders, with controlling shareholder Zhao Duxue holding **20.79%** of the shares as the largest shareholder, and the company's employee stock ownership plan also listed among the top ten shareholders - The total number of common shareholders at the end of the reporting period was **159,205**[103](index=103&type=chunk) Top Two Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Zhao Duxue | 20.79% | 370,632,922 | | Shandong Mining Machinery Group Co., Ltd. – 2024 Employee Stock Ownership Plan | 0.84% | 14,999,990 | [Bond-related Information](index=31&type=section&id=Section%20VII%20Bond-related%20Information) This section confirms that there is no bond-related information requiring disclosure for the reporting period [Bond-related Information](index=31&type=section&id=Bond-related%20Information) During the reporting period, the company had no bond-related information requiring disclosure [Financial Report](index=32&type=section&id=Section%20VIII%20Financial%20Report) This section presents the unaudited financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements, with detailed notes [Financial Statements](index=32&type=section&id=II.%20Financial%20Statements) This semi-annual financial report is unaudited; the consolidated balance sheet shows total assets of **5.18 billion CNY** and total liabilities of **1.91 billion CNY**, with an asset-liability ratio of approximately **36.88%**; the consolidated income statement reports operating revenue of **1.05 billion CNY** and net profit attributable to parent company shareholders of **98.46 million CNY**; the consolidated cash flow statement indicates a net cash outflow from operating activities of **75.18 million CNY**, a net inflow from investing activities of **114 million CNY**, and a net outflow from financing activities of **64.03 million CNY** Consolidated Balance Sheet Key Items (Period-end Balance) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 5,182,058,819.70 | | Total Liabilities | 1,911,277,403.33 | | Total Equity Attributable to Parent Company Owners | 3,209,821,066.10 | Consolidated Income Statement Key Items | Item | First Half of 2025 (CNY) | | :--- | :--- | | Total Operating Revenue | 1,046,353,499.68 | | Operating Profit | 78,073,333.94 | | Total Profit | 137,402,398.12 | | Net Profit Attributable to Parent Company Shareholders | 98,460,436.56 | Consolidated Cash Flow Statement Key Items | Item | First Half of 2025 (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -75,176,048.63 | | Net Cash Flow from Investing Activities | 113,617,156.47 | | Net Cash Flow from Financing Activities | -64,034,990.43 | | Net Increase in Cash and Cash Equivalents | -25,465,424.45 | [Notes to Consolidated Financial Statements](index=78&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the components of the consolidated financial statements; at period-end, accounts receivable balance was **1.50 billion CNY**, with **279 million CNY** in bad debt provisions; inventories had a book value of **1.10 billion CNY**, with a significant portion being goods issued; goodwill with an original value of **442 million CNY** has been fully impaired; short-term borrowings totaled **250 million CNY**, primarily consisting of pledged loans and letter of credit borrowings - At period-end, accounts receivable had a book balance of **1.50 billion CNY**, with **279 million CNY** in bad debt provisions, resulting in a book value of **1.22 billion CNY**; the top five debtors accounted for **17.59%** of the total accounts receivable[266](index=266&type=chunk)[274](index=274&type=chunk) - At period-end, inventories had a book value of **1.10 billion CNY**, comprising **175 million CNY** in raw materials, **133 million CNY** in work-in-progress, **228 million CNY** in finished goods, and **551 million CNY** in goods issued[325](index=325&type=chunk) - Goodwill had an original book value of **442 million CNY**, primarily from the acquisitions of Beijing Linyou Interactive and Shandong Xinchuan Machinery, and has been fully impaired at period-end[399](index=399&type=chunk)[401](index=401&type=chunk) [Notes to Parent Company Financial Statements](index=154&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statements) This section provides detailed financial data for the parent company; at period-end, the parent company's accounts receivable balance was **1.34 billion CNY**, with **170 million CNY** in bad debt provisions; long-term equity investments had a book value of **1.67 billion CNY**, mainly comprising investments in subsidiaries; the parent company's operating revenue was **739 million CNY**, and investment income, totaling **39.60 million CNY**, was a significant component of its profit - The parent company's accounts receivable had a book balance of **1.34 billion CNY** at period-end, with **170 million CNY** in bad debt provisions, and no bad debt provisions were made for accounts receivable from internal related parties[614](index=614&type=chunk)[615](index=615&type=chunk) - The parent company's long-term equity investments had a book value of **1.67 billion CNY**, including **1.46 billion CNY** in investments in subsidiaries and **205 million CNY** in investments in associates and joint ventures[655](index=655&type=chunk) Parent Company Investment Income Composition | Item | Amount for Current Period (CNY) | | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for by Equity Method | 18,464,463.24 | | Wealth Management Product Income | 20,864,219.18 | | **Total** | **39,602,185.78** | [Other Reporting Data](index=167&type=section&id=Section%20IX%20Other%20Reporting%20Data) This section provides a record of investor relations activities, including online communication and engagement events during the reporting period [Investor Relations Activities](index=167&type=section&id=II.%20Registration%20Form%20for%20Activities%20Such%20as%20Research%2C%20Communication%2C%20and%20Interviews%20During%20the%20Reporting%20Period) During the reporting period, the company engaged in multiple online interactions with investors through network platforms, including the 2024 annual online performance briefing and the Shandong listed companies' online collective investor reception day, communicating on topics such as development strategy and operating conditions - The company communicated and interacted with investors through network platforms and interactive platforms in May and June 2025[676](index=676&type=chunk)

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, including company names, controlling shareholders, related parties, regulatory bodies, business entities, and shipping professional terms, aiming to ensure accuracy and consistency in report interpretation - The report clarifies that "the Company" and "Ningbo Shipping" refer to **Ningbo Marine Co., Ltd.**, with Ningbo Marine Group Co., Ltd. as its controlling shareholder and Zhejiang Provincial Energy Group Co., Ltd. as its indirect controlling shareholder[12](index=12&type=chunk) - Multiple associated companies are defined, such as Zheneng Fuxing, Yongtong Marine, Mingzhou Expressway, and key shipping industry indicators like **BDI (Baltic Dry Index)** and **COA (Contract of Affreightment)**[12](index=12&type=chunk) - This transaction involves issuing shares to Zheneng Group, Marine Group, and Zheneng Fuel to acquire equity in Fuxing Marine, Jianghai Company, and Zheneng Tongli[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section lists the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative, confirming the full company name as Ningbo Marine Co., Ltd. and the legal representative as Dong Jun - The company's Chinese name is **Ningbo Marine Co., Ltd.**, abbreviated as Ningbo Marine, and its legal representative is Dong Jun[14](index=14&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, to facilitate investor communication - The Board Secretary is Fu Weiqin, and the Securities Affairs Representative is Qiu Weiming, both located at Building 1, Beian Fortune Center, Ningbo[15](index=15&type=chunk) [III. Overview of Changes in Basic Information](index=5&type=section&id=III.%20Overview%20of%20Changes%20in%20Basic%20Information) This section introduces the company's registered address, office address, postal code, website, and email address, with no significant changes mentioned during the reporting period - The company's registered and office address is Building 1, Beian Fortune Center, Ningbo, and its website is **http://www.nbmc.com.cn**[16](index=16&type=chunk) [IV. Overview of Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's designated newspapers and website for information disclosure, as well as the location for semi-annual report custody, ensuring compliance and accessibility of information - The company's designated newspapers for information disclosure are **"China Securities Journal"** and **"Shanghai Securities News"**, with the website being **http://www.sse.com.cn**[17](index=17&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code - The company's A-shares are listed on the **Shanghai Stock Exchange**, with the stock abbreviation Ningbo Marine and stock code **600798**[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the reporting period, showing an increase in operating revenue, but negative and expanding losses for total profit and net profit attributable to shareholders, while net cash flow from operating activities significantly grew Main Accounting Data (Jan-Jun 2025 vs. Same Period Last Year) | Main Accounting Data | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :----------------- | :----------------------- | :----------- | :--------------------------- | | Operating Revenue (yuan) | 1,156,897,789.59 | 1,039,178,930.64 | 11.33 | | Total Profit (yuan) | -31,441,577.64 | -19,206,235.44 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company (yuan) | -39,233,583.71 | -18,382,018.18 | Not Applicable | | Net Cash Flow from Operating Activities (yuan) | 312,373,951.45 | 208,224,084.19 | 50.02 | Key Financial Indicators (End of Current Period vs. End of Last Year) | Main Financial Indicators | End of Current Period | End of Prior Year | Change from End of Prior Year (%) | | :------------------------ | :-------------------- | :---------------- | :-------------------------------- | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 3,898,016,363.18 | 3,959,258,470.49 | -1.55 | | Total Assets (yuan) | 6,341,954,572.54 | 6,322,712,829.67 | 0.30 | Key Financial Indicators (Jan-Jun 2025 vs. Same Period Last Year) | Main Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :------------------------ | :----------------------- | :----------- | :--------------------------- | | Basic Earnings Per Share (yuan/share) | -0.0325 | -0.0152 | Not Applicable | | Weighted Average Return on Net Assets (%) | -1.00 | -0.46 | Not Applicable | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **62,096.52 yuan**, primarily including disposal gains from non-current assets, government subsidies, and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :-------------------------------- | :------------ | | Disposal gains and losses from non-current assets | 2,399,291.27 | | Government grants recognized in profit or loss for the current period | 4,464,060.48 | | Fair value changes of financial assets | -9,399,820.61 | | Other non-operating income and expenses | 1,755,525.28 | | Other gains and losses items meeting the definition of non-recurring | 127,041.09 | | Less: Income tax impact | -1,907,676.47 | | Impact on minority interests (after tax) | 1,191,677.46 | | Total | 62,096.52 | - Disposal gains and losses from non-current assets mainly resulted from the disposal of **Mingzhou 66 vessel** and others[22](index=22&type=chunk) - Fair value changes of financial assets mainly resulted from changes in the fair value of the company's investment in **Green Energy Fund**[22](index=22&type=chunk) Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main business is water transportation, including international and domestic bulk dry cargo transportation (primarily coal) and domestic coastal refined oil transportation, while also operating highway toll collection; during the reporting period, both waterborne cargo volume and turnover increased, but toll highway operating revenue decreased - The company's main business is water transportation, including international and domestic bulk dry cargo transportation (primarily coal) and domestic coastal refined oil transportation, as well as the Ningbo Ring Expressway West Section project operated by its controlling subsidiary Mingzhou Expressway[25](index=25&type=chunk) - As of the end of the reporting period, the company owned **29 vessels** with a total carrying capacity of **1.504 million DWT**, including **28 bulk carriers** (**1.492 million DWT**) and **1 refined oil tanker** (**12,000 DWT**)[26](index=26&type=chunk) Water Transport Business Key Data (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period | Prior Period | Year-on-Year Growth (%) | | :-------- | :------------- | :----------- | :---------------------- | | Cargo Volume (10,000 tons) | 2,521.28 | - | 16.90 | | Turnover (100 million ton-kilometers) | 695.13 | - | 28.63 | | Business Revenue (10,000 yuan) | 92,721.99 | - | 15.17 | - Toll highway operating revenue was **223.0701 million yuan**, a **3.48% decrease** compared to the same period last year[28](index=28&type=chunk) [(II) International and Domestic Shipping Market Conditions](index=7&type=section&id=%28II%29%20International%20and%20Domestic%20Shipping%20Market%20Conditions) In the first half of 2025, the international dry bulk shipping market was weak, with the BDI index decreasing by **29.8%** year-on-year; the domestic coastal dry bulk shipping market performed better than the same period last year, with both CCBFI and CBCFI indices rising - In the first half of 2025, the international dry bulk shipping market was weak, with the average Baltic Dry Index (BDI) at **1,289 points**, a **29.8% decrease** from the same period last year[29](index=29&type=chunk) - The domestic coastal dry bulk shipping market experienced a rapid rebound followed by fluctuations, with the average China Coastal (Dry Bulk) Freight Index (CCBFI) at **1,011.99 points** in the first half, a **2.6% increase** from the same period last year[29](index=29&type=chunk) - The average China Coastal Coal Freight Index (CBCFI) was **654.52 points** in the first half, a **12.2% increase** from the same period last year[29](index=29&type=chunk) [(III) Domestic Refined Oil Transportation Market Conditions](index=7&type=section&id=%28III%29%20Domestic%20Refined%20Oil%20Transportation%20Market%20Conditions) During the reporting period, the domestic refined oil transportation market showed seasonal fluctuations, with the average China Coastal Tanker Freight Index (CCTFI) decreasing by **4.3%** compared to the same period last year - The refined oil transportation market showed significant seasonal fluctuations, with the average China Coastal Tanker Freight Index (CCTFI) at **1,014.19 points** in the first half, a **4.3% decrease** from the same period last year[30](index=30&type=chunk)[31](index=31&type=chunk) [(IV) Highway Industry Conditions](index=8&type=section&id=%28IV%29%20Highway%20Industry%20Conditions) During the reporting period, the transportation economy operated steadily overall, with stable growth in both freight volume and passenger flow, and an increase in highway traffic volume in Zhejiang Province - Commercial freight volume completed by road transport was **20.57 billion tons**, a **4.0% increase** from the same period last year[32](index=32&type=chunk) - Cross-regional passenger flow completed by road passenger transport was **31.03 billion person-times**, a **4.0% increase** from the same period last year[32](index=32&type=chunk) - The total exit traffic volume of Zhejiang Province's expressways was **509 million vehicles**, a **5.39% increase** from the same period last year[32](index=32&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) During the reporting period, the company focused on key annual tasks, actively responded to complex external environments, and maintained a stable and improving overall operating trend, despite an expanding net loss attributable to shareholders; the company carried out various initiatives in energy transportation assurance, cost reduction and efficiency improvement, risk control, management strengthening, and Party building leadership, and provided an outlook for the market and company development in the second half Company Overall Operating Performance (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period | Prior Period | Change Amount | | :-------- | :------------- | :----------- | :------------ | | Operating Revenue (10,000 yuan) | 115,689.78 | 103,917.89 | Growth 11.33% | | Net Profit Attributable to Shareholders of Listed Company (10,000 yuan) | -3,923.36 | -1,838.20 | Decrease 2,085.16 (10,000 yuan) | - The company anchored its core mission of ensuring coal transportation, efficiently organized shipping capacity, leased suitable vessels to ensure supply chain stability, and coordinated maintenance and operations to improve efficiency[33](index=33&type=chunk) - Deeply implemented the **"Revenue Increase, Cost Reduction, Quality Improvement, and Efficiency Enhancement 4.0"** special initiative, optimized the marine business structure, revitalized inefficient assets, and strengthened procurement control to reduce costs[34](index=34&type=chunk) - In the second half, the international dry bulk shipping market is expected to face downside risks, and the domestic coastal dry bulk shipping market will continue to be oversupplied, but increased infrastructure projects and improved foreign trade may lead to an upward trend in the fourth quarter[37](index=37&type=chunk)[38](index=38&type=chunk) - In the second half, the company will solidify its supply assurance foundation, expand marine business scope, deepen quality and efficiency improvements, perfect its safety management system, strengthen industry-finance synergy, and enhance Party building and talent team development[39](index=39&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its transportation management, customer resources, shipping capacity resources, highway resources, and the comprehensive energy industry advantages of its controlling shareholder, Zheneng Group, which collectively support the company's stable development and transformation - The company possesses an experienced management team and crew, and has established standardized enterprise management systems and effective internal control systems, being among the first shipping enterprises in Zhejiang Province to implement the **International Safety Management (ISM) Code** and **Domestic Safety Management (NSM) Code**[40](index=40&type=chunk) - The company has established long-term strategic cooperative relationships with major domestic energy enterprises and other clients, locking in cargo volume and freight rates through **COA (Contract of Affreightment)** to effectively mitigate market fluctuation risks[40](index=40&type=chunk) - The company's fleet structure is optimized, enhancing comprehensive operating strength through bareboat charter, time charter, and voyage charter, and moving from a single dry bulk carrier operating model towards diversified vessel types[41](index=41&type=chunk) - The Ningbo Ring Expressway West Section project operated by its controlling subsidiary Mingzhou Expressway provides stable cash flow, helping to smooth out fluctuations in marine performance[42](index=42&type=chunk) - The indirect controlling shareholder, Zheneng Group, as a comprehensive energy enterprise, provides business, capital, and management support for the company's development, assisting its transformation into a comprehensive energy transportation service provider[42](index=42&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=10&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section details the company's main operating conditions during the reporting period, including changes in financial statement items, performance of main businesses by industry, asset and liability status, and investment situation; operating revenue growth was primarily due to the expansion of waterborne cargo transportation business, but total profit and net profit remained negative; the asset and liability structure saw multiple changes, such as significant increases in construction in progress and lease liabilities, and a decrease in short-term borrowings Financial Statement Related Item Change Analysis (Jan-Jun 2025 vs. Same Period Last Year) | Item | Current Period (10,000 yuan) | Prior Period (10,000 yuan) | Change (%) | | :--- | :--------------------------- | :------------------------- | :--------- | | Operating Revenue | 115,689.78 | 103,917.89 | 11.33 | | Operating Cost | 110,834.77 | 99,913.36 | 10.93 | | Administrative Expenses | 6,320.61 | 5,687.60 | 11.13 | | Financial Expenses | 1,294.18 | 1,705.54 | -24.12 | | Net Cash Flow from Operating Activities | 31,237.40 | 20,822.41 | 50.02 | | Net Cash Flow from Investing Activities | -8,873.35 | 3,933.38 | Not Applicable | | Net Cash Flow from Financing Activities | -13,235.93 | -25,359.14 | Not Applicable | Main Business by Industry (Jan-Jun 2025) | By Industry | Main Business Revenue (10,000 yuan) | Main Business Cost (10,000 yuan) | Gross Margin (%) | Main Revenue Change from Prior Year (%) | | :---------- | :---------------------------------- | :------------------------------- | :--------------- | :-------------------------------------- | | Waterborne Cargo Transportation Business | 92,721.99 | 92,338.82 | 0.41 | 15.17 | | Toll Highway Operating Business | 22,307.01 | 18,079.52 | 18.95 | -3.48 | | Total | 115,029.00 | 110,418.34 | 4.01 | 11.01 | - Operating revenue growth was primarily due to a **15.17% increase** in waterborne cargo transportation business revenue, driven by active customer expansion and significant growth in chartering operations; toll highway operating revenue decreased by **3.48%**, affected by diversion from new surrounding road networks and preferential policies[48](index=48&type=chunk) - Financial expenses decreased by **24.12%**, mainly due to a reduction in the company's overall financing scale and lower comprehensive interest rates[49](index=49&type=chunk) - Construction in progress at period-end increased by **93.70%**, mainly due to the first payment for two newly constructed **64,000 DWT bulk carriers**[51](index=51&type=chunk)[52](index=52&type=chunk) - Short-term borrowings at period-end decreased by **43.76%**, mainly due to the repayment of some short-term borrowings[51](index=51&type=chunk)[52](index=52&type=chunk) [(I) Analysis of Main Business](index=10&type=section&id=%28I%29%20Analysis%20of%20Main%20Business) Main business analysis shows that both revenue and costs for waterborne cargo transportation business increased, with a low gross margin; toll highway operating revenue decreased, but with a high gross margin; operating revenue growth was primarily driven by water transportation business, while operating cost growth was mainly influenced by the expansion of chartering operations Main Cost Structure by Industry (Jan-Jun 2025) | Cost Component Item | Current Period Amount (10,000 yuan) | Current Period Share of Total Cost (%) | Prior Period Amount (10,000 yuan) | Prior Period Share of Total Cost (%) | Current Period Amount Change from Prior Period (%) | | :------------------ | :---------------------------------- | :----------------------------------- | :-------------------------------- | :----------------------------------- | :----------------------------------------------- | | **Waterborne Cargo Transportation Business** | | | | | | | Fuel Costs | 20,178.58 | 21.85 | 21,535.61 | 26.46 | -6.30 | | Vessel Charter Fees | 43,710.18 | 47.34 | 31,163.07 | 38.29 | 40.26 | | **Toll Highway Operating Business** | | | | | | | Amortization of Highway Operating Rights | 14,607.93 | 80.80 | 14,466.69 | 78.40 | 0.98 | | Highway Maintenance Costs | 2,002.04 | 11.07 | 2,553.36 | 13.84 | -21.59 | - Waterborne cargo transportation business costs increased by **13.46%**, mainly due to the vigorous expansion of chartering operations, leading to a significant increase in both revenue and expenses from chartering business[48](index=48&type=chunk) - Toll highway operating business costs decreased by **2.02%**, mainly due to a **21.59% decrease** in highway maintenance costs compared to the same period last year[48](index=48&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets slightly increased, and total liabilities increased; the asset and liability structure underwent several significant changes, including decreases in notes receivable and contract assets, and significant increases in prepayments, construction in progress, right-of-use assets, employee benefits payable, other payables, and lease liabilities, while short-term borrowings and contract liabilities decreased Changes in Assets and Liabilities (End of Current Period vs. End of Last Year) | Item Name | End of Current Period (10,000 yuan) | End of Current Period Share of Total Assets (%) | End of Prior Year (10,000 yuan) | End of Prior Year Share of Total Assets (%) | Current Period End Amount Change from Prior Year End (%) | | :---------- | :-------------------------------- | :-------------------------------------------- | :------------------------------ | :-------------------------------------------- | :------------------------------------------------------- | | Notes Receivable | - | - | 5,000.00 | 0.79 | -100.00 | | Prepayments | 895.75 | 0.14 | 660.47 | 0.10 | 35.62 | | Contract Assets | - | - | 1,329.02 | 0.21 | -100.00 | | Other Current Assets | 1,180.87 | 0.19 | 194.80 | 0.03 | 506.20 | | Construction in Progress | 22,489.56 | 3.55 | 11,610.77 | 1.84 | 93.70 | | Right-of-Use Assets | 10,498.99 | 1.66 | 2,078.08 | 0.33 | 405.23 | | Short-Term Borrowings | 4,502.88 | 0.71 | 8,006.28 | 1.27 | -43.76 | | Contract Liabilities | 62.35 | 0.01 | 322.66 | 0.05 | -80.68 | | Employee Benefits Payable | 4,538.82 | 0.72 | 1,756.48 | 0.28 | 158.40 | | Other Payables | 7,610.80 | 1.20 | 1,755.84 | 0.28 | 333.46 | | Lease Liabilities | 8,904.72 | 1.40 | 1,493.20 | 0.24 | 496.35 | | Special Reserves | 270.27 | 0.04 | - | - | Not Applicable | - Overseas assets amounted to **284.6699 million yuan**, accounting for **4.49%** of total assets[53](index=53&type=chunk) Restricted Major Assets (Period-End) | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--------------------------- | :--------------------- | | Monetary Funds | 20,000.00 | ETC deposit | | Accounts Receivable | 7,537,164.40 | Pledged as collateral for bank long-term loans | | Intangible Assets | 2,107,952,692.60 | Pledged as collateral for bank long-term loans | | Total | 2,115,509,857.00 | / | [(IV) Analysis of Investment Status](index=13&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) The company's total equity investments slightly decreased, primarily in subsidiaries and associates; fair value changes in trading financial assets (Green Energy Fund) led to a **9.3998 million yuan decrease** in the current period Overall Analysis of External Equity Investments (Period-End Balance) | Type | Investee Unit | Period-End Balance (yuan) | | :--- | :------------ | :------------------------ | | Subsidiary | Ningbo Marine Mingzhou Expressway Co., Ltd. | 608,430,000.00 | | Subsidiary | Ningbo Marine (Singapore) Co., Ltd. | 74,075,200.00 | | Subsidiary | Ningbo Jianghai Transportation Co., Ltd. | 51,745,643.40 | | Subsidiary | Zhejiang Zheneng Tongli Shipping Co., Ltd. | 37,942,046.42 | | Subsidiary | Zhejiang Fuxing Marine Co., Ltd. | 432,086,265.67 | | Associate | Ningbo Ganghai Shipping Agency Co., Ltd. | 438,209.00 | | Trading Financial Assets | Zhejiang Zheneng Green Energy Equity Investment Partnership (Limited Partnership) | 443,574,459.80 | | Total | | 1,648,291,824.29 | - Fair value changes in the company's investment in Green Energy Fund led to a **9,399,820.61 yuan decrease** in the current period[56](index=56&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=15&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the basic information and financial data of the company's major holding subsidiaries, including Mingzhou Expressway, Ningbo Marine (Singapore) Co., Ltd., Jianghai Company, Fuxing Marine, and Zheneng Tongli, covering their main businesses, registered capital, total assets, net assets, operating revenue, operating profit, and net profit Financial Data of Major Holding Subsidiaries (Jan-Jun 2025) | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :----------- | :----------- | :------------ | :------------------------------- | :------------------------- | :------------------------- | :------------------------------ | :------------------------------- | :----------------------- | | Ningbo Marine Mingzhou Expressway Co., Ltd. | Subsidiary | Highway, bridge, station, port development, investment, construction, maintenance; advertising services | 119,300.00 | 225,645.75 | 146,277.34 | 22,390.40 | 2,180.44 | 1,779.26 | | Ningbo Marine (Singapore) Co., Ltd. | Subsidiary | Vessel leasing and operation; vessel brokerage services | 100,000 USD | 28,466.99 | 14,305.57 | 40,426.82 | 701.22 | 701.22 | | Ningbo Jianghai Transportation Co., Ltd. | Subsidiary | Domestic coastal and Yangtze River mid-lower reaches general cargo vessel transportation; coastal general cargo vessel marine, engine management and safety and pollution prevention management | 1,800.00 | 16,783.33 | 4,484.29 | 4,197.53 | -762.92 | -763.21 | | Zhejiang Fuxing Marine Co., Ltd. | Subsidiary | Domestic coastal and Yangtze River mid-lower reaches general cargo vessel transportation | 30,000.00 | 88,864.43 | 73,551.49 | 14,579.34 | -374.59 | -376.64 | | Zhejiang Zheneng Tongli Shipping Co., Ltd. | Subsidiary | Domestic coastal and Yangtze River mid-lower reaches general cargo vessel transportation | 5,000.00 | 9,268.73 | 6,762.08 | 1,697.04 | 8.28 | 8.28 | [V. Other Disclosures](index=16&type=section&id=V.%20Other%20Disclosures) This section elaborates on the economic fluctuations, transportation price volatility, fuel price fluctuations, and exchange rate changes that the company may face, and proposes corresponding strategies to mitigate the impact of these risks on the company's operating performance - The company faces economic fluctuation risks from slow global economic recovery and geopolitical conflicts, and will strengthen tracking research and timely adjust operating strategies[59](index=59&type=chunk) - The transportation market is highly volatile; the company will continue to adhere to its major client strategy, use **COA contracts** to lock in cargo volume, improve operational efficiency, and expand market-oriented businesses to mitigate risks[59](index=59&type=chunk) - Fuel price fluctuations are a major cost risk for shipping companies; the company will refine market analysis, improve energy efficiency management, and use centralized procurement to reduce and lock in fuel costs[60](index=60&type=chunk) - Overseas transportation business is settled in USD, facing exchange rate fluctuation risks; the company will closely monitor exchange rate trends and control exchange losses by settling early or late, or adjusting settlement currencies[60](index=60&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management, including the resignation of General Manager Jiang Hailiang and the appointment of Zhou Haojie, as well as the departure and re-election of several directors and supervisors due to work changes - Mr. Jiang Hailiang resigned as the company's General Manager on **February 6, 2025**, and the Board of Directors appointed Mr. Zhou Haojie as the company's General Manager[63](index=63&type=chunk) - Mr. Shen Baoxing, Mr. Jiang Hailiang, Mr. Yu Jiannan, and Mr. Huang Minhui resigned as directors, and Ms. Bao Lingxia resigned as supervisor[64](index=64&type=chunk) - The company elected Mr. Sun Yonghao, Mr. Sun Yanjun, Mr. Zhou Haojie, and Mr. Zhang Jian as directors of the Tenth Board of Directors, and Ms. Wang Jiongjiong as a supervisor of the Tenth Board of Supervisors[64](index=64&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The profit distribution plan or capital reserve conversion to share capital plan approved by the Board of Directors for this reporting period is "none," meaning no distribution or conversion will be made - There is no profit distribution plan or capital reserve conversion to share capital plan for this semi-annual report[6](index=6&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=19&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments made by the company's actual controller, shareholders, and related parties in acquisition reports or major asset restructurings, primarily concerning the resolution of related-party transactions and horizontal competition, all of which were strictly fulfilled during the reporting period - Zheneng Group committed to standardizing related-party transactions, ensuring fairness, and not using related-party transactions to transfer company funds, profits, or harm other shareholders' interests, and has strictly fulfilled this[68](index=68&type=chunk)[69](index=69&type=chunk) - Both Zheneng Group and Marine Group committed to resolving horizontal competition issues, avoiding engaging in businesses or activities that constitute horizontal competition with the listed company's main business, and have strictly fulfilled this[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - Zheneng Group and Marine Group committed to respecting the listed company's independent legal entity status, standardizing related-party transactions, and not illegally occupying listed company funds or assets, or providing illegal guarantees, and have strictly fulfilled this[69](index=69&type=chunk)[70](index=70&type=chunk) [VII. Major Litigation and Arbitration Matters](index=22&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company is involved in a major litigation matter concerning an equity transfer dispute with Shanghai Xietong Technology Co., Ltd.; after the first instance and final judgments, the company's retrial application was rejected, and it has now filed an appeal application with the Second Branch of the Shanghai People's Procuratorate - On **May 10, 2020**, the company filed a lawsuit regarding an equity transfer dispute with Shanghai Xietong Technology Co., Ltd.; after the first instance judgment, the defendant appealed, and the Shanghai No. 2 Intermediate People's Court issued a final judgment on **November 18, 2022**[72](index=72&type=chunk) - The company filed a retrial application on **April 26, 2023**, which was rejected by the Shanghai High People's Court on **September 20, 2024**[72](index=72&type=chunk) - On **January 22, 2025**, the company filed an appeal application with the Second Branch of the Shanghai People's Procuratorate, which was accepted on **February 10, 2025**[72](index=72&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=23&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) The company, its controlling shareholder, and indirect controlling shareholder highly value integrity and compliance, with no illegal or non-compliant activities during the reporting period; the company consistently maintained safety integrity in the shipping industry and received multiple honors - The company, its controlling shareholder, and indirect controlling shareholder consider integrity and compliance as an important component of the company's value growth, with no illegal activities such as insider trading, misappropriation of listed company interests, or illegal trading of the company's shares during the reporting period[74](index=74&type=chunk) - The company has been rated as a **National Safety Integrity Company for 12 consecutive years**, with **12 vessels** rated as Safety Integrity Vessels, and **13 individuals** rated as Safety Integrity Captains[74](index=74&type=chunk) - The company was honored as a **Top 100 Service Industry Enterprise in Jiangbei District for 2024** and received the **2024 Comprehensive Contribution Award** from the People's Government of Jiangbei District, Ningbo[74](index=74&type=chunk) [X. Significant Related-Party Transactions](index=23&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the company's significant related-party transactions in daily operations, creditor-debtor relationships, and financial services, including borrowings from and deposits with Zheneng Finance Company, marine transportation services with Zheneng Fuxing and other related parties, and procurement of fuel and lubricants from Zheneng Petroleum Fuel Sales Company - During the reporting period, the company and its controlling subsidiaries cumulatively borrowed **40 million yuan** from Zheneng Finance Company, with a total outstanding loan balance of **45 million yuan** at period-end; the maximum daily deposit balance was **499.5881 million yuan**[75](index=75&type=chunk) - The amount of related-party transactions for marine transportation services between the company and its controlling subsidiaries and Zheneng Fuxing and other subsidiaries controlled by Zheneng Group was **734.0543 million yuan**[75](index=75&type=chunk) - The amount of fuel, lubricants, and other materials purchased by the company and its controlling subsidiaries from Zheneng Petroleum Fuel Sales Company and other subsidiaries controlled by Zheneng Group was **191.5471 million yuan**[75](index=75&type=chunk) Related-Party Creditor-Debtor Transactions (Jan-Jun 2025) | Related Party | Related Relationship | Beginning Balance of Funds Provided to Related Party (10,000 yuan) | Amount of Funds Provided to Related Party During Current Period (10,000 yuan) | Ending Balance of Funds Provided to Related Party (10,000 yuan) | | :------------ | :------------------- | :------------------------------------------------- | :------------------------------------------------------------- | :---------------------------------------------------------- | | Zheneng Finance Company | Group Brother Company | 8,000 | 4,000 | 4,500 | Company and Zheneng Finance Company Deposit Business (Jan-Jun 2025) | Related Party | Related Relationship | Maximum Daily Deposit Limit (yuan) | Deposit Interest Rate Range | Beginning Balance (yuan) | Total Deposit Amount in Current Period (yuan) | Total Withdrawal Amount in Current Period (yuan) | Ending Balance (yuan) | | :------------ | :------------------- | :--------------------------------- | :-------------------------- | :----------------------- | :------------------------------------ | :------------------------------------- | :-------------------- | | Zheneng Finance Company | Group Brother Company | 1,000,000,000.00 | 0.05%-0.99% | 300,060,730.83 | 1,697,372,948.86 | 1,631,918,134.29 | 365,515,545.40 | Company and Zheneng Finance Company Loan Business (Jan-Jun 2025) | Related Party | Related Relationship | Loan Limit (yuan) | Loan Interest Rate Range | Beginning Balance (yuan) | Total Loan Amount in Current Period (yuan) | Total Repayment Amount in Current Period (yuan) | Ending Balance (yuan) | | :------------ | :------------------- | :---------------- | :----------------------- | :----------------------- | :--------------------------------- | :--------------------------------- | :-------------------- | | Zheneng Finance Company | Group Brother Company | 80,000,000.00 | 2.30%-2.60% | 80,000,000.00 | 40,000,000.00 | 75,000,000.00 | 45,000,000.00 | [XI. Significant Contracts and Their Fulfillment](index=25&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the fulfillment of significant contracts signed by the company with related parties, including financial service cooperation agreements, coal transportation contracts, and annual vessel fuel supply agreements, indicating close cooperation between the company and its related parties in finance, transportation, and material supply - The company signed a financial service cooperation agreement with Zheneng Finance Company; as of the end of the reporting period, the cumulative loan balance was **45 million yuan**, and the maximum daily deposit balance was **499.5881 million yuan**[82](index=82&type=chunk) - The company signed a three-year **"Coal Transportation Contract"** with Zheneng Fuxing and Zhoushan Fuxing, with an actual execution amount of **371.0549 million yuan** during the reporting period[83](index=83&type=chunk) - The company signed an **"Annual Vessel Fuel Supply Agreement"** with Zhejiang Zheneng Petroleum Fuel Sales Co., Ltd., with an actual execution amount of **189.1641 million yuan** during the reporting period[83](index=83&type=chunk) [XIII. Explanation of Other Significant Matters](index=26&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section discloses the share increase plan of Zhejiang Zheneng Fuel Group Co., Ltd., an acting-in-concert party of the company's controlling shareholder, which intends to increase its shareholding in the company by no more than **2%** within the next 12 months - Zhejiang Zheneng Fuel Group Co., Ltd., an acting-in-concert party of the company's controlling shareholder Ningbo Marine Group Co., Ltd., intends to increase its shareholding in the company by no more than **24,130,684 shares**, representing no more than **2%** of the company's total share capital, through centralized bidding or block trading within the next 12 months[84](index=84&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=26&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[85](index=85&type=chunk) [II. Shareholder Information](index=27&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was **118,609**; among the top ten shareholders, Ningbo Marine Group Co., Ltd., Ningbo Yongtong Marine Industry Development Co., Ltd., and Zhejiang Provincial Energy Group Co., Ltd. were the top three, and they have related-party relationships - As of the end of the reporting period, the total number of ordinary shareholders was **118,609 households**[87](index=87&type=chunk) Top Ten Shareholders' Shareholding (Period-End) | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--------------- | :------------------------------- | :------------- | :----------------- | | Ningbo Marine Group Co., Ltd. | 191,426,648 | 15.87 | State-owned Legal Person | | Ningbo Yongtong Marine Industry Development Co., Ltd. | 183,919,720 | 15.24 | State-owned Legal Person | | Zhejiang Provincial Energy Group Co., Ltd. | 154,736,242 | 12.82 | State-owned Legal Person | | Ningbo Bonded Area Luyuan Investment Co., Ltd. | 27,250,000 | 2.26 | Domestic Non-State-owned Legal Person | | Tianjin Port (Group) Co., Ltd. | 15,000,000 | 1.24 | State-owned Legal Person | | Zhejiang Zheneng Fuel Group Co., Ltd. | 11,472,857 | 0.95 | State-owned Legal Person | | Zhejiang Huayun Clean Energy Co., Ltd. | 8,946,072 | 0.74 | State-owned Legal Person | | UBS AG | 7,885,761 | 0.65 | Overseas Legal Person | | Ningbo Jiangbei Fubo Enterprise Management Consulting Co., Ltd. | 7,268,288 | 0.60 | Domestic Non-State-owned Legal Person | | Fu Xiangtao | 3,960,600 | 0.33 | Domestic Natural Person | - The largest shareholder, Ningbo Marine Group Co., Ltd., has related-party relationships with Ningbo Yongtong Marine Industry Development Co., Ltd., Zhejiang Provincial Energy Group Co., Ltd., and Zhejiang Zheneng Fuel Group Co., Ltd.; Zhejiang Provincial Energy Group Co., Ltd. holds **51%** of the shares in both the largest shareholder and Ningbo Yongtong Marine Industry Development Co., Ltd[89](index=89&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=28&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during this reporting period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during this reporting period[91](index=91&type=chunk) [II. Convertible Corporate Bonds](index=28&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during this reporting period - The company had no convertible corporate bonds during this reporting period[91](index=91&type=chunk) Section VIII Financial Report [I. Audit Report](index=29&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=29&type=section&id=II.%20Financial%20Statements) This section provides 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 presenting the company's financial position, operating results, and cash flow situation - The consolidated balance sheet shows that as of **June 30, 2025**, the company's total assets were **6.342 billion yuan**, and total liabilities were **1.329 billion yuan**[95](index=95&type=chunk) - The consolidated income statement shows that for January-June 2025, operating revenue was **1.157 billion yuan**, and net profit attributable to parent company shareholders was **-39.23 million yuan**[100](index=100&type=chunk)[102](index=102&type=chunk) - The consolidated cash flow statement shows that for January-June 2025, net cash flow from operating activities was **312.37 million yuan**, net cash flow from investing activities was **-88.73 million yuan**, and net cash flow from financing activities was **-132.36 million yuan**[109](index=109&type=chunk) [III. Company Basic Information](index=46&type=section&id=III.%20Company%20Basic%20Information) This section details the company's establishment, history of share capital changes, registered capital, legal representative, unified social credit code, industry, registered address, business scope, and controlling parent company and ultimate controlling party - Ningbo Marine Co., Ltd. was established on **April 18, 1997**, and approved for A-share listing and trading on **March 6, 1997**[122](index=122&type=chunk) - The company's share capital has undergone multiple issuances, transfers, and placements; as of **June 30, 2025**, the total issued share capital was **1.2065342 billion shares**, and registered capital was **1.2065342 billion yuan**[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - The company's industry is transportation, with a business scope including domestic coastal and Yangtze River mid-lower reaches general cargo and refined oil tanker transportation; international vessel general cargo transportation; and the Ningbo Ring Expressway West Section project operated by its controlling subsidiary Ningbo Marine Mingzhou Expressway Co., Ltd[125](index=125&type=chunk)[126](index=126&type=chunk) - The company's controlling parent company is Ningbo Marine Group Co., Ltd., and the ultimate controlling party is the **Zhejiang Provincial People's Government State-owned Assets Supervision and Administration Commission**[126](index=126&type=chunk) [V. Significant Accounting Policies and Estimates](index=47&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the enterprise accounting standards, significant accounting policies, and accounting estimates followed by the company in preparing its financial statements, covering financial instruments, revenue recognition, asset impairment, and leases, providing a basis for understanding the financial data - The company's financial statements are prepared on a **going concern basis**, comply with enterprise accounting standards, and truly and completely reflect its financial position[127](index=127&type=chunk)[128](index=128&type=chunk)[130](index=130&type=chunk) - The company uses a **12-month period** as the liquidity classification standard for assets and liabilities, and adopts RMB as its functional currency, with overseas subsidiaries using USD[132](index=132&type=chunk)[133](index=133&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss, and specifies the conditions for recognition, measurement, and derecognition[141](index=141&type=chunk) - The company recognizes transportation service revenue over time based on the progress of services provided (proportion of days sailed to estimated total days), and toll highway revenue is recognized upon receipt of payment or acquisition of evidence[193](index=193&type=chunk)[194](index=194&type=chunk) [VI. Taxation](index=64&type=section&id=VI.%20Taxation) This section discloses the company's main tax types and rates, including VAT, property tax, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax, and explains the tax incentives enjoyed by the company, such as VAT zero-rate for international transportation services and corporate profit tax exemption for overseas subsidiaries Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :------- | :-------- | :------- | | VAT | Sales of goods and taxable services income | 13%, 9%, 6%, 3%, 0% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Corporate Income Tax | Taxable income | 17%, 25% | - The company's waterborne international transportation services are subject to **VAT zero-rate**[205](index=205&type=chunk) - Subsidiaries Ningbo Marine (Singapore) Co., Ltd. and Ningbo Innovation Shipping Co., Ltd. qualify for Singapore's **"Maritime Sector Incentive - Approved International Shipping Enterprise (MIS-AIS)"** scheme, exempting qualified shipping business income from corporate profit tax until **August 31, 2026**[205](index=205&type=chunk) - The company can enjoy tax incentives for recruiting demobilized soldiers, including sequential deductions from VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax[206](index=206&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=65&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, accounts receivable, construction in progress, short-term borrowings, operating revenue, and costs, explaining period-end balances, current period changes, and reasons for changes, offering specific data support for understanding the company's financial position and operating results Composition of Monetary Funds (Period-End) | Item | Period-End Balance (yuan) | | :--- | :------------------------ | | Bank Deposits | 292,972,969.56 | | Deposits with Finance Company | 201,082,954.26 | | Total | 494,076,923.82 | | Of which: Total funds deposited overseas | 137,188,969.26 | - Accounts receivable period-end book balance was **413,185,284.47 yuan**, with **99.50%** due within 1 year, and bad debt provision of **2,124,704.18 yuan**[210](index=210&type=chunk)[211](index=211&type=chunk) - Construction in progress period-end balance was **224,895,574.36 yuan**, mainly for **4 x 64,000 DWT bulk carrier projects**, with an increase of **107.2 million yuan** in the current period[254](index=254&type=chunk)[255](index=255&type=chunk) - Short-term borrowings period-end balance was **45,028,750.01 yuan**, a significant decrease from **80,062,833.33 yuan** at the beginning of the period, primarily for credit loans[269](index=269&type=chunk) - Operating revenue was **1,156,897,789.59 yuan**, operating cost was **1,108,347,728.55 yuan**, of which shipping business revenue was **927,219,866.19 yuan**, and highway business revenue was **223,070,133.82 yuan**[303](index=303&type=chunk) [VIII. Research and Development Expenses](index=108&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section discloses the company's R&D expenses during the reporting period, with a current period amount of **28,640.77 yuan**, all expensed R&D, primarily for outsourced R&D fees R&D Expenses by Nature of Expense (Jan-Jun 2025) | Item | Current Period Amount (yuan) | | :--- | :--------------------------- | | Outsourced R&D Expenses | 28,640.77 | | Total | 28,640.77 | | Of which: Expensed R&D Expenses | 28,640.77 | | Capitalized R&D Expenses | - | [IX. Changes in Consolidation Scope](index=109&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During this 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 - During this 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[341](index=341&type=chunk) [X. Interests in Other Entities](index=109&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries and associates, including the composition of the enterprise group, key financial information of important non-wholly-owned subsidiaries, and summarized financial information of unimportant joint ventures and associates Composition of Enterprise Group (Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) (Direct) | | :-------------- | :---------------------- | :----------------- | :-------------- | :------------------------------ | | Ningbo Marine Mingzhou Expressway Co., Ltd. | Ningbo, Zhejiang | 1,193 million RMB | Transportation Industry | 51.00 | | Ningbo Marine (Singapore) Co., Ltd. | Singapore | 100,000 USD | Water Transportation Industry | 100.00 | | Ningbo Jianghai Transportation Co., Ltd. | Ningbo, Zhejiang | 18 million RMB | Water Transportation Industry | 77.00 | | Zhejiang Zheneng Tongli Shipping Co., Ltd. | Hangzhou, Zhejiang | 50 million RMB | Water Transportation Industry | 60.00 | | Zhejiang Fuxing Marine Co., Ltd. | Hangzhou, Zhejiang | 300 million RMB | Water Transportation Industry | 51.00 | Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Jan-Jun 2025) | Subsidiary Name | Minority Shareholding Ratio (%) | Net Profit Attributable to Minority Shareholders in Current Period (yuan) | Dividends Declared to Minority Shareholders in Current Period (yuan) | Minority Interests Balance at Period-End (yuan) | | :-------------- | :------------------------------ | :-------------------------------------------------------- | :----------------------------------------------------------- | :------------------------------------------ | | Ningbo Marine Mingzhou Expressway Co., Ltd. | 49.00 | 8,722,041.50 | 53,900,000.00 | 716,890,856.17 | Summarized Financial Information of Unimportant Associates (Period-End Balance/Current Period Amount) | Item | Associates | | :--- | :--------- | | Total Investment Book Value (yuan) | 438,209.00 | | Net Profit (yuan) | 78,365.60 | | Total Comprehensive Income (yuan) | 78,365.60 | [XI. Government Grants](index=113&type=section&id=XI.%20Government%20Grants) This section discloses the government grants recognized by the company at the end of the reporting period based on receivable amounts, liability items involving government grants, and government grants recognized in profit or loss for the current period, showing that the company received multiple asset-related and income-related government grants Liability Items Involving Government Grants (Period-End) | Financial Statement Item | Beginning Balance (yuan) | New Grants in Current Period (yuan) | Ending Balance (yuan) | Asset/Income Related | | :----------------------- | :----------------------- | :---------------------------------- | :-------------------- | :------------------- | | Deferred Income | 35,177,988.81 | 5,941,900.00 | 41,119,888.81 | / | Government Grants Recognized in Profit or Loss for the Current Period (Jan-Jun 2025) | Type | Current Period Amount (yuan) | | :--- | :--------------------------- | | Income-Related | 4,464,060.48 | | Total | 4,464,060.48 | [XII. Risks Related to Financial Instruments](index=114&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section details the credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk) faced by the company, and explains the company's strategies and practices for managing these risks, aiming to balance risk and return and minimize negative impacts - The company's risk management objective is to balance risk and return, minimize the negative impact of risks on operating performance, and maximize shareholder interests[352](index=352&type=chunk) - Credit risk primarily arises from monetary funds and receivables; the company controls this risk by depositing funds with highly-rated financial institutions and regularly assessing customer credit[356](index=356&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank loans, and adopting an appropriate combination of long-term and short-term financing[358](index=358&type=chunk) - Interest rate risk is mainly related to bank loans with floating interest rates, and foreign exchange risk is mainly related to foreign currency monetary assets and liabilities; the company will buy and sell foreign currencies at market exchange rates to maintain an acceptable net risk exposure[361](index=361&type=chunk)[362](index=362&type=chunk) [XIII. Disclosure of Fair Value](index=116&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the reporting period, primarily other non-current financial assets (funds), and explains the valuation techniques and significant parameters for Level 3 fair value measurement items Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :------------------------------------ | :----------- | | I. Recurring Fair Value Measurement | | | | (I) Trading Financial Assets and Other Non-Current Financial Assets | 443,574,459.80 | 443,574,459.80 | | 1. Financial assets measured at fair value through profit or loss | 443,574,459.80 | 443,574,459.80 | | (1) Equity instrument investments | 443,574,459.80 | 443,574,459.80 | | Total recurring fair value measured assets | 443,574,459.80 | 443,574,459.80 | - The company's Level 3 fair value measurement items are investments in partnership enterprises (fund companies), whose fair value is assessed by reviewing the reasonableness and reliability of third-party intermediary audit reports and simulating distributions according to the investment fund company agreements' distribution clauses[365](index=365&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=117&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's parent company, subsidiaries, joint ventures and associates, and other related parties, and lists related-party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related-party leases, related-party fund borrowings, and other financial services, as well as related-party commitments - The company's parent company is Ningbo Marine Group Co., Ltd., and the ultimate controlling party is the **Zhejiang Provincial People's Government State-owned Assets Supervision and Administration Commission**[367](index=367&type=chunk) - The company engaged in significant fuel procurement and vessel transportation service transactions with Zhejiang Zheneng Petroleum Fuel Sales Co., Ltd., Zheneng Fuxing, and other related parties[370](index=370&type=chunk)[371](index=371&type=chunk) - The company, as lessee, paid lease fees to Zheneng International Singapore First Shipping Co., Ltd., Zhejiang Zheneng Comprehensive Energy Technology Research and Development Co., Ltd., and other related parties[373](index=373&type=chunk) - The company had fund borrowings with Zheneng Finance Company, with **45 million yuan** borrowed in the current period, and an outstanding loan balance of **45 million yuan** at period-end[375](index=375&type=chunk) - The company signed a financial service cooperation agreement with Zheneng Finance Company, stipulating a maximum daily deposit balance of **1 billion yuan** and a total credit line of **1.5 billion yuan**[381](index=381&type=chunk) [XV. Share-Based Payment](index=123&type=section&id=XV.%20Share-Based%20Payment) The company had no share-based payment related information during this reporti

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