东华工程科技股份有限公司 2025 年半年度报告全文 2025 年半年度报告 证券简称：东华科技 证券代码：002140 东华工程科技股份有限公司 二○二五年八月 1 东华工程科技股份有限公司 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。 公司负责人李立新、主管会计工作负责人顾建安及会计机构负责人(会计 主管人员)刘雷光声明：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报告的董事会会议。 公司遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信息 披露》等要求，结合公司主营业务实际情况，在第三节"管理层讨论与分析" 之"十、公司面临的风险和应对措施"中，对所面临的经营风险、技术风险、 项目风险、投资风险等风险进行了揭示，敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 1 | | --- | --- | --- | --- ...

天津津滨发展股份有限公司 2025 年半年度报告全文 天津津滨发展股份有限公司 2025 年半年度报告 2025-16 【2025.08】 1 天津津滨发展股份有限公司 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。 公司负责人华志忠、主管会计工作负责人郝波及会计机构负责人(会计主 管人员)李建民声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 公司已在本报告中详细描述可能存在的风险因素带来的影响，敬请查阅第 三节管理层讨论与分析中关于公司未来发展的讨论与分析中可能面对的风险 因素内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主 ...

长春高新技术产业（集团）股份有限公司 2025 年半年度报告全文 证券代码：000661 证券简称：长春高新 公告编号：2025-081 公司负责人姜云涛、主管会计工作负责人朱兴功及会计机构负责人(会计 主管人员)陈彤声明：保证本半年度报告中财务报告的真实、准确、完整。 长春高新技术产业（集团）股份有限公司 2025 年半年度报告 2025 年 8 月 长春高新技术产业（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。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来计划、发展战略等前瞻性陈述，不构成公司对投 资者的实质承诺，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。 公司在本报告"第三节管理层讨论与分析"之"十、公司面临的风险和应 对措施"部分描述了公司未来经营中可能面临的风险，敬请广大投资者注意 阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Important Notice, Table of Contents and Definitions [Important Notice](index=2&type=section&id=重要提示) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility; the company's head and accounting officer declare the financial report is true, accurate, and complete, with no plans for semi-annual cash dividends, bonus shares, or capital increase from capital reserves - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report, assuming legal responsibility[4](index=4&type=chunk) - The company's head, Pan Yejiang, the accounting supervisor, Pan Yejiang, and the head of the accounting department, He Shuxian, declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section outlines the report's overall structure, encompassing nine main chapters such as important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related matters, financial reports, and other submitted data [Reference Documents](index=4&type=section&id=备查文件目录) Reference documents include financial statements signed and sealed by the company's head, accounting supervisor, and head of the accounting department, along with originals of all publicly disclosed company documents and announcements during the reporting period - Reference documents include financial statements bearing the signatures and seals of the company's head, accounting supervisor, and head of the accounting department[9](index=9&type=chunk) - Reference documents also include the originals of all company documents and announcements publicly disclosed during the reporting period[10](index=10&type=chunk) [Definitions](index=5&type=section&id=释义) This section provides definitions for common terms used in the report, including company names, major subsidiaries, business terminology, and the reporting period, to ensure clear understanding of the content Key Definitions | Term | Definition | | :--- | :--- | | Company, Vatti, Vatti Stock, Parent Company | Vatti Co., Ltd | | Fenjin Investment | Shihezi Fenjin Equity Investment General Partnership, the company's controlling shareholder | | Best, Best Kitchen & Bath | Zhongshan Best Kitchen & Bath Co., Ltd., the company's wholly-owned subsidiary | | Vatti Home | Zhongshan Vatti Smart Home Co., Ltd | | LKA | Local Key Account, primarily referring to local comprehensive shopping malls in the industry | | KA | Key Account, primarily referring to large chain home appliance stores, large supermarkets, etc. in the industry | | Reporting Period, This Reporting Period, Current Period | January 1, 2025 to June 30, 2025 | | Previous Year/Same Period Last Year | January 1, 2024 to June 30, 2024 | Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=一、公司简介) Vatti Co., Ltd. (stock abbreviation: Vatti Stock, stock code: 002035) is listed on the Shenzhen Stock Exchange, with Pan Yejiang as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Vatti Stock | | Stock Code | 002035 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Vatti Co., Ltd | | Legal Representative | Pan Yejiang | [II. Contact Persons and Contact Information](index=6&type=section&id=二、联系人和联系方式) The company disclosed contact information for Board Secretary Pan Chuxin and Securities Affairs Representative Luo Sha, including address, phone, fax, and email Contact Persons and Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Pan Chuxin | No. 1 Huayuan Road South, Industrial Avenue, Xiaolan Town, Zhongshan City, Guangdong Province | 0760-22839992 | 0760-22839256 | pancx@vatti.com.cn | | Securities Affairs Representative | Luo Sha | No. 1 Huayuan Road South, Industrial Avenue, Xiaolan Town, Zhongshan City, Guangdong Province | 0760-22244225 | 0760-22839256 | luos@vatti.com.cn | [III. Other Information](index=6&type=section&id=三、其他情况) During the reporting period, there were no changes in the company's contact information, information disclosure and placement locations, or other relevant data, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=四、主要会计数据和财务指标) In the current reporting period, the company's operating revenue and net profit attributable to shareholders both decreased, and net cash flow from operating activities significantly reduced, while total assets and net assets attributable to shareholders remained relatively stable Key Accounting Data and Financial Indicators (Current Period vs. Same Period Last Year) | Indicator | Current Period (RMB) | Same Period Last Year (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,799,808,797.03 | 3,100,864,172.86 | -9.71% | | Net Profit Attributable to Shareholders of Listed Company | 272,043,072.08 | 299,587,271.15 | -9.19% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 266,012,311.58 | 292,052,553.69 | -8.92% | | Net Cash Flow from Operating Activities | 174,711,867.82 | 226,500,144.28 | -22.86% | | Basic Earnings Per Share (RMB/share) | 0.3273 | 0.3593 | -8.91% | | Diluted Earnings Per Share (RMB/share) | 0.3273 | 0.3593 | -8.91% | | Weighted Average Return on Net Assets | 7.02% | 7.98% | -0.96% | | **Period-End Indicators** | **End of Current Period (RMB)** | **End of Previous Year (RMB)** | **Change from End of Previous Year** | | Total Assets | 6,829,284,505.11 | 7,298,082,229.49 | -6.42% | | Net Assets Attributable to Shareholders of Listed Company | 3,802,189,340.17 | 3,779,465,388.89 | 0.60% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) Total non-recurring gains and losses for the current reporting period amounted to RMB 6,030,760.50, primarily from government subsidies and other non-operating income, also including non-current asset disposal gains/losses and fair value change gains/losses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets (including reversal of impairment provisions) | -1,280,773.84 | | | Government Subsidies Recognized in Current Profit/Loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on company profit/loss) | 6,573,665.10 | | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises, and from Disposal of Financial Assets and Liabilities (excluding effective hedge accounting related to normal business operations) | -151,048.00 | | | Other Non-Operating Income and Expenses Apart from the Above | 1,140,057.19 | | | Less: Income Tax Impact | 253,235.24 | | | Minority Interest Impact (After Tax) | -2,095.29 | | | Total | 6,030,760.50 | | - The company has no other profit/loss items that meet the definition of non-recurring gains/losses, nor does it classify non-recurring gains/losses as recurring gains/losses[23](index=23&type=chunk)[24](index=24&type=chunk) Management Discussion and Analysis [I. Main Business Activities During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company primarily engages in R&D, production, and sales of kitchen appliances and home customization products, covering both traditional and emerging categories; in H1 2025, the kitchen appliance industry saw slower growth due to real estate and consumer confidence, with integrated stoves underperforming, while high-end and essential categories remained stable, as the company strengthened its market position through multi-brand strategy, continuous R&D, diversified marketing, and digital supply chain transformation, actively expanding local lifestyle services and overseas markets [(I) Main Business and Products](index=9&type=section&id=（一）主要业务及产品) The company specializes in R&D, production, and sales of kitchen appliances, offering traditional products like range hoods, cooktops, and water heaters, alongside emerging categories such as integrated cooking centers, integrated stoves, dishwashers, and steam-oven combos, also expanding into home customization products like cabinets, wardrobes, and bathroom vanities, with several new health-tech and aesthetically pleasing products launched in the first half - The company primarily engages in R&D, production, and sales of kitchen appliances, with a product line covering traditional kitchen appliances such as range hoods, cooktops, and water heaters, as well as emerging categories like integrated cooking centers, integrated stoves, dishwashers, and steam-oven combos[26](index=26&type=chunk) - The company also covers home customization products such as cabinets, wardrobes, and bathroom vanities[26](index=26&type=chunk) - In the first half of 2025, the company launched new products including Vatti Beauty Bath TC5i/GW6i, Vatti Full Premix Wall-hung Boiler Super New Product QH1i, Vatti Steam-Oven Combo FA50P, and Vatti Dishwasher JWB18-B7S[26](index=26&type=chunk) [(II) Industry Development and Company Position](index=9&type=section&id=（二）行业发展情况及公司地位) In H1 2025, China's kitchen appliance market grew by 3.9%, lagging the broader home appliance sector, as macroeconomic stability was offset by reduced "trade-in" policy impact and ongoing real estate adjustments, pressuring the market; consumer confidence moderately recovered, favoring essential items, while integrated stove sales dropped by 27.6% amid intensified price competition in range hoods and cooktops, yet high-end kitchen appliances performed strongly with accelerated intelligent transformation, and the company, as a leading player, holds 4,690 national patents and leads multiple national standards, earning numerous brand and product innovation accolades - In the first half of 2025, China's kitchen appliance market's overall retail sales increased by **3.9%** year-on-year, lower than the average **9.2%** growth of the broader home appliance market[27](index=27&type=chunk) - The compensatory pull effect of the "trade-in" policy decreased, new housing starts in the real estate market fell by **20.0%** year-on-year, and completed housing areas decreased by **14.8%** year-on-year, posing severe challenges to the kitchen appliance market[28](index=28&type=chunk)[29](index=29&type=chunk) - The integrated stove market faced a severe downturn, with cumulative retail sales and retail volume in the first half of 2025 decreasing by **27.6%** and **24.1%** year-on-year, respectively[32](index=32&type=chunk) - The high-end kitchen appliance market performed remarkably, with range hoods priced above RMB 3,500 seeing a **2.3%** increase in sales share during the 618 shopping festival, and gas cooktops priced above RMB 2,000 growing by **2.4%**[34](index=34&type=chunk) - As of the end of June 2025, the company held **4,690** national-level patent technologies, including **835** invention patents, ranking among the industry leaders[38](index=38&type=chunk) [(III) Business Model](index=11&type=section&id=（三）经营模式) The company operates three independent brands—"Vatti," "Best," and "Vatti Home"—each targeting different markets, maintains independent R&D, employs "production-based procurement" and "sales-based production" models, diversifies sales channels through online-offline integration, and continuously enhances its service network - The company owns three independent brands: "Vatti" (high-end market), "Best" (tier 3-4 cities and overseas markets), and "Vatti Home" (smart home)[40](index=40&type=chunk)[41](index=41&type=chunk) - The R&D model adheres to independent research and development, adopting an innovative "develop one generation, reserve one generation, explore one generation" development model[42](index=42&type=chunk) - The procurement model combines "procurement based on production" with appropriate inventory, and the production model is "production based on sales"[43](index=43&type=chunk)[44](index=44&type=chunk) - The sales model establishes a multi-channel integrated system, including offline agency, online direct sales and distribution, and independent and agency operations for engineering channels[45](index=45&type=chunk) [(IV) Key Performance Drivers](index=12&type=section&id=（四）主要业绩驱动因素) The company's performance is primarily driven by its premiumization strategy, enhanced marketing, continuous product innovation, and digital transformation, with new products like beauty bath water heaters reinforcing the "New Chinese Fashion Healthy Living" concept and boosting brand differentiation, while diversified marketing, new retail channel expansion, and AI application exploration collectively contribute to business growth - The premiumization strategy continues to gain momentum, with the launch of new products such as "water-nourishing skin" beauty bath water heaters, built-in steam/micro-steam-oven combos, and personalized full premix condensing wall-hung boilers, establishing a differentiated competitive advantage[47](index=47&type=chunk)[48](index=48&type=chunk) - Marketing capabilities continue to advance, with nearly **2,000** joint promotions across thousands of stores nationwide, new retail creating study tour IPs, and the online Max series new products achieving significant sales upon launch[49](index=49&type=chunk) - Product innovation continues, with new-form range hoods fully deployed, water heaters breaking through in the high-end price segment above **RMB 4,000**, and key dishwasher technologies fully covering main products[50](index=50&type=chunk) - Intelligent transformation and digital transformation are progressing steadily, achieving phased results in building intelligent product and scenario ecosystems, digitizing marketing and service systems, and optimizing financial supply chains, while actively exploring AI applications[51](index=51&type=chunk) [(V) Overview of Operations](index=13&type=section&id=（五）经营情况概述) During the reporting period, the company focused on "enhancing profitability, gaining market share, and strengthening operational efficiency," achieving significant product innovation, strong performance in the high-end market, new retail channel expansion, improved user service quality, and phased digital transformation results; however, influenced by the real estate market and intense industry competition, operating revenue decreased by **9.71%** to **RMB 2.80 billion**, and net profit attributable to the parent company decreased by **9.19%** to **RMB 272 million**, as the company deepened brand positioning, expanded channel ecosystems, enhanced product innovation, optimized supply chain and user services, and maintained its multi-brand strategy, with Vatti Home achieving double-digit growth in both revenue and profit - During the reporting period, the company achieved operating revenue of **RMB 2.80 billion**, a year-on-year decrease of **9.71%**; net profit attributable to the parent company was **RMB 272 million**, a year-on-year decrease of **9.19%**[53](index=53&type=chunk) - Deepened the "Fashion Science Kitchen Appliance" positioning, integrating the "New Chinese Fashion Healthy Living" concept, and enhanced brand awareness and user stickiness through new product launches, celebrity live streams, and other activities[54](index=54&type=chunk) - Offline channel operating revenue was **RMB 1.486 billion**, a year-on-year decrease of **6.25%**, with a gross profit margin of **45.89%**, a year-on-year increase of **6.83%**; strategic cooperation was established with Meituan and Amap to strengthen local lifestyle services[55](index=55&type=chunk) - Online channels deepened their layout, focusing on content e-commerce platforms like Douyin, with the Max series new products becoming instant bestsellers upon launch, and high-end range hood and cooktop segments achieving double growth in sales and structural proportion[56](index=56&type=chunk) - Vatti Home achieved operating revenue of **RMB 92.7678 million**, a year-on-year increase of **29.74%**, realizing double growth in both revenue and profit[70](index=70&type=chunk) - As of the end of June, the company added **472** new patents in 2025, bringing the cumulative number of patents to **4,690**[61](index=61&type=chunk) [II. Analysis of Core Competencies](index=18&type=section&id=二、核心竞争力分析) The company's core competencies remain unchanged, primarily reflected in its multi-brand strategy, continuous R&D investment, multi-channel integrated system, comprehensive product structure, and pragmatic and rigorous management model; through its "Vatti," "Best," and "Vatti Home" brands, the company meets diverse market demands, leads the industry with innovative technologies (e.g., concentrated combustion technology, beauty bath water heaters), builds an integrated online-offline marketing network, forming a broad product system and efficient organizational management - The company adheres to a multi-brand strategy, satisfying diverse market demands through its three major brands—"Vatti," "Best," and "Vatti Home"—thereby enhancing overall brand influence[72](index=72&type=chunk) - Increased R&D investment led to the launch of new-generation concentrated combustion technology cooktops (maximum firepower **5.2kW**, **54%** reduction in CO emissions) and "Beauty Bath" gas water heaters (**29.89%** increase in facial moisture content), pioneering a new "water-nourishing skin" segment[73](index=73&type=chunk) - Established a multi-channel integrated system, comprehensively covering online and offline markets, including agency, new retail, direct e-commerce, and engineering channels, while utilizing emerging marketing channels to improve traffic conversion rates[74](index=74&type=chunk) - Improved the product structure system, forming a broad market coverage centered on kitchen appliances, extending to emerging integrated kitchen appliances, whole-house customization, water purifiers, and wall-hung boilers[75](index=75&type=chunk) [III. Analysis of Main Business](index=19&type=section&id=三、主营业务分析) In the current reporting period, the company's main business revenue decreased by **9.71%** year-on-year, but operating costs fell by **14.06%**, leading to an improved gross profit margin; financial expenses increased due to reduced interest income and exchange rate gains, while net cash outflow from investing activities significantly increased, primarily due to project payments and changes in wealth management principal; by product, range hood and water heater revenues declined, while cooktop, steam-oven combo, and water purifier revenues saw slight growth, and both domestic and overseas market revenues decreased, yet their gross profit margins improved Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Same Period Last Year (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,799,808,797.03 | 3,100,864,172.86 | -9.71% | | | Operating Cost | 1,580,889,647.15 | 1,839,470,157.70 | -14.06% | | | Selling Expenses | 702,746,730.30 | 726,043,932.64 | -3.21% | | | Administrative Expenses | 129,689,415.12 | 126,053,100.61 | 2.88% | | | Financial Expenses | -4,659,573.68 | -11,178,488.25 | 58.32% | Primarily due to decreased interest income and impact of exchange gains in the current period | | R&D Investment | 115,762,524.60 | 126,737,440.48 | -8.66% | | | Net Cash Flow from Operating Activities | 174,711,867.82 | 226,500,144.28 | -22.86% | | | Net Cash Flow from Investing Activities | -320,116,252.12 | -136,439,984.03 | -134.62% | Primarily due to increased project payments and changes in wealth management principal compared to the same period last year | | Net Cash Flow from Financing Activities | -240,930,497.58 | -336,927,462.77 | 28.49% | Primarily due to equity repurchase payments in the same period last year | | Net Increase in Cash and Cash Equivalents | -383,582,594.34 | -242,050,608.14 | -58.47% | Primarily due to increased investing activities in the current period compared to the same period last year | Operating Revenue Composition (by Product and Region) | Category | Item | Current Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **By Product** | | | | | | | Range Hoods | 1,169,249,574.96 | 41.76% | -9.97% | | | Cooktops | 733,778,103.83 | 26.21% | 2.00% | | | Water Heaters | 519,620,554.56 | 18.56% | -20.74% | | | Disinfection Cabinets | 33,574,931.98 | 1.20% | -38.59% | | | Dishwashers | 28,632,504.40 | 1.02% | -0.14% | | | Steam-Oven Combos | 35,195,998.38 | 1.26% | 2.69% | | | Integrated Stoves | 23,100,857.97 | 0.83% | -45.00% | | **By Region** | | | | | | | Domestic | 2,405,982,917.49 | 85.93% | -10.07% | | | Overseas | 347,114,681.51 | 12.40% | -8.40% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Category | Item | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | | | Electrical Machinery and Equipment Manufacturing | 2,753,097,599.00 | 1,538,997,707.16 | 44.10% | -9.86% | -14.45% | 3.00% | | **By Product** | | | | | | | | | | Range Hoods | 1,169,249,574.96 | 603,203,915.34 | 48.41% | -9.97% | -15.47% | 3.36% | | | Cooktops | 733,778,103.83 | 376,228,764.31 | 48.73% | 2.00% | -4.68% | 3.60% | | | Water Heaters | 519,620,554.56 | 343,035,614.78 | 33.98% | -20.74% | -22.17% | 1.21% | | **By Region** | | | | | | | | | | Domestic | 2,405,982,917.49 | 1,300,949,214.39 | 45.93% | -10.07% | -15.30% | 3.34% | | | Overseas | 347,114,681.51 | 238,048,492.77 | 31.42% | -8.40% | -9.53% | 0.86% | [IV. Analysis of Non-Core Business](index=21&type=section&id=四、非主营业务分析) The company's non-core business primarily includes investment income, fair value change gains/losses, asset impairment, non-operating income, and expenses; investment income mainly derives from wealth management products and is sustainable, while asset impairment is mainly due to inventory depreciation provisions Non-Core Business Items and Amounts | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 14,084,599.35 | 4.53% | Primarily from wealth management product income | Yes | | Gains/Losses from Fair Value Changes | -151,048.00 | -0.05% | Primarily due to changes in market value of investment projects | Yes | | Asset Impairment | -7,677,530.22 | -2.47% | Primarily due to provision for inventory depreciation | Yes | | Non-Operating Income | 1,943,314.65 | 0.63% | Primarily income unrelated to daily operating activities | Yes | | Non-Operating Expenses | 2,064,908.81 | 0.66% | Primarily expenses unrelated to daily operating activities, such as disposal of fixed assets and donations | Yes | [V. Analysis of Assets and Liabilities](index=21&type=section&id=五、资产及负债状况分析) At the end of the reporting period, the company's total assets decreased by **6.42%** year-on-year; current and non-current assets such as monetary funds, notes receivable, and construction in progress decreased, while accounts receivable, fixed assets, contract liabilities, and long-term borrowings increased; the company has no major overseas assets, and the fair value of financial assets measured at fair value was **RMB 1,618,258,776.42** at period-end, with some monetary funds, notes receivable, and accounts receivable being restricted Significant Changes in Asset Composition (Period-End vs. Previous Year-End) | Item | Amount at End of Current Period (RMB) | Proportion of Total Assets | Amount at Previous Year-End (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,213,259,775.83 | 17.77% | 1,671,497,402.51 | 22.90% | -5.13% | | Accounts Receivable | 835,148,938.42 | 12.23% | 683,882,620.64 | 9.37% | 2.86% | | Inventories | 695,408,406.96 | 10.18% | 698,777,540.35 | 9.57% | 0.61% | | Fixed Assets | 1,429,348,478.24 | 20.93% | 1,271,353,816.55 | 17.42% | 3.51% | | Construction in Progress | 99,367,451.17 | 1.46% | 215,357,046.13 | 2.95% | -1.49% | | Contract Liabilities | 251,057,199.68 | 3.68% | 216,118,143.96 | 2.96% | 0.72% | | Long-Term Borrowings | 33,999,973.62 | 0.50% | 24,309,773.62 | 0.33% | 0.17% | Assets and Liabilities Measured at Fair Value (Period-End) | Item | Period-End Amount (RMB) | | :--- | :--- | | Financial Assets Held for Trading | 1,553,923,080.00 | | Investments in Other Equity Instruments | 6,160,114.29 | | Other Non-Current Financial Assets | 58,175,582.13 | | **Subtotal of Financial Assets** | **1,618,258,776.42** | Asset Restrictions as of the End of the Reporting Period | Item | Book Value at Period-End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 255,328,170.51 | Bank acceptance bill deposits, letter of guarantee deposits | | Notes Receivable | 39,624,261.78 | Pledged bank acceptance bills | | Accounts Receivable | 7,875,286.03 | Factoring of accounts receivable not derecognized | | **Total** | **302,827,718.32** | | [VI. Analysis of Investment Status](index=23&type=section&id=六、投资状况分析) During the reporting period, the company's investment increased by **73.07%** year-on-year; major non-equity investment projects, including smart park civil works and equipment (Phase I and II), had cumulative investments of **RMB 257,789,712.04** and **RMB 11,977,155.99** respectively, with progress at **61.09%** and **2.28%**, both in the fixed asset deployment phase and not yet generating returns; the company had no significant equity, securities, or derivative investments during the reporting period - Investment during the reporting period was **RMB 163,882,305.85**, a year-on-year increase of **73.07%**[87](index=87&type=chunk) Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it Fixed Asset Investment | Amount Invested in Current Period (RMB) | Cumulative Actual Investment as of End of Reporting Period (RMB) | Project Progress | Expected Return | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Smart Park Civil Works and Equipment (Phase I) | Self-built | Yes | 58,522,072.38 | 257,789,712.04 | 61.09% | In fixed asset deployment phase, not yet in production | | Smart Park Civil Works and Equipment (Phase II) | Self-built | Yes | 11,977,155.99 | 11,977,155.99 | 2.28% | In fixed asset deployment phase, not yet in production | - The company had no securities investments or derivative investments during the reporting period[90](index=90&type=chunk)[92](index=92&type=chunk) [VII. Major Asset and Equity Sales](index=24&type=section&id=七、重大资产和股权出售) The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[94](index=94&type=chunk) - The company did not sell any major equity during the reporting period[95](index=95&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=24&type=section&id=八、主要控股参股公司分析) The company's main subsidiary, Zhongshan Best Kitchen & Bath Co., Ltd., achieved operating revenue of **RMB 717,358,290.81** and net profit of **RMB 47,279,228.95** during the reporting period; the company established **16** new subsidiaries, primarily kitchen and bath sales companies, which had no significant impact on overall production, operations, or performance Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Best Kitchen & Bath | Subsidiary | R&D, production, and sales of kitchen and bath appliance products | 80,000,000 | 1,550,180,422.31 | 989,087,567.46 | 717,358,290.81 | 55,779,155.23 | 47,279,228.95 | - During the reporting period, the company established **16** new subsidiaries, including Haikou Zhongying Zhixiang Kitchen & Bath Co., Ltd., Kunming Huahao Zhiheng Kitchen & Bath Co., Ltd., etc., which had no significant impact on overall production, operations, or performance[96](index=96&type=chunk) [IX. Structured Entities Controlled by the Company](index=24&type=section&id=九、公司控制的结构化主体情况) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[97](index=97&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=25&type=section&id=十、公司面临的风险和应对措施) The company faces risks including macroeconomic conditions, material price fluctuations, market competition, exchange rate changes, and loss of key talent; to address these challenges, the company will adjust business strategies, optimize marketing and channels, strengthen cost control, utilize financial instruments to mitigate exchange rate risk, and improve talent development and incentive mechanisms - Macroeconomic risks: The kitchen appliance industry is affected by economic conditions and the real estate market's prosperity; the company will promptly adjust its business strategies, optimize marketing and channels, and improve product quality and product mix[98](index=98&type=chunk) - Material price fluctuation risks: Price fluctuations of major raw materials (stainless steel, glass, aluminum, copper, etc.) affect profitability; the company will strengthen procurement cost control, optimize the supply chain, and improve production efficiency[99](index=99&type=chunk) - Market competition risks: Industry competition is intensifying; the company will adhere to technological innovation, improve channel layout, formulate differentiated marketing strategies, and deepen brand recognition[100](index=100&type=chunk) - Exchange rate fluctuation risks: Overseas business expansion leads to exchange rate fluctuations affecting financial costs; the company will mitigate risks through measures such as forward foreign exchange settlements and foreign exchange options[101](index=101&type=chunk) - Core talent loss risks: The company will improve its talent development mechanism, establish a scientific human resource management system, employee training and incentive programs, and strengthen corporate culture construction[102](index=102&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[103](index=103&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[104](index=104&type=chunk) [XII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=26&type=section&id=十二、"质量回报双提升"行动方案贯彻落实情况) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[104](index=104&type=chunk) Corporate Governance, Environment and Society [I. Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, the company's board of directors and supervisory board underwent re-election, with Pan Yezhao, Zhao Shuqiang, Mai Qiang, and Ding Beichen elected as directors or independent directors, while Pan Yuanzhi, Ding Yunlong, Kong Fanmin, Zhou Yi, Liang Pinghua, Chen Huifen, and Mo Zexuan departed due to term expiration - On May 20, 2025, Pan Yezhao was elected as an employee representative director, and Zhao Shuqiang, Mai Qiang, and Ding Beichen were elected as independent directors[110](index=110&type=chunk) - Pan Yuanzhi (Vice Chairman), Ding Yunlong (Independent Director), Kong Fanmin (Independent Director), Zhou Yi (Independent Director), Liang Pinghua (Chairperson of the Supervisory Board), Chen Huifen (Supervisor), and Mo Zexuan (Supervisor) departed due to term expiration[110](index=110&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=27&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[107](index=107&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[108](index=108&type=chunk) [IV. Environmental Information Disclosure](index=27&type=section&id=四、环境信息披露情况) Vatti Co., Ltd. and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and have disclosed environmental information on the Guangdong Provincial Enterprise Environmental Information Disclosure Platform - Vatti Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[109](index=109&type=chunk) - Environmental information disclosure reports can be found on the Guangdong Provincial Enterprise Environmental Information Disclosure Platform[109](index=109&type=chunk) [V. Social Responsibility](index=27&type=section&id=五、社会责任情况) The company integrates ESG principles into its corporate strategy, committing to green factory construction and low-carbon initiatives through technological innovation; it actively participates in poverty alleviation, education support, and medical donations, including a **RMB 500,000** donation during the reporting period for the reconstruction of Jiuzhouji Primary School's comprehensive building, supporting educational development - The company integrates ESG into its corporate strategy, embedding sustainable development throughout the product lifecycle, and is committed to building green factories[110](index=110&type=chunk) - The company actively fulfills its corporate social responsibility, engaging in public welfare through various means such as poverty alleviation, education support, medical donations, and community building[111](index=111&type=chunk) - Earlier this year, the company made a targeted donation of **RMB 500,000** to support the reconstruction of the comprehensive building of Jiuzhouji Primary School in Xiaolan Town[111](index=111&type=chunk) Significant Matters [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=29&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) The company's board of directors has timely fulfilled its commitments regarding the "Company's Shareholder Return Plan for the Next Three Years (2022-2024)," which stipulates that cash dividends are prioritized when conditions are met, with cash dividends not less than **10%** of the distributable profit for the year, and cumulative cash dividends over any three consecutive years not less than **30%** of the average annual distributable profit for those three years - The company's board of directors has timely fulfilled its commitments regarding the "Company's Shareholder Return Plan for the Next Three Years (2022-2024)"[113](index=113&type=chunk) - The commitment includes prioritizing cash dividends when conditions for cash distribution are met, with the profit distributed in cash not less than **10%** of the distributable profit for the year[113](index=113&type=chunk) - Over any three consecutive years, the company's cumulative cash dividends shall not be less than **30%** of the average annual distributable profit achieved during those three years[113](index=113&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=29&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company - The company had no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[114](index=114&type=chunk) [III. Irregular External Guarantees](index=29&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[115](index=115&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=29&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[116](index=116&type=chunk) [V. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period](index=30&type=section&id=五、董事会、监事会对会计师事务所本报告期"非标准审计报告"的说明) The company's semi-annual report was not audited, thus there is no explanation from the board of directors or supervisory board regarding a "non-standard audit report" for the current period [VI. Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year](index=30&type=section&id=六、董事会对上年度"非标准审计报告"相关情况的说明) The company has no explanations from the board of directors regarding a "non-standard audit report" for the previous year [VII. Bankruptcy and Reorganization Matters](index=30&type=section&id=七、破产重整相关事项) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[117](index=117&type=chunk) [VIII. Litigation Matters](index=30&type=section&id=八、诉讼事项) The company had no significant litigation or arbitration matters during the reporting period; other litigation matters involved a cumulative amount of **RMB 110.044 million**, with some cases not yet heard or concluded, leading to uncertainty regarding their impact on current or future profits - The company had no significant litigation or arbitration matters during the current reporting period[118](index=118&type=chunk) Summary of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of Litigation Matters Not Reaching the Disclosure Standard for Significant Litigation in 12 Consecutive Months | 11,004.4 | No | Some not yet heard, some in trial, some in execution, some concluded | Given that some cases have not yet been heard or concluded, their impact on the company's current or future profits is uncertain | [IX. Penalties and Rectification](index=30&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[119](index=119&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=30&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller - The company had no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[120](index=120&type=chunk) [XI. Significant Related Party Transactions](index=30&type=section&id=十一、重大关联交易) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[120](index=120&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[121](index=121&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[123](index=123&type=chunk) [XII. Significant Contracts and Their Performance](index=31&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had no entrustment, contracting, leasing matters, or significant guarantees; wealth management transactions amounted to **RMB 1.881 billion**, with an outstanding balance of **RMB 1.5539231 billion** at period-end and no overdue unrecovered amounts; the company had no other significant contracts - The company had no entrustment, contracting, or leasing situations during the reporting period[127](index=127&type=chunk)[128](index=128&type=chunk)[130](index=130&type=chunk) - The company had no significant guarantees during the reporting period[131](index=131&type=chunk) Wealth Management Status | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (RMB 10,000) | Outstanding Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 180,000 | 145,160 | 0 | | Brokerage Wealth Management Products | Own Funds | 8,100 | 10,000 | 0 | | Other Categories | Own Funds | 0 | 232.31 | 0 | | **Total** | | **188,100** | **155,392.31** | **0** | [XIII. Explanation of Other Significant Matters](index=32&type=section&id=十三、其他重大事项的说明) In July 2025, the company completed the industrial and commercial registration procedures for its operating premises and obtained a renewed "Business License" from the Zhongshan Market Supervision Administration, involving the application for multiple business addresses under one license and revision of the "Articles of Association" - In July 2025, the company completed the industrial and commercial registration procedures for its operating premises and obtained a renewed "Business License" from the Zhongshan Market Supervision Administration[134](index=134&type=chunk) - This matter involved applying for multiple business addresses under one license and revising the "Articles of Association"[134](index=134&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=32&type=section&id=十四、公司子公司重大事项) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[135](index=135&type=chunk) Share Changes and Shareholder Information [I. Share Change Status](index=33&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital remained unchanged, but restricted shares increased by **505,025** shares, with a corresponding decrease in unrestricted shares, primarily due to the normal re-election of the board, where shares held by new directors, senior management, and departing directors, supervisors, and senior management were locked up according to regulations Share Change Status | Share Type | Quantity Before This Change (shares) | Proportion Before This Change | Net Change (＋, －) in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 67,130,576 | 7.92% | +505,025 | 67,635,601 | 7.98% | | II. Unrestricted Shares | 780,523,042 | 92.08% | -505,025 | 780,018,017 | 92.02% | | III. Total Shares | 847,653,618 | 100.00% | 0 | 847,653,618 | 100.00% | - The main reason for the share change was the company's normal re-election of the board, where shares held by new directors, senior management, and departing directors, supervisors, and senior management were locked up according to regulations[138](index=138&type=chunk) [II. Securities Issuance and Listing](index=34&type=section&id=二、证券发行与上市情况) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[142](index=142&type=chunk) [III. Number of Shareholders and Shareholding Status](index=34&type=section&id=三、公司股东数量及持股情况) At the end of the reporting period, the total number of common shareholders was **37,625**; among the top ten shareholders, Shihezi Fenjin Equity Investment General Partnership held **14.27%**, serving as the controlling shareholder, and Pan Yejiang held **10.25%**; Hong Kong Securities Clearing Company Limited held **7.30%**; the company's dedicated share repurchase account cumulatively repurchased **16,589,882** shares, accounting for **1.96%** of the total share capital - The total number of common shareholders at the end of the reporting period was **37,625**[143](index=143&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shihezi Fenjin Equity Investment General Partnership | Domestic Non-State-Owned Legal Person | 14.27% | 120,960,000 | | 120,960,000 | Pledged 23,550,000 | | Pan Yejiang | Domestic Natural Person | 10.25% | 86,922,235 | 65,191,676 | 21,730,559 | Pledged 13,000,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 7.30% | 61,915,325 | | 61,915,325 | N/A | | Bank of China Co., Ltd. - Franklin Templeton Sealand Small-Cap Stock Fund | Other | 2.82% | 23,899,924 | | 23,899,924 | N/A | | Milin County Liandong Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.79% | 23,680,000 | | 23,680,000 | N/A | | Yang Jianhui | Domestic Natural Person | 2.66% | 22,577,737 | | 22,577,737 | N/A | | China Merchants Bank Co., Ltd. - Franklin Templeton Sealand Hengrui Bond Fund | Other | 1.63% | 13,846,138 | | 13,846,138 | N/A | | Pan Quanzhi | Domestic Natural Person | 1.48% | 12,518,316 | | 12,518,316 | N/A | | China Merchants Bank Co., Ltd. - Franklin Templeton Sealand Fundamental Selection Mixed Fund | Other | 1.27% | 10,800,000 | | 10,800,000 | N/A | | Agricultural Bank of China Co., Ltd. - Franklin Templeton Sealand Flexible Market Value Mixed Fund | Other | 1.05% | 8,890,600 | | 8,890,600 | N/A | - The company has cumulatively repurchased **16,589,882** shares through its dedicated share repurchase securities account via centralized bidding transactions, accounting for **1.96%** of the company's current total share capital[144](index=144&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, the total shareholdings of the company's directors, supervisors, and senior management remained unchanged, but the number of restricted shares held by some departing directors, supervisors, and senior management increased due to lock-up in accordance with regulations Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Number of Shares Held at Beginning of Period (shares) | Number of Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Pan Yejiang | Chairman, President | Current | 86,922,235 | 86,922,235 | | Pan Yuanzhi | Vice Chairman | Departed | 2,016,000 | 2,016,000 | | Qiu Minggui | Vice President | Current | 313,700 | 313,700 | | He Shuxian | CFO | Current | 252,000 | 252,000 | | Mo Zexuan | Supervisor | Departed | 3,500 | 3,500 | | Zhou Yi | Independent Director | Departed | 150 | 150 | | **Total** | | | **89,507,585** | **89,507,585** | [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=五、控股股东或实际控制人变更情况) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[146](index=146&type=chunk) - The company's actual controller remained unchanged during the reporting period[146](index=146&type=chunk) [VI. Preferred Share Information](index=37&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[147](index=147&type=chunk) Bond-Related Information [Bond-Related Information](index=38&type=section&id=债券相关情况) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[149](index=149&type=chunk) Financial Report [I. Audit Report](index=39&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[151](index=151&type=chunk) [II. Financial Statements](index=39&type=section&id=二、财务报表) This section includes Vatti Co., Ltd.'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 flows at the end of the reporting period Consolidated Balance Sheet (Period-End Balances) | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 1,213,259,775.83 | 1,671,497,402.51 | | Financial Assets Held for Trading | 1,553,923,080.00 | 1,384,175,980.90 | | Notes Receivable | 152,901,912.09 | 504,556,667.04 | | Accounts Receivable | 835,148,938.42 | 683,882,620.64 | | Inventories | 695,408,406.96 | 698,777,540.35 | | Fixed Assets | 1,429,348,478.24 | 1,271,353,816.55 | | Construction in Progress | 99,367,451.17 | 215,357,046.13 | | **Total Assets** | **6,829,284,505.11** | **7,298,082,229.49** | | Short-Term Borrowings | 50,057,611.00 | 50,058,000.94 | | Notes Payable | 1,077,597,552.94 | 1,485,278,618.64 | | Accounts Payable | 696,751,135.49 | 771,677,085.74 | | Contract Liabilities | 251,057,199.68 | 216,118,143.96 | | **Total Liabilities** | **2,983,088,483.69** | **3,474,111,500.18** | | Total Owners' Equity Attributable to Parent Company | 3,802,189,340.17 | 3,779,465,388.89 | | **Total Owners' Equity** | **3,846,196,021.42** | **3,823,970,729.31** | Consolidated Income Statement (Current Period Amounts) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 2,799,808,797.03 | 3,100,864,172.86 | | Total Operating Cost | 2,541,649,748.94 | 2,824,845,292.34 | | Operating Profit | 310,919,814.87 | 335,795,369.51 | | Total Profit | 310,798,220.71 | 337,182,262.17 | | Net Profit | 271,544,412.91 | 298,564,559.80 | | Net Profit Attributable to Parent Company Shareholders | 272,043,072.08 | 299,587,271.15 | | Basic Earnings Per Share (RMB/share) | 0.3273 | 0.3593 | | Diluted Earnings Per Share (RMB/share) | 0.3273 | 0.3593 | Consolidated Cash Flow Statement (Current Period Amounts) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 174,711,867.82 | 226,500,144.28 | | Net Cash Flow from Investing Activities | -320,116,252.12 | -136,439,984.03 | | Net Cash Flow from Financing Activities | -240,930,497.58 | -336,927,462.77 | | Net Increase in Cash and Cash Equivalents | -383,582,594.34 | -242,050,608.14 | | Cash and Cash Equivalents at Period-End | 957,931,605.32 | 985,746,947.17 | [III. Company Basic Information](index=59&type=section&id=三、公司基本情况) This section details Vatti Co., Ltd.'s registration information, industry nature, business scope, main products, historical evolution, and consolidated financial statement scope; the company primarily engages in kitchen appliance and home customization businesses with a rich product line, established in 2001, and after multiple capital changes, its current total share capital is **RMB 847,653,618.00**; the consolidated scope includes **59** subsidiaries, with **16** new sub-subsidiaries added this period - Company Name: Vatti Co., Ltd., Registered Address: No. 1 Huayuan Road South, Industrial Avenue, Xiaolan Town, Zhongshan City, Guangdong Province, Legal Representative: Pan Yejiang[190](index=190&type=chunk) - The company's industry nature is electrical machinery and equipment manufacturing, primarily engaged in R&D, production, and sales of kitchen appliance products, home customization, and other businesses[190](index=190&type=chunk)[191](index=191&type=chunk) - The company's total share capital is **RMB 847,653,618.00**[207](index=207&type=chunk) - The scope of consolidated financial statements for the current period includes **59** subsidiaries, with **16** new sub-subsidiaries added[210](index=210&type=chunk)[211](index=211&type=chunk) [IV. Basis of Financial Statement Preparation](index=65&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, adhering to the Accounting Standards for Business Enterprises issued by the Ministry of Finance of the People's Republic of China, and comply with the disclosure requirements of the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities Publicly No. 15 – General Provisions on Financial Reports"; the company possesses the ability to continue as a going concern, with no significant matters affecting this ability - The company's financial statements are prepared on a going concern basis, complying with the requirements of Accounting Standards for Business Enterprises[212](index=212&type=chunk) - The financial statements also comply with the "Reporting Rules for Information Disclosure by Companies Issuing Securities Publicly No. 15 – General Provisions on Financial Reports" revised by the China Securities Regulatory Commission in 2023[212](index=212&type=chunk) - The company possesses the ability to continue as a going concern for at least 12 months from the end of the current reporting period, with no significant matters affecting this ability[213](index=213&type=chunk) [V. Significant Accounting Policies and Estimates](index=65&type=section&id=五、重要会计政策及会计估计) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering compliance with Accounting Standards for Business Enterprises, accounting period, operating cycle, functional currency, materiality standards, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, other receivables, contract assets, inventories, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, preferred shares/perpetual bonds, revenue recognition, contract costs, government grants, deferred income tax, leases, hedge accounting, fair value measurement, related parties, segment reporting, and discontinued operations; there were no significant changes in accounting policies and estimates during the reporting period - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truthfully and completely reflecting the company's financial position, operating results, and cash flows during the reporting period[215](index=215&type=chunk) - The company adopts the calendar year system, with a 12-month operating cycle, and uses RMB as its functional currency[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) - During the reporting period, the company had no significant changes in accounting policies and estimates[353](index=353&type=chunk) [VI. Taxation](index=100&type=section&id=六、税项) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge; the company and several subsidiaries enjoy a **15%** preferential corporate income tax rate as high-tech enterprises, while some subsidiaries, qualifying as small low-profit enterprises, pay income tax at a **20%** rate; the company also benefits from VAT immediate refund policies for software products and VAT additional deduction policies for advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Balance after deducting deductible input VAT from current output VAT | 6%、9%、13% | | Urban Maintenance and Construction Tax | Calculated and paid based on payable VAT | 5%、7% | | Corporate Income Tax | Calculated and paid based on taxable income | 25%、20%、15% | | Education Surcharge | Calculated and paid based on payable VAT | 3% | | Local Education Surcharge | Calculated and paid based on payable VAT | 2% | - Vatti Co., Ltd., Zhongshan Best Kitchen & Bath Co., Ltd., Zhongshan Vatti Smart Home Co., Ltd., Zhongshan Vatti Electronic Technology Co., Ltd., and Zhongshan Vatti Environmental Technology Co., Ltd. enjoy a **15%** preferential corporate income tax rate as high-tech enterprises[354](index=354&type=chunk)[355](index=355&type=chunk) - Zhongshan Zhengmeng Kitchen & Bath Appliance Co., Ltd., Zhongshan Vatti Integrated Kitchen Co., Ltd., and sub-subsidiary Zhongshan Best E-commerce Co., Ltd. qualify as small low-profit enterprises and pay corporate income tax at a **20%** rate[356](index=356&type=chunk) - The company sells self-developed and produced software products, for which the portion of VAT actual tax burden exceeding **3%** is subject to an immediate refund policy[356](index=356&type=chunk) - From January 1, 2023, to December 31, 2027, the company and some subsidiaries are eligible for an additional **5%** deduction on current deductible input VAT against payable VAT[358](index=358&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=102&type=section&id=七、合并财务报表项目注释) This section provides detailed notes to major items in the consolidated financial statements, including monetary funds, financial assets held for trading, notes receivable, accounts receivable, contract assets, other receivables, prepayments, inventories, other current assets, investments in other equity instruments, long-term equity investments, other non-current financial assets, fixed assets, construction in progress, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, preferred shares/perpetual bonds, revenue recognition, contract costs, government grants, deferred income tax, leases, hedge accounting, fair value measurement, related parties, segment reporting, and discontinued operations, as well as ownership or use-restricted assets, short-term borrowings, notes payable, accounts payable, other payables, contract liabilities, employee benefits payable, taxes payable, non-current liabilities due within one year, other current liabilities, long-term borrowings, lease liabilities, provisions, deferred income, share capital, capital reserves, treasury stock, other comprehensive income, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, administrative expenses, selling expenses, R&D expenses, financial expenses, other income, fair value change gains, investment income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and supplementary cash flow information - Period-end monetary funds amounted to **RMB 1,213,259,775.83**, of which **RMB 255,328,170.51** were restricted, primarily for bank acceptance bill deposits and letter of guarantee deposits[360](index=360&type=chunk) - Period-end financial assets held for trading amounted to **RMB 1,553,923,080.00**, primarily including structured deposits, bank wealth management products, and brokerage wealth management products[362](index=362&type=chunk) - Period-end book value of accounts receivable was **RMB 835,148,938.42**, with a bad debt provision ratio of **46.68%**[372](index=372&type=chunk)[373](index=373&type=chunk) - Period-end book value of inventories was **RMB 695,408,406.96**, with an inventory depreciation provision of **RMB 159,807,825.90**[421](index=421&type=chunk) - Period

奥瑞金科技股份有限公司 2025 年半年度报告全文 奥瑞金科技股份有限公司 2025 年半年度报告 公司在本报告"第三节 管理层讨论与分析"中"公司面临的风险和应对措施" 部分，描述了公司经营中可能面对的主要风险，敬请广大投资者注意查阅。 2025 年 8 月 1 奥瑞金科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人周云杰、主管会计工作负责人高礼兵及会计机构负责人高礼兵 声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 24 | | 第五节 | 重要事项 28 | | 第六节 | 股份变动及股东情况 45 | | 第七节 ...

[Important Notice and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, management guarantees, and definitions of key terms used throughout the report for clarity [Important Notice](index=4&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) Management guarantees report accuracy and completeness; no cash dividends or bonus shares planned - The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[10](index=10&type=chunk) - The company's principal, chief accountant, and accounting department head declare the financial report to be true, accurate, and complete[10](index=10&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms, company names, related parties, and the reporting period for accurate report interpretation - Company, the Company, and Salt Lake Stock refer to Qinghai Salt Lake Industry Co., Ltd[17](index=17&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[17](index=17&type=chunk) - China Minmetals is the company's ultimate controlling shareholder, and China Salt Lake is the controlling shareholder[17](index=17&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Company profile, key financial performance, and non-recurring gains and losses are presented [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Qinghai Salt Lake Industry Co., Ltd. (000792) is listed on Shenzhen Stock Exchange; contact and disclosure info unchanged - Stock Abbreviation: Salt Lake Stock, Stock Code: **000792**, Listed Exchange: Shenzhen Stock Exchange[23](index=23&type=chunk) - Company Legal Representative: Hou Zhaofei[23](index=23&type=chunk) - The company's contact information and information disclosure locations remained unchanged during the reporting period[25](index=25&type=chunk)[26](index=26&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, revenue decreased by 6.30%, but net profit attributable to shareholders increased by 13.69%, with operating cash flow significantly up by 76.28%, and both total assets and net assets growing 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,780,620,522.27 | 7,236,628,197.19 | -6.30% | | Net Profit Attributable to Shareholders of Listed Company | 2,515,130,477.62 | 2,212,325,948.88 | 13.69% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 2,509,247,590.09 | 2,158,606,288.53 | 16.24% | | Net Cash Flow from Operating Activities | 6,162,615,889.20 | 3,495,899,624.96 | 76.28% | | Basic Earnings Per Share (RMB/share) | 0.4753 | 0.4181 | 13.68% | | Diluted Earnings Per Share (RMB/share) | 0.4753 | 0.4181 | 13.68% | | Weighted Average Return on Net Assets | 7.12% | 6.70% | 0.42% | | **End of Current Reporting Period (RMB)** | **End of Prior Year (RMB)** | **Change from End of Prior Year** | | | Total Assets | 49,058,579,702.16 | 45,782,850,934.85 | 7.15% | | Net Assets Attributable to Shareholders of Listed Company | 39,077,305,446.02 | 36,574,787,737.51 | 6.84% | [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled 5.88 million RMB, primarily from government subsidies and fair value changes, positively impacting net profit after tax 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -1,075,671.11 | | Government subsidies recognized in current profit or loss | 9,008,269.05 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 1,359,675.56 | | Other non-operating income and expenses apart from the above | -2,284,090.90 | | Less: Income tax impact | 1,030,947.17 | | Impact on minority interests (after tax) | 94,347.90 | | Total | 5,882,887.53 | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's main business operations, core competencies, financial performance, investment activities, and risk management strategies [Main Business Operations During the Reporting Period](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core businesses are potash and lithium salts, operating in industries with concentrated global supply, high import dependence for potash, and volatile prices for lithium, driven by strong new energy vehicle demand - Potash industry overview: Global potash capacity is highly concentrated, with Canada, Russia, and Belarus accounting for **65%**; China's output is **13%**, ranking fourth globally[38](index=38&type=chunk) - Potash import dependence: China heavily relies on potash imports, with a **67% import dependency in 2024**, primarily from Russia, Belarus, Canada, and Laos[39](index=39&type=chunk)[40](index=40&type=chunk) - Potash price trend: Reduced production from Russia and Belarus, coupled with increased transportation costs, is expected to drive international potash prices up, with China's 2025 import contract price rising **27% to $346/ton**[43](index=43&type=chunk)[45](index=45&type=chunk) - Lithium salt industry trends: Global lithium resource capacity is expanding in 2025, with slow mine clear-out, potentially leading to wide price fluctuations; domestic lithium carbonate output increased by **45.1% year-on-year**, and imports rose by **15.3%**[49](index=49&type=chunk)[51](index=51&type=chunk)[53](index=53&type=chunk) - Lithium salt demand forecast: Global lithium carbonate demand is projected to reach **1.462 million tons in 2025**, a **19.2% year-on-year increase**, primarily driven by power battery and energy storage sectors[54](index

A股股票代碼：000166 H股股票代碼：6806 半年度报告 2025 年半年度報告 第一节 重要提示、目录和释义 重要提示 公司制定2025年度利润分配方案时，将考虑本次已派发的中期利润分配金额。如在本利润分配方案披露之日起至 实施权益分派股权登记日期间，公司总股本发生变动的，公司拟维持分配总额不变，相应调整每股分配比例。 此预案尚需提请公司股东大会审议批准。 八、 报告期内，公司不存在优先股。 半年度报告 2025 申万宏源集团股份有限公司 1 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、准确、完整，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、 本半年度报告经公司第六届董事会第九次会议审议通过。会议应参加表决董事11人，实际参加表决董事11人。 没有董事、监事、高级管理人员声明对半年度报告内容的真实性、准确性、完整性无法保证或存在异议。 三、 本公司法定代表人、执行董事、副董事长、总经理黄昊先生，财务总监任全胜女士及计划财务部负责人刘智祥先 生声明 ：保证本半年度报告中财务报告的真实、准确、完整。 四、 本半年度报告未经审计。毕马威华振会计 ...

1 中航光电科技股份有限公司 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。 公司负责人郭泽义、主管会计工作负责人王亚歌及会计机构负责人(会计 主管人员)刘聪声明：保证本半年度报告中财务报告的真实、准确、完整。 中航光电科技股份有限公司 2025 年半年度报告全文 中航光电科技股份有限公司 2025 年半年度报告 2025 年 8 月 报告期内，公司无重大风险，公司面临的风险详细内容见本报告"第三 节之十、公司面临的风险和应对措施"，敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 19 | | 第五节 | 重要事项 21 | | 第六节 | 股份变动及股东情况 27 | | 第七节 | 债券相关情况 33 ...

唐人神集团股份有限公司 2025 年半年度报告全文 证券代码：002567 证券简称：唐人神 公告编号：2025-076 唐人神集团股份有限公司 2025 年半年度报告 2025 年 08 月 30 日 1 唐人神集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人陶业、主管会计工作负责人杨志及会计机构负责人(会计主管 人员)杨志声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、经营目标、业绩预测等方面的内容，均 不构成公司对任何投资者的实质承诺，投资者及相关人士均应对此保持足够 的风险认识，并且应当理解计划、预测与承诺之间的差异，敬请广大的投资 者注意投资风险。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"畜禽、水产养殖相关业务"的披露要求 敬请查阅"第三节 管理层讨论与分析"中"十、公司面临的风险和应对 措施"。 公 ...

Part I Important Notice, Table of Contents and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with all directors attending the review meeting and key financial personnel certifying the financial report. - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness[3] - The company's head, chief accountant, and accounting department head declare the financial report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital[3] [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's overall structure, comprising eight main chapters that cover company profile to financial reports, providing a comprehensive navigation guide for investors. - The report is divided into eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[6] [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) This section lists the reference documents available for inspection during the reporting period, including signed financial statements, original public disclosure documents, and semi-annual reports published on other securities markets. - Reference documents include financial statements signed by the company's head and chief accountant[8] - Original copies of all publicly disclosed company documents and announcements during the reporting period are available for inspection[8] [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms and abbreviations used in the report, covering legal regulations, company entities, business units, industry metrics, and reporting periods to ensure accurate understanding of the content. - Clarifies abbreviations for laws, regulations, and institutions such as the "Company Law," "Securities Law," and "CSRC"[10] - Defines the company and its main subsidiaries and associates, including Bohai Leasing, HNA Capital, Avolon, and GSCL[10] - Explains industry-standard measurement units TEU and CEU, as well as the time scope of the reporting period[10] Part II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) This section introduces the company's basic information, including its stock abbreviation, code, listing exchange, Chinese and English names, legal representative, and detailed contact information for the Board Secretary and Securities Affairs Representative. - Company stock abbreviation is **"Bohai Leasing,"** stock code **"000415,"** listed on the Shenzhen Stock Exchange[12] - The company's legal representative is Jin Chuan[12] - Contact addresses, telephone numbers, faxes, and email addresses for Board Secretary Wang Jiawei and Securities Affairs Representative Ma Xiaodong are provided[13] [3. Other Information](index=6&type=section&id=3.%20Other%20Information) This section states that the company's registered address, office address, website, email, and information disclosure and storage locations remained unchanged during the reporting period, with specific details available in the 2024 annual report. - Company contact information remained unchanged during the reporting period, refer to the 2024 annual report[14] - Information disclosure and storage locations remained unchanged during the reporting period, refer to the 2024 annual report[15] [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue increased by 75.91% to 28.46 billion yuan, primarily due to higher aircraft sales and leasing income, while net profit attributable to shareholders decreased by 381.80% to -2.02 billion yuan, mainly impacted by a 3.29 billion yuan goodwill impairment for GSCL. Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,460,034,000.00 | 16,178,569,000.00 | 75.91% | | Net Profit Attributable to Listed Company Shareholders | -2,018,780,000.00 | 716,400,000.00 | -381.80% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -2,291,268,000.00 | 532,241,000.00 | -530.49% | | Net Cash Flow from Operating Activities | 11,177,978,000.00 | 11,717,371,000.00 | -4.60% | | Basic Earnings Per Share (yuan/share) | -0.3264 | 0.1158 | -381.87% | | Weighted Average Return on Net Assets | -6.73% | 2.37% | -9.10% | - Operating revenue increased by **75.91%**, primarily due to increased aircraft sales and aircraft leasing income in the current period[18] - Net profit decreased mainly due to a goodwill impairment of approximately **3.29 billion yuan** resulting from the sale of GSCL equity[18] - Excluding the impact of goodwill impairment, net profit was **1.27 billion yuan**, an increase of **77.27%** year-on-year, primarily driven by the robust aviation passenger demand and increased profitability in the aircraft leasing business[19] [5. Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) This section states that during the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards, nor under overseas accounting standards and Chinese Accounting Standards. - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20] - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21] [6. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the non-recurring gains and losses and their amounts for the reporting period, totaling 272.49 million yuan, primarily from government subsidies, fair value changes and disposal gains/losses of financial assets, and debt restructuring gains, confirming no reclassification of non-recurring items as recurring. Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Government grants recognized in current profit or loss | 3,111,000.00 | | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations of non-financial enterprises | 224,738,000.00 | Comprises fair value change losses of financial assets of approximately 142 million yuan and gains from disposal of financial assets of approximately 366 million yuan | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 15,691,000.00 | | | Debt restructuring gains and losses | 115,551,000.00 | Primarily due to the company receiving existing aircraft lease payments from HNA-related airlines, recognizing debt restructuring gains of approximately 72 million yuan; the company and its subsidiaries also generated debt restructuring gains of approximately 43 million yuan through contract term modifications | | Other non-operating income and expenses apart from the above | -1,439,000.00 | | | Less: Income tax impact | 80,890,000.00 | | | Minority interest impact (after tax) | 4,274,000.00 | | | Total | 272,488,000.00 | | - The company does not classify non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring items[24] Part III Management Discussion and Analysis [1. Company's Main Businesses During the Reporting Period](index=9&type=section&id=1.%20Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) During the reporting period, the company's main business was leasing, primarily providing aircraft leasing, container leasing, and domestic finance leasing services, maintaining a leading global position in aircraft and container leasing. - The company's main business is leasing, providing aircraft leasing, container leasing, infrastructure leasing, and large equipment leasing services[26] - Aircraft leasing business revenue accounts for approximately **89.11%** of the company's operating revenue, while container leasing business revenue accounts for approximately **10.39%**[26, 27] - The company maintains a global leading position in both the aircraft leasing and container leasing industries, with its fleet and container fleet sizes ranking among the top[32, 35] [(I) Company's Main Businesses and Business Model](index=9&type=section&id=(I)%20Company%27s%20Main%20Businesses%20and%20Business%20Model) The company's core businesses include aircraft leasing (primarily operating leases via Avolon and Tianjin Bohai, supplemented by sale-leasebacks and asset sales), container leasing (primarily operating leases via GSCL, offering diverse container types), and domestic finance leasing (sale-leasebacks and direct leases via Tianjin Bohai and Hengqin Leasing). - Aircraft leasing business primarily involves operating leases, acquiring aircraft and providing medium-to-long-term leasing services to global airlines, while also optimizing fleet structure through sales[26] - Container leasing business involves acquiring containers and leasing them to shipping companies, primarily through operating leases and supplemented by finance leases, offering a diversified container investment portfolio[27] - Domestic finance leasing business mainly provides sale-leaseback and direct leasing services to meet customer funding needs and asset acquisition plans[28] [(II) Industry Development](index=9&type=section&id=(II)%20Industry%20Development) The aircraft leasing industry benefits from global aviation recovery and limited manufacturer capacity, driving strong demand, higher aircraft values, and lease rates, with the company being the world's second-largest aircraft lessor. The container leasing industry faces demand uncertainty despite short-term support from the Red Sea crisis, with the company among the top five global lessors. Domestic finance leasing is stabilizing under improved regulation. - The global aircraft leasing market share reached **51.5%**, with an estimated demand for approximately **43,420 new aircraft** in the next 20 years, indicating broad industry prospects[29][30] - In the first half of 2025, the global aviation industry is expected to remain profitable, with passenger demand increasing by **5.8%**, and limited aircraft supply driving up aircraft market values and lease rates[31] - The company's fleet size is **1,105 aircraft**, with an average age of **6.6 years**, serving **142 airlines** globally, making it the world's second-largest aircraft leasing company[32] - Global container leasing companies hold approximately **48.3%** of containers, with high industry concentration where the top five companies account for **82.0%** of the market share[33] - The Red Sea crisis temporarily supports the container shipping market's prosperity, but US tariff policies and geopolitical risks exacerbate market differentiation, with global container port throughput projected to decline by **1.0%** in 2025[34] - The company's container fleet size is approximately **4.07 million CEU**, with a utilization rate of about **97.9%**, ranking among the top five global container leasing companies[35] - In the first half of 2025, the national finance leasing contract balance was approximately **5.42 trillion yuan**, a **0.66%** decrease from the end of 2024[36] [(III) Performance Overview](index=11&type=section&id=(III)%20Performance%20Overview) In H1 2025, the company's operating revenue was 28.46 billion yuan, up 75.91%, but net profit attributable to parent was -2.02 billion yuan, mainly due to GSCL goodwill impairment. Excluding impairment, net profit was 1.27 billion yuan, up 77.27%. Aircraft leasing revenue increased significantly, while container leasing remained stable after impairment, and domestic finance leasing focused on risk prevention. 2025 H1 Key Financial Data | Indicator | Amount (billion yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 28.46 | 75.91% | | Net Profit Attributable to Parent Company Shareholders | -2.02 | - | | Net Profit Attributable to Parent Company Shareholders After Deducting Goodwill Impairment | 1.27 | 77.27% | | Earnings Per Share (yuan) | -0.3264 | - | | Total Assets | 2,862.46 | - | | Net Assets Attributable to Parent Company Shareholders | 285.08 | - | | Net Assets Per Share (yuan) | 4.61 | - | - Aircraft business revenue was **25.36 billion yuan**, an increase of **94.32%** year-on-year, with aircraft leasing revenue at **10.04 billion yuan** (up **5.75%**) and aircraft sales revenue at **15.32 billion yuan** (up **330.29%**)[38] - Avolon's fleet weighted average annualized lease rate increased by approximately **70BP**, signed **43 aircraft lease agreements**, and completed **54 aircraft sales**[39] - Avolon signed purchase agreements with Airbus for **75 A321NEO** and **15 A330NEO** aircraft, strengthening its order backlog[39] - Avolon obtained "Investment Grade" credit ratings from three major international rating agencies, with Fitch and Moody's upgrading ratings and S&P improving its outlook to "Positive"[40] - Container leasing business revenue was **2.96 billion yuan**, with net profit of **589 million yuan** after deducting goodwill impairment, largely flat compared to the same period last year[44] - The company plans to sell **100% equity in GSCL**, with the proceeds primarily used to repay high-interest overseas USD debt and improve domestic cash flow[45] - Domestic finance leasing subsidiaries did not add new finance leasing projects, with Tianjin Bohai's asset balance at **2.82 billion yuan** and Hengqin Leasing's asset balance at **312 million yuan**[47] [2. Analysis of Core Competencies](index=13&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company aims to be a leading global leasing industry group, maintaining international leadership in aircraft and container leasing, possessing a comprehensive global layout and excellent asset management capabilities, supported by strong capital, diversified financing, robust risk management, and an experienced international team. - The company maintains international leading positions in the aircraft leasing and container leasing industries, with a fleet of **1,105 aircraft** and **4.07 million CEU** containers[49] - The company has established branches or sales channels in over **80 countries** and regions across six continents, serving over **900 leasing clients**[50] - As of June 30, 2025, the company's total assets were approximately **286.25 billion yuan**, and net assets attributable to parent company shareholders were approximately **28.51 billion yuan**[51] - Avolon and GSCL possess diversified financing channels, with Avolon maintaining "Investment Grade" credit ratings, Fitch and Moody's upgrading ratings, and S&P's outlook "Positive"[51][52] - The company has established a comprehensive risk management system based on "three lines of defense" to strengthen risk identification and response[53][54] - The company's management team possesses extensive leasing industry experience and an international perspective, enabling effective response to industry cycle changes[55] [3. Analysis of Main Business](index=14&type=section&id=3.%20Analysis%20of%20Main%20Business) During the reporting period, operating revenue increased by 75.91% to 28.46 billion yuan, primarily due to increased aircraft sales, while operating costs rose by 133.93%. Net cash flow from operating activities slightly decreased, net cash flow from investing activities significantly increased, and net cash flow from financing activities significantly decreased. Aircraft sales revenue accounted for 53.84% of total revenue, growing by 330.29%. Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 28,460,034,000.00 | 16,178,569,000.00 | 75.91% | Primarily due to increased aircraft sales in the current period | | Operating Cost | 20,427,186,000.00 | 8,732,219,000.00 | 133.93% | Primarily due to increased aircraft sales in the current period | | Financial Expenses | 4,965,920,000.00 | 4,540,643,000.00 | 9.37% | Primarily due to increased debt scale in the current period | | Net Cash Flow from Operating Activities | 11,177,978,000.00 | 11,717,371,000.00 | -4.60% | Primarily due to overseas subsidiaries returning lease deposits higher than the prior year | | Net Cash Flow from Investing Activities | -2,195,803,000.00 | -12,376,541,000.00 | 82.26% | Primarily due to increased cash inflow from aircraft disposals in the current period | | Net Cash Flow from Financing Activities | -28,560,020,000.00 | -1,628,823,000.00 | -1,653.41% | Primarily due to increased cash payments for debt repayment by overseas subsidiaries compared to the prior year | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (yuan) | % of Operating Revenue | Prior Year Amount (yuan) | % of Operating Revenue | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Aircraft Leasing | 10,035,088,000.00 | 35.27% | 9,489,087,000.00 | 58.66% | 5.75% | | | Aircraft Sales | 15,324,303,000.00 | 53.84% | 3,561,395,000.00 | 22.01% | 330.29% | | | Container Leasing | 2,543,977,000.00 | 8.94% | 2,546,753,000.00 | 15.74% | -0.11% | | | Container Sales | 414,035,000.00 | 1.45% | 429,117,000.00 | 2.65% | -3.51% | | | Other Finance Leasing | 87,503,000.00 | 0.31% | 82,563,000.00 | 0.51% | 5.98% | | **By Product** | Operating Lease | 12,215,530,000.00 | 42.94% | 11,781,553,000.00 | 72.83% | 3.68% | | | Aircraft Sales | 15,324,303,000.00 | 53.84% | 3,561,395,000.00 | 22.01% | 330.29% | | | Finance Lease and Finance Lease Consulting | 451,038,000.00 | 1.58% | 336,850,000.00 | 2.08% | 33.90% | | **By Region** | Mainland China | 1,587,641,000.00 | 5.58% | 2,068,234,000.00 | 12.78% | -23.24% | | | Other Countries and Regions | 26,872,393,000.00 | 94.42% | 14,110,335,000.00 | 87.22% | 90.44% | - Aircraft sales revenue increased by **330.29%** year-on-year, primarily due to an increase in the number of aircraft sold in the current period (53 aircraft and 10 engines in H1 2025; 15 aircraft and 1 engine in H1 2024)[60] - Finance lease income increased by **33.90%** year-on-year, primarily due to an increase in Avolon's aircraft finance lease business in the current period[61] [4. Analysis of Non-Core Businesses](index=15&type=section&id=4.%20Analysis%20of%20Non-Core%20Businesses) During the reporting period, non-core businesses significantly impacted total profit, with investment income of 593.47 million yuan, fair value change losses of 141.79 million yuan, and asset impairment losses of 3.44 billion yuan, primarily due to a 3.29 billion yuan goodwill impairment from the GSCL equity sale. Impact of Non-Core Businesses on Total Profit | Item | Amount (yuan) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 593,471,000.00 | -69.27% | Primarily due to investment gains of approximately 366 million yuan from disposal of financial assets in the current period, and an increase of approximately 243 million yuan in income from subsidiaries accounted for using the equity method compared to the prior year | No | | Fair Value Change Gains and Losses | -141,785,000.00 | 16.55% | Primarily due to changes in fair value of financial instruments measured at fair value through profit or loss | No | | Asset Impairment | -3,440,092,000.00 | 401.51% | Primarily due to the signing of an agreement to sell 100% equity in GSCL in the current period; based on the agreed transaction price and adjustment mechanism, the transaction price of GSCL equity was lower than its net assets, indicating impairment, and goodwill impairment loss of approximately 3.29 billion yuan was recognized based on the goodwill impairment test results | No | | Credit Impairment Losses | -153,913,000.00 | 17.96% | Primarily due to an increase in receivables from some customers, leading to a corresponding increase in bad debt provisions | No | | Asset Disposal Gains | 99,037,000.00 | -11.56% | Primarily gains from disposal of finance lease projects | Yes | [5. Analysis of Assets and Liabilities](index=16&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets slightly decreased, and net assets attributable to shareholders decreased by 9.41%. Monetary funds significantly decreased by 70.71% due to CAL acquisition and debt repayment. Long-term receivables increased by 54.62% due to CAL consolidation. Goodwill decreased by 42.63% due to impairment. Non-current liabilities due within one year increased by 83.79% due to increased bonds and borrowings. A significant portion of assets, including monetary funds, receivables, and fixed assets, are restricted to secure borrowings and guarantees. Significant Changes in Asset Composition | Item | Amount at Period-End (yuan) | % of Total Assets | Amount at Year-End (yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,774,693,000.00 | 2.72% | 26,545,137,000.00 | 9.27% | -6.55% | Decreased by **70.71%** from the beginning of the period, due to payment for CAL acquisition and repayment of related debts | | Accounts Receivable | 1,870,886,000.00 | 0.65% | 1,489,417,000.00 | 0.52% | 0.13% | Increased by **25.61%** from the beginning of the period, due to the consolidation of CAL | | Long-Term Receivables | 18,279,485,000.00 | 6.39% | 11,822,501,000.00 | 4.13% | 2.26% | Increased by **54.62%** from the beginning of the period, due to the consolidation of CAL | | Goodwill | 4,460,731,000.00 | 1.56% | 7,774,909,000.00 | 2.71% | -1.15% | Decreased by **42.63%** from the beginning of the period, due to goodwill impairment provision in the current period | | Non-Current Liabilities Due Within One Year | 37,286,614,000.00 | 13.03% | 20,287,567,000.00 | 7.08% | 5.95% | Increased by **83.79%** from the beginning of the period, primarily due to an increase in bonds and borrowings due within one year | - Major overseas assets include Avolon (total assets **231.43 billion yuan**, profit **2.38 billion yuan**) and GSCL (total assets **41.23 billion yuan**, profit **563 million yuan**)[70] - GSCL recorded a goodwill impairment loss of approximately **3.29 billion yuan** because its equity transaction price was lower than its net assets[70] Asset Restrictions as of the End of the Reporting Period | Item | Book Value (thousand yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 3,284,281 | Frozen | Margin deposits, pledged for long-term borrowings, pledged for guarantees | | Accounts Receivable and Long-Term Receivables | 6,131,227 | Pledged | Pledged to obtain long-term borrowings | | Assets Held for Sale | 1,516,486 | Mortgaged | Mortgaged to obtain long-term borrowings | | Long-Term Equity Investments | - | Pledged | Pledged equity of associate companies, subsidiary equity to obtain long-term borrowings/payables | | Fixed Assets | 100,060,245 | Mortgaged | Mortgaged to obtain long-term borrowings and corporate bonds | [6. Analysis of Investment Status](index=22&type=section&id=6.%20Analysis%20of%20Investment%20Status) During the reporting period, total investment significantly increased by 37,714.73% to 7.56 billion yuan, primarily due to the payment for CAL equity acquisition. The company completed the acquisition of 100% equity in Castlelake Aviation Limited, expecting a profit of 888.18 million yuan. The company also holds securities investments and engages in hedging derivative investments to manage interest rate and exchange rate risks, largely achieving risk management objectives. - The investment amount for the reporting period was **7.56 billion yuan**, an increase of **37,714.73%** year-on-year, primarily due to the payment for the purchase of CAL equity[83] Significant Equity Investments During the Reporting Period | Investee Company Name | Main Business | Investment Amount (yuan) | Shareholding Ratio (%) | Current Period Investment Profit/Loss (yuan) | | :--- | :--- | :--- | :--- | :--- | | Castlelake Aviation Limited | Aircraft Leasing | 8,166,623,000.00 | 100.00% | 888,180,000.00 | - The company has no significant ongoing non-equity investments[86] - The company holds domestic and overseas stocks and bonds, including Tianjin Bank, EVTL, AEROMEX, and various trust products[87][89][91] Derivative Investments for Hedging Purposes | Derivative Investment Type | Amount at Period-End (million yuan) | % of Company's Net Assets at Period-End | | :--- | :--- | :--- | | Interest Rate Swap Contracts | 1,954.2 | 0.07% | | Interest Rate Cap Contracts | 5,062.6 | 0.18% | | Forward Foreign Exchange Contracts | 4,439.7 | 0.16% | | Interest Rate Collar Options | -5,614.3 | -0.20% | | Interest Rate Swap Options | 0 | 0.00% | | Other | 2,408.6 | 0.08% | | Total | 8,250.8 | 0.29% | - The company's hedging activities adhere to the principle of locking in interest rate and exchange rate risks, avoiding speculative trading, and have largely achieved the expected risk management objectives[93] - The company has no derivative investments for speculative purposes[95] - The company had no use of raised funds during the reporting period[96] [7. Significant Asset and Equity Sales](index=28&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell significant assets. The company plans to sell 100% equity in its wholly-owned subsidiary GSCL for a base price of 1.75 billion USD, aiming to mitigate liquidity risks, reduce financial burden, and refocus on aircraft leasing. - The company did not sell significant assets during the reporting period[97] - The company plans to sell **100% equity in GSCL** held by its wholly-owned subsidiary GSCTL, with a base price of **1.75 billion USD** (approximately **12.53 billion yuan**)[98][100] - This transaction aims to mitigate the company's liquidity risks, reduce financial burden, with the proceeds primarily used to repay high-interest overseas USD debt and improve domestic cash flow[98] - Upon completion of the transaction, the company will no longer operate container leasing business, further focusing on its core aircraft leasing business to enhance its sustained operational capacity and profitability[98][100] [8. Analysis of Major Holding and Associate Companies](index=29&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes the company's major holding and associate companies, including Tianjin Bohai, Avolon, and GSCL, with Avolon and GSCL serving as core overseas leasing platforms, and Avolon enhancing its aircraft leasing scale and market competitiveness through the acquisition of 100% equity in CAL during the reporting period. Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Bohai | Subsidiary | Leasing | RMB 22,100,850,000 | 289,280,032,000.00 | 46,941,122,000.00 | 28,460,034,000.00 | -706,058,000.00 | -1,155,677,000.00 | | Avolon | Subsidiary | Leasing | USD 0.0000097105 | 231,424,767,000.00 | 57,672,481,000.00 | 25,065,988,000.00 | 2,733,512,000.00 | 2,381,236,000.00 | | GSCL | Subsidiary | Leasing | USD 102 | 41,234,231,000.00 | 15,288,737,000.00 | 2,994,642,000.00 | 654,740,000.00 | 562,589,000.00 | - The company's acquisition of CAL through purchase is beneficial for leveraging the scale and synergy of its aircraft leasing business, enhancing market share and competitiveness[102] [9. Structured Entities Controlled by the Company](index=30&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period. - The company did not control any structured entities during the reporting period[104] [10. Risks Faced by the Company and Countermeasures](index=30&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from global economic fluctuations, credit, liquidity, dividend policy, interest rates, exchange rates, goodwill impairment, force majeure, and geopolitical conflicts, actively responding through enhanced risk management, asset optimization, diversified financing, debt renegotiation, derivative financial products, and impairment provisions to ensure sustained operations and profitability. - Global economic fluctuations, trade tensions, and policy uncertainties may significantly impact the company's operating performance and financial position[104] - Lessees' failure to timely pay rent or fulfill obligations is a primary credit risk faced by the company, which is managed through continuous tracking, credit assessment, and collection of security deposits[105] - The company faces liquidity risk, with current liabilities exceeding current assets by approximately **20.85 billion yuan**, and some debts are overdue; the company plans to mitigate this through the sale of GSCL equity, new financing, and debt extensions[106][108] - The company's parent company has accumulated losses, which may prevent it from distributing cash dividends to shareholders for a certain period[109] - The company has a large financing scale, making interest rate fluctuations significantly impact leasing income and interest expenses; the company uses derivative financial products to hedge interest rate risk[110] - Changes in the RMB-USD exchange rate will lead to foreign currency translation risk in the company's consolidated financial statements, affecting its profitability[111] - The GSCL asset group recorded a goodwill impairment loss of approximately **3.29 billion yuan** because its equity transaction price was lower than its net assets; Avolon's future operating performance volatility still poses goodwill impairment risk[113] - Geopolitical conflicts may disrupt the global economy, energy prices, and supply chains; the company has recognized impairment for Russia-related aircraft assets and reached settlements with insurance companies[115] [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=32&type=section&id=11.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) This section states that the company has not established a market value management system nor disclosed a valuation enhancement plan. - The company has not established a market value management system[116] - The company has not disclosed a valuation enhancement plan[116] [12. Implementation of "Quality and Return Dual Improvement" Action Plan](index=33&type=section&id=12.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) This section states that the company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan. - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[117] Part IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=34&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there was a change in the company's board of directors, with Long Xuehong elected as a director and Liu Wenji departing due to the expiration of his term. - Long Xuehong was elected as a company director[119] - Liu Wenji resigned from his director position due to the expiration of his term[119] [2. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=34&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) This section states that the company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period[120] [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=34&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section states that the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[121] [4. Environmental Information Disclosure](index=34&type=section&id=4.%20Environmental%20Information%20Disclosure) This section states that the company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law. - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[122] [5. Social Responsibility](index=34&type=section&id=5.%20Social%20Responsibility) The company actively fulfills its social responsibilities through educational assistance, charitable initiatives, fundraising, and aid for children in need, including a museum study tour for disadvantaged children in H1 2025 and diverse global projects by its overseas subsidiaries. - The company actively engages in social responsibility activities such as educational assistance, charitable giving, fundraising, and aid for children in need[122] - In the first half of 2025, the company partnered with the Aiyou Ansheng project to organize a museum study tour for **30 disadvantaged and left-behind children**[122] - Overseas subsidiaries Avolon and Seaco have carried out diverse social responsibility projects globally, including women and children protection, special children care, regional poverty alleviation, and clean environmental protection[122] Part V Significant Matters [1. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=35&type=section&id=1.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) The company's controlling shareholder and related parties continue to fulfill long-term commitments to avoid horizontal competition, maintain company independence, and reduce/standardize related-party transactions, while share lock-up commitments from IPO and refinancing have been fulfilled on time. - HNA Xin Guan, HNA Industrial, and HNA Capital committed to avoiding horizontal competition, designating Bohai Leasing as the sole capital operation platform for leasing business[125] - Shanghai Shengzhan Investment Development Co., Ltd. committed to avoiding horizontal competition, designating Bohai Leasing as the sole capital operation platform for leasing business[125] - HNA Xin Guan, HNA Industrial, and HNA Capital committed to maintaining the listed company's independence in personnel, assets, finance, business, and organization[125][127] - The non-public offering shares subscribed by HNA Capital Group Co., Ltd. and others were listed on January 8, 2016, with the share lock-up period ending on January 8, 2019, and the commitments have been fulfilled on time[131] [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=39&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) This section states that there were no non-operating funds occupied by the controlling shareholder and other related parties of the listed company during the reporting period. - The company had no non-operating funds occupied by the controlling shareholder and other related parties during the reporting period[132] [3. Irregular External Guarantees](index=39&type=section&id=3.%20Irregular%20External%20Guarantees) This section states that there were no irregular external guarantees during the reporting period. - The company had no irregular external guarantees during the reporting period[133] [4. Appointment and Dismissal of Accounting Firms](index=39&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) This section states that the company's half-year financial report was not audited. - The company's half-year report was not audited[134] [5. Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for This Period](index=39&type=section&id=5.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Period) This section states that it is not applicable as the company's half-year report was not audited. - Not applicable, as the company's half-year report was not audited[135] [6. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=39&type=section&id=6.%20Board%20of%20Directors%27%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section states that it is not applicable. - Not applicable[135] [7. Bankruptcy Reorganization Matters](index=39&type=section&id=7.%20Bankruptcy%20Reorganization%20Matters) This section states that no bankruptcy reorganization matters occurred during the reporting period. - No bankruptcy reorganization matters occurred during the reporting period[135] [8. Litigation Matters](index=39&type=section&id=8.%20Litigation%20Matters) The company is involved in multiple significant litigation and arbitration cases, primarily concerning clients' failure to pay rent or financing disputes, with some cases won or settled and others ongoing. Significant Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (million yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Tianjin Bohai initiated litigation due to client's failure to pay rent as per contract | 126,189 | Mandatory enforcement procedures are underway | Second instance judgment in favor of the company, court supported the company's right to reclaim leased assets and compensation for the difference between the creditor's rights amount and the value of the leased assets | | Seaco initiated litigation due to client's failure to pay rent as per contract | 440.55 | Under trial | Client entered bankruptcy proceedings | | Hengqin Leasing and a third-party guarantor were sued due to contract disputes | 6,822.7 | First instance judgment rendered | Company lost the lawsuit | | Bohai Leasing was sued due to financing disputes | 8,548.86 | Second instance judgment rendered | Company lost the lawsuit | | Tianjin Bohai initiated litigation due to client's failure to pay rent as per contract | 24,427.91 | First instance judgment rendered | Company won the lawsuit, case closed | - Other litigation matters where the company is a defendant, not meeting the significant litigation disclosure standards, totaled **15.07 million yuan**, and as a plaintiff totaled **34.39 million yuan**, all currently in the trial phase[138] [9. Penalties and Rectification](index=40&type=section&id=9.%20Penalties%20and%20Rectification) This section states that there were no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[139] [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=40&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) As of June 30, 2025, the company's controlling shareholder is HNA Capital Group Co., Ltd., and the company has no actual controller; the controlling shareholder has not been listed in any abnormal operation, serious illegal, or dishonest enterprise lists. - As of June 30, 2025, the company's controlling shareholder is HNA Capital Group Co., Ltd., and the company has no actual controller[140] - The company's controlling shareholder, HNA Capital Group Co., Ltd., has not been listed in the abnormal operation directory, serious illegal and dishonest enterprise list, or list of dishonest judgment debtors[140] [11. Significant Related-Party Transactions](index=41&type=section&id=11.%20Significant%20Related-Party%20Transactions) The company engages in related-party transactions related to its daily operations, primarily involving aircraft operating and finance leasing, as well as related-party creditor-debtor relationships, including operating lease transactions with Tianjin Airlines Financial Services Co., Ltd. and finance lease transactions with Hubei Huayu Air Logistics Warehousing Management Co., Ltd. Related-Party Transactions Related to Daily Operations | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount (million yuan) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Airlines Financial Services Co., Ltd. | Joint Venture | Operating Lease | Aircraft | 17,712.8 | 1.44% | | Hubei Huayu Air Logistics Warehousing Management Co., Ltd. | Indirect controlling shareholder exerts significant influence | Finance Lease | Commercial Real Estate | 12.3 | 0.03% | - The company had no related-party transactions involving asset or equity acquisition or disposal during the reporting period[142] - The company had no related-party transactions involving joint external investments during the reporting period[143] Payables to Related Parties | Related Party | Related Relationship | Reason for Formation | Balance at Beginning of Period (million yuan) | Current Period Interest (million yuan) | Balance at End of Period (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bohai International Trust Co., Ltd. | Under common control | Related party provided borrowings | 25,200 | 697.6 | 25,200 | | Wanjiang Financial Leasing Co., Ltd. | Associate Company | Related party provided borrowings | 12,000 | 307.2 | 10,000 | - There are no deposit, loan, credit, or other financial businesses between the company and related financial companies[145] - There are no deposit, loan, credit, or other financial businesses between the company's controlled financial companies and related parties[146] - The company had no other significant related-party transactions during the reporting period[148] [12. Significant Contracts and Their Performance](index=43&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing matters during the reporting period. It has multiple significant guarantees, including external guarantees by the company and its subsidiaries, and inter-subsidiary guarantees, with the total guarantee amount representing 487.22% of the company's net assets. - The company had no entrustment, contracting, or leasing situations during the reporting period[149][150][151] External Guarantees by the Company and its Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Yunnan Xiangpeng Airlines Co., Ltd. | 218,900 | 205,750.05 | Pledge | No | No | Company's Guarantees to Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Bohai Leasing Co., Ltd. | 70,000 | 61,300 | Pledge | No | Yes | | Tianjin Bohai Leasing Co., Ltd. | 156,599.33 | 151,885.53 | Joint and Several Liability Guarantee, Pledge | No | Yes | | Haikou Bohai No. 2 Leasing Co., Ltd. | 15,000 | 9,000 | Joint and Several Liability Guarantee | No | Yes | Subsidiaries' Guarantees to Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Bohai No. 4 Leasing Co., Ltd. | 78,640.08 | 37,719.70 | Joint and Several Liability Guarantee | No | Yes | | Guangzhou Nansha Bohai No. 1 Leasing Co., Ltd. | 76,125.81 | 36,950.78 | Joint and Several Liability Guarantee | No | Yes | | Global Sea Containers Two Limited | 715,860 | 715,860 | Joint and Several Liability Guarantee, Pledge | No | Yes | | Global Aircraft Leasing Co., Ltd. | 787,446 | 787,446 | Pledge | No | Yes | - The total actual guarantee amount represents **487.22%** of the company's net assets[166] - Debt guarantees provided directly or indirectly to guaranteed entities with a debt-to-asset ratio exceeding **70%** totaled **138.90 billion yuan**[166] - The company had no entrusted wealth management during the reporting period[167] - The company had no other significant contracts during the reporting period[168] [13. Explanation of Other Significant Matters](index=51&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) This section states that there are no other significant matters requiring explanation during the reporting period. - The company had no other significant matters requiring explanation during the reporting period[169] [14. Significant Matters of Company Subsidiaries](index=51&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) This section states that there are no significant matters concerning company subsidiaries during the reporting period. - The company had no significant matters concerning company subsidiaries during the reporting period[170] Part VI Share Changes and Shareholder Information [1. Share Change Status](index=52&type=section&id=1.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged at 6,184,521,282 shares, with restricted shares accounting for 12.80% and unrestricted shares for 87.20%, and no share repurchases or concentrated bidding reductions of repurchased shares occurred. Share Change Status | Item | Quantity Before Change (shares) | % Before Change | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 791,565,549.00 | 12.80% | 0.00 | 791,565,549.00 | 12.80% | | II. Unrestricted Shares | 5,392,955,733.00 | 87.20% | 0.00 | 5,392,955,733.00 | 87.20% | | III. Total Shares | 6,184,521,282.00 | 100.00% | 0.00 | 6,184,521,282.00 | 100.00% | - There were no reasons, approval situations, or transfer situations for share changes during the reporting period[173] - There was no progress on share repurchase implementation or concentrated bidding reductions of repurchased shares during the reporting period[173] [2. Securities Issuance and Listing](index=53&type=section&id=2.%20Securities%20Issuance%20and%20Listing) This section states that there were no securities issuance and listing situations during the reporting period. - The company had no securities issuance and listing situations during the reporting period[174] [3. Number of Shareholders and Shareholding Status](index=53&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had 121,893 common shareholders. HNA Capital Group Co., Ltd. held 28.02% as the largest shareholder, with most of its shares pledged, and related-party or concerted action relationships existed among the top ten shareholders. - The total number of common shareholders at the end of the reporting period was **121,893**[175] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HNA Capital Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 28.02% | 1,732,654,212 | 527,182,866 | 1,205,471,346 | Pledged | 1,717,479,342 | | Tianjin Yanshan Equity Investment Fund Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.01% | 309,570,914 | 0 | 309,570,914 | Not Applicable | 0 | | Guangzhou City Investment Co., Ltd. | State-Owned Legal Person | 4.26% | 263,591,433 | 0 | 263,591,433 | Not Applicable | 0 | | Shanghai Beiyu Information Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 4.26% | 263,591,433 | 263,591,433 | 0 | Pledged | 263,591,433 | | Shanghai Shengzhan Yunhui Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.46% | 214,168,039 | 0 | 214,168,039 | Not Applicable | 0 | - The company's largest shareholder, HNA Capital, and Yanshan Investment, Shanghai Beiyu, Shanghai Shengzhan, and Ningbo Detong are concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies"[176] [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=54&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[178] [5. Changes in Controlling Shareholder or Actual Controller](index=55&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period. - There were no changes in the company's controlling shareholder during the reporting period[179] - There were no changes in the company's actual controller during the reporting period[179] [6. Preferred Share Information](index=55&type=section&id=6.%20Preferred%20Share%20Information) This section states that the company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[180] Part VII Bond-Related Information [1. Enterprise Bonds](index=56&type=section&id=1.%20Enterprise%20Bonds) This section states that the company had no enterprise bonds during the reporting period. - The company had no enterprise bonds during the reporting period[182] [2. Corporate Bonds](index=56&type=section&id=2.%20Corporate%20Bonds) The company issued multiple corporate bonds, including "18 Bohai Jin 01" to "18 Bohai Jin 04" and "18 Bohai Zu 05," all with a coupon rate of 4.00% and maturity in 2026; these are unsecured bonds, and "18 Bohai Jin 01" interest payment was completed during the reporting period, with unchanged debt repayment guarantees. Basic Information on Corporate Bonds | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Maturity Date | Bond Balance (million yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (First Tranche) | 18 Bohai Jin 01 | 112723 | June 20, 2018 | June 20, 2026 | 94,138.9 | 4.00% | Shenzhen Stock Exchange | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Second Tranche) | 18 Bohai Jin 02 | 112765 | September 10, 2018 | September 10, 2026 | 110,769 | 4.00% | Shenzhen Stock Exchange | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Third Tranche) | 18 Bohai Jin 03 | 112771 | October 10, 2018 | October 10, 2026 | 50,400 | 4.00% | Shenzhen Stock Exchange | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Fourth Tranche) | 18 Bohai Jin 04 | 112783 | October 26, 2018 | October 26, 2026 | 90,291.4 | 4.00% | Shenzhen Stock Exchange | | Bohai Leasing Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Fifth Tranche) | 18 Bohai Zu 05 | 112810 | December 05, 2018 | December 05, 2026 | 31,890 | 4.00% | Shenzhen Stock Exchange | - Corporate bonds are restricted to qualified professional institutional investors and traded via non-transactional transfer[184] - There is no risk of termination of listing and trading for corporate bonds[184] - "18 Bohai Jin 01," "18 Bohai Jin 02," "18 Bohai Jin 03," "18 Bohai Jin 04," and "18 Bohai Zu 05" are unsecured bonds[185] - During the reporting period, the company completed the interest payment for the "18 Bohai Jin 01" bond for 2025[185] - During the reporting period, the company's debt repayment guarantees remained consistent with the prospectus and relevant commitments, with no changes[185] [3. Non-Financial Enterprise Debt Financing Instruments](index=57&type=section&id=3.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company had no non-financial enterprise debt financing instruments during the reporting period. - The company had no non-financial enterprise debt financing instruments during the reporting period[186] [4. Convertible Corporate Bonds](index=57&type=section&id=4.%20Convertible%20Corporate%20Bonds) This section states that the company had no convertible corporate bonds during the reporting period. - The company had no convertible corporate bonds during the reporting period[187] [5. Consolidated Loss Exceeding 10% of Net Assets at Year-End in the Reporting Period](index=57&type=section&id=5.%20Consolidated%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20Year-End%20in%20the%20Reporting%20Period) This section states that the company's consolidated loss did not exceed 10% of net assets at the end of the previous year during the reporting period. - The company's consolidated loss did not exceed **10%** of net assets at the end of the previous year during the reporting period[188] [6. Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=57&type=section&id=6.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) At the end of the reporting period, the company's current ratio and quick ratio decreased by 62.50% and 69.47% respectively, mainly due to reduced monetary funds and increased current liabilities, while interest coverage ratio and EBITDA interest coverage ratio decreased by 37.31% and 26.92% respectively, primarily due to lower total profit and EBIT. Key Accounting Data and Financial Indicators (Past Two Years) | Item | Amount at Current Period-End/Current Period (million yuan) | Amount at Prior Year-End/Prior Year (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 0.54 | 1.44 | -62.50% | | Asset-Liability Ratio | 83.99% | 82.97% | 1.02% | | Quick Ratio | 0.40 | 1.31 | -69.47% | | Net Profit After Deducting Non-Recurring Gains and Losses | -229,126.8 | 53,224.1 | -530.49% | | EBITDA to Total Debt Ratio | 3.91% | 5.06% | -1.15% | | Interest Coverage Ratio | 0.84 | 1.34 | -37.31% | | Cash Interest Coverage Ratio | 3.08 | 3.48 | -11.49% | | EBITDA Interest Coverage Ratio | 1.71 | 2.34 | -26.92% | | Loan Repayment Rate | 98.24% | 95.41% | 2.83% | | Interest Payment Rate | 97.78% | 100.06% | -2.28% | - The current ratio and quick ratio decreased due to a reduction in monetary funds from the CAL equity acquisition and debt repayment, a decrease in current assets, and an increase in current liabilities resulting from non-current liabilities due within one year[190] - The interest coverage ratio decreased due to a decrease in total profit[190] - The EBITDA interest coverage ratio decreased due to a decrease in earnings before interest and taxes (EBIT)[190] Part VIII Financial Report [1. Audit Report](index=59&type=section&id=1.%20Audit%20Report) This section states that the company's half-year financial report was not audited. - The company's half-year financial report was not audited[192] [Financial Statements](index=60&type=section&id=Financial%20Statements) This section presents Bohai Leasing Co., Ltd.'s consolidated and company financial statements for January-June 2025, including balance sheets, income statements, statements of changes in equity, and cash flow statements, providing a comprehensive view of the company's financial position and operating results at period-end. - Financial statements include the consolidated balance sheet, consolidated income statement, consolidated statement of changes in shareholders' equity, and consolidated cash flow statement[195] - Financial statements also include the company balance sheet, company income statement, company statement of changes in shareholders' equity, and company cash flow statement[195] [Consolidated Balance Sheet](index=62&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 286.25 billion yuan, slightly down from year-end 2024, with total current assets at 24.65 billion yuan and total non-current assets at 261.60 billion yuan, while total liabilities were 240.43 billion yuan, and equity attributable to parent company shareholders was 28.51 billion yuan. Consolidated Balance Sheet Key Data (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 286,246,443 | 286,399,306 | | Total Current Assets | 24,649,314 | 41,423,967 | | Total Non-Current Assets | 261,597,129 | 244,975,339 | | Total Liabilities | 240,425,721 | 237,628,537 | | Total Current Liabilities | 45,496,628 | 28,701,670 | | Total Non-Current Liabilities | 194,929,093 | 208,926,867 | | Total Equity Attributable to Parent Company Shareholders | 28,508,346 | 31,470,660 | | Minority Interests | 17,312,376 | 17,300,109 | | Total Shareholders' Equity | 45,820,722 | 48,770,769 | [Consolidated Income Statement](index=65&type=section&id=Consolidated%20Income%20Statement) For January-June 2025, the company achieved operating revenue of 28.46 billion yuan, with a net loss of 1.30 billion yuan, a net loss attributable to parent company shareholders of 2.02 billion yuan, and a total comprehensive loss of 2.53 billion yuan. Consolidated Income Statement Key Data (RMB Thousand) | Item | January-June 2025 | January-June 2024 | | :--- | :--- | :--- | | Operating Revenue | 28,460,034 | 16,178,569 | | Operating Cost | 20,427,186 | 8,732,219 | | Financial Expenses | 4,965,920 | 4,540,643 | | Investment Income | 593,471 | 5,472 | | Asset Impairment Losses | (3,440,092) | (616,922) | | Net Profit | (1,304,970) | 1,214,129 | | Net Profit Attributable to Parent Company Shareholders | (2,018,780) | 716,400 | | Minority Interest Income | 713,810 | 497,729 | | Net Other Comprehensive Income After Tax | (1,221,783) | 783,825 | | Total Comprehensive Income | (2,526,753) | 1,997,954 | | Basic Earnings Per Share (RMB yuan) | (0.3264) | 0.1158 | [Consolidated Statement of Changes in Shareholders' Equity](index=67&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Shareholders%27%20Equity) For January-June 2025, equity attributable to parent company shareholders decreased from 31.47 billion yuan at the beginning of the period to 28.51 billion yuan at the end, primarily due to a total comprehensive loss of 2.96 billion yuan, leading to a reduction in total shareholders' equity. Consolidated Statement of Changes in Shareholders' Equity Key Data (RMB Thousand) | Item | January 1, 2025 | June 30, 2025 | | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Shareholders | 31,470,660 | 28,508,346 | | Minority Interests | 17,300,109 | 17,312,376 | | Total Shareholders' Equity | 48,770,769 | 45,820,722 | | Total Comprehensive Income | - | (2,526,753) | | Total Comprehensive Income Attributable to Parent Company Shareholders | - | (2,962,314) | | Total Comprehensive Income Attributable to Minority Shareholders | - | 435,561 | [Consolidated Cash Flow Statement](index=69&type=section&id=Consolidated%20Cash%20Flow%20Statement) For January-June 2025, net cash flow from operating activities was 11.18 billion yuan, a 4.60% decrease year-on-year, while net cash flow from investing activities was -2.20 billion yuan, a significant improvement, and net cash flow from financing activities was -28.56 billion yuan, mainly due to increased debt repayment. Consolidated Cash Flow Statement Key Data (RMB Thousand) | Item | January-June 2025 | January-June 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 11,177,978 | 11,717,371 | | Net Cash Flow from Investing Activities | (2,195,803) | (12,376,541) | | Net Cash Flow from Financing Activities | (28,560,020) | (1,628,823) | | Impact of Exchange Rate Changes on Cash and Cash Equivalents | 7,936 | 32,764 | | Net Decrease in Cash and Cash Equivalents | (19,569,909) | (2,255,229) | | Cash and Cash Equivalents Balance at Period-End | 4,490,412 | 3,567,381 | [Company Balance Sheet](index=71&type=section&id=Company%20Balance%20Sheet) As of June 30, 2025, the company's (parent company) total assets were 33.93 billion yuan, total liabilities were 12.70 billion yuan, and total shareholders' equity was 21.23 billion yuan, with current assets primarily other receivables and non-current assets mainly long-term equity investments. Company Balance Sheet Key Data (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 33,926,499 | 33,980,508 | | Total Current Assets | 7,370,053 | 9,922,366 | | Total Non-Current Assets | 26,556,446 | 24,058,142 | | Total Liabilities | 12,696,116 | 12,600,857 | | Total Current Liabilities | 8,166,235 | 6,235,992 | | Total Non-Current Liabilities | 4,529,881 | 6,364,865 | | Total Shareholders' Equity | 21,230,383 | 21,379,651 | [Company Income Statement](index=73&type=section&id=Company%20Income%20Statement) For January-June 2025, the company's (parent company) operating revenue was zero, with a net loss of 149.27 million yuan, primarily influenced by financial expenses and investment income, resulting in a total comprehensive loss of 149.27 million yuan. Company Income Statement Key Data (RMB Thousand) | Item | January-June 2025 | January-June 2024 | | :--- | :--- | :--- | | Operating Revenue | - | - | | Administrative Expenses | 17,705 | 19,016 | | Financial Expenses | 155,582 | 220,014 | | Investment Income | 23,960 | (203,002) | | Net Profit | (149,268) | (441,983) | | Total Comprehensive Income | (149,268) | (467,500) | [Company Statement of Changes in Shareholders' Equity](index=74&type=section&id=Company%20Statement%20of%20Changes%20in%20Shareholders%27%20Equity) For January-June 2025, the company's (parent company) total shareholders' e