福建福能股份有限公司2025 年半年度报告 公司代码：600483 公司简称：福能股份 福建福能股份有限公司 2025 年半年度报告 1 / 157 福建福能股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 以公司2025年半年度权益分派实施公告确定的股权登记日总股本为基数，向全体股东每10股 派发现金红利0.73元（含税），不送红股，不以资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划等前瞻性陈述不构成公司对投资者的实质承诺，投资者及相关人 士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、 ...

湖北富邦科技股份有限公司 2025 年半年度报告全文 湖北富邦科技股份有限公司 2025 年半年度报告 2025-028 2025 年 8 月 1 湖北富邦科技股份有限公司 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。 公司负责人王仁宗、主管会计工作负责人万刚及会计机构负责人(会计主 管人员)曾梦茹声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中，涉及未来计划或规划等前瞻性陈述的，均不构成公司对 投资者的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且 应当充分理解未来计划、预测与承诺之间的差异，敬请广大投资者注意投资 风险。 本报告期内，公司不存在对生产经营产生实质性影响的特别重大风险。公 司已在本报告中详细阐述公司在生产经营过程中可能面临的风险，敬请查阅 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，敬请广大投资者注意阅读。 公司计划 ...

北京盈建科软件股份有限公司 2025 年半年度报告全文 北京盈建科软件股份有限公司 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"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查 阅。 2025 年半年度报告 2025-018 2025 年 8 月 1 北京盈建科软件股份有限公司 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。 公司负责人陈岱林、主管会计工作负责人任卫教及会计机构负责人(会计 主管人员)刘海谦声明：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。 本报告中涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，请投资者及相关人士对此保持足够的风险认识，理解计划、预测与承诺 之间的差异，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 | ...

[Definitions](index=5&type=section&id=First%20Section%20Definitions) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=6&type=section&id=Second%20Section%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics [Company Basic Information](index=6&type=section&id=I.%20Company%20Information) This chapter provides the company's basic business registration information, including Chinese and English names, legal representative, contact details, and registered and office addresses - The company's full name is Ningbo Peacebird Fashion Apparel Co., Ltd., with Zhang Jiangping as the legal representative[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's performance significantly declined, with operating revenue down 7.86%, net profit attributable to shareholders down 54.61%, and non-recurring net profit plummeting 78.91%, while net cash flow from operating activities turned negative, indicating significant operational pressure 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2.898 billion yuan | 3.146 billion yuan | -7.86% | | **Net Profit Attributable to Shareholders** | 0.078 billion yuan | 0.171 billion yuan | -54.61% | | **Net Profit Attributable to Shareholders Excluding Non-recurring Items** | 0.014 billion yuan | 0.065 billion yuan | -78.91% | | **Net Cash Flow from Operating Activities** | -0.262 billion yuan | 0.020 billion yuan | -1,425.54% | | **Total Assets (Period-end)** | 7.082 billion yuan | 8.424 billion yuan | -15.94% | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (yuan/share)** | 0.16 | 0.36 | -55.56% | | **Basic Earnings Per Share Excluding Non-recurring Items (yuan/share)** | 0.03 | 0.14 | -78.57% | | **Weighted Average Return on Net Assets (%)** | 1.72% | 3.75% | Decrease of 2.03 percentage points | - Total non-recurring gains and losses for the reporting period amounted to **64.0026 million yuan**, primarily from government subsidies (**69.6006 million yuan**) and fair value changes and disposal gains/losses from financial assets (**12.9547 million yuan**), significantly supplementing current profit[25](index=25&type=chunk)[26](index=26&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Third%20Section%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational performance, industry trends, core competencies, and risk factors [Industry and Principal Business](index=8&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Principal%20Business%20During%20the%20Reporting%20Period) The company focuses on fashion brand retail, aiming to be the preferred brand for Chinese youth, with a multi-brand matrix including PEACEBIRD, LEDIN, and MINI PEACE, driven by a consumer-centric operating model that leverages data-driven product development, omnichannel retail, and agile supply to adapt to industry changes, characterized by stable economic growth, rational consumption, and a return to lean operations in the apparel sector - The company is positioned as a customer-centric fashion brand retail company, meeting diverse segmented customer needs through a multi-brand matrix[28](index=28&type=chunk) - The core operating model involves: data-driven product development, omnichannel retail synergy, and rapid, flexible production and supply[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - Industry trend analysis: - **Macroeconomic**: In H1 2025, GDP grew by **5.3%** year-on-year, and total retail sales of consumer goods increased by **5.0%**, supporting industry development[39](index=39&type=chunk) - **Consumption Trends**: Consumers are becoming more rational, seeking 'value for money' and demanding higher quality, functionality, and cultural attributes in products[40](index=40&type=chunk) - **Industry Competition**: The industry is entering an intrinsic optimization phase, with companies improving quality and efficiency by strengthening internal capabilities (brand, product, channels, supply chain)[41](index=41&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the company rebranded with 'Enjoy Quality Fashion' as its core and launched the '2-5-10' strategic plan, actively pursuing brand upgrades, channel optimization (e.g., opening flagship stores), and product innovation, yet retail performance faced pressure, leading to year-on-year declines in both operating revenue and net profit, while continuously optimizing channel structure by closing inefficient stores and focusing on improving store operational quality and sales per square meter - The company established "Enjoy Quality Fashion" as its new brand positioning and released the "2-5-10" medium-to-long-term strategy, aiming to stabilize profitability within **2 years**, become an industry leader within **5 years**, and secure a key position in the global fashion industry within **10 years**[42](index=42&type=chunk) - The company's LEDIN women's wear and MINI PEACE children's wear brands underwent strategic upgrades, adopting new concepts of "Unleashed Rebirth, True Self Blooming" and emphasizing "creativity" and "imagination" respectively, to refresh their brand images[52](index=52&type=chunk)[54](index=54&type=chunk) 2025 H1 Performance Overview | Indicator | Amount | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 2.898 billion yuan | -7.86% | | Net Profit Attributable to Shareholders | 77.7116 million yuan | -54.61% | | Net Profit Excluding Non-recurring Items | 13.7090 million yuan | -78.91% | - In terms of channel strategy, the company continued to close inefficient stores, focusing instead on enhancing terminal brand image and store sales per square meter, and adjusting the channel structure based on the principles of "reducing floors, expanding areas, and improving sales per square meter"[60](index=60&type=chunk) [Analysis of Core Competencies](index=22&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies are primarily in brand, product, and retail, leveraging a multi-brand matrix for precise youth fashion market coverage, data-driven product supply chain for design accuracy and inventory turnover, and comprehensive new retail integration for an ultimate shopping experience - **Brand**: Deeply cultivating the youth fashion sector, building a multi-brand matrix to precisely segment and reach target customer groups[61](index=61&type=chunk) - **Product**: Data-driven integration across the entire design, production, and marketing chain, achieving a quick-response mechanism and improving operational efficiency[62](index=62&type=chunk) - **Retail**: Fully embracing new retail, strengthening e-commerce and social retail online, and enhancing in-store experience to build customer communities offline[63](index=63&type=chunk) [Analysis of Key Operating Performance](index=22&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, both operating revenue and costs declined, but the cost reduction (-15.54%) exceeded the revenue reduction (-7.86%), primarily due to an improved retail discount rate, leading to a 4.00 percentage point increase in overall gross margin to 60.25%; by brand, all major brands experienced varying degrees of revenue decline but improved gross margins; by channel, online sales revenue decreased by 15.91%, offline sales slightly decreased by 5.13%, with direct-operated store revenue remaining largely flat and franchised store revenue down 13.63%; the company continued to optimize its store network, with a net closure of 194 stores during the period Analysis of Major Financial Statement Item Changes | Item | Current Period Amount | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Operating Revenue | 2.898 billion yuan | -7.86% | Decline in retail sales | | Operating Cost | 1.165 billion yuan | -15.54% | Decline in revenue and improved retail discount rate | | Selling Expenses | 1.304 billion yuan | 3.93% | Increased rental and decoration amortization due to more flagship and collection stores | | Net Cash Flow from Operating Activities | -0.262 billion yuan | -1,425.54% | Decline in operating revenue | Brand-wise Profitability | Brand | Operating Revenue (billion yuan) | YoY Revenue Change | Gross Margin (%) | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | | PEACEBIRD Women's Wear | 1.060 | -10.45% | 61.06% | +5.21 ppt | | PEACEBIRD Men's Wear | 1.180 | -7.42% | 61.54% | +2.28 ppt | | LEDIN Girls' Wear | 0.233 | -7.18% | 55.46% | +5.99 ppt | | MINI PEACE Children's Wear | 0.377 | -3.73% | 60.00% | +3.04 ppt | Channel-wise Profitability | Sales Channel | Operating Revenue (billion yuan) | YoY Revenue Change | Gross Margin (%) | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | | Online Sales | 0.748 | -15.91% | 49.93% | +5.75 ppt | | Offline Sales | 2.117 | -5.13% | 64.41% | +2.94 ppt | | - Direct-operated Stores | 1.404 | -0.13% | 71.30% | -0.32 ppt | | - Franchised Stores | 0.713 | -13.63% | 50.85% | +6.66 ppt | Physical Store Changes | Store Type | Beginning of Period Quantity | End of Period Quantity | Net Expansion/Closure | | :--- | :--- | :--- | :--- | | Direct-operated | 1,128 | 1,084 | -44 | | Franchised | 2,245 | 2,095 | -150 | | **Total** | **3,373** | **3,179** | **-194** | [Asset and Liability Analysis](index=25&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were 7.082 billion yuan, a 15.94% decrease from the beginning of the year, with significant changes in monetary funds, accounts receivable, and accounts payable reflecting seasonal sales patterns for spring/summer collections and revenue decline, while prepayments and construction in progress increased due to advance payments for autumn/winter goods and increased investment in the R&D center project Changes in Major Asset and Liability Items | Item Name | Period-end Amount (billion yuan) | Change from Prior Year-end (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 0.457 | -54.00% | Lower spring/summer revenue | | Accounts Receivable | 0.308 | -42.00% | Lower unit value of spring/summer items and revenue decline | | Prepayments | 0.133 | 222.71% | Advance payments for autumn/winter goods, higher unit value | | Construction in Progress | 0.067 | 76.03% | Increased investment in Global Fashion R&D Center project | | Accounts Payable | 0.395 | -69.30% | Lower unit value of spring/summer goods payable | | Employee Compensation Payable | 0.111 | -36.99% | Payment of year-end bonuses | [Risk Analysis](index=28&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces six main risks: brand operations, market trend comprehension, macroeconomic fluctuations, franchisee management, inventory management, and talent team stability, with corresponding countermeasures including strengthening brand building, data-driven R&D, optimizing operations, supporting franchisees, promoting quick-response management, and improving talent mechanisms to address potential challenges - The company identified six major risks: - **Brand Operation Risk**: Intense market competition requires continuous improvement in products, channels, and brand promotion to meet consumer demands[75](index=75&type=chunk) - **Market Trend Risk**: Rapid changes in consumer preferences mean that failure to adjust product design and marketing promptly could adversely affect performance[76](index=76&type=chunk) - **Macroeconomic Risk**: Apparel consumption is highly elastic and susceptible to economic fluctuations[78](index=78&type=chunk) - **Franchisee Model Risk**: Independent operation by franchisees may lead to inadequate management, impacting brand image and performance[79](index=79&type=chunk) - **Inventory Management Risk**: A large amount of inventory carries risks of impairment and write-downs[80](index=80&type=chunk) - **Talent and Team Risk**: Personnel turnover may affect team collaboration and business continuity[81](index=81&type=chunk) [Corporate Governance](index=30&type=section&id=Fourth%20Section%20Corporate%20Governance%2C%20Environment%20and%20Society) This section details changes in the company's governance structure, including board and supervisory board members, and equity incentive plans [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, changes occurred in the company's board of directors and supervisory board, with Mr. Wang Mingfeng resigning as director and deputy general manager, Mr. Ou Limin being appointed as a new director, and the company resolving to abolish the supervisory board and electing Mr. Weng Jianghong as an employee representative director - Wang Mingfeng resigned from his positions as company director and deputy general manager due to personal reasons[84](index=84&type=chunk) - The company resolved on June 30, 2025, to abolish the supervisory board and elected Weng Jianghong as an employee representative director for the fifth board of directors[84](index=84&type=chunk) [Equity Incentive Plan](index=30&type=section&id=III.%20Status%20and%20Impact%20of%20the%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company terminated its 2021 restricted stock incentive plan, repurchased and canceled some restricted shares, and the reserved equity of the 2024 stock option and restricted stock incentive plan expired - The company terminated the 2021 restricted stock incentive plan and repurchased and canceled some restricted shares[85](index=85&type=chunk) [Significant Matters](index=32&type=section&id=Fifth%20Section%20Significant%20Matters) This section covers important events and decisions, including major related party transactions and the use of raised funds [Significant Related Party Transactions](index=34&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company projected total daily related party transactions for 2025 to be 50 million yuan, with actual transactions amounting to 10.9169 million yuan by period-end, remaining within the estimated limit, primarily involving related party leases, procurement of goods/acceptance of services, sales of goods/provision of services, and donations 2025 Annual Daily Related Party Transactions: Estimated vs. Actual | Related Party Transaction Type | Estimated Amount (million yuan) | Actual Amount (million yuan) | | :--- | :--- | :--- | | Related Party Leases - Lessee | 20.00 | 6.0488 | | Procurement of Goods/Acceptance of Services from Related Parties | 5.00 | 0.5713 | | Sales of Goods/Provision of Services to Related Parties | 5.00 | 2.9607 | | Donations | 10.00 | 0.00 | | Sales of Goods to Related Parties | 10.00 | 1.3361 | | **Subtotal** | **50.00** | **10.9169** | [Use of Raised Funds](index=37&type=section&id=XII.%20Explanation%20of%20Progress%20in%20the%20Use%20of%20Raised%20Funds) In 2021, the company raised a net amount of 794 million yuan through convertible bonds; during the reporting period, the company changed part of its fundraising projects, reallocating 493 million yuan from the uninvested 'Technology Digital Transformation Project' to the 'Ningbo High-tech Zone Peacebird Global Fashion R&D Center Project' due to significant changes in the original project's internal and external operating and technical environment - The company reallocated **492.8537 million yuan** of unused raised funds from the "Technology Digital Transformation Project" to construct the "Ningbo High-tech Zone Peacebird Global Fashion R&D Center Project"[102](index=102&type=chunk) - The project change was due to significant changes in the internal and external environment for the original project's implementation, including organizational structure reforms, adjustments to operating strategies, and rapid iteration of digital technologies[102](index=102&type=chunk) [Share Changes and Shareholder Information](index=41&type=section&id=Sixth%20Section%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Capital Changes](index=41&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital decreased from 473.8253 million shares to 471.0754 million shares, primarily due to the termination of the equity incentive plan and the departure of some incentive recipients/failure to meet performance targets, resulting in the repurchase and cancellation of a total of 2.75 million restricted shares - The company's total share capital decreased by **2,749,932 shares**, mainly due to the repurchase and cancellation of restricted shares already granted but not yet unlocked[109](index=109&type=chunk)[110](index=110&type=chunk) [Shareholder Information](index=43&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 11,530 common shareholders; among the top ten shareholders, controlling shareholder Peacebird Group Co., Ltd. held 40.88% of shares, forming a concerted action group with Zhang Jiangbo, Ningbo Fanmei Investment, and Ningbo Hele Investment Top Five Shareholders' Holdings | Shareholder Name | Period-end Holding Quantity (shares) | Proportion (%) | | :--- | :--- | :--- | | Peacebird Group Co., Ltd. | 192,589,788 | 40.88% | | Zhang Jiangbo | 77,347,912 | 16.42% | | Ningbo Fanmei Investment Management Co., Ltd. | 42,168,000 | 8.95% | | Chen Hongchao | 22,398,600 | 4.75% | | Ningbo Hele Investment Co., Ltd. | 17,724,307 | 3.76% | [Bond-Related Information](index=46&type=section&id=Seventh%20Section%20Bond-Related%20Information) This section provides details on the company's convertible corporate bonds, including issuance, conversion status, and credit ratings [Convertible Corporate Bonds](index=46&type=section&id=II.%20Convertible%20Corporate%20Bonds) In July 2021, the company issued 800 million yuan of 6-year convertible corporate bonds, 'Peacebird Convertible Bonds' (code 113627); no conversion, redemption, or put options occurred during the reporting period; as of period-end, the unconverted amount was 799.8 million yuan, accounting for 99.97% of the total issuance; due to annual equity distribution and repurchase/cancellation of restricted shares, the conversion price has been adjusted multiple times, with the latest conversion price at 20.88 yuan/share; the company's and bond's credit ratings are both AA, with a stable outlook - The company's "Peacebird Convertible Bonds" were listed on August 6, 2021; as of the end of the reporting period, the cumulative conversion ratio was extremely low, with an unconverted amount of **799.752 million yuan**, accounting for **99.9690%** of the total issuance[123](index=123&type=chunk)[127](index=127&type=chunk) - Due to the implementation of the 2024 annual equity distribution and the repurchase and cancellation of restricted shares, the conversion price was adjusted to **20.88 yuan/share** on June 13, 2025[129](index=129&type=chunk) - United Credit Ratings maintained the company's long-term credit rating at **AA**, the "Peacebird Convertible Bonds" credit rating at **AA**, and the rating outlook as stable[130](index=130&type=chunk) [Financial Report](index=48&type=section&id=Eighth%20Section%20Financial%20Report) This section presents the company's complete financial statements and detailed notes to the consolidated financial statement items [Financial Statements](index=48&type=section&id=II.%20Financial%20Statements) This chapter includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 [Notes to Consolidated Financial Statement Items](index=90&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed explanations of the composition and changes of major items in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, construction in progress, accounts payable, revenue, and costs Inventory Age and Impairment Provision (Period-end) | Inventory Age | Book Balance (billion yuan) | Impairment Provision (billion yuan) | Provision Ratio (%) | | :--- | :--- | :--- | :--- | | Within 1 year | 1.069 | 0.00 | 0.00% | | 1-2 years | 0.364 | 0.073 | 20.00% | | 2-3 years | 0.212 | 0.106 | 50.00% | | Over 3 years | 0.036 | 0.036 | 100.00% | | **Total** | **1.681** | **0.215** | **12.76%** | - The period-end balance of construction in progress was **67.4253 million yuan**, a significant increase from **38.3029 million yuan** at the beginning of the period, mainly due to increased investment in the Ningbo High-tech Zone Peacebird Global Fashion R&D Center Project and the Omnichannel Operations Platform Project[308](index=308&type=chunk)

北京赛升药业股份有限公司 2025 年半年度报告全文 北京赛升药业股份有限公司 2025 年半年度报告 2025-032 2025 年 08 月 1 北京赛升药业股份有限公司 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。 公司负责人马骉、主管会计工作负责人梁东娜及会计机构负责人(会计主 管人员)唐会欣声明：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。 公司已在本报告"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，对可能面临的风险进行详细描述，敬请投资者注意风险。 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 7 | | 第三节 | 管理层讨论与分析 10 | | 第四节 | 公司治理、环境和社会 29 | | 第五节 | 重要事项 32 | | 第六 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management assures the report's accuracy and completeness, highlighting macroeconomic, lithium price, raw material, management, and hedging risks, with no semi-annual dividend or share capital increase planned - The company's board of directors, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the report content[4](index=4&type=chunk) - The company's head, chief financial officer, and head of the accounting department declare the financial report is **true, accurate, and complete**[4](index=4&type=chunk) - The company highlights risks including **macroeconomic conditions, lithium price fluctuations, raw material price volatility, management, and futures hedging**[4](index=4&type=chunk) - The company plans not to distribute **cash dividends**, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Catalogue of Documents for Reference](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the semi-annual report's reference documents, including signed financial statements and original disclosure files, all available at the company's securities department - Reference documents include **signed and sealed financial statements**, original public disclosure files, the legal representative's signed report original, and other materials[9](index=9&type=chunk) - All reference documents are kept at the **company's securities department**[9](index=9&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms, including company names, major subsidiaries, the reporting period, and currency units, for clear report comprehension - Defines "**Company**" and "**Jiangte Motor**" as Jiangte Motor Co., Ltd[11](index=11&type=chunk) - Lists full and abbreviated names of several subsidiaries and associated companies, such as Jiangte Industrial, Jiangte Electric, and Yinli New Energy[11](index=11&type=chunk) - Specifies the reporting period as **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides the company's basic information, including stock details, listing exchange, names, and legal representative - Stock Abbreviation: **Jiangte Motor**, Stock Code: **002176**[13](index=13&type=chunk) - Stock Listing Exchange: **Shenzhen Stock Exchange**[13](index=13&type=chunk) - Company Legal Representative: **Liang Yun**[13](index=13&type=chunk) [II. Contact Persons and Contact Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's board secretary and securities affairs representatives, including names, addresses, and communication channels - Board Secretary: **Jiang Xiaoan**, Securities Affairs Representatives: **Qu Hongbo, Li Guoling**[14](index=14&type=chunk) - Contact Phone: **0795-3266280**, Email: **jiangte002176@aliyun.com**[14](index=14&type=chunk) [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes occurred in the company's contact information, disclosure details, or other relevant materials during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, website, and email address remained **unchanged** during the reporting period[15](index=15&type=chunk) - Information disclosure and storage locations remained **unchanged** during the reporting period[16](index=16&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue grew by **35.85%**, but net profit attributable to shareholders declined by **78.24%** due to falling lithium salt prices, with total assets and net assets also decreasing Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 975,166,278.13 | 717,831,652.73 | 35.85% | | Net Profit Attributable to Shareholders of Listed Company | -114,188,334.54 | -64,065,573.73 | -78.24% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -161,286,841.44 | -144,938,213.15 | -11.28% | | Net Cash Flow from Operating Activities | -296,266,518.96 | -275,020,371.50 | -7.73% | | Basic Earnings Per Share (yuan/share) | -0.07 | -0.04 | -75.00% | | Diluted Earnings Per Share (yuan/share) | -0.07 | -0.04 | -75.00% | | Weighted Average Return on Net Assets | -3.31% | -1.69% | -1.62% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Period-End Change from Prior Year-End** | | Total Assets | 6,163,000,895.52 | 6,640,996,631.95 | -7.20% | | Net Assets Attributable to Shareholders of Listed Company | 3,394,193,266.17 | 3,504,821,893.73 | -3.16% | [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit or net assets between financial reports prepared under international/overseas accounting standards and Chinese accounting standards - The company's financial reports for the reporting period show **no differences** in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - The company's financial reports for the reporting period show **no differences** in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses reached **47.10 million yuan**, mainly from fair value changes in financial instruments and government subsidies Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -5,314.36 | | Government subsidies recognized in current profit and loss (excluding those with continuous impact) | 6,760,422.55 | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal gains and losses (excluding hedging activities) | 52,803,232.57 | | Gains and losses from debt restructuring | -337,858.84 | | Other non-operating income and expenses | -2,099,492.93 | | Less: Income tax impact | 10,096,746.60 | | Impact on minority interests (after tax) | -74,264.51 | | **Total** | **47,098,506.90** | - The company has **no other profit and loss items** that meet the definition of non-recurring gains and losses[23](index=23&type=chunk) - The company has **not classified** non-recurring gains and losses as recurring gains and losses[23](index=23&type=chunk) Section III Management Discussion and Analysis [I. Principal Businesses Engaged in During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company operates in intelligent motors, leading in wind power and construction machinery motors, and lithium, leveraging integrated mica extraction for new energy and energy storage markets [(I) Intelligent Motor Segment](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%99%BA%E8%83%BD%E7%94%B5%E6%9C%BA%E6%9D%BF%E5%9D%97) The intelligent motor segment thrives on manufacturing upgrades and green economy, with the company leading in wind power, construction machinery, and servo motors, while developing integrated servo systems - The motor industry is driven by emerging fields like robotics, industrial manufacturing, automotive, and low-altitude economy, leading to high demand for **miniaturized, efficient, and energy-saving motors**[25](index=25&type=chunk) - The company holds the **top market share** in wind power supporting motors domestically, with construction machinery motors, servo motors, and stepper motors ranking among the top in domestic shipments[28](index=28&type=chunk) - Company products are widely used in robotics, industrial automation, aircraft, wind power, and new energy vehicles, having developed **high-efficiency and energy-saving motors** such as YE4, YE5, and permanent magnet motors[30](index=30&type=chunk) - The company's operating model is primarily **direct sales based on sales orders**, with increased R&D investment in high-efficiency, energy-saving, and robotic motors to build servo systems[31](index=31&type=chunk)[32](index=32&type=chunk) [(II) Lithium Segment](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%94%82%E6%9D%BF%E5%9D%97) The lithium segment, a strategic resource, sees the company as a leading lithium mica extractor with an integrated value chain and **over 100 million tons of lithium ore**, actively hedging against price volatility - Lithium is known as "**white petroleum**," and lithium carbonate is a core raw material for lithium battery cathode materials, used in new energy vehicles, energy storage, and consumer electronics[33](index=33&type=chunk) - From January to June 2025, domestic lithium carbonate output was **431,500 tons**, a year-on-year increase of **44.58%**; lithium hydroxide output was **144,600 tons**, a year-on-year decrease of **17.18%**[34](index=34&type=chunk) - The company has formed an integrated industry chain of **lithium ore mining, beneficiation, and deep processing of lithium salts**, making it one of the leading domestic lithium mica extraction enterprises with **over 100 million tons of lithium ore resources**[37](index=37&type=chunk)[38](index=38&type=chunk) - The company primarily sells **battery-grade and industrial-grade lithium carbonate**, along with co-existing mineral products like feldspar powder and tantalum-niobium, enhancing comprehensive resource utilization efficiency[38](index=38&type=chunk) - The company adopts an **integrated operating model**, primarily direct sales, and actively participates in lithium carbonate futures hedging to mitigate price fluctuation risks[40](index=40&type=chunk) - Lithium carbonate prices previously fell sharply, but with capacity rationalization and sustained downstream demand growth, prices are expected to **stabilize and rebound** in the future[41](index=41&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include strong R&D, a nationwide marketing network, and a 60-year brand in intelligent motors, alongside abundant lithium resources, integrated processing, and leading mica extraction technology in the lithium segment [(I) Intelligent Motor Segment](index=12&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%99%BA%E8%83%BD%E7%94%B5%E6%9C%BA%E6%9D%BF%E5%9D%97) The intelligent motor segment features strong R&D, proprietary technologies, participation in standard setting, a nationwide marketing network, and over **60 years of brand heritage**, leading in several niche product categories - The company holds **20 invention patents, 73 utility model patents, 1 design patent, 2 software copyrights**, and has participated in drafting **50 national/industry standards**[42](index=42&type=chunk) - The company has built a **nationwide multi-dimensional marketing network**, divided into five geographical regions, with a marketing department for industry-specific vertical management[43](index=43&type=chunk) - The company has **over 60 years of technological accumulation**, high brand recognition, and a leading position in several niche industries, with its subsidiary Hangzhou Mige's robot-specific E/B series motors supplied in bulk to leading domestic enterprises[45](index=45&type=chunk) [(II) Lithium Segment](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%94%82%E6%9D%BF%E5%9D%97) The lithium segment benefits from **over 100 million tons of lithium ore** in Yichun, an integrated mining-beneficiation-metallurgy value chain for cost efficiency, and Yinli New Energy's leading lithium mica extraction technology and patents - The company holds multiple mining and exploration rights in the Yichun area, with total lithium ore resources held or controlled exceeding **100 million tons**[46](index=46&type=chunk) - The Xikeng Lithium Mine in Yifeng County is currently the company's most important mining area, with ore resource reserves of **72.93 million tons** (average Li2O grade 0.44%) or **126.67 million tons** (average Li2O grade 0.39%)[46](index=46&type=chunk) - The company has formed a **vertically integrated industry chain** of "ore mining - ore beneficiation and comprehensive utilization - lithium salt production and deep processing," enhancing economic value through multi-product co-production[47](index=47&type=chunk) - Wholly-owned subsidiary Yinli New Energy is a national high-tech enterprise with a provincial-level enterprise technology center, holding a **leading position in domestic lithium mica extraction technology** with **11 invention patents and 32 utility model patents**[48](index=48&type=chunk) [III. Analysis of Principal Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue grew by **35.85%** due to higher lithium salt sales, but total profit and net profit attributable to the parent company fell by **231.70%** and **78.24%** respectively, driven by declining lithium salt prices, despite increased lithium segment revenue - During the reporting period, the company achieved operating revenue of **975.17 million yuan**, a year-on-year increase of **35.85%**, primarily due to increased production and sales of lithium salt products[49](index=49&type=chunk) - The company's total profit was **-128.33 million yuan**, a year-on-year decrease of **231.70%**; net profit attributable to the parent company was **-114.19 million yuan**, a year-on-year decrease of **78.24%**, mainly due to falling lithium salt product prices leading to lower gross profit[49](index=49&type=chunk) Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 975,166,278.13 | 717,831,652.73 | 35.85% | Increased production and sales of lithium salt products | | Operating Cost | 933,211,182.57 | 687,467,276.12 | 35.75% | Increased production and sales of lithium salt products | | Financial Expenses | 16,810,682.38 | 4,841,913.52 | 247.19% | Increased interest expenses, decreased interest income | | Income Tax Expense | -12,444,916.64 | 28,040,379.60 | -144.38% | Increased losses | | Net Cash Flow from Investing Activities | 65,706,706.41 | 142,084,708.10 | -53.76% | Large-denomination certificates of deposit matured in prior year | | Net Cash Flow from Financing Activities | -66,662,067.26 | 366,313,629.43 | -118.20% | Decreased bank borrowings | | Net Increase in Cash and Cash Equivalents | -295,433,558.72 | 233,389,079.52 | -226.58% | Net cash flow from operating activities decreased year-on-year | Composition of Operating Revenue (By Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Lithium Mining and Lithium Salt Manufacturing | 460,393,308.05 | 47.21% | 213,233,525.09 | 29.70% | 115.91% | | | Motors | 485,654,997.02 | 49.80% | 482,003,390.70 | 67.15% | 0.76% | | **By Product** | Industrial Motors | 326,768,046.46 | 33.51% | 261,350,051.77 | 36.41% | 25.03% | | | Servo Motors | 91,569,099.11 | 9.39% | 140,935,473.51 | 19.63% | -35.03% | | | Other Motors | 67,317,851.45 | 6.90% | 79,717,865.42 | 11.11% | -15.55% | | **By Region** | East China | 433,058,983.65 | 44.40% | 361,465,742.96 | 50.35% | 19.81% | | | South China | 217,825,113.33 | 22.34% | 132,789,051.87 | 18.50% | 64.04% | | | Southwest China | 156,372,451.36 | 16.04% | 118,448,592.72 | 16.50% | 32.02% | [IV. Analysis of Non-Principal Business](index=15&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) While non-principal business details are not explicit, provided data shows negative gross margins for lithium mining and salt manufacturing, contrasting with positive margins for the motor business Analysis of Non-Principal Business (By Industry, Product, Region) | Category | Item | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Lithium Mining and Lithium Salt Manufacturing | 460,393,308.05 | 535,292,261.29 | -16.27% | 115.91% | 88.72% | 16.75% | | | Motors | 485,654,997.02 | 372,958,234.83 | 23.21% | 0.76% | -2.16% | 2.30% | | **By Product** | Lithium Mining and Lithium Salt Manufacturing | 460,393,308.05 | 535,292,261.29 | -16.27% | 115.91% | 88.72% | 16.75% | | | Industrial Motors | 326,768,046.46 | 256,266,779.13 | 21.58% | 25.03% | 22.48% | 1.64% | | **By Region** | Southwest China | 156,372,451.36 | 171,349,378.16 | -9.58% | 32.02% | 15.89% | 15.25% | | | South China | 217,825,113.33 | 224,456,001.46 | -3.04% | 64.04% | 52.22% | 8.01% | | | East China | 433,058,983.65 | 395,487,309.43 | 8.68% | 19.81% | 28.38% | -6.10% | [V. Analysis of Assets and Liabilities](index=16&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets attributable to shareholders decreased, with declines in liquid assets and long-term borrowings (due to reclassification), while construction in progress significantly increased from tech upgrade investments Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 674,242,945.21 | 10.94% | 1,006,353,295.93 | 15.15% | -4.21% | Decreased cash inflow, increased payments | | Construction in Progress | 39,777,859.17 | 0.65% | 15,517,898.79 | 0.23% | 0.42% | Increased investment in technological upgrades | | Right-of-Use Assets | 1,039,065.47 | 0.02% | 2,174,499.45 | 0.03% | -0.01% | Depreciation recognized | | Contract Liabilities | 40,893,171.41 | 0.66% | 87,395,480.89 | 1.32% | -0.66% | Decreased advance receipts for goods | | Employee Compensation Payable | 41,161,571.67 | 0.67% | 72,261,740.66 | 1.09% | -0.42% | Payment of employee compensation accrued in prior year | | Taxes Payable | 17,231,415.05 | 0.28% | 34,675,236.67 | 0.52% | -0.24% | Payment of prior year's taxes | | Long-Term Borrowings | 430,000,000.00 | 6.98% | 756,544,237.64 | 11.39% | -4.41% | Reclassified to long-term borrowings due within one year | - The company has **no significant overseas assets** during the reporting period[57](index=57&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gain/Loss for the Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 23,804,570.25 | -8,652,503.69 | 15,152,066.56 | | **Total** | **23,804,570.25** | **-8,652,503.69** | **15,152,066.56** | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 212,364,718.42 | 212,364,718.42 | Margin | Issuance of bank acceptance bills | | Monetary Funds | 6,528,501.14 | 6,528,501.14 | Margin | Issuance of letters of guarantee | | Monetary Funds | 58,400,000.00 | 58,400,000.00 | Margin | Issuance of letters of credit | | Monetary Funds | 7,062,928.60 | 7,062,928.60 | Margin | Futures margin | | Monetary Funds | 7,113,862.47 | 7,113,862.47 | Margin | Mine ecological restoration fund | | Notes Receivable, Accounts Receivable Financing | 283,468,762.76 | 283,468,762.76 | Pledge | Issuance of bank acceptance bills | | **Total** | **574,938,773.39** | **574,938,773.39** | | | [VI. Analysis of Investment Status](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment decreased by **68.89%**, with no major equity investments or raised fund usage, while non-equity investments focused on lithium tech upgrades and minor projects; futures hedging successfully mitigated price risks Investment Amount During the Reporting Period | Indicator | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 25,342,084.24 | 81,453,430.73 | -68.89% | - There were **no significant equity investments** during the reporting period[62](index=62&type=chunk) Significant Non-Equity Investments in Progress | Project Name | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment Amount as of Period-End (yuan) | Investment Progress | | :--- | :--- | :--- | :--- | | Lithium Precipitation Technical Upgrade Project | 7,835,343.60 | 14,021,561.43 | 21.09% | | Other Minor Engineering Projects | 16,506,740.64 | 88,705,077.40 | Partially transferred to fixed assets | | **Total** | **24,342,084.24** | **102,726,638.83** | | - The company had **no securities investments or speculative derivative investments** during the reporting period[64](index=64&type=chunk)[68](index=68&type=chunk) Derivative Investments for Hedging Purposes | Derivative Investment Type | Beginning Balance (ten thousand yuan) | Fair Value Change Gain/Loss for the Period (ten thousand yuan) | Ending Balance (ten thousand yuan) | Ending Investment Amount as % of Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | Commodity Futures | 43,677.97 | 1,245.54 | 8,882.52 | 2.62% | | **Total** | **43,677.97** | **1,245.54** | **8,882.52** | **2.62%** | - The company utilized the risk-hedging function of futures instruments to conduct **lithium carbonate commodity futures hedging**, with management results meeting expectations and largely achieving the anticipated risk management objectives[66](index=66&type=chunk) - The company had **no use of raised funds** during the reporting period[69](index=69&type=chunk) [VII. Significant Asset and Equity Disposals](index=19&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity disposals during the reporting period - The company did **not sell any significant assets** during the reporting period[70](index=70&type=chunk) - The company did **not sell any significant equity** during the reporting period[71](index=71&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section analyzes major subsidiaries, noting Yichun Yinli New Energy's negative net profit, and details the establishment of two new subsidiaries and the deregistration of one Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Type | Business Nature | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yichun Yinli New Energy Co., Ltd. | Subsidiary | Lithium ore processing | 8,000.00 | 301,231.67 | 133,591.18 | 45,297.18 | -11,889.83 | -10,113.87 | | Jiangxi Jiangte Motor Co., Ltd. | Subsidiary | Motor product production and sales | 20,000.00 | 114,139.32 | 38,779.20 | 32,756.26 | 2,549.16 | 2,145.45 | - During the reporting period, the company invested in establishing **Zambia Jiangte Mining Co., Ltd.** and **Ji'an Yinli Lithium Battery New Energy Co., Ltd.**, and deregistered **Jiangsu Mige Jiangte Motor Co., Ltd.**, with no significant impact on overall production, operations, or performance[73](index=73&type=chunk) [IX. Structured Entities Controlled by the Company](index=20&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had **no controlled structured entities** during the reporting period[74](index=74&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company addresses macroeconomic, lithium price, raw material, management, and hedging risks through strategic optimization, internal controls, R&D investment, supply chain stability, and futures hedging - The company faces **macroeconomic risks**, which may impact sales in both the motor and lithium businesses[74](index=74&type=chunk) - The company faces **lithium price fluctuation risks**, which could lead to a decline in lithium carbonate product prices and affect performance[74](index=74&type=chunk) - The company faces **raw material price fluctuation risks**, which could increase costs and impact gross profit margins[75](index=75&type=chunk) - The company faces **management risks**, as its operational scale expands, management capabilities require continuous improvement[75](index=75&type=chunk) - The company faces **futures hedging risks**, including market risk, policy risk, liquidity risk, operational risk, and technical risk[76](index=76&type=chunk) - Countermeasures include **optimizing company strategy, strengthening internal controls, increasing R&D investment, establishing stable supply chains, utilizing futures hedging, and improving corporate governance and management processes**[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [XI. Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company implemented a "Market Value Management System" to boost investment value and returns, but a specific valuation enhancement plan remains undisclosed - The company has formulated a "**Market Value Management System**," which has been approved by the board of directors[78](index=78&type=chunk) - The company has **not disclosed a valuation enhancement plan**[78](index=78&type=chunk) [XII. Implementation of 'Dual Improvement in Quality and Returns' Action Plan](index=21&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not released an announcement concerning its "Dual Improvement in Quality and Returns" action plan - The company has **not disclosed** an announcement regarding the "Dual Improvement in Quality and Returns" action plan[79](index=79&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in the company's directors, supervisors, or senior management during the reporting period, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management experienced **no changes** during the reporting period[81](index=81&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no semi-annual cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute **cash dividends**, bonus shares, or convert capital reserves into share capital for the semi-annual period[82](index=82&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans but implemented three employee stock ownership plans, with shares from the first phase disposed due to resignations and shares from the second and third phases disposed upon lock-up expiration, all accounted for in financial statements - The company had **no equity incentive plans** during the reporting period[83](index=83&type=chunk) Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Employee Stock Ownership Plan | Number of Employees | Total Shares Held (shares) | Proportion of Listed Company's Total Share Capital | Funding Source for Plan Implementation | | :--- | :--- | :--- | :--- | :--- | | First Phase | 118 | 2,138,575.00 | 0.13% | Employees' legal remuneration, self-raised funds, etc. | | Second Phase | 28 | 814,100.00 | 0.05% | Employees' legal remuneration, self-raised funds, etc. | | Third Phase | 55 | 312,500.00 | 0.02% | Employees' legal remuneration, self-raised funds, etc. | - In the first phase of the employee stock ownership plan, **93,600 shares** were cumulatively disposed of due to some holders' resignations, accounting for **4.19%** of that plan[88](index=88&type=chunk) - In the second phase of the employee stock ownership plan, **570,900 shares** were cumulatively disposed of due to the

南京公用发展股份有限公司 2025 年半年度报告全文 南京公用发展股份有限公司 2025 年半年度报告 2025-46 【2025 年 8 月】 1 南京公用发展股份有限公司 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。 公司负责人王巍、主管会计工作负责人孙彬及会计机构负责人(会计主管 人员)赵芳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展计划等前瞻性陈述，不构成公司对投资者的实 质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。 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"描述了公司未来经营中可能面临的主要风险，敬请投资者予以关 注。 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 | | --- | --- | --- | --- | | ...

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial disclaimers, the report's structural overview, and definitions of key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, while also alerting investors to key risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - The report alerts investors to major risks such as intensified market competition, real estate market fluctuations, slowing consumer demand, and raw material price volatility[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's nine main chapters and their page numbers, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, financial report, and other submitted data - The report comprises nine main chapters, covering various aspects of the company's operations, finance, governance, and significant matters[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, major shareholders, subsidiaries, the reporting period, and industry-specific terminology to ensure clear understanding - The definitions section clarifies terms such as "Arrow Home," "controlling shareholder," and industry-specific terms like "sanitary ceramics" and "smart toilet seats"[14](index=14&type=chunk)[15](index=15&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, contact details, and a summary of its key financial performance and position [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) The company's stock abbreviation is "Arrow Home," stock code 001322, listed on the Shenzhen Stock Exchange, with Xie Yuerong as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Arrow Home | | Stock Code | 001322 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Xie Yuerong | [II. Contact Person and Contact Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The company's Board Secretary is Yang Weihua, and the Securities Affairs Representative is Xiao Yanli, both located at Arrow Headquarters Building, No. 1 Chuangxing Road, Lecong Town, Shunde District, Foshan City, Guangdong Province, with provided phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yang Weihua | Arrow Headquarters Building, No. 1 Chuangxing Road, Lecong Town, Shunde District, Foshan City, Guangdong Province | 0757-29964106 | 0757-29964107 | IR@arrowgroup.com.cn | | Securities Affairs Representative | Xiao Yanli | Arrow Headquarters Building, No. 1 Chuangxing Road, Lecong Town, Shunde District, Foshan City, Guangdong Province | 0757-29964106 | 0757-29964107 | IR@arrowgroup.com.cn | [III. Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and storage locations, with specific details available in the 2024 annual report - The company's contact information, information disclosure, and storage locations remained unchanged during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by 8.12% to **2.837 billion yuan**, and net profit attributable to shareholders decreased by 25.15% to **28.44 million yuan**, while net profit excluding non-recurring gains and losses increased by 6.33% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 2,837,104,503.51 | 3,087,920,811.39 | -8.12% | | Net Profit Attributable to Shareholders of the Listed Company (yuan) | 28,441,356.49 | 37,998,473.31 | -25.15% | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-Recurring Gains and Losses (yuan) | 14,287,475.07 | 13,437,268.33 | 6.33% | | Net Cash Flow from Operating Activities (yuan) | -518,689,686.48 | -590,704,474.02 | 12.19% | | Basic Earnings Per Share (yuan/share) | 0.0299 | 0.0394 | -24.11% | | Diluted Earnings Per Share (yuan/share) | 0.0299 | 0.0394 | -24.11% | | Weighted Average Return on Net Assets | 0.58% | 0.76% | -0.18% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from End of Prior Year** | | | Total Assets (yuan) | 9,371,647,529.42 | 10,071,432,360.72 | -6.95% | | Net Assets Attributable to Shareholders of the Listed Company (yuan) | 4,723,958,860.26 | 4,869,494,164.66 | -2.99% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[23](index=23&type=chunk)[24](index=24&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **14.15 million yuan**, primarily from government subsidies, fair value changes in financial assets (dividends from an associate), and reversal of impairment provisions for receivables 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Disposal gains and losses of non-current assets | -321,307.19 | | | Government subsidies recognized in current profit or loss | 7,312,366.59 | | | Fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 6,689,680.20 | Primarily dividends from the company's associate, Foshan Rural Commercial Bank | | Reversal of impairment provisions for receivables subject to separate impairment testing | 2,768,639.11 | | | Other non-operating income and expenses apart from the above | -1,764,830.02 | | | Less: Income tax impact | 530,667.27 | | | Total | 14,153,881.42 | | - The company does not classify non-recurring gains and losses items as recurring gains and losses[27](index=27&type=chunk) [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, industry trends, financial performance drivers, and risk factors [I. Company's Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in the R&D, production, and sales of ceramic sanitary ware products, categorized under "sanitary ceramic product manufacturing," facing challenges from real estate market fluctuations and intensified competition [(I) Industry Development in the First Half of 2025](index=10&type=section&id=%28I%29%20Industry%20Development%20in%20the%20First%20Half%20of%202025) In the first half of 2025, the ceramic sanitary ware industry saw a narrowing decline in the downstream real estate market and a release of existing demand, with "trade-in" policies and aging-in-place renovations becoming new growth engines - In the first half of 2025, national new commercial housing sales area decreased by **3.5%** year-on-year, and sales value decreased by **5.5%**, with the decline narrowing compared to the same period last year and the full year[31](index=31&type=chunk) - The company's revenue from retail, e-commerce, and home improvement channels combined accounted for **80.38%**, while engineering channels accounted for **19.62%**, forming a relatively balanced business distribution[32](index=32&type=chunk) - The "trade-in" policy continued to gain momentum, with total sales driven by trade-ins for 5 major categories of consumer goods, including home furnishings and electric bicycles, exceeding **1.6 trillion yuan** by the end of June 2025[35](index=35&type=chunk) - The market penetration rate of smart toilet seats increased to approximately **9.6%**, indicating tens of millions of units of growth potential compared to developed countries' 90% penetration rate[40](index=40&type=chunk) [(II) Company's Main Business, Products, and Uses](index=12&type=section&id=%28II%29%20Company%27s%20Main%20Business%2C%20Products%2C%

锐捷网络股份有限公司 2025 年半年度报告 公告编号：2025-025 2025 年 8 月 22 日 1 锐捷网络股份有限公司 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。 锐捷网络股份有限公司 2025 年半年度报告全文 公司负责人阮加勇、主管会计工作负责人刘弘瑜及会计机构负责人(会计 主管人员)徐继勇声明：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。 本报告中涉及的公司未来计划等前瞻性陈述，不构成公司对投资者的实质 性承诺，投资者及相关人士均应对此保持足够的风险认识，并应当理解计划、 预测与承诺之间的差异。 公司在经营管理过程中可能面临的风险，请参见第三节"管理层讨论与分析" 之"十、公司面临的风险和应对措施"的相关内容。敬请广大投资者注意投资风 险，理性投资。 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 ...

国家电投集团产融控股股份有限公司 2025 年半年度报告 2025 年 8 月 国家电投集团产融控股股份有限公司 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。 公司负责人冯俊杰、主管会计工作负责人孙艳军及会计机构负 责人(会计主管人员)周慧芹声明：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。 本报告涉及未来计划等前瞻性陈述，该计划不构成公司对投资 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。 公司已在本报告中详细描述公司可能面临的风险，敬请投资者 予以关注，详见本报告"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"。 公司计划中期不派发现金红利，不送红股，不以公积金转增股 本。 1 国家电投集团产融控股股份有限公司 2025 年半年度报告全文 目 录 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- ...