[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice,%20Table%20of%20Contents,%20and%20Definitions) This section provides essential disclaimers, outlines the report structure, and defines key terms and reporting periods used throughout the document [Definitions](index=5&type=section&id=Definitions) This chapter defines company entity abbreviations, related organizations, shareholder entities, and industry terms like PCB and HDI, and specifies the reporting period from January 1 to June 30, 2025 - The reporting period is defined as **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company and presents its key financial performance and position for the reporting period [Company Profile](index=7&type=section&id=I.%20Company%20Profile) Guangzhou Guanghe Technology Co., Ltd. (stock code: 001389) is a company listed on the Shenzhen Stock Exchange, with Xiao Hongxing as its legal representative Company Profile | Item | Content | | :--- | :--- | | **Stock Abbreviation** | Guanghe Technology | | **Stock Code** | 001389 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Legal Representative** | Xiao Hongxing | [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved strong performance growth, with revenue up 42.17% to 2.425 billion yuan and net profit attributable to shareholders up 53.91% to 492 million yuan, demonstrating robust operational quality Key Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2,424,753,430.89 | 1,705,583,527.93 | 42.17% | | **Net Profit Attributable to Shareholders** | 491,583,351.57 | 319,387,115.14 | 53.91% | | **Net Cash Flow from Operating Activities** | 453,102,610.13 | 270,833,830.63 | 67.30% | | **Basic Earnings Per Share (RMB/share)** | 1.1610 | 0.7943 | 46.17% | | **Weighted Average Return on Net Assets** | 14.81% | 13.79% | 1.02% | | **Total Assets (RMB)** | 6,274,075,657.34 | 5,685,756,517.91 | 10.35% (Period-end vs. Prior Year-end) | | **Net Assets Attributable to Shareholders (RMB)** | 3,393,408,756.33 | 3,073,845,894.57 | 10.40% (Period-end vs. Prior Year-end) | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled 14.03 million yuan, primarily from government subsidies and fair value changes, with net profit attributable to shareholders after non-recurring items growing 47.78% to 478 million yuan Non-Recurring Gains and Losses Items | Item | Amount (RMB) | | :--- | :--- | | Government Subsidies | 10,251,328.88 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities | 7,187,366.66 | | Net Non-Operating Income and Expenses | -840,203.14 | | **Total** | **14,030,129.22** | - Net profit attributable to shareholders after deducting non-recurring gains and losses was **RMB 478 million**, a year-on-year increase of **47.78%**[18](index=18&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, and future outlook from management's perspective [Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of multi-layer PCBs, with server PCBs accounting for about 70% of revenue, and its Thailand factory commenced production in June 2025 - The company's main business is multi-layer and high-layer PCBs, with server PCB products accounting for approximately **70% of revenue**, primarily used in high-performance computing and AI server data center core equipment[31](index=31&type=chunk) - Benefiting from strong demand for computing infrastructure, the company achieved operating revenue of **RMB 2.425 billion** in H1 2025, a year-on-year increase of **42.17%**; net profit reached **RMB 492 million**, up **53.91%** year-on-year[41](index=41&type=chunk) - Guanghe Thailand factory officially commenced production in June 2025, currently in the capacity ramp-up and customer certification phase, serving as a crucial base for the company's overseas market expansion[43](index=43&type=chunk) Prismark's Forecast for 2025 Global PCB Segment Market Growth Rates | Segment | Global Output Value YoY Growth Rate | | :--- | :--- | | **Multi-layer Boards (18+ layers)** | **41.70%** | | HDI | 12.90% | | Packaging Substrates | 7.60% | | Multi-layer Boards (8-16 layers) | 6.10% | [Analysis of Core Competencies](index=14&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include stable client relationships with top server brands, strong R&D capabilities, JDM service model, experienced management, and green manufacturing advantages - Customer resource advantage: Established stable cooperative relationships with leading domestic and international server brand manufacturers, building a strong brand image in the computing server PCB market[45](index=45&type=chunk) - Technological R&D advantage: The company is a national high-tech enterprise, recognized as a provincial-level enterprise technology center, with its research institute conducting forward-looking R&D on materials, products, and processes[46](index=46&type=chunk) - Management advantage: Possesses an experienced management team and has established a comprehensive full-process cost control management system from procurement to delivery[48](index=48&type=chunk) - Green and environmentally friendly production advantage: The company was awarded the 2024 National Green Factory designation, integrating sustainable development concepts into daily operations[50](index=50&type=chunk) [Main Business Analysis](index=15&type=section&id=III.%20Main%20Business%20Analysis) Main business revenue and cost grew 42.17% and 37.67% respectively, driven by AI computing demand, while management expenses increased significantly due to equity incentives Key Financial Data Year-on-Year Changes | Item | Current Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2,424,753,430.89 | 42.17% | Sales growth driven by AI computing technology innovation and data center upgrades | | **Operating Cost** | 1,541,794,186.73 | 37.67% | Increased proportionally with operating revenue | | **Administrative Expenses** | 99,874,040.32 | 108.89% | Increased due to new equity incentives and share-based payment expenses | | **R&D Investment** | 117,019,895.63 | 46.10% | Increased R&D project count led to corresponding investment growth | Main Business (Printed Circuit Boards) by Region | Region | Operating Revenue (RMB) | Operating Revenue YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Domestic Sales** | 657,830,748.46 | 91.68% | 9.50% | 9.36% | | **Overseas Sales** | 1,607,379,334.84 | 27.16% | 41.59% | 2.47% | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased to 6.274 billion yuan, with a significant shift in asset structure as fixed assets rose due to the completion and transfer of the Thailand factory from construction in progress - Fixed assets balance significantly increased at period-end, with its proportion of total assets rising from **31.34%** to **45.61%**; construction in progress correspondingly decreased significantly, primarily due to the Thailand factory's plant and equipment reaching their intended usable state[56](index=56&type=chunk) - Accounts receivable increased proportionally with operating revenue, with its proportion of total assets rising from **20.48%** to **24.10%**[56](index=56&type=chunk) - The primary overseas asset is the Thailand production base "Guanghe Thailand", with an asset scale of **RMB 289 million**, accounting for **8.52%** of the company's net assets, and incurred a loss of **RMB 34.9272 million** during the reporting period[57](index=57&type=chunk) [Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investments increased by 69.19% to 1.951 billion yuan, primarily for the Thailand production base, alongside derivative investments for hedging and planned use of raised funds - Investment during the reporting period totaled **RMB 1.951 billion**, a year-on-year increase of **69.19%**, primarily for the construction of the Thailand production base[63](index=63&type=chunk)[65](index=65&type=chunk) - The company engaged in derivative investments such as forward foreign exchange and structured deposits for hedging purposes, to mitigate and prevent foreign exchange rate fluctuation risks[67](index=67&type=chunk)[68](index=68&type=chunk) - Raised funds were utilized as planned, primarily invested in the "Huangshi Guanghe Multi-layer High-precision Circuit Board Project" and for supplementing working capital, with **RMB 67.8985 million** used in this reporting period[73](index=73&type=chunk)[74](index=74&type=chunk) [Analysis of Major Holding and Joint Stock Companies](index=24&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Joint%20Stock%20Companies) Key subsidiaries performed well, with Huangshi Guanghe turning profitable, Guanghe Technology (International) achieving significant revenue, while the newly established Thailand factory incurred initial losses Operating Performance of Major Subsidiaries (H1 2025) | Company Name | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | | **Huangshi Guanghe Precision Circuit Co., Ltd.** | 341,300,574.96 | 32,995,735.29 | | **Guanghe Technology (International) Co., Ltd.** | 1,604,423,918.93 | 29,577,916.98 | | **Dongguan Guanghe CNC Technology Co., Ltd.** | 126,995,641.72 | 2,331,152.30 | | **Delton Technology (Thailand) Co.,Ltd.** | 449,103.53 | -34,927,199.73 | [Risks Faced by the Company and Countermeasures](index=26&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from economic fluctuations, technological changes, raw material prices, exchange rates, trade friction, and overseas operations, addressed by business diversification, R&D collaboration, supply chain management, hedging, and overseas factory expansion - Major risks include: macroeconomic fluctuations, technology R&D (rapid server iteration), raw material price volatility, exchange rate fluctuations (overseas sales account for approximately **70%**), trade friction, and overseas (Thailand) factory operational risks[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) - Countermeasures: The company has invested in building a factory in Thailand to address trade friction risks and mitigates exchange rate risks through foreign exchange hedging operations[90](index=90&type=chunk)[91](index=91&type=chunk) [Corporate Governance, Environment, and Social Responsibility](index=27&type=section&id=Item%204.%20Corporate%20Governance,%20Environment,%20and%20Social%20Responsibility) This section details the company's governance structure, environmental initiatives, and social responsibilities during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, the company experienced several changes in its board, supervisory board, and senior management, including resignations and new appointments - During the reporting period, changes occurred in the company's senior management and board members, including the dismissal of one Deputy General Manager, the resignation of two Supervisors, and the election of one new Independent Director and one Employee Director[95](index=95&type=chunk) [Profit Distribution Plan](index=27&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20for%20the%20Current%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the first half of 2025 - The company's H1 2025 profit distribution plan is "no cash dividends, no bonus shares, and no conversion of capital reserves to share capital"[96](index=96&type=chunk) [Implementation of Equity Incentive Plan](index=27&type=section&id=III.%20Implementation%20of%20the%20Company's%20Equity%20Incentive%20Plan,%20Employee%20Stock%20Ownership%20Plan,%20or%20Other%20Employee%20Incentive%20Measures) The company cancelled 30,000 stock options and repurchased and cancelled 30,000 restricted shares under its 2024 equity incentive plan - The company cancelled **30,000** stock options and repurchased and cancelled **30,000** restricted shares in H1 2025[97](index=97&type=chunk) [Significant Events](index=29&type=section&id=Item%205.%20Significant%20Events) This section reports on major events and transactions that occurred during the reporting period, impacting the company's operations or financial position [Significant Guarantees](index=32&type=section&id=II.%20Significant%20Guarantees) The company has no external guarantees, but approved guarantees for subsidiaries total 1.05 billion yuan, with an actual balance of 431 million yuan, representing 12.70% of net assets, supporting their operations Guarantees for Subsidiaries (As of Report Period End) | Item | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries | 105,000 | | Total Actual Guarantee Balance for Subsidiaries | 43,083.24 | | Proportion of Total Actual Guarantees to Company's Net Assets | 12.70% | [Wealth Management](index=36&type=section&id=3.%20Wealth%20Management) The company used 634 million yuan of raised funds for bank wealth management products, with 190 million yuan outstanding at period-end and no overdue amounts - The company used raised funds to purchase bank wealth management products, with a transaction amount of **RMB 633.8 million** during the reporting period and an outstanding balance of **RMB 190 million** at period-end[126](index=126&type=chunk) [Share Changes and Shareholder Information](index=37&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section outlines changes in the company's share capital and provides details on its shareholder structure and major shareholders [Share Changes](index=37&type=section&id=I.%20Share%20Changes) The company's total share capital decreased to 425,235,000 shares due to the repurchase and cancellation of 30,000 restricted shares, while 112.17 million pre-IPO restricted shares became tradable - The company's total share capital decreased to **425,235,000 shares** due to the repurchase and cancellation of **30,000** restricted shares[132](index=132&type=chunk)[133](index=133&type=chunk) - **112,172,580** pre-IPO issued shares and strategically placed shares were unrestricted and listed for trading on April 2, 2025, increasing the proportion of the company's unrestricted shares from **8.95%** to **35.33%**[131](index=131&type=chunk)[132](index=132&type=chunk) [Shareholder Count and Shareholding Status](index=40&type=section&id=III.%20Shareholder%20Count%20and%20Shareholding%20Status) As of the reporting period end, the company had 27,834 common shareholders, with the top four shareholders, including Guangzhou Zhenyun Investment Co., Ltd., holding over 60% combined, indicating a concentrated and stable ownership structure Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholding Percentage | Number of Shares Held | Nature of Shares | | :--- | :--- | :--- | :--- | | Guangzhou Zhenyun Investment Co., Ltd. | 40.25% | 171,142,853 | Restricted Shares | | Shenzhen Guangxie Investment Enterprise (Limited Partnership) | 10.17% | 43,249,099 | Restricted Shares | | Shenzhen Guangcai Investment Enterprise (Limited Partnership) | 6.78% | 28,832,734 | Restricted Shares | | Shenzhen Guangsheng Investment Enterprise (Limited Partnership) | 6.78% | 28,832,734 | Restricted Shares | | Changjiang Securities Innovation Investment (Hubei) Co., Ltd. | 2.75% | 11,711,268 | Unrestricted Shares | - As of the end of the reporting period, the total number of shareholders was **27,834**[143](index=143&type=chunk) [Bond-Related Information](index=44&type=section&id=Item%207.%20Bond-Related%20Information) This section provides details regarding the company's bond issuance and related activities [Bond-Related Information](index=44&type=section&id=Bond-Related%20Information) There is no bond-related information for the company during the reporting period [Financial Report](index=45&type=section&id=Item%208.%20Financial%20Report) This section presents the company's audited financial statements, including balance sheets, income statements, and cash flow statements [Financial Statements](index=45&type=section&id=II.%20Financial%20Statements) The financial statements show robust growth in H1 2025, with total assets increasing to 6.274 billion yuan driven by fixed asset additions, and strong operating cash flow despite negative investing cash flow due to factory construction Consolidated Financial Statement Core Data (As of June 30, 2025) | Item | Period-End Balance/Current Period Amount (RMB) | | :--- | :--- | | **Total Assets** | 6,274,075,657.34 | | **Total Liabilities** | 2,880,666,901.01 | | **Equity Attributable to Parent Company Owners** | 3,393,408,756.33 | | **Total Operating Revenue** | 2,424,753,430.89 | | **Net Profit** | 491,583,351.57 | | **Net Cash Flow from Operating Activities** | 453,102,610.13 | | **Net Cash Flow from Investing Activities** | -410,388,107.54 | [Notes to Consolidated Financial Statement Items](index=97&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) Financial statement notes detail key items, including 68.9 million yuan in restricted monetary funds, accounts receivable from top five clients at 43.46%, inventory book value of 535 million yuan, and 31.94 million yuan in share-based payment expenses - Restricted monetary funds at period-end totaled **RMB 68.9033 million**, primarily consisting of bank acceptance bill deposits, letter of credit deposits, and pre-litigation property preservation funds[408](index=408&type=chunk) - The total amount from the top five accounts receivable clients was **RMB 692 million**, accounting for **43.46%** of the accounts receivable balance at period-end[430](index=430&type=chunk) - Construction in progress balance decreased from **RMB 740 million** to **RMB 116 million** at period-end, primarily due to the transfer of Thailand and Dongguan factory projects to fixed assets during this period[468](index=468&type=chunk)[471](index=471&type=chunk) - Total expenses recognized for equity incentives in this period amounted to **RMB 31.9379 million**, recorded in capital reserves[629](index=629&type=chunk)[630](index=630&type=chunk) [Other Submitted Data](index=148&type=section&id=Item%209.%20Other%20Submitted%20Data) This section includes additional data and disclosures not covered in the main financial statements, such as investor relations activities [Investor Relations Activities](index=148&type=section&id=II.%20Registration%20Form%20for%20Research,%20Communication,%20Interview,%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company actively engaged with institutional investors through various channels, discussing its 2024 annual and Q1 2025 operating performance - During the reporting period, the company frequently communicated with institutional investors through on-site visits and online exchanges, primarily discussing its annual and quarterly operating performance[673](index=673&type=chunk)[676](index=676&type=chunk)

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This chapter defines key professional terms and company abbreviations used throughout the report - This chapter primarily explains professional terms and company abbreviations used in the report, such as **'the Company'** referring to **Weilong Wine Co., Ltd.**, and **'Xinghe Xirang'** referring to its controlling shareholder, **Xinghe Xirang (Zhejiang) Digital Technology Co., Ltd**[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance metrics for the reporting period [Company Basic Information](index=4&type=section&id=Company%20Information) This chapter details Weilong Wine Co., Ltd.'s fundamental information, including its legal representative, contact details, and listing information - The company's legal representative is **Zhu Qiuhong**[13](index=13&type=chunk) - The company's stock abbreviation is **'Weilong Shares'**, stock code **'603779'**, listed on the Shanghai Stock Exchange[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company experienced a significant decline in operating performance, with revenue down 15.27% and net profit turning to a loss, though operating cash flow improved by 70% Key Accounting Data (January-June 2025) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 187,045,280.14 | 220,756,379.74 | -15.27% | | Net Profit Attributable to Shareholders | -2,401,755.22 | 9,448,994.55 | Not Applicable | | Net Profit After Non-Recurring Items | -2,659,564.57 | 9,033,110.88 | Not Applicable | | Net Cash Flow from Operating Activities | -5,693,590.83 | -18,976,258.78 | 70.00% | | Total Assets | 1,062,866,384.78 | 1,080,802,327.61 | -1.66% (vs. prior year-end) | Key Financial Indicators (January-June 2025) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.01 | 0.03 | Not Applicable | | Weighted Average Return on Net Assets (%) | -0.43 | 1.67 | Decreased by 2.10 percentage points | - Total non-recurring gains and losses for the reporting period amounted to **CNY 257,809.35**, primarily from government subsidies[21](index=21&type=chunk)[23](index=23&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the company's operational performance, core competencies, key financial changes, and potential risks [Discussion and Analysis of Operations](index=6&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Conditions) In H1 2025, the company focused on strategic goals, advancing brand building, market marketing, technological processes, and internal control management - Marketing Strategies: - **Product Focus**: Emphasizing **Longque series**, **Brandy series**, and **Weilong Organic series** products - **Channel Expansion**: Stabilizing mature markets, penetrating key regions, and filling market gaps - **Terminal Management**: Utilizing big data analytics to offer customized product portfolios and promotional plans - **Consumer Cultivation**: Strengthening group purchasing, banquet projects, and personalized services[25](index=25&type=chunk) - Brand Building Strategies: - **Image Shaping**: Continuously building **Weilong Organic's mid-to-high-end brand image** - **Cross-industry Collaboration**: Exploring joint promotion models, such as with film and television productions - **Sub-brand Leadership**: Vigorously advancing the 'brand leading brand' strategy by establishing **Longque high-end sub-brand** and **Weilong Ofei Brandy** as two major business units to enhance overall brand power[25](index=25&type=chunk) - Technology and Internal Control: - **Technological Process**: Optimizing winemaking processes based on market demand, introducing new technologies and materials to enhance product quality - **Internal Control Management**: Strengthening internal audits, optimizing business processes, improving management systems, and enhancing work efficiency[26](index=26&type=chunk)[27](index=27&type=chunk) [Analysis of Core Competencies](index=7&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include its 'organic' brand, advantageous raw material bases, leading organic grape technology, full-产业链 integration, experienced teams, and diverse product lines - The company's core brand image is **'organic'**, with products certified by multiple countries, aligning with modern consumer trends[28](index=28&type=chunk) - The company owns or partners with high-quality wine grape cultivation bases in **Gansu Wuwei, Australia, and Xinjiang Yili River Valley**, ensuring the supply of premium raw materials[28](index=28&type=chunk) - The company has established a **full-产业链 integrated model** from seedling selection, ecological fertilizer production, cultivation, brewing, to sales, enhancing its market responsiveness, risk defense, and cost control capabilities[29](index=29&type=chunk) [Analysis of Key Operating Conditions](index=8&type=section&id=Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) The company's main business faced pressure with declining revenue and costs, while cash flows improved despite remaining negative, and significant shifts occurred in asset and liability items Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 187,045,280.14 | 220,756,379.74 | -15.27 | Decrease in sales revenue | | Operating Cost | 90,803,306.53 | 104,041,735.65 | -12.72 | Decrease in sales revenue | | Financial Expenses | 6,699,714.50 | 8,774,168.55 | -23.64 | Decrease in bank loans, reduced interest expense | | Net Cash Flow from Operating Activities | -5,693,590.83 | -18,976,258.78 | 70.00 | Decrease in cash paid for goods and services | | Asset Impairment Losses | -8,491,962.86 | -1,407,465.66 | -503.35 | Inventory for which impairment provisions were reversed was used in production and sold externally | | Income Tax Expense | 817,274.05 | 4,273,794.56 | -80.88 | Decrease in sales revenue | Changes in Major Asset and Liability Items | Item Name | Current Period End Amount (CNY) | Change from Prior Year-End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 22,095,688.13 | 36.89 | Decrease in operating expenses this period | | Receivables Financing | 1,526,336.98 | 5,199.78 | Increase in outstanding notes receivable this period | | Employee Compensation Payable | 4,791,358.61 | -46.58 | Payment of prior period employee compensation this period | | Taxes Payable | 4,427,604.19 | -75.04 | Decrease in operating revenue led to reduced taxes and fees | - As of the end of the reporting period, the company's overseas assets amounted to **CNY 266 million**, representing **25.01%** of total assets[37](index=37&type=chunk) - As of the end of the reporting period, the total book value of the company's major restricted assets was **CNY 65.49 million**, primarily consisting of fixed assets and intangible assets pledged for borrowings[38](index=38&type=chunk) [Potential Risks](index=12&type=section&id=Potential%20Risks) The company faces significant risks including wine market volatility, raw material supply and price fluctuations, and challenges in managing its new high-end sub-brand - **Market Risk**: Influenced by macroeconomic conditions, consumer habits, and the impact of imported products, the domestic wine market faces weak demand, potentially leading to significant fluctuations in the company's operating performance[42](index=42&type=chunk) - **Raw Material Supply Risk**: Grape yield and quality are susceptible to force majeure events like weather, potentially leading to increased raw material costs or shortages, with the complex and volatile international environment further adding to supply uncertainty[42](index=42&type=chunk) - **Brand Management Risk**: The company's newly established **'Longque' high-end sub-brand** faces challenges in overcoming consumer perceptions of imported premium wines and gaining market recognition; inadequate brand maintenance could adversely affect the company[43](index=43&type=chunk) [Corporate Governance, Environment, and Society](index=14&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, as well as its profit distribution plan [Changes in Directors, Supervisors, and Senior Management](index=14&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company saw changes in its board and senior management, including the appointment of a new independent director and a deputy general manager Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Wang Lei | Deputy General Manager | Appointment | | Ma Zhizhong | Independent Director | Election | | Li Xin | Independent Director | Resignation | [Profit Distribution Plan](index=14&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution plan is to not distribute profits or convert capital reserves into share capital - The company's **2025 semi-annual profit distribution plan** is: **no distribution, no capital increase from reserves**[48](index=48&type=chunk) [Significant Matters](index=16&type=section&id=Item%205.%20Significant%20Matters) This section details the fulfillment of commitments, major litigation, alleged illegal activities by related parties, and other significant corporate events [Fulfillment of Commitments](index=16&type=section&id=Fulfillment%20of%20Commitments) Commitments made by the controlling shareholder and actual controller regarding company independence, avoiding competition, and regulating related-party transactions were strictly fulfilled - Controlling shareholder **Xinghe Xirang** and its related parties committed to ensuring the listed company's independence in **personnel, assets, finance, business, and organization**, a commitment strictly fulfilled during the reporting period[52](index=52&type=chunk)[53](index=53&type=chunk) - To avoid horizontal competition, the controlling shareholder committed not to engage in businesses that compete with the listed company and to prioritize offering relevant business opportunities to the listed company[53](index=53&type=chunk) [Major Litigation and Arbitration Matters](index=19&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) The company is involved in a lawsuit with Yantai Bank Longkou Branch, where a retrial application was rejected, and the opposing party has sought procuratorial supervision - In the lawsuit between the company and **Yantai Bank Longkou Branch**, the **Shandong Provincial High People's Court** has ruled to reject the opposing party's application for retrial[56](index=56&type=chunk) - Dissatisfied with the judgment, **Yantai Bank Longkou Branch** has applied to the **Yantai Municipal People's Procuratorate** for supervision, requesting a retrial procuratorial recommendation or protest, which the procuratorate has accepted[56](index=56&type=chunk) [Alleged Illegal Activities by Related Parties](index=19&type=section&id=Alleged%20Illegal%20Activities%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company's actual controller, Mr. Yan Pengfei, was placed under residential surveillance for alleged embezzlement, with no new developments reported - The company's actual controller, **Mr. Yan Pengfei**, was placed under residential surveillance by the public security bureau on **December 25, 2024**, for alleged **embezzlement**, with no latest developments reported to date[57](index=57&type=chunk) [Other Significant Matters](index=23&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The controlling shareholder's plan to increase its shareholding, though extended, has not yet been implemented as of the report disclosure date - Controlling shareholder **Xinghe Xirang** had planned to increase its shareholding in the company and extended the plan's duration, but as of the report disclosure date, the share increase has not yet been implemented[62](index=62&type=chunk) [Share Changes and Shareholder Information](index=23&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's shareholder structure and any changes in share capital during the reporting period [Shareholder Information](index=23&type=section&id=Shareholder%20Information) As of the reporting period end, the company had 28,966 common shareholders, with the controlling shareholder holding 18.84% of shares, some pledged, and no changes in share capital - As of the end of the reporting period, the company had a total of **28,966 shareholders**[65](index=65&type=chunk) Top Three Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Share Status | | :--- | :--- | :--- | :--- | | Xinghe Xirang (Zhejiang) Digital Technology Co., Ltd. | 62,571,880 | 18.84 | Pledged 49,280,000 shares | | Zhejiang Phoenix Enterprise Management Partnership (Limited Partnership) | 26,619,932 | 8.02 | None | | Yang Guangdi | 16,958,382 | 5.11 | None | - During the reporting period, there were **no changes** in the company's total share capital or share structure[65](index=65&type=chunk) [Bond-Related Information](index=26&type=section&id=Item%207.%20Bond-Related%20Information) This section provides information regarding the company's outstanding bonds and other debt instruments [Corporate Bonds and Other Debt Instruments](index=26&type=section&id=Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has **no outstanding corporate bonds** (including enterprise bonds), **non-financial enterprise debt financing instruments**, or **convertible corporate bonds**[70](index=70&type=chunk) [Financial Report](index=27&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes [Financial Statements](index=27&type=section&id=Financial%20Statements) This section presents the unaudited consolidated and parent company financial statements, showing total assets of CNY 1.063 billion, total liabilities of CNY 505 million, and a net loss - This **semi-annual financial report is unaudited**[5](index=5&type=chunk)[72](index=72&type=chunk) Key Items from Consolidated Balance Sheet (2025-06-30) | Item | Period-End Balance (CNY) | | :--- | :--- | | Total Assets | 1,062,866,384.78 | | Total Liabilities | 505,028,920.14 | | Total Equity Attributable to Parent Company Owners | 557,677,260.51 | Key Items from Consolidated Income Statement (January-June 2025) | Item | Current Period Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 187,045,280.14 | | Total Profit | -1,584,481.52 | | Net Profit | -2,401,755.57 | | Net Profit Attributable to Parent Company Shareholders | -2,401,755.22 | [Notes to Consolidated Financial Statement Items](index=74&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed explanations for major consolidated financial statement items, including monetary funds, accounts receivable, inventory, fixed assets, and short-term borrowings - Period-end monetary funds balance was **CNY 22.10 million**, of which **CNY 14,000** was restricted[208](index=208&type=chunk)[211](index=211&type=chunk) - Period-end accounts receivable book balance was **CNY 30.05 million**, with a bad debt provision of **CNY 9.82 million**, resulting in a book value of **CNY 20.24 million**; approximately **60%** of these were within one year aging[218](index=218&type=chunk)[221](index=221&type=chunk) - Period-end inventory book value was **CNY 419 million**, comprising a book balance of **CNY 536 million** and an inventory impairment provision of **CNY 116 million**; inventory primarily consisted of raw materials, work-in-progress, and finished goods[252](index=252&type=chunk) - Period-end short-term borrowings amounted to **CNY 121 million**, primarily composed of **mortgage loans, guarantee loans, and mortgage-plus-guarantee loans**[292](index=292&type=chunk)

浙江富春江环保热电股份有限公司 2025 年半年度报告全文 浙江富春江环保热电股份有限公司 Zhejiang Fuchunjiang Environmental Thermoelectric Co.,LTD. （浙江省杭州市富阳区灵桥镇春永路 188 号） 2025 年半年度报告 股票代码：002479 简称：富春环保 披露时间：二○二五年八月 浙江富春江环保热电股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人万娇、主管会计工作负责人刘琪及会计机构负责人(会计主管 人员)王庆玉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的发展战略及计划等前瞻性陈述，不构成公司对投资者的 实质性的承诺，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。敬请投资者注意投资风险。公司在本报告 期第三节"管理层讨论与分析"中"十、公司面临 ...

公司代码：601579 公司简称：会稽山 会稽山绍兴酒股份有限公司 2025 年半年度报告 1 / 126 会稽山绍兴酒股份有限公司2025 年半年度报告 会稽山绍兴酒股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人方朝阳、主管会计工作负责人董亚杰及会计机构负责人（会计主管人员）董亚 杰声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略、行业趋势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。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides essential disclaimers, outlines the report structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=重要提示) The company's board and management assure report accuracy, caution on forward-looking statements, and announce no interim dividend or capital increase - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=目录) This chapter lists the overall structure of the semi-annual report, including nine main sections and their corresponding page numbers, providing quick navigation for readers [Definitions](index=5&type=section&id=释义) This chapter defines common terms and company-related entities used in the report, ensuring consistent understanding for readers [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section presents the company's basic information and a summary of its key financial performance and position during the reporting period [Company Profile](index=6&type=section&id=一、公司简介) This chapter provides the company's basic information, including stock abbreviation, code, listing exchange, company names, and legal representative - The company's stock abbreviation is **"Jiuzhitang"**, stock code **"000989"**, listed on the Shenzhen Stock Exchange[12](index=12&type=chunk) - The company's legal representative is Wang Lifeng[12](index=12&type=chunk) [Contact Person and Information](index=6&type=section&id=二、联系人和联系方式) This chapter provides contact details for the Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Han Chenxiao, and the Securities Affairs Representative is Huang Ke[13](index=13&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) This chapter states that the company's registered address, office address, website, email, information disclosure, and document storage locations remained unchanged during the reporting period - The company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, refer to the 2024 annual report for details[14](index=14&type=chunk)[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=四、主要会计数据和财务指标) During the reporting period, the company's operating revenue and net profit attributable to shareholders both decreased, while net cash flow from operating activities significantly improved Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,264,512,369.54 | 1,679,430,180.36 | -24.71% | | Net Profit Attributable to Shareholders of Listed Company | 143,773,631.42 | 204,545,737.13 | -29.71% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 135,904,121.39 | 189,943,084.34 | -28.45% | | Net Cash Flow from Operating Activities | 213,061,017.36 | -232,303,029.43 | 191.72% | | Basic Earnings Per Share (RMB/share) | 0.1699 | 0.2399 | -29.18% | | Diluted Earnings Per Share (RMB/share) | 0.1699 | 0.2399 | -29.18% | | Weighted Average Return on Net Assets | 3.84% | 5.15% | -1.31% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | | Total Assets | 5,025,993,962.59 | 5,211,440,858.19 | -3.56% | | Net Assets Attributable to Shareholders of Listed Company | 3,643,101,446.80 | 3,753,212,418.98 | -2.93% | [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) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) This chapter lists non-recurring gains and losses for the reporting period, totaling RMB 7.87 million, primarily from non-current asset disposal, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off of impairment provisions) | 570,809.17 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on company profit or loss) | 8,007,009.80 | | Other non-operating income and expenses apart from the above | 378,648.01 | | Less: Income tax impact | 776,082.27 | | Impact on minority interests (after tax) | 310,874.68 | | Total | 7,869,510.03 | [Management Discussion and Analysis](index=8&type=section&id=第三节%20管理层讨论与分析) This section provides an overview of the company's operations, financial performance, and key strategic initiatives, along with an analysis of risks and opportunities [Principal Businesses Engaged by the Company During the Reporting Period](index=8&type=section&id=一、报告期内公司从事的主要业务) In the first half of 2025, the company navigated industry opportunities and challenges, focusing on traditional Chinese medicine innovation and new ventures like stem cells, despite a decline in revenue and net profit [Industry Development](index=8&type=section&id=（一）公司所属行业的发展情况) In 2025, the pharmaceutical industry faces both high-quality development opportunities driven by an aging population and health awareness, and challenges from centralized procurement and rising costs - The pharmaceutical industry is embracing high-quality development opportunities in the final year of the "14th Five-Year Plan", with broad market demand driven by an aging population and increased health awareness[23](index=23&type=chunk) - The industry faces drug price reductions due to normalized centralized procurement and medical insurance negotiations, along with cost pressures from rising commodity and traditional Chinese medicine material prices[23](index=23&type=chunk) - The state has intensively introduced supportive policies for traditional Chinese medicine, promoting its inheritance and innovative development, with traditional Chinese medicine showing prominent advantages in preventing and treating chronic diseases[24](index=24&type=chunk) - Innovative R&D is a core engine, with biotechnology (gene therapy, cell therapy) and new technologies (AI, big data) deeply integrated into the pharmaceutical field, enhancing R&D efficiency and competitiveness[25](index=25&type=chunk) [Company Business Introduction](index=8&type=section&id=（二）公司业务介绍) Established in 1650 and listed in 2000, Jiuzhitang focuses on traditional Chinese medicine R&D, production, and sales, expanding into stem cells, TCM healthcare, and health products - Jiuzhitang, founded in 1650, established in 1999, and listed in 2000, focuses on traditional Chinese medicine R&D, production, and sales, while exploring innovative businesses such as stem cells, TCM medical health services, and health products based on food and medicine homology[26](index=26&type=chunk) - The company owns two **"China Well-Known Trademarks"**, "Jiuzhitang" and "Youbo", with "Jiuzhitang" recognized as a **"China Time-Honored Brand"** and its traditional Chinese medicine culture listed as a national intangible cultural heritage[26](index=26&type=chunk) - The company holds **418 national drug registration approvals**, including **35 exclusive varieties**, with **252 varieties** listed in the 2024 National Medical Insurance Catalog[27](index=27&type=chunk) - The company's products cover OTC categories (e.g., Liuwei Dihuang Pills, Ejiao Buxue Granules), prescription drug categories (e.g., Shuxuetong Injection, Angong Niuhuang Pills, Scikang), and a large health series (e.g., Ejiao series, precious herbal slices)[27](index=27&type=chunk)[28](index=28&type=chunk) - The company's production strictly adheres to national GMP requirements, adopting an efficient operation model of production based on sales and production-sales collaboration[29](index=29&type=chunk) - The procurement model integrates tender procurement, increased supplier introduction, reasonable strategic reserves, and direct sourcing from production areas[30](index=30&type=chunk) - The sales model combines self-operation and agency recruitment, building a national sales network, and enhancing capabilities through optimizing marketing activities, strengthening professional academic promotion, and exploring online sales models[31](index=31&type=chunk) [Company's Industry Position](index=9&type=section&id=（三）公司所处的行业地位) The company is recognized as a National Key High-tech Enterprise and a National Intellectual Property Demonstration Enterprise, highlighting its leading position and innovation capabilities in the industry - The company is a **National Key High-tech Enterprise**, a **National Innovative Pilot Enterprise**, a Key Discipline Construction Unit for Traditional Chinese Medicine Engineering by the State Administration of Traditional Chinese Medicine, a **National Enterprise Technology Center**, and a **National Intellectual Property Demonstration Enterprise**[32](index=32&type=chunk) [Performance Drivers During the Reporting Period](index=9&type=section&id=（四）报告期内业绩驱动因素) This chapter directs readers to the "Management Discussion and Analysis - II. Analysis of Core Competitiveness" section for details on performance drivers [Overview of Operations During the Reporting Period](index=9&type=section&id=（五）报告期内经营情况概述) In H1 2025, the company focused on core business, marketing reform, and product optimization, advancing R&D projects despite revenue and net profit declines, while enhancing internal management - The company, guided by the principle of "innovation and breakthroughs to boost vitality, increasing revenue and reducing expenditure to promote development", focused on its main business, optimized organizational structure, promoted marketing reforms, optimized product structure, and deepened channel potential[34](index=34&type=chunk) - Innovative R&D made positive progress, with stem cell projects and projects like YB209, YB211 advancing in an orderly manner, and secondary development research for already marketed varieties continuing[34](index=34&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) 2025 H1 Key Financial Indicators | Indicator | Amount (RMB 10,000) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 126,451.24 | -24.71% | | Net Profit Attributable to Shareholders of Listed Company | 14,377.36 | -29.71% | - Subsidiaries in the pharmaceutical industry segment (Changsha Base of the joint-stock company, Youbo Pharmaceutical, Chengdu Jinding Pharmaceutical, Hainan Pharmaceutical, Scikang Bio, Medical Trade Headquarters, and Dilong Pharmaceutical) all made progress in optimizing marketing models, market expansion, academic promotion, and channel development[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The health industry and medical health segments broke new ground through brand innovation and scenario extension; Hunan Health Management expanded marketing channels, Beijing Medical Health promoted "TCM+" corporate health promotion services, the Health Industry company built a diversified large health product matrix, and the Biotechnology company optimized product quality and explored new media marketing[40](index=40&type=chunk)[41](index=41&type=chunk) - The company continuously optimized internal control management, improved systems and processes, strengthened budget execution supervision, enhanced team building, and raised management levels[42](index=42&type=chunk) - During the reporting period, the company and its subsidiaries received multiple honors, including "National Enterprise for Product and Service Quality Integrity Commitment", "Typical Case of Key Core Technologies in Traditional Chinese Medicine Industry Development", and "Heilongjiang Provincial Green Factory"[43](index=43&type=chunk) [Analysis of Core Competitiveness](index=11&type=section&id=二、核心竞争力分析) The company's core competitiveness stems from its rich brand history, diverse product portfolio, innovative marketing, advanced technology, strong R&D, and professional management team - The company owns the **300-year-old "Jiuzhitang"** and **"Youbo" China Well-Known Trademarks**, recognized as **"China Time-Honored Brands"** and national intangible cultural heritage, demonstrating significant brand advantages[44](index=44&type=chunk) - The company is a leading brand in the domestic traditional Chinese medicine sector, holding **418 drug approvals**, covering cardiovascular, cerebrovascular, tonic, and sedative areas, with exclusive varieties and traditional Chinese medicine injections having strong market advantages[44](index=44&type=chunk) - The company's marketing model combines cultural marketing and academic promotion, with a national sales network covering various medical institutions and retail pharmacies, and actively exploring online sales[45](index=45&type=chunk) - The company possesses strong process technology advantages, strictly adhering to GMP requirements, with its intelligent factory for traditional Chinese medicine solid preparations enhancing intelligent management, and the production process for Shuxuetong Injection being scientifically sound[45](index=45&type=chunk) - The company has multiple scientific research platforms, including a postdoctoral research station and a national enterprise technology center, undertaking major national and provincial scientific and technological projects, demonstrating strong R&D capabilities[46](index=46&type=chunk) - The company's management team is professional, young, specialized, and international, possessing rich R&D and enterprise management experience, providing impetus for the company's development[46](index=46&type=chunk) [Analysis of Principal Business](index=12&type=section&id=三、主营业务分析) Operating revenue decreased by 24.71% due to lower sales, but net cash flow from operating activities significantly improved by 191.72% due to stronger collections and reduced cash outflows Major Financial Data YoY Changes | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,264,512,369.54 | 1,679,430,180.36 | -24.71% | Primarily due to a decrease in sales of some company products during this period | | Operating Cost | 514,049,049.25 | 692,100,097.67 | -25.73% | Primarily due to a decrease in operating revenue during this period | | Selling Expenses | 406,879,852.15 | 606,766,723.80 | -32.94% | Primarily due to a decrease in operating revenue during this period | | Administrative Expenses | 94,516,566.71 | 102,052,820.03 | -7.38% | Primarily due to reductions in maintenance fees, consulting fees, inventory losses, partnership management fees, etc., during this period | | Financial Expenses | -1,672,145.49 | -2,676,935.86 | 37.54% | Primarily due to a decrease in interest income during this period | | Income Tax Expense | 33,908,461.98 | 39,733,269.68 | -14.66% | Primarily due to a decrease in total profit during this period | | R&D Investment | 65,053,900.00 | 65,853,921.33 | -1.21% | No significant change | | Net Cash Flow from Operating Activities | 213,061,017.36 | -232,303,029.43 | 191.72% | Primarily due to stronger collections and reduced cash payments for goods and services during this period | | Net Cash Flow from Investing Activities | -282,971,008.20 | 31,953,340.29 | -985.58% | Primarily due to increased purchases of wealth management products during this period | | Net Cash Flow from Financing Activities | -229,507,233.21 | -125,322,678.53 | -83.13% | Primarily due to a decrease in unconfirmed discounted notes received during this period | | Net Increase in Cash and Cash Equivalents | -299,436,580.20 | -325,612,011.29 | 8.04% | Primarily due to changes in net cash flows from operating, investing, and financing activities as mentioned above | Operating Revenue Composition | Category | Amount for Current Period (RMB) | % of Operating Revenue | Amount for Prior Period (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **1,264,512,369.54** | **100%** | **1,679,430,180.36** | **100%** | **-24.71%** | | **By Industry** | | | | | | | Pharmaceutical Manufacturing | 1,228,695,224.11 | 97.17% | 1,639,581,705.25 | 97.62% | -25.06% | | Pharmaceutical Commercial | 33,297,654.36 | 2.63% | 34,369,615.64 | 2.05% | -3.12% | | Other Businesses | 2,519,491.07 | 0.20% | 5,478,859.47 | 0.33% | -54.01% | | **By Product** | | | | | | | OTC | 583,123,160.08 | 46.11% | 911,826,139.85 | 54.29% | -36.05% | | Prescription Drugs | 635,662,283.18 | 50.27% | 711,552,603.45 | 42.37% | -10.67% | | Health Products | 11,587,956.61 | 0.92% | 14,645,781.33 | 0.87% | -20.88% | | Other | 31,619,478.60 | 2.50% | 35,926,796.26 | 2.14% | -11.99% | | Other Businesses | 2,519,491.07 | 0.20% | 5,478,859.47 | 0.33% | -54.01% | | **By Region** | | | | | | | Northeast Region | 229,471,653.60 | 18.15% | 257,260,669.48 | 15.32% | -10.80% | | North China Region | 137,492,507.80 | 10.87% | 177,078,526.86 | 10.54% | -22.36% | | Northwest Region | 84,527,702.06 | 6.68% | 100,479,351.93 | 5.98% | -15.88% | | East China Region | 223,226,498.67 | 17.65% | 344,950,844.21 | 20.54% | -35.29% | | Central China Region | 264,939,573.87 | 20.96% | 463,470,847.68 | 27.59% | -42.84% | | Southwest Region | 98,000,423.29 | 7.75% | 113,618,545.51 | 6.77% | -13.75% | | South China Region | 224,334,519.18 | 17.74% | 217,092,535.22 | 12.93% | 3.34% | [Analysis of Non-Principal Business](index=13&type=section&id=四、非主营业务分析) Non-principal business primarily impacted total profit through investment income, accounting for 6.92% and demonstrating sustainability, while asset impairment and non-operating income/expenses had minor, non-sustainable effects Impact of Non-Principal Business on Total Profit | Item | Amount (RMB) | % of Total Profit | Reason for Formation | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 12,965,087.42 | 6.92% | Primarily from investment income from long-term equity investments accounted for by equity method, wealth management product investment income, note discount interest expenses, and investment income from disposal of long-term equity investments | Yes | | Asset Impairment | 240.21 | 0.00% | Primarily due to provision for inventory depreciation | No | | Non-Operating Income | 461,315.83 | 0.25% | Primarily from scrap and penalty income | No | | Non-Operating Expenses | 82,667.82 | 0.04% | Primarily from late payment fees | No | [Analysis of Assets and Liabilities](index=13&type=section&id=五、资产及负债状况分析) Total assets and net assets attributable to shareholders decreased, with changes in cash, receivables, inventory, and financial assets, while restricted assets primarily comprised bank acceptance bill deposits [1、Significant Changes in Asset Composition](index=13&type=section&id=1、资产构成重大变动情况) At period-end, cash decreased due to dividend payments and increased wealth management products; accounts receivable and trading financial assets rose, while inventory and short-term borrowings declined Significant Changes in Asset and Liability Composition | Item | Amount at End of Current Period (RMB) | % of Total Assets | Amount at End of Prior Year (RMB) | % of Total Assets | % Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 297,134,857.34 | 5.91% | 592,879,984.54 | 11.38% | -5.47% | Primarily due to dividend payments and increased wealth management products held at period-end | | Accounts Receivable | 575,007,829.24 | 11.44% | 392,917,167.25 | 7.54% | 3.90% | Primarily due to accounts receivable from sales during this period and stronger collections at prior year-end | | Inventory | 832,268,050.25 | 16.56% | 1,061,844,268.00 | 20.38% | -3.82% | Primarily due to a decrease in inventory balance at period-end | | Investment Properties | 33,675,387.54 | 0.67% | 33,940,778.00 | 0.65% | 0.02% | Primarily due to depreciation and amortization during this period | | Long-term Equity Investments | 235,757,154.61 | 4.69% | 228,782,281.05 | 4.39% | 0.30% | Primarily due to increased investment income recognized under the equity method during this period | | Fixed Assets | 1,218,534,147.54 | 24.24% | 1,262,670,332.34 | 24.23% | 0.01% | Primarily due to depreciation expenses accrued during this period | | Construction in Progress | 381,072.59 | 0.01% | 207,998.34 | 0.00% | 0.01% | Primarily due to new engineering project investments during this period | | Right-of-Use Assets | 24,173,948.94 | 0.48% | 8,479,902.38 | 0.16% | 0.32% | Primarily due to increased leases during this period | | Short-term Borrowings | 24,512,060.90 | 0.49% | 43,862,237.75 | 0.84% | -0.35% | Primarily due to a decrease in discounted unexpired notes receivable during this period | | Contract Liabilities | 46,880,599.60 | 0.93% | 53,119,457.45 | 1.02% | -0.09% | Primarily due to recognition of revenue from related contract liabilities at prior period-end after fulfilling performance obligations in this period | | Lease Liabilities | 9,031,690.03 | 0.18% | 7,640,306.20 | 0.15% | 0.03% | Primarily due to increased leases during this period | | Trading Financial Assets | 560,000,000.00 | 11.14% | 300,000,000.00 | 5.76% | 5.38% | Primarily due to increased wealth management products held at period-end | | Prepayments | 44,613,669.25 | 0.89% | 33,268,841.21 | 0.64% | 0.25% | Primarily due to increased prepayments for goods during this period | | Development Expenditures | 5,083,680.79 | 0.10% | 1,963,686.41 | 0.04% | 0.06% | Primarily due to increased capitalized R&D expenditures during this period | | Long-term Deferred Expenses | 4,865,147.61 | 0.10% | 6,990,453.35 | 0.13% | -0.03% | Primarily due to expense amortization during this period | | Notes Payable | 12,304,836.00 | 0.24% | 0.00 | 0.00% | 0.24% | Primarily due to an increase in bank acceptance notes payable during this period | | Accounts Payable | 39,047,795.45 | 0.78% | 59,118,623.45 | 1.13% | -0.35% | Primarily due to payment of accounts payable for goods during this period | | Employee Benefits Payable | 39,117,962.14 | 0.78% | 79,472,261.35 | 1.52% | -0.74% | Primarily due to payment of employee salaries accrued at prior year-end | | Taxes Payable | 36,854,997.00 | 0.73% | 23,797,497.30 | 0.46% | 0.27% | Primarily due to increased VAT and corporate income tax payable at period-end | | Non-current Liabilities Due Within One Year | 4,479,922.71 | 0.09% | 1,508,825.91 | 0.03% | 0.06% | Primarily due to an increase in lease liabilities due within one year during this period | | Other Current Liabilities | 45,160,406.32 | 0.90% | 87,255,525.52 | 1.67% | -0.77% | Primarily due to a decrease in unconfirmed endorsed unexpired notes receivable during this period | [2、Major Overseas Assets](index=14&type=section&id=2、主要境外资产情况) The company had no major overseas assets during the reporting period [3、Assets and Liabilities Measured at Fair Value](index=14&type=section&id=3、以公允价值计量的资产和负债) At period-end, the company's financial assets measured at fair value totaled RMB 919 million, primarily comprising trading financial assets, other equity instrument investments, and notes receivable financing Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Trading financial assets (excluding derivative financial assets) | 300,000,000.00 | 2,456,000,000.00 | 2,196,000,000.00 | 560,000,000.00 | | Other equity instrument investments | 199,305,400.00 | 0.00 | 0.00 | 199,305,400.00 | | Notes receivable financing | 163,974,271.95 | 651,420,806.70 | 655,274,647.53 | 160,120,431.12 | | **Total above** | **663,279,671.95** | **3,107,420,806.70** | **2,851,274,647.53** | **919,425,831.12** | [4、Asset Restrictions at the End of the Reporting Period](index=15&type=section&id=4、截至报告期末的资产权利受限情况) At period-end, the company's restricted assets primarily consisted of bank acceptance bill deposits within cash and cash equivalents, totaling RMB 3.69 million Asset Restrictions | Item | Carrying Amount (RMB) | Book Value (RMB) | Restriction Status | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,691,453.00 | 3,691,453.00 | Bank acceptance bill deposit | [Analysis of Investment Status](index=15&type=section&id=六、投资状况分析) During the reporting period, the company did not undertake significant equity investments, non-equity investments, securities investments, or derivative investments, nor did it utilize raised funds - The company reported no securities investments, derivative investments, or use of raised funds during the reporting period[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [Major Asset and Equity Sales](index=16&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 or equity during the reporting period[63](index=63&type=chunk)[64](index=64&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=八、主要控股参股公司分析) This chapter details the financial status and operating results of major subsidiaries and associates significantly impacting net profit, including changes in the company's investment portfolio Major Holding and Participating Companies | Company Name | Principal Business | Registered Capital (RMB 10,000) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mudanjiang Youbo Pharmaceutical Co., Ltd. | Small volume injections (including pre-treatment), lyophilized powder injections (including anti-tumor drugs) | 45000 | 1,516,325,927.17 | 1,318,628,338.36 | 425,294,915.43 | 122,837,433.74 | 103,480,897.98 | | Jiuzhitang Pharmaceutical Trade Co., Ltd. | Sales of traditional Chinese patent medicines, chemical preparations, antibiotic preparations, biochemical drugs, biological products (non-refrigerated drugs only) | 5000 | 799,968,750.29 | 369,596,496.17 | 235,807,243.54 | 34,991,091.59 | 26,154,860.65 | | Chengdu Jiuzhitang Jinding Pharmaceutical Co., Ltd. | Production of traditional Chinese patent medicines, sales of company products, property leasing | 8400 | 376,068,983.17 | 311,623,933.94 | 174,867,259.29 | 36,676,664.50 | 30,186,690.18 | | Hunan Scikang Biopharmaceutical Co., Ltd. | Production and sales of immune preparations; R&D of biopharmaceuticals and biological preparations; self-operated and agency import and export of various goods and technologies | 5200 | 203,336,610.49 | 181,294,751.50 | 23,490,314.77 | 1,691,522.67 | 304,450.51 | | Hainan Jiuzhitang Pharmaceutical Co., Ltd. | Production and sales of tablets, capsules, granules, suppositories, main product is Luohuazizhu Tablets | 5200 | 109,879,805.26 | 95,712,605.73 | 27,637,892.68 | 1,314,863.58 | 390,186.69 | | Zhuhai Hengqin Jiuzhitang Yonghe Qihang Equity Investment Fund (Limited Partnership) | Equity investment | 70000 | 136,979,557.05 | -110,469,890.21 | 1,351,338.97 | -23,433,871.47 | -23,427,067.47 | - During the reporting period, the company's wholly-owned subsidiary, Jiuzhitang Medical Health Industry Development (Beijing) Co., Ltd., transferred its **70% equity** in Beijing Yuerutang Traditional Chinese Medicine Clinic Co., Ltd., recognizing an investment income of **RMB 649,700**, and the company is no longer included in the consolidated financial statements[67](index=67&type=chunk) - During the reporting period, the company deregistered Hunan Jiuzhitang Traditional Chinese Medicine Prescription Engineering Research Co., Ltd., and established Hunan Jiuzhitang Herbal Non-Tea Commercial Operation Management Co., Ltd. and Gansu Jiuzhitang Pharmaceutical Co., Ltd., none of which had a significant impact[67](index=67&type=chunk) [Structured Entities Controlled by the Company](index=18&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period [Risks Faced by the Company and Countermeasures](index=18&type=section&id=十、公司面临的风险和应对措施) The company faces risks from policy changes, drug price reductions, raw material fluctuations, R&D uncertainties, and external investments, addressed by policy monitoring, value enhancement, strategic reserves, and strict R&D/investment management - The company faces industry policy risks such as deepening healthcare system reform, normalized centralized procurement, and medical insurance negotiations, which will be addressed by closely monitoring policies, adjusting management models and operating strategies, and improving the quality management system[67](index=67&type=chunk)[68](index=68&type=chunk) - The continuous trend of drug price reductions may adversely affect the company's profitability; the company will respond by improving product quality standards, obtaining patents, conducting secondary development of core products, and leveraging brand value[69](index=69&type=chunk) - Risks of insufficient supply and price fluctuations of traditional Chinese medicine raw materials will be addressed by strengthening market monitoring, timely strategic reserves, and standardizing tender procurement[70](index=70&type=chunk) - Drug R&D involves uncertainties, potentially facing risks of increased R&D investment, extended cycles, and R&D failure; the company will strictly adhere to regulations, control key node risks, and optimize R&D investment[71](index=71&type=chunk) - External investments in innovative drug R&D companies carry uncertainty risks; the company will urge investees and M&A funds to monitor external environment, internal management, and fund utilization, anticipating and resolving adverse factors in advance[72](index=72&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&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 has not formulated a market value management system nor disclosed a valuation enhancement plan[73](index=73&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=19&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[73](index=73&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's governance, profit distribution, environmental disclosures, and social responsibility initiatives during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=20&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 board saw changes with the resignation of former chairman Sun Guangyuan and directors, followed by the election of Wang Lifeng as the new chairman and legal representative - Former Chairman Sun Guangyuan and former Directors Lü Ming and Bo Jinfeng resigned due to job reassignments[75](index=75&type=chunk) - Wang Lifeng, Wu Qiang, and Yu Zhongfei were elected as non-independent directors of the company's Ninth Board of Directors[75](index=75&type=chunk) - Wang Lifeng was elected as the Chairman of the company's Ninth Board of Directors and serves as the legal representative[75](index=75&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=20&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 no interim 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 half-year period[76](index=76&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&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 in place or implemented during the reporting period - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[77](index=77&type=chunk) [Environmental Information Disclosure](index=20&type=section&id=四、环境信息披露情况) The company and four major subsidiaries are listed as legally required environmental information disclosure enterprises and have publicly released their environmental reports - The company and its **4 subsidiaries** are included in the list of enterprises legally required to disclose environmental information[78](index=78&type=chunk) - Subsidiaries included in the list are Jiuzhitang Co., Ltd. Jinzhou Base, Hunan Scikang Biopharmaceutical Co., Ltd., Hainan Jiuzhitang Pharmaceutical Co., Ltd., and Heilongjiang Dilong Pharmaceutical Co., Ltd[78](index=78&type=chunk) [Social Responsibility](index=20&type=section&id=五、社会责任情况) The company is committed to social responsibility, safeguarding stakeholder rights, ensuring product quality, protecting employee welfare, promoting safety, engaging in philanthropy, and pursuing sustainable development through environmental management - The company ensures the legitimate rights and interests of creditors by improving corporate governance and internal control systems[80](index=80&type=chunk) - The company safeguards supplier interests by strengthening budget management, improving procurement processes, and enhancing the supplier evaluation system; it protects consumer rights by establishing a sound quality management system to ensure product quality and customer satisfaction[80](index=80&type=chunk) - The company strictly adheres to labor laws and regulations, improves its compensation, incentive, and welfare systems to protect employees' legitimate rights and interests, and leverages the role of the labor union to establish a hardship relief fund[80](index=80&type=chunk) - The company adheres to the policy of "safety first, prevention foremost, comprehensive management", promotes the construction of safety management systems and standardization, and enhances safety awareness among all employees[81](index=81&type=chunk) - The company upholds the philosophy of "mutual assistance across regions, shared prosperity", pays taxes according to law, and actively participates in local economic development and social welfare initiatives[81](index=81&type=chunk) - The company prioritizes environmental protection, with solid waste disposal, wastewater treatment, exhaust gas emissions, and noise control all meeting national standards, and achieves energy conservation and emission reduction through scientific management and technological innovation, promoting sustainable development[81](index=81&type=chunk) [Significant Matters](index=22&type=section&id=第五节%20重要事项) This section details key commitments, related party transactions, litigation, and other significant events impacting the company during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=22&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) This chapter details the controlling shareholder's commitments regarding independence, competition avoidance, and related party transactions, which were fulfilled, while the former controlling shareholder's commitments are no longer applicable after the change in control - Controlling shareholder Chenneng Venture Capital committed to maintaining the listed company's independence in personnel, assets, business, finance, and organization, and to operate in a standardized manner[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - Chenneng Venture Capital committed to avoiding horizontal competition with the listed company and its controlled subsidiaries, and to offer business opportunities for the listed company's priority selection[84](index=84&type=chunk) - Chenneng Venture Capital committed to reducing and standardizing related party transactions with the listed company, ensuring fair transaction prices, and not harming the interests of the listed company and other shareholders[84](index=84&type=chunk)[85](index=85&type=chunk) - After the former controlling shareholder Li Zhenguo transferred shares via agreement on January 10, 2025, his commitments regarding avoiding horizontal competition, related party transactions, and maintaining independence are no longer required to be observed[85](index=85&type=chunk)[86](index=86&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=25&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) The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[87](index=87&type=chunk) [Irregular External Guarantees](index=25&type=section&id=三、违规对外担保情况) The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[88](index=88&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&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 unaudited[89](index=89&type=chunk) [Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period](index=26&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 reported no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current period [Board of Directors' Explanations on "Non-Standard Audit Report" for the Prior Year](index=26&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 reported no explanations from the Board of Directors regarding a "non-standard audit report" for the prior year [Bankruptcy and Reorganization Matters](index=26&type=section&id=七、破产重整相关事项) The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[90](index=90&type=chunk) [Litigation Matters](index=26&type=section&id=八、诉讼事项) The company had no major litigation or arbitration matters during the reporting period, with minor cases totaling RMB 2.19 million having no significant impact - The company reported no major litigation or arbitration matters during the reporting period[91](index=91&type=chunk) - There were other litigation (arbitration) matters not meeting the threshold for major disclosure, with a total involved amount of **RMB 2.19 million**, having no significant impact on the company[91](index=91&type=chunk) [Penalties and Rectification](index=26&type=section&id=九、处罚及整改情况) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[92](index=92&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled court judgments or overdue significant debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or significant overdue debts[93](index=93&type=chunk) [Major Related Party Transactions](index=26&type=section&id=十一、重大关联交易) The company engaged in routine related party transactions with Yifeng Pharmacy and its subsidiaries, within approved limits, and reported no other major related party transactions [1、Related Party Transactions Related to Daily Operations](index=26&type=section&id=1、与日常经营相关的关联交易) The company conducted routine related party transactions with Yifeng Pharmacy and its subsidiaries, involving sales and purchases of products/goods, both within approved annual limits Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Content | Transaction Amount (RMB 10,000) | % of Similar Transactions | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Yifeng Pharmacy and its controlled subsidiaries | Sales of products, goods | 3,641.17 | 2.88% | 13,500 | | Yifeng Pharmacy and its controlled subsidiaries | Purchases of products, goods | 644.93 | 1.25% | 2,300 | - The total amount of routine related party transactions between the company and Yifeng Pharmacy and its controlled subsidiaries did not exceed the annual estimated **RMB 158 million**[95](index=95&type=chunk) [2、Related Party Transactions Involving Asset or Equity Acquisition/Disposal](index=28&type=section&id=2、资产或股权收购、出售发生的关联交易) The company reported no related party transactions involving asset or equity acquisition or disposal during the reporting period - The company reported no related party transactions involving asset or equity acquisition or disposal during the reporting period[96](index=96&type=chunk) [3、Related Party Transactions Involving Joint External Investment](index=28&type=section&id=3、共同对外投资的关联交易) The company reported no related party transactions involving joint external investment during the reporting period - The company reported no related party transactions involving joint external investment during the reporting period[97](index=97&type=chunk) [4、Related Party Receivables and Payables](index=28&type=section&id=4、关联债权债务往来) The company reported no related party receivables or payables during the reporting period - The company reported no related party receivables or payables during the reporting period[98](index=98&type=chunk) [5、Dealings with Related Financial Companies](index=28&type=section&id=5、与存在关联关系的财务公司的往来情况) The company had no deposit, loan, credit, or other financial dealings with related financial companies - The company had no deposit, loan, credit, or other financial dealings with related financial companies[99](index=99&type=chunk) [6、Dealings of Company-Controlled Financial Companies with Related Parties](index=28&type=section&id=6、公司控股的财务公司与关联方的往来情况) The company's controlled financial companies had no deposit, loan, credit, or other financial dealings with related parties - The company's controlled financial companies had no deposit, loan, credit, or other financial dealings with related parties[100](index=100&type=chunk) [7、Other Major Related Party Transactions](index=28&type=section&id=7、其他重大关联交易) The company reported no other major related party transactions during the reporting period - The company reported no other major related party transactions during the reporting period[101](index=101&type=chunk) [Major Contracts and Their Performance](index=28&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had no major entrustment, contracting, leasing, or guarantee matters, but engaged in wealth management with an outstanding balance of RMB 560 million [1、Entrustment, Contracting, and Leasing Matters](index=28&type=section&id=1、托管、承包、租赁事项情况) The company reported no entrustment, contracting, or leasing situations during the reporting period - The company reported no entrustment, contracting, or leasing situations during the reporting period[102](index=102&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk) [2、Major Guarantees](index=29&type=section&id=2、重大担保) The company reported no major guarantees during the reporting period - The company reported no major guarantees during the reporting period[106](index=106&type=chunk) [3、Entrusted Wealth Management](index=29&type=section&id=3、委托理财) The company engaged in bank wealth management products using its own funds, with a transaction amount of RMB 875 million and an outstanding balance of RMB 560 million at period-end Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (RMB 10,000) | Unexpired Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | Own funds | 87,500 | 56,000 | 0 | [4、Other Major Contracts](index=29&type=section&id=4、其他重大合同) The company reported no other major contracts during the reporting period - The company reported no other major contracts during the reporting period[109](index=109&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=十三、其他重大事项的说明) This chapter explains three significant matters: changes in the controlling shareholder and actual controller, completion of the share repurchase plan, and removal of the "other risk warning" for the company's stock - On January 10, 2025, the company's largest shareholder changed from Li Zhenguo to Heilongjiang Chenneng Gongda Venture Capital Co., Ltd., resulting in a change of control, with the actual controller becoming Heilongjiang Provincial People's Government State-owned Assets Supervision and Administration Commission[109](index=109&type=chunk) - As of March 17, 2025, the company had cumulatively repurchased **9,660,000 shares**, accounting for **1.13%** of the total share capital, with a total transaction amount of **RMB 76,200,959.71**, and the share repurchase plan has been completed[110](index=110&type=chunk)[111](index=111&type=chunk) - The company's stock had its "other risk warning" removed starting from the opening of trading on May 7, 2025, which was previously imposed due to a negative opinion in the 2023 annual internal control audit report[112](index=112&type=chunk) [Significant Matters of Company Subsidiaries](index=30&type=section&id=十四、公司子公司重大事项) The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[113](index=113&type=chunk) [Share Changes and Shareholder Information](index=31&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, shareholder structure, and the controlling shareholder, including the completion of a share repurchase program [Share Change Status](index=31&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital remained unchanged, with minor adjustments in restricted and unrestricted shares due to executive share lock-up variations, and the share repurchase plan was completed Share Change Status | Item | Number Before This Change (shares) | Increase/Decrease in This Change (+, -) (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 161,788,659 | -400 | 161,788,259 | | II. Unrestricted Shares | 694,153,353 | 400 | 694,153,753 | | III. Total Shares | 855,942,012 | 0 | 855,942,012 | - Share changes were primarily due to corresponding changes in executive lock-up shares[117](index=117&type=chunk) - As of March 17, 2025, the company had cumulatively repurchased **9,660,000 shares**, accounting for **1.13%** of the total share capital, with a total transaction amount of **RMB 76,200,959.71**, and the repurchase plan has been completed[117](index=117&type=chunk)[118](index=118&type=chunk) Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Zhenguo | 161,548,778 | 0 | 0 | 161,548,778 | Executive lock-up shares | | Xu Xiangping | 85,500 | 0 | 0 | 85,500 | Executive lock-up shares | | Gao Yansong | 42,450 | 0 | 0 | 42,450 | Executive lock-up shares | | Wu Yongsheng | 111,531 | 0 | 0 | 111,531 | Executive lock-up shares | | **Total** | **161,788,259** | **0** | **0** | **161,788,259** | | [Securities Issuance and Listing](index=32&type=section&id=二、证券发行与上市情况) The company reported no securities issuance or listing during the reporting period [Number of Shareholders and Shareholding Status](index=32&type=section&id=三、公司股东数量及持股情况) At period-end, the company had 50,523 common shareholders, with Heilongjiang Chenneng Gongda Venture Capital as the largest shareholder (24.04%) and Li Zhenguo as the second largest (18.91%), with some shares pledged - The total number of common shareholders at the end of the reporting period was **50,523**[122](index=122&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Change in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Heilongjiang Chenneng Gongda Venture Capital Co., Ltd. | State-owned legal person | 24.04% | 205,730,587 | 53,500,000 | 0 | 205,730,587 | Not applicable | | Li Zhenguo | Domestic natural person | 18.91% | 161,898,371 | -53,500,000 | 161,548,778 | 349,593 | Pledged 80,470,000 | | Hunan Yifeng Pharmaceutical Co., Ltd. | Domestic non-state-owned legal person | 4.99% | 42,710,000 | 0 | 0 | 42,710,000 | Not applicable | - The company's special share repurchase securities account held **9,660,000 shares**, accounting for **1.13%** of the company's total share capital[123](index=123&type=chunk) [Shareholding Changes of Directors, Supervisors, and Senior Management](index=34&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, Vice Chairman and General Manager Li Zhenguo's shareholding decreased by 53.5 million shares due to a transfer, ending with 161.90 million shares Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Number of Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Li Zhenguo | Vice Chairman, General Manager | 215,398,371 | 53,500,000 | 161,898,371 | [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=五、控股股东或实际控制人变更情况) Both the company's controlling shareholder and actual controller changed during the reporting period, with Heilongjiang Chenneng Gongda Venture Capital becoming the new controlling shareholder and Heilongjiang Provincial SASAC the new actual controller - The new controlling shareholder is Heilongjiang Chenneng Gongda Venture Capital Co., Ltd., with the change date being **January 10, 2025**[126](index=126&type=chunk) - The new actual controller is Heilongjiang Provincial People's Government State-owned Assets Supervision and Administration Commission, with the change date being **January 10, 2025**[126](index=126&type=chunk) - The reason for the change was Li Zhenguo's transfer of **53,500,000 shares** to Chenneng Venture Capital, leading to a change in the company's control[126](index=126&type=chunk)[127](index=127&type=chunk) [Preferred Share Information](index=35&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[128](index=128&type=chunk) [Bond Information](index=36&type=section&id=第七节%20债券相关情况) The company reported no bond-related information during the reporting period [Bond Information](index=36&type=section&id=债券相关情况) The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[130](index=130&type=chunk) [Financial Report](index=37&type=section&id=第八节%20财务报告) This section includes the unaudited financial statements, company background, accounting policies, tax information, and detailed notes to the consolidated and parent company financial statements [Audit Report](index=37&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 unaudited[132](index=132&type=chunk) [Financial Statements](index=37&type=section&id=二、财务报表) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 [1、Consolidated Balance Sheet](index=37&type=section&id=1、合并资产负债表) As of June 30, 2025, consolidated total assets were RMB 5.03 billion, total liabilities RMB 1.18 billion, and net assets attributable to parent company shareholders RMB 3.64 billion Consolidated Balance Sheet Key Data | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 5,025,993,962.59 | 5,211,440,858.19 | | Total Liabilities | 1,178,361,326.43 | 1,263,509,520.45 | | Total Equity Attributable to Parent Company Owners | 3,643,101,446.80 | 3,753,212,418.98 | [2、Parent Company Balance Sheet](index=39&type=section&id=2、母公司资产负债表) As of June 30, 2025, parent company total assets were RMB 10.40 billion, total liabilities RMB 1.48 billion, and total owners' equity RMB 8.93 billion Parent Company Balance Sheet Key Data | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 10,402,638,635.47 | 10,421,604,259.65 | | Total Liabilities | 1,475,882,616.99 | 1,398,615,590.73 | | Total Owners' Equity | 8,926,756,018.48 | 9,022,988,668.92 | [3、Consolidated Income Statement](index=41&type=section&id=3、合并利润表) In H1 2025, consolidated total operating revenue was RMB 1.26 billion, a 24.71% decrease, with net profit attributable to parent company shareholders at RMB 144 million, a 29.71% decrease Consolidated Income Statement Key Data | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,264,512,369.54 | 1,679,430,180.36 | | Operating Profit | 187,051,538.01 | 242,586,577.71 | | Net Profit | 153,521,724.04 | 204,088,697.72 | | Net Profit Attributable to Parent Company Shareholders | 143,773,631.42 | 204,545,737.13 | | Basic Earnings Per Share (RMB/share) | 0.1699 | 0.2399 | [4、Parent Company Income Statement](index=43&type=section&id=4、母公司利润表) In H1 2025, parent company operating revenue was RMB 470 million, a 48.99% decrease, with net profit at RMB 158 million, a 48.95% decrease Parent Company Income Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 470,075,455.83 | 921,759,623.77 | | Operating Profit | 155,705,963.43 | 314,799,456.13 | | Net Profit | 157,651,953.16 | 308,893,726.36 | [5、Consolidated Cash Flow Statement](index=45&type=section&id=5、合并现金流量表) In H1 2025, net cash flow from operating activities was RMB 213 million, a 191.72% increase, while net cash flow from investing activities was -RMB 283 million due to increased wealth management product purchases Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 213,061,017.36 | -232,303,029.43 | | Net Cash Flow from Investing Activities | -282,971,008.20 | 31,953,340.29 | | Net Cash Flow from Financing Activities | -229,507,233.21 | -125,322,678.53 | | Net Increase in Cash and Cash Equivalents | -299,436,580.20 | -325,612,011.29 | [6、Parent Company Cash Flow Statement](index=46&type=section&id=6、母公司现金流量表) In H1 2025, parent company net cash flow from operating activities was RMB 251 million, turning positive from the prior year, with net cash flow from investing activities at -RMB 4.94 million and financing activities at -RMB 235 million Parent Company Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 251,407,050.99 | -369,494,564.91 | | Net Cash Flow from Investing Activities | -4,937,049.54 | 277,417,247.75 | | Net Cash Flow from Financing Activities | -234,805,194.52 | -124,570,364.97 | | Net Increase in Cash and Cash Equivalents | 11,664,806.93 | -216,647,682.13 | [7、Consolidated Statement of Changes in Owners' Equity](index=47&type=section&id=7、合并所有者权益变动表) In H1 2025, consolidated total owners' equity was RMB 3.85 billion, a 2.54% decrease, with parent company owners' equity decreasing by RMB 110 million due to profit distribution and comprehensive income changes Consolidated Statement of Changes in Owners' Equity Key Data | Item | Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Owners | 3,753,212,418.98 | -110,110,972.18 | 3,643,101,446.80 | | Minority Interests | 194,718,918.76 | 9,812,270.60 | 204,531,189.36 | | Total Owners' Equity | 3,947,931,337.74 | -100,298,701.58 | 3,847,632,636.16 | [8、Parent Company Statement of Changes in Owners' Equity](index=51&type=section&id=8、母公司所有者权益变动表) In H1 2025, parent company total owners' equity was RMB 8.93 billion, a 1.07% decrease, primarily due to a RMB 96.23 million reduction in undistributed profits from profit distribution Parent Company Statement of Changes in Owners' Equity Key Data | Item | Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 9,022,988,668.92 | -96,232,650.44 | 8,926,756,018.48 | [Company Basic Information](index=54&type=section&id=三、公司基本情况) Jiuzhitang, established in 1999 and listed in 2000, focuses on traditional Chinese medicine R&D, production, and sales, expanding into stem cells and health products, with 23 subsidiaries - Jiuzhitang Co., Ltd. was established in 1999, listed on the Shenzhen Stock Exchange in 2000, with a registered capital of **RMB 855,942,012**[167](index=167&type=chunk) - The company focuses on traditional Chinese medicine R&D, production, and sales, gradually exploring innovative businesses such as stem cells, traditional Chinese medicine healthcare services, and health products based on food and medicine homology[167](index=167&type=chunk) - As of the end of the reporting period, the company's consolidated subsidiaries included 22 entities such as Jiuzhitang Pharmaceutical Trade, Hunan Scikang Biopharmaceutical, Mudanjiang Youbo Pharmaceutical, and Zhuhai Hengqin Jiuzhitang Yonghe Qihang Equity Investment Fund[168](index=168&type=chunk)[169](index=169&type=chunk) [Basis of Financial Statement Preparation](index=55&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 enterprise accounting standards and the CSRC's disclosure rules for financial reports - The company prepares its financial statements on a going concern basis, complying with enterprise accounting standards and relevant disclosure regulations of the China Securities Regulatory Commission[170](index=170&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting this ability[171](index=171&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=五、重要会计政策及会计估计) This chapter details the company's significant accounting policies and estimates for financial statement preparation, covering areas like business combinations, financial instruments, inventory, revenue recognition, and government grants - The company adheres to enterprise accounting standards, with the accounting year from January 1 to December 31, and the recording currency being RMB[173](index=173&type=chunk)[174](index=174&type=chunk)[176](index=176&type=chunk) - The company exercises significant accounting judgments and estimates in areas such as financial asset classification, measurement of expected credit losses for accounts receivable, goodwill impairment, and recognition of deferred income tax assets[391](index=391&type=chunk)[392](index=392&type=chunk) - The company uses valuation techniques such as market approach, income approach, and cost approach to determine fair value, which is classified into three levels for disclosure[393](index=393&type=chunk)[394](index=394&type=chunk) - The company has standardized and clarified the accounting treatment for guarantee-type quality assurances not constituting a single performance obligation, effective from December 31, 2024[396](index=396&type=chunk) [Taxes](index=89&type=section&id=六、税项) This chapter lists the company's applicable tax types and rates, along with detailed tax incentives, including high-tech enterprise income tax, western development, small low-profit enterprise, and advanced manufacturing VAT policies Major Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods, provision of labor and services | 13%、9%、6%、5%、3%、1%、0% | | Urban Maintenance and Construction Tax | Amount of VAT payable | 7%、5% | | Corporate Income Tax | Ta

奇精机械股份有限公司2025 年半年度报告 公司代码：603677 公司简称：奇精机械 奇精机械股份有限公司 2025 年半年度报告 二零二五年八月二十一日 奇精机械股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 本公司于 2025 年 8 月 19 日现场召开第四届董事会第二十七次会议审议通过本报告，会议应 出席董事 9 人，实际出席董事 9 人，其中董事周陈先生委托董事汪伟东先生代为出席本次会议， 董事王东升先生委托董事缪开先生代为出席本次会议，董事李亨生先生委托董事梅旭辉先生代为 出席本次会议。 三、 本半年度报告未经审计。 四、 公司负责人梅旭辉、主管会计工作负责人姚利群及会计机构负责人（会计主管人员）唐洪 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The Board, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness and completeness, with no plans for dividends or capital increase from capital reserves - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4](index=4&type=chunk) - Company head Yang Zhongchen, chief accountant Li Guo, and accounting department head Li Guo declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's structure, covering company profile, financial indicators, management discussion, governance, significant matters, share changes, bond information, and financial statements - The report comprises eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, and financial reports[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, including company names, reporting periods, currency units, and specialized terms for pharmaceutical packaging and glass products, ensuring accurate understanding - “Linuo Pharma Packaging, the Company, this Company” refers to Shandong Linuo Pharmaceutical Packaging Co., Ltd[13](index=13&type=chunk) - “Reporting Period, Current Period, this Reporting Period” refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - “Medium Borosilicate Molded Vials/Medium Borosilicate Tubing Vials” refer to pharmaceutical glass vials with B2O3 content of 8%–12% and an average linear thermal expansion coefficient of approximately 5.0×10—6K-1[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=1.%20Company%20Profile) Linuo Pharma Packaging, stock code 301188, is listed on the Shenzhen Stock Exchange, with Yang Zhongchen as its legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Linuo Pharma Packaging | | Stock Code | 301188 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Shandong Linuo Pharmaceutical Packaging Co., Ltd. | | Legal Representative | Yang Zhongchen | [Contact Persons and Information](index=7&type=section&id=2.%20Contact%20Persons%20and%20Information) Board Secretary Xie Yan and Securities Affairs Representative Wang Yuewei share the same contact details in Jinan City, Shandong Province Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xie Yan | Government Residence, Yuhuangmiao Town, Shanghe County, Jinan City, Shandong Province | 0531-88729123 | 0531-84759999 | lntbdsh@linuo.com | | Securities Affairs Representative | Wang Yuewei | Government Residence, Yuhuangmiao Town, Shanghe County, Jinan City, Shandong Province | 0531-88729123 | 0531-84759999 | lntbdsh@linuo.com | [Other Information](index=7&type=section&id=3.%20Other%20Information) Company contact details and information disclosure remained unchanged, with a business scope update and new business license issued on June 11, 2025 - The company's registered address, office address, website, and email remained unchanged during the reporting period, as did information disclosure and storage locations, as detailed in the 2024 annual report[18](index=18&type=chunk)[19](index=19&type=chunk) - The company completed industrial and commercial change registration on June 11, 2025, including changes to its business scope, amendments to the Articles of Association, and issuance of a new business license[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue and net profit decreased year-on-year, with negative operating cash flow, while total assets and net assets attributable to shareholders increased Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 498,727,431.13 | 560,801,220.36 | -11.07% | | Net Profit Attributable to Shareholders of Listed Company | 40,967,465.56 | 51,285,014.38 | -20.12% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 28,940,875.24 | 46,161,506.91 | -37.31% | | Net Cash Flow from Operating Activities | -9,605,079.03 | 24,058,728.53 | -139.92% | | Basic Earnings Per Share (RMB/share) | 0.18 | 0.22 | -18.18% | | Diluted Earnings Per Share (RMB/share) | 0.18 | 0.23 | -21.74% | | Weighted Average Return on Net Assets | 2.68% | 3.26% | -0.58% | | **End of Current Reporting Period** | **End of Prior Year** | **Change (%)** | | | Total Assets (RMB) | 2,536,735,482.90 | 2,356,016,894.42 | 7.67% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 1,595,657,509.24 | 1,554,214,966.93 | 2.67% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company's net profit and net assets reported under international or overseas accounting standards do not differ from those under Chinese accounting standards - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[24](index=24&type=chunk) - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[25](index=25&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=6.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses were **RMB 12,026,590.32**, mainly from non-current asset disposal, government grants, financial asset fair value changes, and tax refunds Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 2,362,606.12 | | | Government Grants Recognized in Current Profit or Loss | 9,170,353.25 | | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and from Disposal of Financial Assets and Liabilities | 2,554,351.08 | | | Other Income and Expenses Meeting the Definition of Non-recurring Gains and Losses | 61,609.98 | Personal Income Tax Handling Fee Refund | | Other Non-operating Income and Expenses Apart from the Above | 9.18 | | | Less: Income Tax Impact | 2,122,339.29 | | | Total | 12,026,590.32 | | Management Discussion and Analysis [Main Business Activities During the Reporting Period](index=10&type=section&id=1.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in borosilicate glass R&D, production, and sales, facing revenue and profit declines but advancing capacity and internationalization - The company is a high-tech enterprise dedicated to the R&D, production, and sales of borosilicate glass, with main products including medium borosilicate pharmaceutical glass and high borosilicate heat-resistant glass series[30](index=30&type=chunk) - During the reporting period, the company's operating revenue was **RMB 499 million**, a **11.07% decrease** year-on-year; net profit attributable to shareholders was **RMB 40.9675 million**, a **20.12% decrease** year-on-year, mainly due to weak pharmaceutical market demand, price reductions, increased fixed asset and R&D investments, higher selling expenses, and increased procurement costs from tariffs[34](index=34&type=chunk) - The company's medium borosilicate pharmaceutical glass production capacity further increased, accelerating the transformation of its heat-resistant glass business by building proprietary brands “LEBOLEBO” and “brohouse” and shifting from OEM to ODM models[34](index=34&type=chunk)[35](index=35&type=chunk) [Company's Main Products](index=10&type=section&id=1.1.%20Company%27s%20Main%20Products) Main products include medium borosilicate pharmaceutical glass (ampoules, vials, cartridges) and high borosilicate heat-resistant glass for daily use, with the company being a leading global producer - The company's main products include medium borosilicate pharmaceutical glass and high borosilicate heat-resistant glass series, making it one of the few enterprises to master both tubing and vial manufacturing technologies for medium borosilicate pharmaceutical glass, as well as molded vial production technology[30](index=30&type=chunk) - High borosilicate heat-resistant glass is primarily used in catering, kitchenware, lighting, and other household applications, with the company's production scale ranking among the international leaders[30](index=30&type=chunk) [Industry Overview](index=10&type=section&id=1.2.%20Industry%20Overview) The pharmaceutical packaging market is projected to reach **RMB 44.2 billion** by 2026, with increasing concentration, while the global borosilicate glass market is expected to reach **USD 1,359.6 million** by 2029 - In 2023, China's pharmaceutical glass market reached **RMB 35 billion**, projected to reach **RMB 44.2 billion** by 2026, with a CAGR of **8.51%** from 2023-2026[31](index=31&type=chunk) - Amid stricter drug quality regulations, pharmaceutical companies prefer suppliers with strong comprehensive capabilities and advanced technology, leading to increased industry concentration[32](index=32&type=chunk) - Global borosilicate glass revenue was approximately **USD 1,175.1 million** in 2022, projected to reach **USD 1,359.6 million** by 2029, with a CAGR of **2.1%** from 2022 to 2029[33](index=33&type=chunk) [Company Operating Performance](index=11&type=section&id=1.3.%20Company%20Operating%20Performance) Operating revenue and net profit declined, but total assets grew, driven by medium borosilicate pharmaceutical glass capacity expansion, heat-resistant glass brand building, and internationalization Operating Performance During the Reporting Period | Indicator | Current Period (RMB 100 million) | Prior Period (RMB 100 million) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4.99 | 5.608 | -11.07% | | Net Profit Attributable to Shareholders of Listed Company | 0.409675 | 0.51285 | -20.12% | | Total Assets (End of Period) | 25.37 | 23.56 | 7.67% | - The first furnace of the company's “Lightweight Pharmaceutical Molded Glass Vial (Class I) Industrialization Project” was ignited and put into use, expanding medium borosilicate molded vial capacity and increasing medium borosilicate tubing vial production equipment, leading to continuous capacity improvement[34](index=34&type=chunk) - The company established an e-commerce company to promote its proprietary brands “LEBOLEBO” and “brohouse,” driving the transition from OEM to ODM models, and signed a cooperation and investment agreement with SANTISA LABORATÓRIO FARMACÊUTUTICO S/A to accelerate overseas expansion[35](index=35&type=chunk)[36](index=36&type=chunk) [Main Business Models](index=12&type=section&id=1.4.%20Main%20Business%20Models) Pharmaceutical glass uses direct sales; daily-use glass is OEM-focused, shifting to ODM and proprietary brands, supported by centralized procurement and "production-to-order" manufacturing - Pharmaceutical glass customers primarily use direct sales, while daily-use glass customers are mainly OEM, transitioning towards ODM models and proprietary brands[39](index=39&type=chunk) - The procurement department is responsible for centralized purchasing, with main raw materials including borax, quartz sand, and medium borosilicate pharmaceutical glass tubing, and has established standardized supplier selection and evaluation systems[40](index=40&type=chunk) - The production model is “production-to-order, flexible manufacturing,” with production plans based on sales orders and market demand, and moderate stocking of some standard specification products[41](index=41&type=chunk) [Company's Industry Position and Characteristics](index=14&type=section&id=1.5.%20Company%27s%20Industry%20Position%20and%20Characteristics) The company is an early mover in medium borosilicate pharmaceutical glass with a rich product line and significant influence in high borosilicate heat-resistant glass, poised for growth in high-end, energy-efficient, and lightweight markets - The company is one of the earliest enterprises to enter the medium borosilicate pharmaceutical glass sector, with a rich product line and core advantages expected to become more prominent in the future[44](index=44&type=chunk) - The company enjoys a strong reputation and market response in the high borosilicate heat-resistant glass sector, holding significant industry influence[44](index=44&type=chunk) [Key Performance Drivers During the Reporting Period](index=14&type=section&id=1.6.%20Key%20Performance%20Drivers%20During%20the%20Reporting%20Period) Growing demand for safer, higher-quality medium borosilicate pharmaceutical glass is a key driver, alongside opportunities from the daily-use glass industry's shift towards high-end, lightweight, and eco-friendly products - Medium borosilicate pharmaceutical glass, due to its superior product performance, is gradually becoming the mainstream in pharmaceutical glass, serving as the primary driver for the company's pharmaceutical glass products maintaining rapid growth for many years[45](index=45&type=chunk) - As the daily-use glass industry upgrades towards high-end, lightweight, and eco-friendly products, the company's high borosilicate glass products, with excellent properties such as low expansion, thermal shock resistance, heat resistance, corrosion resistance, and high strength, meet consumer demands, and their brand effect is gradually emerging[45](index=45&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=2.%20Core%20Competitiveness%20Analysis) Core competitiveness stems from strong market and customer base, advanced R&D, superior product quality, recognized brand, efficient management, and comprehensive industrial chain advantages - The company has established long-term cooperative relationships with numerous large and medium-sized pharmaceutical manufacturers in pharmaceutical glass, and collaborates with well-known domestic and international enterprises in daily-use glass, possessing extensive customer channel resources[47](index=47&type=chunk) - The company holds over a hundred valid patent technologies and multiple non-patent technologies, is recognized as a high-tech enterprise and a national manufacturing single-item champion demonstration enterprise, and has played a key role in drafting several national standards[48](index=48&type=chunk) - The company has obtained ISO9001, ISO14001, OHSAS18001, ISO15378, and other international standard system certifications, ensuring high product safety and strong quality stability[49](index=49&type=chunk) - The company possesses the capability to produce tubing vials and medium borosilicate molded vials, masters medium borosilicate tubing drawing technology, forming a complete industrial chain advantage from tubing drawing to vial manufacturing[53](index=53&type=chunk) [Analysis of Main Business](index=16&type=section&id=3.%20Analysis%20of%20Main%20Business) Operating revenue decreased by **11.07%** and cost by **12.42%**, while selling and administrative expenses increased; pharmaceutical glass revenue declined, but heat-resistant glass revenue remained stable with improved gross margin Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 498,727,431.13 | 560,801,220.36 | -11.07% | | | Operating Cost | 391,534,631.89 | 447,052,729.26 | -12.42% | | | Selling Expenses | 26,709,506.65 | 21,950,391.31 | 21.68% | Increase in sales personnel, increase in market development expenses | | Administrative Expenses | 18,749,429.77 | 14,183,045.38 | 32.20% | Increase in employee compensation, travel expenses, intermediary service fees, etc. | | Financial Expenses | 10,731,160.86 | 8,810,699.72 | 21.80% | Decrease in wealth management product amounts leading to reduced interest income | | R&D Investment | 16,030,809.79 | 14,954,946.03 | 7.19% | | | Net Cash Flow from Operating Activities | -9,605,079.03 | 24,058,728.53 | -139.92% | Increase in raw material payments | | Net Cash Flow from Investing Activities | 22,101,852.23 | 272,142,779.35 | -91.88% | Change in wealth management product purchases | | Net Cash Flow from Financing Activities | -19,933,636.87 | -72,893,689.97 | 72.65% | New special loan for share repurchase | Products or Services Accounting for Over 10% of Revenue | By Product | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | Operating Revenue Change Year-on-Year (%) | Operating Cost Change Year-on-Year (%) | Gross Margin Change Year-on-Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Heat-resistant Glass | 284,362,460.00 | 220,847,593.58 | 22.34% | -0.28% | -6.51% | 5.18% | | Pharmaceutical Glass | 203,186,972.30 | 162,650,747.71 | 19.95% | -20.47% | -16.13% | -4.15% | | Domestic Sales | 398,598,457.06 | 316,028,731.64 | 20.72% | -13.95% | -15.84% | 1.79% | | Overseas Sales | 100,128,974.07 | 75,505,900.25 | 24.59% | 2.59% | 5.53% | -2.11% | [Analysis of Non-Core Business](index=17&type=section&id=4.%20Analysis%20of%20Non-Core%20Business) Non-core business includes investment income, fair value changes, and non-operating income/expenses; investment income from associates is sustainable, while other items are small and non-recurring Non-Core Business Analysis | Item | Amount (RMB) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,259,251.16 | 9.19% | Share of investment income from Shandong Jinjie Gas and income from wealth management products | Investment income from Jinjie Gas is sustainable, wealth management income is not | | Gains and Losses from Changes in Fair Value | 1,105,578.17 | 2.39% | Changes in gains and losses before maturity redemption of wealth management products | No | | Non-operating Income | 9.18 | 0.00% | Account verification fee | No | | Non-operating Expenses | 6,037.50 | 0.01% | Mainly losses from disposal of non-current assets | No | [Analysis of Assets and Liabilities](index=18&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by **7.67%**; inventories, prepayments, and long-term borrowings increased, while financial assets held for trading decreased, with some assets restricted Significant Changes in Asset Composition (End of Period vs. End of Prior Year) | Item | Amount at End of Current Period (RMB) | Percentage of Total Assets (%) | Amount at End of Prior Year (RMB) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 537,369,915.21 | 21.18% | 490,489,588.50 | 20.82% | 0.36% | | | Accounts Receivable | 239,339,744.01 | 9.43% | 207,803,012.45 | 8.82% | 0.61% | | | Inventories | 350,777,021.39 | 13.83% | 272,692,308.88 | 11.57% | 2.26% | | | Long-term Borrowings | 47,025,458.33 | 1.85% | 0.00 | 0.00% | 1.85% | Company added special loan for share repurchase in current period | | Financial Assets Held for Trading | 196,412,821.03 | 7.74% | 295,750,585.02 | 12.55% | -4.81% | Redemption of wealth management products in current period | | Notes Payable | 150,176,320.05 | 5.92% | 60,113,564.62 | 2.55% | 3.37% | Increase in bank acceptance bills issued in current period | | Deferred Income | 86,728,518.55 | 3.42% | 53,930,052.05 | 2.29% | 1.13% | Increase in government grants | Asset Restrictions at the End of the Reporting Period | Item | Book Balance at End of Period (RMB) | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 144,044,401.89 | Guarantee | Bills, letters of guarantee, foreign exchange settlement, labor wages, letter of credit margin | | Notes Receivable | 42,534,941.10 | Does not meet derecognition criteria | Bills endorsed and transferred but not meeting derecognition criteria | | Notes Receivable | 14,128,667.59 | Pledge | Pledge of notes receivable for issuing notes payable | | Total | 200,708,010.58 | | | [Analysis of Investment Status](index=20&type=section&id=6.%20Analysis%20of%20Investment%20Status) Total investment decreased by **27.91%**; fundraising projects were delayed, over-raised funds used for new projects and working capital, with **RMB 195 million** in wealth management products outstanding Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 88,068,576.79 | 122,156,897.18 | -27.91% | - The construction period for the company's fundraising investment projects, “Neutral Borosilicate Pharmaceutical Glass Expansion Project,” “High Borosilicate Glass Production Project for LED Optical Lenses,” and “Lightweight Pharmaceutical Molded Glass Vial (Class I) Industrialization Project,” has been extended to December 31, 2025, due to equipment procurement and delivery cycles, investment pace control, and incomplete supporting facilities[78](index=78&type=chunk) - The company used **RMB 44.1809 million** of over-raised funds to permanently supplement working capital; all over-raised fund investment projects have been completed, and remaining funds will permanently supplement working capital[79](index=79&type=chunk) Overview of Wealth Management Products | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management Transactions (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | Own Funds | 5,000 | 2,000 | | Bank Wealth Management Products | Proceeds from Public Offering | 31,500 | 15,000 | | Brokerage Wealth Management Products | Proceeds from Public Offering | 2,500 | 2,500 | | Total | | 39,000 | 19,500 | [Significant Asset and Equity Sales](index=26&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[84](index=84&type=chunk) - The company did not sell significant equity during the reporting period[85](index=85&type=chunk) [Analysis of Major Holding and Participating Companies](index=27&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company had no significant holding or participating company information to disclose - The company had no significant information regarding holding or participating companies that should be disclosed during the reporting period[86](index=86&type=chunk) [Information on Structured Entities Controlled by the Company](index=27&type=section&id=9.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[87](index=87&type=chunk) [Risks Faced by the Company and Countermeasures](index=27&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from market competition, rising costs, declining gross margins, investment underperformance, exchange rate fluctuations, and talent loss, addressed by enhancing competitiveness, cost control, and talent retention - The company faces intensified market competition, with major competitors actively expanding into medium borosilicate pharmaceutical glass; the company responds by enhancing product strength, channel strength, brand strength, service strength, and exploring new markets[87](index=87&type=chunk) - Rising prices of raw materials (borax, boric acid, medium borosilicate pharmaceutical glass tubing) and energy (natural gas, electricity) may lead to gross margin fluctuations; the company responds by fostering long-term supplier relationships, implementing a multi-supplier mechanism, enhancing bargaining power, and reducing costs through technological R&D[88](index=88&type=chunk) - With numerous ongoing projects, the company faces the risk of returns not meeting expectations, which is addressed by strengthening deep cooperation with key customers, signing long-term agreements, and emphasizing project construction and management[91](index=91&type=chunk) - The company faces exchange rate fluctuation risks, which are managed by closely monitoring exchange rate changes, flexibly selecting foreign exchange hedging tool combinations, and strengthening overseas expansion[92](index=92&type=chunk) - The risk of losing key technical talent is addressed by strengthening talent protection, recruitment, and development, and establishing competitive incentive mechanisms[93](index=93&type=chunk)[95](index=95&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=29&type=section&id=11.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company hosted multiple investor and analyst engagements, discussing company renaming, capacity expansion, heat-resistant glass plans, smart manufacturing, overseas business, profitability drivers, R&D, gross margin risks, and share repurchase plans - On February 26, 2025, the company hosted on-site research by 11 institutional analysts and investment managers from Guojin Securities, Shenwan Hongyuan, and others, discussing company renaming, tubing vial expansion progress, heat-resistant glass planning, medium borosilicate molded vial development progress, smart manufacturing development, and the characteristics and advantages of lightweight pharmaceutical molded glass vials[96](index=96&type=chunk) - On May 15, 2025, the company conducted an online exchange via the Panorama Network “Investor Relations Interactive Platform,” where participants inquired about the progress of heat-resistant glass e-commerce brands and the company's future profit growth points[96](index=96&type=chunk) - On May 16, 2025, the company conducted an online exchange via the Value Online network platform, discussing future revenue growth drivers, R&D investment, heat-resistant glass development plans, overseas business development, 2025 operating goals or strategic plans, how to mitigate gross margin decline risks through internal management improvements, and share repurchase plans[96](index=96&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=12.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company has not formulated a market value management system[97](index=97&type=chunk) - The company has not disclosed a valuation enhancement plan[97](index=97&type=chunk) [Implementation of the 'Quality and Return Dual Enhancement' Action Plan](index=30&type=section&id=13.%20Implementation%20of%20the%20%27Quality%20and%20Return%20Dual%20Enhancement%27%20Action%20Plan) During the reporting period, the company did not disclose any announcements regarding the 'Quality and Return Dual Enhancement' action plan - The company has not disclosed an announcement regarding the “Quality and Return Dual Enhancement” action plan[97](index=97&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[98](index=98&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=30&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Period) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[99](index=99&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implemented 2022 and 2024 restricted stock incentive plans, with some unvested shares forfeited due to employee departures or unmet performance targets, but no employee stock ownership plans or other incentives were implemented in the current period - The company implemented the 2022 Restricted Stock Incentive Plan, initially granting **6.84 million shares** to 214 incentive recipients and reserving **120,000 shares**; subsequently, portions of granted but unvested restricted shares were forfeited multiple times due to employee departures and unmet performance targets[100](index=100&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - The company implemented the 2024 Restricted Stock Incentive Plan, granting **3.525 million shares** to 35 incentive recipients; subsequently, portions of granted but unvested restricted shares were forfeited due to unmet performance targets[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - During the reporting period, the company did not implement any employee stock ownership plans or other employee incentive measures[109](index=109&type=chunk) [Environmental Information Disclosure](index=34&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its main subsidiary, Shandong Linuo Pharmaceutical Packaging Co., Ltd., are included in the list of enterprises required to disclose environmental information and have reported through the official system - Shandong Linuo Pharmaceutical Packaging Co., Ltd. is included in the list of enterprises required to disclose environmental information by law and reports through the Enterprise Environmental Information Disclosure System (Shandong)[110](index=110&type=chunk) [Social Responsibility Performance](index=34&type=section&id=5.%20Social%20Responsibility%20Performance) The company actively fulfills social responsibilities through good governance, environmental protection, employee rights, fair supplier/customer relations, and community engagement, aiming for balanced economic and social value - The company strictly adheres to laws, regulations, and its Articles of Association, standardizes corporate governance, ensures timely, complete, and accurate information disclosure, and protects shareholders' legitimate rights and interests[111](index=111&type=chunk) - The company has obtained ISO 14001 environmental management system certification, implements environmental protection responsibility systems, emphasizes energy consumption management, and reduces energy consumption and carbon emissions through technological upgrades[112](index=112&type=chunk) - The company has established a sound employee representative assembly system and labor union organization, safeguarding employees' rights to information, participation, expression, and supervision, while also focusing on employee training to enhance professionalism and job skills[113](index=113&type=chunk) - The company selects suppliers based on principles of “equality, mutual benefit, and win-win,” establishes long-term cooperative relationships, maintains a professional after-sales service team, prioritizes product quality and safety management, and protects the rights and interests of customers and consumers[115](index=115&type=chunk) - The company actively participates in various public welfare initiatives, supports local economic development, boosts employment, and fulfills its social responsibilities[116](index=116&type=chunk) Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=36&type=section&id=1.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, no commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company were fulfilled or overdue and unfulfilled - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period[118](index=118&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=36&type=section&id=2.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties - During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties[119](index=119&type=chunk) [Illegal External Guarantees](index=36&type=section&id=3.%20Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[120](index=120&type=chunk) [Appointment and Dismissal of Accounting Firms](index=36&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[121](index=121&type=chunk) [Board of Directors, Supervisory Board, and Audit Committee's Explanation of the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=36&type=section&id=5.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20of%20the%20Accounting%20Firm%27s%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Period) As the semi-annual report was unaudited, there is no explanation from the Board, Supervisory Board, or Audit Committee regarding a 'non-standard audit report' - As the company's semi-annual report was unaudited, there is no explanation from the accounting firm regarding a “non-standard audit report” for the current period[122](index=122&type=chunk) [Board of Directors' Explanation of Matters Related to the 'Non-Standard Audit Report' for the Prior Year](index=36&type=section&id=6.%20Board%20of%20Directors%27%20Explanation%20of%20Matters%20Related%20to%20the%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Prior%20Year) The company has no explanation regarding matters related to a 'non-standard audit report' for the prior year - The company has no explanation regarding matters related to a “non-standard audit report” for the prior year[122](index=122&type=chunk) [Bankruptcy and Reorganization Matters](index=36&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[122](index=122&type=chunk) [Litigation Matters](index=36&type=section&id=8.%20Litigation%20Matters) During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters in the current reporting period[123](index=123&type=chunk) - The company had no other litigation matters[123](index=123&type=chunk) [Penalties and Rectification](index=37&type=section&id=9.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[124](index=124&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintain good integrity with no applicable adverse situations - There are no inapplicable situations regarding the integrity status of the company, its controlling shareholder, and actual controller[125](index=125&type=chunk) [Significant Related Party Transactions](index=37&type=section&id=11.%20Significant%20Related%20Party%20Transactions) The company engaged in daily related party transactions for purchasing goods/receiving services (totaling **RMB 1,303,904.64**) and selling goods/providing services (totaling **RMB 1,013,773.25**), including **RMB 26,259,118.72** for gas, with no asset/equity transactions or non-operating related party debts Related Party Transactions Related to Daily Operations (Purchase of Goods/Receipt of Services) | Related Party | Related Party Transaction Content | Amount in Current Period (RMB) | Approved Transaction Limit (RMB 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Linuo Group and its Subsidiaries | Welfare products, etc. | 1,303,904.64 | 165.00 | No | | Shandong Linuo Ritter New Energy Co., Ltd. | Installation of air-cooled modular chiller (heat pump) units | 761,061.95 | 300.00 | No | | Shandong Jinjie Gas Co., Ltd. | Gas fees | 26,259,118.72 | 8,200.00 | No | Related Party Transactions Related to Daily Operations (Sale of Goods/Provision of Services) | Related Party | Related Party Transaction Content | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Hongjitang Bianque Pharmacy (Shandong) Co., Ltd. | Heat-resistant glass products | 120,353.98 | 0 | | Shandong Linuo Smart Park Cultural Tourism Development Co., Ltd. | Heat-resistant glass products | 8,135.15 | 7,282.23 | | Linuo Group Co., Ltd. | Heat-resistant glass products | 770,366.38 | 151,800.00 | - During the reporting period, the company did not engage in related party transactions involving asset or equity acquisitions/disposals, joint external investments, nor were there any non-operating related party receivables or payables[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) [Significant Contracts and Their Performance](index=39&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) Significant contracts include fair-priced leases with minimal profit impact and an unfulfilled **RMB 100 million** joint liability guarantee for a subsidiary, with no other major operating contracts - During the reporting period, the company's leases primarily involved warehouse and office rentals; these lease transactions were at fair prices, and their overall impact on profit was minor[135](index=135&type=chunk) Company's Guarantees for Subsidiaries | Name of Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Type of Guarantee | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Linuo Glass Technology Co., Ltd. | 2025年06月06日 | 10,000 | | 0 | Joint and several liability guarantee | No | Yes | - The company had no significant daily operating contracts or other significant contracts during the reporting period[139](index=139&type=chunk)[140](index=140&type=chunk) [Explanation of Other Significant Matters](index=40&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[141](index=141&type=chunk) [Significant Matters of Company Subsidiaries](index=40&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, there were no significant matters concerning the company's subsidiaries - The company's subsidiaries had no significant matters during the reporting period[142](index=142&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=41&type=section&id=1.%20Share%20Change%20Status) Total share capital increased by **2.84%** to **239,046,345 shares** due to 'Linuo Convertible Bond' conversion, with the company completing its 2024 share repurchase and continuing its 2025 plan Share Change Status | Category | Quantity Before Change (shares) | Percentage Before Change (%) | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Unrestricted Shares | 232,450,589 | 100.00% | 6,595,756 | 239,046,345 | 100.00% | | Total Shares | 232,450,589 | 100.00% | 6,595,756 | 239,046,345 | 100.00% | - The main reason for share changes was the conversion of “Linuo Convertible Bonds,” with **937,786 bonds** reduced during the reporting period, converting into **6,595,756 company shares**[145](index=145&type=chunk) - The 2024 share repurchase plan has been completed, with a cumulative repurchase of **3,525,000 shares**, accounting for **1.52%** of total share capital, and a total transaction amount of **RMB 50,022,040.54**[151](index=151&type=chunk) - The 2025 share repurchase plan is ongoing, with a cumulative repurchase of **2,832,000 shares** as of the end of the reporting period, accounting for **1.18%** of total share capital, and a total transaction amount of **RMB 50,258,255.65**[156](index=156&type=chunk) [Securities Issuance and Listing](index=45&type=section&id=2.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[157](index=157&type=chunk) [Number of Shareholders and Shareholding Status](index=45&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, there were **11,107** common shareholders; Linuo Investment Holding Group Co., Ltd. was the largest shareholder with **32.17%**, and the company's share repurchase account held **2.66%** of total shares - The total number of common shareholders at the end of the reporting period was **11,107**[158](index=158&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | Number of Shares Held at End of Reporting Period (shares) | Change in Shareholding During Reporting Period (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Linuo Investment Holding Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 32.17% | 76,895,461 | 4,560,054 | Pledged | 56,930,000 | | Jinan Hongdao New Energy Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.35% | 15,177,000 | 0 | Pledged | 8,170,000 | | Shanghai Fosun Chuangfu Investment Management Co., Ltd. - Ningbo Meishan Bonded Port Area Fosun Weiying Equity Investment Fund Partnership (Limited Partnership) | Other | 3.18% | 7,606,297 | -336,800 | N/A | 0 | | Jinan Caijin Fosun Weishi Equity Investment Fund Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.18% | 7,606,197 | -336,800 | N/A | 0 | | Dongxing Securities Investment Co., Ltd. | State-Owned Legal Person | 2.93% | 7,009,058 | -1,232,700 | N/A | 0 | | GF Bank Co., Ltd. - Guotai Juxin Value Advantage Flexible Allocation Mixed Securities Investment Fund | Other | 2.47% | 5,900,000 | -2,100,000 | N/A | 0 | | Guosen Securities Co., Ltd. | State-Owned Legal Person | 1.59% | 3,796,700 | -897,500 | N/A | 0 | | Shanghai Duocan Investment Management Co., Ltd. - Duocan Flexible Strategy No. 5 Private Securities Investment Fund | Other | 1.21% | 2,894,300 | 2,894,300 | N/A | 0 | | Agricultural Bank of China Co., Ltd. - Guotai Jinniu Innovation Growth Mixed Securities Investment Fund | Other | 1.20% | 2,870,000 | -730,000 | N/A | 0 | | China Construction Bank Co., Ltd. - Guotai Pharmaceutical Health Stock Investment Fund | Other | 1.17% | 2,785,525 | 166,500 | N/A | 0 | - Linuo Investment Holding Group Co., Ltd. is the company's largest shareholder; Fosun Weiying and Fosun Weishi constitute a concerted action relationship[160](index=160&type=chunk) - The company's dedicated share repurchase securities account holds **6,357,000 shares**, accounting for **2.66%** of the company's total share capital, and is not included in the top 10 shareholders list[160](index=160&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=48&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, or senior management, as detailed 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, as detailed in the 2024 annual report[162](index=162&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=48&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[163](index=163&type=chunk) - The company's actual controller did not change during the reporting period[163](index=163&type=chunk) [Preferred Share Information](index=49&type=section&id=6.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[164](index=164&type=chunk) Bond-Related Information [Enterprise Bonds](index=50&type=section&id=1.%20Enterprise%20Bonds) During the reporting period, the company had no enterprise bonds - The company had no enterprise bonds during the reporting period[166](index=166&type=chunk) [Corporate Bonds](index=50&type=section&id=2.%20Corporate%20Bonds) During the reporting period, the company had no corporate bonds - The company had no corporate bonds during the reporting period[167](index=167&type=chunk) [Debt Financing Instruments for Non-Financial Enterprises](index=50&type=section&id=3.%20Debt%20Financing%20Instruments%20for%20Non-Financial%20Enterprises) During the reporting period, the company had no debt financing instruments for non-financial enterprises - The company had no debt financing instruments for non-financial enterprises during the reporting period[168](index=168&type=chunk) [Convertible Corporate Bonds](index=50&type=section&id=4.%20Convertible%20Corporate%20Bonds) The company issued **RMB 500 million** 'Linuo Convertible Bonds' in 2023, with **4,743** holders at period-end; **RMB 93.7786 million** was converted into **6,595,756 shares**, and the latest conversion price is **RMB 14.20/share**, with the company maintaining strong repayment ability - In 2023, the company issued **5 million** “Linuo Convertible Bonds,” each with a face value of **RMB 100**, raising a total of **RMB 500 million**, with a 6-year term and no collateral[169](index=169&type=chunk)[170](index=170&type=chunk) - At the end of the reporting period, the number of convertible bondholders was **4,743**[170](index=170&type=chunk) Convertible Bond Changes During the Reporting Period | Name of Convertible Corporate Bond | Before Change (RMB) | Conversion to Shares (RMB) | After Change (RMB) | | :--- | :--- | :--- | :--- | | Shandong Linuo Special Glass Co., Ltd. Convertible Corporate Bonds Issued to Unspecified Investors on ChiNext | 499,415,300.00 | 93,778,600.00 | 405,636,700.00 | Cumulative Share Conversion Status | Name of Convertible Corporate Bond | Cumulative Conversion Amount (RMB) | Cumulative Converted Shares (shares) | Percentage of Converted Shares to Total Shares Issued Before Conversion Start Date (%) | Unconverted Amount (RMB) | Percentage of Unconverted Amount to Total Issuance Amount (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Linuo Special Glass Co., Ltd. Convertible Corporate Bonds Issued to Unspecified Investors on ChiNext | 94,363,300.00 | 6,636,345 | 2.86% | 405,636,700.00 | 81.13% | - The conversion price of “Linuo Convertible Bonds” has been adjusted twice, with the latest conversion price being **RMB 14.20/share**[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) - The company maintains stable operations, good credit standing, strong profitability, and smooth financing channels, demonstrating the ability to timely pay bondholders' principal and interest[179](index=179&type=chunk) [Consolidated Statement Scope Loss Exceeding 10% of Net Assets at End of Prior Year](index=54&type=section&id=5.%20Consolidated%20Statement%20Scope%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20End%20of%20Prior%20Year) During the reporting period, the company's consolidated statement scope loss did not exceed **10%** of net assets at the end of the prior year - During the reporting period, the company's consolidated statement scope loss did not exceed **10%** of net assets at the end of the prior year[180](index=180&type=chunk) [Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=54&type=section&id=6.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) At period-end, current and quick ratios decreased, asset-liability ratio increased, net profit (excluding non-recurring items) declined by **37.31%**, and interest coverage ratios also decreased significantly Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Period/Current Period (RMB 10,000) | End of Prior Year/Prior Period (RMB 10,000) | Change from End of Prior Year/Prior Period (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 3.17 | 4.09 | -22.49% | | Asset-Liability Ratio | 37.10% | 34.03% | 3.07% | | Quick Ratio | 2.41 | 3.28 | -26.52% | | Net Profit After Deducting Non-recurring Gains and Losses | 2,894.09 | 4,616.15 | -37.31% | | EBITDA to Total Debt Ratio | 24.41% | 31.03% | -6.62% | | Interest Coverage Ratio | 4.52 | 5.6 | -19.29% | | Cash Interest Coverage Ratio | 0.16 | 2.59 | -93.82% | | EBITDA Interest Coverage Ratio | 9.08 | 9.64 | -5.81% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Financial Report [Audit Report](index=55&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[183](index=183&type=chunk) [Financial Statements](index=55&type=section&id=2.%20Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company financial statements, showing total assets of **RMB 2.54 billion**, total liabilities of **RMB 941.08 million**, and total owners' equity of **RMB 1.60 billion** Consolidated Balance Sheet (End of Period Balance) | Item | End of Period Balance (RMB) | | :--- | :--- | | Total Current Assets | 1,459,220,781.62 | | Total Non-current Assets | 1,077,514,701.28 | | Total Assets | 2,536,735,482.90 | | Total Current Liabilities | 460,016,653.50 | | Total Non-current Liabilities | 481,061,320.16 | | Total Liabilities | 941,077,973.66 | | Total Owners' Equity | 1,595,657,509.24 | Consolidated Income Statement (Current Period Amount) | Item | 2025 Semi-Annual (RMB) | | :--- | :--- | | Total Operating Revenue | 498,727,431.13 | | Total Operating Cost | 467,081,428.49 | | Operating Profit | 46,330,883.29 | | Total Profit | 46,324,854.97 | | Net Profit | 40,967,465.56 | | Net Profit Attributable to Parent Company Shareholders | 40,967,465.56 | | Basic Earnings Per Share | 0.18 | | Diluted Earnings Per Share | 0.18 | Consolidated Cash Flow Statement (Current Period Amount) | Item | 2025 Semi-Annual (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -9,605,079.03 | | Net Cash Flow from Investing Activities | 22,101,852.23 | | Net Cash Flow from Financing Activities | -19,933,636.87 | | Net Increase in Cash and Cash Equivalents | -7,436,863.67 | | Cash and Cash Equivalents at End of Period | 393,309,513.32 | [Company Basic Information](index=73&type=section&id=3.%20Company%20Basic%20Information) Shandong Linuo Pharmaceutical Packaging Co., Ltd., established on April 13, 2015, with a registered capital of **RMB 232.45052 million** and **239.0463 million shares**, listed on the Shenzhen Stock Exchange on November 11, 2021, specializes in R&D, production, and sales of pharmaceutical and heat-resistant glass - Shandong Linuo Pharmaceutical Packaging Co., Ltd. was registered on April 13, 2015, headquartered in Jinan City, Shandong Province, with a registered capital of **RMB 232.45052 million** and a total of **239.0463 million shares**[217](index=217&type=chunk) - The company's shares were listed and traded on the Shenzhen Stock Exchange on November 11, 2021[217](index=217&type=chunk) - The company belongs to the non-metallic mineral products manufacturing industry, with its main business activities being the R&D, production, and sales of pharmaceutical glass and heat-resistant glass[218](index=218&type=chunk) [Basis of Financial Statement Preparation](index=73&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis[219](index=219&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[220](index=220&type=chunk) [Significant Accounting Policies and Estimates](index=74&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, accounting period, reporting currency, and specific policies for financial instruments, receivables, inventories, fixed assets, intangible assets, revenue recognition, and government grants, ensuring accurate financial reporting - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[222](index=222&type=chunk) - The company has formulated specific accounting policies and estimates for transactions and matters such as financial instrument impairment, inventories, depreciation of fixed assets, construction in progress, intangible assets, and revenue recognition, based on its actual production and operating characteristics[221](index=221&type=chunk) - The company identifies individual accounts receivable exceeding **0.3%** of total assets as significant accounts receivable, and sets different expected credit loss rates for accounts receivable and other receivables of different aging periods[226](index=226&type=chunk)[265](index=265&type=chunk) - The company primarily sells pharmaceutical packaging glass, heat-resistant glass, and electric light source glass products; revenue recognition pertains to performance obligations satisfied at a point in time, with revenue recognized upon delivery of goods and customer confirmation of receipt[334](index=334&type=chunk)[335](index=335&type=chunk)[336](index=336&type=chunk) [Taxation](index=101&type=section&id=6.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and surcharges, benefiting from high-tech enterprise income tax reduction, small-profit enterprise tax incentives, and VAT input credit for advanced manufacturing Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Income | 3%、13% | | Urban Maintenance and Construction Tax | Actual Turnover Tax Paid | 5%、7% | | Corporate Income Tax | Taxable Income | 15%、20%、25% | | Education Surcharge | Actual Turnover Tax Paid | 3% | | Local Education Surcharge | Actual Turnover Tax Paid | 2% | | Property Tax | Calculated at 1.2% of the remaining value after a one-time deduction of 70% from the original property value | 1.2% | | Land Use Tax | Land Use Area | 6.4 RMB/㎡ | - Shandong Linuo Pharmaceutical Packaging Co., Ltd., as a high-tech enterprise, is subject to corporate income tax at a reduced rate of **15%**[354](index=354&type=chunk) - Subsidiaries meeting the criteria for small and micro-profit enterprises, with annual taxable income not exceeding **RMB 3 million**, pay corporate income tax at a rate of **20%**[356](index=356&type=chunk) - Shandong Linuo Pharmaceutical Packaging Co., Ltd., as an advanced manufacturing enterprise, enjoys a preferential policy of an additional **5%** VAT deduction from its payable VAT amount[357](index=357&type=chunk) - The urban land use tax rate for high-tech enterprises is implemented at **50%** of the adjusted tax rate standard, with the term extended to December 31, 2025[358](index=358&type=chunk) [Notes to Consolidated Financial Statement Items](index=102&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details consolidated financial statement items, explaining significant changes in assets (cash, receivables, inventory, fixed assets, construction in progress, long-term equity investments) and liabilities (notes payable, accounts payable, long-term borrowings, bonds payable, deferred income), with revenue and cost breakdowns Cash and Cash Equivalents | Item | End of Period Balance (RMB) | Beginning of Period Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 43,601.97 | 26,391.13 | | Bank Deposits | 391,134,192.50 | 400,719,985.86 | | Other Cash and Cash Equivalents | 146,192,120.74 | 89,743,211.51 | | Total | 537,369,915.21 | 490,489,588.50 | Financial Assets Held for Trading | Item | End of Period Balance (RMB) | Beginning of Period Balance (RMB) | | :--- | :--- | :--- | | Structured Deposits | 95,000,000.00 | 210,177,731.96 | | Wealth Management Products | 101,412,821.03 | 85,572,853.06 | | Total | 196,412,821.03 | 295,750,585.02 | Operating Revenue and Operating Cost (Current Period Amount) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 487,549,432.30 | 383,498,341.29 | | Other Businesses | 11,177,998.83 | 8,036,290.60 | | Total | 498,727,431.13 | 391,534,631.89 | Financial Expenses (Current Period Amount) | Item | Current Period Amount (RMB) | | :--- | :--- | | Interest Expense | 13,151,383.79 | | Interest Income | 1,871,039.36 | | Exchange Gains and Losses | -701,762.96 | | Bank Charges and Others | 152,579.39 | | Total | 10,731,160.86 | [R&D Expenses](index=139&type=section&id=8.%20R%26D%20Expenses) During the reporting period, total R&D expenses were **RMB 16,030,809.79**, fully expensed, primarily comprising employee compensation, materials, energy, and office expenses Composition of R&D Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 11,406,352.15 | 11,026,894.25 | | Materials and Energy | 4,074,484.17 | 3,174,870.69 | | Office Expenses and Others | 549,973.47 | 753,181.09 | | Total | 16,030,809.79 | 14,954,946.03 | | Of which: Expensed R&D Expenses | 16,030,809.79 | 14,954,946.03 | [Changes in Consolidation Scope](index=139&type=section&id=9.%20Changes%20in%20Consolidation%20Scope) The consolidation scope increased in the current period due to the establishment of a new subsidiary, Linuo Pharmaceutical Packaging (Hong Kong) Co., Ltd - The establishment of a new subsidiary, Linuo Pharmaceutical Packaging (Hong Kong) Co., Ltd., in the current period led to an increase in the consolidation scope compared to the prior period[540](index=540&type=chunk) [Interests in Other Entities](index=139&type=section&id=10.%20Interests%20in%20Other%20Entities) The company holds interests in several wholly-owned subsidiaries and an **18.52%** equity stake in associate Shandong Jinjie Gas Co., Ltd., which is accounted for using the equity method due to significant influence Composition of Enterprise Group (Subsidiaries) | Subsidiary Name | Registered Capital | Business Nature | Shareholding Percentage (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Shandong Linuo Glass Products Marketing Co., Ltd. | 3,000,000.00 RMB | Glass products | 100.00% | Business combination under common control | | Shandong Linuo International Trade Co., Ltd. | 3,000,000.00 RMB | Goods import and export | 100.00% | Investment establishment | | Shandong Linuo Glass Technology Co., Ltd. | 10,000,000.00 RMB | Glass products | 100.00% | Investment establishment | | Shandong Linuo Optoelectronic Technology Co., Ltd. | 10,000,000.00 RMB | Glass products | 100.00% | Investment establishment | | Linuo Pharmaceutical Packaging (Hong Kong) Co., Ltd. | 500,000.00 USD | Glass products | 100.00% | Investment establishment | | LINUO INTERNATIONAL PHARMA PACKAGING FZE | 3,600,000.00 AED | Glass products | 100% (Indirect) | Investment establishment | | Linuo Arabia Industrial Company L.L.C (One Partner) | 500,000.00 SAR | Glass products | 100% (Indirect) | Investment establishment | - The company holds an **18.52%** equity stake in associate Shandong Jinjie Gas Co., Ltd.; due to Sun Qingfa, Chairman of the company's Supervisory Board, being a member of its Board of Directors, and Xie Yan, Deputy General Manager and Board Secretary, being its supervisor, the company has significant influence and accounts for it using the equity method[543](index=543&type=chunk) Key Financial Information of Significant Joint Ventures (End of Period Balance) | Item | End of Period Balance (RMB) | | :--- | :--- | | Total Assets | 437,037,663.81 | | Total Liabilities | 132,941,904.70 | | Equity Attributable to Parent Company Shareholders | 303,911,341.28 | | Share of Net Assets Calculated by Shareholding Ratio | 56,284,380.41 | | Book Value of Equity Investment in Joint Ventures | 56,284,380.41 | | Operating Revenue | 323,901,373.20 | | Net Profit | 15,175,368.54 | | Total Comprehensive Income | 15,175,368.54 | [Government Grants](index=141&type=

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